Doosan Enerbility (034020) Q3 2026 earnings summary

Executive summary

• Managerial consolidated YTD orders rose 85.5% YoY to KRW 9,999bn; sales increased 7.8% to KRW 5,954bn and EBIT more than doubled to KRW 276bn.

• Consolidated YTD sales grew 10.1% to KRW 13,435bn, while EBIT increased 46.9% to KRW 809bn.

Financial highlights

• Managerial consolidated YTD EBIT margin was 4.6%, up 2.2 percentage points YoY; EBITDA was KRW 408bn and net income KRW 12bn, versus a KRW 62bn loss.

• Managerial consolidated Q3 sales were KRW 1,825bn, down 18.3% QoQ; EBIT rose to KRW 121bn from KRW 97bn and margin expanded to 6.6% from 4.4%.

• Consolidated YTD EBITDA was KRW 1,195bn and net income KRW 302bn; Q3 sales were KRW 4,450bn and EBIT KRW 261bn, down 5.8% and 16.9% QoQ, respectively.

• Managerial consolidated YTD backlog reached KRW 26,580bn, up 70.9% YoY; Q3 orders were KRW 2,877bn, down 33.7% QoQ.

Outlook and guidance

• 2026 order target is KRW 14.7tn; YTD orders reached KRW 10.0tn, with additional SMR, CCGT EPC and large nuclear projects being pursued.

• Gas turbine production was secured through 2031; capacity expansion is underway, with further production and service capacity expansion under review.

• Large-scale nuclear opportunities include domestic units under Korea’s 12th Basic Plan and overseas prospects involving the Korea-U.S. framework, Vietnam and Czech follow-ons.