Slides
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3Q26 Earnings Release 2026.11.05.
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Disclaimer 2
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Contents 3 Financial Results 01 EcoPro HN 02 EcoPro Materials 03 EcoPro
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Financial Results Keywords Review Appendix 3Q26 Performance 4 26.3Q 31㚠 32㚠 32㚠 4㚠 26.2Q 515 Earnings Summary 113 58 50 23 23 EBIT 22㚠 11㚠 15㚠 5.9㚠 8.2㚠 㚠 284 392 347 515 528 25.3Q 25.4Q 26.1Q 26.2Q 26.3Q Outlook Review Accelerating revenue contribution from air㎿pollution control plant business Stable earnings supported by balanced biz. growth 25㚠 55㚠 15㚠 3㚠 528 Revenue ㏙Unit : KRW 100M㏚ ㏙Unit : KRW 100M㏚ Revenue Structure Chemical Filter GreenHouse Gas Reduction Fine Dust Reduction Water Treatment Other Domestic 㖈 Overseas new customers driving revenue diversification and business stability Backlog growth from continued Fab orders Product mix㎿driven profitability enhancement
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Financial Results Keywords Review Appendix 5 YoY ㏙㚠㏚ QoQ ㏙㚠㏚ 26.3Q 26.2Q 25.3Q 8.9㚠 3.2㚠 4,705 4,558 4,320 Assets ㎿68㚠 4.0㚠 184 177 578 Cash 㖈 Equiv. 4.1㚠 ㎿11㚠 1,144 1,292 1,099 Financial Assets㏙*㏚ 43㚠 2.2㚠 224 219 157 Inventories 12㚠 1.8㚠 1,483 1,456 1,320 Liabilities 4.9㚠 ㎿1,091 1,091 1,040 Debts 7.4㚠 3.9㚠 3,223 3,102 3,001 Equity 3Q26 Performance 48㚠 47㚠 46㚠 26.1Q 26.2Q 26.3Q Securing stable liquidity and financial stability Financial Analysis ㏙Unit : KRW 100M㏚ Balance Sheet ㏙Consolidated㏚ Financial Status Debt Ratio ㏙*㏚ Financial Assets 㚍 Short㎿term financial instruments 㚉 FVPL㏙Fair Value though Profit or Loss㏚ ※ Debt Ratio : Total Liability / Total Equity
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Financial Results Keywords Review Appendix 3Q26 Performance 6 26.3Q 20㚠 10㚠 10㚠 60㚠 1,811 26.2Q Revenue Structure Earnings Summary ㎿290 ㎿106 157 33 ㎿251 EBIT ㎿16㚠 ㎿5.9㚠 9.4㚠 2.9㚠㎿40㚠 㚠 632 1,152 1,665 1,788 1,811 25.3Q 25.4Q 26.1Q 26.2Q 26.3Q 36㚠 13㚠 17㚠 34㚠 1,788 ㏙Unit : KRW 100M㏚ Revenue Precursor㏙External㏚ Precursor㏙Captive㏚ Metal Sulfate GEN MHP ㏙Unit : KRW 100M㏚ PT. Green Eco Nickel has been incorporated as a subsidiary since the first quarter of 2026, and has been prepared as individual financial statements until 2025 and consolidated financial statements from the first quarter of 2026. Review Decrease in precursor sales due to clients㑄 product transitions Decline in profitability due to widening inventory valuation losses driven by falling exchange rates and metal prices Expansion of MHP sales through recovery in GEN utilization rate Outlook Outlook for precursor product shipments to new US clients Securing U.S. Black Mass Tolling clients utilizing EcoPro CLS Expected increase in MHP sales volume driven by the normalization of GEN utilization rate
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Financial Results Keywords Review Appendix 7 YoY ㏙㚠㏚ QoQ ㏙㚠㏚ 26.3Q26.2Q25.3Q 46㚠 ㎿9.2㚠 26,451 29,120 18,088 Assets 155㚠 ㎿21㚠 696 882 273 Cash 㖈 Equiv. 45㚠 ㎿12㚠 2,767 3,129 1,902 Inventories 135㚠 ㎿8.9㚠 12,986 14,252 5,563 Liabilities 98㚠 0.2㚠 10,348 10,327 5,186 Debts 9.4㚠 ㎿9.4㚠 13,466 14,869 12,525 Equity Balance Sheet ㏙Consolidated㏚ ㏙Unit : KRW 100M㏚ Financial Status 3Q26 Performance 44㚠 96㚠 96㚠 25.3Q 26.2Q 26.3Q PT. Green Eco Nickel has been incorporated as a subsidiary since the first quarter of 2026, and has been prepared as individual financial statements until 2025 and consolidated financial statements from the first quarter of 2026. Debt Ratio ※ Debt Ratio : Total Liability / Total Equity Maintaining efficient capital management and a stable financial structure despite challenging market conditions Increase in debt㎿to㎿equity ratio YoY due to growth in assets and liabilities from incorporating GEN as a subsidiary Financial Analysis
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Financial Results Keywords Review Appendix 8 Revenue remained stable, supported by smelter recovery despite weak battery material sales Operating profit declined due to lower metal prices and unfavorable FX * Quarterly Average Lithium Price ㎿ 26.2Q : 㙌20.9/kg 㛳 26.3Q : 㙌18.3/kg ㏙㎿12.4㚠㏚ Benefits from lower nickel refining costs and increased MHP sales Earnings improvement through additional environmental business orders Higher Hungary plant utilization and new cathode material project orders 112 336 564 468 1,494 EBIT 1.4㚠 4.1㚠 6.9㚠 6.5㚠 16㚠 㚠 9,594 7,151 8,183 8,215 8,107 25.3Q 25.4Q 26.1Q 26.2Q 26.3Q 3Q26 Performance Earnings Summary Revenue ㏙Unit : KRW 100M㏚ ㏙Unit : KRW 100M㏚ Review Outlook
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Financial Results Keywords Review Appendix 9 479 597 950 844 542 328 222 266 332 418 695 709 634 513 783 25.3Q 25.4Q 26.1Q 26.2Q 26.3Q Holding Company㐴s Business ㎿ Growth in metal trading revenue with continued increase expected ㎿ Improved equity method income from the nickel smelter Recycle ㏙CNG㏚ 㖈 Others ㎿ Benefiting from policies restricting US Black Mass exports and securing stable feed, with full operations expected in Q4 Lithium ㏙Innovation㏚ ㎿ Temporary volume decrease due to customer line transitions, with sales growth anticipated from securing new customers Review 㖈 Outlook Earnings Summary 3Q26 Performance Revenue Holding Co㐴s Business ㎿Equity Method Profit ㎿MHP trading 㖈 Etc. Industrial Gas, Recycle, Logistics, VC Lithium ㏙Unit : KRW 100M㏚
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Financial Results Keywords Review Appendix 73㚠 46㚠 95㚠 81㚠 75㚠 20㚠 177㚠 97㚠 EcoPro HN BM EM Mat Inno CnG AP 10 YoY ㏙㚠㏚ QoQ ㏙㚠㏚ 26.3Q 26.2Q 25.3Q 23㚠 ㎿5.6㚠 107,972 114,390 87,824 Assets 63㚠 ㎿31㚠 9,203 13,364 5,630 Cash 㖈 Equiv. 35㚠 ㎿6.8㚠 11,827 12,692 8,739 Inventories 30㚠 ㎿6.5㚠 59,312 63,448 45,682 Liabilities 25㚠 ㎿3.7㚠 45,245 46,960 36,062 Debts 15㚠 ㎿4㚠 48,660 50,942 42,142 Equity BNSI investment and subsidiary debt repayments led to a decrease in cash and cash equivalents CNG㐴s debt ratio temporarily increased due to the proactive securing of Black Mass feed ㏙124㚠 㛳 177㚠㏚ ※ Debt Ratio : Total Liability / Total Equity Balance Sheet ㏙Consolidated㏚ ㏙Unit : KRW 100M㏚ Financial Status Debt Ratio 3Q26 Performance Financial Analysis
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Contents 11 Appendix 01 Metal Price Trends 02 Financial Statements
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Appendix Keywords Review Appendix 15.2 15.3 15.1 17.3 17.8 16.5 8.1 9.5 11.2 22.0 20.3 18.0 32.6 33.2 51.4 55.6 55.6 55.0 84.5 % 86.9 % 89.5 % 90.7 % 93.0 % 88.0 % 64.0 % 71.0 % 92.0 % 91.2 % 91.0 % 65.0 % 0 20 40 60 80 5 10 15 20 25 30 35 40 45 50 55 60 65 70 㠯25. 07 㠯25. 08 㠯25. 09 㠯25. 10 㠯25. 11 㠯25. 12 㠯26. 01 㠯2 6. 02 㠯26. 03 㠯26. 04 㠯26. 05 㠯26. 06 㠯26. 07 㠯26. 08 㠯26. 09 Nickel Lithium Hydroxide Cobalt MHP Payable ㏙Nickel㏚ MHP Payable ㏙Cobalt㏚ 12 Metal Price ㏙Unit : USD / kg㏚ Metal Price Trends ㏙Unit : 㚠㏚ MHP Payable
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Appendix Keywords Review Appendix 13 1,390 528 515 347 1,411 392 284 390 344 Revenue 454 195 139 120 417 94 100 112 111 Gross Margin 233 82 81 70 300 70 77 76 77 OPEX 221 113 58 50 117 23 23 37 34 EBIT 16㚠 22㚠 11㚠 15㚠 8.3㚠 5.9㚠 8.2㚠 9.4㚠 9.9㚠 ㏙㚠㏚ 280 133 77 70 188 33 44 56 55 EBITDA 20㚠 25㚠 15㚠 20㚠 13㚠 8.5㚠 15㚠 14㚠 16㚠 ㏙㚠㏚ 232 118 64 49 152 33 32 41 45 EBT 218 122 51 45 132 36 25 34 37 Net Income 26.3Q 26.2Q 26.1Q 25.4Q 25.3Q 25.2Q 25.1Q 4,705 4,558 4,507 4,589 4,320 4,379 4,388 Assets 2,734 2,660 2,696 2,802 2,669 2,763 2,815 Current 184 177 235 1,534 578 756 737 Cash 㖈 Equivalent 247 204 436 205 77 236 228 Account Receivable 224 219 199 190 157 128 108 Inventories 1,972 1,898 1,810 1,787 1,651 1,616 1,573 Non㎿Current 1,832 1,763 1,670 1,652 1,515 1,482 1,448 Tangible 1,483 1,456 1,456 1,542 1,320 1,405 1,449 Liabilities 934 878 871 977 637 746 774 Current 157 132 90 174 56 151 117 Account Payable 651 610 610 610 490 490 490 Borrowings 548 578 584 565 682 659 675 Non㎿Current 440 481 475 475 550 540 540 Borrowings 3,223 3,102 3,051 3,047 3,001 2,974 2,939 Equity 3,223 3,102 3,051 3,047 3,001 2,974 2,939 Shareholders㐴 equity 105 105 105 105 105 105 105 Equity capital ㎿㎿㎿㎿㎿㎿㎿Non㎿controlling Interests ㏙Unit : KRW 100M㏚ ㏙Unit : KRW 100M㏚ Financial Statements
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Appendix Keywords Review Appendix 14 26.3Q 26.2Q 26.1Q 25.4Q 25.3Q 25.2Q 25.1Q 26,451 29,120 28,543 17,291 18,088 16,784 13,894 Assets 4,981 6,569 5,385 2,549 2,857 4,393 3,470 Current 696 882 659 450 273 1,335 37 Cash 㖈 Equivalent 900 1,368 977 391 454 248 936 Account Receivable 2,767 3,129 2,662 1,562 1,902 1,906 1,793 Inventories 21,470 22,461 23,158 14,742 15,230 12,390 10,424 Non㎿Current 16,846 17,469 17,195 9,909 9,485 8,974 8,324 Tangible 12,986 14,252 13,678 5,844 5,563 5,884 6,594 Liabilities 5,220 6,218 7,571 3,400 3,259 3,582 4,247 Current 412 324 925 92 59 211 102 Account Payable 3,686 4,159 3,933 2,967 2,977 2,977 3,789 Borrowings 7,765 8,034 6,107 2,444 2,304 2,302 2,347 Non㎿Current 6,662 6,167 3,885 2,195 2,209 2,223 2,237 Borrowings 13,466 14,869 14,865 11,447 12,525 10,900 7,300 Equity 10,789 11,606 11,617 11,447 12,525 10,900 7,300 Shareholders㐴 equity 386 386 385 385 382 382 355 Equity capital 2,677 3,263 3,248 ㎿㎿㎿㎿Non㎿controlling Interests 5,265 1,811 1,788 1,665 3,925 1,152 632 781 1,361 Revenue 321 ㎿132 89 364 ㎿293 132 ㎿158 ㎿205 ㎿62 Gross Margin 560 158 195 207 361 98 93 83 86 OPEX ㎿239 ㎿290 ㎿106 157 ㎿654 33 ㎿251 ㎿288 ㎿148 EBIT ㎿4.5㚠 ㎿16㚠 ㎿5.9㚠 9.4㚠 ㎿17㚠 2.9㚠 ㎿40㚠 ㎿37㚠 ㎿11㚠 ㏙㚠㏚ 401 ㎿111 128 384 ㎿380 ㎿34 ㎿138 ㎿174 ㎿35 EBITDA 7.6㚠 ㎿6.1㚠 7.2㚠 23㚠 ㎿9.7㚠 ㎿2.9㚠 ㎿22㚠 ㎿22㚠 ㎿2.6㚠 ㏙㚠㏚ ㎿863 ㎿1,027 ㎿101 265 150 ㎿822 1,545 ㎿446 ㎿127 EBT ㎿787 ㎿909 ㎿124 246 241 ㎿967 1,616 ㎿335 ㎿73 Net Income Financial Statements ㏙Unit : KRW 100M㏚ ㏙Unit : KRW 100M㏚ ※ These materials are prepared before external audi tors㐴 review, some of the contents may change durin g the auditing process. PT. Green Eco Nickel has been incorporated as a sub sidiary since the first quarter of 2026, and has been prepared as individual financial statements until 2025 and consolidated financial statements from the first quarter of 2026.
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Appendix Keywords Review Appendix 15 26.3Q 26.2Q 26.1Q 25.4Q 25.3Q 25.2Q 25.1Q 107,972 114,390 110,727 97,787 87,824 88,509 84,719 Assets 33,108 37,900 34,544 30,591 23,569 29,354 27,652 Current 9,203 13,364 9,259 11,868 5,630 8,214 8,577 Cash 㖈 Equivalent 4,233 4,579 4,745 2,480 5,306 6,000 4,668 Account Receivable 11,827 12,692 10,692 9,192 8,739 10,420 10,037 Inventories 74,864 76,490 76,183 67,196 64,255 59,154 57,068 Non㎿Current 54,936 57,571 56,740 47,922 45,164 43,602 43,491 Tangible 59,312 63,448 60,391 52,914 45,682 47,855 46,657 Liabilities 28,051 32,795 34,098 30,560 27,018 24,374 22,342 Current 2,690 3,249 4,188 2,670 1,846 3,767 2,281 Account Payable 22,890 25,802 24,593 22,806 23,085 18,807 17,981 Borrowings 31,261 30,653 26,293 22,354 18,664 23,481 24,315 Non㎿Current 22,355 21,158 16,607 14,839 12,977 17,977 18,811 Borrowings 48,660 50,942 50,336 44,873 42,142 40,654 38,063 Equity 22,044 22,292 21,855 19,656 16,027 15,136 15,758 Shareholders㐴 equity 136 136 136 136 136 136 133 Equity capital 26,616 28,650 28,481 25,217 26,115 25,518 22,305 Non㎿controlling Interests 24,504 8,107 8,215 8,183 34,130 7,151 9,594 9,317 8,068 Revenue 3,003 724 1,029 1,250 4,340 920 2,126 730 564 Gross Margin 1,992 612 693 686 2,202 452 632 568 550 OPEX 1,011 112 336 564 2,138 468 1,494 162 14 EBIT 4.1㚠 1.4㚠 4.1㚠 6.9㚠 6.3㚠 6.5㚠 16㚠 1.7㚠 0.2㚠 ㏙㚠㏚ 2,624 664 898 1,062 3,612 397 2,018 680 517 EBITDA 11㚠 8.2㚠 11㚠 13㚠 11㚠 5.6㚠 21㚠 7.3㚠 6.4㚠 ㏙㚠㏚ 1,932 ㎿1,833 874 2,891 ㎿1,243 ㎿1,876 1,438 ㎿560 ㎿246 EBT 1,532 ㎿1,351 518 2,365 ㎿1,055 ㎿2,308 1,739 ㎿380 ㎿108 Net Income ㏙Unit : KRW 100M㏚ ㏙Unit : KRW 100M㏚ Financial Statements