Doosan Enerbility (034020) Q2 2025 earnings summary

Executive summary

• Orders nearly doubled year-over-year in 1H 2025, driven by overseas gas power projects, especially in the Middle East and Vietnam.

• Sales increased 9.4% YoY in 1H 2025, with a strong rebound in Q2 due to higher sales and improved product mix.

• EBIT and net income rebounded in Q2 after a weak Q1, supporting expectations for continued recovery in the second half.

Financial highlights

• 1H 2025 orders reached KRW 3.8 trillion, up 98.4% YoY; sales were KRW 3.84 trillion, up 9.4% YoY.

• Q2 2025 sales rose 43.9% sequentially to KRW 2.27 trillion; EBIT turned positive at KRW 92 billion.

• Net income for Q2 was KRW 99 billion, reversing a Q1 loss.

• Consolidated sales for 1H 2025 were KRW 8.32 trillion (+0.8% YoY); Q2 consolidated net income was KRW 198 billion.

Outlook and guidance

• Recovery trend in EBIT and net income expected to continue in 2H 2025, supporting full-year targets.

• Actively pursuing major orders, including the Czech nuclear power project.

• Additional gas power EPC orders anticipated in the Middle East and Southeast Asia.