SK Innovation (SK On)

• Total revenue · SK Innovation FY2025 consol. revenue ₩80.3tn (battery/SK On ₩6.98tn)
• Customer concentration · Battery segment loss-making; refining dominates revenue
• Segments · Battery (SK On) · Refining · Petrochemical · Lubricants

• Ford (BlueOval SK) High confidence· Investment $11.4B · 2021~ · JV investment (dissolution agreed Dec 2025)
  BlueOval SK, the ~$11.4B 50:50 JV with Ford (est. 2021), began production in 2025. In Dec 2025 the partners agreed to dissolve it: Ford keeps two Kentucky plants, SK On takes the Tennessee plant.
  Confirms EN Utility Dive Published Dec 16, 2025: Ford, SK On dissolving BlueOval SK battery joint venture

  Confirms EN electrive Published Dec 12, 2025: SK On and Ford split US battery venture
• Ford Motor Company High confidence
  SK On has been a key battery supplier for Ford's F-150 Lightning and E-Transit range and intends to continue the strategic supply relationship through SK On Tennessee for future Ford electrified vehicles after the companies ended the BlueOval SK joint venture in May 2026.
  Confirms KO Samsung Securities Published Jun 18, 2026: Rechargeable Batteries 2H 2026 Outlook: U.S. ESS Demand and De-China Supply Chain Opportunities

  Confirms EN SEC EDGAR Published Feb 11, 2026: FORD MOTOR CO 10-K (2026-02-11)
• Nissan Medium confidence· capacity 99.4 GWh · 2028~2033 · high-nickel battery supply (~KRW 15tn)
  In 2025 SK Battery America signed a 99.4 GWh, ~KRW 15tn supply deal with Nissan's US arm (2028–2033, Kentucky); execution risk reported as Nissan delayed EV plans.
  Contradicts EN Bloomingbit Published Sep 1, 2025: SK On's $10.9 Billion Nissan Battery Deal Faces Cancellation Risk

  Confirms EN KED Global Published Mar 20, 2025: SK On to supply 100 GWh of EV batteries to Nissan
• Hyundai Motor Group Medium confidence· Investment $5B · 2026~ · 50:50 JV, ~300k EVs/yr
  Building a ~$5B 50:50 battery-cell JV in Bartow County, Georgia, targeting 2026 production for Hyundai/Kia/Genesis EVs.
  Confirms EN Manufacturing Dive Published May 29, 2024: Hyundai and SK On plan $5B Georgia EV battery plant
• Volkswagen Group Medium confidence
  Supplies cells from Hungary to VW (ID.7) and Audi (Q4 e-tron); SK On-fitted European EV sales rose in 2025.
  Confirms EN Argus Media Published Aug 1, 2025: SK Innovation battery unit posts higher 2Q revenue

• SKIET High confidence· Market share 70% · 역사적 · SKIET sales share to SK On
  SK Innovation's in-group separator subsidiary. SK On sources LiBS separators from SKIET, which historically derived ~70% of sales from SK On.
  Confirms KO Business Post Published May 1, 2024: SKIET, SK's troubled affiliate

  Confirms KO SK Innovation Newsroom Published Apr 1, 2024: SKIET to supply North America with separator film for up to 300k EVs
• L&F High confidence· Contract value ₩13.2T · 2024~2030 · high-nickel cathode supply contract
  Long-term high-nickel cathode supplier to SK On. The FY2025 annual report presents the relationship via a KRW 13.19tn contract signed in 2024 through end-2030, extending an earlier KRW 1.22tn contract from 2021.
  Confirms KO L&F Published Mar 17, 2026: Annual report (FY2025)

  Confirms KO Dealsite Published Jun 10, 2024: SK On cathode supplier L&F
• EcoPro BM High confidence· Contract value ₩10.1T · 2024~2026 · high-nickel NCM cathode supply
  A top cathode partner of SK On. Supplies KRW 10.11tn of EV high-nickel NCM cathodes for 2024-2026 and is also building a Canadian cathode JV with Ford for the North American supply chain.
  Confirms KO EcoPro BM Published Nov 14, 2025: Quarterly report (Q3 2025)

  Confirms KO Dealsite Published Jun 10, 2024: SK On cathode supplier L&F

  Confirms KO Electric Times Published Aug 1, 2023: SK On–Ecopro BM–Ford co-invest in North American cathode plant

  Confirms EN KED Global Published Mar 23, 2023: SK On, EcoPro, China's GEM to jointly build precursor factory
• POSCO Future M High confidence· Contract value ₩1.1T · 2027–2029 (3년, 합의 시 2년 연장) · Long-term LFP cathode supply contract for SK On ESS batteries
  SK On will procure about KRW 1.1tn of LFP cathodes for ESS batteries from POSCO Future M over 2027–2029, extendable by two years, supporting a non-China supply chain using POSCO Group's Argentine lithium.
  Confirms EN POSCO Holdings / SEC Published Nov 2, 2026: POSCO Holdings Form 6-K: Q3 2026 earnings release

  Confirms KO POSCO Future M Published Sep 22, 2026: POSCO Future M signs KRW 1.1 trillion LFP cathode supply contract with SK On

  Confirms EN POSCO Future M Published Sep 22, 2026: POSCO Future M signs KRW 1.1 trillion LFP Cathode Material Supply Contract with SK On
• SK IE Technology Medium confidence· Market share 80% · FY2024-2025 · Approximate SK On share of SKIET revenue
  SK On sources battery separators from sister company SKIET, which takes about 80% of SKIET's revenue.
  Confirms EN Businesskorea Published Feb 5, 2025: SKIET's 290 Bil. Won Contract: A Significant Step Toward Diversification and Recovery
• Enchem Medium confidence
  Korea's top electrolyte maker; expanding electrolyte supply to SK On's US plants, scaling its Georgia plant from 40kt to 200kt/yr.
  Confirms KO TechWorld (EPNC) Published Apr 6, 2026: Enchem's rise as a global electrolyte power

  Confirms KO TheElec Published Dec 1, 2024: Enchem supplies electrolyte to SK On, LGES and other global battery makers in North America

  Confirms KO Enchem Published Nov 15, 2024: Enchem securities prospectus
• Ronbay Technology Medium confidence
  SK On signed an MOU with Ronbay Technology in March 2024 covering ternary and LMFP cathodes, moving toward adopting Ronbay materials. Ronbay operates Korean subsidiary JAESE in Chungju (70kt/yr) close to Korean cell makers. Large-scale commercial supply is not yet confirmed.
  Confirms KO THE ELEC Published Apr 1, 2025: JAESE (Jaese Energy) starts up 3rd cathode plant in Chungju

  Confirms ZH China Securities Journal (cs.com.cn) Published Mar 26, 2024: Ronbay signs MOU with SK On on ternary and LMFP cathode cooperation

  Confirms EN Yicai Global Published Jan 1, 2024: China's Ronbay to Invest USD362 Million to Build Two Battery Materials Plants in South Korea
• Three copper foil makers (SK Nexilis · Lotte · Solus) Medium confidence
  Sources anode-side copper foil from Korea's three foil makers (SK Nexilis/SKC, Lotte Energy Materials, Solus); per-deal values undisclosed.
  Confirms KO SKC Published Jan 1, 2024: SK Nexilis signs mid/long-term copper foil supply contract
• Daejoo Electronic Materials Medium confidence
  SK On sources silicon anode material from Daejoo Electronic Materials, with supply beginning in Q1 2024.
  Confirms KO Topdaily Published Nov 14, 2023: What Daejoo's 'SK On supply' means
• SKC Medium confidence
  SK On (SK Innovation's battery arm) sources a large share of its copper foil from affiliate SK Nexilis (SKC subsidiary); copper foil is about 10% of cell cost.
  Confirms KO Sisajournal-e Published Jul 25, 2025: Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil deal
• PNT (People & Technology) Medium confidence
  SK On (SK Innovation) is one of Korea's three cell makers that adopted PNT's roll-to-roll electrode-process equipment; part of its expansion capex flows into equipment orders.
  Confirms KO Newspim Published Oct 25, 2023: PNT expects about KRW 2 trillion order backlog this year
• 나노신소재 (CNT 도전재) Medium confidence
  CNT conductive-additive supplier (cathode/anode).
  Mentions KO Finance Scope Published Nov 7, 2024: Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDI

• SK IE Technology Medium confidence
  SK Innovation is SKIET's parent and largest shareholder, having spun it off and listed it.
  Confirms KO KRX KIND Published Mar 16, 2026: SK IE Technology business report

Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩172,500 · Price ₩138,300 (09-04) · Upside +25%

Refining strength and battery recovery persist; target raised 30.8% to KRW170,000.