BHI (083650) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was KRW 280.8 billion, with operating income of KRW 35.3 billion and net income of KRW 5.1 billion, showing a significant decrease compared to the previous year’s quarterly and annual results.

• The company specializes in power plant equipment, with a strong export focus (82.4% of sales) and a diversified customer base including major domestic and international EPCs and utilities.

• The business is order-based, with all products manufactured to customer specifications, and a large backlog of orders totaling KRW 3.46 trillion as of March 31, 2026.

Financial highlights

• Q1 2026 revenue: KRW 280.8 billion (down from KRW 774.1 billion in FY2025 and KRW 404.7 billion in FY2024).

• Operating income: KRW 35.3 billion; net income: KRW 5.1 billion; basic EPS: KRW 165.

• Total assets: KRW 902.4 billion; total liabilities: KRW 719.5 billion; equity: KRW 183.0 billion.

• Debt-to-equity ratio: 393.2% at Q1 2026, up from 367.6% at year-end 2025.

• Cash and cash equivalents at period end: KRW 46.0 billion.

Outlook and guidance

• The company expects continued growth in the LNG combined cycle and renewable energy sectors, driven by domestic and global energy transition policies.

• No significant changes in forward-looking statements or guidance compared to the previous annual report.