L&F (066970) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached 652.3 billion KRW, up 25.4% quarter-over-quarter, driven by record Hi-Ni shipments and recovering EU EV demand.

• Operates exclusively in cathode active materials for secondary batteries, with 100% of sales from this segment as of September 30, 2025.

• Three consolidated subsidiaries, including a newly established entity in 2025.

• Major customers account for over 95% of revenue, with significant long-term supply contracts in place.

Financial highlights

• Revenue rose to 652.3 billion KRW in Q3 2025 from 520.1 billion KRW in Q2 2025.

• Consolidated revenue for the first nine months of 2025 was KRW 1.54 trillion, down slightly year-over-year.

• Operating profit improved to 22.1 billion KRW in Q3 2025 from a loss of 121.2 billion KRW in Q2 2025.

• Net income remained negative at -68.2 billion KRW in Q3 2025, and net loss attributable to owners was KRW -341.1 billion for the first nine months.

• Gross profit margin rebounded to 7% in Q3 2025 after several quarters of negative margins.

Outlook and guidance

• Hi-Ni shipment volume expected to reach a new peak in 2025, with 30–40% YoY growth guidance reaffirmed.

• Full-scale launch of LFP business targeting ESS and mid/low-priced EV markets, with Guji LFP plant expansion planned.

• Ongoing R&D and capacity investments signal a focus on future growth.