LG Energy Solution: 2Q in line; guiding strong Europe and cylindrical battery shipments

研报英文原文证据摘录

LG Energy Solution: 2Q in line; guiding strong Europe and cylindrical battery shipments

7.2% in 1H26

(Figure 2Teslaquarterlyvehicleshipments). This led to an estimated 16% q/q rise in 2Q cylindrical shipments.

Key Changes (FYE Dec) Tesla announced another 20% capacity expansion for Giga Berlin on 25 June

that will be implemented by end-September. We expect cylindrical sales to Prev Cur Δ

Adj. EBIT - 26E (W bn) 1,177 649 -44.8%

remain strong in 3Q, although the q/q growth rate should moderate vs. 2Q (off Adj. EBIT - 27E (W bn) 3,414 2,651 -22.3%

a high base).

• 3Q26 guidance: LGES guided 3Q revenue +20% q/q. The company continues Quarterly Forecasts (FYE Dec) Adj. EBIT (W bn)

to see strong cylindrical sales volumes and robust EU shipments. Management 2025A 2026E 2027E

confirmed that the Ultium JV restart process began in July, with production Q1 375 (208)A

resuming in 3Q and supporting higher North American EV shipments more Q2 492 113A

meaningfully in 4Q. On margins, management’s tone was conservative, with Q3 601 227

Q4 (122) 517

ongoing efforts to stabilize ESS systems production and reduce costs. On the FY 1,346 649 2,651

positive side, LGES expects pouch EV battery OPM to improve q/q on higher

Poland utilization and the Ultium JV restart. Style Exposure

• FY26 guidance reiterated: LGES reiterated its FY26 revenue guidance of

+20% y/y, expecting 2H26 revenue growth to accelerate vs. +10% y/y in 1H26.

ESS volumes are expected to double h/h in 2H26, and the company expects a

stronger y/y recovery for Europe shipments in 2H26, driven by high-voltage

mid-Ni and LFP products. The company expects the China cylindrical plant to

hit full utilization in 2H, with 46-series lines at the Korea and Arizona plants

supporting further growth into 2027.