EcoPro Materials (450080)
EcoPro Materials (450080) makes precursor, the nickel-rich intermediate that cathode active material is built from, inside the EcoPro group’s battery-materials chain. In ETFpedia it represents the solid-state-battery theme as the precursor and nickel-refining node that sits one step upstream of cathode in the materials chain.
| Ticker | 450080 |
|---|---|
| Exchange | KOSPI |
| Sector | Battery Materials · Precursor (NCM) |
| Country | South Korea |
| Wikidata | Q123178260 |
| Last updated | 2026-06-04 |
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)
EcoPro Materials reported Q1 2026 consolidated revenue of ₩166.5 billion, up 22% year over year, and swung to an operating profit of ₩15.7 billion from a year-earlier loss; net income jumped to ₩24.6 billion as ESS precursor volumes rose and its Indonesian nickel-smelter stake contributed via the equity method.
| Revenue | ₩1,665억 (KRW 166.5B)+22%YoY |
|---|---|
| Operating profit | ₩157억 (KRW 15.7B)swing to profitYoY · From a ₩-148억 operating loss a year earlier |
| Net income | ₩246억 (KRW 24.6B)+436%YoY |
Recent & upcoming events
- · FY2025 results filed: operating loss, but net profit.Full-year 2025 revenue rose 31% to ₩3,925억, yet the company still posted an operating loss of ₩-654억; net income turned positive at ₩241억 (from a ₩-427억 loss in 2024), helped by nickel-smelter equity earnings. (source)
- · Q1 2026 swing to operating profit.EcoPro Materials posted its first operating profit in several quarters as ESS precursor demand grew and its 28% stake in Indonesia's Green Eco Nickel smelter was recognized by the equity method, improving its cost structure. (source)
FY2025 figures are non-consolidated (OFS) and Q1 2026 are consolidated (CFS) per DART, so the periods are not strictly like-for-like. A verified revenue-by-product 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 EcoPro Materials do?
EcoPro Materials produces precursor, known in Korean as 전구체, the nickel-cobalt-manganese intermediate that gets combined with lithium to make cathode active material. It also runs nickel refining and battery recycling that feed its own precursor lines, so it controls more of the upstream material than a pure precursor converter would. The company sits inside the EcoPro group, supplying the precursor that affiliate cathode makers turn into finished cathode powder (DART FY2025 사업보고서).
A 2025 move into nickel smelting changed its economics: EcoPro Materials took a 28% stake in Indonesia’s Green Eco Nickel smelter, and the equity earnings from that stake started flowing into its bottom line, improving its cost structure (DigitalToday, Apr 29, 2026).
Why is EcoPro Materials a solid-state-battery company?
Precursor is the raw shape of a cathode. Before any cell, including a high-nickel or solid-state one, can store energy, the cathode has to be built from a nickel-rich precursor, and that is exactly what EcoPro Materials supplies. It represents the precursor node of the solid-state-battery materials chain, the upstream layer that determines how much nickel, and therefore how much energy density, a finished cathode can carry.
What did EcoPro Materials report most recently?
In Q1 2026 (the quarter ended March 31, 2026), EcoPro Materials reported consolidated revenue of ₩166.5 billion, up 22% year over year, and swung to an operating profit of ₩15.7 billion from a ₩-148억 operating loss a year earlier (DART Q1 2026 분기보고서). Net income jumped to ₩24.6 billion, up more than fourfold. Korean coverage attributed the turnaround to higher ESS-grade precursor volumes and the equity-method contribution from the Indonesian nickel smelter (DigitalToday, Apr 29, 2026).
The full-year 2025 picture is more honest about the down-cycle. Revenue rose 31% to ₩3,925억, but the company still posted an operating loss of ₩-654억; net income, however, turned positive at ₩241억 from a ₩-427억 loss in 2024, helped by nickel-smelter equity earnings (DART FY2025 사업보고서).
EcoPro Materials swung to a Q1 2026 operating profit, with both operating and net results turning positive, as Indonesian nickel-smelter earnings and rising ESS precursor volumes drove the improvement.
What are the risks for EcoPro Materials?
- FY2025 operating loss. Despite 31% revenue growth, the company ran an operating loss for the full year; the Q1 2026 swing is recent and not yet proven across a full year.
- Nickel price exposure. Precursor economics and the equity earnings from the Indonesian smelter both move with the nickel price.
- Group concentration. Demand is closely tied to EcoPro group cathode affiliates and the broader EV cycle.
- Reporting basis. FY2025 was filed on a non-consolidated basis and Q1 2026 on a consolidated basis, so the two periods are not strictly like-for-like.
Related securities, concepts & terms
Related indices & ETFs
- Akros Korea Solid-State Battery ESS TOP2 Plus Index · AkrosKorean solid-state-battery and ESS basket that includes EcoPro Materials. No licensed tracking ETF.
Frequently asked questions about EcoPro Materials
What does EcoPro Materials do?
EcoPro Materials makes precursor (전구체), the nickel-rich intermediate that cathode active material is produced from, and runs nickel refining and recycling that feed it. It sits inside the EcoPro group's battery-materials chain, one step upstream of cathode. FY2025 revenue was ₩3,925억 (DART 사업보고서).
Why is EcoPro Materials part of the solid-state-battery theme?
Precursor is what cathode is built from, so EcoPro Materials supplies the upstream nickel-rich material that high-density and next-generation cells need. As a precursor and nickel-refining specialist, it represents the precursor node of the solid-state-battery materials chain (DART 사업보고서).
Did EcoPro Materials make a profit in 2025?
It was mixed. FY2025 revenue rose 31% to ₩3,925억, but the company still ran an operating loss of ₩-654억; net income turned positive at ₩241억 (from a ₩-427억 loss in 2024), helped by nickel-smelter equity earnings (DART 사업보고서). In Q1 2026 it swung to a ₩157억 operating profit on ₩1,665억 of revenue.
When does EcoPro Materials next report earnings?
Korean issuers do not pre-announce earnings dates. Based on Korea's 45-day semi-annual deadline, EcoPro Materials' 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
- EcoPro Materials · FY2025 사업보고서 (annual business report, period ended Dec 2025) · DART / Financial Supervisory Service, 2026-03-13
- EcoPro Materials · Q1 2026 분기보고서 (quarterly report, period ended Mar 2026) · DART / Financial Supervisory Service, 2026-05-15
- EcoPro Materials swings to Q1 operating profit; net income turns positive on Indonesian nickel smelter · DigitalToday, 2026-04-29
- EcoPro Materials · turnaround expected as nickel refining earnings flow through · NH Investment & Securities (via Daum), 2025-12-17