EcoPro BM Posts Q1 2026 Profit, Growth Backed by Long-Term Supply Contracts

Q1 2026 consolidated results: Revenue KRW 605.4bn, operating profit KRW 20.9bn, net profit KRW 12.2bn (maintained profitability after 2025 turnaround)
Major long-term supply contracts with Samsung SDI (KRW 43.9tn) and SK On (KRW 10.1tn), totaling ~KRW 54tn
Credit ratings: Corporate BBB+ (ECRE), bonds A- (KIS) / Negative (NICE), short-term A2
Shareholder returns: FY2025 cash dividend KRW 100/share (~KRW 9.8bn total), history of share buybacks and cancellations
KRW 440bn convertible bonds outstanding (conversion price KRW 214,188, current stock price ~KRW 190,000, low conversion incentive)
Ongoing litigation: 2 cases (industrial safety violation, USD 15mn arbitration) and put option risk from Samsung SDI JV
Global high-nickel cathode market share 6th (SNE), Hungary campus completion expands overseas production
R&D spending KRW 10.1bn (1.66% of revenue), developing next-gen materials (Na-ion, solid electrolyte, etc.)