VITZROCELL (082920) Q3 2026 earnings summary

Executive summary

• 9M 2026 consolidated revenue was ₩214,766m, operating income ₩60,108m and net income ₩43,169m; all exceeded the corresponding 9M 2025 figures.

• Operations comprise one battery business, with regional reporting across Korea, the U.S. and Canada.

Financial highlights

• Q3 revenue was ₩70,329m vs ₩55,346m YoY; operating income ₩21,067m vs ₩16,733m, and net income ₩5,638m vs ₩15,819m.

• 9M revenue was ₩214,766m vs ₩165,801m YoY; operating income ₩60,108m vs ₩47,939m, and net income ₩43,169m vs ₩38,978m.

• 9M basic EPS was ₩961 vs ₩867 YoY; Q3 basic EPS was ₩125 vs ₩352.

• 9M operating cash flow was ₩31,982m vs ₩26,517m; investing cash flow was an outflow of ₩23,597m.

Outlook and guidance

• Planned FY 2026 investment totaled ₩37,668m, with machinery, land/buildings and other projects scheduled for completion in Dec 2026.

• The stated lithium primary battery market forecast is 5.56% CAGR for 2022–2028; Smart Grid and energy-saving markets were projected to grow at over 15% annually for 5+ years.

• Dividend policy targets a minimum 20% payout for 2024–2026 and says a 25% or higher payout is under review from 2027.

• R&D spending was ₩7,908m through Sep 2026 before government grants, equal to 4.3% of revenue; active programs include battery recycling, lithium materials and aerospace power systems.