Hanil Cement: Slight OP Improvement in Q1, Continued Financial Stabilization

Consolidated Q1 2026 revenue: KRW 293.0bn (down 1.7% YoY from KRW 298.2bn); OP: KRW 17.0bn (similar YoY); net profit: KRW 9.4bn.
Net debt: KRW 522.9bn; gearing ratio: 22.4% (improved from 25.1% at FY-end); total borrowings: KRW 718.2bn; cash: KRW 195.3bn.
Completed merger with Hanil Hyundai Cement in Nov 2025 (ratio 1:1.0028211, issued 4,283,669 new shares).
Busan plant land sale agreement (KRW 75bn) ongoing, disposal expected by June 2026.
Provided KRW 39.85bn debt guarantee for Gyeongju Eco-technology waste oil PF; recognized KRW 4.1bn funding support.
Appellate court conviction of executives for market manipulation; appeal to Supreme Court pending (not final).
Dividend: continued cash dividend of KRW 1,000 per share for FY2025; no share buyback/cancellation plan.
Key raw material prices fell (domestic cement -2.9%, remitar -3.2%); construction downturn expected to weigh on sales.