1. What Happened? (H1 2025 Earnings Summary)

Doosan Enerbility’s H1 2025 revenue reached 45,690 billion KRW, surpassing expectations by 13%. However, operating profit stood at 2,711 billion KRW, 5% below estimates, while net profit exceeded expectations by 24%, reaching 1,978 billion KRW.

2. Why These Results? (Earnings Analysis)

Positive Factors:

  • Increased orders for combined cycle power plant EPC in the Middle East and nuclear power plant equipment supply.
  • Acquisition of international certification for 8MW offshore wind power generation system and new orders.
  • Securing the main equipment supply contract for Shin Hanul Nuclear Power Plant Units 3 & 4.
  • Pursuit of new businesses such as aircraft engines, AM, and resource recycling.

Negative Factors:

  • Rising costs and intensified competition for orders.
  • Increased financial burden (decrease in current assets and total equity, increase in short-term borrowings and bonds).
  • Low operating rate of Doosan Bobcat’s Portable Power.

3. What’s Next? (Future Outlook and Investment Implications)

Doosan Enerbility is expected to maintain its revenue growth and strengthen its position in the eco-friendly energy sector. However, improving profitability and securing financial soundness remain key challenges. In particular, the improvement of profitability in the power plant equipment sector and the performance of new businesses will be key variables.

4. What Should Investors Do? (Investment Action Plan)

  • Monitor profitability improvement trends in the power plant equipment sector.
  • Check the concrete performance of new businesses (aircraft engines, SMR, etc.) and their contribution to orders and sales.
  • Review the company’s response strategy to exchange rate and interest rate volatility.
  • Check the improvement of the performance of subsidiaries such as Doosan Bobcat and Doosan Fuel Cell.