PI Advanced Materials (178920) Q3 2025 earnings summary

Executive summary

• 3Q25 sales declined 3.2% YoY and 5.6% QoQ to KRW 68.4bn, impacted by front-loaded sales in 1H and inventory adjustments.

• EBITDA was KRW 20.1bn, down 1.8% YoY and 13.0% QoQ, with margin at 29.3%.

• Net profit rose to KRW 8.4bn, up from KRW 6.3bn in 3Q24, with margin at 12.3%.

• Specializes in PI (polyimide) films and related products, with 99.9% of sales from these materials, serving IT, EV, and industrial sectors.

• Maintains global PI film market leadership since 2014, with a diverse product portfolio and robust R&D pipeline.

Financial highlights

• 2025 Q3 revenue: KRW 204.98 billion, down from KRW 251.30 billion in 2024 Q3.

• Operating profit was KRW 11.6bn, down 1.8% YoY and 28.2% QoQ; margin at 17.0%.

• Cash and cash equivalents at Q3 end: KRW 59.04 billion, down from KRW 82.81 billion at 2024 year-end.

• Total assets: KRW 489.35 billion; total equity: KRW 351.42 billion as of Q3 2025.

• Earnings per share (EPS) for 2025 Q3: KRW 885.

Outlook and guidance

• Macroeconomic uncertainty and delayed global EV demand recovery expected to persist in 4Q25.

• Focus on expanding new specialty films and high-performance graphite sheet sales.

• Ongoing investment in EV-dedicated PI varnish production line, with completion extended to December 2028.

• Strategic push for customer and product diversification, especially in Europe and North America.