AP Systems: Strong Q1 2026 Earnings and Active Shareholder Returns

Q1 2026 consolidated revenue: KRW 196.1B, operating profit KRW 18.0B, net profit KRW 19.7B. Revenue at 42.6% of full-year 2025, net profit at 83% – strong quarterly performance.
Basic EPS KRW 1,335, high profitability compared to full-year 2025 EPS of KRW 1,605.
Total assets KRW 687.3B, liabilities KRW 313.8B, equity KRW 373.5B – stable financial structure.
Cash & cash equivalents KRW 203.5B, sufficient to cover total borrowings of KRW 119.0B.
In August 2025, canceled 230,600 treasury shares (capital reduction). In March 2026, entered into a KRW 3B trust to acquire treasury shares for cancellation.
Proposed final cash dividend of KRW 5B for FY2025 (payout ratio ~21%). Medium-term shareholder return policy (up to 30% of net profit) disclosed.
Credit rating 'A' (eCreditable) maintained, stable.
R&D expenses KRW 2.1B (1.06% of sales); focus on next-gen laser equipment for HBM.
Two large OLED equipment supply contracts signed (customers undisclosed: Xiamen Tianma, Hefei Govisionox).
No material contingent liabilities or litigation.

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