MH Ethanol Reports Decreased Q1 2026 Consolidated Results; Golf Segment Loss Widens and Debt Increases

Consolidated Q1 2026 revenue 20.96bn KRW (YoY 21.64bn), operating profit 0.5bn (0.83bn), net profit attributable to parent 1.87bn (2.53bn) - overall decline
Alcohol segment operating profit increased to 2.0bn (1.74bn), but golf segment operating loss widened to 1.49bn (0.91bn)
Total borrowings decreased to 64.7bn (71.36bn), net borrowings increased to 52.41bn (47.61bn), gearing ratio rose to 45.43% (43.21%)
Dividend maintained at 250 won per share (total 1.6bn), treasury shares 970k shares (13.15%)
Non-current financial assets of 10.48bn include full impairment of investments in CJ Cambodia and MH Bio-Energy (carrying value zero)
Allowance for doubtful accounts on short-term loans 4.78bn (82.4% of total), and on related party receivables 1.85bn
Golf subsidiary Yongwon Development: debt 138.98bn, equity 28.02bn, debt-to-equity ratio 496%
Controlling shareholder Choi Dong-ho (43.51%) pledged 1.503mn shares (20.36% of total) as collateral for loans