Doosan Enerbility lifts nine-month operating profit
Third-quarter revenue rose to 4.45 trillion won from 3.88 trillion won a year earlier.
Doosan Enerbility, the power equipment and construction machinery group, reported higher operating profit for the first nine months of 2026 as consolidated revenue rose to 13.4 trillion won from 12.2 trillion won a year earlier. Operating profit increased to 809 billion won from 551 billion won. Net profit rose to 301 billion won from 153 billion won.
The revenue increase included a higher contribution from Bobcat, the compact construction equipment business. The core power equipment operation also increased sales and operating profit. The fuel cell business recorded a wider operating loss, despite higher sales.
Bobcat generated 7.16 trillion won in nine-month net sales after consolidation adjustments, up from 6.41 trillion won a year earlier. Its operating profit rose to 666 billion won from 538 billion won. The business sells compact construction machinery and equipment, including loaders, mini excavators, air compressors and generators.
The Doosan Enerbility segment, whose products and services include turbines, power equipment and plant construction, reported net sales of 5.89 trillion won, compared with 5.45 trillion won a year earlier. Segment operating profit increased to 276 billion won from 134 billion won. These segment sales figures reflect consolidation adjustments.
Fuel cell net sales increased to 312 billion won from 292 billion won over the nine months, while its operating loss widened to 69.3 billion won from 29.1 billion won. The business supplies fuel cells for power generation and provides long-term maintenance. Its net loss also widened, reaching 96.8 billion won from 30.2 billion won a year earlier.
For the third quarter alone, product sales rose to 2.61 trillion won from 2.18 trillion won a year earlier. Construction sales fell to 1.49 trillion won from 1.66 trillion won. Revenue also included a 239 billion won hedging gain, compared with a 52.7 billion won hedging loss in the prior-year quarter.
The Americas accounted for 5.71 trillion won of nine-month revenue from customer contracts, up from 5.02 trillion won a year earlier. Revenue from such contracts in the Middle East fell to 2.22 trillion won from 2.49 trillion won, while European revenue increased to 1.7 trillion won from 1 trillion won. Bobcat contributed the largest portion of the Americas total.
The group ended September with short-term borrowings of 3.61 trillion won, up from 1.88 trillion won at the previous year-end. Gross long-term borrowings before discounts rose to 2.85 trillion won from 2.68 trillion won. Of that long-term debt, 801 billion won was reclassified as current, compared with 326 billion won at the previous year-end. The company said it had pledged tangible assets as collateral for some borrowings.
For future business, the company is pursuing additive manufacturing and resource recycling and developing core aircraft engine components through a government-led project using gas turbine technology. It is also reviewing opportunities in hydrogen supply infrastructure. The company said infrastructure for installing very large wind turbines remains limited and is needed for wind farms to be built on time.
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