PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩80 per share · Prices as of the 2026-10-02 close
After posting a large loss in 2025 amid the EV chasm, Yunsung F&C showed a clear rebound in both revenue and operating profit in the second quarter of 2026, while also securing a large new order for a UK battery plant.
In Q2 2026, revenue reached KRW 59.8 billion and operating profit KRW 17.1 billion, marking a return to profit after four consecutive quarters of operating losses.
Full-year 2025 revenue fell 63% year-on-year to KRW 100.2 billion, with an operating loss of KRW 31.6 billion and a net loss attributable to owners of KRW 19.2 billion.
In May 2026 the company signed a KRW 49.67 billion supply contract for a secondary battery mixing system for a UK battery plant, running through June 2029.
The company is developing next-generation equipment such as dry-electrode mixers and solid-state battery mixers under a government-backed project running from September 2024 to December 2027.
The debt ratio stood at 50.9% at end-2025, well below the 2022-2023 levels, and operating cash flow remained positive even amid the operating loss.
Founded in 1986, Yunsung F&C has supplied agitation and mixing equipment to the secondary battery, bio-pharma, and food industries for roughly four decades.
Its core business is the mixing system used in the first stage of battery electrode processing, chiefly wet mixers that precisely measure and blend active materials, conductive agents, binders and solvents into slurry, with its powder and liquid mixing technology earning recognition from domestic and overseas cell makers.
The company supplies equipment on an EPC (Engineering, Procurement & Construction) basis, covering everything from design and engineering to procurement, fabrication and installation, piping, and electrical and automation control systems.
The domestic battery mixing equipment market is led by three players—TSI, Jeil M&S, and Yunsung F&C—with TSI and Jeil M&S mainly serving LG Energy Solution and Samsung SDI, while Yunsung F&C's main customer is BlueOval SK, the joint venture battery plant of SK On and Ford.
The company has also supplied mixing systems to automakers and cell makers such as Rivian and Keumyang.
In non-battery segments, it has supplied mixing equipment for Daewoong Bio's biopharmaceutical CDMO plant and won a hygienic process piping contract for Lotte Biologics' first plant at its Songdo bio campus in Incheon, part of a broader portfolio diversification effort.
More recently, it has moved into next-generation equipment such as dry-electrode mixers and solid-state battery mixers. In May 2026 it signed a contract to supply a secondary battery mixing system to a battery plant in the United Kingdom, running from May 2026 to June 2029, expanding its overseas revenue base.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩28.9B | -₩5.6B | −19.4% |
| 2025Q3 | ₩16.4B | -₩10.9B | −66.3% |
| 2025Q4 | ₩25.1B | -₩14.6B | −58.1% |
| 2026Q1 | ₩21.9B | -₩1.5B | −6.8% |
| 2026Q2 | ₩59.8B | ₩17.1B | 28.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩210.3B | ₩32.1B | ₩24.8B | 15.3% | 18.0% | 101.5% |
| 2023 | ₩312.9B | ₩26.5B | ₩24.5B | 8.5% | 15.2% | 114.6% |
| 2024 | ₩271.3B | ₩31.9B | ₩37.1B | 11.8% | 18.8% | 52.5% |
| 2025 | ₩100.2B | -₩31.6B | -₩19.2B | −31.6% | −10.8% | 50.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue peaked at KRW 312.9 billion in 2023, up from KRW 210.3 billion in 2022, before falling to KRW 271.3 billion in 2024 and just KRW 100.2 billion in 2025—less than a third of the 2023 peak within three years.
Operating profit, which had ranged between KRW 26.5 billion and KRW 32.1 billion from 2022 to 2024, swung to an operating loss of KRW 31.6 billion in 2025, and net income attributable to owners also turned negative at KRW 19.2 billion.
On a quarterly basis, the operating loss widened for three straight quarters, from KRW 5.6 billion in Q2 2025 to KRW 10.9 billion in Q3 and KRW 14.6 billion in Q4, before narrowing sharply to KRW 1.5 billion in Q1 2026.
Revenue also appears to have bottomed, falling to KRW 16.4 billion in Q3 2025 before recovering to KRW 25.1 billion in Q4 and KRW 21.9 billion in Q1 2026.
In Q2 2026, revenue jumped to KRW 59.8 billion, more than 2.7 times the prior quarter, while operating profit reached KRW 17.1 billion (an operating margin of roughly 28.6%), a clear turnaround after four consecutive quarters of operating losses.
Net income attributable to owners had already turned modestly positive at KRW 1.0 billion in Q1 2026 and expanded to KRW 16.0 billion in Q2, restoring a meaningful level of profitability. As a result, net income attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) totaled KRW 6.7 billion.
On the balance sheet, the debt ratio stood at 50.9% at end-2025, well below 114.6% in 2023 and 101.5% in 2022, and operating cash flow remained positive at KRW 4.7 billion even during the operating-loss period, indicating sustained cash-generation capacity.
The battery mixing equipment industry is a lagging-indicator sector directly exposed to the slowdown in EV demand growth (the so-called 'chasm') and to the pace at which automakers and battery cell makers adjust their capital spending.
Market observers have attributed the decline in equipment demand, revenue and profitability to the EV chasm and battery makers' capex adjustments, which have weighed on demand for secondary battery equipment.
At the same time, some see a gradual recovery taking shape, supported by expanded local production in North America and Europe, growing ESS demand, and a resumption of investment in next-generation battery equipment.
Among the three domestic mixing equipment makers—TSI, Jeil M&S, and Yunsung F&C—as of early 2025, TSI and Jeil M&S saw their order backlogs grow sharply on the back of capacity expansion by their main customers, LG Energy Solution and Samsung SDI, while Yunsung F&C's order backlog fell as its customer adjusted its investment pace, with the slowdown attributed to its core customers SK On and Ford adjusting their investment pace, delaying new orders beyond schedule—illustrating how customer concentration produced divergent trends across the three players.
LG Energy Solution plans to introduce dry-electrode processes on its mass-production lines starting in 2028, and Samsung SDI has completed a dry-electrode pilot line at its Cheonan plant and begun trial production, underscoring that the shift toward dry-electrode and solid-state processes is emerging as the next growth axis for mixing equipment makers.
Yunsung F&C was selected as the lead institution for a government-funded project and is developing continuous dry-electrode compound mixing processes and equipment over a period running from September 2024 to December 2027.
In a December 2025 report, Mirae Asset Securities assessed that Yunsung F&C's leading position in battery mixing equipment and its portfolio diversification into non-battery mixing solutions would support an earnings rebound in 2026.
Actual results for the first two quarters of 2026 showed a sequential recovery in both revenue and operating profit, consistent with that outlook.
In May 2026 the company signed a contract to supply a secondary battery mixing system to a UK battery plant, worth KRW 49.67 billion, running from May 2026 to June 2029, securing new orders equal to nearly half of its 2025 annual revenue.
Payment under this contract is structured as 25% down payment, 65% in three progress installments, and 10% on final delivery, meaning revenue is expected to be recognized in stages over the next three years.
In April 2025 the company issued an unsecured private convertible bond worth KRW 40-50 billion, and the market has interpreted the proceeds as a step to accelerate equipment supply to BlueOval SK, the joint venture between SK On and Ford if used for capacity expansion.
The dry-electrode mixing equipment is slated for completion by 2027, timed to align with customers such as LG Energy Solution, which is preparing to adopt dry-electrode processes from 2028.
However, the timing and scale at which new orders and R&D outcomes translate into actual revenue will depend on the pace at which customers execute their capital spending plans.
The share price trades at a level close to book value per share, meaning there is no pronounced premium or discount relative to net assets.
The price-to-earnings multiple calculated on trailing four-quarter net income is higher than during the clearly profitable 2023-2024 period, which can be interpreted as a reflection of the still-low earnings base only recently emerging from the 2025 loss. The dividend yield remains on the low side.
The shift from a loss in 2025 to a profit in the first half of 2026 is a notable reference point for future valuation assessments.
That said, given the sector's high quarter-to-quarter earnings volatility and concentrated order dependency, some observers caution against treating a single quarter's return to profit as definitive evidence of long-term earnings stability.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Starting in Q1 2026, the operating loss narrowed sharply, and by Q2 the company posted revenue of KRW 59.8 billion and operating profit of KRW 17.1 billion, a clear return to profit.
This is notable as an improvement following four consecutive quarters of operating losses, and net income attributable to owners has now stayed positive for two straight quarters.
In May 2026 the company signed a mixing system supply contract worth KRW 49.67 billion for a battery plant in the UK. The contract's value is nearly half of 2025 annual revenue, and as a multi-year deal running through 2029, it improves revenue visibility.
The company is developing next-generation equipment such as dry-electrode mixers and solid-state mixers through a government-backed project.
It is preparing its technology to align with major cell makers' dry-electrode adoption timelines, such as LG Energy Solution's 2028 target, positioning it to capture future equipment-replacement demand.
New orders have previously been delayed due to the investment pace of core customer BlueOval SK, the SK On-Ford joint venture. This contrasts with rivals TSI and Jeil M&S, whose backlogs grew on the back of capacity expansion by LG Energy Solution and Samsung SDI.
In 2025 the company posted an annual operating loss of KRW 31.6 billion and a net loss attributable to owners of KRW 19.2 billion, which reduced total equity from the prior year. While recent quarters have turned profitable, it remains early to say the annual losses have been offset.
Earnings are heavily dependent on the timing of capital expenditure by automakers and battery cell makers. If the pace of EV demand recovery or customers' capital allocation priorities shift, the timing of orders and revenue recognition could be affected as well.
Revenue is concentrated among a small number of large customers, such as SK On and BlueOval SK, so any delay in investment or contract change by a specific customer directly affects results. Customer diversification is underway, but whether it has meaningfully reduced concentration still needs confirmation.
Overseas supply contracts, such as the UK deal, are collected over multiple years, so currency fluctuations and changes in the local project schedule can affect the timing of revenue recognition.
If the shift to next-generation processes such as dry-electrode and solid-state technology is delayed beyond expectations, or if competitors commercialize similar technology first, the timing of returns on R&D investment could be pushed back.
This is the point to check whether the Q2 2026 return to profit continues into Q3, and how quickly new orders such as the UK contract are being recognized as revenue.
The put-option exercise window for the convertible bond issued in April 2025 opens (24 months after issuance). Whether bondholders exercise early redemption and how the company responds financially will be worth watching.
This is the scheduled completion of the government-backed project to develop continuous dry-electrode mixing processes and equipment, when the R&D outcomes and commercialization prospects should become clearer.
Progress in receiving the down payment, installment payments, and final balance—and the associated revenue recognition—should be tracked on a quarterly basis.
Yunsung F&C saw revenue plunge 63% year-on-year and posted a large operating loss in 2025 amid the EV chasm, but has since shown a recovery through 2026, with losses narrowing each quarter before a clear return to profit in Q2.
The KRW 49.67 billion UK mixing system supply contract signed in May 2026, running through 2029, improves revenue visibility going forward.
At the same time, the company is preparing its next growth axis through government-backed development of next-generation process technologies such as dry-electrode and solid-state mixers.
That said, results remain heavily dependent on the investment pace of core customers SK On and BlueOval SK, and customer concentration remains a persistent variable, as illustrated by the diverging backlog trends versus rivals TSI and Jeil M&S.
An improved debt ratio of 50.9% and sustained cash flow even during the loss period are positives for financial stability. Going forward, the key questions are whether the Q2 return to profit continues into subsequent quarters and whether new orders are recognized as revenue on schedule.
Report written 2026-09-05 · Data as of 2026-09-04
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