---
endpoint: analytics
pattern: Technology
status: done
latency_ms: 93943
conversation_id: 24ad0e4a-87d6-4b52-8c55-1c3a7edc2a35
citations: 5
created: 2026-05-31 18:14:45Z
---

# Who are the key shareholders of LG Energy Solution?

## LG Energy Solution (KRX: 373220) — Key Shareholders

### Latest Disclosed Holdings (Record Date: 2025-12-31)

| Shareholder | Shares Held | Stake | Notes |
|---|---|---|---|
| **LG Chem Ltd. (㈜LG화학)** | 185,747,525 | **79.38%** | Parent company; controlling shareholder [2] |
| **National Pension Service (국민연금공단)** | 15,792,837 | **6.75%** | Largest institutional shareholder [2] |
| **Employee Stock Ownership Association** | 778,338 | 0.33% | [2] |
| **Free float / minority shareholders** | ~31.7m (residual) | ~13.5% (calc.) | Includes other domestic and foreign institutional/retail |
| **Total shares outstanding** | **234,000,000** | 100.00% | [2] |

### Year-on-Year Comparison (Record Date: 2024-12-31)

| Shareholder | Shares Held | Stake | Notes |
|---|---|---|---|
| LG Chem Ltd. | 191,500,000 | **81.84%** | [3] |
| National Pension Service | 14,862,018 | 6.35% | [3] |
| Employee Stock Ownership Association | 1,224,684 | 0.52% | [3] |

### Why LG Chem's Stake Fell from 81.84% → 79.38% in 2025

LG Chem's holding declined by ~5.75 million shares (2.46 pp) during 2025, driven by:

1. **Exchangeable bond conversion** — LG Chem had outstanding exchangeable bonds (EBs) issued on 2023-07-12 and 2025-05-16; conversion of these EBs (5,948,854 LG Energy Solution common shares underlying as of the 2025 record date) transferred shares from LG Chem to EB holders [1].
2. **Price Return Swap (PRS) contract** — LG Chem entered a PRS contract on 2025-10-01 using **5,750,000 LG Energy Solution common shares as the underlying asset**, which mechanically reduced LG Chem's reported ownership [1].

### Ultimate Controlling Structure

- LG Energy Solution's parent is **LG Chem Ltd.**, which historically held **81.84%** of LG Energy Solution and through which **LG Corp. (㈜LG) exercises significant influence** [5].
- LG Corp.'s ownership stake **in LG Chem** (i.e., one level up the chain) is **34.04%** (as of 2024-12-31), making LG Corp. the ultimate parent at the top of the chaebol holding structure [4].

### Ownership Chain Summary

```
LG Corp. (㈜LG, top holding co.)
        │  34.04% [4]
        ▼
LG Chem Ltd. (㈜LG화학)
        │  79.38% (2025-12-31) [2]   ← was 81.84% (2024-12-31) [3], [5]
        ▼
LG Energy Solution (373220)
```

### Key Takeaways

- LG Energy Solution remains **majority-controlled by LG Chem (~79.4%)** — extremely low free float by global standards, which compresses liquidity and weights the share price heavily to LG Chem's strategic moves (EB issuance, PRS unwinds, potential future stake monetization).
- **National Pension Service (~6.75%)** is the only other disclosed 5%+ shareholder — typical for large KOSPI 200 constituents but notable as the swing institutional holder.
- The **EB + PRS structure used by LG Chem in 2025** is effectively a synthetic monetization of the parent stake without an outright block sale — a recurring pattern in Korean chaebol-controlled large caps. Overhang risk continues until those derivative positions roll off or settle.

---
**Sources**

[1] LG Energy Solution, Ltd. — Q4 2025 Annual Report (DART filing, record date 2025-12-31) — notes on exchangeable bond conversion and 2025-10-01 PRS contract impact on shareholding
[2] LG Energy Solution, Ltd. — Q4 2025 Annual Report — Shareholding distribution table (2025-12-31): LG Chem 79.38%, NPS 6.75%, ESOP 0.33%
[3] LG Energy Solution, Ltd. — Q4 2024 Annual Report — Shareholding distribution table (2024-12-31): LG Chem 81.84%, NPS 6.35%, ESOP 0.52%
[4] LG Energy Solution, Ltd. — 2024 Annual Results — Major shareholder section showing LG Corp.'s 34.04% stake in LG Chem (2024-12-31)
[5] LG Energy Solution, Ltd. — 2024 Annual Report (English) — Related-Party Transactions Note 30, confirming LG Chem as parent and LG Corp. as ultimate controlling entity

## Citations

- [1] **LG Energy Solution, Ltd., Q4 2025 Report** · external
- [2] **LG Energy Solution, Ltd., Q4 2025 Report** · external
- [3] **LG Energy Solution, Ltd., Q4 2024 Report** · external
- [4] **LG Energy Solution, Ltd. 2024 Annual Results** · external
- [5] **LG Energy Solution Ltd. (0N7VZ1-E) - Annual Report for period end 31-Dec-2024 (English) - PDF** · external

