Posco Future M (003670) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was KRW 834.8bn, operating income KRW 82.1bn and net income KRW 46.4bn; EBITDA was KRW 136bn and operating margin 9.8%.

• 9M revenue was KRW 2.272T, operating income KRW 126.5B and net income KRW 77.4B; operating and net income increased YoY while revenue declined.

Financial highlights

• Q3 revenue rose KRW 155bn QoQ to KRW 834.8bn, was KRW 40bn below Q3 2025, and gross profit was KRW 120bn.

• Q3 operating income was KRW 82.1bn vs KRW 27bn in Q2 and KRW 66.7bn in Q3 2025; EBITDA was KRW 136bn vs KRW 80bn and KRW 119bn, respectively.

• Q3 net income was KRW 46.4bn, unchanged YoY and up KRW 21bn QoQ; net margin was 5.6%, up 2.0 percentage points QoQ and 0.3 points YoY.

• 9M operating cash flow was KRW 334.0B vs an outflow of KRW 188.7B a year earlier; investing cash outflow was KRW 272.6B vs KRW 1.438T.

Outlook and guidance

• Cathode lines are being converted from NCM/NCA to LFP, with more conversion planned for incremental LFP orders; strategy targets China-free sourcing and LFP cost leadership.

• Long-term battery-material demand is expected to recover with lower-priced EV launches and application diversification; capacity additions are expected to continue.

• ESS demand tied to AI data-center investment is increasing anode needs; spherical graphite capacity at Saemangeum and a Vietnam artificial-graphite plant are planned or underway.

• 2026 YTD investment in new and expanded production facilities reached KRW 523.3B through Sep. 30; further investment depends on business conditions and market changes.