HLB Genex Q1 2026: Revenue↑ Operating Profit↑ but Net Loss Widens on High Financial Costs

Consolidated revenue KRW 11.7bn (+9.1% YoY), operating profit KRW 1.0bn (+23.4%), net loss KRW -2.4bn (vs -1.3bn in Q1 2025)
Financial costs KRW 3.2bn (interest expense KRW 3.1bn) from high-interest convertibles (KRW 32.2bn) and derivatives (KRW 19.5bn)
Cash and equivalents KRW 33.1bn; debt-to-equity ratio 154.7% (vs 148.1% end-2025)
R&D expenses KRW 1.5bn (12.9% of revenue); Lactase long-term supply contract (French D company, 40bn won until 2027) ongoing
Separate revenue KRW 7.2bn, operating profit KRW 0.8bn, net loss KRW -1.9bn
No shareholder return (dividend/buyback) announced

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