PI Advanced Materials (178920) Q2 2026 earnings summary

Executive summary

• Achieved strong sales growth and improved profitability both year-over-year and quarter-over-quarter in 2Q26, driven by demand for high-value ultra-thin films and new product launches.

• Advanced Industrials segment saw robust demand, especially in industrial and semiconductor applications, with a diversified customer base.

• Domestic and export sales both increased sequentially, with export sales of Advanced Industrials up 46.2% YoY and 76.5% QoQ.

Financial highlights

• 2Q26 sales reached KRW 77.5bn, up 6.9% YoY and 21.0% QoQ; EBITDA was KRW 31.0bn, up 34.3% YoY and 36.4% QoQ.

• Operating profit rose to KRW 23.0bn, up 42.1% YoY and 63.6% QoQ; net profit increased to KRW 17.5bn, up 49.2% YoY and 65.5% QoQ.

• EBITDA margin improved to 39.9%, and net profit margin to 22.5% in 2Q26.

• Gross profit margin for 1H26 was 37.1%, up from 29.1% in 1H25.

Outlook and guidance

• 3Q26 expected to see continued YoY sales growth, supported by improved ASP and new product launches.

• Persistent market demand uncertainty due to memory price volatility and geopolitical tensions; stable profitability targeted through product mix and disciplined procurement.

• Strategic inventory management and additional debt repayment under review for Q3.