W-Scope Chungju Plant (393890) Q2 2026 earnings summary

Executive summary

• Manufactures and sells lithium-ion battery separators, focusing on wet and ceramic-coated separators for EV and ESS applications.

• Operates globally with a major production base in Korea and a subsidiary in Hungary; listed on KOSDAQ since 2022.

• Faces short-term headwinds from global EV demand slowdown but expects ESS market growth to offset.

Financial highlights

• H1 2026 revenue: KRW 79.1 billion, down from KRW 110.8 billion in 2025 and KRW 322.1 billion in 2024.

• Operating loss for H1 2026: KRW -36.0 billion; net loss: KRW -47.6 billion.

• Cash and cash equivalents at June 2026: KRW 30.9 billion.

• Equity at June 2026: KRW 902.8 billion; total assets: KRW 1,955.6 billion.

Outlook and guidance

• Anticipates continued ESS market expansion and expects improved results as ESS projects mature.

• Plans to expand production capacity to 2.3 billion m² by 2027, with ongoing investments in Hungary and Korea.

• Expects EV demand normalization to take time; short-term focus on ESS and customized separator solutions.