Tianqi Lithium (002466) Q3 2026 earnings summary

Executive summary

• Q3 and 9M 2026 results rebounded sharply as higher lithium product selling prices and greater sales volumes of lithium compounds and derivatives lifted revenue and gross profit; stronger equity-method earnings from SQM also supported net income.

• 9M operating cash flow rose 157.40% YoY to RMB 5.645 billion, while the Talison third-phase chemical-grade concentrate project reached designed capacity.

Financial highlights

• Q3 revenue was RMB 6.037 billion, up 135.40% YoY; net income attributable to shareholders was RMB 1.360 billion, up 1,323.97%.

• Q3 adjusted net income was RMB 1.334 billion, up 1,806.47% YoY; 9M adjusted net income reached RMB 5.533 billion, up 7,663.29%.

• 9M revenue was RMB 18.279 billion, up 147.11% YoY; net income attributable to shareholders was RMB 5.602 billion, up 3,013.86%.

• 9M operating cash flow was RMB 5.645 billion versus RMB 2.193 billion a year earlier, reflecting higher revenue, gross profit and related collections.

Outlook and guidance

• Talison’s third-phase chemical-grade concentrate project reached designed capacity; further commissioning and optimization are planned to improve production efficiency.

• Registered debt financing instruments may be issued in one or multiple tranches according to funding needs and market conditions.