Orion Q1 2026: Solid Operating Profit but Net Profit Plunges on Equity Method Loss

Consolidated revenue KRW 930.4B (similar to Q1 2025: KRW 930.1B), operating profit KRW 165.5B (OPM 17.8%)
Net profit KRW 126.8B, down 40% YoY (Q1 2025: KRW 212.9B) due to equity method loss of KRW 11.5B (mainly from LigaChem Bio) and derivative valuation loss of KRW 3.0B
Standalone net profit KRW 50.2B (down 66% YoY from KRW 147.7B)
Shareholder return: FY2025 final dividend KRW 3,500/share (up 40% from KRW 2,500), payout ratio 36.2%; medium-term target payout ratio above 20%
KRW 460B investment in Jincheon integrated production base ongoing (completion target 2027)
PP&E KRW 1.8T, debt ratio 19.7% – solid financial structure
Overseas: Russia Tver plant utilization 117%, Vietnam and China performance robust
Newly designated as a large business group by Korea Fair Trade Commission (regulatory risk increase)

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