LG Energy Solution's Q3 Operating Profit Reaches KRW 756 Billion, Up 25.7% YoY

Revenue up 59% year on year to KRW 9.6434 trillion
Operating profit surged 567.3% quarter on quarter
Operating profit excluding North American subsidies: KRW 339.1 billion

LG Energy Solution reported higher revenue and operating profit in the third quarter of this year compared with the same period last year.

On October 8, LG Energy Solution announced its preliminary third-quarter results, reporting revenue of KRW 9.6434 trillion and operating profit of KRW 756 billion. Revenue rose 59.0% and operating profit increased 25.7% year over year.

Compared with the previous quarter, revenue increased 27.6% and operating profit rose 567.3%. In particular, operating profit climbed from KRW 113.3 billion in the second quarter to KRW 756 billion in the third quarter.

The benefit from North American production subsidies, including the Advanced Manufacturing Production Tax Credit (AMPC) under the U.S. Inflation Reduction Act (IRA), totaled KRW 416.9 billion. Excluding these subsidies, operating profit was KRW 339.1 billion, representing an operating margin of 3.7%. Revenue excluding the subsidies was KRW 9.2265 trillion.

However, cumulative operating profit through the third quarter of this year fell 54.9% year over year to KRW 661.6 billion. Cumulative revenue over the same period rose 26.1% to KRW 23.7586 trillion.

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