PI Advanced Materials (178920) Q3 2025 earnings summary

Executive summary

• 3Q25 sales declined 3.2% YoY and 5.6% QoQ to KRW 68.4bn, impacted by front-loaded sales in 1H and inventory adjustments.

• EBITDA was KRW 20.1bn, down 1.8% YoY and 13.0% QoQ, with margin at 29.3%.

• Net profit rose to KRW 8.4bn, up from KRW 6.3bn in 3Q24, with margin at 12.3%.

• Product mix improvement and favorable exchange rates supported YoY profitability.

Financial highlights

• Operating profit was KRW 11.6bn, down 1.8% YoY and 28.2% QoQ; margin at 17.0%.

• Gross profit margin improved to 27.2% in 3Q25 from 26.6% in 3Q24.

• Debt-to-equity ratio improved to 39.2% in 3Q25 from 57.1% in 2024.

• Cash and equivalents decreased to KRW 59.0bn due to significant loan repayments.

Outlook and guidance

• Macroeconomic uncertainty and delayed global EV demand recovery expected to persist in 4Q25.

• Focus on expanding new specialty films and high-performance graphite sheet sales.

• Continued profitability improvement targeted through premium portfolio and stable raw material prices.

• Strategic push for customer and product diversification, especially in Europe and North America.