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What were the key takeaways from LG Display's earnings call?

- **OLED Dominance**: 65%+ revenue from OLED, ASP up 29% QoQ, solidifying premium market leadership.
- **Profit Growth**: Operating profit +500 billion QoQ, EBITDA margin 20%, driven by cost innovations and strategic shipments.
- **2026 Outlook**: 7 million+ OLED TV panels, foldable smartphone panel readiness, and smartwatch supply expansion.
- **Risk Mitigation**: Workforce efficiency programs, prudent CapEx, and high-end product focus to navigate macro challenges.

**【Management Opening Remarks】**
- Q3 2025 revenue: KRW 6.957 trillion (25% QoQ growth, 2% YoY), driven by 29% QoQ increase in ASP to $1,365/sqm.
- Operating profit: KRW 431 billion (500 billion QoQ improvement), boosted by 65% OLED revenue share (up 9% QoQ) and cost innovations.
- Q4 guidance: Low single-digit area shipment growth, higher ASP due to small/mid OLED seasonality, and ongoing workforce efficiency programs.

**【CFO Financial Commentary】**
- EBITDA: KRW 1.4239 trillion (20% margin), with debt-to-equity ratio improving to 263% (down 5% QoQ).
- 2025 YTD: Revenue KRW 18.6093 trillion, operating profit KRW 345 billion (1 trillion Y-o-Y improvement).
- Q4 initiatives: Additional workforce optimization to offset costs within 1.5 years, prudent CapEx below KRW 1 trillion.

**【Q&A Highlights】**
- **OLED Sustainability**: 65%+ OLED revenue share to persist, with 2026 foldable smartphone panel readiness through R&D and supply chain flexibility.
- **Smartwatch Dominance**: Sole supplier for smartwatch panels post-JDI exit, contributing to 2025 wearable revenue growth.
- **IT Strategy**: Focus on high-end LCD and gradual OLED adoption in notebooks, leveraging 8.6 Gen OLED investments.
- **TV Segment**: 7 million+ OLED TV panels in 2026, targeting gaming monitors for growth despite LCD competition.
- **Risk Management**: Cost innovation and customer diversification to mitigate macroeconomic and competitive pressures.

LG Display Co., Ltd. (LPL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LPL

LPL fundamentals

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