LG Energy Posts 662 Billion Won Operating Profit
The battery maker reported 23.8 trillion won in consolidated revenue and other income for the first nine months of 2026.
LG Energy reported consolidated operating profit of 662 billion won for the first nine months of 2026, as third-quarter revenue and other income rose to 9.64 trillion won from 6.07 trillion won a year earlier. The battery maker sells products for electric vehicles, energy storage systems and smaller devices.
For the nine-month period, revenue and other income increased from 18.8 trillion won in the comparable period a year earlier. Revenue from external customers, most of which came from goods sales, rose to 22.3 trillion won from 17.5 trillion won. The company reports its activities as a single operating segment.
The reported revenue and other income included government subsidy income of 707 billion won for the third quarter and 1.45 trillion won for the nine months. LG Energy said the amount reflected income it expected to receive under programs including the U.S. Inflation Reduction Act advanced manufacturing production tax credit, for battery cells and modules produced and sold in North America.
The company reported 7.45 trillion won in export sales and 16.3 trillion won in domestic sales for the first nine months. It classified sales within each entity’s country as domestic and sales outside that country as exports. Products were made at the head office’s factory and overseas manufacturing operations, with sales handled through the head office, overseas producers or overseas sales companies.
LG Energy’s worldwide share of the electric vehicle battery market fell to 8.2% for January through September 2026, from 9.2% for all of 2025 and 10.8% for all of 2024, based on SNE Research data. The company said it had secured customers among global automakers through its battery development, supply and product capabilities.
Beyond vehicle batteries, the company said it was targeting overseas energy storage markets with products designed for improved safety and performance. It also said its pouch batteries were aimed at smartphones and new information technology devices, and that cylindrical batteries were taking a gradually larger role in new applications. Its customers include automotive and information technology companies, and demand can vary with economic conditions and government policy.
The company expects the electric vehicle battery market to keep growing over the medium to long term as vehicle prices move toward parity with combustion-engine cars and concerns about range and safety are addressed. It also forecasts steady growth in energy storage as renewable energy expands and technology and artificial intelligence companies require more power. These are company expectations rather than reported results.
LG Energy plans to expand into energy storage system integration, including the construction of large facilities and provision of integration services. It also plans to explore battery life-cycle services, energy-efficiency services and battery recycling and reuse as additional businesses.
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