Doosan Enerbility (034020) Q3 2025 earnings summary

Executive summary

• Consolidated sales for the first nine months of 2025 were KRW 12,197,945 million, with operating profit of KRW 550,640 million and net profit attributable to owners of the parent at KRW 11,989 million.

• Orders rose 69.8% year-over-year, driven by overseas gas power projects and services.

• Sales increased 7.7% year-over-year, with strong progress on combined-cycle projects.

• EBIT declined year-over-year due to external factors and lower Bobcat sales, despite higher revenue from combined-cycle projects.

• Net income turned negative, with a loss of KRW 62bn managerial consolidated and KRW 153bn consolidated.

Financial highlights

• Total assets at September 30, 2025: KRW 27,027,903 million; total liabilities: KRW 15,161,713 million; total equity: KRW 11,866,190 million.

• Consolidated sales: KRW 12,198bn (+4.8% YoY); EBIT: KRW 551bn (-232bn YoY); EBITDA: KRW 879bn (-194bn YoY).

• Net debt increased to KRW 4,007bn managerial consolidated and KRW 4,186bn consolidated.

• Liability/equity ratio rose to 140.4% managerial consolidated and 127.8% consolidated.

• Cash and cash equivalents at period end: KRW 2,404,201 million.

Outlook and guidance

• 2025 annual orders forecast raised to KRW 13–14tn, with upside from nuclear and gas turbine projects.

• Sales guidance for 2025 set at KRW 7.4–7.8tn (+14–20% YoY); EBIT guidance at KRW 310–330bn (-12–17% YoY).

• Strategic focus on high-margin nuclear and gas businesses to secure stable long-term margins.

• Ongoing focus on green energy, hydrogen, and digital transformation, with continued R&D in fuel cells, hydrogen turbines, and smart manufacturing.

• Anticipates continued growth in global power demand, with strategic focus on exports and new energy markets.