Doosan (000150.KS) Q1 2026: Profit Leaps 72% as CCL Hits 30%
Electronic BG's copper clad laminate business — just 12% of group revenue — now generates more than half of Doosan's consolidated operating profit, as AI data center demand drives CCL pricing to six-quarter highs while Doosan Bobcat navigates a structural margin reset.
Source: Quarterly Report (Q1 2026, 90th Fiscal Year) — Filed May 15, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Doosan Corporation (000150.KS) reported Q1 2026 consolidated revenue of ₩5.06 trillion, a 17.7% year-on-year increase, while operating profit surged 71.7% to ₩340.8 billion — lifting the operating margin by 2.1 percentage points to 6.7%. The catalyst was not the group's most visible subsidiary, Doosan Bobcat, but Doosan's own Electronic Business Group, whose copper clad laminate (CCL) operation achieved a 30.1% operating margin on AI-driven demand for semiconductor and data center substrate materials. Power equipment subsidiary Doosan Enerbility contributed a complementary recovery, benefiting from rising global nuclear and gas-turbine orders, amplifying the operating leverage embedded across Doosan's capital-intensive portfolio at a moment when revenue is accelerating. The structural caveat is unchanged: a ₩187.3 billion wedge between operating profit (₩340.8 billion) and pre-tax income (₩153.5 billion) — principally interest on ₩21.45 trillion of consolidated liabilities — absorbs more than half of every won Doosan earns at the operating level, and no analysis of this holding company is complete without accounting for it.
