Doosan Skoda Power s.r.o (DSPW) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a significant increase in order intake and backlog, reaching nearly CZK 17 billion, the highest in a decade, driven by major projects such as Dukovany and new contracts in Kazakhstan, Turkey, Chile, and South Korea.

• Backlog rose 83% year-over-year, with about 20% expected to be realized within one year.

• Revenues declined 15.9% year-over-year to CZK 878 million, mainly due to project delays in Botswana and Indonesia.

• Operating profit and net income improved, with net income rising from CZK 8 million to CZK 13 million, and profit before tax at CZK 27 million.

• Q1 2026 results reflect successful project wins in 2025, especially in the nuclear segment, providing a strong foundation for future growth.

Financial highlights

• Order intake exceeded CZK 5 billion in Q1 2026, a substantial increase from the prior year.

• Backlog increased by CZK 7.7 billion year-over-year.

• Revenues for Q1 2026 were CZK 878 million, down 15.9% from Q1 2025.

• EBITDA rose to CZK 62 million from CZK 27 million year-over-year, with margin improving to 7.09%.

• Net profit for Q1 2026 was nearly CZK 68 million, up 57% from CZK 8 million in Q1 2025.

Outlook and guidance

• Approximately 20% of the backlog is expected to be realized within one year, and 50% over the next three years.

• Focus for 2026 is on new-build activities in Europe, the Americas, and Asia, while strengthening the service business and long-term service agreements.

• Execution of previously contracted projects, including nuclear power plants in Finland and the Czech Republic, is ongoing.

• Project structure and long-term nature of contracts may cause revenue fluctuations quarter-to-quarter.