We are a leading innovator of TFT-LCD, OLED and other display panel technologies. We manufacture display panels in a broad range of sizes and specifications primarily for use in IT products (comprising notebook computers, desktop monitors and tablet computers), televisions and various other applications, including mobile devices and automotive displays. The origin of our display business, which first started with TFT-LCD panels, can be traced to the TFT-LCD research that began in 1987 at the Goldstar R&D Center, which was then part of LG Electronics Inc. TFT-LCD research continued at the Anyang R&D Center, a research and development center established by LG Electronics in 1990 in Anyang, Korea, which was subsequently moved to our Paju Display Cluster in 2008, and which today continues to lead our technology innovation efforts. In 1993, the TFT-LCD business division was launched within LG Electronics, and in September 1995 mass production of TFT-LCD panels began at P1, its first fabrication facility, producing mainly TFT-LCD panels for notebook computers and other applications. In December 1997, LG Semicon Inc., a subsidiary of LG Electronics, began mass production at P2, producing mainly TFT-LCD panels for notebook computers. We were incorporated in 1985 under the laws of the Republic of Korea under the original name of Goldstar Software Co., Ltd., a subsidiary of LG Electronics whose main business was the development and marketing of software, which changed its name to LG Software, Ltd. in January 1995 and subsequently to LG Soft, Ltd. in January 1997. At the end of 1998, LG Electronics and LG Semicon transferred their respective TFT-LCD-related businesses to LG Soft, which, as part of the business transfer, changed its name to LG LCD Co., Ltd. In July 1999, LG Electronics entered into a joint venture agreement with Koninklijke Philips Electronics N.V., pursuant to which Philips Electronics acquired a 50% interest in LG LCD. In connection with this transaction, LG LCD transferred its existing software-related business to LG Electronics in order to focus solely on the TFT-LCD business. The joint venture, which was renamed LG.Philips LCD Co., Ltd., was officially launched in August 1999. In July 2004, we completed our initial public offering and listed shares of our common stock on the Korea Exchange under the identifying code “034220” and our ADSs on the New York Stock Exchange under the symbol “LPL”. Prior to the listings, LG Electronics and Philips Electronics terminated the joint venture agreement and entered into a shareholders’ agreement to reflect new arrangements between them as controlling shareholders. The shareholders’ agreement automatically terminated upon Philips Electronics’ sale of all of its remaining ownership interest in us in March 2009. Effective March 3, 2008, we changed our name from LG.Philips LCD Co., Ltd. to LG Display Co., Ltd. in order to reflect the expansion of our business scope and shift in business model, fully expressing our commitment to the future. We launched our OLED Business Unit in June 2008 following our acquisition of LG Electronics’ active matrix OLED, or AMOLED, business in January 2008, which included inventory, intellectual property rights and employees. In 2012, we restructured our internal organization to reflect the growing importance of OLED, transferring the mobile-related OLED business to the IT/Mobile Business Division and the OLED television panel business to the Television Business Division. In December 2014, we established a separate OLED Business Division to strengthen our competitive position, and in December 2016, we further integrated our OLED capabilities across the Television Business Division, the IT Business Division and the Mobile Business Division. In December 2021, we combined the Television Business Division into a new Large Display Business Unit and combined our IT Business Division and the Mobile Business Division into a Medium-Small Display Business Unit to increase product synergies. 24 Table of Contents In order to secure and maintain competitiveness of our overall business and facilitate our sustainable growth, we have continued to engage in various activities to accelerate the transition of the focus of our overall business to OLED and restructure our TFT-LCD business. Between 2022 and 2023, we closed certain TFT-LCD fabrication facilities, including P5 (where we had produced TFT-LCD panels for notebook computers and mobile and other products), P7 (where we had produced TFT-LCD panels for televisions) and P62 (where we had produced TFT-LCD panels for notebook computers and desktop monitors), in light of our continued efforts to increase the proportion of OLED panels in our product mix and the production capacity for such panels and further reduce our production level of TFT-LCD panels, which we believe to be relatively more sensitive to market conditions and generally allow for fewer opportunities for product differentiation. We also implemented a phased exit strategy for our TFT-LCD television panel manufacturing facility in China and, in September 2024, as part of such strategy, we entered into an agreement with TCL CSOT to dispose of our entire equity interest in the China TFT-LCD Television Panel Subsidiaries for approximately W2.2 trillion. Following the completion of the sale, these entities were excluded from the scope of our consolidated subsidiaries effective April 1, 2025. More recently, in February 2026, to further improve our overall operational efficiency and upgrade our business structure by outsourcing the in-house production of automotive display TFT-LCD modules, we entered into an agreement with Top Run Total Solution to transfer the automotive display TFT-LCD module business of LG Display Nanjing Co., Ltd., which transfer is expected to be completed in July 2026. Our principal executive offices are located at LG Twin Towers, 128 Yeoui-daero, Yeongdeungpo-gu, Seoul 07336 and our telephone number is +82-2-3777-1010. Our website address is http://www.lgdisplay.com. We have continued to develop our manufacturing process technologies and expand our production facilities. Each successive generation of our fabrication facilities has generally been designed to process larger-size glass substrates, allowing us to produce more panels and a variety of display sizes. The ability to process larger glass substrates allows us to produce a larger variety of display sizes to accommodate evolving business and consumer demands. In addition, due to the large number of fabrication facilities we operate, we have the flexibility to make strategic decisions based on market demand to convert existing production lines housed within a fabrication facility to manufacture display panels based on newer technologies. As part of our ongoing expansion plans, we have constructed several manufacturing facilities for OLED panels in Korea in recent years, including our AP4 fabrication facility for plastic OLED panels for mobile and other products, which commenced mass production in July 2019. Furthermore, in response to and in anticipation of growing demand in the China market, we established a joint venture with the government of Guangzhou to construct our new CO fabrication facility to manufacture next generation large-sized OLED panels, which was established under the name of LG Display High-Tech (China) Co., Ltd., in July 2018. We currently hold a 70% ownership interest in the joint venture and the government of Guangzhou holds the remaining 30% ownership interest, and we commenced mass production of large-sized OLED panels at the CO fabrication facility in July 2020. In February 2024, we completed the construction of our AP5 fabrication facility and have subsequently commenced mass production of medium-sized OLED panels at such facility. Each of our on-going expansion projects are generally subject to market conditions and any changes in our investment timetable. See “Item 4.D. Property, Plants and Equipment—Capital Expenditures.” With respect to our assembly facilities, from 1995 to early 2003, we assembled all panels in our Gumi assembly facility adjacent to our P1 facility. Since 2003, in order to better serve the needs of our global customers, we have commenced operations at various assembly facilities in Korea and several other countries. For more information on our module assembly facilities, see “Item 4.D. Property, Plants and Equipment—Current Facilities.” For a description of cash outflows relating to our capital expenditures in the past three fiscal years, see “Item 5.A. Operating Results—Overview—Manufacturing Productivity and Costs.” The U.S. Securities and Exchange Commission, or the SEC, maintains a website (http://www.sec.gov), which contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. 25 Table of Contents Item 4.B. Business Overview Overview We manufacture TFT-LCD and OLED technology-based display panels in a broad range of sizes and specifications primarily for use in IT products (comprising notebook computers, desktop monitors and tablet computers), televisions, mobile devices, including smartphones, as well as auto products, and we are one of the world’s leading suppliers of large-sized OLED television panels. We also manufacture display panels for industrial and other applications, including entertainment systems and medical diagnostic equipment. In 2025, we sold a total of 101.3 million display panels that are nine inches or larger. According to OMDIA, we had a global market share for display panels of nine inches or larger of approximately 13% and for those smaller than nine inches of approximately 16%, each based on sales revenue in 2025. We currently operate fabrication facilities, which include separately designated sets of fabrication production lines housed in certain facilities, located in our fabrication complexes in Gumi and Paju, Korea and in Guangzhou, China. We also operate module assembly facilities in Korea and abroad. For a full description of our current facilities, see “Item 4.D. Property, Plants and Equipment—Current Facilities.” We seek to build our market position based on collaborative relationships with our customers and suppliers, a focus on high-end differentiated specialty display products and manufacturing productivity. Our end-brand customers include many of the world’s leading manufacturers of IT products and televisions, including LG Electronics, as well as mobile devices and automobiles. For a description of our sales to LG Electronics, our largest shareholder, see “Item 7.B. Related Party Transactions.” At the direction of our end-brand customers, we typically ship our display panels to their original equipment manufacturers, known as “system integrators,” who use our display panels in products they assemble on a contract basis for our end-brand customers. We engage in direct sales (including through our overseas subsidiaries), as well as indirect sales through trading companies, including our formerly affiliated trading company, LX International (formerly known as “LG International Corp.”) and its subsidiaries, to end-brand customers and their system integrators. Pursuant to the separation of certain companies, including LX International, from the LG Group to form a separate business group named the LX Group, which separation was approved by the Korea Fair Trade Commission in June 2022, LX International is no longer our affiliated company. Our sales were W21,331 billion in 2023, W26,615 billion in 2024 and W25,810 billion (US$17,867 million) in 2025. Technology Description TFT-LCD Technology A TFT-LCD panel consists of two thin glass substrates and polarizer films between which a layer of liquid crystals is deposited and behind which a light source called a backlight unit is mounted. The frontplane glass substrate is fitted with a color filter, while the backplane glass substrate, also called a TFT array, has many thin film transistors, or TFT, formed on its surface. The liquid crystals are normally aligned to allow the polarized light from the backlight unit to pass through the two glass panels. When voltage is applied to the transistors on the TFT array, the liquid crystals change their alignment and alter the amount of light that passes through them. Meanwhile, the color filter on the frontplane glass substrate gives each pixel its own color. The combination of these pixels in different colors and levels of brightness forms the image on the panel. The process for manufacturing a TFT-LCD panel consists of four steps: •TFT array process – involves fabricating a large number of thin film transistors on the backplane glass substrate. The number of transistors corresponds to the number of pixels on the screen. The process is similar to the process for manufacturing semiconductor chips, except that transistors are fabricated on large glass substrates instead of silicon wafers. Unlike in the semiconductor industry, however, the number of transistors per glass substrate is not a primary driver of the manufacturing costs for TFT-LCD panels; •Color filter process – involves fabricating a large number of color regions on the frontplane glass substrate that will overlay the TFT array prior to the cell process. The colored dots of red, green and blue combine to form various colors. The process is similar to the TFT array process but involves depositing colored pigments instead of transistors; 26 Table of Contents •Cell process – involves joining together the backplane glass substrate that is arrayed with transistors and the frontplane glass substrate that is patterned with a color filter. The space between the two glass substrates is filled with liquid crystal materials. The resulting adjoined substrate is called a cell; and •Module assembly process – involves connecting additional components, such as driver integrated circuits and backlight units, to the cell. The TFT array, color filter and cell processes are capital-intensive and require highly automated production equipment and are the primary determinants of fixed manufacturing cost. In contrast, the module assembly process involves semi-automated production equipment and manual labor to assemble the various components. Materials are the primary drivers of variable manufacturing cost. IPS Technology In-Plane Switching, or IPS, is a liquid crystal switching technology that was developed to address commonly faced problems with TFT-LCD panels that utilized other liquid crystal technologies, namely narrow viewing angles, inconsistent picture uniformity and slow response times. Unlike other liquid crystal technologies where the liquid crystals are aligned vertically or at an angle in relation to the glass substrate, with IPS technology, the liquid crystals are aligned horizontally in parallel to the glass substrate, which allows for wider viewing angles, greater picture uniformity and faster response times. Our TFT-LCD display panels, including our TFT-LCD television panels, utilize IPS technology. Advanced High Performance IPS, or AH-IPS, is an IPS technology that integrates ultra-fine pitch technology and high transmittance technology, which allows for ultra-high resolution imagery, increased luminance and greater energy efficiency. AH-IPS is currently utilized in our panels for certain types of IT products, smartphones and other mobile display products. OLED Technology An OLED panel consists of a thin film of organic material encased between anode and cathode electrodes. When a current is applied, light is emitted directly from the organic material. Because a separate backlight is not needed, OLED panels can be lighter and thinner compared to TFT-LCD panels, which require a separate backlight. In addition, images projected on OLED panels have higher contrast ratios and more realistic color reproduction compared to images projected on TFT-LCD panels. We utilize different types of sub-pixel and backplane technologies in our OLED panels. Under the RGB sub-pixel structure, a combination of red, green and blue sub-pixels without color filters or white sub-pixels are used to produce a range of colors. While we, along with most of our competitors, utilize RGB sub-pixel technology for small- and medium-sized products, there are various technical challenges in scaling RGB sub-pixel technology for large-sized products, such as television panels. For our OLED television panels, we have overcome these challenges by opting to utilize our WRGB sub-pixel structure, whereby red, green and blue color filters are placed over white OLED sub-pixels to produce a range of colors and began production of OLED television panels at our OP1 fabrication facility in 2013. We also utilize Tandem OLED technology, which we first commercialized in 2019, in certain of our products. Tandem OLED technology utilizes multiple stacks of organic light emitting layers, which offer enhanced durability, brightness and lifespan compared to single-layer OLED panels. We have applied Tandem OLED technology to our panels for select types of auto products and IT products, including notebook computers and tablet computers. Mass production of our plastic OLED panels for mobile and other products began at our AP3 and AP4 fabrication facilities in August 2017 and July 2019, respectively. In July 2020, we commenced mass production of large-sized OLED panels at our CO fabrication facility, located in Guangzhou, China. In February 2024, we completed the construction of our AP5 fabrication facility and have subsequently commenced mass production of medium-sized OLED panels at such facility. As for backplane technology, our large-sized OLED products are produced using oxide TFT backplane technology as compared to our smaller-sized OLED products which utilize low-temperature polycrystalline silicon (“LTPS”), or low-temperature polycrystalline oxide (“LTPO”), backplane technology, as described in greater detail below. 27 Table of Contents Backplane Technology Oxide TFT We use oxide TFT technology to produce backplanes for use in our large-sized OLED panels, such as the panels used in OLED television products. The traditional amorphous silicon-based TFT, or a-Si TFT, backplane technology has certain limitations that render it unsuitable for producing backplanes for use in large-sized OLED panels with high resolutions and fast refresh rates. For example, in larger and higher-resolution display panels, a-Si TFT backplanes consume increased rates of power and experience a decrease in the rate at which each transistor is able to switch between images, or the rate of mobility. As an alternative to a-Si TFT backplane technology, we have successfully adopted a metal oxide-based TFT, or simply oxide TFT, backplane technology. In place of the amorphous silicon-based semiconductors used in a-Si TFT backplanes, oxide TFT backplanes utilize metal oxide-based semiconductors, which consume less energy, have a higher rate of mobility and allow for construction of display panels with narrower bezels as compared to display panels with traditional a-Si TFT backplanes. We were the first company in the display industry to successfully adopt oxide TFT technology in large-sized OLED products, which has been a key factor in reducing the costs of manufacturing large-sized OLED panels in large quantities. Because the manufacturing process of oxide TFT-based OLED panels is similar to the process used to manufacture TFT-LCD panels, we are able to use our existing TFT-based production lines with relatively little modification to mass produce large-sized OLED panels. LTPS and LTPO LTPS backplanes are suitable for use in the production of high-resolution display panels due to their higher mobility rates compared to a-Si TFT or oxide TFT backplanes. However, due to a complex manufacturing process, LTPS backplanes have relatively higher production costs compared to a-Si TFT or oxide TFT backplanes, making it uneconomical to use in the production of large-sized panels. As a result, we generally utilize LTPS backplanes in the production of small- and medium-sized TFT-LCD panels and OLED smartphone and other applications. We also use LTPO backplane technology in our wearable devices and smartphones, which combines elements of both LTPS and oxide TFT technologies to produce backplanes with greater energy savings than LTPS backplanes. Products We manufacture display panels of various specifications that are integrated by our customers into principally the following products: •IT products, which comprise notebook computers (utilizing display panels ranging from 11.6 inches to 18 inches in size), desktop monitors (utilizing display panels ranging from 15.6 inches to 51.5 inches in size) and tablet computers (utilizing display panels ranging from 7.85 inches to 13 inches in size); •Televisions, which utilize display panels in various sizes ranging from 22.3 inches to 98 inches in size; •Mobile and other products, which utilize a wide array of display panel sizes, including smartphones and other types of mobile phones and industrial and other applications, such as entertainment systems and medical diagnostic equipment; and •Auto products, which utilize a variety of display panel sizes ranging from 6.1 inches to 38.9 inches in size. Unless otherwise specified, when we refer to panels in this annual report, we mean assembled cells with added components, such as driver integrated circuits and backlight units. 28 Table of Contents We design and manufacture our panels to meet the various size and performance specifications of our customers, including specifications relating to thinness, weight, resolution, color quality, power consumption, response times and viewing angles. The specifications vary from product to product. For television panels, a premium is placed on faster response times, wider viewing angles, higher resolution and greater color fidelity. Notebook computer panels require an emphasis on thinness, light weight and power efficiency, while desktop monitor panels demand a greater focus on brightness, color brilliance, faster response times and wide viewing angles. For mobile panels, particularly smartphones, an emphasis is placed on brightness and power efficiency. For automotive display panels, the focus is on high luminance, longer lifespan, temperature reliability and lower power consumption. In addition to manufacturing and selling display panels, we also manufacture and sell desktop monitors through our joint venture companies. See “—Joint Ventures.” IT Products Our panels for IT products comprise display panels for notebook computers (ranging from 11.6 inches to 18 inches in size), desktop monitors (ranging from 15.6 inches to 51.5 inches in size) and tablet computers (display panels ranging from 7.85 inches to 13 inches in size). Revenue from sales of our IT product panels was W7,853 billion, or 36.8% of our total revenue, in 2023, W9,420 billion, or 35.4% of our total revenue, in 2024 and W9,509 billion (US$6,583 million), or 36.8% of our total revenue, in 2025. In 2025, our principal products in terms of sales revenue in this category included panels of various sizes ranging from 13 inches to 16.0 inches for notebook computers, 21.5 inches to 27 inches for desktop monitors and 10.86 inches to 13 inches for tablet computers. The overall demand for IT products generally declined in 2023, primarily due to a general decrease in consumer consumption levels due in part to rising inflation and interest rates and economic volatility and uncertainty globally. However, in 2024, the IT market experienced a rebound, mainly driven by increased demand for low-cost IT products and growth in emerging markets, and our revenue from this segment was further boosted by the commencement of mass production of medium-sized OLED panels at our AP5 facility. In 2025, demand continued to grow, which was primarily attributable to an increase in demand for notebook computers as products purchased during the peak of the COVID-19 pandemic reached their replacement cycles, as well as increased replacement demand associated with the Windows 10 end-of-support transition. Demand for desktop monitors remained relatively stable in 2025 compared to 2024, as weaker sales in developed markets were largely offset by solid demand for gaming products and new models in emerging markets. Televisions Our television display panels range from 22.3 inches to 98 inches in size. We began mass production of television display panels in 2001. Our sales of display panels for televisions were W4,331 billion, or 20.3% of our total revenue, in 2023, W5,973 billion, or 22.4% of our total revenue, in 2024 and W4,791 billion (US$3,317 million), or 18.6% of our total revenue, in 2025. In 2025, our principal products in this category in terms of sales revenue consisted of display panels of sizes between 55 inches and 77 inches. Our sales of television display panels, which had historically been our largest product category by revenue in prior years, have been affected by our strategic decision to reduce and ultimately cease all of our production of TFT-LCD television display panels (which had historically comprised a substantial majority of our television display panels) in response to weakening market demand and intensifying price competition. In 2022, we reduced our production capacity of TFT-LCD panels for televisions at our manufacturing facilities in China and ceased production at, and closed, our P7 facility (where we had produced TFT-LCD panels for televisions) in December 2022, in light of our continued efforts to increase the proportion of OLED television panels in our product mix and the production capacity for such panels and further reduce our production level of TFT-LCD panels, which we believe to be relatively more sensitive to market conditions and generally allow for fewer opportunities for product differentiation. We also implemented a phased exit strategy for our TFT-LCD television panel manufacturing facility in China and, in September 2024, as part of our efforts to accelerate the ongoing shift in our strategic direction to focus on OLED panels, entered into an agreement with TCL CSOT to dispose of our entire equity interest in the China TFT-LCD Television Panel Subsidiaries. Following the completion of the sale, these entities were excluded from the scope of our consolidated subsidiaries effective April 1, 2025, and we have fully discontinued the production of TFT-LCD television panels and are currently focusing on ultra-large OLED television panels and premium business-to-consumer products. 29 Table of Contents Consumer demand for both TFT-LCD and OLED televisions decreased in 2023 due in part to the tapering of the temporary surge in demand for such products caused by the COVID-19 pandemic. Additionally, products purchased during the peak of the pandemic had not yet reached their replacement cycles, and there was a prolonged general decrease in consumer consumption levels due to rising inflation and interest rates and economic volatility and uncertainty globally. In 2024, while the overall television market conditions continued to remain weak amid continued economic volatility and uncertainty in many parts of the world and intensifying competition between OLED and mini-LED technologies, our revenue from television display panels increased due to our strategic focus on diversifying our product mix and increasing the proportion of gaming OLED and ultra-large display panels. In 2025, while the global television market remained relatively flat amid increased macroeconomic uncertainty and intensified price competition in TFT-LCD technologies, adoption of high-end display technologies such as OLED and mini-LED continued to increase, particularly in premium products offered by global television manufacturers. Against this backdrop, our revenue from television display panels decreased due to a significant decline in our TFT-LCD panel production following the sale of the China TFT-LCD Television Panel Subsidiaries in April 2025, which more than offset increased OLED panel production supported by stable demand from key customers. Brand manufacturers of televisions and their distribution channels prefer long-term arrangements with a limited number of display panel suppliers that can offer a full product line, and we believe that we will continue to be well positioned to meet their requirements with our strengths in technology, manufacturing scale and efficiency as well as the breadth of our product portfolio. Mobile and Other Products Our product portfolio also includes panels for mobile and other products, which utilize a wide array of display panel sizes, including smartphones and other types of mobile phones and industrial and other applications, including entertainment systems and medical diagnostic equipment. Display panels that are nine inches and smaller are referred to as small- and medium-sized panels. The market for smartphones recorded negative growth in 2023 and 2024 mainly due to a prolonged decline in demand for smartphones as a result of geopolitical conflicts, rising inflation and interest rates and economic volatility and uncertainty globally, as well as the high penetration rate of smartphones, according to Counterpoint Technology Market Research. In 2025, the smartphone market experienced modest growth, driven primarily by increased demand in China and certain emerging markets; however, overall growth remained constrained due to market saturation, extended device replacement cycles and the continued expansion of the secondary handset market. Revenue from sales of our display panels for mobile and other products were W7,071 billion, or 33.1% of our total revenue, in 2023, W8,782 billion, or 33.0% of our total revenue, in 2024 and W9,132 billion (US$6,322 million), or 35.4% of our total revenue, in 2025. In 2025, sales of panels for smartphones constituted a majority in terms of both sales revenue and sales volume in the mobile and other products category. In recent years, we have increased the proportion of OLED panels (including plastic OLED panels) for mobile and other products that command relatively higher prices in our product mix. Some of the panels we produce for industrial products, such as medical diagnostic equipment, are highly specialized niche products manufactured and designed to the specifications of our clients, while others, such as industrial controllers, may be manufactured by slightly modifying a standard product design for our other products, such as desktop monitors. Display panels for these other products broaden our sales base and product mix. They are also often a good channel through which we can commercialize a particular technology that we have developed. We generally determine the production level and specification of our display panels for mobile and other products by assessing various business opportunities as they arise. Auto products We produce a variety of display products based on OLED and TFT-LCD technologies in various sizes and shapes for auto products. We are further developing innovative new products and technologies for auto products, including ultra-large pillar-to-pillar displays and OLED curved displays, both of which are currently in mass production, as well as switchable privacy OLED and TFT-LCD displays, for both of which core technologies have been secured, and infrared camera under-display panels and slidable display designs that are under development. Our panels for auto products range from 6.1 inches to 38.9 inches in size. Our sales of display panels for auto products were W1,999 billion, or 9.4% of our total revenue, in 2023, W2,281 billion, or 8.6% of our total revenue, in 2024 and W2,136 billion (US$1,479 million), or 8.3% of our total revenue, in 2025. In 2025, our principal products in this category in terms of sales revenue consisted of display panels of sizes between 8 inches and 16 inches. Our panels for auto products are designed and manufactured to the specifications of our customers, which mainly consist of leading global automobile manufacturers. From 2023 to 2024, the 30 Table of Contents demand for automotive panels experienced gradual growth, driven by the recovery of the automobile market and increasing adoption of display panels, partly due to a recovery in demand for automobiles following the COVID-19 pandemic. Our revenue also grew during this period, supported by the increasing share of premium displays based on OLED and LTPS technologies as well as the trend toward larger display sizes. In 2025, global automobile sales continued to grow across most regions, and the automotive display panel market expanded further as the adoption of in-vehicle display panels continued to increase. Our revenue in this segment declined primarily due to a decrease in demand in the downstream automobile market, driven by intensifying competition from Chinese electric vehicle manufacturers. In recent years, we have been focusing on developing and manufacturing differentiated OLED automotive display panels to address the growth of software-defined vehicles and the development of autonomous driving technology. Sales and Marketing Customer Profile Our display panels are included primarily in IT products, televisions, mobile devices, automobiles and other products sold by our global end-brand customers, including LG Electronics. LG Electronics is our largest shareholder, and the terms of our sales to LG Electronics are negotiated based on then-prevailing market prices as adjusted for LG Electronics’ requirements, including volume and specifications. See “Item 7.B. Related Party Transactions” for further description of our sales to LG Electronics. We negotiate directly with our end-brand customers concerning the terms and conditions of the sales, but typically ship our display panels to designated system integrators at the direction of these end-brand customers. Sales data to end-brand customers include direct sales to these end-brand customers as well as sales to their designated system integrators, including through our formerly affiliated trading company, LX International, and its subsidiaries, as further discussed below under “—Sales.” A substantial portion of our sales is attributable to a limited number of our end-brand customers. Our top ten end‑brand customers together accounted for a significant majority of our sales in each of 2023, 2024 and 2025. Of our top ten end-brand customers, two of them each accounted for more than 10% of our sales on an individual basis for each of the past three years. For example, sales to LG Electronics, including as a system integrator, amounted to approximately 16%, 14% and 13% of our sales in 2023, 2024 and 2025, respectively. In addition to our top ten end-brand customers, we sell a portion of our display panels to a variety of other manufacturers of computers and electronic products. The following table sets forth for the years indicated the geographic breakdown of our sales based on the location of our customers. Year ended December 31, 2023 2024 2025 Sales % Sales % Sales Sales (3) % (in billions of Won and millions of US$, except for percentages) Korea W 634 3.0 % W 1,007 3.8 % W 990 US$ 685 3.8 % China 14,704 68.9 18,150 68.2 16,592 11,486 64.3 Asia (excluding China) (1) 2,398 11.3 3,228 12.1 4,541 3,144 17.7 Americas (2) 2,080 9.7 2,283 8.6 1,970 1,364 7.6 Europe 1,515 7.1 1,947 7.3 1,717 1,188 6.6 Total (3) W 21,331 100.0 % W 26,615 100.0 % W 25,810 US$ 17,867 100.0 % (1)Includes Oceania, Africa and the Middle East. (2)Includes North and South America. (3)For convenience, the Korean Won amounts are expressed in U.S. dollars at the rate of W1,444.55 to US$1.00, the noon buying rate in effect on December 31, 2025 as certified by the Federal Reserve Bank of New York for customs purposes. This translation should not be construed as a representation that the Korean Won amounts represent, have been or could be converted to U.S. dollars at that rate or any other rate. 31 Table of Contents Sales Our sales and marketing departments seek to maintain and strengthen relationships with our current customers in existing markets as well as expand our business in new markets and with new customers. We currently have wholly-owned sales subsidiaries in the United States, Japan, Germany, Taiwan, China and Singapore. The focus of our sales activities is on strengthening our relationships with large end-brand customers, with whom we maintain strong collaborative relationships. Customers look to us for a reliable supply of a wide range of display products. We believe our reliability and scale as a supplier helps support our customers’ product positions. We view our relationships with our end-brand customers as important to their product development strategies, and we collaborate with our end-brand customers in the design and development stages of their new products. In addition, our sales teams coordinate closely with our end-brand customers’ designated system integrators to ensure timely delivery. For each key customer, we appoint an account manager who is primarily responsible for our relationship with that specific customer, complemented by a product development team consisting of engineers who participate in meetings with that customer to understand the customer’s specific needs. In 2025, and historically, the majority of our sales were generated from transactions pursuant to purchase orders on an ongoing basis from our global customers. Typically, our end-brand customers or their designated system integrators place purchase orders with us a few weeks prior to delivery. Generally, the head office of an end-brand customer provides us with advance rolling forecasts, which, together with our own forecasts, enable us to plan our production schedule in advance. However, the volume and pricing of our display panel products are generally influenced by various factors including market conditions, such as competition with other vendors, the complexity of product specifications and the labor and technology involved in the design and production processes. As part of our ongoing efforts to enhance our overall business structure, including efforts to improve our profitability and reduce production volatility, we have been actively seeking, and plan to continue, to increase the proportion of products manufactured under advance supply agreements that leverage our stable production capabilities and technological leadership in advanced display products, including those utilizing OLED technology. Through these supply agreements, we aim to mitigate our exposure to fluctuations in the volume and market pricing of display products across our business areas, as long as there is no significant decline in demand caused by macroeconomic uncertainties. While these supply agreements provide an indication of the size and key components of a customer’s order, neither party is obligated to supply or purchase any products until a firm purchase order is issued. We primarily engage in direct sales (including through our overseas subsidiaries), and to a lesser extent, indirect sales through trading companies and its subsidiaries, to end-brand customers and their system integrators. Our sales subsidiaries procure purchase orders from, and distribute our products to, system integrators and end-brand customers located in their region. In regions where we do not have a sales subsidiary, or where doing so is consistent with local market practices, we sell our products to trading companies and its subsidiaries. These subsidiaries of trading companies process orders from and distribute products to customers located in their region. We generally provide a limited warranty to our end-brand customers, including the provision of replacement parts and warranty services for our products. Costs incurred under our warranty liabilities consist primarily of repairs. We set aside a warranty reserve based on our historical experience and future expectations as to the rate and cost of claims under our warranties. Where system integrators located in certain regions are invoiced directly, we have established certain measures, such as factoring arrangements and accounts receivable insurance programs, to protect us from excessive exposure to credit risks. Competition The display panel industry is highly competitive. Due to the capital intensive nature of the display panel industry and the high production volumes required to achieve economies of scale, the international market for display devices is characterized by significant barriers to entry, but the competition among the relatively small number of major producers is intense. In the case of TFT-LCD panel manufacturers, currently almost all of them are located in Asia, and we compete principally with manufacturers from Korea, Taiwan, China and Japan. We have experienced pressure on the prices and margins of our major products due largely to additional capacity from panel makers in Asia, particularly in China. The market share of Chinese manufacturers in the global TFT-LCD display market has significantly increased in recent years primarily due to their large investments in production facilities and production of large volumes of lower-priced panels with 32 Table of Contents the support of the Chinese government as part of its efforts to encourage Chinese consumers to purchase domestically manufactured products. Chinese display panel manufacturers have also been increasingly making capital investments in OLED technology, especially with respect to small- and mid-sized OLED display panels. For example, BOE, China’s largest display panel manufacturer, has continued to make capital investments aimed at expanding its OLED production capabilities across multiple manufacturing facilities in China, including in Chengdu and other regions. Moreover, Samsung Display, one of our primary competitors based in Korea, has continued making significant capital investments in a new OLED manufacturing facility in Asan, Korea. Increased production capacity resulting from such investments as well as additional investments by our competitors in China and elsewhere may result in further intensified competition. The principal elements of competition for customers in the display panel market include: •product portfolio range and availability; •product specifications and performance; •price; •capacity allocation and reliability; •customer service, including product design support; and •logistics support and proximity of regional stocking facilities. Our principal competitors are: •Samsung Display in Korea; •AU Optronics and Innolux in Taiwan; •Sharp in Japan; and •BOE, TCL CSOT and HKC in China. According to OMDIA, in 2025, Korean display panel manufacturers had a market share of 18% of the 9-inch or larger display panel market based on revenue, Chinese manufacturers had 63%, Taiwanese manufacturers had 15% and Japanese manufacturers had 4%. Our market share of the 9-inch or larger panel market based on revenue was approximately 13%. Also according to the same source, in 2025, Korean display panel manufacturers had a market share of 47% of the smaller than 9-inch display panel market based on revenue, Chinese manufacturers had 42%, Taiwanese manufacturers had 7% and Japanese manufacturers had 4%. Our market share of the smaller than 9-inch display panel market based on revenue was approximately 16%. Components, Raw Materials and Suppliers Components and raw materials accounted for approximately 55%, 57% and 58% of our cost of sales in 2023, 2024 and 2025, respectively. The key components and raw materials of our display products include glass substrates, driver integrated circuits and polarizers used in both our TFT-LCD and OLED products, backlight units and liquid crystal materials used in our TFT-LCD products, and hole transport materials and emission materials used in our OLED products. We source these components and raw materials from outside sources, although, unlike many other display panel manufacturers, we produce a substantial portion of the color filters we use. With respect to glass substrates, Paju Electric Glass Co., Ltd., a joint venture company in which we own a 40% equity interest, provides us with a stable supply at competitive prices. We generally negotiate non-binding master supply agreements with our suppliers several times a year, but pricing terms are negotiated on a quarterly basis, or if necessary, on a monthly basis. Firm purchase orders are issued generally six weeks prior to the scheduled delivery, except in the case of purchase orders for driver integrated circuits, which are issued generally several months prior to the scheduled delivery. We purchase our components and raw materials based on forecasts from our end-brand customers as well as our own assessments of our end-brand customers’ needs. In order to reduce our component and raw material costs and our dependence on any one supplier, we generally develop compatible components and raw materials and purchase our components and raw materials from more than one source. However, we source certain key components and raw materials from a limited group of suppliers in order to ensure timely supply and consistent quality. Also, in order to facilitate implementation of our cost reduction strategies, we continually review for potential cost savings in sourcing our components and raw materials from suppliers based in Korea 33 Table of Contents and those based abroad, including competitiveness of the prices offered by such suppliers and any potential for reduction in logistics and transportation costs. We perform periodic evaluations of our component and raw material suppliers based on a number of factors, including the quality and price of the components, delivery and response time, the quality of the services and the financial health of the suppliers. We reassess our supplier pool accordingly. We maintain a strategic relationship with many of our material suppliers, and from time to time, we make equity investments in our material suppliers as part of our efforts to secure a stable supply of key components and raw materials. In addition to components and raw materials, the manufacturing of our products requires significant quantities of electricity and water. In order to obtain and maintain reliable electric power and water supplies, we have our own back-up power generation facilities and water storage tanks as well as easy access to nearby water sources. Equipment, Suppliers and Third Party Processors We depend on a limited number of equipment manufacturers for equipment tailored to specific requirements. Since our manufacturing processes depend on the quality and technological capacity of our equipment, we work closely with the equipment manufacturers in the design process to ensure that the equipment meets our specifications. The principal types of equipment we use to manufacture display panels include deposition equipment, steppers, developers and coaters. We purchase equipment from a small number of qualified vendors to ensure consistent quality, timely delivery and performance. We maintain strategic relationships with many equipment manufacturers as part of our efforts to ensure quality while reducing costs. Historically, we have relied on a small number of overseas vendors for equipment purchases, but in recent years, we have diversified and localized our equipment purchases by shifting some of our purchases to Korean vendors. As a result of such efforts, most of our equipment for our facilities in Korea in 2025 was purchased from Korean vendors on an invoiced basis. Our engineers begin discussions with equipment manufacturers far in advance of the planned installation of equipment in a new fabrication facility, and we typically execute a letter of intent with the vendors in advance of our planned installation to ensure timely delivery of main equipment with long-term delivery schedules. Engineers from our vendors typically accompany the new equipment to our fabrication facilities to assist in the installation process to ensure proper operation. In addition, we outsource certain manufacturing processes to third party processors from time to time to supplement our processing capacity, and in certain cases, we maintain strategic relationships with such third party processors. Quality Control We believe that our advanced production capabilities and our reputation for high quality and reliable products have been important factors in attracting and retaining key customers. We have implemented quality inspection and testing procedures at all of our fabrication facilities and assembly facilities. Our quality control procedures are carried out at three stages of the manufacturing process: •incoming quality control with respect to components and raw materials; •in-process quality control, which is conducted at a series of control points in the manufacturing process; and •outgoing quality control, which focuses on packaging, delivery and post-delivery services to customers. With respect to incoming quality control, we perform quality control procedures for the raw materials and components that we purchase. These procedures include testing samples of large batches, obtaining vendor testing reports and testing to ensure compatibility with other components and raw materials, as well as vendor qualification and vendor rating. Our in-process quality control includes various programs designed to detect, as well as prevent, quality deviations, reduce manufacturing costs, ensure on-time delivery, increase in-process yields and improve field reliability of our products. We perform outgoing quality control based on burn-in testing and final visual inspection of our products and accelerated life testing of samples. We inspect and test our completed display panels to ensure that they meet our high production standards. We also provide post-delivery services to our customers, and maintain warranty exchange inventories in regional hubs to meet our customers’ needs. 34 Table of Contents Our quality assurance team works to ensure effective and consistent application of our quality control procedures, which include six-sigma quality control procedures, and to introduce new methodologies that could further enhance our quality control procedures. Our quality assurance programs have received accredited ISO/IATF 16949 certifications. The ISO/IATF certification process involves subjecting our manufacturing processes and quality management systems to reviews and observation for various fixed periods. ISO/IATF certification is required by certain European countries and the United States in connection with sales of industrial products in those countries, and provides independent verification to our customers regarding the quality control measures employed in our manufacturing and assembly processes. Insurance We currently have property insurance coverage, including business interruption coverage, for our production facilities in Gumi and Paju, Korea, for up to W2.5 trillion in the aggregate, and for our panel fabrication facilities located in Guangzhou, China for up to CNY 12.2 billion in the aggregate. We also have insurance coverage for work-related injuries to our employees, accidents during overseas business travel, damage during construction, damage to products and equipment during shipment, damage to equipment during installation at our fabrication facilities, automobile accidents, bodily injury and property damage from gas accidents, as well as mandatory unemployment insurance for our workers and director and officer liability insurance. In addition, we maintain general and product liability, employment practice liability, aviation product liability and world-wide cargo insurance. Our dormitories in Gumi and Paju, Korea, have fire insurance coverage for up to approximately W1.0 trillion in the aggregate. Our subsidiaries also have insurance coverage for damage to office fixtures and equipment and life and disability insurance for their employees. All of our overseas manufacturing subsidiaries also carry property insurance, business interruption insurance and commercial general liability insurance. Environmental Matters Our production processes generate various forms of chemical and other industrial waste, waste water and greenhouse gas emissions at various stages in the manufacturing process. We have installed various types of anti-pollution equipment for the treatment and recycling of such waste products and aggressively engage in greenhouse gas emission reduction and energy conservation efforts. As a member of the World Display device Industry Cooperation Committee, or WDICC, a display industry organization focusing on environmental issues, we have voluntarily agreed to reduce emission of greenhouse gases, such as nitrogen trifluoride, or NF3, sulfur hexafluoride, or SF6, and carbon tetrafluoride, or CF4, gases, by developing and adopting cost-effective abatement technologies and systems and increasing the number of abatement systems installed in our facilities. We installed NF3 abatement systems at all of our production lines when the production facilities were being constructed. In addition, we have installed SF6 and CF4 abatement systems, and developed and applied processes that utilize substitute gases with lower global warming potential than SF6, in each of our facilities in Gumi and Paju, Korea. In addition, starting in 2021, we have begun to use electricity generated from eco-friendly sources such as solar power, wind power and hydropower instead of fossil fuels to satisfy our electricity needs in part and plan to further expand our reliance on renewable energy in the future. In order to respond to applicable domestic and overseas environmental regulations, such as the European Union’s Restriction of Hazardous Substances (RoHS) and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) that restrict the use of certain hazardous substances, we operate a hazardous substance management program that implements a four-step procedure that manages various stages of our production cycle, beginning with the registration process of our business partners up to the mass production stage. In addition, in order to preemptively address four types of phthalate substances that became additionally regulated pursuant to the RoHS in 2016 and officially went into effect in July 2019, we replaced the latent risk elements in advance as well as implemented a more stable management process with respect to such substances. In implementing this process, we collaborated with external agencies to ascertain regulatory trends and establish our response strategy, and we formulated and applied effective management measures through the collaborative efforts of our development, procurement, quality assurance and analysis teams. For the more efficient operation of our waste water treatment equipment, we have also entered into an agreement with Suviol for the operation of our water treatment system. 35 Table of Contents We also operate a “Hazardous Substance Management System for Products” that effectively manages hazardous substances by classifying them into four levels: A-I, A-II, B-I, and B-II. In particular, in addition to substances prohibited by global hazardous substance regulations on products, we have designated substances causing harm to the human body and the environment as Level B substances, which categories represent substances subject to voluntary reduction or under observation for future action. By developing alternative technologies and parts and applying them to our products, we continually strive to achieve a gradual reduction and elimination of non-prohibited hazardous substances. Operations at our manufacturing plants are subject to regulation and periodic scheduled and unscheduled on-site inspections by the Korean Ministry of Environment and local environmental protection authorities. We believe that we have adopted adequate anti-pollution measures for the effective maintenance of environmental protection standards consistent with local industry practice, and that we are in compliance in all material respects with the applicable environmental laws and regulations in Korea, including the Framework Act on Low Carbon, Green Growth, the Korean government, under which we are required to submit periodic greenhouse gas emission and energy usage statements, performance reports and greenhouse gas emission and energy usage reduction plans to the Korean government. Expenditures related to such compliance may be substantial and are generally included in capital expenditures. As required by Korean law, we employ licensed environmental specialists for each environmental area, including air quality, water quality, toxic materials and radiation. As part of our efforts to establish and operate environmental-friendly energy management systems at our domestic and overseas fabrication facilities and production plants, we have received the International Organization for Standardization (“ISO”) 14001 (environmental management system) and ISO 50001 (energy management system) certifications for all of our domestic and overseas production sites. In 2022, we achieved the Gold rating for Zero Waste to Landfill (“ZWTL”) for our Paju and Gumi facilities and the Platinum rating for our Nanjing facility. Through ongoing efforts to improve our recycling rate, our Paju facility achieved a Platinum rating in June 2024 and maintained its Platinum rating following the 2025 reassessment in July 2025. Our Gumi facility achieved a Platinum rating in July 2025, and our Guangzhou facility achieved a Platinum rating in December 2024. In November 2025, we achieved the Gold rating for our Vietnam facility, completing ZWTL certification for all of our production sites. Furthermore, in accordance with the Korean government’s waste management policy, we introduced a resource recycling certification program in 2022 and have obtained circular resource certification for a number of our waste materials. We continue to maintain these certifications through annual verification and ongoing improvement activities and intend to further strengthen our resource recycling program by minimizing waste generation and maximizing recycling rates. In addition, we are continually pursuing ESG management activities based on the spirit of “value creation for consumers” and “human-first management,” and we plan to obtain further recognitions for our eco-friendly management and share relevant information with our stakeholders. In 2021, we received the “Green Technology Certification” from the Korean Ministry of Science and ICT for our advanced incell touch display technology, an eco-friendly technology, which reduces carbon emissions and the use of rare metals. Also, since 2021, we have continued to obtain an eco-friendly certification from TUV SUD, a globally recognized accreditation agency based in Germany, for excellence in resource circulation and compliance with Waste Electrical and Electronic Equipment (WEEE) regulations and the non-use of specific hazardous substances in our OLED television display panels, plastic OLED mobile and smartwatch display products, OLED tablet display panels and TFT-LCD panels for IT products. In 2022, we became the first company in the industry to receive the SGS Eco Label accreditation from SGS, a global product testing and certification agency, for our automotive display products utilizing plastic OLED and low-temperature polycrystalline silicon LCD. This recognition was awarded for reducing the power consumption of such products by enhancing the luminous efficiency of their organic elements, improving their liquid crystal transmittance rates, and minimizing hazardous substances. In 2024, this accreditation was updated to the “SGS EEPS accreditation.” In 2023, we received the SGS Eco Label accreditation for our high-end LCD display panels for certain IT products (27 inches or smaller in size) applying recycled materials for the first time and was the first in the industry to receive such accreditation for our 30-inch and 55-inch transparent display products applying hazardous substance reduction technology. We also received the SGS Performance Mark accreditation for our commercial display products applying energy consumption reduction technology and for our high-end IT display products (27 inches or smaller in size) for reducing energy consumption through the implementation of proprietary algorithms and improving panel transmittance. In addition, we received the SGS performance accreditation for our IT display products applying antibacterial films. 36 Table of Contents In addition, we received the Product Carbon Footprint (PCF) certification from TÜV Rheinland, a global independent testing, inspection and certification agency, in 2023 for our high-end IT display products (27-inch or smaller in size) for achieving a reduction in carbon emissions through the application of recycled materials and low energy consumption technologies. Our OLED panels for auto products also received the same certification for achieving a reduction in carbon emissions through the application of light-control film integration technology. In 2024, our 14-inch high-end LCD display panel for notebook computers received the Product Carbon Footprint Reduction (PCR) certification from TÜV Rheinland through the application of bio-plastics, recycled materials and ultra-precision micro-processing technology. Additionally, after verification by Underwriters Laboratories (UL), a global inspection and certification agency, such display panel also received the Environmental Claim Validation (ECV) certification. In 2025, we obtained the Product Carbon Footprint Calculation Method certification from TÜV Rheinland, reflecting our establishment of a system to evaluate carbon emissions generated throughout the entire product life cycle based on international standards and our proprietary evaluation methodology optimized for display panels, as well as an IT system for calculating product carbon footprints. In the same year, after enhancing and replacing PFAS-containing components in certain LCD panels for notebook computers, we obtained the SGS ECCS Mark – PFAS Screened. Joint Ventures We consider joint ventures an important part of our business, both operationally and strategically. We have used joint ventures to enter into new geographic markets, in particular China, to gain new customers and/or strengthen positions with existing customers and to procure certain components and raw materials. When entering new geographic markets where we do not have substantial local experience and infrastructure, teaming up with a local partner can reduce capital investment by leveraging the pre-existing infrastructure of local partners. In addition, local partners in these markets can provide knowledge and insight into local customs and practices and access to local suppliers of raw materials and components. All of these advantages can reduce the risk, and thereby enhance the prospects for the success, of an entry into a new geographic market. If the partner of the joint venture already has an established customer base, it can also be an effective means to acquire such new customers. Joint venture arrangements also allow us to access technology we would otherwise have to develop independently, thereby reducing the time and cost of development. They can also provide the opportunity to create synergies and applications of technology that would not otherwise be possible. From time to time, we have pursued a number of joint venture initiatives. For example, in September 2012, we entered into a joint venture agreement with Guangzhou GET Technologies Development Co., Ltd., or GET Tech, and Shenzhen SKYWORTH-RGB Electronic Co., Ltd., or Skyworth, to establish LG Display (China) Co., Ltd., which owned and operated our CA fabrication facility in Guangzhou, China. We initially acquired a 70.0% equity interest in LG Display (China) and invested a total of approximately US$927 million over a period of two years from the date of incorporation of LG Display (China). Each of GET Tech and Skyworth initially owned a 20.0% and 10.0% equity interest in LG Display (China), respectively. However, as part of our strategic shift to focus on OLED panels, we recently disposed of our equity interest in LG Display (China). In connection with such transaction, we first acquired Skyworth’s 10% equity interest in the company and subsequently entered into a sale agreement with TCL CSOT in September 2024 to dispose of our entire 80% equity interest in LG Display (China). Following the completion of the sale, LG Display (China) was excluded from the scope of our consolidated subsidiaries effective April 1, 2025. See “—Products—Televisions.” In addition, in July 2018, we established and acquired a 69% ownership interest in a joint venture with the government of Guangzhou, LG Display High-Tech (China) Co., Ltd., to construct our new CO fabrication facility to manufacture next generation large-sized OLED panels in Guangzhou, China. We currently own a 70% equity interest in LG Display High-Tech (China) Co., Ltd., and we commenced mass production of large-sized OLED panels at the CO fabrication facility in July 2020. We intend to continue to seek strategic acquisition and joint venture opportunities and conduct feasibility studies with respect to establishing new manufacturing subsidiaries in strategic locations to deepen our market penetration, achieve economies of scale, increase our customer base, expand our geographical reach and reduce costs. 37 Table of Contents Subsidiaries The following table sets forth summary information for our subsidiaries as of December 31, 2025: Subsidiary Main Activities Jurisdiction of Organization Date of Organization Percentage of Our Ownership Interest Percentage of Our Voting Power LG Display Taiwan Co., Ltd. Sales Taiwan April 1999 100% 100% LG Display America, Inc. Sales U.S.A. September 1999 100% 100% LG Display Japan Co., Ltd. Sales Japan October 1999 100% 100% LG Display Germany GmbH Sales Germany October 1999 100% 100% LG Display Nanjing Co., Ltd. Manufacturing China July 2002 100% 100% LG Display Shanghai Co., Ltd. Sales China January 2003 100% 100% LG Display Shenzhen Co., Ltd. Sales China July 2007 100% 100% LG Display Singapore Pte. Ltd. Sales Singapore November 2008 100% 100% LG Display Yantai Co., Ltd. Manufacturing China March 2010 100% 100% L&T Display Technology (Fujian) Ltd. Manufacturing and sales China December 2009 51% 51% Nanumnuri Co., Ltd. Managing welfare facilities Korea March 2012 100% 100% Unified Innovative Technology, LLC Managing intellectual property U.S.A. March 2014 100% 100% Global OLED Technology LLC Managing intellectual property U.S.A. December 2009 100% 100% LG Display Guangzhou Trading Co., Ltd. Sales China April 2015 100% 100% LG Display Vietnam Haiphong Co., Ltd. Manufacturing and sales Vietnam May 2016 100% 100% Suzhou Lehui Display Co., Ltd. Manufacturing and sales China July 2016 100% 100% LG Display Fund I LLC Investing in new emerging companies U.S.A. May 2018 100% 100% LG Display High-Tech (China) Co., Ltd. Manufacturing and sales China July 2018 70% 70% N.B. See Note 1(b) of the notes to our financial statements for changes to our subsidiaries during the year ended December 31, 2025. Item 4.C. Organizational Structure These matters are discussed under Item 4.B. where relevant. 38 Table of Contents Item 4.D. Property, Plants and Equipment Current Facilities The following table sets forth the size, location and primary use of our current fabrication facilities. Fabrication Facility Generation(1) Mass Production Commencement Location Gross Floor Area (in square meters) Primary Types of Panels Produced Korea P62 (2) 6 April 2009 Gumi, Korea — TFT-LCD for IT products AP3 6 February 2014 Gumi, Korea 288,634 Plastic OLED for mobile and other products P8 (3) 8 March 2009 Paju, Korea 506,895 TFT-LCD for commercial displays and IT products OP1 (4) 8 January 2013 Paju, Korea See P8 above OLED for television and IT products P9 (5) 8 June 2012 Paju, Korea 534,777 TFT-LCD for IT products AP4 (6) 6 July 2019 Paju, Korea See P9 above Plastic OLED for mobile and other products AP5 6 February 2024 (7) Paju, Korea 915,482 (8) Glass OLED and plastic OLED for IT products and other applications Overseas CO 8 July 2020 Guangzhou, China 426,139 OLED for television (1)Based on internal reference to evolutions in facility design, material flows and input substrate sizes. There are several definitions of “generations” in the display industry. There has been no consensus in the display industry on a uniform definition. References to generations made in this annual report are based on our current definition of generations as indicated in the table below. Substrate Sizes (in millimeters) Gen 5 Gen 6 Gen 7 Gen 8 1,000 x 1,200 1,100 x 1,250 1,100 x 1,300 1,200 x 1,300 1,500 x 1,800 1,500 x 1,850 1,870 x 2,200 1,950 x 2,250 2,200 x 2,500 (2)We ceased production at, and closed, the P62 fabrication facility in June 2023. (3)Gross floor area of P8 fabrication facility includes the gross floor area of OP1 fabrication facility, which is located in the same complex. (4)The gross floor area of this fabrication facility is included within the P8 fabrication facility. (5)Gross floor area of P9 fabrication facility includes the gross floor area of AP4 fabrication facility, which is located in the same complex. (6)The gross floor area of this fabrication facility is included within the P9 fabrication facility. (7)Based on the construction completion date. (8)Represents the gross floor area for the overall P10 fabrication facility (in which AP5 facility is located), which is currently not yet completed. For input substrate size, initial design capacity and year-end input capacity as a result of ramp-up for each of our fabrication facilities, please see “Item 5.A. Operating Results—Overview—Manufacturing Productivity and Costs.” 39 Table of Contents We also operate module assembly facilities in China (Nanjing, Guangzhou and Yantai), Korea (Gumi and Paju) and Vietnam (Haiphong). In addition, we operate a research and development facility in Paju, Korea, which we refer to as the R&D Center. We opened the R&D Center in April 2012 to consolidate our research and development efforts for next-generation display technologies. The following table sets forth the size of our R&D Center and module assembly facilities. Facility Gross Floor Area (in square meters) Mass Production Commencement R&D Center 69,871 Not applicable (opened in April 2012) Gumi assembly facility 301,779 January 1995 Nanjing assembly facility (1) 159,448 May 2003 Paju assembly facility 225,093 January 2006 Guangzhou assembly facility 89,517 (2) December 2007 Yantai assembly facility 45,170 May 2010 Haiphong assembly facility 358,787 July 2017 (1)More recently, in February 2026, to further improve our overall operational efficiency and upgrade our business structure by outsourcing the in-house production of automotive display TFT-LCD modules, we entered into an agreement with Top Run Total Solution to transfer the automotive display TFT-LCD module business of LG Display Nanjing Co., Ltd., which transfer is expected to be completed in July 2026. (2)The gross floor area for this facility excludes the floor area attributable to the module assembly facility relating to TFT-LCD television panels, which we disposed of as part of the sale of the related businesses to TCL CSOT. Capital Expenditures In July 2017, we announced plans to make investments in an aggregate amount of up to W7.8 trillion mainly in new large-sized and plastic OLED production lines in Paju, Korea. In July 2019, we announced plans to make additional investments of W3.0 trillion in the previously announced new large-sized OLED production lines. Certain of such investments have already been completed with respect to plastic OLED panels and we commenced mass production of such panels in July 2019. However, our scheduled investments in large-sized OLED panels pursuant to the July 2017 and July 2019 announcements have been extended until the first quarter of 2028 due in part to increased uncertainties in the global economic environment. We are in the process of developing and assessing the specifics of such planned investments, including the timing. In August 2021, we announced plans to make investments in an aggregate amount of up to W3.3 trillion in a new fabrication complex in Paju, Korea, P10, which will be used for the production of small- and medium-sized OLED panels. We completed the construction of our AP5 fabrication facility located within such complex in February 2024 and have subsequently commenced mass production of medium-sized OLED panels at such facility. In June 2025, we announced plans to invest approximately W1.3 trillion in next-generation OLED technologies and infrastructure, primarily at our fabrication complex in Paju, Korea, and such investment is currently in progress. In addition, on April 22, 2026, we announced plans to make investments in an aggregate amount of W1.1 trillion in new facilities for the purpose of enhancing our technological competitiveness and strengthening our basis for growth through the advancement of OLED technologies, with an expected completion date of June 30, 2028. We currently expect that, in 2026, our total capital expenditures on a cash out basis will be higher compared to 2025 and will be used primarily to continue to fund our previously announced investments related to our continued and ongoing transition to an OLED-centric business structure, as well as other essential recurring investments. Such expected capital expenditures are subject to periodic assessment, and we cannot provide any assurance that such expected capital expenditures may not change materially after assessment. We may undertake further expansion projects in the future with respect to our existing facilities as our overall business strategy may require.