HDC Q1 2026: Revenue and profit growth, sharp debt ratio improvement, new dividend policy announced

Consolidated revenue: 1.2574 trillion won, operating profit 180.3 billion won, net income 107.2 billion won (EPS 1,387 won)
Credit rating maintained at 'A (Stable)' by NICE and KIS
Debt ratio improved sharply from 244.86% to 196.00%
Announced mid-term dividend policy (2026-2028): cash dividend at least 35% of separate operating profit; 2025 actual payout ratio 44.2% (450 won per share)
Construction subsidiary (IPARK Hyundai Development) order backlog of 21.68 trillion won
Risks: ongoing litigation related to Gwangju Hwajeong collapse, PF contingent liabilities, and Fair Trade Commission investigation

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