Posco Future M (003670) Q2 2025 earnings summary

Executive summary

• 2Q25 consolidated sales were KRW 661 bn, with H1 2025 revenue at KRW 1.51 trillion, both reflecting declines from previous periods.

• Operating profit for 2Q25 was KRW 1 bn (margin 0.1%), while H1 2025 operating profit was KRW 17.9 bn.

• Net profit for 2Q25 was KRW -36 bn, but H1 2025 net profit rebounded to KRW 13.5 bn.

• Energy materials accounted for 54.5% of H1 2025 sales, with major customers including POSCO, Ultium Cells, LG Energy Solution, and Samsung SDI.

Financial highlights

• Sales decreased by KRW 185 bn QoQ and KRW 255 bn YoY in 2Q25; H1 2025 gross margin was 8.2%.

• EBITDA for 2Q25 was KRW 50 bn, down from KRW 97 bn in 1Q25.

• Cash and cash equivalents at period end were KRW 394.1 bn, down from KRW 644.2 bn at FY2024 year-end.

• Total assets stood at KRW 8.13 trillion, with equity of KRW 3.24 trillion.

• Basic EPS for H1 2025 was -7 KRW, compared to -2,752 KRW in FY2024.

Outlook and guidance

• Forward-looking statements indicate results may change post-audit and are subject to market and operational risks.

• Company completed a rights offering in August 2025, raising KRW 1.1 trillion for North American and domestic expansion.

• Plans to continue strategic investments in battery materials and expand global supply chains, especially outside China.