LG Electronics: 2Q26 OP beat; positive CDU business progress vs. immature robotics outlook; maintain N

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LG Electronics: 2Q26 OP beat; positive CDU business progress vs. immature robotics outlook; maintain N

J P M O R G A N Asia Pacific Equity Research

31 July 2026

LG Electronics Neutral

066570.KS, 066570 KS

2Q26 OP beat; positive CDU business progress vs. Price (30 Jul 26):W147,500

immature robotics outlook; maintain N Price Target (Jun-27):W190,000

Following the 2Q26 headline beat (link), management guided for an above- Technology - Semiconductors

ACseasonal 3Q outlook, helped by prudent cost control at the MS and HS divisions, Jay Kwon

in our view. LGE is in a transitional period of pivoting from a B2C-centric business (82-2) 758-5725

portfolio to an AIDC CDU/robotics manufacturer, in our view, with management jay.h.kwon@jpmorgan.com

highlighting NVDA certification (link) and mass-production of actuators in 2H26. J.P.BranchMorgan Securities (Far East) Limited, Seoul

The company disclosed W600bn worth of CDU order wins in 1H26, with the

Sangsik Lee

amount likely to reach several trillion won by year-end. Between CDU and (82-2) 758 5146

robotics, we continue to take a conservative stance on the robotics business sangsik.lee@jpmorgan.com

opportunity, given intensifying market competition and a lack of tangible business J.P. Morgan Securities (Far East) Limited, Seoul

Branch

strategy. Given the downward slope in earnings in 2H26, as well as a limited

robotics business opportunity, we advise investors to stay on the sidelines. Neelay Y Kamath

(91-22) 6157 3764

• 2Q26 earnings beat thanks to tariff refund. LGE reported an earnings beat neelay.kamath@jpmchase.comJ.P. Morgan India Private Limited

despite geopolitical uncertainty, with OP of W1.58tn on sales of W23.8tn

(OPM : 6.6%), driven mainly by: (1) HS sales growing 7% Y/Y, with OPM at