Doosan Bobcat (241560) Q2 2026 earnings summary

Executive summary

• Revenue increased 4% year-over-year to $1,630M in 2Q26, despite shipment delays from a technical system issue, supported by commercial actions.

• Operating profit rose 34% year-over-year, primarily due to significant tariff refunds, with a one-off gain of $81M in 2Q26.

• Net profit surged 54% year-over-year, driven by stronger operating performance and lower financing costs.

• Operates as a global holding company with subsidiaries in North America, Europe, Asia, and other regions, focusing on construction equipment and hydraulic components production and sales.

• Added hydraulic equipment as a new business segment after acquiring Doosan Mottrol in October 2024.

Financial highlights

• EBIT margin improved to 11.9% in 2Q26, up 2.6 percentage points year-over-year.

• EBITDA increased 28% year-over-year to $244M.

• Net interest expense decreased 19% year-over-year.

• H1 2026 consolidated revenue: USD 3,164.3 million, down from USD 6,181.8 million in FY2025.

• Gross margin for H1 2026: 24.6% (gross profit USD 777.9 million on sales of USD 3,164.3 million).

Outlook and guidance

• Deferred shipment recovery and secured rental fleet orders are expected to drive stronger growth in coming quarters.

• Quarterly dividend policy implemented from 2025, with a minimum annual dividend of KRW 1,600 per share and a 40% shareholder return target for 2025–2027.

• Ongoing investments in R&D, production capacity, and global expansion, with planned annual capital expenditures of over USD 200 million through 2028.