Q3 numbers
LG Energy Solution reported consolidated revenue of KRW 9.6 trillion for the third quarter of 2026, a 27.6% increase from the previous quarter, and operating profit of KRW 756 billion, the company said. The operating profit margin was 7.8%.
The revenue figure includes KRW 416.9 billion in North American production incentives.
What lifted the quarter
The company attributed the revenue increase to more energy storage system shipments, higher EV pouch-type battery shipments led by high-voltage mid-nickel products, and continued supply of 21- and 46-Series cylindrical batteries for EVs.
Operating profit improved on better plant utilisation in Europe, growth in cylindrical battery volumes and a reduced fixed-cost burden as ESS capacity in North America stabilised, the company said.
New ESS and EV business
During the quarter the company secured its first direct-supply behind-the-meter battery energy storage project for a big technology customer, which it said shows local supply of non-PFE products and opens opportunities for further AI data centre projects. It also qualified as an NVIDIA DSX Ready BESS partner, citing its LFP-based AC Link solution and in-house system integration capabilities.
On the EV side, it increased volumes and extended supply periods under existing contracts for high-voltage mid-nickel Gen2 products, which it said gives it a stable revenue base in Europe. It completed a new line in Arizona and expanded pack capacity in Ohio in phases, and its GM joint venture plant resumed operations.
Capacity targets
LG Energy Solution plans to convert additional EV pouch-type lines to ESS production and add prismatic ESS lines, taking North American ESS capacity above 70 GWh by the end of 2027. It aims to begin US production of 46-Series cylindrical batteries by the end of 2026 and add tabless 2170 lines for hybrid electric vehicles from 2027, lifting North American cylindrical capacity above 20 GWh by the end of 2027.
