LG Energy Solution Ltd. (LGES) reported a net loss of 296.9 billion won in the third quarter of 2026, its first loss since 2025, citing a persistent slowdown in electric‑vehicle demand, the company said in a regulatory filing released Tuesday, November 3.
Despite the earnings hit, operating profit climbed 25.7 percent to 756 billion won, up from 601.3 billion won a year earlier, as shipments of energy‑storage systems (ESS) to North America and sales of mid‑ and low‑priced pouch batteries in Europe boosted earnings.
"Increased energy storage system (ESS) shipments to North America and sales of mid‑and low‑priced pouch‑type batteries in Europe helped support earnings despite a prolonged slowdown in the EV sector," LGES said.
Sales grew 59 percent to 9.64 trillion won from 6.06 trillion won a year earlier, while the company cited 416.9 billion won in tax credits under the Advanced Manufacturing Production Credit (AMPC) program of the U.S. Inflation Reduction Act.
Excluding AMPC benefits, LGES posted an operating profit of 339.1 billion won in the September quarter. Over the first nine months of the year, the company swung to a net loss of 1.57 trillion won from a net profit of 853.3 billion won a year earlier, with operating profit falling 54.9 percent to 661.6 billion won.
In the U.S. and Canada, LGES runs seven battery plants; five produce both ESS and EV batteries, while two focus exclusively on EV batteries. The group plans to expand lithium iron phosphate (LFP) production capacity in North America beyond 50 gigawatt‑hours by year’s end, spread across three fully owned plants and two joint‑venture facilities with Honda and GM.
Only Yonhap reported the company’s Q3 loss, with no other outlet covering the story to date.
