Doosan (A000150) Q1 2026 earnings summary

Executive summary

• Sales and operating profit increased year-over-year and quarter-over-quarter, driven by improved performance across core businesses and major subsidiaries.

• Consolidated revenue for Q1 2026 was KRW 5,060.3 billion, up 17.7% year-over-year, with operating income of KRW 340.8 billion, a 71.7% increase from Q1 2025.

• Net income rose significantly year-over-year, supported by higher operating profit and reduced net debt.

• Net profit attributable to owners of the parent was KRW 39.1 billion, with basic EPS of KRW 2,191.

• Major business segments include Electro Materials, Digital Innovation, Enerbility, Bobcat, and Fuel Cell, with Bobcat and Enerbility contributing the largest shares of revenue and operating profit.

Financial highlights

• Consolidated sales for 1Q26 were KRW 5,060bn, up 17.7% YoY but down 11.0% QoQ; operating profit reached KRW 341bn, up 71.7% YoY and 23.8% QoQ.

• Gross profit margin improved to 18.7% from 16.6% year-over-year.

• Net income for 1Q26 was KRW 102bn, a turnaround from a loss in 1Q25.

• Parent company sales grew 35.0% YoY to KRW 530bn, with net income surging to KRW 710bn, marking a significant turnaround.

• Cash and cash equivalents at quarter-end were KRW 5,330.9 billion, up from KRW 4,927.9 billion at the end of 2025.

Outlook and guidance

• Plans to continue improving product mix toward high-margin Electro-Materials, aiming for record sales in 1H26.

• Expectation of continued sales growth in AI accelerators and memory semiconductors, with expansion into new products like optical modules in 2Q26.

• Management reaffirmed commitment to shareholder returns, including increased dividends and share buybacks.

• Ongoing investments in capacity expansion, R&D, and digital transformation are expected to support future growth.

• The company targets continued revenue and profit growth, leveraging strong order backlogs and robust demand in key segments.