HDC Labs 2026 Q1: Operating profit triples, but major customer risk emerges

Consolidated revenue KRW 148.1bn (-8.9% YoY), operating profit KRW 7.2bn (+219%), net profit KRW 6.8bn
FM business (real estate management) revenue KRW 86.5bn (+20.7%), construction and home business sluggish
Debt ratio 68.0% (up from 65.4% at year-end)
Major customer HDC Hyundai Development (31.5% of sales) faces potential business suspension due to construction site accident → risk to future orders
Order backlog KRW 589.6bn
R&D expenses KRW 1.4bn (1.0% of sales)
Holds 11.49% treasury stock (no new buyback or cancellation)