LS Electric (010120)

LS Electric (010120) is Korea’s flagship electrical-equipment maker, selling switchgear, transformers, and power systems into AI data centers, semiconductors, and renewables. In Q1 2026 it grew revenue 33% to ₩1.38 trillion with record operating profit of ₩126.6 billion, and its order backlog reached ₩5.6 trillion, over half ultra-high-voltage transformers.

Ticker010120
ExchangeKOSPI
SectorIndustrials · Power Equipment & Automation
CountrySouth Korea
Held by ETFRISE AI Electricity Infrastructure ETF (0101N0)
WikidataQ12581442
Last updated2026-06-10
Financial snapshotas of2026-06-10

Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-14. (source)

Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-21)

LS Electric posted Q1 2026 revenue of ₩1.377 trillion, up 33.4% year over year, with operating profit of ₩126.6 billion, up 45.0%, and net income of ₩119.0 billion, up 77.6%, as AI data-center, semiconductor, and renewable-energy projects drove the Electric segment up 44.9%.

Revenue₩1.377조 (KRW 1,377 billion)+33.4%YoY
Operating profit₩1,266억 (KRW 126.6 billion)+45.0%YoY · Operating margin 9.2%
Net income₩1,190억 (KRW 119.0 billion)+77.6%YoY
Order backlog₩5.64조 (KRW 5,643 billion)+45%YoY · HV transformers ₩3.1 trillion (55% of backlog)
New orders₩1.09조 (KRW 1,086 billion)+27%YoY

Primary source

Revenue by segment

Electric (power equipment & infrastructure)₩9,580억 (KRW 958.0 billion) · 69.6%of revenue+44.9% YoY
Automation₩820억 (KRW 82.0 billion) · 6.0%of revenue+6.8% YoY
Subsidiaries & adjustment₩3,360억 (KRW 336.0 billion) · 24.4%of revenue+14.3% YoY

Recent & upcoming events

  • · Q1 2026 분기보고서 filed.Confirmed consolidated Q1 operating profit of ₩126.6 billion and net income of ₩119.0 billion in the regulatory filing. (source)
  • · Record Q1 earnings release.Revenue ₩1.377 trillion (+33.4%) and operating profit ₩126.6 billion (+45.0%), with the order backlog up ₩600 billion in a quarter to ₩5.64 trillion on HV transformer and switchgear demand. (source)
  • · FY2025 사업보고서 filed.Full-year 2025 revenue of about ₩4.97 trillion with operating profit of ₩426.4 billion, up from ₩389.7 billion in 2024, and net income of ₩284.3 billion. (source)

Quarterly figures are from LS Electric's 1Q 2026 earnings release (consolidated, K-IFRS) and the DART 분기보고서; backlog and product mix are from the IR deck.

Figures are as of 2026-06-10 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does LS Electric do?

LS Electric makes the equipment that moves and controls electricity from the substation to the socket: low- to ultra-high-voltage switchgear, power and distribution transformers, circuit breakers, energy-management and grid systems, EV-charging and DC solutions, and factory automation. The Electric segment is the engine, generating ₩958 billion of Q1 2026 sales, about 70% of the total and up 44.9% year over year, with switchgear contributing ₩356 billion (+79%) and high-voltage transformers ₩164 billion (+83%) (LS Electric 1Q 2026 Earnings Release). The company is also positioning for the grid’s structural shift toward direct current, building DC switchgear, solid-state transformers, and a dedicated DC factory as data centers and renewables pull the grid that way (LS Electric IR).

How is AI driving LS Electric’s business?

Directly, and in the company’s own words. The Q1 2026 earnings deck opens with the cycle:

“Delivering strong performance driven by uprising cycle in AIDC, semiconductor, and renewable energy.”

— LS Electric, 1Q 2026 Earnings Release (IR)

AI data centers buy LS Electric’s switchgear, transformers, and power infrastructure; semiconductor fabs and renewables buy more of the same. The backdrop is the global equipment shortage at the core of the Korea AI Power Infrastructure concept: Wood Mackenzie models a 30% US power-transformer supply deficit for 2025 with imports covering about 80% of supply (Wood Mackenzie), and Korea’s ultra-high-voltage transformer exports to the US topped 1 trillion won in 2025 for the first time (Asia Business Daily). LS Electric’s high-voltage transformer backlog nearly doubled in a year, from ₩1.62 trillion to ₩3.1 trillion (LS Electric IR).

What did LS Electric report most recently?

In Q1 2026 (the quarter ended March 31, 2026), LS Electric posted revenue of ₩1.377 trillion, up 33.4% year over year, operating profit of ₩126.6 billion, up 45.0% for a 9.2% margin, and net income of ₩119.0 billion, up 77.6% (LS Electric IR, DART 분기보고서). New orders were ₩1.086 trillion, up 27%, and the backlog ended the quarter at ₩5.64 trillion, up 45% year over year (LS Electric IR). For full-year 2025 the company reported revenue of about ₩4.97 trillion with operating profit of ₩426.4 billion, up from ₩389.7 billion in 2024 (DART 사업보고서).

What are the risks for LS Electric?

  • Capex-cycle dependence. Orders track AI data-center, semiconductor, and grid spending; a capex pause would slow both new orders and margin momentum.
  • Automation drag. The automation segment earned just ₩3 billion on ₩82 billion of Q1 sales, and China-linked lines remain weak (LS Electric IR).
  • Input costs and FX. Margins move with copper, electrical steel, and the won; management itself flags surging raw-material costs as the pressure it is offsetting.
  • Working capital. Net debt rose to ₩612 billion as capacity expands, so the build-out consumes cash before it returns it (LS Electric IR).
  • Competition. Hitachi Energy, Siemens Energy, and Korean peers are all adding transformer capacity into the same shortage.

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Frequently asked questions about LS Electric

What does LS Electric do?

LS Electric makes the equipment that moves and controls electricity: low- to ultra-high-voltage switchgear, transformers, circuit breakers, energy-management and grid systems, DC and EV-charging solutions, and factory automation. In Q1 2026 its Electric segment generated ₩958 billion of sales, about 70% of the total, with switchgear at ₩356 billion and high-voltage transformers at ₩164 billion (LS Electric 1Q 2026 Earnings Release).

Why is LS Electric part of the Korea AI power infrastructure concept?

Because it supplies more layers of the data-center power stack than any other Korean name: substation transformers, switchgear, DC distribution, and energy storage. The company itself attributes its record Q1 2026 to the 'uprising cycle in AIDC, semiconductor, and renewable energy,' and its high-voltage transformer backlog nearly doubled in a year to ₩3.1 trillion (LS Electric IR).

What was LS Electric's latest quarterly revenue?

LS Electric reported Q1 2026 revenue of ₩1.377 trillion, up 33.4% year over year, with operating profit of ₩126.6 billion (+45.0%) and net income of ₩119.0 billion (+77.6%) (LS Electric IR, DART 분기보고서). For full-year 2025 it reported revenue of about ₩4.97 trillion and operating profit of ₩426.4 billion (DART 사업보고서).

How big is LS Electric's order backlog?

₩5.64 trillion at the end of Q1 2026, up 45% year over year and up about ₩600 billion in a single quarter. Ultra-high-voltage transformers account for ₩3.1 trillion, 55% of the backlog, with switchgear at ₩1.17 trillion (LS Electric 1Q 2026 Earnings Release).

When does LS Electric next report earnings?

Korean issuers do not pre-announce earnings dates. The next regulatory filing is the H1 2026 반기보고서 (semi-annual report), due around August 14, 2026 under Korea's 45-day semi-annual deadline; that date is estimated, not company-confirmed. LS Electric released Q1 2026 results on April 21, 2026 and filed its 분기보고서 on May 14, 2026 (DART).

Sources & references

  1. LS Electric 1Q 2026 Earnings Release · LS Electric, 2026-04-21
  2. 엘에스일렉트릭 분기보고서 (2026.03) · Q1 2026 quarterly report · LS Electric / DART (FSS), 2026-05-14
  3. 엘에스일렉트릭 사업보고서 (2025.12) · FY2025 annual report · LS Electric / DART (FSS), 2026-03-18
  4. Power Supercycle Boosts LS Electric to Record First-Quarter Results · The Asia Business Daily (Asiae), 2026-04-21