Ee-Hwa Construction: Q1 2026 Sales Down, Net Loss Narrows, Major Shareholder Change and Credit Downgrade

Q1 2026 consolidated sales: KRW 13.2 billion (down 35.9% YoY), net loss: KRW 0.13 billion (narrowed from KRW 1.1 billion loss in prior year)
Change in major shareholder: to Han & Brothers on Feb 13, 2026 (66.64% stake)
Credit rating downgraded to BBB- (from BBB0) as of end-2025
Total equity increased to KRW 14.8 billion (from KRW 8.9 billion) due to capital increase
Net debt ratio improved to -15% (cash of KRW 7.4 billion vs borrowings of KRW 5.2 billion)
Construction backlog dropped sharply to KRW 31.7 billion (from KRW 141.6 billion, -77.6%)
Litigation risks: 9 ongoing cases (total claims ~KRW 38 billion; some filed by the company)
Contingent liabilities: PF completion guarantee of KRW 67.7 billion and various payment guarantees

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