IPARK Hyundai Development: 2026 Q1 Operating Profit KRW 80.1B, Legal Risks and PF Contingent Liabilities

Consolidated 2026 Q1: Revenue KRW 673.9B, Operating Profit KRW 80.1B (margin 11.9%), Net Income KRW 49.3B
Separate: Revenue KRW 659.8B, Operating Profit KRW 80.3B, Net Income KRW 54.0B
Order backlog KRW 21.68 trillion (public KRW 1.17T, private KRW 20.51T)
Credit rating A (stable) maintained (Korea Ratings, Korean Credit Rating, NICE)
Ongoing administrative suspension due to Gwangju Hak-dong and Hwajeong collapse accidents; recognized provisions: construction loss KRW 30.0B, other KRW 2.4B
PF loan guarantee balance KRW 1.2375 trillion (down 36% from year-end), credit enhancement provided KRW 1.2935 trillion
Three serious accidents (3 fatalities) under investigation by Ministry of Employment and Labor
Litigation: defendant claims KRW 213.6B, plaintiff claims KRW 117.5B (consolidated)
Dividend policy: cash dividend at least 20% of separate net income (2024-2026)
Debt-to-equity ratio 129.3% (consolidated), total equity KRW 3.21 trillion

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