L&F Announces First-Quarter Results, with Operating Profit Rising 44% and Profitability Recovery Underway
Sustained sole-supplier position in ultra-HINI, with increases in selling prices, resulted in the highest revenue since the post-chasm period
Operating profit of KRW 118.9 billion in Q1, up 44% QoQ, with profitability improving for three consecutive quarters, accelerating earnings recovery
Hi-Ni shipment growth expected to continue into Q2, with the positive earnings trend projected to persist
LFP plant for North American ESS scheduled for completion in Q2 and mass production in Q3, making the full-scale implementation of a dual-track NCM + LFP strategy
L&F CI
L&F also stated that in addition to the exclusive supply of its Ultra-HINI product, shipment expansion of its new 46 series product, which began supply at the end of last year, contributed to continued growth in high-nickel product volumes. As a result, high-nickel shipments achieved record quarterly highs for three consecutive quarters. The company’s total product shipments in the first quarter increased by approximately 12% compared to the previous quarter. This is roughly twice the volume guidance provided at the beginning of the year, indicating a clearly differentiated growth trajectory driven by its competitiveness in high-nickel materials.
L&F expects the positive earnings momentum to continue in the second quarter, driven by sustained strong demand centered on its Ultra-HINI product, with shipment growth likely to continue.
In addition, the company expects profitability to further strengthen alongside shipment growth, as price recovery continues, driven by rising raw material costs. The company explained that even excluding inventory-related reversal effects, operating profit from its core business is expanding on the back of improving utilization rates.
Furthermore, with the recent recovery in EV demand supported by rising oil prices, L&F is expected to continue its differentiated growth trajectory within the industry.
Meanwhile, the company is also accelerating its LFP business to address the ESS market. L&F is scheduled to complete a 30,000-ton annual capacity plant in the second quarter and plans to begin mass production by the end of the third quarter. Following this, it aims to establish a total production capacity of 60,000 tons in the first half of 2027.
The company stated that in the first quarter, it became the first non-China-based company to secure an LFP supply contract, and is currently pursuing additional customer acquisition in line with the expansion of the North American ESS market and ongoing supply chain restructuring. Going forward, the company plans to further enhance its competitiveness in the LFP market through the expansion of LFP supply for EV applications and the development of a precursor-free LFP manufacturing process.
L&F CFO Yu-Sung Hun stated, “The first quarter was a period in which profitability improvement became more evident, driven by simultaneous growth in high-nickel shipment volumes and increases in selling prices.”
He added, “In the second quarter, the company will continue to deliver stable earnings improvement based on shipment growth, while further diversifying its business portfolio through a dual-track NCM and LFP strategy and continuously strengthening its mid- to long-term growth foundation.”
Website: https://www.landf.co.kr/index.html
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