POSCO Future M (003670)

POSCO Future M (003670) is the battery-materials company of the POSCO group and the only Korean firm that produces both cathode and anode active material, plus Korea’s only natural-graphite anode. In ETFpedia it represents the solid-state-battery theme as the domestic supplier of the electrode materials that next-generation cells are built around.

Ticker003670
ExchangeKOSPI
SectorBattery Materials · Cathode & Anode
CountrySouth Korea
WikidataQ12621901
Last updated2026-06-04
Financial snapshotas of2026-05-15

Next event:Next report · H1 2026 반기보고서 (half-year report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-15. (source)

Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-15)

POSCO Future M reported Q1 2026 consolidated revenue of ₩757.5 billion, down 10% year over year, with operating profit of ₩17.7 billion (up 3%); net income fell 87% to ₩6.3 billion against a strong year-earlier base, as the EV and battery down-cycle kept cathode demand soft.

Revenue₩7,575억 (KRW 757.5B)-10%YoY
Operating profit₩177억 (KRW 17.7B)+3%YoY
Net income₩63억 (KRW 6.3B)-87%YoY · Against a high ₩489억 year-earlier base

Primary source

Recent & upcoming events

  • · FY2025 results filed: revenue down, return to net profit.Full-year 2025 consolidated revenue was ₩2.94 trillion, down 21% as the EV down-cycle hit cathode volumes, but operating profit recovered to ₩328억 and the company swung to a ₩365억 net profit from a ₩2,313억 loss in 2024. (source)
  • · ₩671 billion natural-graphite anode supply contract.POSCO Future M signed a ₩671 billion long-term deal to supply natural-graphite anode to a global automaker from October 2027 to September 2031, its largest-ever anode contract, riding Western de-China sourcing demand. (source)

FY2025 and Q1 2026 figures are consolidated (CFS) per DART. POSCO Future M reports Energy Materials (cathode/anode) and Basic Materials segments; a precise segment revenue split is omitted to avoid unverified numbers.

Figures are as of 2026-05-15 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does POSCO Future M do?

POSCO Future M sits at the center of the battery-materials chain. It makes the cathode active material that stores a cell’s energy and the anode active material the lithium ions move into, and it is the only Korean company that produces both. It is also Korea’s sole maker of natural-graphite anode, with an industrial-graphite anode line on top (POSCO Future M, energy materials). The company grew out of the POSCO group’s older industrial businesses, so it still runs refractories, industrial-furnace, and lime operations alongside the energy-materials unit that now drives its story.

That dual-electrode position matters in a world that is trying to source battery materials outside China. In October 2025 POSCO Future M signed a ₩671 billion long-term contract to supply natural-graphite anode to a global automaker, its largest anode deal to date and a direct read on Western “de-China” demand (Edaily, Oct 14, 2025).

Why is POSCO Future M a solid-state-battery company?

Solid-state and high-nickel cells change the electrolyte and push energy density higher, but they are still built around a cathode and an anode. POSCO Future M supplies both, which makes it a structural supplier to the solid-state-battery theme rather than a single-product bet. Its natural-graphite anode and high-nickel cathode lines give Korean and Western cell makers a non-Chinese source for the two materials every next-generation battery still needs.

What did POSCO Future M report most recently?

In Q1 2026 (the quarter ended March 31, 2026), POSCO Future M reported consolidated revenue of ₩757.5 billion, down 10% year over year, with operating profit of ₩17.7 billion, up 3% (DART Q1 2026 분기보고서). Net income fell 87% to ₩6.3 billion against a high year-earlier base of ₩48.9 billion. The soft top line reflects the broader EV and battery down-cycle that has held cathode volumes back across the Korean materials sector.

For full-year 2025, revenue fell 21% to ₩2.94 trillion, but the bottom line improved sharply: operating profit recovered to ₩328억 and the company swung to a ₩365억 net profit after a ₩2,313억 net loss in 2024 (DART FY2025 사업보고서).

POSCO Future M signed a ₩671 billion long-term contract to supply natural-graphite anode to a global automaker from October 2027 to September 2031, its largest natural-graphite anode supply deal since it entered the anode business in 2011.

(Edaily, Oct 14, 2025)

What are the risks for POSCO Future M?

  • EV and battery down-cycle. Revenue fell 21% in 2025 and another 10% in Q1 2026 as cathode demand stayed soft; the company’s volumes track the EV cycle closely.
  • Customer concentration. Energy-materials revenue leans on a small set of large cell and automaker customers, so a single program delay can move results.
  • Lithium and metal price swings. Cathode revenue and margins move with lithium and nickel prices, which cut both ways through inventory effects.
  • Capex and ramp risk. Anode and cathode capacity expansions tie up capital well before the contracted volumes, including the 2027 start of the new anode supply deal.

Related securities, concepts & terms

Related indices & ETFs

Frequently asked questions about POSCO Future M

What does POSCO Future M do?

POSCO Future M is the battery-materials company of the POSCO group. It is the only Korean firm that produces both cathode active material and anode active material for lithium-ion batteries, and Korea's only maker of natural-graphite anode. It also runs older refractories, industrial-furnace, and lime businesses. FY2025 consolidated revenue was ₩2.94 trillion (DART 사업보고서).

Why is POSCO Future M part of the solid-state-battery theme?

Every battery, including next-generation solid-state cells, is built around its cathode and anode active materials. As Korea's only producer of both electrodes and its sole natural-graphite anode maker, POSCO Future M is positioned to supply the electrode materials that solid-state and high-nickel cells need (POSCO Future M, energy materials).

Did POSCO Future M make a profit in 2025?

Yes, on a full-year basis. FY2025 revenue fell 21% to ₩2.94 trillion in the EV and battery down-cycle, but operating profit recovered to ₩328억 and the company returned to a ₩365억 net profit after a ₩2,313억 net loss in 2024 (DART 사업보고서). In Q1 2026, revenue was ₩757.5 billion (down 10%) with ₩17.7 billion of operating profit.

When does POSCO Future M next report earnings?

Korean issuers do not pre-announce earnings dates. Based on Korea's 45-day semi-annual deadline, POSCO Future M's H1 2026 반기보고서 is expected around August 14, 2026 (estimated, not confirmed). It last filed its Q1 2026 분기보고서 on May 15, 2026 (DART).

Sources & references

  1. POSCO Future M · FY2025 사업보고서 (annual business report, period ended Dec 2025) · DART / Financial Supervisory Service, 2026-03-12
  2. POSCO Future M · Q1 2026 분기보고서 (quarterly report, period ended Mar 2026) · DART / Financial Supervisory Service, 2026-05-15
  3. POSCO Future M signs ₩671 billion natural-graphite anode supply contract with global automaker · Edaily, 2025-10-14
  4. POSCO Future M · Energy Materials (cathode and anode) business overview · POSCO Future M, 2026-06-04