EcoPro BM (247540) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was KRW 557.9bn, down 3.3% QoQ and 11% YoY; operating profit was KRW 12bn, down 33.3% QoQ and 76% YoY, amid EV weakness and Hungary-related costs.

• Q4 volumes are expected to remain flat; 2027 shipments are projected to grow by more than double digits YoY.

Financial highlights

• Q3 sales volume declined while ASP rose 6%; lagged H1 metal-price benefits were partly offset by a stronger won.

• Operating margin was 2.2%, versus 3.1% in Q2 and 8.1% in Q3 2025; EBITDA was KRW 39.3bn, with a 7.0% margin.

• Net income was KRW -1.8bn and EBT was KRW -24bn.

• Q3-end assets were KRW 4,958.5bn, liabilities KRW 3,029.8bn and equity KRW 1,928.7bn.

Outlook and guidance

• Q4 volumes are expected to stay flat amid North American EV weakness and European OEM model changes; new European OEM launches and Hungary production normalization may support results.

• Profitability may face pressure from weak incumbent-OEM EV volumes, FX and Hungary ramp-up costs; Q4 shutdown-related one-off costs are expected to exceed Q3 levels.

• 2027 shipments are projected to grow by more than double digits YoY; Hungary output is targeted at ~30,000 tons in 2027, with full capacity expected from 2028.

• Power Application demand is expected to benefit from semiconductor fab and data-center construction; ESS demand is supported by data centers and renewable energy.