Doosan Skoda Power s.r.o (DSPW) Q2 2026 earnings summary

Executive summary

• Achieved record order intake of CZK 7,720m in 1H 2026, up 319% YoY, driven by major awards including the Dukovany Nuclear Power Plant project and strong wins in India.

• Backlog surged to nearly CZK 18bn by end of H1 2026, reflecting robust demand and future revenue visibility.

• Revenue grew 2.8% YoY to CZK 2,681m, with service revenue up over 20% and strong contributions from Czech Republic, North America, and Europe.

• EBITDA rose nearly 40% YoY to CZK 359m, with margin improving from 9.8% to 13.4% due to optimization initiatives.

• Operating profit increased 30% YoY to CZK 257m; net income reached CZK 236m.

Financial highlights

• Order intake: CZK 7,720m (+319% YoY); backlog: CZK 17,869m (+119% YoY); order-to-sales ratio: 2.88x.

• Revenue: CZK 2,681m (+2.8% YoY); service revenue up 20% YoY.

• EBITDA: CZK 359m (+40% YoY); EBITDA margin: 13.4% (up from 9.8%).

• Operating profit: CZK 257m (+30% YoY); net income: CZK 236m (+13% YoY); net profit per share: CZK 7.40.

• Free cash flow: -CZK 859m, reflecting higher investments and adverse working capital movements.

Outlook and guidance

• Full-year 2026 revenue expected to be comparable to 2025, with slightly higher profit and further backlog growth.

• Short-term order intake targeted at 100–130% of FY2025 level; EBITDA guidance at 105–115% of FY2025.

• Dividend payout ratio set at 70%+ of net income.

• Long-term ambition to achieve CZK 40–50bn in order intake by 2030, focusing on nuclear, gas turbines, and global expansion.

• Inflation pressures and currency volatility, especially USD, remain key risks.