Doosan Enerbility (034020.KS) Q1 2026: ₩27.2T Backlog Builds as Core Margin Stalls at 3.04%

Order book gains validate the AI-power and gas-turbine thesis, but the parent's operating margin still trails Doosan Bobcat by three-to-one.

Source: Q1 Report (64th Fiscal Period) — Filed May 14, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions

Are data-center and AI power demand, together with the gas-turbine and SMR order momentum, actually pulling the parent's margin higher? The 64th-period Q1 report filed with DART on May 14, 2026 delivers an unambiguous verdict: the top line has recovered, but core-business profitability has not. Consolidated revenue reached ₩4,261.1 billion (+13.7% YoY) and operating profit ₩233.5 billion (+63.9% YoY), yet within the pre-consolidation segment operating profit of ₩262.8 billion, the parent Doosan Enerbility's contribution was just 21.68%. Over the same quarter, the order backlog climbed to ₩27,240.9 billion, a ₩1,738.4 billion increase from year-end (₩25,502.5 billion), pushing forward revenue visibility on the parent business to roughly 3.2× annual sales. This report is based on the consolidated financials for the reporting period January 1, 2026 to March 31, 2026.