SEOUL – November 02, 2026 -- LG Energy Solution posted third-quarter 2026 consolidated revenue of KRW 9.6 trillion, up 27.6% quarter-on-quarter, with operating profit of KRW 756 billion and an operating margin of 7.8%. Revenue includes a North America production incentive of KRW 416.9 billion, reflecting volume growth led by higher ESS shipments in the region.
Growth came from sharply higher ESS shipments, increased EV pouch-type battery shipments led by high-voltage mid-nickel products, and steady supply of 21- and 46-Series cylindrical batteries for EVs. Operating profit benefited from better plant utilization in Europe, rising cylindrical volumes, and a lower fixed-cost burden as North American ESS capacity gradually stabilized.
LG Energy Solution wins first direct-supply BTM BESS project for a big tech customer
The project demonstrates local supply of non-PFE products and opens the door to further AI data center projects where supply chain security is critical. The company also qualified as an NVIDIA DSX Ready BESS partner, backed by its high-capacity LFP-based AC Link solution and in-house system integration.
In EV, the company increased volumes and extended supply periods under existing contracts for high-voltage mid-nickel Gen2 products, securing a stable revenue base in Europe.
North American ESS and cylindrical capacity targets set for end-2027
LG Energy Solution plans to convert additional EV pouch-type lines to ESS production and add new prismatic ESS lines, lifting North American ESS capacity to over 70 GWh by end-2027. It cites a U.S. executive order on grid security, which aims to reduce reliance on equipment from designated foreign entities posing national security risks, as continuing to support demand for locally produced ESS.
The company will begin U.S. production of 46-Series cylindrical batteries by end-2026 and add tabless 2170 lines for HEVs from 2027. These steps would raise North American cylindrical capacity to over 20 GWh by end-2027.
Arizona link line is complete, Ohio pack expansion is phased, and the GM JV plant has restarted
The company completed a new link production line in Arizona and is expanding pack capacity in Ohio in phases. Solid customer demand lifted utilization at its Poland plant, and the North American GM JV plant resumed operations.
European plans target local 46-Series cylindrical lines by 2029
Proposed IAA revisions emphasizing regional production are strengthening local manufacturing advantages in the EU, according to the company. It plans to secure local 46-Series cylindrical lines by 2029, enabling local supply of both pouch-type and cylindrical batteries.
Supply chain: LFP cathode suppliers in North America to grow to four or more
The company diversified its LFP cathode suppliers for non-PFE compliance and secured long-term North American supplies of lithium concentrate and lithium carbonate. It will expand its North American non-PFE LFP cathode supplier base to four or more, localize key materials and components in Europe, and develop non-PFE supply chains for sodium-ion and LMR batteries.
Rising oil and natural gas prices and stabilizing raw material prices are improving battery cost competitiveness on a TCO basis. LG Energy Solution plans to increase direct metal purchasing and expand its supply of key materials to suppliers.
Korea mother factory to produce sodium-ion samples this year
The company aims to produce sodium-ion battery samples within this year for proof-of-concept testing with a key ESS customer. It will expand into new applications with high-power LFP 2170 batteries starting next year.