Doosan Enerbility (034020) Q1 2026 earnings summary

Executive summary

• Consolidated Q1 2026 revenue reached ₩4,261,130 million, with operating profit of ₩233,514 million and net profit of ₩60,226 million, showing significant year-over-year growth in both sales and profitability.

• Orders rose 61.8% year-over-year, led by gas and steam turbine demand in domestic and North American data centers.

• Sales increased 20.3% year-over-year, driven by Czech nuclear equipment, DGTs, and MENA CCPP progress.

• EBIT improved to KRW 57bn from a loss last year, reflecting sales growth and profitability in core businesses.

• Major business segments include power equipment (nuclear, thermal, wind), construction equipment, fuel cells, and leisure, with Doosan Bobcat and Doosan Fuel Cell as key subsidiaries.

Financial highlights

• Revenue increased 13.7% year-over-year to ₩4,261,130 million, driven by robust sales in construction equipment and power plant projects.

• Operating profit rose to ₩233,514 million (up 63.9% YoY), and net profit attributable to owners was ₩758 million, with non-controlling interests contributing ₩59,468 million.

• EBITDA rose to KRW 358bn, up KRW 111bn year-over-year.

• Gross margin improved to 17.5% from 15.9% a year earlier.

• Net debt increased sequentially to KRW 3,397bn.

Outlook and guidance

• Continued growth is expected in power equipment and construction machinery, supported by global infrastructure demand and energy transition trends.

• Core growth businesses advancing, including Czech nuclear construction and SMR contracts.

• The company plans significant capital investments in SMR, gas turbine, and wind power manufacturing capacity, with a three-year capex plan totaling over ₩1.8 trillion.

• Management is focused on expanding overseas markets, especially in the Middle East, Southeast Asia, and North America.

• Gas turbine and steam turbine businesses expect continued order growth, with expansion in North America and MENA.