DL E&C Co., Ltd. (375500.KS) delivered a sharp profitability rebound in the first quarter of 2026, with consolidated operating income surging 40% year-on-year even as revenue fell moderately, driven by a near-tripling of housing segment margins. The Korean mid-tier general contractor, spun off from Daelim Industrial in January 2021, reported Q1 2026 results that underscore its strategic shift toward margin discipline over volume.
Q1 2026 Headline Numbers
For the three months ended March 31, 2026, DL E&C posted consolidated revenue of KRW 1.725 trillion (approximately USD 1.23 billion), down 4.6% from KRW 1.808 trillion in Q1 2025. Despite the top-line decline, consolidated operating income climbed to KRW 157.4 billion (+40.4% YoY; Q1 2025: KRW 112.1 billion), lifting the operating margin to 9.1% from 6.2% a year earlier — a 290-basis-point improvement.
Consolidated net income for the quarter reached KRW 160.1 billion. Basic earnings per common share stood at KRW 3,849 (preferred: KRW 3,861), compared with full-year 2025 EPS of KRW 8,746.
