KOSDAQ · battery materials · Ecopro Group holdco
Ecopro
The holding company of Ecopro Group, which vertically integrates battery materials from high-nickel cathodes through precursors, lithium hydroxide and battery recycling — the node's substance is the sum of its stakes in three listed firms (cathodes BM 40.84%, precursors Materials 43.31%, environment HN 31.11%) and unlisted materials units (Innovation, CnG, AP). So Ecopro's earnings track the cathode cycle rather than any business of its own — the EV chasm and the 2023-24 lithium crash drove large inventory-valuation losses and red ink, before FY2025 metal-price stabilization and Indonesia nickel-smelter investment gains produced consolidated revenue of KRW 3,413bn (+9.1%) and a swing to a KRW 213.8bn operating profit. The watch item is the cycle's direction: whether a lithium rebound (lithium hydroxide +80% into 2026) and a European EV/ESS recovery can convert the closed loop's cost advantage into earnings.
086520.KQ Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, Ecopro is directly linked to 3 companies (0 supply, 0 revenue, 3 investment relationships) and reaches 3 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · KRW 3,413bn (2025 consolidated revenue, +9.1%) — a swing to a KRW 213.8bn operating profit (from a 2024 loss), signaling the cathode cycle passing its trough
- Segments · Battery materials (cathodes, precursors, lithium, recycling) · Environment (HN) · Holding income (dividends, royalties, engineering)
Revenue from
- Group subsidiaries (dividends, brand royalty, engineering services) High confidence
The standalone cash flow of Ecopro as a pure holding company — dividends, brand royalties and funding support from subsidiaries, plus a new engineering/construction-services business added in 2025 to consolidate group capex and utility operations. This income is downstream of subsidiary results, so dividends and service demand recover only as the cathode cycle turns.Confirms KO DART (Financial Supervisory Service) Published Mar 18, 2026: Ecopro FY2025 Annual Business Report (DART, filed 2026-03-18) - Battery cell makers (group cathodes & precursors) High confidence
On a consolidated basis, the source of group revenue KRW 3,413bn (FY2025, +9.1%) is the cell makers buying high-nickel cathodes and precursors (Samsung SDI, SK On, etc.). The EV chasm trimmed battery-materials sales slightly (-KRW 54.8bn), but a European EV recovery and rising ESS demand defended volume, and metal-price stabilization swung operating profit to a KRW 213.8bn profit.Confirms KO DART (Financial Supervisory Service) Published Mar 18, 2026: Ecopro FY2025 Annual Business Report (DART, filed 2026-03-18)Confirms EN The Korea Herald Published Feb 5, 2026: Ecopro swings to profit in 2025 on Indonesia investments
Pays to
- Lithium, nickel & metal feedstock (consolidated group) High confidence
The biggest swing factor in group earnings — purchases of lithium, nickel and cobalt feeding the cathode, precursor and lithium-hydroxide processes are most of the cost base and the epicenter of inventory valuation. The 2023-24 lithium crash drove large valuation losses and red ink, while 2025-26 metal-price stabilization and a lithium rebound were the direct trigger of the swing back to profit.Confirms KO DART (Financial Supervisory Service) Published Mar 18, 2026: Ecopro FY2025 Annual Business Report (DART, filed 2026-03-18) - Indonesia nickel smelters (upstream precursor feedstock) Medium confidence
Upstream integration aimed at hedging metal prices — the group has entered Indonesian nickel smelters (Morowali/IMIP, a PT ESG stake) to internalize precursor nickel. This both lowers dependence on external metal purchases and, via equity-method investment gains from the smelters, was a real contributor to the 2025 swing to profit — a dual effect.Confirms KO DART (Financial Supervisory Service) Published Mar 18, 2026: Ecopro FY2025 Annual Business Report (DART, filed 2026-03-18)Confirms EN The Korea Herald Published Feb 5, 2026: Ecopro swings to profit in 2025 on Indonesia investments
Investments
- 에코프로이노베이션 High confidence· Market share 83.88% · 연결기준 지분율
The lithium stage of the closed loop — an 83.88% stake in unlisted lithium-hydroxide subsidiary EcoPro Innovation. By processing lithium — the biggest variable in cathode cost — inside the group, it is the channel through which the lithium cycle (e.g. an ~80% surge in lithium-hydroxide prices in 2026) is amplified straight into group earnings. - EcoPro Materials High confidence· Market share 43.31% · 연결기준 지분율(별도 43.82%)
The upstream gateway of the closed loop — a 43.31% stake in precursor subsidiary EcoPro Materials. As the internal vertical link supplying nickel/cobalt precursors to BM's cathodes, its Indonesia nickel-smelter investments (IMIP, PT ESG) internalize raw materials upstream, building the group's buffer against metal-price swings.Confirms KO Eugene Investment & Securities Published Oct 30, 2023: EcoPro Materials (450080) IPO report - EcoPro BM High confidence· Market share 40.84% · 연결기준 지분율(별도 45.61%)
The core subsidiary that carries most of the group's value — Ecopro is the largest shareholder in EcoPro BM, a global leader in high-nickel cathodes, at 40.84% (45.61% separate basis). The holding company's price and NAV effectively track BM's cathode cycle, and BM's 2025 swing to a KRW 142.8bn operating profit was the axis of the holding's rebound. - Ecopro HN High confidence· Market share 31.11% · 연결기준 지분율(별도 31.15%)
A cash-flow source uncorrelated with the battery cycle — a 31.11% stake in air/water environmental subsidiary Ecopro HN. Its 2025 revenue fell 39.8% on semiconductor/chemical customers' capex cycle, but with low correlation to cathodes it partly diversifies the group's earnings volatility. - 에코프로에이피 Medium confidence· Market share 90.41% · 연결기준 지분율
The utility gateway of the cathode process — a 90.41% stake in unlisted high-purity oxygen/nitrogen subsidiary EcoPro AP. Supplying industrial gases essential to cathode calcination internally across the group campus, it is the vertical chain's utility axis, securing cost and supply stability versus external sourcing. - 에코프로씨엔지 Medium confidence· Market share 46.73% · 연결기준 지분율
The recycling stage that closes the loop — a 46.73% stake in unlisted battery-recycling subsidiary EcoPro CnG. Recovering nickel and lithium from scrap and spent cells to feed back into precursor and lithium processes, it is the structural lever that raises raw-material self-sufficiency and hedges metal prices at once.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Ecopro | node | -5.1 | +94.5 | +309.5 | -39.2 | +172.1 | -47.1 |
| Ecopro HN | benef1 | · | +4.6 | +17 | -47.7 | +38 | -32 |
| EcoPro Materials | benef1 | · | · | · | -52.5 | -4.9 | -43.6 |
| EcoPro BM | benef1 | +79.2 | +23.9 | +113.5 | -38.6 | +77.1 | -47.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is clear — Ecopro is not a standalone company but a vertically integrated holding leveraged to the cathode cycle, and everything rides on whether that cycle has bottomed. FY2025 swung to profit (consolidated revenue KRW 3,413bn, +9.1%; operating profit KRW 213.8bn), and the trigger was supply/cost, not demand — metal-price stabilization erased inventory-valuation losses, Indonesia nickel-smelter equity-method gains were added, and the closed loop that processes lithium and nickel in-house began to work as a cost advantage. If the 2026 lithium-hydroxide surge (+80%) and a European EV/ESS recovery persist, the leverage works upward; if the chasm deepens again, the same structure amplifies downward. Its graph ripple spreads across the group — via stakes (BM, Materials, HN) and closed-loop units (Innovation, CnG, AP) — so a single variable like lithium prices shakes everything from holding earnings to subsidiary margins along the chain at once.
Analysis generated from returns as of 2026-03-18