Doosan (A000150) Q2 2025 earnings summary

Executive summary

• Consolidated sales and operating profit rose, driven by strong performance from the parent and major affiliates, notably Doosan Enerbility.

• Net income surged quarter-over-quarter due to both operating and non-operating income improvements.

• Revenue for H1 2025 was KRW 9,645.1 billion, up from KRW 9,054.6 billion in H1 2024, with operating income of KRW 556.2 billion, down from KRW 684.6 billion year-over-year.

• Net income attributable to owners of the parent was KRW 102.2 billion, a turnaround from a net loss of KRW 226.2 billion in the prior year.

• The group maintained a strong cash position, with cash and equivalents at KRW 4,023.5 billion as of June 30, 2025.

Financial highlights

• Consolidated sales for 2Q25 reached KRW 5,346 billion, up 16.4% year-over-year and 24.4% quarter-over-quarter.

• Operating profit was KRW 358 billion, up 6.3% year-over-year and 80.3% quarter-over-quarter.

• Net income for 2Q25 was KRW 233 billion, up 7.8% year-over-year and 1,963.7% quarter-over-quarter.

• Parent company 1H25 sales rose 77.4% year-over-year to KRW 840 billion, with net income up 2,644.1% to KRW 187 billion.

• EBITDA for H1 2025 was KRW 945.0 billion, compared to KRW 1,048.5 billion in H1 2024.

Outlook and guidance

• Doosan Enerbility expects to achieve its annual sales target with continued product mix improvements in the second half of 2025.

• High-end product sales in Electro-Materials are expected to drive further growth, with high-end share rising to 81% in 1H25.

• Management expects continued revenue growth in core segments, with a focus on high-value products and global expansion.

• Ongoing investment in R&D and capacity expansion is planned, with over KRW 1.7 trillion in capital expenditures projected through 2027.

• The company plans to continue its share buyback and cancellation program, targeting at least 990,000 shares over three years.