Formetal Reports Q1 2026 Sales of KRW 15.1B and Operating Profit of KRW 368M with Solid Financial Position

Q1 2026 revenue: KRW 15.1B (down 5.8% YoY), operating profit KRW 368M (vs. KRW 450M), net income KRW 469M (vs. KRW 583M)
Weakness in automotive and robot/wind sectors; growth in defense and industrial machinery
Dividend: 2025 annual cash dividend of KRW 711M (approx. KRW 60 per share) paid in April 2026
Financial position: assets KRW 63.1B, liabilities KRW 11.9B, equity KRW 51.1B; net cash KRW 4.4B (cash KRW 6.0B, borrowings KRW 1.6B)
R&D expenses: KRW 175M (1.2% of revenue)
Production utilization rate 81%; capex plan KRW 1.67B (2026-2028)
Key risk: JPY volatility (10% change impacts pre-tax profit by ±KRW 87M)
Contingent liabilities: collateral for borrowings (Industrial Bank, max claim KRW 5.2B)