PI Advanced Materials Co., Ltd. (178920), the leading Korean polyimide (PI) manufacturer with the largest global market share and an Arkema (ISIN: FR0010313833) affiliate, announced its financial results for the second quarter of 2026, reporting revenue of KRW 77.5 billion, EBITDA of KRW 31.0 billion, operating profit of KRW 23.0 billion, and net income of KRW 17.5 billion.
Revenue increased 21.0% QoQ due to higher average selling prices (ASP) and favorable foreign exchange effects. Profitability also improved, with the EBITDA margin, operating margin, and net margin increasing by 4.5, 7.7, and 6.1 percentage points, respectively.
By application, revenue from FPCB increased 16.2% YoY to KRW 34.3 billion, driven by growing demand for high-value products, including ultra-thin films. Revenue from graphite sheet materials amounted to KRW 21.3 billion, down from the same period last year due to intensified market competition and weaker demand. Meanwhile, revenue from advanced industrials increased 54.9% QoQ and 35.3% YoY to KRW 21.9 billion, driven by growing demand for industrial process and semiconductor films.
The company's financial structure also improved further. Supported by stronger cash generation from improved business performance, PI Advanced Materials proactively repaid borrowings, reducing its debt ratio from 50% a year earlier to 29%, while its current ratio increased from 238% to 271%. The company plans to maintain a stable financial structure by further repaying debt and reducing interest expenses.
A company representative said, "Our earnings improvement has continued, supported by higher ASPs resulting from increased sales of high-value products. However, volatility arising from changes in the memory supply chain and prolonged geopolitical risks in the Middle East remains a key variable. We will continue to closely monitor their impact on our business while managing profitability in a stable manner."
The representative added, In the second half of 2026, we plan to mitigate cost pressures through efficient raw material procurement and inventory management, while further strengthening our market competitiveness by focusing on high-value products for next-generation devices, including high-performance thermal materials and flexible films. We will also expand into new industries such as aerospace, robotics, and AI data centers, diversify our non-film product portfolio, and actively pursue new business opportunities to secure sustainable growth.”
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