Dongbu Construction 2026 Q1: Operating profit up but net debt ratio rises and fatal accidents continue

Consolidated Q1 2026: revenue 434.6B KRW, operating profit 10.1B, net profit 16.0B, turnaround from net loss of 107.5B in FY2024.
Net debt 355.6B KRW, net debt ratio 63.2% (up from 55.6% at year-end), debt ratio 207%.
Allowance for doubtful accounts 290.1B KRW (26.0% of total receivables), increased from 272.3B at year-end.
Financial guarantee contracts balance 274.5B KRW (down from 369.0B at year-end).
51 ongoing lawsuits (claims 83.0B KRW), mainly defect and damage claims.
Business suspension and bidding restrictions related to Incheon Geomdan accident are stayed, but administrative lawsuits ongoing.
Three fatal industrial accidents from 2024 to 2026, indicating persistent safety risks.
Construction capability ranking dropped to 28th (2025) from 22nd in previous year.
Some subsidiaries (Pilwoo Industrial Development, YJ Global Development) have negative equity.

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