Doosan Enerbility (034020) Q4 2025 earnings summary

Executive summary

• Orders more than doubled year-over-year to KRW 14.7tn, driven by major wins in Czech Nuclear, Gas Turbine, and CCPP EPC projects.

• Revenue increased across both managerial consolidated and consolidated bases, with core business segments (Nuclear/Gas) leading growth.

• EBIT rose slightly YoY for Enerbility but declined on a consolidated basis due to higher SG&A and tariffs at Bobcat.

• Net income swung from a loss to a significant profit YoY on the managerial consolidated basis, but declined on a consolidated basis.

Financial highlights

• Managerial consolidated orders: KRW 14.7tn (+106.5% YoY); backlog: KRW 23.0tn (+42.3% YoY).

• Managerial consolidated sales: KRW 7.9tn (+7.0% YoY); EBIT: KRW 302bn (3.8% margin); net income: KRW 403bn (vs. -KRW 115bn YoY).

• Consolidated sales: KRW 17.1tn (+5.1% YoY); EBIT: KRW 763bn (4.5% margin, -1.8%p YoY); net income: KRW 205bn (-KRW 190bn YoY).

• Net debt decreased on a consolidated basis to KRW 2.6tn (-KRW 243bn YoY).

Outlook and guidance

• Mid-term plan targets accelerated growth in nuclear and gas turbine segments, with orders and sales expected to rise 23% and 16% respectively by 2026.

• EBIT margin projected to improve to 9.9% by 2030, with average annual orders in nuclear revised upward due to SMR and AP1000 momentum.

• Order backlog expected to reach KRW 48tn by 2030, supporting mid-term revenue and profitability.