Doosan (000150) Q3 2025 earnings summary

Executive summary

• Sales and operating profit increased year-over-year but declined sequentially from the previous quarter due to tariffs and external factors.

• Net income improved year-over-year, with stable debt-to-equity and net debt ratios compared to 2Q25.

• Revenue for the first nine months of 2025 was KRW 14,097.5 billion, down from KRW 18,132.9 billion year-over-year.

• Operating income for the same period was KRW 787.5 billion, a decrease from KRW 1,003.8 billion year-over-year.

• Net income attributable to owners of the parent was KRW 223.4 billion, a turnaround from a net loss of KRW 226.2 billion in the prior year.

Financial highlights

• 3Q25 consolidated sales: KRW 4,452bn (+14.8% YoY, -16.7% QoQ); OP: KRW 231bn (+109.9% YoY, -35.4% QoQ); Net income: KRW 112bn (turnaround YoY, -52.2% QoQ).

• Parent sales: KRW 415bn (+60.2% YoY, -7.2% QoQ); OP: KRW 80bn (+303.6% YoY, -3.5% QoQ); Net income: KRW 53bn (turnaround YoY).

• Gross profit for the period was KRW 2,408.0 billion, up from KRW 2,171.3 billion year-over-year.

• SG&A expenses increased to KRW 1,620.5 billion from KRW 1,376.5 billion year-over-year.

• Basic EPS for ordinary shares was KRW 12,525, compared to a loss of KRW 12,715 in the prior year.

Outlook and guidance

• Annual sales expected to exceed KRW 2tn for in-house business, driven by main business improvements.

• Doosan Enerbility anticipates exceeding annual order targets (KRW 13–14tn) with contributions from Czech nuclear, U.S. gas turbine, and unplanned orders.

• Electro-Materials segment expects record high annual performance in 4Q25 due to high-end product demand.

• The company continues to invest in new business areas such as 5G, digital transformation, and green energy.

• Management expects continued volatility in raw material prices and foreign exchange rates.