Raon Robotics: Net Profit Surges YoY in Q1 2026, Debt Ratio Improves

Q1 2026 separate sales: 141.3bn won, operating profit 9.4bn won, net profit 14.2bn won (10x increase YoY from 1.3bn)
Debt ratio improved to 57% from 86% at end of FY2025; borrowings decreased by 8.7bn won (conversion and repayment)
Of the 10bn won CB, 4.8bn won converted in Q1; additional 0.95bn won converted on Apr 9 (share count increase)
Disposed 303,400 treasury shares (300k market sale, 3.4k employee bonus) as shareholder return
Declared cash dividend of 2.38bn won for FY2025 (estimated 200 won per share), yield ~1.3%
EPS 113 won (vs 11 won in Q1 2025), no dilution effect
R&D expense 1.35bn (9.6% of sales)
Customer A accounts for 65.5% of sales; order backlog 29.3bn won
Credit rating BBB- (NiceInfo) maintained; no legal contingencies

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