NRB엔알비

NRB reports trailing profit and revenue growth in H1 2026, but the share price has fallen over the past year and free cash flow is negative.

NRB is a Korean modular construction company that makes precast concrete or steel modular buildings for housing, schools, military and office uses. On trailing twelve-month figures to H1 2026 it reports revenue of ₩73.7B, operating income of ₩6.2B and net income of ₩5.4B, after a loss-making 2025 at the net line. The shares closed at ₩9,000 on 2026-10-23, well below the 52-week high of ₩29,650.

What stands out

• Trailing operating margin is 8.5% and net margin is 7.3%, compared with a 2025 full-year net loss of about ₩0.5B.
• Borrowings of ₩72.6B are well above cash of ₩6.1B, and liabilities are 127.4% of equity.
• Trailing free cash flow is negative at about ₩54.2B, so reported profit has not turned into cash in this period.
• The share price is down 24.2% over one year and 11.6% over one month, but up 17.8% over three months.
• Foreign ownership fell from 10% to 5.2% over the last 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• The next half-year or annual results, to see whether profit and cash flow hold up.
• Further major sales or supply contract filings, which appeared several times in September and October 2026.
• Debt levels and cash generation, given the large borrowings and negative free cash flow; the data does not include a dividend policy, and the dividend yield is 0%.