Doosan Enerbility (034020) Q2 2025 earnings summary

Executive summary

• Revenue for the half-year ended June 2025 was KRW 8,317.6 billion, with operating profit of KRW 413.6 billion and net profit attributable to owners of the parent at KRW 62.1 billion.

• 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.

• The group includes 63 consolidated subsidiaries, with major segments in power equipment, construction equipment, and fuel cells.

• The company maintains a BBB+ credit rating and is listed on the KOSPI market.

Financial highlights

• Total assets at June 2025 were KRW 26,305.2 billion; total liabilities were KRW 14,676.9 billion; equity was KRW 11,628.3 billion.

• 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.

• Operating margin for the half-year was 5.0%; net margin attributable to owners was 0.7%.

• Debt-to-equity ratio remained stable at 1.26x.

• Cash and cash equivalents at period end were KRW 2,274.3 billion.

• Basic EPS for the half-year was KRW 97.

• Managerial consolidated liability/equity ratio at 135.5% in Q2 2025, down from 140.4% in Q1.

• Net debt increased to KRW 3.58 trillion in Q2 2025.

• Consolidated liability/equity ratio at 126.2% in Q2 2025.

Outlook and guidance

• The company is investing in expanding production capacity for nuclear and gas turbine businesses, with planned capital expenditures of KRW 1.32 trillion over the next three years.

• Ongoing focus on green energy, hydrogen, and digital transformation to drive future growth.

• 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.