L&F Co
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L&F Co (066970) investor relations material

L&F Co Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary30 Apr, 2026

Executive summary

  • Achieved record high quarterly revenue of KRW 739.6 billion in Q1 2026, up 20% QoQ and 103% YoY, driven by both price and volume growth, especially in Hi-Ni shipments.

  • Operating profit reached KRW 117.3 billion, up 42% QoQ, with an operating margin of 16%, supported by higher utilization, raw material price increases, and FX gains.

  • Product mix shifted further toward Hi-Ni, with 87% of shipments, and ultra Hi-Ni comprising 88% of Hi-Ni sales.

Financial highlights

  • Revenue: KRW 739.6 billion (QoQ +20%, YoY +103%).

  • Operating profit: KRW 117.3 billion (QoQ +42%), OPM 16%.

  • Net profit: KRW -65.3 billion, but excluding BW exercise, net profit was KRW 61.0 billion (margin 8%).

  • Inventory assets increased 27% QoQ to KRW 758.2 billion, reflecting strong Hi-Ni shipments.

  • Ending cash balance at KRW 258.9 billion, down 32% QoQ due to investment and debt repayment.

Outlook and guidance

  • Expects all-time high quarterly shipments and continued record sales, with margin improvement from higher product prices and utilization.

  • Full-scale LFP supply launch with 30K ton plant completion in Q2 2026 and SOP by end Q3; expansion to 60K tons planned for H1 2027.

  • Rising non-China LFP demand and new client acquisition underway.

Geopolitical risk driven customer pre-buy impact
Timeline and capacity for LFP Phase 2 expansion
Impact of equity-linked bonds on Q1 total equity
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Q2 202630 Jul, 2026
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