Woori Tech: Q1 26 Operating Loss Deepens, Net Profit Surges on Derivative Gains
Consolidated Q1 2026: Revenue 16.96B KRW (down 8.5% YoY), operating loss 6.74B (vs -3.0B loss), net profit 27.42B (vs -5.48B loss) driven by 35.5B gain from put option valuation on convertible bonds.
Core segments: Systems (nuclear/railway) revenue 5.71B, op. loss 2.48B; Defense revenue 10.05B, op. profit 0.27B; Waste recycling revenue 0.56B, op. loss 2.1B; Others (including leasing) revenue 0.93B, op. loss 2.37B.
Balance sheet: Total assets 401.5B, liabilities 239.3B, equity 162.1B. Debt ratio improved to 147.6% from 172.1% at year-end 2025. Net debt ratio improved to 96.4% from 122.8%.
Operating cash flow remained negative, but cash and equivalents increased to 30.0B from 9.48B due to convertible bond conversions.
No dividends paid for last 5 years; consolidated retained deficit of 19.3B.
R&D spending 1.72B (17.0% of sales, up from 4.3% in prior year), focusing on nuclear MMIS and SMR technologies.