Young One Holdings (009970.KS) Q1 2026: OEM Recovery Lifts Margins to 14.6% While Won Weakness Inflates Net Profit 79%
The headline net income surge overstates value for holdco shareholders — stripped of FX gains and minority claims, the controlling-interest share rose 39%.
Source: Quarterly Report (분기보고서) — Filed 15 May 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Young One Holdings delivered consolidated Q1 2026 net income of ₩194.2 billion, a 78.7% surge from ₩108.7 billion a year earlier — yet the figure conceals as much as it reveals. The genuine underlying story is a 19.1% rise in operating profit to ₩157.8 billion, driven by strengthening OEM order flow and 140 basis points of operating margin expansion to 14.6%, as the company's fixed-cost-heavy offshore manufacturing base began to leverage rising volumes with meaningful force. The gap between that 19% operating gain and the 79% headline gain is bridged almost entirely by non-recurring foreign-exchange tailwinds: Korean won weakness against the currencies of the group's production countries mechanically inflated the book value of overseas assets, driving net FX-related gains to approximately ₩49.7 billion versus ₩9.2 billion in the same quarter a year ago. Compounding the interpretive challenge, more than half of the ₩194.2 billion — ₩97.5 billion, up 149.5% — accrued to minority shareholders across the company's 82 subsidiaries, leaving the controlling-interest share of net profit at ₩96.8 billion, a 39% gain, which is the economically relevant number for Young One Holdings' listed shareholders.
