L&F said on Wednesday it posted 617.7 billion won in revenue and 82.4 billion won in operating profit in the fourth quarter of 2025. Revenue fell 5.3 percent from the prior quarter, but operating profit rose 273 percent. From a year earlier, revenue climbed 69.1 percent and operating profit returned to profit.

The rise in fourth-quarter operating profit was driven by expanded shipments of high-nickel (Ni95) products. Higher shipments lifted the utilisation rate, and an inventory valuation reversal effect from a rebound in raw material prices also contributed to improved results.

For 2025, the company posted 2.15 trillion won in revenue and an operating loss of 156.8 billion won. Revenue rose 13.0 percent from a year earlier and the operating loss narrowed 71.9 percent. Annual shipments increased 34 percent. High-nickel cathode material shipments expanded about 75 percent, marking a record sales volume. Despite a slowdown in the electric vehicle market, it achieved both volume growth and a recovery in profitability.

L&F maintains a sole-supplier position in the high-nickel segment. The company forecast total shipments would rise more than 20 percent in 2026. It also said a return to an annual operating profit was possible.

The company also expects supply of high-nickel cathode materials for 46-pi cylindrical batteries to be a factor improving results this year. The product applies single-crystal material to improve energy density and lifespan characteristics. The company emphasised that the product is being assessed as suitable for next-generation fields such as humanoid robots that require high density and high output.

The company is also pushing its LFP cathode materials business. L&F is proceeding with investment in LFP facilities with total capacity of 60,000 tonnes through 2027. As a strategy to respond to expansion of AI data centres and rising demand for ESS, it plans to begin phased mass production from the third quarter of this year.

L&F CFO Seung-heon Ryu (류승헌) said, "As shipment expansion continues, the profitability improvement trend is beginning in earnest." He added, "In 2026 as well, we will continue to improve both performance and finances together through volume growth centred on high-nickel products and a return to profit." He also said, "Through new businesses in 46-pi and LFP, we will continuously expand the mid- to long-term growth and profit base and ensure that L&F's competitiveness and differentiation are realised."