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.

• Precursor and lithium sales rose due to new customer wins, while ESS NCA cathode sales continued to grow despite EV cathode inventory adjustments.

• GEN and ESG smelter acquisition gains were reflected in the quarter's results.

Financial highlights

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

• Cash and equivalents decreased by KRW 2,584B QoQ due to bond repayments and acquisition payments.

• Inventory reduced by 16% QoQ through optimization.

• EcoPro HN saw revenue and profitability decline QoQ due to weak demand in petrochemical and steel sectors.

• EcoPro Materials reported a one-off gain of KRW 164.3B from the GEN Ni smelter acquisition, but overall net income remained negative.

Outlook and guidance

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

• Anticipated sales growth in Chemical Filters and GHG Reduction businesses, with client diversification planned.

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

• Q4 expected to see sales and inventory revaluation boost revenue and profit in the lithium business.