In brief
LG Energy Solution Ltd. posted a net loss of 296.9 billion won in its September quarter, reversing a profit of 536.1 billion won a year earlier. Operating profit climbed 25.7% to 756 billion won while sales jumped 59% to 9.64 trillion won, boosted by energy‑storage system deliveries and European battery sales. The company still received 416.9 billion won in U.S. Inflation Reduction Act tax credits. Over the first nine months, it recorded a larger net loss of 1.57 trillion won, although sales grew 26% to 23.75 trillion won.
LG Energy Solution Ltd., South Korea’s largest battery maker, said on Tuesday it slipped into a net loss for the September quarter, with a loss of 296.9 billion won (about $221 million) versus a profit of 536.1 billion won a year earlier.
Although the company’s operating profit rose 25.7% to 756 billion won from 601.3 billion won a year before, the overall earnings drop is blamed on a prolonged slowdown in the electric‑vehicle market.
Sales surged 59% to 9.64 trillion won (up from 6.06 trillion won) as the firm pushed more energy‑storage systems to North America and sold mid‑priced pouch‑type batteries in Europe.
LGES benefited from 416.9 billion won in tax credits under the U.S. Inflation Reduction Act’s Advanced Manufacturing Production Credit program, which helped cushion its earnings. Excluding those credits, the company posted an operating profit of 339.1 billion won in the quarter.
"Increased energy storage system (ESS) shipments to North America and sales of mid- and low‑priced pouch‑type batteries in Europe helped support earnings despite a prolonged slowdown in the EV sector," the company said.
Over the first nine months of the year, LGES swung to a net loss of 1.57 trillion won from a profit of 853.3 billion won in 2025. Operating profit fell 54.9% to 661.6 billion won, while sales grew 26% to 23.75 trillion won from 18.84 trillion won a year earlier.
These figures show that while LG Energy is still expanding sales, a dip in EV demand is squeezing its bottom line. The company’s future depends on how quickly the EV market recovers and whether its energy‑storage and European battery sales can keep pace with a tougher global competitive landscape.
