Doosan Skoda Power s.r.o (DSPW) Q4 2025 earnings summary

Executive summary

• Order intake reached CZK 12.75 billion in 2025, up 39% year-over-year, driven by major projects in the Czech Republic and international markets.

• Revenues declined 4.9% to CZK 5.63 billion, mainly due to FX impacts and project delays, with most revenue from Europe, Asia, and Africa.

• Operating profit improved by 2% to CZK 625 million, while EBITDA fell 4.5% to CZK 769 million, impacted by adverse currency movements and IPO-related costs.

• Net income decreased 13% to CZK 574 million, affected by lower interest income following pre-IPO loan repayments and declining market rates.

• Successfully listed on the Prague Stock Exchange, enhancing market presence and financial flexibility.

Financial highlights

• Free cash flow rose sharply to CZK 569 million from CZK 121 million, supported by higher operating cash flows and advance project payments.

• Cash equivalents increased by CZK 829 million to CZK 1.86 billion, reflecting IPO proceeds and improved cash generation.

• Total assets grew by CZK 1.12 billion to CZK 8.25 billion, with equity rising to CZK 4.92 billion.

• 2025 revenues were CZK 5,632 million, down 4.88% year-over-year.

• Profit before tax dropped 24.65% to CZK 666 million, impacted by reduced interest income.

Outlook and guidance

• Approximately 30% of the backlog is expected to be realized within one year, and 50% over the next three years.

• Focus remains on expanding in Europe, the Americas, and Asia, with continued emphasis on service contracts and nuclear projects.

• Backlog growth and recent contract wins support a positive outlook for 2026.

• The company is positioned to benefit from global trends in electrification, decarbonization, and increased demand for steam and gas turbines.