Kyungdong Navien: Strong Q1 2026 Earnings and Continued Dividend Growth

[Consolidated] Q1 2026: Revenue KRW 425.3B, Operating Profit KRW 63.8B, Net Profit (controlling) KRW 57.4B. Strong quarterly performance vs. full-year 2025.
Dividends: 10 consecutive years of DPS increase, 32 consecutive annual dividends. DPS up KRW 100 for FY2025. Share buyback/cancellation under review if needed.
Credit Ratings: Maintained excellent ratings (Nice D&B AA+, eCredible A-).
Financial Health: Debt ratio 94.34% (improved from 97.56% end-2025), Net debt ratio 24.56%.
Business Expansion: Acquired 80.77% of Komax (approx. KRW 32B) to strengthen smart home business. Completed acquisition of SK Magic's gas range business.
R&D: Continued development in heat pumps, water treatment, HVAC. Holds 1,348 patents.
Risks: 24 ongoing damage lawsuits; financial impact unpredictable.

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