HanJungNCS: 2026 Q1 Consolidated Revenue ₩54.7B, Operating Profit ₩1.4B, Turns to Black

2026 Q1 consolidated revenue ₩54.7B (up 65.3% YoY from ₩33.1B), operating profit ₩1.4B (vs -₩0.95B loss in Q1 2025), net profit attributable to parent ₩1.1B (vs -₩0.6B loss)
Consolidated debt ratio 154.9% (up from 152.9% at year-end 2025), separate debt ratio 134.1% (130.8%)
Credit rating downgraded: BB+ (Apr 2025) → B+ (Aug 2025) → B+ (Apr 2026, eCreditable)
ESS segment revenue ₩53.1B (96.98% of total), up 141% YoY; auto parts ₩1.7B (3.02%)
Operating cash flow -₩5.5B (vs -₩2.7B in Q1 2025) due to increase in inventory and receivables
Sep 2025: Issued 446,054 redeemable convertible preferred shares (₩223M equity increase) at conversion price ₩33,628
Sep 2025: Issued ₩15B convertible bonds (0% coupon, 1% maturity yield, conversion price ₩33,628, conversion period Sep 2026–Aug 2030)
Recognized ₩16.2B in derivative liabilities (conversion and early redemption options)
Established US subsidiary HANJUNG AMERICA CO.(Indiana) and began factory construction (Apr 2026)
Change in largest shareholder: from Kim Hwan-sik to Kim Sang-gyun (Sep 2025)
Major customers: Samsung SDI (Customer 1) ₩20.8B (38%), Customer 2 ₩19.0B (35%), Customer 3 ₩13.1B (24%)

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