Doosan Fuel Cell
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Doosan Fuel Cell (A336260) investor relations material

Doosan Fuel Cell Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Sales rebounded in 2024 after a decline through 2023, with a 10.4% YoY increase in 2025 to KRW 454.9bn, driven by CHPS project revenue recognition.

  • Operating loss of KRW 103.7bn in 2025 due to higher raw material costs, increased CSA replacements, and one-off SOFC commercialization expenses.

  • Net loss widened to KRW 130.2bn in 2025, reflecting margin pressure and initial SOFC project costs.

Financial highlights

  • Sales revenue: KRW 454.9bn in 2025 (+10.4% YoY); COGS increased to KRW 517.1bn (113.7% of sales).

  • Gross profit turned negative at KRW -62.2bn; EBITDA at KRW -78.4bn; operating margin at -22.8%.

  • Net income: KRW -130.2bn in 2025, down from KRW -7.8bn in 2024.

  • Debt to equity ratio rose to 221% (separate) and 226% (consolidated) by end-2025.

  • Cash and cash equivalents decreased to KRW 66.4bn (separate) at year-end 2025.

Outlook and guidance

  • Significant sales growth expected in 2027, with sales projected to double within five years if 50% market share in CHPS is maintained.

  • 2026 order intake forecast to increase sharply due to deferred 2024 CHPS projects and overseas orders.

  • SOFC stack sales projected to exceed KRW 100bn in 2027, with positive overseas customer feedback.

SOFC yield recovery and stack foundry strategy
Impact of 2024 CHPS deferral on 2026 orders
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