Fact Summary
Samsung SDI recorded consolidated revenue of KRW 13.2667 trillion and an operating loss of KRW 1.7224 trillion for FY2025, while Q1 2026 revenue reached KRW 3.5764 trillion (+12.6% YoY) with an operating loss of KRW 155.6 billion — a 64.2% narrowing of the loss YoY — and net income turned positive at KRW 56.1 billion. The battery (energy solutions) segment expanded its supply contracts, including an LFP battery supply agreement for Tesla's ESS, an ESS supply contract with a U.S. energy company (approximately KRW 1.5 trillion), and a domestic power-grid ESS deployment project, while the electronic materials segment showed improved sales of semiconductor and display materials. In July 2026, its UPS batteries became the world's first to pass UL Solutions' large-scale indoor fire test, and in March of the same year, at InterBattery 2026, the company unveiled 'Solidstack,' a solid-state battery sample for physical AI applications.
Price-Change Context Note
The reference-date (2026-07-16) closing price was KRW 434,500, down 4.30% from the previous day's close (KRW 454,000). Over the same period, multiple domestic securities firms cited downward valuation (EV/EBITDA multiple) adjustments across the secondary battery sector as a rationale, and in the global EV battery market, the combined market share of Korea's three battery makers continued to shrink amid the expansion of Chinese firms such as CATL.
Business Overview
Samsung SDI operates on two pillars — eco-friendly energy (batteries) and advanced materials (electronic materials). The battery segment produces batteries for electric vehicles (EVs), energy storage systems (ESS), and small-format applications (IT devices, power tools, UPS, BBU, etc.), while the electronic materials segment produces semiconductor and display (OLED, etc.) materials.
5-Year Financial Trend (Consolidated)
| Category | Q4 2025 | Q1 2026 |
|---|---|---|
| Revenue | KRW 3.8587 trillion | KRW 3.5764 trillion |
| Operating profit (loss) | -KRW 299.2 billion | -KRW 155.6 billion |
| Net income | Not available | KRW 56.1 billion (profit) |
Source: Samsung SDI Newsroom, as of each quarterly settlement (2025-12-31/2026-03-31) · A · Q2 2026 results not yet available as of the reference date (2026-07-20) (confirmed not posted on official IR page)
Competitor Comparison (Global EV Battery Usage)
The combined global market share of Korea's three battery makers (LG Energy Solution, SK On, Samsung SDI) stood at 15.6% (-2.1%p YoY), shrinking further to 28.4% (-8.7%p YoY) on a cumulative Jan–May 2026 basis. Over the same period, CATL's market share expanded to 33.7% (usage up +37.0% YoY). A separate market-share comparison for the ESS segment and competitor comparisons for electronic materials (semiconductor/display materials) are not available.
Valuation (Factual Multiples)
PER and PBR figures exactly matching the reference date (2026-07-16) are not available; the closest aggregation date (2026-06-29) figures are provided instead. EV/EBITDA could not be calculated due to unavailable net debt and EBITDA detail data (not available).
Supply-Demand Trends
For the research window 2026-06-20 to 2026-07-20, foreign/institutional/individual net trading, short-sale ratio and balance, and foreign ownership ratio are all unavailable, as KRX login credentials were not configured (the supply-demand query script itself ran normally; only the login-gated items returned no value). Reference figures found via web research (e.g., short-sale balance ratio of 3.25%, foreign ownership limit utilization of 26.34%) were not adopted, as their research window did not match the reference date and they could not be cross-checked against primary sources.
Macro Environment (As of 2026-07-20)
| Factor | Current Value | Direction of Impact |
|---|---|---|
| KRW/USD exchange rate | KRW 1,478.4 (close) | Mixed (improves translation of overseas sales · raw material cost burden) |
| Lithium carbonate price | USD 22.42/kg (2026-07-19) | Cost decline (lowest level in 4 months) |
| Cobalt price | USD 56,290/ton (2026-07-16, +68.86% YoY) | Upward cost pressure |
| U.S. IRA AMPC (45X) tax credit | Maintained (expiration shortened from 2032 to 2031) | Favorable for ESS business, expanded regulatory requirements for EV-bound products |
| U.S. EV tax credit (§30D) | Terminated early in September 2025 | Factor dampening U.S. EV demand |
| Korea base rate | 2.75% (raised 2026-07-16) | Slight increase in domestic capex funding cost |
| U.S. base rate | 3.50–3.75% (held June 2026) | Funding cost burden for large-scale overseas capex |
| Chinese competition incl. CATL | Global market share 33.7% (Jan–May cumulative) | Downward pricing pressure · market-share erosion |
| U.S. AI data center ESS demand | Order expansion phase expected in H2 2026 (securities-firm commentary) | Factor boosting ESS revenue |
Source: aggregated from Money Today, Newspim, TradingEconomics, The Elec, BloombergNEF, etc., around the reference date 2026-07-20 · Secondary source aggregation
Risk Factors (Factual Description)
- Possible reduction of U.S. IRA tax credits and changes in tariff policy — a significant portion of ESS revenue is estimated to be U.S.-bound and exposed to policy changes.
- Prolonged slowdown in EV demand — the company presented an estimated global EV battery market growth rate of about 6% for 2026 excluding China.
- Intensifying price competition from Chinese competitors (CATL, BYD, etc.) — the combined market share of Korea's three battery makers shrank to 15.6% (-2.1%p YoY) in Jan–Mar 2026.
- Earnings volatility — swung sharply from an operating profit of KRW 1.6334 trillion in 2023 to an operating loss of KRW 1.7224 trillion in 2025.
- The commercialization timeline and yield of next-generation technology (solid-state batteries) are not available; related expectations can only be cited as market-outlook commentary, not treated as the company's confirmed business plan.
Ownership Structure
The largest shareholder is Samsung Electronics Co., Ltd., holding a 19.44% stake as of period-end (2025-12-31) (20.21% combined with related parties). It participated in the 2025 rights offering (shareholder-allocation followed by general public offering of unsubscribed shares, issuing 11,821,000 common shares), increasing its absolute share count, though its ownership ratio declined slightly due to the expanded total shares outstanding. The National Pension Service reported a 7.97% stake (6,420,490 shares) as of the 2026-07-01 filing. The combined foreign ownership ratio is not available, as it could not be confirmed from DART primary sources.
Recent Developments (News Timeline)
- 2026-07-14: UPS batteries become the world's first to pass UL Solutions' large-scale indoor fire test
- 2026-07-10: Secured battery supply for 21 of 32 lines (66%) in the government's AI-powered ESS deployment support program (84MW/420MWh)
- 2026-07-06: Mercedes-Benz confirms Hungarian production of the Mini G-Class; reports suggest possible adoption of Samsung SDI prismatic batteries
- 2026-04-28: Announced Q1 2026 results (revenue KRW 3.5764 trillion, operating loss KRW 155.6 billion, net income turned positive at KRW 56.1 billion)
- 2026-04-03: Agreed to purchase additional land near the Göd, Hungary plant for approximately KRW 15 billion
- Around 2026-03-11: Unveiled 'Solidstack,' its first solid-state battery sample for physical AI applications, at InterBattery 2026
- 2026-03-16: Samsung SDI America signed an ESS battery supply contract with a U.S. energy company (approximately KRW 1.5 trillion, 2026–2029)
- 2026-01-30: Signed an LFP battery supply agreement for ESS with Tesla (amount and scale withheld from disclosure; only industry estimates exist)
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Fact Highlights
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Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR