Doosan (A000150) Q1 2025 earnings summary

Executive summary

• 1Q25 consolidated sales declined year-over-year and quarter-over-quarter, mainly due to weaker performance from major affiliates such as Enerbility and Bobcat.

• Operating profit for Q1 2025 was KRW 198.5 billion, down 42.9% YoY.

• Net profit attributable to owners was KRW 23.6 billion, a significant increase from KRW 5.0 billion in Q1 2024, but overall net income was lower YoY.

• The group maintained a strong cash position with KRW 3,166 billion in cash and equivalents at quarter-end.

Financial highlights

• Consolidated sales for 1Q25 were KRW 4,299bn, down 3.7% YoY and 17.3% QoQ.

• Operating profit was KRW 199bn, down 42.9% YoY and 5.0% QoQ.

• Net income turned positive QoQ to KRW 11bn but fell by KRW 215bn YoY.

• Gross profit margin for Q1 2025 was 16.6%, slightly down from 17.6% in Q1 2024.

• Parent company sales rose 75.0% YoY to KRW 393bn, with OP up 260.7% YoY to KRW 95bn.

Outlook and guidance

• Expectation of annual sales target achievement for Enerbility, driven by improved project mix in 2H25.

• In-house business anticipates YoY sales improvement in 1H25 due to ongoing product mix upgrades.

• Electro-Materials segment projects record-high performance in 2Q25, focusing on high-end products.

• The company plans to continue investing in new business areas such as 5G, hydrogen, and digital transformation.

• Ongoing capital expenditures and R&D are expected to support future growth, with a focus on high-end electronics, energy, and robotics.