Doosan Enerbility (034020) Investor presentation summary

Key highlights and business environment

• Secured major gas turbine orders for U.S. data centers and main equipment contracts for a Czech nuclear project, with strategic SMR partnerships established for future growth.

• Global power demand is projected to rise, driven by AI, data centers, and electrification, with significant expansion in gas and nuclear power expected in the U.S. and Korea.

• Over 40% of U.S. data center power projects remain in pre-construction, presenting substantial opportunities for new gas turbine orders.

• U.S. nuclear market outlook is strengthened by $80bn+ in government support, new project restarts, and SMR advancements.

Financial performance and guidance

• Order backlog is projected to reach approximately KRW 48tn by 2030, supporting mid-term revenue growth.

• Orders are expected to grow by 23% and sales by 16% in 2026, with EBIT margin improvement and accelerated profitability.

• Growth is aligned with global energy portfolio shifts, focusing on nuclear and gas turbine core businesses.

Strategic initiatives and business expansion

• Advancing large-scale and SMR nuclear projects in Korea, the U.S., and Vietnam, with new SMR manufacturing capacity under development.

• Gas turbine business targets over USD 7 billion in orders by 2030, with a stable trajectory as an OEM and expansion in North America and the Middle East.

• Steam turbine business aims for over USD 1.5 billion by 2030, leveraging market leadership and first U.S. market entry.

• Gas power EPC business focuses on the Middle East and Southeast Asia, capitalizing on rising demand and new contracts.

• AI transformation initiatives are enhancing competitiveness, productivity, and profitability across all business areas.