Ecopro Co (086520) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw strong consolidated revenue growth, driven by robust battery materials, environmental solutions, and favorable metal prices, with significant contributions from the consolidation of Green Eco Nickel and the Indonesian GEN subsidiary.

• The group operates as a holding company with 24 consolidated subsidiaries, supporting growth through investment, resource procurement, and strategic guidance, and has expanded into R&D, engineering, and renewable energy.

• Notable valuation gains from derivatives and PRS swap contracts, supported by a rise in BM's stock price, provided additional cash inflow for Indonesian CapEx.

Financial highlights

• Q1 2026 consolidated revenue ranged from KRW 818.3 billion to KRW 8,068 billion, with operating profit up to KRW 468 billion and net income attributable to owners at KRW 210.4 billion.

• EcoPro Materials reported Q1 revenue of KRW 1,665 billion and EBIT of KRW 157 billion, with a debt ratio of 94% due to GEN consolidation.

• EcoPro HN posted Q1 revenue of KRW 392 billion and EBIT of KRW 50 billion, with improved margins and new overseas orders.

• Cash and equivalents at group level ranged from KRW 900 billion to KRW 9,259 billion, with PRS swap settlement bringing KRW 180 billion cash inflow in April 2026.

Outlook and guidance

• Continued profit uptrend expected in Q2 and H2 2026, with Hungary cathode plant starting mass production, new order wins in Europe, and expanded ESS precursor sales.

• Battery and renewable energy markets are projected to grow significantly, with ongoing investments in production capacity, R&D, and overseas expansion.