2Q26 turned to profit aided by US tariff refund Quick Note

研报英文原文证据摘录

2Q26 turned to profit aided by US tariff refund Quick Note

Global Markets Research

Samsung SDI 006400.KS 006400 KS 30 July 2026

EQUITY: TECHNOLOGY

Rating2Q26 turned to profit aided by US tariff refund Remains Buy

Target price KRW 900,000 RemainsQuick Note

Closing priceOn 30 July 2026, Samsung SDI (SDI) reported 2Q26 revenue of KRW3.77tn (+5.4% q-q, 30 July 2026 KRW 358,500

+18.5% y-y), operating profit of KRW203.8bn (turned positive q-q and y-y), and net profit

of KRW342.2bn (turned positive q-q and y-y). While revenue was in line with the

Bloomberg consensus estimate, operating profit was above the consensus expectation of Research Analysts

a KRW13.3bn operating loss. Asia Energy

The q-q turnaround of operating profit was due to: 1) US tariff refund of ~KRW200bn; 2) Cindy Park - NFIK

improved cylindrical battery sales supported by battery backup unit (BBU) and power tool; cindy.park@nomura.com

and 3) higher sales of ESS and EV batteries. Even after excluding the advanced +822 3783 2324

manufacturing production tax credits (AMPC; section 45X of the IRA) of KRW107.7bn, the Dongmin Lee - NFIK

company recorded operating profit of KRW96bn. In 2H26E, the company will focus to dongmin.lee@nomura.com

meet growing demand for utility ESS and UPS (uninterruptible power supply) by +822 3783 2338

commercializing prismatic LFP batteries from October 2026.

Key highlights from the 2Q26 earnings call: (1) based on the current backlog of ESS

batteries, the company would be able to run at full capacity until 2029E and management

stated possibility of further capacity expansion (2027F US ESS capacity of 34GWh). (2)

Earnings improvement is likely to persist in 2H26E thanks to strong demand in ESS and

small-size batteries, according to the company. UPS and BBU (battery backup unit)