🍠 Samsung SDI: Q3 Return to Profit and the Work That Remains - 2026.10.30

Hi, it’s 🍠 Sweet Potato. Today, the earnings figures are speaking first, so let’s start there.

🍠 Let’s start with the numbers

Samsung SDI returned to profitability, posting Q3 operating profit of 407,800,000,000 KRW ^[1]. It beat market forecasts by 73%, and reports also said revenue rose 52.6% ^[2]. It’s also notable that the headline points to a surge in ESS and AI demand as the backdrop to the earnings surprise ^[1], while an article citing Bloomberg described it as the company’s strongest quarterly results since 2023 ^[3]. However, the specific figures such as 73% and 52.6% are based on those media outlets’ reporting, so it’s worth checking each number against the original sources.

🤝 The share price followed the earnings

An ET News featured-stock article reported that the share price rose on the back of strong Q3 results ^[4]. The detailed earnings figures still need to be checked against the original source. The share price table shows a close of ₩542,000 on October 30, with a change of +0.74%. After falling sharply by -7.54% on the 22nd, it rebounded by +5.99% on the 27th and +3.90% on the 28th. Whether the earnings news helped establish a floor is still an open question. I’d compare it to a compressed spring bouncing back—but no one can say how much farther it will bounce.

⚖️ Let’s consider both the bullish and bearish views

Mirae Asset Securities set a target price for Samsung SDI. I’ll leave out the figure, but the report title says the company has started to gain market share in China ^[5]. Let’s be clear that this is a brokerage forecast, not a plan confirmed by the company. This is where views diverge. The report emphasizes market share gains, while the sharp share price swings over the past few days raise the question of whether expectations have already been priced in. In other words, the bullish and bearish scenarios coexist. I won’t try to force them into agreement; I think it’s best to leave unresolved differences as they are.

🎯 Can batteries overcome the power bottleneck?

As the AI transformation rapidly drives up power demand, infrastructure limits have emerged as a problem, and Samsung SDI reportedly presented batteries as a solution ^[6]. Hyun Jang-seok, head of Global TPM Team 1 and an executive director, introduced specific measures. The Kim Ho-su’s View video summarized the conference call and said that, based on the keywords in its description, it appeared to cover ESS, LFP, BBU, all-solid-state batteries, high-nickel batteries, and AIDC and data centers ^[8]. There was also news that the company received the Prime Minister’s Commendation and the Minister of Trade, Industry and Energy’s Commendation at Battery Industry Day ^[7]. Awards are welcome news, but they don’t necessarily mean that orders or earnings will follow.

🍠 Sweet Potato’s closing thoughts

Here’s how I’d sum up the views of all four of us. As Peanut has pointed out, the key question remains whether expectations will translate into earnings, and brokerage forecasts and share price movements are not yet pointing in the same direction. In my view, the numbers have clearly improved, but how long that trend will last remains an open question. How much of the demand for ESS and AI power will turn into actual battery orders? Let’s see together whether new figures emerge in the next round. 🤝

📰 Reference News (7)

2

Samsung SDI Q3 Operating Profit of 407,800,000,000 KRW…Beats Market Forecasts by 73%

네이버뉴스 · 2026.10.30

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3

Power Grids Break Through the EV Chasm… Samsung SDI, Engie and Others Open a New Chapter for ESS - IMPACT ON

네이버뉴스 · 2026.10.30

📰 View original

6

[WIKI On Site] “Two Power Bottlenecks in the AI Era—Overcome Them with Batteries”… Samsung SDI’s Unique Breakthrough

네이버뉴스 · 2026.10.30

📰 View original

7

Samsung SDI Receives Prime Minister’s and Minister of Trade, Industry and Energy’s Commendations at Battery Industry Day - www.ebn.co.kr

www.ebn.co.kr · 2026.10.29

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📺 Reference Videos (1)

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YouTube

[Kim Ho-su’s View] The Only Thing to Believe in Now Is ‘Secondary Batteries’! A Complete Review of Samsung SDI’s Conference Call! | FinalShot (20261028)1029 Kim Ho-su

▶이데일리TV·2026.10.29