HJ Shipbuilding Q1 2026 Operating Profit 24.6B Won – Profit Continues, Legal Risks Weigh | HJ Shipbuilding & Construction(097230)

Q1 2026 consolidated revenue 541.4B won, operating profit 24.6B won (margin 4.5%). Achieved 37% of full-year 2025 operating profit (67.1B won) in Q1 alone.
Net profit 25.5B won (half of 2025 full year). Debt ratio improved to 253.27% from 266.36% at year-end 2025.
Construction order backlog 8.3T won, Shipbuilding 0.23T won. Revenue split: Shipbuilding 49.6%, Construction 49.7%.
Major litigation risks: Samsung C&T claims 81.2B and 65.2B won for delay penalties. Total pending claims 203.9B won.
Top shareholder (Eco Prime Marine Pacific) holds 48.89% after stake changes and a third-party capital increase (7,021,063 shares) in Oct 2025.
No dividend or share buyback plan. Accumulated deficit still 1.38T won.
R&D focus on eco-friendly vessels (ammonia, hydrogen) and new construction technologies (PC culvert, carbon reduction).

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