韩国三大电池厂二季度均扭亏，三星SDI经营利润2038亿韩元显著好于预期

Korea's three major battery makers all returned to profit in the second quarter this year. While an earnings rebound had initially been expected in the second half, the improvement gained full momentum earlier than anticipated. Analysts say the "chasm," or temporary demand stagnation, has reached its end, as energy storage systems (ESS) got on track in North America and electric vehicle demand expanded, led by Europe.
Samsung SDI (006400) reported second-quarter revenue of 3.7688 trillion won and operating profit of 203.8 billion won on a consolidated basis, the company said on the 30th. Revenue rose 18.5% from a year earlier, and operating profit turned positive for the first time in seven quarters. Even excluding 107.7 billion won from the U.S. government's Advanced Manufacturing Production Credit (AMPC), the company posted a profit of 96.1 billion won. The industry had forecast that Samsung SDI would narrow its second-quarter operating loss to 27.3 billion won and turn profitable during the second half, but the company earned some 220 billion won more than that.
Samsung SDI's return to profit was driven by ESS. Based on the competitiveness of its prismatic batteries, Samsung SDI signed long-term supply contracts with major U.S. ESS customers and, domestically, secured 66% of orders in the next-generation distribution grid ESS project, laying the groundwork to preempt the market. Actively responding to demand for high-output batteries related to AI data centers, such as uninterruptible power supplies (UPS) and battery backup units (BBU), also drove the earnings improvement.
In the EV segment, the company won a new project from Mercedes-Benz in the first half, securing all three German automakers as customers, and became the first in the industry to win a cylindrical battery project for hybrid electric vehicles.
SK On reported second-quarter revenue of 2.946 trillion won and operating profit of 821.8 billion won. This was also SK On's first profit in seven quarters. SK On explained that operating profit rose sharply due to expanded sales volume in Asia, receipt of customer compensation, and an increase in AMPC received. "Although many one-off factors are included, the effect of improved profitability from cost-reduction efforts has emerged," an SK On official said.
Earlier, LG Energy Solution (373220) also reported second-quarter revenue of 7.5602 trillion won and operating profit of 113.3 billion won. It was the company's first return to profit in six months since the fourth quarter of last year. Lee Chang-sil, LG Energy Solution's chief financial officer (CFO), said, "Revenue increased 15% from the previous quarter, driven by increased shipments of mid- to low-priced EV products and cylindrical batteries, along with expanded North American ESS production capacity."
The battery industry expects the earnings improvement to become more pronounced in the second half. LG Energy Solution forecast that its second-half battery output would more than double from the first half, as its 50 GWh ESS production facilities all come online. Samsung SDI projected 70% revenue growth for UPS and BBU, in which it holds a 50% market share. The two products are used as backup power sources for data centers.
In the second quarter, SK On completed the process of winding down its "BlueOval SK" system, a joint venture with Ford, and launched a sole plant in Tennessee, completing the restructuring of its financial structure. SK On forecast that sole plant operation would yield a total of 500 billion won in profitability improvement, including 300 billion won in depreciation costs and 200 billion won in interest costs.
The battery industry dismissed concerns raised by some over stagnant growth in the North American ESS market. Cho Yong-hwi, executive vice president and head of Samsung SDI's ESS business team, said, "Reflecting projects with a high likelihood of orders during the second half, production capacity will exceed order volume from 2028."
The outlook for the EV market is also bright. Europe's EV penetration rate is expected to rise from below 20% last year to the mid-20% range this year. As demand for production within Europe grows, a favorable environment has been created for Korea's three battery makers, which operate plants in Hungary and Poland.