No Q1 2026 utilization rate has been published for LG Energy Solution, Samsung SDI, or SK On. The latest figures are 2025 annual: LGES 47.6%, Samsung SDI approximately 50%, SK On 48.7%, per annual reports disclosed March 16 and confirmed by SMM on March 31. That is 3.5 months of staleness. FEOC-compliant supply estimates, margin improvement narratives, ESS-absorbs-idle-EV-lines claims: all built on a denominator that last moved in March.
Direction, then. SNE Research data through February 2026 showed all three Korean makers declining YoY in EV battery installations, SK On down 12.9%, Samsung SDI down 21.9%. LGES's Q1 press release noted ESS reached mid-20% of revenue, suggesting partial offset. Whether that moved aggregate utilization above 48% remains unverifiable.
SMM frames the trough as a timing mismatch: automaker procurement cautious, capacity expansion still entering the system, fixed-cost structures requiring throughput that isn't arriving. Plausible framing, but it names no recovery timeline. The next likely refresh is Q2 2026 earnings, late July. With US markets dark through the holiday weekend, that gap sits open a few days longer. Discount accordingly.
2025 utilization (annual reports, March 16)
- LGES: 47.6% — first time below 50%
- Samsung SDI: ~50%
- SK On: 48.7%
Trailing decline, 2022 → 2025
- LGES: 73.6% → 47.6%
- Samsung SDI: 84% → ~50%
- SK On: 86.8% → 48.7%
What the stale denominator contaminates
- FEOC-compliant supply: announced capacity at ~48% utilization yields roughly half the headline figure
- Margin attribution: cannot separate utilization gains from mix shift or pricing
- ESS pivot: line conversions postdate the 2025 figures
Q1 proxy signal (SNE Research, Jan–Feb 2026)
- Korean EV battery share fell 2.2pp to 15.0% of global
- US EV sales down 29.8% in early 2026
Next expected refresh: Late July 2026, Q2 earnings cycle