PI Advanced Materials (178920) Q1 2026 earnings summary

Executive summary

• Achieved sustained improvement in profitability for 1Q26, supported by stabilized sales and optimized product mix.

• Record quarterly sales in FPCB, with new product contributions and steady legacy demand.

• PI film and related products accounted for 99.9% of total sales in Q1 2026, serving IT, industrial, and EV battery markets globally.

• Maintained global No.1 market share in PI film since 2014, with a diversified product portfolio and robust R&D pipeline.

• Arkema Korea Holding became the largest shareholder in December 2023, holding 54.07% of shares.

Financial highlights

• 1Q26 sales were KRW 64.1bn, flat YoY and up 9.6% QoQ.

• EBITDA rose to KRW 22.7bn, up 32.6% YoY and 49.5% QoQ; EBITDA margin improved to 35.4%.

• Operating profit reached KRW 14.0bn, up 62.8% YoY and 111.8% QoQ; OP margin at 21.9%.

• Net profit increased to KRW 10.6bn, up 80.6% YoY and 139.9% QoQ; NP margin at 16.5%.

• Total assets at Q1 2026 were KRW 472.5bn; equity was KRW 355.4bn.

Outlook and guidance

• Expects robust QoQ and YoY sales growth in 2Q26, with positive impact from new product sales.

• Strengthening demand outlook for FPCB and Graphite Sheet segments amid macroeconomic headwinds.

• Focus on strategic expansion in next-gen segments and business portfolio diversification.

• Continued emphasis on cash flow and balance sheet optimization, including potential further debt repayment.