All three Korean cell makers posted operating profit in Q2 2026. Ranked by headline: SK On KRW821.8B, Samsung SDI KRW203.8B, LGES KRW113.3B. Net of the US 45X production credit the ranking doesn't hold — and for one of the three it can't be recomputed at all.
LGES disclosed an ex-credit operating loss of KRW127.7B on KRW241B of incentive. Samsung SDI disclosed KRW96.1B of profit before its KRW107.7B credit. SK On disclosed neither its credit amount nor the size of the customer compensation an official there called one of "many one-time factors."
Only Samsung SDI's current quoting is demonstrably covered by operating economics. LGES's is covered by the credit, which puts 45X persistence into your supplier risk as well as theirs. SK On's cannot be assessed from public disclosure.
LGES — subsidy-covered. Reported +KRW113.3B; ex-credit −KRW127.7B. Improved KRW270B QoQ ex-credit, but quotes clear only with 45X intact. Inventory +KRW1.09T QoQ to KRW6.445T; watch whether ESS orders convert to shipments.
Samsung SDI — self-supporting. Only ex-subsidy profit of the three. UPS/BBU and prismatic ESS mix sits further from the cell-price cycle than pouch EV. Execution gate: prismatic LFP ramp at StarPlus Energy.
SK On — unassessable. Record KRW821.8B, credit and compensation both undisclosed. Durable piece is the ~KRW500B/yr saved from the Ford JV unwind (depreciation and interest), which doesn't reach cell-level cost.
Next quote cycle — ask for ex-credit unit economics by line, not blended.