Samsung SDI Aktienkurs
Vergleich mit Peer Group
📊 Peer Group
📈 Was ist das?
Die Peer Group sind die Unternehmen mit dem ähnlichsten Geschäftsmodell. Sie dienen als Vergleichsmaßstab, um eine Aktie einzuordnen.
🧮 Wie wird sie ausgewählt?
Nach Ähnlichkeit des Geschäftsmodells, also Unternehmen aus derselben Branche, mit vergleichbaren Produkten und einer ähnlichen Kundengruppe. Nur so vergleichst du Äpfel mit Äpfeln.
🏛️ Wofür ist sie wichtig?
Ob eine Aktie günstig oder teuer ist, lässt sich am ehesten im Vergleich beurteilen. Ein KGV von 18 oder ein EV/FCF von 20 wirkt je nach Maßstab günstig oder teuer. Die Peer Group liefert dabei den treffsichersten Maßstab: Unternehmen mit ähnlichem Geschäftsmodell, die denselben Bedingungen unterliegen.
🎯 Was bedeutet das für Anleger?
Liegt eine Kennzahl unter dem Peer-Durchschnitt, ist die Aktie relativ günstiger bewertet, über dem Durchschnitt entsprechend teurer. Ein Abschlag zur Peer Group kann eine Chance sein, aber auch einen Grund haben (zum Beispiel geringeres Wachstum). Der Vergleich ist ein Startpunkt, kein Urteil.
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 26,53 Mrd. € | Umsatz (TTM) = 8,98 Mrd. €
Marktkapitalisierung = 26,53 Mrd. € | Umsatz erwartet = 10,09 Mrd. €
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 33,25 Mrd. € | Umsatz (TTM) = 8,98 Mrd. €
Enterprise Value = 33,25 Mrd. € | Umsatz erwartet = 10,09 Mrd. €
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
Samsung SDI Aktie Analyse
Analystenmeinungen
38 Analysten haben eine Samsung SDI Prognose abgegeben:
Analystenmeinungen
38 Analysten haben eine Samsung SDI Prognose abgegeben:
Samsung SDI Events
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Samsung SDI — Q2 2026 Earnings Call
1. Management Discussion
Thank you for joining Samsung SDI's earnings call. Following the presentation, we will hold a Q&A session with attendees. [Operator Instructions] Now we'll begin Samsung SDI's Q2 2026 earnings call.
Good afternoon. I'm Yoontae Kim, Executive Vice President of the Finance and Accounting Team at Samsung SDI. First of all, I would like to thank everyone for joining today's earnings call. Joining me are EVP Jae-kyun Oh from Business Management Operation; EVP Hanjae Cho from Strategic Marketing Office; EVP Yonghui Cho from ESS Business Team; and VP Ik Soo Kim from Strategic Marketing Team of Electronic Materials Business.
The earnings call presentation will be provided with simultaneous interpretation and Q&A session with consecutive interpretation. Now let us begin Samsung SDI's 2026 Second Quarter Earnings Call.
I'll start with financial results for Q2 2026. The Q2 revenue reached KRW 3.8 trillion, up 5% Q-o-Q and 19% Y-o-Y. Operating income, including the impact of U.S. reciprocal tariff refunds, reached KRW 204 billion, returning to profitability in 7 quarters. Excluding the impact of tariffs, a small profit was recorded. Reflecting equity income in affiliates and other factors, pretax income was KRW 479 billion, and net profit was KRW 472 billion.
I will now present the financial status as of the end of Q2 2026. With an increase in the equity value of affiliates, total assets rose by KRW 3.1 trillion Q-o-Q to KRW 47.6 trillion. Liabilities increased by KRW 1.2 trillion Q-o-Q to KRW 20.8 trillion. And the total equity increased by KRW 1.9 trillion Q-on-Q to KRW 26.8 trillion. Second quarter CapEx executed was KRW 503 billion. For detailed financial figures, please refer to the appendix.
Next, I will share the Q2 financial results of each business unit. First, the Battery business revenue grew both Q-o-Q and Y-o-Y, driven by expanded sales of high-power products such as batteries for UPS, BBU and power tools as well as EV batteries for the European market. The operating income returned to a surplus due to expanded sales of high-value products, AMPC benefits from increased local production in the U.S. and the aforementioned tariff impact.
Moving on to the Electronic Materials business. Sales of semiconductor materials remain solid, while revenue and profitability improved, primarily driven by film materials for foldable smartphones.
Next are the business highlights for the first half of the year. We continue to achieve sustained quarterly performance improvements posting a profit in Q2, as mentioned earlier, as well as on a cumulative H1 basis with revenue of KRW 7.3 trillion and operating profit of KRW 48 billion. We had initially anticipated a turnaround in the second half, but thanks to rapid revenue growth and improved profitability across the business units, coupled with favorable exchange rates and tariff refunds, we were able to return to profitability sooner than expected.
Here are the key contributors for each business. By leveraging the strength of our non-PFE product lineups, including utility ESS, UPS and BBU alongside a diverse portfolio of high-power technologies, we actively addressed AI data center demand and drove profitability. The small battery business expanded sales across high-power battery applications, including power tools, and the automotive battery business launched industry highest energy density prismatic cells driving higher utilization.
Furthermore, the Electronics Materials business maintained solid profit margins contributing to overall corporate earnings. We expect these drivers of improvement to continue into the second half. Beyond short-term earnings improvements, we also secured additional orders for ESS and EV applications across our production hubs in the U.S., Europe and Korea. In the U.S., we have signed long-term supply agreements with major ESS customers and are having discussions for additional supply contracts. We also secured a new project order for Mercedes-Benz in April, bringing all of the top 3 premium automotive brands in Germany into our customer base.
Recently, we made significant progress by winning orders for a next-generation distribution grid ESS project in Korea, laying a crucial foundation to lead the Korean ESS market. These winning results are largely attributable to the competitiveness of our differentiated prismatic batteries backed by our local production capabilities.
Lastly, to secure future growth engines, we diversified into new applications and customers. In the humanoid and aero sectors, where high growth potential is anticipated, we have expanded cooperation with major customers such as signing a joint development agreement, and we have also won a project to apply cylindrical batteries to HEV for the first time. In the semiconductor materials business, we supplied packaging materials, such as high thermal conductivity EMC to a new global customer, expanding our customer portfolio.
Now our Senior Executive of Business Management Operation will address the market outlook and business strategies for the second half of the year.
Hello. I'm Jae-kyun Oh, EVP of Business Management Operations. Since taking office at the end of last year, I promised during the early year earnings call that we would achieve a turnaround within the year, and I'm deeply gratified to have returned to profit faster than expected. Moving this achievement into sustainable growth is even more important, so we will continue to respond proactively and flexibly to market changes while strengthening our competitiveness.
Now I would like to share the market outlook for the second half by business unit and our business strategies.
First is the ESS market. In the U.S., driven by the expansion of renewable energy and increasing investment in AI data centers, demand for utility ESS and UPS is showing sharp growth. Additionally, policy shifts are accelerating the realignment of the supply chain towards non-PFE components. In Korea as well, we anticipate expanding business opportunities centered around ESS initiatives such as the third central contract market. Therefore, in the U.S., we plan to establish a non-PFE supply chain and ensure the smooth preparations for the mass production of prismatic LFP batteries, while expanding UPS production capacity to meet the fast-growing demand. Furthermore, by leveraging our strength in Korean SCM and products in-house, we will actively pursue domestic projects to expand business opportunities.
Also, with advantages in lifespan output and safety, sodium-ion batteries are poised for mid- to long-term growth. Integrating our proprietary technologies, we're currently developing UPS solutions for AI data centers and utility ESS. Moving forward, we will prepare our sodium-ion battery mass production plans.
Moving on to the EV battery market. In Europe, subsidies in major countries such as Germany and France, combined with persistently high oil prices, are boosting demand in the volume segment. At the same time, the impact of the IAA, or Industrial Accelerator Act, is also driving a trend to establish domestic supply chains within Europe. We will expand supply for volume models that entered mass production in the second quarter and drawing on our local prismatic cell production capabilities in Europe, we will also seek to secure orders for various projects, including LFP batteries. Meanwhile, in the U.S. market, consumer EV incentives have been eliminated and major OEMs are recalibrating their EV strategies. As a result, we project that the demand slowdown will continue in the near term. With this, we will strengthen our collaboration with main customers and secure future project orders, ensuring we are positioned to move proactively when the market recovers.
Regarding the small battery business. Driven by the expansion of AI data centers, demand growth continues to center on BBUs and high-power batteries for power tools. Also, emerging markets for cylindrical batteries such as humanoid robots, aerospace and HEV are expanding. To meet growing market demand, we plan to expand our high-power cylindrical battery capacity as current production lines are running at full capacity.
Next is the Electronic Materials business. Amid favorable conditions in the semiconductor downstream sector, wafer input is increasing and continued process miniaturization is expected to drive growth in demand for materials. And demand for display materials will also expected to rise due to new product launches such as smartphones and laptops. In addition to our existing materials, we will expand sales focusing on new semiconductor packaging materials and high-value film materials for foldable displays. As such, we anticipate robust growth in downstream demand across both the Battery and Electronic Materials business in the second half of the year. Building on the turnaround in the first half, we will secure sustainable revenue growth and profitability.
Thank you.
This concludes the presentation, and we'll now begin the Q&A session. The Q&A will be held in Korean followed by the same content interpreted into English. [Operator Instructions].
[Foreign Language] [Operator Instructions] [Foreign Language] The first question will be provided by Sonny Lee from JPMorgan Securities.
2. Question Answer
[Foreign Language] I have 2 questions. In your presentation, you mentioned that there is earnings improvement, so can you tell us whether the earnings improvement trend would continue into the second half and also provide a more detailed breakdown by business?
And the second question relates to the U.S. LFP, ESS mass production. So what is the status of the planned second half start of the LFP, ESS battery production? Also, please explain progress in establishing a supply chain that meets non-PFE requirements.
[Foreign Language] I'm CFO, Oh, Jae-kyun, and I will provide the answer to your first question. As noted earlier, we expect the improvement -- improving trend in our first half performance to continue into the second half.
Let me provide a little more detail by business. For ESS, given the growing U.S. demand for utility ESS and UPS applications, we expect sales to expand significantly in the second half. Profitability is also expected to remain on a solid trajectory, supported by higher sales from the ramp-up of new LFP lines and AMPC benefits. In the small battery business, we plan to meet growing demand for high-power products, including BBUs and power tools by fully utilizing available capacity. Higher utilization and increased sales of high value-added products are expected to drive a clear improvement in profitability in the second half.
For EV batteries, losses are expected to narrow as new projects ramp up. However, potential volume declines in existing projects remain a risk, and we will continue to monitor the situation closely. In Electronic Materials, sales are expected to increase in the second half, led by materials for foldable displays, while profitability is expected to remain stable. The second half will be important, not only for improving performance, but also for preparing for medium- to long-term growth. We will build a foundation for sustainable growth by launching new projects, including LFP batteries on schedule, securing additional project orders and expanding capacity.
[Foreign Language] I am EVP Cho, Yonghui, and I will be providing the answer to your second question. Our U.S. prismatic LFP line for ESS applications is currently undergoing mass production quality validation. As planned, cell production will begin in October, with customer deliveries of the SBB 2.0 solution starting within the year. With respect to preparation for a non-PFE supply chain, the key priority is establishing a supply chain for LFP materials, which account for a significant share of product costs. Through a range of partnerships, primarily with Korean and U.S. suppliers, we have secured in advance the necessary volumes of LFP cathode materials. For other key components, we have also established a non-PFE compliant supply chain through localization of our partners.
[Foreign Language] The following question will be presented by Hyun-Soo Kim from Hana Securities.
[Foreign Language] My name is Kim, Hyun-Soo, from Hana Securities. I have 2 questions related to ESS. The first question, I understand that your order intake for ESS in the U.S. is increasing, so can you provide an update on U.S. ESS orders and plans for additional capacity?
And my second question is how would a potential slowdown in AI data center expansion effect Samsung SDI's ESS business?
[Foreign Language] I am EVP, Cho, Yonghui, and I will be answering both of your questions. As for your first question about the U.S. ESS orders and our plans for additional capacity. In the U.S. market, prismatic LFP batteries that combine superior safety with compliance with non-PFE supply chain requirements are strongly preferred by customers. Accordingly, we are seeing strong momentum in order intake. The orders we have secured to date cover a substantial portion of our capacity through 2029, including projects with a high likelihood of being awarded in the second half, demand is expected to exceed our production capacity from 2028 and onward. Against this backdrop, we are currently reviewing options to secure additional capacity and will update the market once our plans become more concrete.
As for your second question on how the slowdown in the AI data center expansion could impact our ESS business. Well, with respect to the potential impact of a slowdown in the U.S. AI data center expansion, well, we believe the structural growth trend in the U.S. ESS market will remain intact even if the pace of data center construction moderates. In the U.S., renewable power generation, particularly solar and wind continues to expand amid rising electricity demand and improving economics. This is driving steady growth in ESS demand to manage intermittency and support grid stability. A growing number of states are also setting ESS deployment targets and raising their planned installation capacity. Beyond renewable energy applications, ESS is increasingly being used as critical infrastructure to stabilize aging power grids and facilitate smooth grid interconnection.
Against this backdrop, ESS is expected to play an increasingly critical role in the U.S. power market. We, therefore, expect any slowdown in AI data center investments to have only a limited impact on our ESS business. In particular, our recent customer discussions and ongoing order negotiations indicate a strong preference for prismatic LFP batteries that meet non-PFE requirements while offering a superior safety. We will continue to strengthen our product competitiveness and expand our supply capabilities to effectively meet market demand and sustain our growth momentum.
[Foreign Language] The following question will be presented by Won Suk Chung from iM Securities.
[Foreign Language] I'm Chung, Won Suk, from iM Securities, and I also have 2 questions. And the first question is that the sales of the UPS and BBU batteries alongside ESS products are growing significantly. So could management share the full year sales outlook and expected profitability for each product category? And I would also like to ask, as the extension of AI data centers is expected to increase demand for semiconductor materials, what opportunities do you see for the semiconductor materials business?
[Foreign Language] I am Cho, Hanjae, and I'll be answering your first question. Driven by the expansion of AI data centers, we expect battery sales from both UPS and BBU applications to grow by more than 70% Y-o-Y this year. Because UPS and BBU batteries serve as backup power sources for our data centers, they require instantaneous high-power output and a high level of safety. As a result, customers apply highly stringent qualification standards. Our UPS and BBU batteries meet these demanding market requirements through their high-power performance, safety and proven track record. We hold approximately 40% to 50% market share in the respective segments, and there are relatively high entry barriers to support higher profitability than other product categories.
[Foreign Language] I am VP, Kim, Ik Soo, and I will answer your second question related to semiconductor materials business. As major chip makers bank capacity to meet growing demand for AI data center chips, semiconductor materials demand is expected to remain solid. Let me discuss the opportunities in fab and packaging materials. For fab materials, the adoption of EUV processes and finer foundry patterning is increasing demand for organic and inorganic patterning materials as well as slurries for hybrid bonding.
In packaging materials, applications are expanding beyond conventional thermal management materials to redistribution layer materials and temporary bonding films used in semiconductor processes. While continuing to maintain our strength in fab and packaging materials, we are combining the respective properties of these materials to develop solutions tailored to customers' new manufacturing processes. To this end, we are working closely with semiconductor customers, equipment manufacturers and material suppliers to strengthen our semiconductor manufacturing process materials portfolio. By responding promptly to technological inflection points, we will continue to drive growth in semiconductor materials sales.
[Foreign Language] The last question will be presented by [ Yong-Wook Lee ] from IBK Investment and Securities.
[Foreign Language] I am [ Lee, Yong-Wook ], from IBK Securities. I still have 2 questions. The first question is that battery demand is expected to grow in the humanoid and aerospace sectors, so could management share its market outlook and preparation for these opportunities?
And my second question is related to the European EV market. So how does the management view the outlook for the European EV market, and are additional order wins expected?
[Foreign Language] I am EVP, Cho, Hanjae, and I'll be answering both of your questions. As for your first question, as AI advances and humanoid applications beyond industrial use into commercial and household settings, battery demand is expected to more than double annually through 2030. We are already supplying high-power cylindrical batteries to multiple customers and as major global players expand their mass production plants, we are discussing a number of projects, leveraging our cylindrical and all solid-state battery technology. Aerospace battery demand is currently concentrated in LEO satellite, but is expected to expand over the mid- to long-term into applications such as [indiscernible] data centers. We expect the market to grow at a CAGR of more than 50% through 2030. Aerospace batteries must deliver stable performance in extremely low temperature environments and offer long cycle life under repeated charging and discharging. Based on cylindrical battery products optimized with these requirements, we are expanding collaboration discussions, including joint development with multiple customers.
[Foreign Language] Once again, I'm EVP, Cho, Hanjae, and I'll be answering your question related to the European EV market. EV sales in Europe are growing rapidly year-over-year supported by reinstatement of subsidies in major markets, a persistently high oil prices and new platform launches by leading OEMs. EV penetration is expected to rise from below 20% last year to mid-20% range this year and high 30% range by 2030. Accordingly, EV battery demand is projected to grow at a CAGR of around 15% through 2030.
On the order front, 2 key trends are emerging among European OEMs. First, as we develop next generation platforms, they increasing favor prismatic batteries for their structural safety and suitability for larger, higher capacity cells and cell-to-pack technology. Second, growing demand for locally produced batteries in Europe is creating more order opportunities for us. We have a broad prismatic product lineup that now includes LFP, a mid-nickel product in addition to high-nickel batteries. Our established supply chain for major components and materials, supported by our Hungary production base, is also serving as a competitive strength.
Based on these plans, we are currently discussing new projects with a number of European OEMs. Visibility on several projects is gradually increasing, and we also expect to secure additional orders within the year. We will continue to respond proactively to changes in customer demand and actively expand opportunities for new order wins.
[Foreign Language] Before we close, we would like to address a question submitted online. And the question asked whether the mass production of all solid-state batteries remains on track for the next year, along with an update on its development and production programs?
And the answer to this question will be provided by EVP Cho, Hanjae.
[Foreign Language] Once again, I'm EVP, Cho, Hanjae. In line with our original plan, we are preparing to begin mass production of all solid-state batteries in the second half of 2027. Based on current customer demand and the progress of ongoing collaboration, humanoids are likely to be the first commercial application. We are in advanced discussions with humanoid customers and plan to supply samples in the second half. Following product validation with customers, we will move into full-scale preparations for mass production.
In the EV segment, we are also working with multiple customers on development projects, including larger-format cells. After establishing mass production capabilities for humanoid application next year, we plan to leverage that foundation to expand into EVs and other applications.
[Foreign Language] Thank you for your response. We appreciate the valuable feedback from our investors, and the insights will be taken into consideration in our key management decisions. With that, we will now conclude the Q2 2026 earnings call. If you have further inquiries, please contact our IR team. Thank you.
[Statements in English on this transcript were spoken by an interpreter present on the live call.]
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Samsung SDI — Q2 2026 Earnings Call
Samsung SDI — Q2 2026 Earnings Call
Samsung SDI meldet in Q2 2026 die Rückkehr zur Profitabilität, getrieben von ESS‑LFP‑Rampups, starken High‑Power‑Batterien und soliden Electronic‑Materials‑Ergebnissen.
Management nennt Oktober‑Start der US‑LFP‑Produktion, Orderdeckung bis 2029 und All‑Solid‑State‑Massenvorbereitung für H2 2027.
📊 Quartal auf einen Blick
- Umsatz: KRW 3,8 Bio (+5% Q‑o‑Q, +19% Y‑o‑Y)
- Operatives Ergebnis: KRW 204 Mrd (Profitabilität nach 7 Quartalen; inkl. US‑Tarifrückerstattungen)
- Vorsteuer/Nettogewinn: Vorsteuer KRW 479 Mrd, Nettogewinn KRW 472 Mrd
- CapEx: KRW 503 Mrd in Q2
- H1 kumuliert: Umsatz KRW 7,3 Bio, operativer Gewinn KRW 48 Mrd
🎯 Was das Management sagt
- ESS‑Fokus: Starke Nachfrage in den USA für utility ESS, UPS/BBU; prismatic LFP (sicherer, non‑PFE‑kompatibel) als Kernprodukt
- Geographische Deckung: Lokale Produktion in USA, Europa, Korea stärkt Wettbewerbsfähigkeit und führte zu Aufträgen u.a. mit Mercedes‑Benz und weiteren Premium‑OEMs
- Diversifikation: Ausbau in humanoid, Aerospace und HEV (z. B. erste HEV‑Projekte mit zylindrischen Zellen) und Ausbau der Electronic‑Materials‑Kundenbasis
🔭 Ausblick & Guidance
- H2‑Erwartung: Management erwartet Fortsetzung der Gewinnverbesserung; H2 soll Umsatz- und Margenwachstum bringen
- US‑LFP‑Rampen: Zellproduktion startet laut Management im Oktober, Kundenauslieferungen der SBB 2.0 noch 2026
- Kapazitätssituation: Gesicherte Orders decken einen großen Teil der Kapazität bis 2029; Nachfrage könnte 2028 Kapazität übersteigen → Kapazitätserweiterungen werden geprüft
- Risiken: EV‑Volumenrückgang kann Ergebnisbelastung bringen; Allokation der Kapazität und Lieferkettenlokalisierung sind kritisch
❓ Fragen der Analysten
- Earnings‑Nachhaltigkeit: Analysten fragten intensiv zur Nachhaltigkeit des Turnarounds; Management bestätigte Trend, lieferte aber keine quantifizierte H2‑Guidance
- US‑LFP & non‑PFE: Nachfrage, Produktionsstart (Okt.) und Vorverträge klargestellt; Lieferketten‑Lokalisierung für LFP‑Kathode wurde genannt
- AI‑Data‑Center‑Dependency: Fragesteller wollten Auswirkungen eines AI‑Bau‑Stopps wissen; Management sieht strukturellen ESS‑Trend durch Erneuerbare und Netzstabilisierung als Puffer
- Kapazität & Auftragspipeline: Management sagte, Orders decken Kapazität bis 2029, konkrete CapEx‑Pläne für Erweiterungen werden noch geprüft → hier blieb man absichtsbezogen
⚡ Bottom Line
Rückkehr zur Profitabilität ist real und durch ESS‑LFP‑Ramp, starke High‑Power‑Segmente und Electronic‑Materials untermauert. Wichtige Treiber sind US‑LFP‑Start (Okt.), europäische OEM‑Projekte und ordergetriebene Kapazitätsengpässe. Anleger sollten Fortschritt bei Kapazitätserweiterungen, Orderkonversion und die EV‑Nachfrageentwicklung eng verfolgen.
Samsung SDI — Q1 2026 Earnings Call
1. Management Discussion
Good morning. Thank you for joining Samsung SDI's Earnings Call. Today's schedule will follow Samsung SDI's presentation. With a Q&A session for participants afterward. [Operator Instructions]. We'll now begin Samsung SDI's 2026 First Quarter Earnings Call.
Good morning. I'm Yoontae Kim, Executive Vice President of the finance and accounting team at Samsung SDI [Operator Instructions] To begin with, I'd like to thank everyone for joining today's earnings call Joining me are EVP, Jae Kyun Oh from Business Management Operation; EVP Yonghui Cho from ESS Business Team; VP Hoon Choi from Sales Team and VP Ik Soo Kim from Strategic Marketing Team of Electronic Materials business.
The earnings call presentation will be provided with simultaneous interpretation and Q&A session with consecutive interpretation.
We'll now begin Samsung SDI's 2026 First Quarter Earnings Call.
I will start with financial results for the first quarter of 2026. Q1 revenue was KRW 3.6 trillion, a 7.3% decrease from the previous quarter, but a 12.6% increase year-on-year. Operating income was a loss of KRW 156 billion with the loss narrowing in both the previous quarter and the same period last year. Pretax income, reflecting equity income in affiliates and other factors, recorded a loss of KRW 43 billion due to a decrease in corporate tax, net income was a profit of KRW 56 billion.
I will now present the financial status as of the end of Q1 2026. Factoring in CapEx and the increased equity value of affiliates, assets grew by KRW 2.3 trillion Y-o-Y to KRW 44.5 trillion and liabilities increased by KRW 911 billion Q-o-Q to KRW 19.6 trillion. Total equity rose by KRW 1.3 trillion Q-o-Q to KRW to 24.9 trillion. CapEx for Q1 was executed at KRW 589 billion. For detailed financial status, please refer to the appendix.
Now I will explain the Q1 financial results of each business unit. First of all, revenue in the battery business was impacted by seasonality, resulting in a 7% decrease Q-o-Q. However, driven by a significant recovery in demand from front-end market, including utility ESS, UPS and BBU for AI data centers and power tools, revenue increased by 13% Y-o-Y to KRW 3.4 trillion. For operating income, factors such as increased AMPC benefits from rising sales of locally produced ESS in the U.S. and expanded sales of high value-added cylindrical batteries used in BBUs and professional power tools led to an improvement over both the previous quarter and the same period last year, narrowing the loss.
Moving on to the Electronic Materials business. Benefiting from the semiconductor market boom, sales of semiconductor materials remained robust with the increase in sales of flagship smartphones by major customers, sales of display materials also rebounded, leading to a Y-o-Y increase of 13% in revenue and 15% in operating income, respectively. However, due to the impact of seasonality, the performance slightly decreased compared to the previous quarter.
I will move on to our business highlights for the Q1. First, in the ESS market, where demand is growing rapidly with expanded customer orders and built on our supply chain, strengthening the foundation for future business outcomes. We secured prismatic LFP project awards for utility ESS solutions from major U.S. customers and signed high-power battery supply agreement for BDUs in data centers.
And at the same time, to meet the non-PFE procurement requirements of the U.S. OBBBA, we proactively established an LFP material supply chain. We also expanded customer base and product portfolio. On this 20th, we signed a supply agreement with Mercedes-Benz for our prismatic batteries, securing all 3 of Germany's top premium automotive brands as our customers. And we entered into a relationship with a new global memory manufacturer, leveraging our semiconductor packaging materials. Moreover by winning a tab-less cylindrical battery project for hybrid EVs, we're able to diversify product portfolio.
Lastly, at the InterBattery exhibition held last March, we unveiled an all-solid-state battery for physical AI, which currently garner significant market interest. Beyond this, we have developed solutions to improve the lifespan and safety of next-generation lithium metal batteries, continuously strengthening our future technological competitiveness.
Next, I will address the market outlook and our business strategies. First, the EV market is expected to see a gradual demand recovery, particularly in Europe. As subsidy policies in key countries such as Germany and France are expanded, the growth momentum centered on volume models is strengthening. And with the total cost of ownership or TCO for the ICE vehicles rising recently, expectations for recovery in EV demand are growing. We plan to proceed smoothly with the mass production of projects for new customers scheduled for the second quarter and the second half of the year and continue our trend of restoring profitability by increasing utilization rates.
Along with this, to strengthen our growth momentum, we will continue to pursue additional project orders focused on volume models. In the ESS market, growing power demand driven by expansion of U.S. AI data centers and steadily increasing demand for renewable energy linked ESS and UPS and domestically, rising share of renewable energy is also boosting the need for grid stabilization. Accordingly, we will expand local ESS mass production and sales of high-power UPS for data centers to address the U.S. power market while actively participating in the domestic government-led ESS project bidding and next-generation grid-connected ESS projects to expand our business.
Small battery business is also seeing sustained growth in demand for BBUs and professional power tools, driven by increasing AI data center construction and the micro mobility segment is showing signs of demand recovery centered on high-end leisure models following inventory adjustments. Therefore, we plan to expand sales by focusing on tab-less and high-power products tailored to specific application and improve profitability.
Next is the Electronic Materials business. Regarding semiconductor materials amid favorable conditions in the front-end market, the demand is expected to grow centered on high value-added semiconductor materials for AI applications while for display models. Demand driven by foldable smartphones and gaming modules is projected to continue. We'll expand sales of new semiconductor patterning materials and OLED materials such as TH, TFE and FOCA to sustain revenue growth.
As described [front end ] demand is recovering across both the batteries and Electronic Materials business units, and we will execute our response strategies effectively to continue improving our performance. We now close the presentation and move to the Q&A session.
The Q&A will be held in Korean followed by consecutive English interpretation for its response.
[Operator Instructions]. The first question will be provided by Sung Kyu Kim from Daiwa Securities.
2. Question Answer
[Interpreted]. I have 2 questions. First is about your business outlook in the second quarter, during the presentation. You've shared with us your market outlook and strategic direction for Q2. Can you also give us then your guidance on business performance? And also, when do you think you'll be able to return to black in terms of your business performance?
Second question is about ESS. Currently, the U.S. ESS market is growing very strong, particularly tied to the AI data center-related demand. So I'm wondering how large does the company estimate the data center-related ESS demand to be? And can you give us some updates on your order winning situations?
[Interpreted] I am CFO, [ Jae Kyun Oh ]. I will be answering your first question, which was about second quarter guidance and when we expect to return to black. Despite continuing uncertainty in the business environment and also the impact related with the Iranian war, fortunately, we see limited impact on the demand side of our major businesses. And as mentioned before, downstream demand continues to show signs of improvement. With demand improving, we believe the company's business results has turned around after bottoming out Q3 of last year and expect our loss to further narrow in Q2 as it did in Q1.
Regarding the timing of returning to profit, increasing local U.S. ESS production, winning EV volume model production, projects and increasing supply of cylindrical tab-less batteries and diversifying the customer base for electronic materials are some of the key initiatives that the company has been preparing to turn around our business performance. These efforts have started to deliver tangible results, and we hope to turn black on a quarterly basis during the second half of this year. We will seize this improving downstream demand as an opportunity to accelerate our turnaround and focus on faithfully executing this year's key business strategies shared earlier this year, such as focusing and prioritizing for better business efficiency, improving customer and market responsiveness and preparing future-ready technology.
[Interpreted] This is the ESS Business Team Leader, Yonghui Cho, and I will answer your second question, which was about U.S. ESS market, particularly tied to AI data centers and our order booking situation. U.S. total ESS demand is expected to grow from 90 gigawatt hours in 2025 to 160 gigawatt hour in 2030, which is a pace of 12% CAGR. Of that data center ESS demand is estimated to be 9 gigawatt hours in 2025 and 40 gigawatt hours or more in 2030, which is a growth of 30% plus CAGR.
In addition to the existing utility ESS tied to the renewable energy projects and blackout preventing UPS, recently, we're seeing demand for microgrid ESS, which are installed on site in data centers for independent power supply. And such demand has been rapidly growing, estimated to grow by more than 60% CAGR until 2030. Accordingly, not only the existing TD and SI companies, but even data center companies are seeking to directly secure long-term battery supply.
In terms of our order book, taking advantage of the growing data center-driven ESS demand momentum, we have been booking new orders by working with new customers in addition to the existing customer base, and we have booked orders to cover a significant portion of the next 2, 3 years of local U.S. ESS production capacity, which is a strong foundation for stable business performance going forward.
[Interpreted] The following question will b presented by Sonny Lee from JPMorgan Securities.
[Interpreted]. I have 2 questions. First question is related with the BBU demand, which is expected to grow tied to data centers in addition to the ESS demand. What is your sales plan for BBU this year? How much battery sales do you think will increase on a year-on-year basis related with BBU.
Second question is about your plans of producing LFP batteries for ESS local in the U.S. second half of this year? Can you give us some update on whether your supply chain is being prepared on time, including materials and components? And do you see any issues in satisfying the non-PFE regulations under OBBBA?
[Interpreted] This is Choi, Head of Battery Sales team under Battery Strategic Marketing. I'll answer your first question about the BBU outlook. The BBU battery market size projections are being revised upward, driven by the aggressive infra investments by cloud service providers. This year, it is expected to be USD 800 million as a market size, which is over 70% Y-o-Y growth. Recently, not only the existing BBU packers, but key cloud service providers are seeking to directly source battery supply to ensure stable supply of BBUs, and this may drive the market further up.
Leveraging our high-power output and non-China supply chain, we significantly increased BBU battery sales in Q1, and we expect to outgrow the market in terms of sales volume on a full year basis this year. We will also focus on enhancing the high-power output and safety features, which are important key features in the BBU market to develop BBU into a core pillar of the cylindrical battery business in the mid- to long term.
[Interpreted] This is Yoontae Kim, Head of Finance and Accounting team. I'll answer your question about our ESS SCM situation. Under the US OBBBA, PFE raw material or component dealing will be gradually lowered each year from 40% this year to 15% in 2030. So as a battery company, we can use this as a transition period to gradually switch our supply chain, and we have plans in place accordingly.
Critical to satisfying the non-PFE requirement is building a non-China supply chain for LFP cathode active materials, which account for a large portion of the LFP battery cost. We plan to gradually switch to Korean sources to meet the requirements and have already secured supply from a key Korean supplier and will further diversify supply in the mid- to long term to strengthen our supply stability. For material or components other than the cathode active materials, we do not expect any issues in meeting the non-PFE requirements under the current rules. But of course, we will continue to monitor changes in policy or changes in supplier competitiveness and technology to update our supply chain.
[Interpreted] The following question will be presented by Minwoo Ju from NH Investment & Securities.
[Interpreted] I have 2 questions. First question is about the new project that will go into mass production from your Hungary plant this year. With that project mass production, how much utilization improvement do you expect? And when do you expect your EV business as a business line to breakeven point?
Second question is about your semiconductor materials, the AI-related industry is rapidly growing. What kind of impact do you see on your semiconductor material? And also, can you give us any update of whether you have started any new semiconductor material or have diversified your customer base?
[Interpreted] This is Hoon Choi, VP of Battery Sales. I'll answer your first question about our Hungary new project. Even though easing of CO2 regulations last year had some negative impact on the European EV market, key European countries are reintroducing and increasing subsidies and the recent oil price increase has helped increase consumer interest in EV, improving EV demand, especially around the volume segment. And so EV battery demand is expected to increase by more than 10% on a Y-o-Y basis.
Amid such market demand improvements, we are also planning to start mass production for a new battery project for a European volume model from Q2 and expect to see meaningful contribution to Hungary plant utilization and business performance once the OEM's new model is launched and sales ramp up. This year, in addition to sales increases, we're planning to switch some of our lines to LFP and refit our lines with latest manufacturing processes. Reflecting such capacity efficiency effects, utilization is expected to improve to about 70% in the second half.
While we are targeting BEP during the second half with improved Hungary utilization and increased sales from the new products, we will have to wait and see a bit more given the possibility of customer demand changes, and we will keep you updated.
[Interpreted]. This is Ik Soo Kim, VP Strategic Marketing of Electronic Materials, and I'll answer your question about our semiconductor material business. Semiconductor companies have recently been continuing to invest in new capacity, and they are focusing on quickly building out mass production capacity. This is expected to bring strong growth in the long term, but for this year, the impact of new capacity increase is limited and wafer input is expected to grow in mid-single digits on a Y-o-Y basis this year.
Semiconductor downstream demand is increasing, but mainly around the high-end products such as HBM or GDDR7 for AI data centers, and we are aiming to outgrow market demand by focusing on related products such as metal slurry and high thermal conductivity packaging material. To drive continued revenue growth and profitability, we are focusing on increasing sales of not only EUV material for DRAM advanced node production and patterning material for foundries, but also focusing on diversifying to overseas customers by starting supply of packaging materials to a global semiconductor manufacturer.
[Interpreted] The last question will be presented by Chuljoong Kim from Mira Asset Securities.
[Interpreted] I have 2 questions. The first question is about the cylindrical batteries. During the presentation, you've emphasized tab-less cylindrical batteries for power tools, the professional power tools. Can you give us a bit more detail of the share of tab-less cylindrical within your overall cylindrical business? And in terms of profitability, what kind of level of higher profitability does tab-less batteries have versus your other products?
Second question is about the plans of selling your stake in SBC, which you publicly disclosed as of February. I'm wondering whether there's been any progress on that deal since? And when do you expect to close the deal? Do you think it will be possible within the year?
[Interpreted] This is VP Hoon Choi of Battery Sales. I will answer your question about the tab-less cylindrical batteries. This year, demand for power tool batteries is growing driven by increased AI data center construction, and we are targeting over 30% increase in sales Y-o-Y. Among the power tool batteries, demand is particularly high for high-power batteries for professional power tools, and we expect the share of tab-less batteries in our sales to increase from 3% to 4% last year to over 20% this year. Tab-less batteries are high-performance products that enhance energy density, output and charging performance by improving the tab design.
They are high-end products mainly used in high-end premium professional power tools.
And therefore, increased share of tab-less sales will improve overall cylindrical battery business profitability. Also, we plan to start supply of tab-less products for not only power tool applications, but also BBUs from Q2 and for hybrid EVs from the second half, which is likely to drive an even clearer improvement trajectory for our cylindrical battery business.
[Interpreted]. This is EVP Yoontae Kim of Finance and Accounting, and I'll answer your last question about the SDC sales. Currently, we are making relevant preparations, and we're reviewing details related with that sale. A committee comprised of only independent directors are considering the deal from various angles, not only from the company growth strategy perspective but also from a shareholder interest protection perspective, even though details, including the sales time line have not yet been decided. We are working towards the goal of completing the deal within the year.
[Interpreted]. Thank you very much for all of your questions. Your opinions are always well heeded in our business decision. This completes our conference call for Q1 2026. If you have any further questions, please forward them to our IR team. Thank you very much.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
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Samsung SDI — Q1 2026 Earnings Call
Samsung SDI — Q1 2026 Earnings Call
Q1 2026: Umsatz steigt YoY, operativer Verlust verengt sich; Management peilt Turnaround auf Quartalsbasis in H2 2026 an.
📊 Quartal auf einen Blick
- Umsatz: KRW 3,6 Bio (-7,3% QoQ; +12,6% YoY).
- Operativ: Verlust KRW 156 Mrd., Verlustbasis jedoch gegenüber Vorquartal und Vorjahr eingeengt.
- Konzernergebnis: Vorsteuerverlust KRW 43 Mrd.; Nettoergebnis positiv KRW 56 Mrd.
- CapEx: KRW 589 Mrd. in Q1 (CapEx = Investitionsausgaben).
- Bilanz: Gesamtkapital KRW 44,5 Bio (+KRW 2,3 Bio YoY); Eigenkapital KRW 24,9 Bio.
🎯 Was das Management sagt
- U.S.-ESS-Fokus: Aufbau lokaler Massenproduktion und Auftragsgewinne für Utility-ESS, UPS und data‑center BBUs als zentrale Wachstumssäule.
- Lieferkette: Proaktive Schaffung einer non‑PFE LFP‑Kette (z. B. koreanische Kathodenlieferanten) zur Einhaltung US‑Regeln.
- Produktdiversifikation: Ausbau tab‑less zylindrischer Zellen für High‑Power‑BBU, Profi‑Werkzeuge und Hybrid‑EVs; A-Solid‑State‑Forschung für Zukunftstechnologien.
🔭 Ausblick & Guidance
- Erwartung Q2: Fortsetzung der Ergebniserholung; Management erwartet weitere Verlustverengung im Q2.
- Profitabilität: Ziel: Rückkehr in die schwarzen Zahlen auf Quartalsbasis in der zweiten Hälfte 2026, abhängig von Ramp‑Up und Nachfrage.
- Marktprognosen: U.S. ESS 90→160 GWh (2025→2030, ~12% CAGR); Data‑Center‑ESS 9→≥40 GWh (30%+ CAGR); BBU‑Markt 2026 ~USD 800 Mio. (+70% YoY erwartet).
❓ Fragen der Analysten
- Q2‑Guidance: Analysten forderten konkrete Q2‑Zahlen; Management blieb bei qualitativer Guidance und nannte H2‑2026 als Ziel für Profitabilität.
- ESS‑Orders: Nachfrage nach data‑center ESS und Microgrid‑Lösungen intensiv; Firma meldet Aufträge für lokale U.S. Kapazitäten, Deckung für Teile der nächsten 2–3 Jahre.
- Non‑PFE‑Compliance: Prüfung der LFP‑Kathodenversorgung (Übergang zu koreanischen Lieferanten) als Schlüssel; sonst keine akute Beschaffungsbarriere erwartet.
- Tab‑less & SBC‑Verkauf: Tab‑less‑Anteil soll 3–4%→>20% steigen; Verkauf der SBC‑Beteiligung wird von einem Ausschuss geprüft, Abschluss "innerhalb des Jahres" als Ziel, Zeitplan offen.
⚡ Bottom Line
- Fazit: Deutliche Zeichen der operativen Erholung: Umsatzwachstum YoY, Verlustverengung und konkrete Ramp‑Up‑Katalysatoren (U.S. ESS, Hungary‑Ramp, tab‑less). Hauptrisiken bleiben Nachfragevolatilität, geopolitische Einflüsse und die Ausführung der non‑PFE‑Lieferkette. Erfolg bei Ramp‑Ups und Auftragserfüllung dürfte die Profitabilität in H2 2026 entscheiden.
Samsung SDI — Q4 2025 Earnings Call
1. Management Discussion
Hello. Thank you for joining Samsung SCI's earnings conference call. Today's schedule will follow the earnings presentation with a Q&A session for participants. [Operator Instructions] We will now begin our Q4 2025 earnings presentation.
Good afternoon. I'm Yoontae Kim, Executive Vice President of the Finance and Accounting team at Samsung SDI. First of all, I'd like to thank everyone for joining today's earnings call. Joining me are EVP, [ Jaekyun OH ] from Business Management Operations; EVP, Jong-Sung Park from Strategic Marketing Office; EVP, Yonghui Cho from ESS Business team and VP, Ik Soo Kim from Strategic Marketing team of Electronic Materials Business.
The earnings call presentation will be provided with simultaneous interpretation and Q&A session with consecutive interpretation. We'll now begin Samsung SDI's 2025 4Q Earnings Call.
First of all, let me start with financial results for Q4 2025. Q4 revenue was KRW 3.9 trillion, a 26.4% increase Q-o-Q and a 2.8% increase Y-o-Y. Operating profit recorded a loss of KRW 299 billion. Pretax income recorded a loss of KRW 236 billion, which reflects equity income in affiliates and other factors and net income showed a loss of KRW 208 billion. Annual results showed revenue of KRW 13.3 trillion and an operating loss of KRW 1.7 trillion.
I will now present the financial status at the end of 2025. Factoring in CapEx and the increased equity value of affiliates asset growth by KRW 1.7 trillion Y-o-Y to KRW 42.3 trillion, with the partial repayment of short-term borrowings, liabilities decreased by KRW 345 billion Y-o-Y to KRW 18.7 trillion.
Following a paid-in capital increase through the issuance of new shares, total equity increased by KRW 2 trillion Y-o-Y to KRW 23.6 trillion. R&D expenses for 2025 are about KRW 1.4 trillion, an increase from the previous year and CapEx of KRW 3.3 trillion, a significant decrease year-on-year. For detailed financial status, please refer to the appendix.
Next, I will explain the Q4 financial results of each business unit. For the Battery Business in the Q4, ESS margin all-time high quarterly revenue driven by expanded U.S. sales. Due to increased AMPC for local U.S. production and compensations for reduced EV volumes, battery revenue grew 28% Q-o-Q to KRW 3.6 trillion.
Operating profit showed a loss of KRW 339 billion, significantly narrowing the loss compared to the previous quarter. Electronic Materials business recorded revenue of KRW 237 billion and operating profit of KRW 39 billion, maintaining a performance level consistent with the previous quarter.
We now look at the 2025 annual performance. In the battery business due to factors such as changes in major countries environmental policies, a decline in EV sales from the strategic U.S. customer and the delayed recovery in demand for small batteries. Revenue decreased 21% Y-o-Y to KRW 12.4 trillion, resulting in an operating loss of KRW 1.9 trillion. In the Electronic Materials business, despite improved performance in semiconductor materials, reduced sales of OLED materials led to a slight Y-o-Y decrease in revenue to KRW 883 billion with an operating profit recorded at KRW 130 billion.
Moving on to our business highlights in 2025. First, we strengthened our ESS sales foundation. Based on our exclusive non-Chinese prismatic ESS solution, we developed the NCA-based SBB 1.7 and LFP-based SBB 2.0 to expand our product portfolio and solidify our sales foundation. We also expanded ESS capacity by repurposing the U.S. local ex EV line and reached a 50% global BBU market share based on battery cell sales.
Technological competitiveness was also consistently strengthened. ESS safety and high-power cylindrical battery technologies gained external recognition. For all solid-state batteries, we signed a joint development agreement with BMW and MOU with Hyundai Motor Company for robot batteries, successfully building our future technology foundation.
Regarding Electronic Materials, next-generation G-Host and high-thermal conductivity EMC were first applied in customers' new products. We accomplished project awards on the ground of such strength in technological competitiveness. We completed a project award for NCA-based 46 pie cylindrical cells for an automotive OEM and signed large-scale supply agreements for LFP prismatic batteries for ESS applications.
We also won some awards in the initial beat of the domestic ESS central contract market and commenced supply to global power tool customers by launching high-power tabless cylindrical cell.
Next, our Head of Business Management Operation, will speak about the 2026 market outlook and business strategies.
Good afternoon. I'm EVP, [ Jaekyun OH ] from Business Management Operations. Having been appointed as Head of Business Management Operation at Samsung SDI at the end of the last year, I'm pleased to extend my greetings to our investors and shareholders through this conference call. Amidst challenging business environment, I feel a profound sense of responsibility in taking on this important position. To ensure the company reenter its growth trajectory, I will exert my utmost effort going forward.
Now I will address the 2026 market outlook for each business unit and our business strategies. First, the EV market. The global EV battery market is projected to grow about 16% Y-o-Y. However, influenced by the easing of green policies in North America and Europe and adjustments of electrification strategies by major global OEMs, EV battery demand, excluding China is expected to grow only about 6%.
On the supply side, weakening EV demand and strengthened regulations against Chinese batteries in North America are expected to intensify competition within Europe as Chinese companies expand their entry into the European market.
Next is the ESS market. With the expansion of the AI data center investments, demand for power storage, UPS and BBU will continue to grow and the latest need to long-term demand projection is anticipated to exceed the last quarter's projection.
In terms of supply, changes in the policy environment such as the IRA and tariffs are expected to expand supply opportunities for non-China firms through local production in the U.S. For small batteries, demand for cylindrical cells is rebounding led by the professional power tools amid the expansion of U.S. data center construction.
Additionally, demand from the new markets like E2Wheeler and robotics is expected to continue growing. For POP cells, demand for high-capacity batteries will increase, centered on premium models like AI phones and foldable phones. Last is the Electronic Materials market. As AI server investments expand, semiconductor materials will continue their robust growth and display materials are projected to grow centered on IT and mobile OLED panels.
Let me now share our 2026 business strategies. As previously mentioned, we anticipate another challenging business environment this year. However, we will mark this year as the inaugural year of our turnaround by implementing selection and focus for management efficiency, speeding up our response to customers and markets and preparing future-ready technologies.
First, we will maximize ESS sales to achieve 100% production capacity utilization. Specifically, we will execute the seamless U.S. mass production of the LSP equipped SBB 2.0 to minimize the effect of the U.S. EV demand decline and maximize profitability by leveraging AMPC incentives.
Furthermore, we will capture a larger market share by scaling the sales of high-performance BBU products powered by the high-power cylindrical batteries featuring tabless technologies. In the EV battery sector, we will maintain a stable sales foundation with existing customers while seamlessly expanding our reach to new customers starting this year to drive performance growth.
We also plan to secure mid- to long-term growth drivers by expanding orders for products based on new materials such as LFP and mid-nickel. Furthermore, we will initiate our entry into new hybrid EV projects by leveraging our forementioned high-power tabless cylindrical batteries. We will closely coordinate with our customers to come to an agreement for production volume declines and lower utilization rates, which were the root causes of our performance deterioration.
For the small battery business, we will expand sales of high-power tabless cylindrical batteries to meet the recovering demand for our professional power tools. Additionally, we will maximize sales by ensuring seamless mass production and supply aligned with customer schedules to secure first in positions for our key customers' new [indiscernible] flagship smartphones. The Electronic Materials business will accelerate the development of materials focused on emerging markets such as packaging and turning materials for HBM and films for foldable smartphones to strengthen our mid- to long-term growth foundation.
At the company-wide level, we plan to meet the growing demand for ESS and LFP batteries, while maintaining an efficient investment approach that prioritizes the utilization of existing lines of our new capacity expansions. Moreover, we will drive productivity innovation by developing integrated solutions for process improvements and equipment retrofits.
We will also focus on strengthening cost competitiveness through refined product designs, optimized workforce management at each site and monitoring of cost inefficiencies. Lastly, we will continuously enhance our mid- to long-term technological competitiveness by differentiating our products through the development of ESS integrated systems including real-time BMS control and cloud-based diagnostic solutions alongside investments in material technologies such as binders, conductive agents and electrolyte additives.
This concludes our 2026 business strategy. Thank you.
I'll now close the presentation and move to the Q&A session.
The Q&A will be held in Korean followed by consecutive English interpretation for each response. [Operator Instructions]
[Interpreted] [Operator Instructions]
The first question will be provided by Hyun-Soo Kim from Hana Securities.
2. Question Answer
[Interpreted] My name is Hyun-Soo Kim from Hana Securities. I have two questions. The first question is that during the presentation, you've discussed the '26 business environment and the company's strategic direction. Could you provide your guidance for full year performance? .
And the second question is that following the start of operations at our U.S. ESS line in Q4, could you update us on order momentum? In addition, as industry players, especially Korean players expand ESS capacity, how is the company assessing the risk of potential oversupply?
[Interpreted] This is Jaekyun OH, EVP for Business Management Operation, and I'll be providing the answer to the first question. As I previously noted, the market environment this year is improving compared to last year. Excluding seasonal softness in Q1, we expect sequential quarterly improvement with performance weighted towards the second half. We also expect to turn to quarterly profit in the second half of the year. Meanwhile, heightened global geopolitical tensions and policy uncertainties continue to drive elevated demand volatility among customers.
In response to demand softness, we are working closely with our JV partners for operational efficiency. These factors are expected to remain key variables that could impact our full year profitability. By business segment, profitability in ESS, where demand remains strong, is expected to improve significantly as U.S. local production ramps up driving higher AMPC benefits and reducing tariff burdens.
In small battery, following customers' tight inventory adjustments last year, we expect a gradual recovery in sales this year. In the Electronic Materials, we expect to maintain solid growth momentum amid robust semiconductor demand. For EV batteries, policy changes, including relaxed fuel economy standards and the elimination of subsidies and leading OEMs to recalibrate their electrification strategy.
And as a result, our near-term recovery in demand is unlikely. Nevertheless, with several new mass production projects scheduled this year, we are preparing to ensure timely supply ramp up utilization rates without disruption and optimize line operations across sites in order to narrow operating losses. Despite a very challenging domestic and global operating environment, we are focused on responding to market demand in a timely manner, improving performance and continuing to invest in future technology readiness with the objective of laying the brand work for earnings turnaround. Thank you.
[Interpreted] This is EVP Yonghui Cho from ESS business team. And I'll be providing your second question related to the orders of the ESS as well as a potential oversupply. In the U.S. ESS market, rising power demand driven by the growth of AI data centers, together with customer preferences for non-China battery supply is creating expanding opportunities for locally based battery manufacturers, including Samsung SDI. Leveraging our highly safe prismatic form factor products and SBB solutions, we are securing orders in line with our production ramp-up plans. In addition to our existing high nickel products, the expansion of our LFP product lineup is supporting increased order wins from new customers with respect to concerns about oversupply.
While we and other local battery manufacturers are increasing ESS capacity by utilizing existing EV production line, this requires time for product qualification and supply chain setup. In particular, capacity expansion for LFP products in prismatic form factors, where customer demand is strong, also requires advanced technical capabilities.
As a result, we believe the pace of such capacity additions will be more constrained. From a demand perspective, recent ESS order patterns indicate a transition from onetime project award to a growing share of multiyear contracts, typically spanning 2 to 3 years or more as customers seek to lock in medium- to long-term supply. Taking into account these demand and supply dynamics, we do not believe there is a high likelihood of an oversupply situation in the near term. We will continue to closely monitor market conditions and manage our production line plans accordingly.
[Interpreted] The following question will be presented by Sonny Lee from JPMorgan Securities.
[Interpreted] I also have two questions to pose. The first question is that with the U.S. ESS capacity increasing this year and AMPC benefits being reflected, profitability in the ESS business is expected to improve. So could you share your outlook on this? And the second question is that given the expansion of AI data centers, how do you see BBU demand evolving? And what is your outlook for your BBU sales?
[Interpreted] This is EVP, Yonghui Cho from ESS business, and I'll be answering your first question related to ESS business profitability. Since the last fourth quarter, we have been expanding local ESS capacity in the U.S. through capacity conversion. And based on this, we expect ESS revenue this year to increase by close to 50% year-over-year. .
From a profitability perspective, margins on products manufactured in Korea are expected to remain relatively lower due to their still significant exposure to U.S. exports and associated tariff costs. However, for locally produced U.S. products, the benefits from AMPC and reduced tariff exposure are expected to drive a meaningful improvement in overall ESS business profitability.
Starting in the fourth quarter with the ramp-up of new U.S. LFP production lines, tariff excludes exports from Korea are expected to gradually phase out. In addition, as the initial fixed cost burden at the new U.S. lines alleviate, we expect profitability to show a more feasible improvement. We plan to ramp up our U.S. ESS production lines as schedule, increase utilization and continue to enhance cost competitiveness with objective of improving profitability over time.
[Interpreted] This is EVP, Jong-Sung Park from Battery Strategic Marketing Office. I'll be answering your question related to BBU demand and BBU sales outlook. The BBU sale market is expected to sustain strong growth at a CAGR of approximately 14% from 2025 to 2030, supported by aggressive data center expansion by cloud service providers such as Amazon, Meta and Google.
In addition, a server power per rack increases to support AI workload, BBUs are required to deliver high power, faster charge and discharge rates and related performance specifications, which is driving stronger customer preference for high power cells.
We plan to launch BBU dedicated cells incorporating tabless technology to further enhance high-power performance within this year, thereby expanding our product portfolio. Given that end demand for BBU is concentrated in the U.S. market, where non-China sourcing requirements are strong, we plan to leverage our Malaysia manufacturing base to drive more than 20% year-over-year sales growth and to continue strengthening our market presence.
The following question will be presented by Chuljoong Kim from Mirae Asset Securities.
[Interpreted]
I also have two questions to ask. I am Chuljoong Kim from Mirae Asset Securities. Last year results in cylindrical batteries for power tools were significantly impacted by customer inventory adjustments. So could you provide an update on current customer inventory levels? And also in addition, how is the demand for tabless-based products? And what is your sales outlook?
And the second question is that the Electronic Materials business delivered solid results last year. Could you share your outlook for the market and your sales expectations for 2026?
[Interpreted]
Once again, this is EVP, Jong-Sung Park from Battery Strategic Marketing Office. I'll be answering your question related to the cylindrical battery inventory and the demand and sales outlook for tabless-based products. While U.S. housing market index appears to have passed their trough following recent interest rate cuts, the recovery in housing market remains sluggish. In contrast, increased investment in AI-related infrastructure and data center construction and supporting growth in professional-grade power tool sales. In addition, after large inventory reductions last year, customer inventory levels are now approaching normalized levels.
In particular, as demand improves in the professional segment, where higher battery power performance is required, demand for tabless-based products is increasing. We entered major customers' new projects with our tabless products last year, and we plan to scale up sales more meaningfully this year.
In addition, demand for tabless-based products is expanding beyond power tools into BBUs and hybrid EVs. We plan to supply these products to new projects within the year and will increase tabless capacity to support higher sales. As a result, we expect tabless products to account for more than 10% of cylindrical battery revenue this year, contributing to overall performance improvement.
[Interpreted] This is VP, Ik Soo Kim for Electronic Materials Strategic marketing team, and I'll be answering your question related to the Electronic Materials businesses, market and sales expectations and outlook. In the Electronic Materials business, we expect solid growth to continue in '26, supported by positive growth outlook in the semiconductor and OLED market.
With respect to market conditions and the semiconductor front end market, wafer input is projected to increase by more than 5%. This growth is driven by expanded production centered on high value-added products fueled by AI and data centers, alongside the efforts to secure volumes of commodity DRAM. In the OLED panel market, despite product price increases driven by higher component costs, panel shipments are expected to remain solid, supported by premium products such as foldable devices.
In terms of sales outlook, for semiconductor materials, we expect revenue growth driven by mass production ramp-up with key customers for high thermal conductivity EMC and metal slurry products. We also plan to expand our portfolio with packaging materials for next-generation processes. For OLED materials, we expect sales to increase supported by customer diversification for high-efficiency green host materials and foldable display optical bonding films.
We also plan to focus on development of OLED materials and organic panel materials for high color gamut applications going forward. Based on these initiatives, we will continue to drive the expansion of our Electronic Materials business.
[Interpreted] The last question will be presented by Minwoo Ju from NH Investment & Securities.
[Interpreted]
This is Minwoo Ju from NH Securities. I have two questions. And the first question is that following weaker sales to European customers last year, which led to lower utilization at the Hungary plant. Could you outline your plans to improve utilization this year? In addition, how is progress on new order wins with European customers?
And the second question is related to capital expenditures. It actually declined year-over-year last year. How do you expect capital spending to trend this year? In addition, how are you planning to fund your capital investments?
[Interpreted]
This is EVP, Jong-Sung Park from Battery strategic marketing. I will be answering the question related to the plans to improve utilization rate at Hungary plant as well as the progress on new order wins with European customers. Due to a combination of factors, including relaxed European emissions regulation, a shift in consumer demand towards the mid- to low segment and increased penetration of Chinese EVs, demand for our key products declined, which led to lower utilization at our Hungary plants last year. However, with several improvement drivers in place this year, we expect utilization to improve year-over-year.
First, with the 3-year average-based carbon emissions regulations remaining in effect, we plan to expand supply for existing projects. In addition, for new supply projects scheduled for both the first and second half of this year, we intend to proceed with mass production on schedule without disruption in order to gradually increase utilization rate. We are also taking steps to prepare for the future by constructing new 46-phi production line. At the same time, we plan to convert certain lines to LFP and implement manufacturing modifications, which we expect will further enhance operational efficiency.
With respect to new orders, we are pursuing entry into high-growth volume and entry-level segments and actively working to secure new customers. We are advancing discussions with multiple customers on a range of mass production projects, including high nickel, mid-nickel and LFP chemistries, and we expect to see more tangible progress in the first half of the year.
[Interpreted] This is EVP, Yoontae Kim from Finance and Accounting. I will be answering the question related to CapEx outlook and funding method. This year, our capital expenditures were focused on essential investments for future growth, including the construction of 46-phi lines in Hungary, modifications to U.S. LFP, ESS lines and the application of cylindrical tabless technology at our Malaysia site. At the same time, we are pursuing investment efficiency initiatives. And as a result, we expect overall capital spending to decline slightly year-over-year.
With respect to funding, even with a reduced level of investment, it remains difficult to fully cover capital expenditures with operating cash flow alone. Accordingly, we plan to review a range of funding options including the utilization of existing assets, taking into account the size and timing of our investments.
Lastly, we will close the call by answering one of the questions that we collected online in advance. Many investors have inquired about all solid-state battery advanced production plans and latest development status. And Jong-Sung Park, Head of Battery Strategic Marketing Office will provide the reply to this line of question.
[Interpreted]
In line with our original plan, we are advancing the development of all solid-state factories with the goal of starting mass production in 2027. Last October, we also signed an MOU with BMW to develop test vehicles, marking tangible progress in our collaboration. While there has been some delay in OEM electrification plans, the robotics market is growing rapidly with the adoption of physical AI technologies. Even the limited installation space and the need for high safety and high-power in such devices, demand for all solid-state batteries is increasing.
In this context, we are exploring collaboration opportunities with multiple robotics companies utilizing all solid-state batteries. In addition, we are expanding business opportunities in new applications that require highest levels of safety and energy density, including urban air mobility, which enables the rapid transport of people and cargo in urban areas using small electric aircraft as well as high altitude platform stations, which provide communications and observation services through long endurance flights.
With the goal of starting mass production next year, we will continue to expand business opportunities in line with market demand. We also plan to proceed with capacity expansion investments for our all solid-state battery lines this year and prepare for commercialization in accordance with our planned time line.
[Interpreted] And I would also like to thank our investors for their opinions, and we will reflect them in our management decision-making goal going forward. And if you have further questions, please contact our IR team. And this concludes the earnings call for Q4 2025 of Samsung SDI. Thank you very much.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
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Samsung SDI — Q4 2025 Earnings Call
Samsung SDI — Q4 2025 Earnings Call
Q4/2025: Umsatz leicht gewachsen, aber operativer Verlust; Management setzt auf ESS‑Ramp in den USA, Tabless‑Zellen und Kostendisziplin für Turnaround 2026.
📊 Quartal auf einen Blick
- Umsatz: KRW 3,9 Bio. im Q4 (+26,4% QoQ, +2,8% YoY; QoQ = Quartal zu Quartal, YoY = gegenüber Vorjahr)
- Operativ: Verlust von KRW 299 Mrd. im Q4; Jahresbetriebsergebnis Verlust KRW 1,7 Bio.
- Netto: Vorsteuerverlust KRW 236 Mrd., Jahres-Nettoverlust KRW 208 Mrd.
- Batterie‑BU: Q4‑Umsatz KRW 3,6 Bio.; Jahresumsatz KRW 12,4 Bio. (−21% YoY), operativer Jahresverlust KRW 1,9 Bio.
- CapEx / F&E: CapEx 2025 KRW 3,3 Bio. (deutlich rückläufig YoY); F&E rund KRW 1,4 Bio.
🎯 Was das Management sagt
- ESS‑Fokus: Ausbau der US‑Produktion (LFP SBB 2.0, NCA SBB 1.7) zur Nutzung von AMPC‑Incentives und Reduzierung von Tarifkosten.
- Produkt & Tech: Skalierung hochleistungsfähiger tabless‑Zylinderzellen (BBU, Power Tools, Hybrid EV) und Vorstoß in All‑Solid‑State (MOU mit BMW, Ziel Massenproduktion 2027).
- Operative Disziplin: "Selection & focus" – Nutzung bestehender Linien, Produkt‑Design‑Optimierung und Kostenmanagement statt großer Neuinvestitionen.
🔭 Ausblick & Guidance
- Erwartung 2026: Sequentielle Verbesserung, Profitabilität erwartet in der zweiten Jahreshälfte; kein konkretes Full‑Year‑Gewinnziel genannt.
- Wachstumshebel: ESS‑Umsatz soll 2026 rund +50% YoY steigen; BBU‑Verkäufe sollen >20% YoY wachsen, Tabless >10% Anteil an Zylinderumsatz.
- Investitionen & Finanzierung: Leicht rückläufiges CapEx 2026; Finanzierung über operative Mittel plus Prüfung von Asset‑Optionen; vollständige Deckung durch Cashflow nicht erwartet.
❓ Fragen der Analysten
- Guidance‑Nachfrage: Analysten verlangten konkrete Jahresprognosen; Management blieb bei qualitativer Guidance (H2‑Profit), ohne detaillierte Zahlen.
- ESS‑Momentum & Oversupply: Nachfrage nach Bestell‑Momentum; Management nannte Multiyear‑Verträge und Qualifikationszeiten als Puffer gegen kurzfristigen Oversupply.
- Kapazitätsauslastung: Fragen zu Ungenutzten Linien (Ungarn) und Kundengewinnung in Europa; Management erwartet Utilisierungsverbesserung durch neue Projekte und Liniemodifikationen.
⚡ Bottom Line
- Für Aktionäre: Ergebnislage 2025 schwach, aber klare Handlungsfelder: US‑ESS‑Ramp, Tabless‑Skalierung und All‑Solid‑State‑Vorbereitung. Der Turnaround hängt stark von Auslieferungen in den ESS/BBU‑Segmenten, erfolgreicher Nutzung von AMPC‑Anreizen und diszipliniertem CapEx/Funding ab. Risiken bleiben: schwache EV‑Nachfrage und geopolitische Policy‑Schwankungen.
Samsung SDI — Q3 2025 Earnings Call
1. Management Discussion
[Interpreted] Good morning, everyone. Thank you for joining Samsung SDI 2025 Third Quarter Earnings Call. [Operator Instructions]
Now we will begin 2025 third quarter earnings results.
[Interpreted] Good morning. I'm Yoontae Kim, Executive Vice President of the Business Management Office at Samsung SDI. First, thank you for joining today's earnings call. And joining me are CFO, Jong Sung Kim; EVP Jong Sung Park for Strategic Marketing office; EVP; Yonghui Cho for ESS business team; and VP Ik-Su Kim for Electronic Materials.
We'll provide simultaneous interpretation for the earnings presentation and consecutive interpretation for the Q&A session. Now we will begin Samsung SDI's 2025 Third Quarter Earnings Call.
I'll start with our 2025 3Q financial results. 3Q revenue was KRW 3.1 trillion, down 4% Q-o-Q and 22.5% Y-o-Y. Operating income recorded a loss of KRW 591 billion. Pretax income recorded a loss of KRW 430 billion, including nonoperating profit and net income posted a profit of KRW 5.7 billion due to gains from the sales of the polarizer film business.
Next is our financial status at the end of 3Q. Assets increased to KRW 42.2 trillion, up by KRW 738 billion from the end of 2Q, driven by increased tangible assets and nonoperating profit. Liabilities decreased to KRW 18.7 trillion, down by KRW 56.6 billion Q-o-Q. Equity rose to KRW 23.5 trillion, up by KRW 794 billion Q-o-Q due to an increase in other comprehensive income driven by foreign exchange translation effect. 3Q CapEx was KRW 499 billion, bringing the cumulative total for 2025 to KRW 2.3 trillion. For detailed financial status, please refer to the appendix.
Now I will present the 3Q financial results of each business unit. First of 3Q revenue for the battery business was KRW 2.82 trillion, down 5% Q-o-Q and 23% Y-o-Y due to sluggish EV battery sales. Operating profit recorded a loss of KRW 630 billion. For operating profit deficit small -- despite small deficit in the small battery business, deficit widened Q-o-Q as EV battery sales declined with reduced AMPC and tariff impacts on ESS.
Revenue for the Electronic Materials business increased to KRW 232 billion, up by 6% Q-o-Q, while operating profit recorded KRW 38.8 billion as sales of OLED materials for major customers' new smartphones and sales of semiconductor materials for AI servers increased. Now I will share our 3Q business highlights. First, we completed the award for server EV and ESS projects. We signed supply agreements with multiple global major OEMs for EV projects totaling over 110 gigawatts per hour based on 465 and Prismatic EV batteries. We also completed the award of the first round bidding for the Korean government-led ESS project.
Additionally, we introduced U.S. local next-generation ESS lineup to expand our ESS we introduced NCA-based high-capacity SBB 1.7 and LFP-based SBB 2.0. We also improved safety by adopting enhanced direct injection system and no thermal propagation technology to both products. On top of that, we closed the deal for the Polarizer Film business sales during 3Q. This strengthened financial stability through a cash inflow of KRW 1.1 trillion.
Next is the market outlook and our strategies in 4Q. Demand for EV and ESS batteries is expected to grow due to year-end seasonality, while uncertainties such as tariffs still exist. EV demand is expected to grow, particularly in the volume and entry segments in the EU. However, in the U.S. EV demand is likely to slow due to subsidy expiration on September 30 and tariff uncertainties. To actively respond to growing EV demand in the EU by the year-end, we plan to maximize sales from ongoing projects and complete major EV projects awards, including LFP within 4Q. The U.S. ESS market is projected to grow due to rising AI electricity demand and the expansion of renewable energy generation.
Furthermore, government-led ESS programs are expected to increase to stabilize the domestic grid. To address this growing demand for utility scale ESS in the U.S. will not only increase sales of Korea-produced products for the U.S. market, but also begin U.S. local line operation. Also, we're continuing our efforts for major project awards, including Korean government-led projects. At the same time, we recently signed an MOU with the Korea Electrical Safety Corporation to promote the domestic ESS industry and improve safety. We also plan to continue our social efforts to establish a safe and reliable domestic ESS industry foundation and promote shared growth.
Next is the small battery business. Power tool demand is expected to slow down after a temporary increase driven by early purchases ahead of U.S. tariff impacts. Meanwhile, demand for IT devices and smartphones is expected to stay firm, thanks to flagship smartphone launches. We'll expand sales of new high-power tablets products targeting major customers' launch of new power tools. For IT batteries, we aim to begin the initial supplies through first-in strategy for our major customers' flagship smartphones and expand into various new IT applications, including tablets and laptops scheduled to be launched next year. Last is the electronic materials business. For the semiconductor market, wafer production is projected to grow as DRAM production increases driven by larger investment in AI servers.
The OLED panel market is expected to expand, particularly in flagship smartphones, including foldable phones. Steady sales growth is expected, supported by continued demand expansion for semiconductor materials. For OLED materials, we plan to enter new platforms of major customers targeting 2026. Next, we'll go over our core business strategies currently underway. While some uncertainties remain in the market, we plan to strengthen our competitiveness by building a U.S. local manufacturing system and focusing on the fast-growing ESS market in the short term. In the long term, we plan to set the foundation for the future growth through the award expansion of EV volume and entry segments. First is strengthening our ESS competitiveness.
StarPlus Energy is converting its existing EV lines into ESS dedicated ones. NCA-based ESS line has already begun operation, while LFP-based ESS line is scheduled to begin operation in 4Q of next year. Through these efforts, we aim to enhance our local market responsiveness by expanding ESS production capacity to around 30 gigawatts per hour annually by around the end of next year. In addition, prismatic cells are much more preferred than cylindrical ones as they offer higher safety, better thermal management and higher energy density.
As the only non-Chinese company capable of supplying prismatic products, we'll actively target the fast-growing ESS market in the U.S. through mass production of our SBB 1.7 and SBB 2.0, which feature enhanced safety with new TP and EDI technologies. Next part is the EVs. To enhance our market share, we are actively entering volume and entry segments with prismatic LFP and mid-nickel products. Also, we are expanding sales portfolio by introducing tablet cylindrical batteries for increasingly growing hybrid EV projects.
Moreover, we'll continue to win awards for the premium EV segments with high nickel cylindrical 465 and prismatic batteries. Last is our operational efficiency. We will improve productivity across our production lines. And for the LFP line that requires investment due to increasing new orders, we'll modify the existing NCA line to maximize investment efficiency. By aligning our mid- to long-term investment plans in line with demand, we aim to improve our financial stability and cash flow.
Now we'll move on to the Q&A session, which will be provided in Korean followed by consecutive interpreting in English. [Operator Instructions]
[Interpreted] [Operator Instructions] The first question will be provided by Won Suk Chung from iM Securities.
2. Question Answer
[Interpreted] I have 2 questions that I would like to ask. The first question is SDI's performance has remained under pressure this year. So could you elaborate on the key factors driving this weakness?
And my second question is that please share your outlook for Q4 results and the overall business environment heading into next year.
[Interpreted] So let me -- good morning. My name is Jong Sung Kim, I'm the CFO of Samsung SDI. Let me first provide the answer to the first part of your question. And the first part of the question is related to the business environment. The primary driver of this year's continued weak performance has been the slowdown in demand for SDI EV batteries. Since last year, overall EV demand has moderated with consumers increasingly shifting towards volume and entry-level segment and our entry into the U.S. market has been relatively late, while demand from our JV partner has also declined. In addition, the recovery in small battery demand has taken longer than expected.
Although ESS demand continues to grow, particularly in the U.S., profitability has been lower than anticipated due to the impact of tariffs. Despite these business challenges, SDI is strengthening its responsiveness to the U.S. ESS market by converting EV battery capacity at its U.S. joint venture plant for ESS production. In the small battery segment, the company has also introduced new cylindrical tablet products for power tools to drive sales expansion. In EV batteries, SDI continues to secure new orders in the volume and entry segments and expect to see tangible progress in the near future. In Q4, while a short-term rebound in EV battery demand is unlikely, the company expects its operating loss to narrow from Q3, supported by a recovery in sales from other business divisions.
However, discussions on compensation related to the volume reduction are still underway, and there is a possibility of one-off costs toward the end of the year. These factors could influence the degree of profit improvement.
Let me now answer the second part of your question, which is related to the business environment in 2026. Well, regarding the business environment for next year, in the U.S., EV battery demand growth is expected to remain limited due to the expiration of EV subsidies and fuel efficiency regulations. Europe is projected to see stronger demand supported by the reinstatement of subsidy programs in major countries and the continued enforcement of CO2 regulations. In contrast, ESS demand is expected to continue growing, driven by growth in renewable energy generation and the rapid growth of the AI industry. In particular, with tighter regulations on Chinese products and rising preference for safer prismatic form factors, companies with prismatic capacity in the U.S. are likely to see increased opportunities.
For small batteries, a rebound in demand is expected in key applications such as power tools and mobility, supported by the base effect from this year's inventory adjustments. For electronic materials, market demand from DRAM and mobile OLED panels is expected to continue growing, leading to a steady increase in demand for related materials as well. Although challenges in the EV market are expected to persist next year, growth opportunities are anticipated in the ESS, smart battery and electronic materials businesses. We are currently reviewing customer demand and developing our sales plans accordingly, and we plan to share more detailed market response strategies in the next quarter's earnings call. Thank you.
[Interpreted] following question will be presented by Minwoo Ju from NH Investment & Securities.
[Interpreted] My name is Minwoo Ju from NH Securities. I have 2 questions. As demand for ESS in the U.S. continues to grow rapidly, what is SDI's outlook for the market? And also, are there any concerns about potential oversupply of ESS batteries in the U.S. market? And also, I'd like to ask you to share SDI's capacity expansion plans for ESS in the region.
[Interpreted] Good morning. This is EVP Yonghui Cho, and I will provide the answers to your question. The U.S. ESS market is projected to grow rapidly with battery shipments expected to increase from around 80 gigawatt hour in 2025 to approximately 130 gigawatt hour in 2030, and this growth will be driven by rising power consumption from the expansion of the AI industry and the continued adoption of eco-friendly energy generation.
Recently, some battery manufacturers have shifted part of their North American capacity to ESS production, raising some market concerns about potential oversupply. However, domestic production still covers only about 30% of U.S. ESS battery demand with stricter tariffs and PFE compliance requirements, reducing the use of China-made batteries and with local players still building out supply chains for materials and components, the shortage of U.S. production capacity is expected to continue for some time.
Accordingly, even if battery manufacturers aggressively expand their ESS capacity, it is expected that supply-demand balance would only be achieved around 2030, considering the pace of demand growth. In SDI's case, the company plans to convert its SPE production line for ESS use, targeting approximately 30 gigawatt hour of U.S. ESS capacity by the end of next year. As opportunities in the U.S. ESS market continue to expand, STI intends to leverage its local capacity to sustain a growth momentum.
[Interpreted] This is answered to Mr. Minwoo Ju from NH Securities, a second part of the question, which is related to the development of batteries for volume and entry-level EVs to strengthen SDI's market share and about the update on the current development programs and the recent order trend. And the answer will be provided EVP Jong Sung Park.
To capture opportunities in the volume and entry-level EV market, we are developing LFP and mid-nickel prismatic batteries, targeting mass production in 2028. While market entry has been relatively late, we are accelerating our catch-up efforts and leveraging proprietary technologies to establish clear points of differentiation. In the volume and entry segment, cost competitiveness is the most critical factor. To enhance this, we plan to optimize our global supply chain by production base, develop low-cost materials, expand dual sourcing of components and improve manufacturing efficiency through faster stacking and coating processes, all aimed at further strengthening cost competitiveness.
In addition, since vehicles in this segment typically have shorter driving ranges, fast charging performance is especially critical and customer safety standards are continuing to rise. By applying our low-resistance technology, we have achieved a superior fast charging performance compared to peers, and we plan to further strengthen our safety differentiation through proprietary thermal propagation prevention technology based on the prismatic form factors.
Regarding recent order activity, we are currently in discussions with several global customers on mass production projects scheduled for 2028, and we expect to finalize some of these within the year. We will provide further updates as appropriate within the scope of what can be publicly disclosed.
[Interpreted]
The following question will be presented by Kyung Hun from DAOL Investment & Securities, with your question.
[Interpreted] My name is Kyung Hun from DAOL Securities. I have two questions. The first question is additional question related to ESS. It seems that opportunities for Korean battery manufacturers in the U.S. market are expanding. So what is the current status of SDI's ESS orders in the United States? And the market is also anticipating potential ESS-related collaborations with major U.S. clients. So is there a possibility of securing new orders?
And the second question is related to downstream industry. With the rapid advancement of the humanoid industry, it is expected to emerge as a new source of battery demand in the future. So could you share your outlook on the humanoid market and provide an update on SDI's related product development?
[Interpreted] This is Yonghui, EVP Yonghui Cho, and I will provide the answer to your question related to ESS. As mentioned earlier, SDI has recently secured local ESS production capacity, converting its SPE line with proprietary technologies such as the highly safe prismatic form factor and an integrated direct injection fire suppression system, the company is in active discussions with multiple ESS clients and is securing orders covering a substantial portion of its capacity through 2027.
By production line, the NCA ESS line, which began mass production this year, is preparing to roll out the new SBB 1.7 product, featuring high energy density cells that boost capacity by over 20%. Based on existing partnerships, SBI has already secured a significant portion of '24-'25 volumes from major U.S. customers and is continuing to expand discussions for additional orders. For the LFP line, which is scheduled to begin mass production in Q4 of next year, the company is developing the SBB 2.0 solution featuring large capacity LFP batteries and is likewise engaged in mid- to long-term collaboration discussions with multiple clients. While we can't comment on specific customer, we are actively pursuing opportunities with multiple U.S. clients and expect to see steady growth in ESS orders going forward.
[Interpreted] This is EVP, Jong-Sung Park. I will be answering the part of the question related to the humanoid market. The robotics market has been advancing rapidly, driven by more sophisticated movement capabilities, AI-enabled intelligence and declining costs. As a result, applications are expanding beyond industrial uses to commercial and household sectors.
With component technologies and supply chains expected to take shape in earnest, the humanoid market is projected to grow quickly from around 20,000 units this year to over 600,000 units by 2030. Because humanoid robots have very limited internal space for battery installation, the batteries must deliver both high power and strong durability to support movement.
As a result, high-power, high-capacity cylindrical batteries are currently being used for this application. Several robotics customers have already adopted SBI's cylindrical batteries, which have demonstrated high power and large capacity performance in the power tool market. To further expand business opportunities, SBI is also engaged in additional discussions with multiple robotics manufacturers. Beyond humanoids, advances in AI technology are driving autonomous flight in drones and enhancing immersion in XR or extended reality devices, leading to rapid growth in these emerging markets.
These applications require highly customized battery performance, including ultra-compact size, lightweight design and fast charging. To capture opportunities in the expanding AI-related device market, the company plans to leverage cylindrical-based coin cells and pouch-based mini cells. Thank you.
[Interpreted] The last question will be presented by Ji-San Kim from Kiwoom Securities.
[Interpreted] This is Ji-San Kim from Kiwoom Securities. I actually have 2 questions. And the first question is related to AI industry. With the rapid growth of the AI industry expected to drive semiconductor super cycle for the foreseeable future, opportunities in the semiconductor materials businesses are expanding. So could you share SBI's strategy to capture this growth and further expand sales in this area?
And the second question is related to data centers. BBU sales have continued robust growth throughout this year. So how is this trend affecting the sales this year? And what is the outlook for the market going forward? And I would also like to know if there's a possibility that BBUs could cannibalize the demand of UPS.
[Interpreted] This is EVP Iksoo Kim, and I will be answering your question related to the semiconductor materials. As you have just mentioned, demand for high value-added memory used in AI applications is expected to continue growing with our key customers expanding wafer production for DRAM and HBM.
As a result, demand for semiconductor materials is also projected to maintain solid growth momentum. To further drive sales growth, we are pursuing customer diversification while strengthening material competitiveness to meet customer needs for process migration and performance enhancement. In particular, we are expanding our metal slurry portfolio and working to secure new customers for high thermal conductivity EMC materials used in application processors.
In addition, we continue to collaborate closely with our major semiconductor manufacturers to jointly develop new products, including organic and inorganic materials, insulating materials and next-generation packaging materials.
Again, this is EVP Jong-Sung Park. I will be answering Mr. Ji-San second part of the question related to the BBU market. Major cloud service providers, including Google, Meta and Amazon have been rapidly installing BBUs or battery backup units at the server rack levels within their AI data centers. This trend is driving rapid growth in both the overall BBU market and the demand for BBU sales. Amid the strong market momentum, our BBU cell sales have increased significantly.
In the cylindrical battery segment, the revenue contribution from BBUs is expected to surge from just 2% last year to 11% this year. Based on current trends, we estimate our market share in the BBU cell segment will reach around 40% this year. The number of BBU installations is expected to more than double between '24 and '26, a period when data center investments are projected to be highly concentrated. As BBUs are required to deliver high output power rapidly within the limited space of a server rack, demand for high-power cylindrical batteries is expected to increase significantly.
Regarding the potential demand overlap between BBUs and the UPS market, while both serve the common purpose of providing backup power beyond outages, their functions and applications are distinct. UPS systems are designed to support power for the entire data center, whereas BBUs are installed to protect specific critical server units. As a result, the 2 products differ in both performance characteristics and use cases.
Therefore, we believe the likelihood of market cannibalization between the 2 applications is low. We will continue to capture growing demand by providing products tailored to the specific requirements of each market.
[Interpreted] Lastly, we will close the call by answering one of the questions that we collected online in advance. Let me read the questions that we have collected.
Given the recent slowdown in earnings and continued capital expenditures, it appears that ongoing funding will be required. So could you elaborate on the company's investment plans and outline your financing strategies, including any potential additional capital increase or utilization of existing assets such as the stake in Samsung Display. And the answer will be provided by EVP Jong Sung Kim.
[Interpreted] As was mentioned before, in terms of capital expenditures, we plan to optimize our investment strategy by adjusting the timing of new projects based on market conditions and prioritizing the conversion and utilization of existing lines rather than adding entirely new capacity. Regarding funding, we recently secured approximately KRW 1.1 trillion in cash through the sales of our polarizer film business.
Combined with the gradual improvement in operating performance and continued positive EBITDA, we expect overall funding pressure to ease. Accordingly, we are not considering any additional capital increase at this time. Should further funding needs arise, we will review various options, including borrowings and potential utilization of existing assets, taking into account market conditions and financing requirements
We appreciate your valuable questions and opinions, and we will refer to them in our management decision making. With this, we will end the earnings conference call for Q3 2025. And should you have further inquiries, please contact the IR team. Thank you.
[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]
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Samsung SDI — Q3 2025 Earnings Call
Samsung SDI — Q3 2025 Earnings Call
Q3 2025: Operativer Verlust, aber Bilanz gestärkt; Fokus auf US‑ESS‑Kapazität (~30 GWh) und LFP‑/Prismatic‑Strategie für langfristiges Wachstum.
📊 Quartal auf einen Blick
- Umsatz: KRW 3,1 Bio (−4% QoQ, −22,5% YoY).
- Betriebsergebnis: Verlust KRW 591 Mrd.; Vorsteuerverlust KRW 430 Mrd.; Nettoergebnis leicht positiv KRW 5,7 Mrd. dank Verkauf.
- Batteriesparte: KRW 2,82 Bio (−5% QoQ, −23% YoY), operative Verlustausweitung durch schwächere EV‑Absätze und Tarif‑Effekte bei ESS.
- Materialien: KRW 232 Mrd. (+6% QoQ), operativer Gewinn KRW 38,8 Mrd. durch OLED‑ und Halbleitermaterialnachfrage.
- Cash & Invest: 3Q CapEx KRW 499 Mrd.; Verkauf Polarisator‑Film brachte KRW 1,1 Bio Liquidität.
🎯 Was das Management sagt
- US‑ESS‑Fokus: Ausbau lokaler Fertigung, Umrüstung von EV‑Linien auf ESS zur Reduktion von Tarifrisiken und schnelleren Marktreaktionen.
- Produktstrategie: Stärkerer Push auf prismatic LFP und NCA‑SBB (SBB 1.7/2.0) für Utility‑ESS; prismatic als Differenzierer gegenüber Wettbewerbern.
- EV‑Segment: Einstieg in Volume/Entry mit LFP und mid‑nickel prismatic; Massenproduktion für EV‑LFP geplant 2028, kurz‑ bis mittelfristig Kostenoptimierung.
🔭 Ausblick & Guidance
- Q4‑Erwartung: Operativer Verlust soll sich gegenüber Q3 verringern, aber Einmalaufwendungen möglich.
- Markttrend: EU‑Nachfrage besser durch Subventionen; US‑EV‑Nachfrage gedämpft nach Subventionsende (30.09.2025); ESS‑Wachstum bleibt Treiber.
- Kapazität: Ziel ~30 GWh US‑ESS‑Kapazität bis Ende nächstes Jahr; LFP‑ESS Massenstart für US‑Markt geplant Q4 2026 (Produktionsanpassungen).
❓ Fragen der Analysten
- Ursachen Schwäche: Management nennt spürbar schwächere EV‑Nachfrage, späte US‑Markterschließung, rückläufige JV‑Abnahme und langsamere Erholung bei Kleinzellen.
- ESS‑Risiko/Überangebot: Wachstumserwartung US ESS von ~80 GWh (2025) auf ~130 GWh (2030) — SDI sieht kurzfristig kein Überangebot wegen lokalen Fertigungsdefiziten und Tarif‑/Compliance‑Hürden.
- Produkt‑Roadmap: Themen: Umrüstung NCA→LFP, SBB‑Produkte mit verbesserter Sicherheit, Volume‑LFP für 2028; BBU‑Zuwachs (BBU‑Umsatzanteil prognostiziert stark steigend, Marktanteilsziel ≈40%).
⚡ Bottom Line
Kurzfristig bleibt das Ergebnis unter Druck, doch die Bilanz ist durch den Verkauf gestärkt. Die klare strategische Verlagerung hin zu lokalem US‑ESS‑Ausbau und LFP/Prismatic‑Produkten reduziert Tarif‑ und Lieferkettenrisiken und schafft Wachstumsoptionen; Umsetzung und Timing bleiben zentrale Risiken für Aktionäre.
Finanzdaten von Samsung SDI
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 8.981 8.981 |
1 %
1 %
100 %
|
|
| - Direkte Kosten | 7.406 7.406 |
4 %
4 %
82 %
|
|
| Bruttoertrag | 1.576 1.576 |
38 %
38 %
18 %
|
|
| - Vertriebs- und Verwaltungskosten | 1.226 1.226 |
24 %
24 %
14 %
|
|
| - Forschungs- und Entwicklungskosten | 992 992 |
19 %
19 %
11 %
|
|
| EBITDA | -462 -462 |
17 %
17 %
-5 %
|
|
| - Abschreibungen | 69 69 |
39 %
39 %
1 %
|
|
| EBIT (Operatives Ergebnis) EBIT | -531 -531 |
12 %
12 %
-6 %
|
|
| Nettogewinn | 24 24 |
110 %
110 %
0 %
|
|
Angaben in Millionen EUR.
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Firmenprofil
Samsung SDI Co., Ltd. beschäftigt sich mit der Herstellung und dem Verkauf von Sekundärzellen und Plasmabildschirmen. Das Unternehmen ist in zwei Geschäftsbereichen tätig: Display-Segment und Energie-Segment. Das Segment Display beschäftigt sich mit der Herstellung von PDPs, die in Fernsehern verwendet werden, sowie mit dem Vermietungsgeschäft. Das Segment Energie befasst sich mit der Herstellung von Batterien. Das Unternehmen wurde am 20. Januar 1970 gegründet und hat seinen Hauptsitz in Yongin, Südkorea.
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| Hauptsitz | Südkorea |
| CEO | Joo-sun Choi |
| Mitarbeiter | 13.073 |
| Gegründet | 1970 |
| Webseite | www.samsungsdi.co.kr |


