Nomura: LG Chem's cathode product shipments may drop significantly in 2026

Glonghui, April 14 — According to analysts at Nomura Securities, due to weak demand for electric vehicle batteries, LG Chem’s cathode product shipments may decline significantly in 2026, affecting its profitability. Analysts currently expect the Korean chemical company to post a net loss of 230 billion KRW this year, whereas they previously forecast a net profit of 648 billion KRW. They anticipate that LG Chem’s 2026 cathode product shipments will be less than half the 2024 level. Nomura values the advanced materials business division, which includes its cathode business, at 5.4 trillion KRW, down from the previous estimate of 6.5 trillion KRW. Nomura also lowered its valuation of LG’s battery business to 46.9 trillion KRW from the prior estimate of 48.3 trillion KRW.