Posco Future M (003670) Q1 2026 earnings summary

Executive summary

• 1Q26 consolidated sales reached KRW 758 bn, up KRW 200 bn sequentially but down KRW 87 bn year-over-year.

• Operating profit was KRW 18 bn, a significant turnaround from a KRW 52 bn loss in 4Q25 and slightly higher than 1Q25.

• Net profit for the quarter was KRW 6 bn, recovering from a KRW 23 bn loss in the previous quarter.

Financial highlights

• Gross profit improved to KRW 73 bn from KRW 8 bn in 4Q25, nearly matching 1Q25.

• EBITDA rose sharply to KRW 67 bn from KRW 1 bn in 4Q25.

• Operating profit margin (OPM) was 2.3%, up 11.6 percentage points sequentially.

• Net profit margin (NPM) was 0.8%, a 5.0 percentage point improvement from 4Q25.

Outlook and guidance

• Final stage contract negotiations for LFP cathode with key customers, including European EV makers.

• Mass production of new LFP cathode lines scheduled for 2H26, with prototype shipments in May 2026.

• Artificial graphite anode mass production in Vietnam planned for 2028, with a major supply contract signed in Mar. 2026.