LS EcoEnergy (229640.KS) Q1 2026: Copper Rally Pumps Revenue 25%, Operating Cash Flow Dives 87%
Vietnam's number-one power cable maker posts its strongest quarterly revenue growth in recent years — then watches the copper surge lock up most of that profit in working capital.
Source: Quarterly Report (Q1 FY2026, 12th fiscal year) — Filed May 15, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
LS EcoEnergy's first quarter tells two sharply divergent stories. On the income statement, consolidated revenue climbed 25.0% year-over-year to ₩285.5 billion and operating profit rose 31.4% to ₩20.1 billion, supported by disciplined SG&A control and the pass-through pricing structure that links cable sales prices to LME copper. On the cash flow statement, the picture inverts: operating cash flow collapsed 87.4% to just ₩2.8 billion from ₩22.3 billion a year earlier, as the metal's 29.3% rally from $9,939 to $12,852 per tonne simultaneously drove up top-line revenue and trapped capital in receivables and inventory. The ₩35.9 billion combined build in trade receivables and inventory overwhelmed operating earnings, cutting the cash conversion ratio from 1.76x to 0.20x in a single quarter. The board nonetheless lifted the per-share dividend 25% to ₩250, signaling confidence in the earnings trajectory, while the company continues to narrate an ambitious expansion into rare earth metals, subsea cables, and data center infrastructure — all of which remain in early-stage planning with no revenue contribution as of March 31, 2026.
