Quick Take: Doosan Enerbility 2Q26 - Strong quarter with further nuclear and gas awards in 2H

研报英文原文证据摘录

Quick Take: Doosan Enerbility 2Q26 - Strong quarter with further nuclear and gas awards in 2H

27 July 2026

Brian Ho, CFA

+852 2123 2615

Asia-Pacific Nuclear Power brian.ho@bernsteinsg.com

Doosan Enerbility Co., Ltd Neil Beveridge, Ph.D.

+852 2123 2648

Rating neil.beveridge@bernsteinsg.com

Outperform Kelvin Yuan, Ph.D., CFA

Price Target +852 2123 2612

kelvin.yuan@bernsteinsg.com

034020.KS 100,000 KRW

Quick Take: Doosan Enerbility 2Q26 - Strong quarter with further

nuclear and gas awards in 2H

The good: Doosan reported solid 2Q26 results with earnings ahead of expectations and Close Date 24 Jul 2026

strong order momentum maintained. On a consolidated basis, net profit attributable to

034020.KS Close Price (KRW) 72,300

shareholders reached KRW226bn while sales came in at KRW4.73tn, ahead of consensus

Price Target (KRW) 100,000

KRW77bn and KRW4.63tn respectively. Doosan Enerbility standalone revenue came in at

Upside/(Downside) 38%

KRW2.23tn (-2% y-o-y) and EBIT increased to KRW97bn (4.4% OPM). Orders remained

52-Week Range 139,200/51,100

particularly strong, with 1H26 orders reaching KRW7.1tn (+90% y-o-y), representing

ASIAX 1,880.30

54% of the company's KRW13.3tn FY target. Gas turbine demand continues to be a major

FYE Dec

highlight, with Doosan securing 12 gas turbines (7 in the US), 6 steam turbines and 5

Div Yield NA

LTSA in 1H26. More importantly, management indicated that market conditions remain

Market Cap (KRW) (B) 46,312.57

exceptionally tight over the next 5 years, with negotiations already underway for 2030-31

EV (KRW) (B) 54,569.86

delivery slots. Additional orders remain possible in 2H26 despite capacity constraints. On

nuclear, Westinghouse is targeting one to two SPVs this year, and Doosan’s scope could Performance YTD 1M 6M 12M