LG Energy Solution expects revenue to grow by 35–40% in 2026 — Korea Herald
South Korean battery manufacturer LG Energy Solution has raised its 2026 revenue growth forecast to 35–40% year-on-year. The company’s operating profit rose 25.7% in the third quarter to 756 billion won, Korea Herald reports.
From July through September, LG Energy Solution’s revenue increased 59% compared with the same period a year earlier and 27.6% from the previous quarter, reaching a record 9.64 trillion won. The company attributed the result to increased battery shipments for energy storage systems and electric vehicles.
Demand for energy storage systems
Excluding 416.9 billion won in U.S. manufacturing tax credits provided under the Inflation Reduction Act, operating profit amounted to 339.1 billion won. Chief Financial Officer Lee Chang-sil explained the improved performance by higher utilization at the Polish plant, sustained demand for cylindrical batteries and rising productivity at new ESS production sites.
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At the end of September, the company’s order backlog in the energy storage systems segment stood at approximately 160 GWh. LG Energy Solution also signed its first direct BESS supply agreement with a major technology company, expanding its presence in the artificial intelligence data center market.
Expanding production in North America
The company launched additional ESS cell production lines and containerized system assembly capacity in North America. LG Energy Solution plans to increase its ESS production capacity in the region to more than 70 GWh by the end of 2027, compared with more than 50 GWh planned by the end of this year.
The expansion includes new lines for prismatic batteries. By the end of the year, the company is also expected to complete final preparations at its Arizona plant, its first North American production site for cylindrical batteries. According to LG Energy Solution, customers have already contracted most of the capacity planned through 2028.
