Samsung SDI — 2025 at a Glance
- Total revenue
- KRW 13.27 T (~US$9.3 B)
- YoY change
- -20.0 %
- Operating result
- KRW (1.72 T) loss (~US$1.2 B loss)
- Net loss (owners)
- KRW (649 B) (~US$457 M)
- Gross margin
- 11.0 % (down from 18.6 %)
- R&D spending
- KRW 1.42 T (+9.5 %)
- Capital expenditure
- KRW 3.29 T (-50.5 %)
- Dividend
- Suspended (2025–2027)
Key takeaways
- Samsung SDI’s Energy Solutions segment (EV + ESS + small Li-ion) recorded a KRW 1.85 trillion operating loss in FY2025, swinging from a KRW 218 billion profit in FY2024, on revenue that fell 21 % to KRW 12.38 trillion.
- Consolidated gross margin fell from 18.6 % to 11.0 %, while SG&A rose 23 % (including KRW 1.42 trillion in R&D). The group recorded a KRW 1.72 trillion operating loss.
- The company raised KRW 1.65 trillion in equity capital (11.8 million new shares at KRW 140,000) in May 2025 and suspended dividends for three years (2025–2027).
- R&D spending grew 9.5 % to KRW 1.42 trillion.
- US manufacturing joint ventures with Stellantis (StarPlus Energy) and General Motors (SDI-GM Synergy Cells) are disclosed as ongoing, with AMPC tax credit recognition of KRW 275 billion, up from KRW 90 billion in FY2024.
- Samsung SDI does not disclose ESS-specific revenue — the Energy Solutions segment combines automotive, energy storage, and small-format Li-ion batteries into a single reporting line.
1. Headline numbers
Samsung SDI reported total revenue of KRW 13.27 trillion (~US$9.3 billion) for the year ended December 31, 2025, a 20 % decline from KRW 16.59 trillion in FY2024. The company swung from an operating profit of KRW 363 billion to an operating loss of KRW 1.72 trillion (~US$1.2 billion).
Net loss attributable to owners was KRW 649 billion (~US$457 million). This was partially offset by a KRW 290 billion gain from discontinued operations — the sale of the polarizer film business in September 2025 for KRW 1.18 trillion.
The revenue decline was concentrated in the Energy Solutions segment, which accounts for 93 % of group revenue. Gross margin fell from 18.6 % to 11.0 %.
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Total revenue | KRW 13.27 T | KRW 16.59 T | -20.0 % |
| Gross profit | KRW 1.46 T | KRW 3.09 T | -52.7 % |
| Gross margin | 11.0 % | 18.6 % | -7.6 pp |
| Operating profit (loss) | KRW (1.72 T) | KRW 363 B | Loss vs profit |
| Net income (loss), owners | KRW (649 B) | KRW 599 B | Loss vs profit |
| Basic EPS | KRW (8,796) | KRW 8,961 | Loss vs profit |
2. Energy Solutions segment
The Energy Solutions segment combines automotive (EV) batteries, energy storage systems (ESS), and small-sized Li-ion batteries. It accounted for 93.3 % of group revenue in FY2025.
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | KRW 12.38 T | KRW 15.69 T | -21.1 % |
| Operating profit (loss) | KRW (1.85 T) | KRW 218 B | Loss vs profit |
| Share of group revenue | 93.3 % | 94.6 % | — |
The segment’s move from KRW 218 billion profit to KRW 1.85 trillion loss is a KRW 2.07 trillion year-on-year change (derived). The group operating loss was KRW 1.72 trillion.
Samsung SDI does not break out ESS revenue, volumes, or margins separately. The company supplies utility-scale energy storage battery cells and rack-level DC blocks to system integrators. The filing reports the Energy Solutions result on a combined basis only.
The Electronic Materials segment recorded a KRW 130 billion operating profit on KRW 883 billion revenue.
3. Geographic revenue
Europe remained Samsung SDI’s largest market, followed by North America. Revenue fell in both regions.
| Region | FY2025 | Share | FY2024 | Share | Change |
|---|---|---|---|---|---|
| Europe | KRW 5,338 B | 40.2 % | KRW 6,914 B | 41.7 % | -22.8 % |
| North America | KRW 3,610 B | 27.2 % | KRW 5,700 B | 34.4 % | -36.7 % |
| SE Asia and others | KRW 2,422 B | 18.3 % | KRW 2,120 B | 12.8 % | +14.3 % |
| China | KRW 982 B | 7.4 % | KRW 964 B | 5.8 % | +1.8 % |
| Korea | KRW 915 B | 6.9 % | KRW 894 B | 5.4 % | +2.3 % |
North American revenue fell KRW 2.09 trillion (-37 %) and European revenue fell KRW 1.58 trillion (-23 %). Southeast Asia and others grew 14 % and China grew 1.8 %.
Four customers each exceeded 10 % of total revenue in FY2025.
4. R&D and capital expenditure
Samsung SDI increased R&D spending by 9.5 % to KRW 1.42 trillion (~US$1.0 billion) in a year in which it recorded an operating loss. R&D represented 10.7 % of revenue, up from 7.8 % in FY2024, with spending up 9.5 % and revenue down 20.0 %.
Capital expenditure fell 50.5 % from KRW 6.65 trillion to KRW 3.29 trillion (~US$2.3 billion). Total property, plant, and equipment stood at KRW 19.24 trillion at year-end.
5. US joint ventures and AMPC credits
Samsung SDI’s US manufacturing strategy centers on two joint ventures:
- StarPlus Energy LLC — a JV with Stellantis (FCA US LLC) for battery manufacturing in the United States. Samsung SDI’s 51 % equity interest is pledged as collateral for StarPlus’s US Department of Energy borrowings.
- SDI-GM Synergy Cells Holdings LLC — a JV with General Motors for US battery manufacturing.
The US Inflation Reduction Act’s Advanced Manufacturing Production Credit (AMPC) provided KRW 275 billion (~US$193 million) in tax credits during FY2025, recognized as other operating income within Energy Solutions. This is up from KRW 90 billion in FY2024.
The AMPC credits are included in the Energy Solutions segment result, which was a KRW 1.85 trillion operating loss.
6. Capital structure and liquidity
Samsung SDI disclosed two capital measures during FY2025:
Capital raise: In May 2025, the company issued 11.8 million new ordinary shares at KRW 140,000 per share, raising KRW 1.65 trillion (~US$1.2 billion) in fresh equity.
Dividend suspension: No cash dividends will be paid for the three-year period 2025 to 2027.
| Balance sheet metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Total assets | KRW 42.26 T | KRW 40.60 T | +4.1 % |
| Total equity | KRW 23.57 T | KRW 21.57 T | +9.3 % |
| Total borrowings | KRW 10.88 T | KRW 11.58 T | -6.0 % |
| Cash and equivalents | KRW 1.80 T | — | — |
| Net debt | KRW 8.98 T | — | — |
| Debt to equity | 79.3 % | 88.2 % | -8.9 pp |
| Net borrowings to equity | 38.1 % | — | — |
The debt-to-equity ratio fell from 88.2 % to 79.3 %, with total equity up 9.3 % and total borrowings down 6.0 %. Operating cash flow was positive at KRW 792 billion, against negative KRW 138 billion in FY2024.
7. Discontinued operations: polarizer film sale
Samsung SDI completed the transfer of its polarizer film business on September 1, 2025, for KRW 1.18 trillion. The transaction generated a gain on disposal of KRW 441 billion and contributed KRW 290 billion in profit from discontinued operations.
The polarizer film business is reported as a discontinued operation in the FY2025 financial statements.
8. Impairments and litigation
The auditor’s report identifies the following items:
- NOVALED goodwill impairment: KRW 114 billion written off
- PP&E impairment: KRW 105 billion on idle facilities
- Inventory valuation: identified as a key audit matter
- Pending litigations: 36 active cases, including CRT collusion civil claims in Europe
- Impairment test for medium-sized EV Li-ion battery CGU: the auditor assessed management’s impairment test as a key audit matter, though no impairment was recognized (recoverable value exceeded carrying amount)
9. Summary of disclosures
ESS is not disclosed separately. Samsung SDI does not disclose ESS-specific revenue, volumes, or margins. The filing does not allow the ESS contribution to the Energy Solutions segment result to be isolated. The company’s ESS products in this directory are battery cells and DC blocks for utility-scale storage.
North American revenue declined 37 %, a fall of KRW 2.09 trillion. The filing does not attribute the decline to a specific cause.
AMPC credits rose from KRW 90 billion to KRW 275 billion, an increase of KRW 185 billion year-on-year (derived). The credits relate to production at the US facilities.
Dividends are suspended for 2025 to 2027. The suspension follows the May 2025 equity raise of KRW 1.65 trillion.
Capex fell 50.5 % while R&D rose 9.5 %.
Debt to equity fell from 88.2 % to 79.3 % in a year with a KRW 649 billion net loss attributable to owners, with total equity up 9.3 % following the equity raise.
10. Sources
All data in this article is sourced from Samsung SDI’s Consolidated Financial Statements for the year ended December 31, 2025, audited by Samil PricewaterhouseCoopers with an unqualified opinion dated February 19, 2026.
- Samsung SDI 2025 Audit Report (PDF) — Consolidated financial statements, English translation of Korean original
- Samsung SDI Manufacturer Profile — BESS Manufacturers directory page
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