LG Display Co Ltd (LPL) 2026 Q3 法說會逐字稿

(spoken in foreign language) Good morning and good evening. Thank you all for joining the conference call for the LG Display earnings results. This conference will start with a presentation followed by a Q&A session. (Operator Instructions)

(以外語發言) 各位早安、晚安。感謝各位參加 LG Display（樂金顯示）財報電話會議。本次會議將先進行簡報，隨後進入問答環節。(接線員指示)

Now we will begin the presentation on LG Display's third quarter of fiscal year 2026 earnings results.

現在我們將開始 LG Display 2026 會計年度第三季財報簡報。

(spoken in foreign language) Good afternoon. This is Kim Kyu Dong, Vice President, in charge of Finance and Risk Management at LG Display. Thank you for joining our third-quarter 2026 earnings conference call. Joining us today are CFO, Sung-Hyun Kim; Vice President Seung-Hyun Cho, in charge of Business Control and Management; Vice President Jong-deok Kim, in charge of Large Display Planning and Management; Yoo-shin Ahn, in charge of Medium Display Planning and Management; Vice President Seung-ryong Baek, in charge of Small Display Planning and Management; Vice President Ki Kwan Son, Head of Auto Marketing and Product Planning; and Lee Ki-Young, in charge of Business Intelligence.

(以外語發言) 各位午安。我是 LG Display 負責財務與風險管理的副總裁金圭東。感謝各位參加我們 2026 年第三季財報電話會議。今天與會者包括：CFO 金成賢；負責經營管控與管理的副總裁趙承賢；負責大型顯示規劃與管理的副總裁金鍾德；負責中型顯示規劃與管理的安裕信；負責小型顯示規劃與管理的副總裁白承龍；車用行銷與產品企劃負責人孫基寬；以及負責商業情報的李基永。

(spoken in foreign language) Today's conference call will be conducted in both Korean and English. For more details on the company's performance, please refer to our disclosure or the Investor Relations section in the company's website.

(以外語發言) 今天的電話會議將以韓文與英文進行。如需公司業績的更多細節，請參閱我們的公告揭露或公司網站的投資人關係（IR）專區。

(spoken in foreign language) Please refer to the disclaimer before we begin the presentation.

(以外語發言) 在開始簡報前，請先參閱免責聲明。

(spoken in foreign language) Please be informed that the financial figures presented in today's earnings release are consolidated figures prepared in accordance with International Financial Reporting Standards. These figures have not yet been audited by an external auditor and are provided for the convenience of our investors.

(以外語發言) 提醒各位，今日財報新聞稿所呈現之財務數字為依國際財務報導準則（IFRS）編製的合併財務數字。該等數字尚未經外部會計師查核，係為投資人便利而提供。

(spoken in foreign language) I will now report on the company's business performance in Q3 2026.

(以外語發言) 接下來我將報告公司 2026 年第三季的營運表現。

(spoken in foreign language) Revenue in Q3 was KRW6.277 trillion. In this somewhat unfavorable environment, especially with the strong Korean won, the company was able to grow shipments, thanks to the start of seasonality for major OLED products like large size and mobile. Revenue grew 12% QoQ, fell 10% YoY, mostly due to the shipment decrease of midsized LCD products as a result of our portfolio realignment centered on profitability.

(以外語發言) 第三季營收為 6.277 兆韓元。在整體環境相對不利、尤其韓元走強的情況下，公司仍受惠於大型與行動等主要 OLED 產品進入季節性旺季而帶動出貨成長。營收季增 12%、年減 10%，主要係因我們以獲利為核心進行產品組合調整，導致中型 LCD 產品出貨下滑。

(spoken in foreign language) Operating profit was KRW250.6 billion, slightly improving QoQ and falling 42% YoY. As I just explained, shipment of large-sized and mobile OLED products grew, but the won-to-dollar exchange rate fell by 6%, and the chipflation constrained our effort to manage ASP. Prices also rose for some sets, dampening demand for some of our focused high-end products.

(以外語發言) 營業利益為 2,506 億韓元，季比小幅改善、年減 42%。如前所述，大型與行動 OLED 產品出貨成長，但韓元兌美元匯率下跌 6%，且「晶片通膨」（chipflation）限制了我們對 ASP（平均售價）的管理努力。部分整機（set）價格上漲亦抑制了我們聚焦之部分高階產品需求。

(spoken in foreign language) Operating profit margin was 4% and EBITDA 19%. Net income stood at KRW755.6 billion, thanks to the vast improvement in FX translation gain following the won's appreciation near the quarter end.

(以外語發言) 營業利益率為 4%，EBITDA 為 19%。受惠於季末韓元升值帶來的外幣換算利益大幅改善，淨利為 7,556 億韓元。

(spoken in foreign language) Next is area shipment and ASP trends.

(以外語發言) 接下來說明面積出貨量與 ASP 走勢。

(spoken in foreign language) Third-quarter area shipment grew 4% from the previous quarter to 3.7 million square meters as shipment of large-sized OLED products grew despite prolonged uncertainties in the external environment.

(以外語發言) 第三季面積出貨量較前一季成長 4% 至 370 萬平方公尺；儘管外部環境不確定性延續，大型 OLED 產品出貨仍帶動成長。

(spoken in foreign language) Price per square meter rose 16% QoQ to $1,250, thanks to growth in shipment of mobile OLED products despite the unfavorable external environment, including the chipflation.

(以外語發言) 每平方公尺單價季增 16% 至 1,250 美元，主要受惠於行動 OLED 產品出貨成長，儘管外部環境不利（包含晶片通膨）。

(spoken in foreign language) Next, I will discuss the revenue breakdown by product category.

(以外語發言) 接下來我將說明依產品類別區分的營收結構。

(spoken in foreign language) With the start of seasonality, shipment of mobile products grew, increasing its share out of revenue to 42%, up by 10 percentage points QoQ, which was also the biggest change among all product categories. In contrast, shipment of IT fell with its share declining to 29%, down by 7 percentage points. TV and auto's share remain largely unchanged.

(以外語發言) 隨著季節性旺季開始，行動產品出貨成長，使其營收占比提升至 42%，季增 10 個百分點，亦為各產品類別中變動最大者。相對地，IT 產品出貨下滑，占比降至 29%，下滑 7 個百分點。TV 與車用占比則大致維持不變。

(spoken in foreign language) Even as external uncertainties and volatility continue, the company is carrying on our work to upgrade our business structure centered around OLED, which is gradually increasing OLED share out of total revenue. As of Q3, OLED share stood at the highest quarterly level of 67%, up 10 percentage points QoQ and 2 percentage points YoY.

(以外語發言) 即使外部不確定性與波動持續，公司仍持續推動以 OLED 為核心的業務結構升級，並逐步提高 OLED 於總營收中的占比。截至第三季，OLED 占比達到單季歷史新高的 67%，季增 10 個百分點、年增 2 個百分點。

(spoken in foreign language) Next is financial position and key metrics. Cash and cash equivalents in Q3 was KRW1.597 trillion slightly up QoQ. The debt-to-equity ratio stood at 254% and the net debt-to-equity ratio at 141%, both improved from the previous quarter.

(以外語發言) 接下來是財務狀況與關鍵指標。第三季現金及約當現金為 1.597 兆韓元，較前一季小幅增加。負債比率為 254%，淨負債比率為 141%，兩者皆較前一季改善。

(spoken in foreign language) Next is guidance for Q4.

(以外語發言) 接下來是第四季展望。

(spoken in foreign language) Area shipment is expected to grow around 10% in Q4. Continuing from the previous quarter, seasonality will keep driving shipment, but there is still some impact from the advanced purchase that was made in the first half as well as uncertainties in set demand due to the chipflation, which merits continued close monitoring over the market.

(以外語發言) 預期第四季面積出貨量約成長 10%。延續前一季，季節性將持續帶動出貨，但上半年提前採購的影響仍在，加上晶片通膨導致整機需求存在不確定性，需持續密切觀察市場。

(spoken in foreign language) As for the ASP, with softer consumer demand and external uncertainties such as inflation and rising prices of raw materials, any increment is not likely to be significant. Price per square meter in Q4 is expected to rise by low single percentage compared to the previous quarter.

(以外語發言) 就 ASP 而言，在消費需求轉弱以及通膨、原物料價格上漲等外部不確定性下，增幅預期不會太顯著。預期第四季每平方公尺單價將較前一季呈現低個位數百分比上升。

(spoken in foreign language) I will now turn the call over to our CFO, Sung-Hyun Kim.

(以外語發言) 接下來我將把電話交給 CFO 金成賢。

(spoken in foreign language) Good morning and afternoon. This is the CFO, Seong Hyeon Kim. Thank you for joining us at this conference call.

(以外語發言) 各位早安、午安。我是 CFO 金成賢。感謝各位參加本次電話會議。

(spoken in foreign language) Allow me to briefly walk you through our Q3 highlights. Even while external uncertainties continued, such as the exchange rate, component price fluctuations and slowing demand for IT products, including high end, the company was able to improve our performance over the previous quarter, thanks to improved business competitiveness based on OLED and higher operational efficiency.

(以外語發言) 我先簡要說明第三季重點。儘管匯率、零組件價格波動，以及包含高階在內的 IT 產品需求放緩等外部不確定性持續，公司仍受惠於以 OLED 為基礎的競爭力提升與營運效率提高，使表現較前一季改善。

(spoken in foreign language) The chipflation is driving up the price of sets across industry, and demand is particularly slowing for high-end products, which are the company's strengths. In this environment, what we see as a way to ensure profitability is to keep innovating cost to offset the chipflation and seamlessly develop and upgrade technologies that set us apart and that can help us maintain our competitive edge.

(以外語發言) 晶片通膨正推升全產業整機價格，而高階產品（公司強項）需求尤其放緩。在此環境下，我們認為確保獲利的方式，是持續進行成本創新以抵銷晶片通膨影響，並無縫開發與升級能使我們脫穎而出、維持競爭優勢的差異化技術。

(spoken in foreign language) As part of this strategy, we keep upgrading the productivity and efficiency of our existing infrastructure while developing leading-edge technologies that will keep a distance from the pack and become our future growth engines.

(以外語發言) 作為此策略的一環，我們一方面持續提升既有基礎設施的生產力與效率，另一方面開發可與競爭者拉開差距、並成為未來成長引擎的先進技術。

(spoken in foreign language) As was reported by the media recently, the company remains focused on technological innovation, evidenced by the successful development of the next-generation OLED patterning technology or FLiPP.

(以外語發言) 如近期媒體報導，公司仍聚焦技術創新，並已成功開發次世代 OLED 圖案化（patterning）技術 FLiPP，作為具體成果。

FLiPP is the combination of the evolution of our OLED technology and mass production experience. We see it as the next-gen technology that will broaden OLED's applicability and technological leadership. The company remains committed to heightening our technological competitiveness based on our proprietary technology and accumulated know-how to translate them into real business performance.

FLiPP 結合了我們 OLED 技術的演進與量產經驗。我們視其為可擴大 OLED 適用範圍並強化技術領先地位的次世代技術。公司將持續以自有技術與累積的 know-how 為基礎，提升技術競爭力，並將其轉化為實際的營運績效。

(spoken in foreign language) We will keep working to equip ourselves with differentiated technological competitiveness and innovate the cost structure to enhance our readiness against external changes and ensure stable profit generation.

(以外語發言) 我們將持續打造差異化的技術競爭力，並創新成本結構，以提升因應外部變化的準備度，確保穩定獲利能力。

(spoken in foreign language) Let me now briefly outline our strategy for each business area.

(以外語發言) 接下來我將簡要說明各事業領域的策略。

(spoken in foreign language) In large panel, the company continues to lead the premium market based on our proprietary OLED technology and product competitiveness. We will keep strengthening our premium TV OLED products while broadening the lineup of price-competitive new products to accommodate diverse customers' needs. Meanwhile, in monitor OLED, we will boost our gaming OLED product lineup with our unique technology and widen our presence in the market.

(以外語發言) 在大型面板方面，公司將持續以自有 OLED 技術與產品競爭力領先高端市場。我們將持續強化高端 TV OLED 產品，同時擴大具價格競爭力的新產品陣容，以滿足多元客戶需求。此外，在 OLED 顯示器方面，我們將以獨有技術擴充電競 OLED 產品線，並提升市場能見度。

(spoken in foreign language) In small and medium displays, we will -- we plan to keep up our competitiveness in high-end products, leveraging our differentiated technological leadership and reliable development and production capability.

(以外語發言) 在中小尺寸顯示器方面，我們將——我們計畫透過差異化的技術領先優勢，以及可靠的研發與生產能力，持續維持在高階產品的競爭力。

(spoken in foreign language) In mobile, we will solidify our market position with our tech competitiveness and reliable supply execution. And in IT, we will focus on high value-add products while improving cost competitiveness to achieve higher profitability.

(以外語發言) 在行動裝置方面，我們將以技術競爭力與可靠的供應執行力，鞏固市場地位。而在 IT 方面，我們將聚焦高附加價值產品，同時提升成本競爭力，以達成更高的獲利能力。

(spoken in foreign language) In auto, the environment is challenging with broadly slowing growth in the auto market, moderating transition to EV and tougher competition among panel suppliers. But we will further elevate our business competitiveness by solidifying our position in the premium market with the strategy of improving profitability based on cost innovation.

(以外語發言) 在車用方面，整體環境具挑戰性，汽車市場成長普遍放緩、電動車（EV）轉型速度趨緩，以及面板供應商之間競爭加劇。但我們將以成本創新為基礎、提升獲利能力的策略，鞏固在高端市場的地位，進一步強化事業競爭力。

(spoken in foreign language) Last is on the company's investment strategy.

(以外語發言) 最後是公司的投資策略。

(spoken in foreign language) The company maintains the strategy of cautiously investing in future technology based on visibility into market demand and close consultation with customers. At the same time, we're also methodically building up our plans for future growth, future growth engines and mass production competitiveness by developing new technologies like FLiPP that maximizes the strength of OLED.

(以外語發言) 公司維持在掌握市場需求能見度並與客戶密切協商的基礎上，審慎投資未來技術的策略。同時，我們也正有系統地建立未來成長、未來成長引擎與量產競爭力的規劃，透過開發如 FLiPP 等可最大化 OLED 優勢的新技術。

(spoken in foreign language) We will keep improving our financial structure while upgrading our leading technology that can help innovate customer value and the display industry.

(以外語發言) 我們將在升級可協助創新客戶價值與顯示產業的領先技術之同時，持續改善財務結構。

(spoken in foreign language) Meanwhile, we will make investment decisions at the right time upon careful review of the market and investment environment to lose no time in responding to customers and consumers' needs and speedily expand our business performance.

(以外語發言) 此外，我們將在審慎檢視市場與投資環境後，於適當時點做出投資決策，不錯失回應客戶與消費者需求的時機，並迅速擴大營運績效。

(spoken in foreign language) CapEx spend this year is expected at around low KRW2 trIllion. Investment in new OLED technology that we already communicated with the market will move ahead as planned with matched production to begin at the right time.

(以外語發言) 今年的資本支出（CapEx）預計約為 2 兆韓元出頭的水準。我們先前已對市場溝通的新 OLED 技術投資，將依計畫推進，並在適當時點配合量產啟動。

(spoken in foreign language) Thank you very much.

(以外語發言) 非常感謝。

(spoken in foreign language) This concludes our presentation of business highlights for Q3 2026. We will now take your questions. Operator, please commence the Q&A session.

(以外語發言) 以上為 2026 年第三季營運重點簡報。接下來我們將接受提問。請主持人開始問答環節。

(Operator Instructions) Mingyu Kwon, KIWOOM Securities.

(主持人指示) KIWOOM 證券，權珉奎（Mingyu Kwon）。

(spoken in foreign language) I have a couple of them with regards to the company's new technology. There have been quite a lot of media reports about LG Display's FLiPP technology, which the company also seems to be emphasizing in terms of the technological advantages. So my question is with regards to the overview of the FLiPP technology. What would be the investment timing and scale as well as the mass production schedule utilizing FLiPP as well as the product applicability and potential customers?

(以外語發言) 我有幾個關於公司新技術的問題。媒體對 LG Display 的 FLiPP 技術有相當多報導，公司似乎也在強調其技術優勢。因此我想請教 FLiPP 技術的整體概述。採用 FLiPP 的投資時點與規模、量產時程，以及產品適用範圍與潛在客戶會是哪些？

And also given the fact that some of the peers have already gone into mass production based on the 8.6 Gen technology, then what would be FLiPP's advantages over the 8.6 Gen technology? And also, what would be the company's competition strategy to counter the 8.6 Gen?

另外，考量到部分同業已基於 8.6 代技術進入量產，那麼 FLiPP 相較 8.6 代技術的優勢是什麼？以及公司將採取何種競爭策略來因應 8.6 代？

And also, if FLiPP investment were to move fully ahead, then what changes can we expect in terms of the company's medium-term business strategy? And in particular, what direction does the company plan to take with the IT LCD?

此外，若 FLiPP 投資全面推進，公司的中期事業策略預期會有哪些變化？特別是，公司對 IT LCD 的規劃方向為何？

(spoken in foreign language) This is Yoo-shin Ahn, in charge of Medium Display Planning and Management. Now first about the new technology FLiPP. FLiPP is on RGB OLED patterning method, that allows us to use the full sheet Gen 8 mother glass without having to use FMM. It is the next-gen OLED technology, which is the combination of the evolution in our OLED technology and know-how so far. And it also has far stronger advantages over existing approach in terms of product specifications, production process and cost.

(以外語發言) 我是負責中尺寸顯示器企劃與管理的安有信（Yoo-shin Ahn）。首先談新技術 FLiPP。FLiPP 是一種 RGB OLED 圖案化（patterning）方法，使我們無需使用 FMM，即可使用完整的 8 代母玻璃（Gen 8 mother glass）。這是下一代 OLED 技術，結合了我們迄今 OLED 技術的演進與累積的 know-how。在產品規格、生產流程與成本方面，相較既有方法也具備更強的優勢。

(spoken in foreign language) And in terms of product specifications and performance first, it improves the aperture ratio, which improves brightness, lifespan and power consumption. It allows individual patterning of RGB, optimizing pixels for each device, maximizing OLED device efficiency and improving color representation and viewing angle.

(以外語發言) 先就產品規格與性能而言，它可提升開口率（aperture ratio），進而改善亮度、壽命與耗電。它也能對 RGB 進行個別圖案化，針對各裝置最佳化像素配置，最大化 OLED 元件效率，並提升色彩表現與可視角。

(spoken in foreign language) And in terms of production, it does not require repeated iteration of alignment and attachment between the mother glass and the FMM. And since it does not use FMM, it goes through the process continuously for each step, which reduces the process time and improve efficiency.

(以外語發言) 在生產方面，不需要在母玻璃與 FMM 之間反覆進行對位與貼合。且由於不使用 FMM，各製程步驟可連續進行，從而縮短製程時間並提升效率。

(spoken in foreign language) In terms of cost, we can use the full-sheet Gen 8 mother glass, which gives us higher cutting efficiency and productivity. With higher deposition efficiency as well, it offers better material costs.

(以外語發言) 在成本方面，我們可使用完整片的 8 代母玻璃，帶來更高的切割效率與生產力。同時，由於蒸鍍效率更高，也能提供更佳的材料成本。

(spoken in foreign language) In terms of our plans for investment and production of FLiPP, for example, the size or the timing of such investment in production, have not been finalized yet. We are preparing for our future OLED business with FLiPP, solidifying our OLED technology leadership and opening up new markets with differentiated customer value.

(以外語發言) 至於 FLiPP 的投資與生產規劃，例如投資規模或投資時點，目前尚未定案。我們正以 FLiPP 為基礎，為未來 OLED 事業做準備，鞏固 OLED 技術領導地位，並以差異化的客戶價值開拓新市場。

(spoken in foreign language) And a few words about the latter part of your question, which was on the IT LCD. Now IT LCD business is an area where cost is crucial due to slowing demand and growing competition. We plan to upgrade our product portfolio by focusing on the high-end product needs of our major customers.

(以外語發言) 再補充您問題後半段關於 IT LCD 的部分。由於需求放緩與競爭加劇，IT LCD 業務是成本至關重要的領域。我們計畫聚焦主要客戶對高階產品的需求，以升級產品組合。

Not only that, we will recover our business competitiveness here by maximizing our opportunities while keeping an eye on profitability. We will accelerate the work to improve cost and business structure and improve fab efficiency in step with the market.

此外，我們將在兼顧獲利能力的同時，最大化機會，以恢復該領域的事業競爭力。我們將加速推動成本與事業結構改善，並配合市場提升工廠（fab）效率。

(spoken in foreign language) Kangho Park, Daishin Securities.

(以外語發言) 大信證券，朴康鎬（Kangho Park）。

(spoken in foreign language) I also have a couple of questions with regards to the company's important business, which is OLED. Now my first question is the shipment of large OLED panels seems to be growing fast led by OLED monitors. And I would like to ask for the company's comments on the company's projection for your shipment for this year and next as well as profitability.

(以外語發言) 我也有幾個關於公司重要業務——OLED 的問題。首先，大尺寸 OLED 面板出貨似乎在 OLED 顯示器（monitor）帶動下快速成長。想請公司評論今年與明年的出貨量展望以及獲利能力。

And the second question is, what is the company's mid- to long-term business and fab operation strategy for large OLED, including the timing of reutilization of part of the capacity in Paju?

第二個問題是，大尺寸 OLED 的中長期事業與工廠（fab）營運策略為何？其中也包括坡州（Paju）部分產能再利用的時點。

(spoken in foreign language) This is Vice President, Jong-deok Kim, in charge of Large Display Planning and Management, responding to the questions. Now first, about the Large OLED business. The panel shipment for large OLED this year is projected at the high [7 million] range, higher by around 20% YoY. Of them, OLED monitor will be about 20%. We plan to maintain meaningful growth into next year as well based on the increase in shipment for OLED monitors.

(以外語發言) 我是負責大尺寸顯示器企劃與管理的副總裁金鍾德（Jong-deok Kim），我來回覆。首先，關於大尺寸 OLED 業務。今年大尺寸 OLED 面板出貨量預估在 700 萬片以上的區間，年增約 20%。其中，OLED 顯示器約占 20%。我們也計畫在 OLED 顯示器出貨增加的帶動下，明年持續維持具意義的成長。

And as for profitability, there will be some volatility with downturn in the TV downstream market, chipflation and rising cost in logistics, among others. But we will try to secure a stable revenue structure by increasing panel shipment and continuing our cost-cutting initiatives.

至於獲利能力，受 TV 下游市場走弱、晶片通膨（chipflation）以及物流成本上升等因素影響，可能會有一定波動。但我們將透過提升面板出貨量並持續推動降本措施，努力確保穩定的營收結構。

(spoken in foreign language) And about your second question, our utilization of existing capacity continues to go up following the growth in demand for large OLED panel. We will restart part of the capacity flexibly in proportion to the incremental demand, while considering the demand intensity in the TV and monitor downstream market and the optimum production ratio.

(以外語發言) 關於第二個問題，隨著大尺寸 OLED 面板需求成長，我們既有產能的稼動率持續上升。我們將在考量 TV 與顯示器下游市場的需求強度與最佳生產比重的前提下，依新增需求彈性重啟部分產能。

For a large business, we plan to go beyond the TV market where we are currently strong. We will broaden our monitor market with the WOLED technology and keep growing our business by maximizing our use of existing infrastructure and resources. We will secure stable volume based on win-win partnership with our customers and further elevate our leadership in Large OLED by improving cost and tech competitiveness.

就大尺寸業務而言，我們計畫不僅止於目前具優勢的 TV 市場。我們將以 WOLED 技術擴大顯示器市場，並透過最大化既有基礎設施與資源的運用，持續推動業務成長。我們將在與客戶的互利合作夥伴關係下確保穩定出貨量，並透過提升成本與技術競爭力，進一步強化大尺寸 OLED 的領導地位。

(spoken in foreign language) Jong-hyeon Yun, UBS.

(以外語發言) UBS，尹鍾賢（Jong-hyeon Yun）。

(spoken in foreign language) I have two questions on the mobile OLED and IT OLED. Now the first question is about the mobile, the customers' unveiling of the foldable smartphone has escalated expectations in the market and consumers. But for the bar-type phone where the form factor hasn't changed, initial market reaction appears to be subdued. What is the trend in the panel shipment and actual sales that the company is currently seeing?

（以外語發言）我有兩個關於行動OLED與IT OLED的問題。第一個問題是關於行動端：客戶揭曉摺疊式智慧型手機後，市場與消費者的期待已被推升。但對於外型規格未改變的直板手機，初期市場反應似乎較為平淡。請問公司目前觀察到的面板出貨與實際銷售趨勢為何？

And the second question is, now the launch of foldable also triggered concerns for potential erosion of demand for tablet products. Does the company see foldable smartphones affecting demand for tablets as well?

第二個問題是，摺疊機的推出也引發了對平板產品需求可能被侵蝕的疑慮。公司是否認為摺疊式智慧型手機也會影響平板的需求？

(spoken in foreign language) This is Vice President, Seung-ryong Baek, in charge of Small Display Planning and Management. And yes, the foldable is expected to grow to see growing demand, because it provides differentiated value to consumers with a new form factor and addresses the need for larger screens with increasing use of AI.

（以外語發言）我是負責小型顯示器企劃與管理的副總裁白承龍。是的，我們預期摺疊產品將持續成長、需求增加，因為它以新的外型規格為消費者提供差異化價值，並在AI使用增加的情況下滿足對更大螢幕的需求。

Now they started the event early reservation for the product on October 16, and it seems as if the expectations continue to grow. So at this time, it appears as if the foldable market or the foldable segment is likely to go -- likely to grow faster than expected.

他們在10月16日開始針對該產品進行提前預購活動，市場期待似乎持續升溫。因此在此時點看來，摺疊市場或摺疊產品區隔很可能——很可能會比預期更快成長。

(spoken in foreign language) Again, it seems as if the foldable market is set to grow. But also at the same time, the bar type is likely to remain the mainstream product as it continues to innovate itself with new technologies. So for the company, we will be making the investment according to our plan. And we will also keep up with the trends and the demands from the market as well as the consumers and also keep in line with the next-generation evolution so that we can maintain our leadership in the market.

（以外語發言）再次強調，摺疊市場看起來將持續成長。但同時，直板機也可能在持續導入新技術自我創新的情況下，仍然維持主流產品地位。因此對公司而言，我們將依照既定計畫進行投資。我們也會持續掌握市場與消費者的趨勢與需求，並配合下一代演進，以維持我們在市場上的領導地位。

(spoken in foreign language) And now with the launch of the foldable products, yes, perhaps there may be some concerns about the -- its impact on the demand for the tablet at the same time. But then we do believe that the demand for these different types of products is different. Also, the target customers are different. So the projection is that given the fact that the target customers and the purpose of each product segment are different, the impact is going to be limited.

（以外語發言）另外，隨著摺疊產品上市，確實可能會有人擔心其同時對平板需求的影響。但我們認為不同類型產品的需求屬性不同。目標客群也不同。因此我們的推估是，鑑於各產品區隔的目標客群與使用目的不同，其影響將會有限。

(spoken in foreign language) Junghoon Chang, Samsung Securities.

（以外語發言）張正勳，三星證券。

(spoken in foreign language) I also have two questions. The first is that it's been said that the chipflation has intensified customers' pressure on the panel price. So the question is then how much, if any, has it been affecting the company's profitability?

（以外語發言）我也有兩個問題。第一個是，據說「晶片通膨（chipflation）」加劇了客戶對面板價格的壓力。請問這對公司的獲利能力造成了多大影響（若有的話）？

And the second question is, despite the fact that the share of revenue by the mobile products has gone up, at the same time, the mobile business appears to have more downside risk than upside due to stronger competition despite the concentration in the strategic customers. So my question is what is the company's business strategy or the response strategy against this?

第二個問題是，儘管行動產品的營收占比上升，但由於競爭加劇，即使策略客戶集中，行動業務看起來下行風險大於上行。請問公司對此的業務策略或應對策略為何？

(spoken in foreign language) Now this is Seung-ryong Baek again for the -- in charge of the Small Display Planning and Management. Now in terms of the pressure in the downstream industry as well as the volatility, this is something that is occurring generally across the market. And yes, it is also affecting the company as well.

（以外語發言）我再次說明，我是負責小型顯示器企劃與管理的白承龍。就下游產業的壓力以及波動性而言，這是整體市場普遍發生的現象。是的，這也同樣影響到公司。

Now our goal is for the medium to longer term to continue to increase volume. But also at the same time, given these various constraints, it is also likely that our profitability improvement is going to be limited compared to the increase in the volume.

我們的目標是在中長期持續提升出貨量。但同時，考量各種限制因素，我們的獲利改善幅度相較於出貨量的增加，可能會較為有限。

(spoken in foreign language) Now based on the technology that we have continued to build up in the smartphone panel business, we will continue to strengthen our position in the market as well as the technological leadership. And also based on the -- based on our cost innovation and also upgrade in the product and operation, we will continue to maintain stable performance while at the same time, driving growth in both the revenue and volume so that we can continue to achieve sustainable performance.

（以外語發言）基於我們在智慧型手機面板業務中持續累積的技術，我們將持續強化市場地位與技術領先。同時，依托成本創新以及產品與營運的升級，我們將在維持穩健表現的同時，推動營收與出貨量雙成長，以持續達成可持續的經營績效。

(spoken in foreign language) Now in order to respond to the changes in the market and the market demand, we will continue to maximize the use of existing production infrastructure and also carefully consider preemptive investment in new technologies. And by doing so, we will focus on timely development of new technologies to help competitiveness of new models launched by our customers and heighten the entry barrier to the smartphone panel business.

（以外語發言）為了因應市場與需求的變化，我們將持續最大化既有生產基礎設施的使用效率，並審慎評估對新技術的前瞻性投資。透過上述作法，我們將聚焦於及時開發新技術，以提升客戶新機種的競爭力，並提高智慧型手機面板業務的進入門檻。

(spoken in foreign language) Won Suk Chung, iM Securities.

（以外語發言）鄭元錫，iM證券。

(spoken in foreign language) Now my question is on the auto business. Now the auto business for the company continues to maintain at around 10% share out of the total revenue. But then also, we see that for the OEMs, then the demand is really slow to recover and also competition in the display business continues to get tougher.

（以外語發言）我的問題關於車用業務。公司車用業務在總營收中的占比持續維持在約10%。但我們也看到，對OEM而言，需求復甦相當緩慢，顯示器業務的競爭也持續加劇。

Now we understand that the auto business is relatively stable compared to others because it is based on the orders. Then the question is, what is the company's current status in terms of the auto business and the profitability?

我們理解車用業務相對其他業務較為穩定，因為其以訂單為基礎。那麼請問公司目前車用業務的狀況與獲利能力如何？

And there was also an update once about the order backlog. So can the company provide the update again in terms of the order backlog today? And what is the expectations of the revenue growth in the future?

另外，先前也曾更新過在手訂單（order backlog）。公司今天能否再次提供在手訂單的最新情況？以及對未來營收成長的展望為何？

(spoken in foreign language) Thank you. This is Vice President, Ki Kwan Son, Head of Auto Marketing and the Product Planning responding to the question. Now it is true that the market environment around auto continues to be challenging, with demand and competition, both remaining challenging, and the global auto market has also been showing gradual recovery since COVID, but auto sales growth is expected to be negative this year due to the Middle East war and inflation.

（以外語發言）謝謝。我是車用行銷與產品企劃負責人孫基寬副總裁，來回應這個問題。確實，車用相關的市場環境仍具挑戰性，需求與競爭都依然嚴峻；全球車市自COVID以來呈現逐步復甦，但由於中東戰爭與通膨，今年汽車銷售成長預期將為負值。

Not only that but combined with other factors like tariff uncertainties in the trading environment, semiconductor supply issues and slower consumer sentiment, real recovery in the auto market is likely to be postponed until next year.

此外，再加上貿易環境中的關稅不確定性、半導體供應問題以及消費者信心轉弱等因素，車市真正的復甦很可能延後到明年。

(spoken in foreign language) Despite such constraints, the company is maintaining its stable business operations with focus on our customers. The LTPS LCD business has kept up its consistent performance based on solid sales by major strategic partners in North America, Korea, Japan and others. And OLED has struggled a little due to the slower sales of European OEMs' EV and delay in mass production of some new models. But we do expect stability to settle as the existing projects move into mass production.

（以外語發言）儘管有上述限制，公司仍以客戶為核心，維持穩健的業務營運。LTPS LCD業務在北美、韓國、日本等主要策略夥伴的穩健銷售帶動下，維持一貫表現。而OLED則因歐洲OEM電動車銷售較慢，以及部分新機種量產延後而略有承壓。但隨著既有專案進入量產，我們預期將逐步回到穩定狀態。

(spoken in foreign language) For the medium to longer term, we see high growth potential in the auto display market, thanks to wider adoption of vehicle display and larger panel size. It is true that strong growth potential is inviting more competition, but the company will achieve competitive advantage in the market and solidify our business base with our differentiated vehicle tandem OLED, LTPS LCD technology and improvement in cost competitiveness.

（以外語發言）就中長期而言，受惠於車載顯示器採用擴大與面板尺寸放大，我們看好車用顯示市場具備高成長潛力。確實，強勁的成長潛力也吸引更多競爭者，但公司將以差異化的車用串聯式（tandem）OLED、LTPS LCD技術以及成本競爭力的提升，在市場上取得競爭優勢並鞏固業務基礎。

(spoken in foreign language) And about the order backlog that you asked about, please understand that we are not at liberty to disclose the exact size given the competing market environment and confidentiality with our customers.

（以外語發言）至於您詢問的在手訂單，基於競爭市場環境以及與客戶之間的保密義務，請理解我們無法揭露確切規模。

(spoken in foreign language) This concludes LG Display's Q3 2026 earnings conference call. We thank everyone for joining us today. Should you have any additional questions, please contact the IR team. Thank you.

（以外語發言）以上為LG Display 2026年第三季財報電話會議。感謝各位今天的參與。如有任何其他問題，請聯繫IR團隊。謝謝。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中的英文陳述由現場電話會議的口譯員翻譯轉述。該口譯員由主辦本活動的公司提供。