Hyundai E&C Q1 2026: Op. Profit 180.9bn, Backlog 92.3tn, but Risks Remain

Revenue 6.28tn, Op. profit 180.9bn (margin 2.88%), Net profit 206.8bn
Consolidated order backlog 92.3tn; large overseas projects (Iraq, Saudi, Panama) solid
Net debt of 815.5bn (vs net cash 961.6bn at year-end), debt ratio improved to 157.6%
Dividend policy: TSR 25%+, min DPS 800 won; no share buyback/cancellation announced
Key risks: ongoing major lawsuits (376 cases, claim 591.1bn) including bridge collapse and bond calls, arbitration uncertain

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