Hanil Forging Q1 2026 consolidated operating profit up 212% YoY to KRW 2.55bn, defense sector strong

Consolidated revenue KRW 35.6bn (+19.1% YoY), operating profit KRW 2.55bn (+212% YoY), net profit KRW 2.7bn (+120% YoY)
Separate operating profit turned to KRW 1.62bn (vs -0.5bn loss in Q1 2025)
Defense parts sales KRW 9.43bn (+73.5% YoY); order backlog for M107 155mm shell KRW 13.46bn
Contract liabilities (advances) surged to KRW 6.93bn (from KRW 2.3bn at year-end), reflecting increased defense orders
Total assets KRW 268.5bn, liabilities KRW 120.5bn, equity KRW 148.0bn; net debt ratio 37.45% (36.79% at year-end)
Credit rating BB (speculative elements)
No dividend; treasury shares unchanged at 299,794 shares
Exposure to FX and interest rate risk; net foreign currency position KRW 21.8bn

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