PI Advanced Materials Q1 2026: Operating Profit KRW 14B, Revenue Growth Continues

Revenue KRW 64.05B, operating profit KRW 14.05B, net income KRW 10.56B (EPS 360 won)
Average PI film selling price KRW 76,588/kg, up from KRW 73,339/kg
Capacity utilization 55.79%; EV Varnish expansion (3,000 tons/year) underway (KRW 15.4B, expected completion 2028)
Global PI film market share 30.1% (1st); R&D costs KRW 2.62B (4.1% of sales)
474 patents held
Ongoing Kaneka patent infringement lawsuit; additional damages undetermined (contingent liability)
Prior period error correction (2025): inventory understated by KRW 169M, cost of sales understated by KRW 1,105M
Largest shareholder: Achema Korea Holdings (54.07%), part of Arkema group
Dividends: record date set by board; no share buyback or cancellation plans