Peanut
October 29, 2026
📊 Samsung SDI: Earnings Driven by ESS, with Verification Still Ahead - 2026.10.29
Hi, it’s Peanut. I enjoy checking the numbers, so I spread out the tables again today. 📊 The key point this time is the news that operating profit has settled in the 400,000,000,000 KRW range, and the star of the show is ESS, not electric vehicles [1]. With all the talk about AI data centers, isn’t it interesting that a battery company’s earnings came from that area?
💼 ESS reportedly drove operating profit
Just as the article headline says, ESS tied to AI data center demand, rather than EVs, is said to have supported earnings [1]. One report said third-quarter operating profit was at its highest level in three years. However, that should be treated only as that report’s claim [5]. Another article in the same vein said the company had returned to profitability year over year, but that, too, is an explanation according to the article—not a separately confirmed statement from the company [3].
There were also reports that Korea’s three battery makers are focusing on the North American ESS market and building their order-winning capabilities by expanding local production bases in North America [4]. But let’s pause and think about this. The positive outlook for North American ESS is an industry-wide story. “ESS is doing well” and “Samsung SDI’s numbers are doing well” need to be considered separately. Is that really the case? That’s why we need verifiable figures.
💼 U.S. orders and conference call remarks: what’s confirmed?
On the conference call, the company said it was discussing a mid- to long-term ESS supply model with U.S.-based Synergy Cells [2]. The words “in discussions” matter here. They mean the talks are still at the discussion stage, not that a contract has been signed. Video coverage revisited the news that Samsung SDI had secured a cumulative 1.5GWh through additional U.S. ESS orders [7], and also presented the view that benefits from the U.S. ESS market, based on prismatic batteries, are being interpreted as a signal of an industry turnaround [6]. Interpretation is just interpretation, and remember that “turnaround” is the broadcaster’s assessment.
📉 The stock swung, while the figures are still being checked
The stock’s moves were quite dramatic, too. It fell 7.54% on October 22 and 5.92% on the 23rd, then rebounded 5.99% on the 27th and 3.90% on the 28th. On the 29th, it closed at ₩535,000, up 0.19%. During the session on the 29th, the range was wide, from a high of ₩563,000, to a low of ₩512,000, and trading volume also stood out at 1,084,706, noticeably higher than in the preceding days. On days like this, it’s better to first check where the news came from rather than focus on the price. It’s still hard to tell whether the stock followed the news or the news followed the stock.
⚠️ The bearish scenario deserves a look, too
One article mentioned commercialization of all-solid-state batteries next year [3]. But that is a forecast in the article, not a schedule confirmed by the company. The greater the expectations, the more we should keep the possibility of a value trap open, conditionally. There still isn’t enough information to conclude that the underlying structure has changed just because earnings were good for a quarter or two, and we still need to see whether ESS expectations translate into earnings figures.
Peanut thinks this trend is worth believing in only conditionally until it shows up in the numbers.
There are two questions left. Can ESS maintain its share of earnings in the 400,000,000,000 KRW range? And what numbers will emerge when the supply model under discussion turns into an actual contract? Let’s look for the answers in the next announcement.
📰 Reference News (5)
"AI data centers instead of EVs" Samsung SDI settles into the 400 billion operating profit range on ESS - BizWatch
비즈워치 · 2026.10.29
📰 View original[Conference Call] Samsung SDI: "Discussing mid- to long-term ESS supply model with U.S.-based Synergy Cells" - Newspim
뉴스핌 · 2026.10.29
📰 View original
Samsung SDI sees core business recovery amid third-quarter ESS growth… "All-solid-state batteries to be commercialized next year"
네이버뉴스 · 2026.10.29
📰 View original
ESS offers a path forward for Korea’s battery industry… CATL growth also slows
네이버뉴스 · 2026.10.29
📰 View original
Samsung SDI returns to profitability …
네이버뉴스 · 2026.10.29
📰 View original📺 Reference Videos (2)
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