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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.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.
- Sales surged 173% QoQ in 2Q24, with new H2 models and strong order growth fueling optimism.A336260
Q2 202420 Feb 2026 - Sales up 58% YoY, CHPS market share at 73%, net loss due to higher costs, strong 2025 outlook.A336260
Q4 202420 Feb 2026 - 3Q24 revenue dropped 29.7% YoY, but strong CHPS orders and SOFC growth signal a rebound.A336260
Q3 202420 Feb 2026 - 1Q 2025 sales tripled YoY, but losses widened; growth initiatives and cost controls underway.A336260
Q1 202520 Feb 2026 - Q2 2025 sales jumped 48.5% YoY, with losses narrowing and robust order growth ahead.A336260
Q2 202520 Feb 2026 - Q3 2025 results show losses amid project delays, but robust order growth and SOFC ramp-up ahead.A336260
Q3 202520 Feb 2026
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