Iljin Holdings: Strong Q1 2026 Results Driven by Cable & Heavy Electric, Dividend Hike

Consolidated revenue KRW 572.9B (+13.3% YoY), operating profit KRW 52.1B (+61.1% YoY), net income KRW 39.1B (+63% YoY est.)
Standalone (holding) revenue KRW 16.4B (+28%), operating profit KRW 14.2B (+23%), net income KRW 23.6B (+104%)
Key sub Iljin Electric: revenue KRW 506.1B (+32.6%), OP KRW 50.8B (+49%), order backlog KRW 1.76T
Sub Iljin Hysolus (hydrogen): revenue KRW 27.0B (+148%), operating loss KRW 2.0B (narrowed loss)
DPS KRW 200 (vs 150 prior year, +33%), total dividend KRW 9.2B. Target to maintain dividend yield on par at 10%+
Consolidated net debt -KRW 137.2B (cash > borrowings), sound financial structure
Key risks: ongoing lawsuits including antitrust probe by prosecution and damage claim from KEPCO, but limited relative to size

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