EcoPro BM

EcoPro BM · Battery Materials

Fri, May 15, 2026·Before Market Open

EcoPro BMCathodeBattery MaterialsEVEarnings

01Wall Street Consensus

EPS₩800

Revenue₩1.5T

02Earnings Results

EPS₩99.48+360.6%

RevenueKRW 605.4B+4.6%

After-Hours Reaction+3.1%

Key Takeaways

Revenue was KRW 605.4B, slightly below KRW 629.8B a year earlier
Operating profit was KRW 20.9B, sharply above KRW 2.3B a year earlier
ESS cathode-material revenue rose 140% YoY
Power-application volume rose 44% YoY
The Hungary plant is scheduled for full-scale production in the first half
The European local supply chain position is improving

Key Checkpoints

01Hi-nickel cathode shipment volume — NCM811/NCA90+ market share
02Customer mix — Samsung SDI, SK On, and other battery maker order trend
03Cathode material ASP — nickel and lithium price impact on pricing
04Operating margin recovery — from negative to breakeven trajectory
05European and US expansion — Hungary and US plant construction progress

Upside Catalysts

Hi-nickel technology leadership: NCM90+ and single-crystal cathode with premium ASP
Samsung SDI relationship: primary cathode supplier for Samsung SDI's EV battery cells
North America supply chain: IRA-compliant materials production securing Western OEM demand
ESS cathode demand: utility-scale storage driving incremental volume beyond EVs
Lithium price normalization: lower lithium costs improving cathode material margins

Risk Factors

EV demand uncertainty: battery material demand directly tied to EV adoption pace
Nickel price volatility: key raw material cost swings directly impact margins
Competition: Chinese cathode makers (Ronbay, BTR) with significant cost advantages
Overcapacity: cathode material industry facing supply glut from aggressive expansion
KOSPI KOSDAQ crash: KOSDAQ small/mid-cap names severely impacted by risk-off selling

Detail

SEPS 서프라이즈 히스토리

Beat1Miss0Beat률 100%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Comments

Earnings

02Earnings Results

EPS₩99.48+360.6%

RevenueKRW 605.4B+4.6%

After-Hours Reaction+3.1%

Key Takeaways

Revenue was KRW 605.4B, slightly below KRW 629.8B a year earlier
Operating profit was KRW 20.9B, sharply above KRW 2.3B a year earlier
ESS cathode-material revenue rose 140% YoY
Power-application volume rose 44% YoY
The Hungary plant is scheduled for full-scale production in the first half
The European local supply chain position is improving

Key Checkpoints

01Hi-nickel cathode shipment volume — NCM811/NCA90+ market share

02Customer mix — Samsung SDI, SK On, and other battery maker order trend

03Cathode material ASP — nickel and lithium price impact on pricing

04Operating margin recovery — from negative to breakeven trajectory

05European and US expansion — Hungary and US plant construction progress

Upside Catalysts

Hi-nickel technology leadership: NCM90+ and single-crystal cathode with premium ASP

Samsung SDI relationship: primary cathode supplier for Samsung SDI's EV battery cells

North America supply chain: IRA-compliant materials production securing Western OEM demand

ESS cathode demand: utility-scale storage driving incremental volume beyond EVs

Lithium price normalization: lower lithium costs improving cathode material margins

Risk Factors

EV demand uncertainty: battery material demand directly tied to EV adoption pace

Nickel price volatility: key raw material cost swings directly impact margins

Competition: Chinese cathode makers (Ronbay, BTR) with significant cost advantages

Overcapacity: cathode material industry facing supply glut from aggressive expansion

KOSPI KOSDAQ crash: KOSDAQ small/mid-cap names severely impacted by risk-off selling