1. What Happened?

Doosan Enerbility participated in the UBS Korea Summit 2025 and held an Investor Relations (IR) meeting on August 25, 2025. The company announced its Q2 2025 earnings and key management updates, followed by a Q&A session with investors.

2. Why is it Important?

Doosan Enerbility’s stock price has recently experienced a sharp increase, rising from 37,200 KRW on May 20, 2025, to over 100,000 KRW by August 20, 2025. The Q2 earnings and future business outlook presented at this IR are expected to significantly influence the stock’s future direction. Key areas of interest include the performance of Doosan Bobcat and Doosan Fuel Cell, securing new orders in nuclear and gas turbines, and the outcome of investments in new businesses.

3. Key Takeaways and Outlook

3.1 Q2 Earnings Analysis

Doosan Enerbility’s first-half 2025 earnings showed a significant decline compared to the same period last year. Revenue decreased by 48.7% to 8.3175 trillion KRW, operating profit fell by 59.4% to 413.5 billion KRW, and net income dropped by 63.3% to 176.6 billion KRW. The slowdown in Doosan Bobcat’s performance and declining profitability of Doosan Fuel Cell were cited as primary factors. However, new orders in nuclear and gas turbine sectors are viewed as a positive sign.

3.2 Investment Highlights

  • Positive Factors: Increased orders for nuclear/gas turbines, investments in new businesses like aircraft engines, and easing of interest rate hikes.
  • Negative Factors: Potential underperformance in Q2 results, continued high interest rates, exchange rate volatility, and increased competition.

3.3 Future Outlook

Experts acknowledge Doosan Enerbility’s growth potential, but maintain a cautious stance regarding its short-term stock performance. They recommend a comprehensive evaluation of the Q2 earnings announcement, future business strategies, and macroeconomic factors before making investment decisions.

4. What Should Investors Do?

Investors should consider the following factors when developing their investment strategies:

  • Carefully review the IR results, future order outlook, and new business plans.
  • Monitor macroeconomic variables such as interest rates, exchange rates, and commodity prices.
  • Analyze the performance of each business segment: Doosan Enerbility, Doosan Bobcat, and Doosan Fuel Cell.
  • Assess the company’s technological development and ESG management efforts to secure future growth drivers like aircraft engines and SMRs.