Cathode and anode battery materials
POSCO Future M
POSCO Future M is POSCO Group's battery-materials arm, mass-producing both cathodes and anodes. Q3 2026 consolidated revenue reached KRW 835bn and operating profit KRW 82bn, improving sequentially, with Energy Materials revenue at KRW 460bn. It signed an integrated KRW 6tn LFP-related agreement with Samsung SDI in October and a KRW 1.1tn contract to supply SK On with ESS LFP cathodes over 2027–2029 in September. Converted Pohang high-nickel lines are due to begin LFP mass production by end-2026.
Business categories Cathode Materials · Battery Value Chain · primary Anode Materials · Battery Value Chain
- Cathode Materials: EcoPro BM · EcoPro Materials · Cosmo Advanced Materials & Technology · Ronbay Technology · L&F
- Anode Materials: Daejoo Electronic Materials · BTR New Material Group Co., Ltd
003670.KS Updated Nov 2, 2026 7 AI consumers· 7 recurring
Per the valuechain.wiki graph, POSCO Future M is directly linked to 4 companies (1 supply, 3 revenue, 1 investment relationships) and reaches 12 companies within two hops; the links are backed by 22 dated sources, 5 of them primary filings (as of 2026-11-02).
Financials & Segments
- Total revenue · Q3 2026 consolidated revenue ₩835bn; operating profit ₩82bn
- Customer concentration · Energy Materials revenue ₩460bn and OP ₩52bn; Samsung SDI LFP-related ₩6tn and SK On LFP ₩1.1tn contracts
- Segments · Cathodes (high-nickel NCA/NCMA and LFP) · Anodes (natural and synthetic graphite) · Refractories · Lime and chemicals
Revenue from
- LG Energy Solution High confidence· Contract value 30.26조원(KRW trillion) · 2023–2029 (7년) · Total value of long-term high-nickel NCM/NCMA cathode supply contract
In April 2023 POSCO Future M signed a 7-year (2023–2029) deal worth about KRW 30.26tn ($22.6bn) to supply high-nickel NCM/NCMA cathodes to LG Energy Solution, its largest customer; cumulative LGES cathode orders reach ~KRW 52tn.Confirms KO POSCO Future M Published Apr 26, 2023: POSCO Future M signs KRW 30tn cathode supply deal with LG Energy SolutionConfirms EN The Korea Herald Published Apr 26, 2023: Posco Future M, LG Energy Solution sign W30tr cathode supply deal - Ultium Cells High confidence· Contract value 13.77조원(KRW trillion), 집행 2.8112조 · 2023– (집행분 2023~2024 기준) · Total value and actually-executed amount of long-term hi-nickel cathode supply to GM/Ultium Cells
POSCO Future M supplies high-nickel cathodes to Ultium Cells (the GM–LGES JV) under a 2023 contract worth KRW 13.77tn, but only ~KRW 2.81tn (~20%) was executed amid falling lithium prices and a US EV slowdown; first domestic-precursor cathode shipment began Aug 2025.Confirms KO Electric Times Published Jan 1, 2026: POSCO Future M's GM cathode supply shrinks from KRW 13.7tn to KRW 2.8tnMentions EN The Korea Herald Published Aug 8, 2025: Posco Future M starts supply of Korea-made battery precursors to US Ultium Cells - Samsung SDI High confidence· Contract value ₩6T · 2027–2032 (6년) · Long-term LFP cathode and related battery-materials supply agreement with Samsung SDI
POSCO Future M signed a KRW 40tn long-term high-nickel NCA cathode contract with Samsung SDI in 2023. In October 2026 it added a KRW 6tn integrated 2027–2032 agreement, broadening cooperation from NCA to LFP, LMO and synthetic-graphite anodes.Confirms EN POSCO Holdings / SEC Published Nov 2, 2026: POSCO Holdings Form 6-K: Q3 2026 earnings releaseConfirms EN POSCO Future M Published Oct 7, 2026: POSCO Future M signs KRW 6 trillion LFP supply contract with Samsung SDIConfirms KO POSCO Future M Published Oct 7, 2026: POSCO Future M signs KRW 6 trillion LFP supply contract with Samsung SDIConfirms EN POSCO Group Newsroom Published Feb 15, 2023: POSCO Chemical lands 40 trillion KRW cathode materials supply contract for Samsung SDI batteriesConfirms KO POSCO Group Newsroom Published Jan 30, 2023: POSCO Chemical wins KRW 40tn Samsung SDI cathode orderConfirms KO Newsis Published Jan 30, 2023: POSCO Chemical to supply Samsung SDI battery cathodes in record KRW 40tn deal - SK Innovation (SK On) High confidence· Contract value ₩1.1T · 2027–2029 (3년, 합의 시 2년 연장) · Long-term LFP cathode supply contract for SK On ESS batteries
POSCO Future M will supply SK On with about KRW 1.1tn of LFP cathodes for ESS batteries over 2027–2029, extendable by two years. It adds the first cathode deal to an existing anode relationship and uses converted Pohang high-nickel lines, with mass production due by end-2026.Confirms EN POSCO Holdings / SEC Published Nov 2, 2026: POSCO Holdings Form 6-K: Q3 2026 earnings releaseConfirms KO POSCO Future M Published Sep 22, 2026: POSCO Future M signs KRW 1.1 trillion LFP cathode supply contract with SK OnConfirms EN POSCO Future M Published Sep 22, 2026: POSCO Future M signs KRW 1.1 trillion LFP Cathode Material Supply Contract with SK OnMentions EN Mirae Asset Securities Research Published May 4, 2026: POSCO Future M (003670 KS/Buy): Entry into new markets is key - US automakers (undisclosed) Medium confidence· Contract value 0.671조원(₩6,710억), 연장시 1.7조 · 2027-10 ~ 2031-09 (4년) · Value of single natural-graphite anode supply contract
On Oct 14, 2025 POSCO Future M disclosed a single supply contract to provide KRW 671bn ($468m) of natural-graphite anodes to a global automaker over Oct 2027–Sep 2031, its largest anode deal ever, up to KRW 1.7tn with a 6-year extension, driven by de-risking from Chinese graphite export curbs.Confirms KO KRX KIND disclosure Published Oct 14, 2025: [POSCO Future M] Single Sale/Supply Contract ConclusionConfirms KO The Hankookilbo Published Oct 14, 2025: POSCO Future M signs KRW 670bn natural-graphite anode supply deal with overseas automaker
Pays to
- POSCO Holdings Medium confidence· supply volume 20,000 t (수산화리튬) · 2024-12~ · Lithium hydroxide purchase from POSCO Pilbara Lithium Solution (enough for 43kt of cathodes)
POSCO Future M sources key cathode raw materials such as lithium and nickel from the POSCO Holdings-led group value chain. In December 2024 it signed a 20,000-ton lithium hydroxide purchase contract with POSCO Pilbara Lithium Solution, completing a mine-to-cathode in-group supply line that also serves as a non-Chinese, FEOC-compliant sourcing route for the US market.Mentions EN POSCO Holdings / SEC Published Nov 2, 2026: POSCO Holdings Form 6-K: Q3 2026 earnings releaseConfirms KO Business Post Published Dec 6, 2024: POSCO Future M signs 20,000-ton domestic lithium hydroxide purchase deal, eyeing US tax creditsConfirms KO POSCO Newsroom Published Nov 29, 2024: POSCO Holdings completes domestic lithium hydroxide plant - CNGR (CNP New Materials JV) Medium confidence
POSCO Future M has an 80:20 precursor JV (C&P Materials) with China's CNGR to build a 100k-ton precursor / 250k-ton nickel-refining base (~KRW 1.6tn) in Pohang, aiming to source China-dependent precursor domestically.Confirms KO DigitalDaily Published Sep 5, 2025: POSCO Future M advances capital injection into CNGR JV C&P MaterialsConfirms KO DigitalDaily Published May 10, 2023: After Huayou, CNGR too — POSCO Future M diversifies Chinese materials
Investors
- POSCO Holdings Medium confidence
POSCO Holdings is the holding company and largest shareholder of POSCO Future M.
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 |
|---|---|---|---|---|---|---|---|
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | +16.4 |
| Ford Motor Company | lead2 | +137.5 | -42.2 | +15.8 | -13.1 | +42.3 | +15.3 |
| DTE Energy | lead2 | +19.4 | +1.2 | -2.8 | +13.5 | +10.4 | +7.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +2.4 |
| Hyundai Motor Company | lead2 | +11.4 | -24.5 | +36.8 | +10.5 | +49.1 | -3.5 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -14.3 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -14.9 |
| Nissan Motor | lead2 | -0.7 | -24.1 | +36.3 | -11.2 | -18.7 | -32.8 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +45.9 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | +23.5 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | +0.8 |
| POSCO Future M | node | +38.7 | +25.2 | +99.4 | -60.4 | +31.6 | -9.6 |
| POSCO Holdings | benef1 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -1.4 |
YTD as of 2026-11-02 · source: Yahoo Finance
After falling 60.4% in 2024, the stock rebounded 31.6% in 2025 but was down 9.6% through November 2, 2026. Connected customers were all ahead: Samsung SDI +45.9% through October 8, SK Innovation +23.5% through September 4 and LG Energy Solution +0.8% through October 8. Energy Materials revenue recovered to KRW 460bn in Q3, while new LFP agreements added KRW 6tn with Samsung SDI and KRW 1.1tn with SK On, but major deliveries begin in 2027. If customer strength reaches utilization and revenue, POSCO Future M is the lagging transmission layer. Delayed LFP conversion or weaker ESS demand would leave the gap as contract timing rather than propagation.
Analysis generated from returns as of 2026-11-02Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ₩270,000 · Price ₩168,900 (11-02) · Upside +60%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| KB Securities | Buy | ₩310,000 | May 4, 2026 | Report ↗ |
| Hanwha Investment & Securities | Hold | ₩220,000 | Mar 24, 2026 | Report ↗ |
| Samsung Securities | Buy | ₩280,000 | Dec 16, 2025 | Report ↗ |
Q1 beat consensus; cathode shipments rebound and basic-materials margins improve on higher chemical prices, with basic materials driving Q2. Target raised to KRW310,000, Buy maintained.
Analyses covering this node
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