1. Doosan Q2 2025 Earnings Analysis: Below Expectations

Doosan reported its Q2 2025 earnings on July 25, 2025. While revenue exceeded expectations, operating profit and net profit fell short. Net profit, in particular, saw a significant decline compared to the same period last year.

  • Revenue: KRW 53.464 billion (Consensus +13%)
  • Operating Profit: KRW 3.578 billion (Consensus -24%)
  • Net Profit: KRW 0.786 billion (Consensus -69%)

2. Factors Behind the Underperformance: Doosan Enerbility and High Debt

The main reason for the disappointing results was the decline in operating profit at Doosan Enerbility. Despite strong performance from Doosan Bobcat, it was not enough to offset the negative impact from Doosan Enerbility. The company’s high debt level also remains a concern.

3. Key Takeaways for Investors and Action Plan

Increased short-term volatility is possible, calling for cautious investment strategies. In the mid-to-long term, investors should focus on Doosan Bobcat’s growth trajectory, Doosan Enerbility’s new business performance, and macroeconomic factors. Key considerations include:

  • Doosan Bobcat growth potential: Monitor the possibility of a slowdown in the North American construction market.
  • Doosan Enerbility’s SMR and hydrogen business performance: The success of these new ventures will significantly influence long-term growth.
  • Macroeconomic factors: Be aware of the potential impact of fluctuations in interest rates, exchange rates, and raw material prices.

Investor Action Plan:

  • Short-term investors: Exercise caution and consider a wait-and-see approach due to increased volatility.
  • Long-term investors: Monitor macroeconomic conditions and subsidiary performance.