LG Energy Solution posts record Q3 sales on rising ESS shipments

LG Energy Solution posted record third-quarter sales in North America on Tuesday, as higher energy storage system shipments and stronger electric vehicle battery sales lifted revenue. Sales rose 59 percent year over year to 9.64 trillion won, and operating profit increased 25.7 percent to 756 billion won. The company raised its full-year revenue growth target to 35–40 percent, including North American production incentives. It expects fourth-quarter sales to rise about 10 percent quarter over quarter, while profitability may weaken as one-time benefits fade and new capacity brings initial costs.

North American production incentives contributed 417 billion won to third-quarter sales.

The company expects fourth-quarter ESS shipments to increase 40 percent from the previous quarter.

LG Energy Solution said most planned supply volumes through 2028 were already committed, with customer discussions increasingly focused on deliveries beyond that year.

The company plans to expand North American ESS battery capacity to more than 70 gigawatt-hours by the end of 2027 and cut capital expenditure by more than 40 percent this year.

Its debt-to-equity ratio reached 171 percent in the third quarter, compared with 125 percent a year earlier.

Published Nov 3, 2026 4:26 pm KST

Updated Nov 3, 2026 4:36 pm KST

EVs, cylindrical batteries contribute to performance

Image generated by Nano Banana 2

LG Energy Solution reported record quarterly sales and a 25.7 percent rise in operating profit for the third quarter, driven by growing North American energy storage system (ESS) shipments and stronger electric vehicle (EV) battery sales, the company said on Tuesday.

Sales rose 59 percent from a year earlier to 9.64 trillion won ($7.2 billion), while operating profit reached 756 billion won. Sales increased 27.6 percent from the previous quarter, and the operating profit margin stood at 7.8 percent.

The company said sales included 417 billion won in North American production incentives, reflecting higher shipments of batteries for ESS in the region.

Beyond ESS, sales benefited from increased shipments of high-voltage, mid-nickel pouch batteries for EVs and steady deliveries of 21- and 46-series cylindrical batteries. Operating profits were also supported by better factory utilization in Europe and easing fixed cost burdens as North American ESS production stabilized.

“Third-quarter sales increased 28 percent from the previous quarter, driven by a significant rise in ESS shipments and volume growth in both EV pouch and cylindrical batteries,” Lee Chang-sil, chief financial officer of LG Energy Solution, said.

“Operating profit reached 756 billion won, reflecting improved utilization at our Polish plant, continued cylindrical battery shipments and productivity gains at newly launched ESS production sites,” he added.

The stronger performance prompted LG Energy Solution to raise its full-year revenue growth target, including North American production incentives, to 35-40 percent from its previous forecast of growth in the midteens to 20 percent. It maintained plans for a mid-single-digit operating margin.

For the fourth quarter, the company expects sales to grow about 10 percent from the previous quarter, with ESS shipments projected to increase 40 percent. Shipments of cylindrical batteries and high-voltage, mid-nickel pouch batteries for European customers are expected to remain solid.

LG Energy Solution's JF2 AC Link is a high-capacity lithium iron phosphate (LFP) energy storage system (ESS) that meets Nvidia DSX Ready requirements. Courtesy of LG Energy Solution

However, profitability is likely to weaken as third-quarter one-time benefits disappear and additional ESS capacity at its Honda joint venture brings initial fixed costs.

North American ESS orders offer longer-term visibility. LG Energy Solution said most supply volumes through 2028 were already committed based on currently planned capacity, with customer discussions increasingly focused on deliveries beyond that year.

The customers include utilities, grid operators, artificial intelligence (AI) data center companies and global technology firms. With projected customer demand exceeding available capacity, the company plans to prioritize strategically important projects when allocating future production.

During the third quarter, it secured its first direct-supply behind-the-meter battery storage project for a major technology customer. It also qualified as an Nvidia DSX Ready battery energy storage partner, potentially expanding opportunities tied to AI infrastructure.

To meet demand, LG Energy Solution plans to expand its North American ESS battery capacity to more than 70 gigawatt-hours by the end of 2027 by converting additional EV pouch battery lines and adding prismatic battery production lines.

The expansion comes alongside tighter spending controls. The company plans to cut capital expenditure by more than 40 percent this year and focus on improving utilization of existing facilities.

Financial pressures remain.

Its debt-to-equity ratio rose to 171 percent in the third quarter from 125 percent a year earlier, while its borrowings-to-equity ratio increased to 98 percent from 76 percent. The company said it would prioritize debt repayment with improved cash flow and pursue asset monetization to secure additional funding as it seeks to strengthen its balance sheet while maintaining operational efficiency.

LG能源解决方案公司周二公布，其在北美的第三季度销售额创下历史新高，主要得益于储能系统出货量增加和电动汽车电池销量强劲增长，带动营收增长。销售额同比增长59%至9.64万亿韩元，营业利润增长25.7%至7560亿韩元。该公司将全年营收增长目标上调至35%至40%，其中包括北美地区的生产激励措施。该公司预计第四季度销售额将环比增长约10%，但随着一次性收益逐渐消退以及新增产能带来初期成本，盈利能力可能会有所下降。

北美生产激励措施为第三季度销售额贡献了 4170 亿韩元。

该公司预计第四季度储能系统出货量将比上一季度增长 40%。

LG能源解决方案公司表示，到2028年的大部分计划供应量已经确定，客户讨论的重点也越来越多地集中在2028年以后的交付上。

该公司计划到 2027 年底将北美储能系统电池容量扩大到 70 吉瓦时以上，并在今年削减 40% 以上的资本支出。

第三季度，该公司的负债权益比率达到 171%，而去年同期为 125%。

发布于2026年11月3日下午4:26（韩国标准时间）

更新于2026年11月3日下午4:36（韩国标准时间）

电动汽车的圆柱形电池有助于提升性能

图片由 Nano Banana 2 生成

LG能源解决方案公司周二表示，受北美储能系统（ESS）出货量增长和电动汽车（EV）电池销售走强的推动，该公司第三季度销售额创历史新高，营业利润增长25.7%。

销售额同比增长59%，达到9.64万亿韩元（约合72亿美元），营业利润达到7560亿韩元。销售额较上一季度增长27.6%，营业利润率为7.8%。

该公司表示，销售额包括来自北美地区的 4170 亿韩元生产激励金，反映出该地区储能系统电池出货量增加。

除了储能系统（ESS）之外，高压中镍电动汽车软包电池出货量增加以及21系列和46系列圆柱形电池的稳定交付也促进了销售增长。此外，欧洲工厂利用率的提高以及北美储能系统生产趋于稳定后固定成本负担的减轻，也对营业利润起到了支撑作用。

LG能源解决方案首席财务官李昌实表示：“第三季度销售额比上一季度增长了28%，这主要得益于储能系统出货量的大幅增长以及电动汽车软包电池和圆柱形电池销量的增长。”

“营业利润达到 7560 亿韩元，这反映出波兰工厂的利用率提高、圆柱形电池的持续出货以及新投产的储能系统生产基地的生产力提升，”他补充道。

强劲的业绩表现促使LG能源解决方案公司将全年营收增长目标（包括北美生产激励措施）从此前预测的20%至15%上调至35%至40%。该公司维持了实现个位数中段营业利润率的计划。

公司预计第四季度销售额将比上一季度增长约10%，其中储能系统（ESS）出货量预计将增长40%。面向欧洲客户的圆柱形电池和高压中镍软包电池的出货量预计将保持稳定。

LG Energy Solution 的 JF2 AC Link 是一款高容量磷酸铁锂 (LFP) 储能系统 (ESS)，符合 Nvidia DSX Ready 标准。图片由 LG Energy Solution 提供。

然而，随着第三季度一次性收益的消失以及与本田合资企业新增的储能系统产能带来初始固定成本，盈利能力可能会减弱。

北美储能系统订单提供了更长期的可视性。LG能源解决方案公司表示，根据目前的计划产能，2028年之前的大部分供应量已经确定，而客户的讨论越来越多地集中在2028年以后的交付上。

客户包括公用事业公司、电网运营商、人工智能 (AI) 数据中心公司和全球科技公司。由于预计客户需求将超过现有产能，该公司计划在分配未来产能时优先考虑具有战略意义的项目。

第三季度，该公司为一家大型科技客户获得了首个直接供货的表后电池储能项目。此外，该公司还获得了英伟达DSX Ready电池储能合作伙伴资格，这有望拓展其在人工智能基础设施领域的业务机遇。

为了满足市场需求，LG能源解决方案计划到2027年底将其北美储能系统电池产能扩大到70吉瓦时以上，具体措施包括改造更多的电动汽车软包电池生产线和增加棱柱形电池生产线。

此次扩张伴随着更严格的支出控制。该公司计划今年削减超过40%的资本支出，并将重点放在提高现有设施的利用率上。

财务压力依然存在。

该公司第三季度的负债权益比从去年同期的125%升至171%，借款权益比也从76%升至98%。该公司表示，将优先偿还债务，改善现金流，并通过资产变现筹集额外资金，以期在保持运营效率的同时，增强资产负债表。