Doosan (000150) Q4 2025 earnings summary

Executive summary

• 2025 annual consolidated sales rose 9.1% year-over-year, with operating profit up 5.9% due to improved affiliate performance.

• Net income declined year-over-year, impacted by higher non-operating expenses at subsidiaries.

Financial highlights

• Consolidated sales reached KRW 19,784bn in 2025, up from KRW 18,133bn in 2024.

• Operating profit increased to KRW 1,063bn in 2025 from KRW 1,004bn in 2024.

• Net income fell to KRW 250bn in 2025 from KRW 302bn in 2024.

• Debt-to-equity ratio remained stable at 169.1% in 4Q25, with net debt decreasing sequentially.

Outlook and guidance

• Doosan Enerbility aims to improve mid- to long-term profitability by focusing on high-margin nuclear and gas businesses.

• Doosan Bobcat plans to drive 2026 sales growth through dealer inventory rebuild and market share gains despite softer demand.