Doosan Enerbility (034020) Q2 2026 earnings summary

Executive summary

• Orders surged 89.6% year-over-year in 1H26, driven by DGT and CCPP contracts, with strong sales growth from project execution in CCPP and nuclear equipment projects.

• The company operates in power generation, desalination, heavy industry, construction, compact equipment, fuel cells, and leisure, with a global footprint and multiple subsidiaries.

• Major business segments include Doosan Enerbility, Doosan Bobcat, and Doosan Fuel Cell, each contributing significantly to consolidated results.

• EBIT and net income improved significantly, reflecting enhanced profitability and lower financing costs.

• The company maintains an A- credit rating and is listed on the KOSPI market.

Financial highlights

• Consolidated sales rose 8.0% year-over-year in 1H26 to KRW 8,986bn; 2Q sales up 10.9% sequentially.

• EBIT increased 32.4% year-over-year to KRW 548bn; 2Q EBIT margin reached 6.7%.

• Net income grew 62% year-over-year to KRW 287bn; 2Q net income was KRW 226bn.

• Total assets at June 2026 were KRW 29,947,742 million; total equity was KRW 12,666,483 million.

• Debt-to-equity ratio at mid-2026 was 1.364.

Outlook and guidance

• Pursuing growth in nuclear, SMR, and CCPP projects, including major opportunities in Korea, the U.S., Saudi Arabia, Vietnam, and the Czech Republic.

• Policy-driven mega projects and energy infrastructure investments expected to drive additional order opportunities.

• Offshore wind market expansion targeted, with annual order goals of KRW 1.5tn through 2030.

• Ongoing investments in SMR, hydrogen, and digital transformation are expected to drive future growth.