Doosan (000150) Q3 2026 earnings summary

Executive summary

• Q3 consolidated sales rose 22.2% YoY to KRW 5,427bn and operating profit rose 98.4% to KRW 459.4bn; net income was KRW 103.1bn, down 7.5% YoY and 80.8% QoQ.

• 9M revenue was KRW 16.044tn, operating income KRW 1.290tn and net income KRW 740.2bn, all above the prior-year period.

• Electronics materials and Bobcat led segment operating income; operating working-capital outflows pressured cash generation.

Financial highlights

• 9M revenue was KRW 16.044tn versus KRW 14.059tn YoY; gross profit was KRW 3.136tn versus KRW 2.403tn, and operating income was KRW 1.290tn versus KRW 784.4bn.

• 9M net income was KRW 740.2bn, including KRW 698.3bn from continuing operations and KRW 41.9bn from discontinued operations; prior-year net income was KRW 355.9bn.

• Q3 parent-attributable income was KRW 78.4bn versus KRW 121.1bn a year earlier; consolidated net income was KRW 103.1bn versus KRW 111.5bn.

• 9M operating cash flow was negative KRW 603.7bn versus negative KRW 447.8bn YoY; operating asset and liability movements used KRW 2.171tn of cash.

Outlook and guidance

• Planned 2026–28 investment includes KRW 1.768tn for electronics BG and KRW 1.885tn for Enerbility; plans may change with business conditions.

• Electro-Materials expects continued 4Q26 strength in AI accelerator and optical-module materials; its FY26 sales target exceeds KRW 2.9tn, with capacity planned to reach 2.7x current levels by 2029.

• Power demand is expected to grow at an average 3.6% in 2026–30, supporting gas, nuclear and renewable generation opportunities; fuel-cell strategy prioritizes US data-center exports and SOFC production.