Nature & Environment swings to profit in Q1 2026 but faces accumulated deficit and litigation risk

Consolidated Q1 2026 revenue decreased to 8.12 billion won (from 11.13 billion won YoY), operating profit of 0.16 billion won (swing to profit), net profit of 0.16 billion won
Separate operating profit of 0.28 billion won, net profit of 0.36 billion won
Accumulated deficit of 38.3 billion won as of March 2026, no dividends for past 5 years, no share buyback/cancellation plans
Credit rating maintained at BBB- (stable) by NICE D&B (April 2026)
Pending lawsuit as defendant of 0.84 billion won, outcome uncertain
Outstanding 12th convertible bonds of 2 billion won (conversion price 582 won, put option exercisable from August 2026)
Progress in PC modular housing: obtained government industrial housing certification (Aug 2025), selected for Gyeongbuk wildfire victim housing project (Sep 2025)
Order backlog of 115.6 billion won (including Coupang Deokpyeong logistics center PC works)

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