LG Energy Solution's consolidated operating profit for the third quarter of this year was provisionally tallied at 756 billion won, up 25.7% from the same period a year earlier.

Q3 Revenue of 9.6434 Trillion Won, Up 59.0% Year-on-Year

According to the provisional consolidated financial results disclosed by LG Energy Solution on the 8th, third-quarter revenue came to 9.6434 trillion won, up 59.0% from 6.0654 trillion won in the same period last year. Compared with the previous quarter's revenue of 7.5602 trillion won, this represents a 27.6% increase.

Operating profit stood at 756 billion won, up 567.3% from the previous quarter's 113.3 billion won. Operating profit in the same period last year was 601.3 billion won.

Cumulative Q1-Q3 Operating Profit Down 54.9%

Cumulative revenue for the first three quarters of this year totaled 23.7586 trillion won, up 26.1% from 18.8442 trillion won in the same period last year. In contrast, cumulative operating profit fell 54.9% to 661.6 billion won from 1.4681 trillion won a year earlier.

Effects of IRA North American Production Subsidies Reflected; Excluding Them, Operating Profit Is 339.1 Billion Won

The third-quarter provisional results reflect the effects of North American production subsidies, including the Advanced Manufacturing Production Credit (45X) under the U.S. Inflation Reduction Act (IRA). Excluding these subsidies, third-quarter revenue was 9.2265 trillion won and operating profit was 339.1 billion won, for an operating margin of 3.7%.

Starting from the first quarter of this year, LG Energy Solution changed the accounting presentation of North American production subsidies. As a result, in its disclosed financial statements, revenue including North American production subsidies is presented as 'revenue and other income.' The prior-year results were also restated on the same basis for comparison.

Provisional Figures Based on K-IFRS; May Differ from Final Results

The company stated that these results are provisional figures prepared in accordance with Korean International Financial Reporting Standards (K-IFRS). As the information was provided before the completion of accounting audits by external auditors of LG Energy Solution's headquarters, subsidiaries, and affiliates, the final results may differ.