Ecopro Bm Co.,Ltd. (247540)

EcoPro BM is a specialized battery materials company that develops and produces cathode materials (cathode active materials), which are core components of lithium-ion secondary batteries. Its main products include high-nickel NCA and NCM cathode active materials with a nickel content of 80% or more, which are used in various applications such as electric vehicles (EVs), power tools, and energy storage systems (ESS). Notably, it leads the global market by being the first in Korea to successfully develop and mass-produce high-nickel cathode materials. In Q4 2025, revenue from the xEV segment recorded 308.8 billion KRW, the Non-IT segment recorded 95.2 billion KRW, and the ESS segment recorded 94.6 billion KRW. Its major clients include leading domestic and international battery manufacturers such as Samsung SDI and SK On, as well as finished vehicle manufacturers like BMW, Ford, and Volkswagen. The company's core competitiveness lies in its unparalleled technological prowess and market-leading position in the high-nickel cathode material sector. EcoPro BM was the first to develop and successfully mass-produce high-nickel cathode materials, and notably, it maximized material performance and stability by being the world's first to mass-produce single-crystal technology. Furthermore, it has established an integrated production system from precursors to cathode materials and secured a stable supply chain through waste battery recycling and precursor internalization. As of 2024, it holds the top position in the global high-nickel cathode material market share (28%), demonstrating its recognized technological competitiveness and supply stability. EcoPro BM's annual revenue increased from 5.3576 trillion KRW in 2022 to 6.9009 trillion KRW in 2023, but then significantly decreased to 2.7668 trillion KRW in 2024, marking negative growth. The slight decline continued in 2025, reaching 2.5316 trillion KRW. Operating income decreased from 380.7 billion KRW in 2022 to 156 billion KRW in 2023, and then turned to a deficit of -34.1 billion KRW in 2024. In 2025, it successfully returned to profitability with 143.3 billion KRW. The operating profit margin declined from 7.10% in 2022 to 2.26% in 2023, recorded -1.23% in 2024, but recovered to 5.66% in 2025. Looking at recent quarterly performance, Q2 2025 recorded revenue of 149.9 billion KRW and operating income of 46.7 billion KRW. Q3 2025 showed an unusual pattern with revenue of -154.7 billion KRW and operating income of 1.5 billion KRW. Q4 2025 revenue was 1.9065 trillion KRW and operating income was 92.8 billion KRW. In Q1 2026, revenue was 605.4 billion KRW and operating income was 20.9 billion KRW, with revenue decreasing by 7.9% year-over-year, but operating income increasing by 823%. In terms of financial soundness, EcoPro BM's debt-to-equity ratio increased from 126.73% in 2022 to 172.71% in 2023, but then improved to 118.70% in 2024, and recorded 142.16% in 2025. The current ratio showed a declining trend from 146.93% in 2022 to 114.65% in 2023 and 106.23% in 2024, recording 72.33% in 2025, which may require attention to short-term financial liquidity management. Return on Equity (ROE) showed high profitability at 18.32% in 2022, but significantly declined to 3.42% in 2023, and was impacted by the shift to a deficit, recording -2.96% in 2024. In 2025, it turned positive again to 4.54%, showing signs of profitability recovery. In response to the slowdown in EV market growth, EcoPro BM is focusing on diversifying its product portfolio, including single-crystal, mid-nickel, and LFP/sodium-ion cathode materials. Furthermore, it is preparing for the next-generation battery market by developing cathode materials and solid electrolytes for solid-state batteries. By commencing operations at its Hungarian plant, it is expanding local production in Europe, strengthening its global supply chain competitiveness, and expects to benefit from the European Union's (EU) policy to reduce reliance on non-EU materials. Driven by new supply contracts with major clients and the recovery of the European EV market, a gradual performance recovery is anticipated, with 2026 projected as the bottom.