Quick Note - Korea batteries - NIFA takeaways – Korea cathode companies

Research evidence excerpt

Quick Note - Korea batteries - NIFA takeaways – Korea cathode companies

Global Markets Research

8 June 2026Korea batteries

EQUITY: ALTERNATIVE ENERGY

NIFA takeaways – Korea cathode companies Research Analysts

Asia Energy

Cindy Park - NFIKQuick Note cindy.park@nomura.com

+822 3783 2324LG Chem (051910 KS, Buy), L&F (066970 KS, Buy), and EcoproBM (247540 KS, Buy)

attended the Nomura Investment Forum Asia (NIFA) 2026 in Singapore, held over 2-5 Dongmin Lee - NFIK

June. We note these three cathode companies are taking varying strategic paths to dongmin.lee@nomura.com

achieve growth and profitability. The following are the key takeaways from the meetings. +822 3783 2338

Ecopro BM (EBM) – Hungary cathode plant as a growth driver

Of 244k tpa cathode capacity of EBM, 54ktpa is based in Hungary, with the first line

scheduled to commence operations in June, while the second line is expected to start in

2H26E, according to the company. Meanwhile, EBM is working to convert the third line

into NCM (nickel cobalt manganese) production with an aim to supply to non-Korea

battery plants in Europe. With a concentrated product mix on high-nickel (rather than mid-

nickel or LFP) cathode for EV applications, EBM looks well positioned to benefit from the

European EV/battery industry, which is witnessing a revival of consumer subsides in the

UK/Germany, and a regulatory environment that requires on-shore supply-chain

installations (link). Europe’s electric vehicle (EV) subsidies are making a comeback. EBM

is strengthening upstream/metal integration through Ecopro Group’s ~10% stake in

Indonesia nickel smelters whose combined capacity is 150k tpa. The Ecopro Group is

evaluating Phase 2 investments. In our view, EBM’s near-term priorities are the successful