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.

• Sales recovery in Graphite Sheet segment due to execution of long-term agreements and increased high-performance product volume.

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%.

• Gross profit margin improved to 34.6% in 1Q26 from 24.9% in 1Q25.

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.