EcoPro BM (247540) Q3 2025 earnings summary

Executive summary

• Consolidated revenue increased to KRW 9,597B in 3Q25, with improved profitability and positive impact from smelter acquisitions.

• Manufactures high-nickel cathode materials for lithium-ion batteries, leading global market share for two consecutive years (2022–2023).

• Main customers are battery cell makers, notably Samsung SDI and SK On, with 91.4% of sales to these clients.

• Expanded product portfolio to include mid-nickel, LMR, LFP, and sodium-based cathode materials.

• Ongoing global capacity expansion, including new plants in Hungary and North America.

Financial highlights

• Consolidated EBIT turned positive to KRW 162B in 3Q25 from a loss in the previous quarter; EBITDA reached KRW 2,020B.

• Q3 2025 revenue: KRW 2,034.6 billion, down from KRW 2,766.8 billion in FY2024 and KRW 6,900.9 billion in FY2023.

• Q3 2025 net income: KRW 73.4 billion, compared to a net loss of KRW 58.5 billion in FY2024 and net income of KRW 54.7 billion in FY2023.

• Cash and equivalents decreased by KRW 2,584B QoQ due to bond repayments and acquisition payments; cash at Q3 2025: KRW 304.7 billion.

• Inventory reduced by 16% QoQ through optimization; inventory turnover (2025 Q3): 4.3x; inventory as % of total assets: 10.9%.

Outlook and guidance

• GEN ramp-up expected to further boost consolidated revenue and profit, with depreciation normalization adding profit in Q4.

• Continues to invest in global capacity expansion to meet growing EV and ESS demand.

• Expects further growth in cathode material demand, especially for high-nickel products.

• Ongoing R&D in next-generation battery materials, including sodium-ion and solid-state batteries.

• Hungary plant completion and EU entity setup scheduled for Q4, expanding capacity and market reach.