DOOSAN TESNA (131970) Q4 2025 earnings summary

Executive summary

• 2025 annual sales and operating profit increased year-over-year, driven by improved performance of major affiliates.

• Net income decreased year-over-year due to higher non-operating expenses at subsidiaries.

• Debt-to-equity ratio remained stable quarter-over-quarter, with net debt declining due to cash inflows from advance payments.

Financial highlights

• Consolidated 2025 sales rose 9.1% year-over-year to KRW 19,784bn; operating profit up 5.9% to KRW 1,063bn.

• Net income for 2025 fell by KRW 53bn year-over-year, turning to a loss in 4Q25.

• Parent company sales increased 65.8% year-over-year to KRW 1,768bn; operating profit up 302.2% to KRW 328bn.

Outlook and guidance

• Plans to improve profitability in Doosan Enerbility by focusing on high-margin nuclear and gas businesses.

• Doosan Bobcat aims for sales growth in 2026 through dealer inventory rebuild and market share gains despite softer demand.