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JONBUR Research · Update note

LG Energy Solution · 373220 · Batteries

LG Energy Solution Q3 2026 Preliminary Results: Revenue ₩9.6T, Operating Profit ₩756.0B

Why this report

Written after:

LG Energy Solution filed preliminary consolidated Q3 2026 results on 2026-10-08, showing revenue of ₩9.6T and operating profit of ₩756.0B. This fills a gap in our initiation report, but net income is not disclosed and our model has no fair value.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

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

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What happened

The filing is a preliminary figure and may differ from the final numbers. It covers 2026-07-01 to 2026-09-30. The filing reports amounts in units of 억 won, converted here.

Q3 revenue was ₩9.64T, up 27.6% from Q2 2026 (₩7.56T) and up 59.0% from Q3 2025 (₩6.07T). Year-to-date revenue for nine months was ₩23.76T, up 26.1% from ₩18.84T a year earlier.

Q3 operating profit was ₩756.0B, versus ₩113.3B in Q2 (up 567.3%) and ₩601.3B in Q3 2025 (up 25.7%). Nine-month operating profit was ₩661.6B, down 54.9% from ₩1.47T in the same period of 2025. That implies the first half was a loss at the operating level, though the filing does not state this directly.

Q3 operating margin works out to about 7.8% (₩756.0B on ₩9.64T), our calculation. Pre-tax profit and net income are shown as blank in the filing, so they are not available.

What it changes for the thesis

Our initiation report noted trailing operating income of only ₩384.8B, a 1.5% margin, below 5.7% in 2025 and 6.4% in 2023. The Q3 filing shows a sharp rebound in the quarter, with margin of about 7.8% above those levels. It also shows revenue growth after the declines in 2024 and 2025.

This eases part of the concern about thin margins and falling revenue. But one quarter does not reverse the nine-month picture: operating profit is still down 54.9% year on year. The report's other concerns are unaddressed by this filing: net losses, negative free cash flow of ₩5.2T, and borrowings of ₩22.3T. Net income for Q3 is not disclosed. The filing does not explain the drivers. The headline about Stellantis compensation in the earlier report is not confirmed or quantified here.

What it changes for the valuation

Our model has no fair value now (fair_value_model_now is empty), and the previous report also had none. So there is no model fair value range (bear / base / bull) to compare with the ₩398,000 share price of 2026-10-12, and we cannot say how this filing moves it.

The multiples in the initiation (P/B 4.2, P/S 3.6, enterprise value ₩108.2T) were calculated before this update, and no refreshed trailing figures including Q3 are available in the data. Earnings multiples remain unavailable because net income is not shown. If trailing revenue and operating profit were rebuilt with Q3, they would be higher than the H1 2026 basis, but we have not done so as full quarterly history is not in the data.

Closing view

The evidence is better than at initiation on operations: a strong quarter for revenue and operating profit, with a margin well above the recent trailing level. It is not yet enough to change the overall picture. Nine-month operating profit is well below last year, net income and cash flow for the quarter are not disclosed, and the balance sheet remains leveraged. With no model fair value, no peer earnings detail and no investor flow data, the valuation question stays open. The detailed Q3 statements and any cash flow figures would be the next items to check.

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 13, 2026Update noteEarningsLG Energy Solution Q3 2026 Preliminary Results: Revenue ₩9.6T, Operating Profit ₩756.0B
  2. Oct 13, 2026InitiationLG Energy Solution: Revenue Below 2023 Peak, Losses at Net Level, Shares Up 21.2% in Three Months

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