HD Hyundai reports Q1 2026 operating profit of 2.83 trillion won... Maintains dividend payout ratio of over 70%

Consolidated revenue 19.6 trillion won, operating profit 2.83 trillion won (up 120% QoQ)
Net income 2.02 trillion won, parent net income 781.2 billion won (EPS 11,054 won)
Debt ratio 168.4%, net debt-to-equity ratio 5.36% (improved from 11.28% at year-end 2025)
Interest coverage ratio 14.38x (vs 5.75x in prior quarter)
Quarterly dividend: 1,300 won per share (up from 900 won in prior quarter)
Dividend policy: Payout ratio of at least 70% of separate net income (2025-2027)
Shipbuilding & offshore segment operating profit 1.74 trillion won (61.5% of total)
Refining segment: Oil price surge due to US-Iran war in March 2026, oil price ceiling regulation implemented
Construction equipment segment: Merger with HD Hyundai Infracore completed (Jan 1, 2026)
Key risks: LPG price collusion lawsuit (27.38 billion won), US lawyer lawsuit ($48.9 million), UK dealer lawsuit (£15 million)

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