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Samsung SDI · 006400 · Batteries

Samsung SDI Reports Q3 Operating Profit of ₩407.8B, Ending Run of Losses

Why this report

Written after:

Samsung SDI's preliminary Q3 2026 results show an operating profit of ₩407.8B against a loss of ₩591.3B a year earlier, which confirms the profit that was only a media expectation in our previous report. The profit is still small against the size of the earlier losses, and net income fell from Q2.

Written Oct 29, 2026 · Data as of Oct 28, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On 2026-10-29 the company filed preliminary consolidated results for July to September 2026. These are provisional figures and may differ from final numbers.

Revenue was ₩4.69T, up 20.9% from Q2 (₩3.88T) and up 52.6% from Q3 2025 (₩3.07T). Operating profit was ₩407.8B, roughly double Q2 (₩203.8B, +100.1%) and a swing from a ₩591.3B loss a year earlier. That gives an operating margin of about 8.7% on our arithmetic.

Pre-tax profit from continuing operations was ₩261.5B, down 45.4% from Q2 (₩479.2B), so the gap between operating and pre-tax profit narrowed sharply. Net income was ₩342.2B, down 27.4% from Q2 (₩471.6B), versus ₩5.7B a year earlier. Net income attributable to owners of the parent was ₩294.6B, down 13.9% from Q2 (₩342.2B).

For the first nine months, revenue was ₩12.22T (up 27.2%), operating profit ₩456.0B versus a ₩1.42T loss a year earlier, and net income ₩869.9B versus a ₩377.0B loss. The filing does not give a breakdown of what drove the quarter.

What it changes for the thesis

Our previous report said the share price had moved well ahead of reported earnings, and that a possible Q3 profit reported in the media was not yet confirmed in filings. The filing now confirms an operating profit, which supports that part of the story.

Some cautions remain. Q3 operating profit of ₩407.8B has to be set against the trailing twelve-month operating loss of ₩842.3B through H1 2026 and the ₩1.72T loss in 2025. Nine-month operating profit of ₩456.0B is small, because Q1 was a loss of roughly ₩160B on our arithmetic. Net income also fell from Q2, and the filing gives no reason. One quarter does not show whether the profit lasts. The previous report also noted heavy cash burn, and this filing contains no cash flow or balance sheet data.

What it changes for the valuation

The model has no fair value estimate for this company, and the previous report had none either, so there is no range to compare. The share price closed at ₩534,000 on 2026-10-28, before these results, for a market cap of ₩43.0T. The 52-week range was ₩259,000 to ₩723,000.

The multiples in our data are still based on filings through H1 2026: P/E of 1,143.1, P/B of 1.8, P/S of 3.0. They do not yet include Q3. The Q3 profit should lower the trailing P/E once the full quarterly statements are filed and the data are updated, but we cannot say by how much. EV/EBITDA is not available. Among peers, LG Energy Solution has a P/B of 4.1, while peer P/E figures are mostly unavailable or very high, so comparison remains limited.

Closing view

The filing turns an expected profit into a reported one, with revenue up 52.6% from a year earlier and a clear recovery in operating profit. That reduces the gap between the share price and reported earnings noted in our earlier report, but does not close it. The profit is recent and small compared with the losses of the past year and a half, net income slipped from Q2, and the figures are provisional. Foreign ownership fell from 26.4% to 24.9% over 60 days, and the model has no fair value estimate, so firmer conclusions must wait for the full quarterly statements and the next results.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 29, 2026Update noteEarningsSamsung SDI Reports Q3 Operating Profit of ₩407.8B, Ending Run of Losses
  2. Oct 13, 2026InitiationSamsung SDI: Share Price Up Sharply While Filed Results Still Show Operating Losses

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information