Q1 2026 Results: Separate Net Profit Turns Positive, Operating Profit Improves, Stock Split Executed

Consolidated revenue KRW 67.2B (+1.4% YoY), operating profit KRW 1.2B (turn to black from -KRW 1.9B), net loss -KRW 0.7B (improved from -KRW 1.9B)
Separate revenue KRW 61.5B (+3.1%), operating profit KRW 2.2B (turn to black from -KRW 2.6B), net profit KRW 2.3B (surge from KRW 0.014B)
Separate net profit boosted by KRW 6.3B dividend income from subsidiaries (prior year KRW 0.5B)
Net debt-to-equity ratio: separate 34.5% (year-end 17%), consolidated 44.81% (26.6%) – increased debt burden
5:1 stock split completed on May 1, 2026; new shares listing expected May 27
Litigation risk: two construction defect lawsuits totaling KRW 3.5B (appeal ongoing after losing first trial)
Allowance for bad debts reversed KRW 5M, inventory valuation reversal KRW 40M (improvement YoY)
Largest shareholder holds 86.6%, no dividend due to accumulated deficit

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