Samsung SDI: Q1 2026 Operating Loss Persists, Sales Growth; Dividend Suspension and Heavy Investment

Q1 2026 consolidated sales KRW 3.58 trillion (+12.6% YoY), operating loss KRW 155.6 billion (improved by KRW 278.5 billion YoY)
Controlling interest net loss KRW 28.1 billion (vs loss KRW 65 billion YoY), consolidated net profit KRW 56.1 billion
Energy Solutions sales KRW 3.35 trillion (94%), operating loss KRW 176.6 billion (improved by KRW 275.8 billion YoY)
Electronic Materials sales KRW 222 billion (6%), operating profit KRW 21 billion (up KRW 2.7 billion YoY)
R&D expense KRW 435 billion (12.2% of sales), 21,822 patents
Rights issue completed May 2025 (KRW 1.65 trillion, 11.82 million shares) for facility and equity investment
**No cash dividends for 2025-2027 (free cash flow negative), new policy expected in 2028**
Capex Q1 2026: KRW 589.4 billion (Energy Solutions KRW 585.8 billion), GM JV plant construction ongoing
Total assets KRW 44.5 trillion, liabilities KRW 19.6 trillion, equity KRW 24.9 trillion
23 subsidiaries, major equity method investments: Samsung Display 15.2% (KRW 1.19 trillion), EcoPro EM 40% (KRW 222 billion)
Contingent liabilities: call/put options on joint ventures, 40 pending lawsuits abroad (uncertain impact)
GHG emissions 119,778 tCO2e (Q1), RE100 member