EcoPro BM (247540) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue increased 15% quarter-over-quarter, driven by new lithium orders and cathode sales volume growth.

• EBIT turned positive due to improved subsidiary utilization, investment gains, and reversal of inventory write-offs.

• Manufactures and sells high-nickel cathode materials for lithium-ion batteries, leading global market share for 2022–2023.

• Main customers are battery cell manufacturers, notably Samsung SDI and SK On, with 92.1% of sales to these clients.

• Significant profit contribution from Indonesia investment, with annual profit of KRW 180B projected from 2025 to 2030.

Financial highlights

• Consolidated Q2 2025 revenue: KRW 9,317B, up from KRW 8,068B in Q1 2025.

• Q2 2025 EBIT: KRW 162B, a turnaround from KRW 14B in Q1 2025 and losses in previous quarters.

• EBITDA improved to KRW 680B in Q2 2025 from KRW 517B in Q1 2025.

• Net income remained negative at KRW -108B in Q2 2025, but improved from KRW -857B in Q4 2024.

• Consolidated revenue for H1 2025 was KRW 1,409.5 billion, with 96.9% from NCA/NCM cathode materials.

Outlook and guidance

• European OEM sales expected to remain strong, with subsidy resumption anticipated.

• ESS sales projected to grow through national projects adopting NCA.

• Profitability to improve as Indonesia project is fully consolidated.

• Ongoing expansion of cathode material production in Hungary and other regions to meet global demand.

• Long-term supply contracts secured with SK Innovation (KRW 10.1 trillion, 2024–2026) and Samsung SDI (KRW 43.9 trillion, 2024–2028).