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Daewoo Engineering & Construction · 047040 · Construction

Daewoo E&C Q3 2026 Preliminary Results: Operating Profit Rises to ₩183.2B From ₩56.6B

Why this report

Written after:

Daewoo E&C reported preliminary Q3 2026 consolidated operating profit of ₩183.2B, up 223.7% from a year earlier, with revenue down 7.4%. This runs against the loss-making picture in our earlier report, but the quarter's profit is lower than Q2 and the full picture is not yet clear.

Written Oct 27, 2026 · Data as of Oct 26, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On 2026-10-27 the company published preliminary consolidated results for July to September 2026. Figures are provisional and may differ from final numbers.

Revenue was ₩1.84T, down 9.8% from Q2 (₩2.04T) and down 7.4% from Q3 2025 (₩1.99T). Operating profit was ₩183.2B, versus ₩232.3B in Q2 (-21.1%) and ₩56.6B in Q3 2025 (+223.7%).

Pre-tax profit from continuing operations was ₩106.2B, versus ₩211.6B in Q2 (-49.8%) and a loss of ₩55.6B a year earlier. Net profit was ₩83.1B (Q2: ₩167.2B; Q3 2025: loss of ₩52.9B). Profit attributable to owners was ₩81.6B.

For the first nine months, revenue was ₩5.84T (-7.9%), operating profit ₩671.1B (vs ₩290.1B, +131.3%), and net profit ₩446.1B (vs a loss of ₩37.9B). Cumulative new orders are shown as 124,782 in the filing excerpt, against 71,285 in the comparison column, but the unit and the exact comparison period are cut off in the excerpt, so we do not interpret them.

What it changes for the thesis

Our 2026-10-13 report highlighted falling revenue, a ₩561.1B trailing operating loss and a share price that seemed to price something other than current earnings. This filing shows that the loss-making picture is not the whole story for 2026: nine-month operating profit is ₩671.1B, and Q3 was profitable at both the operating and net level.

The quarter does not remove all concerns. Revenue is still shrinking year on year, and profit fell from Q2 to Q3, with net profit halving. The filing does not explain the drivers, so we cannot say how much is lasting margin recovery and how much is one-off. The trailing figures in our data pack (H1 2026) do not yet include this quarter, so the trailing loss shown there is out of date. Cash flow and balance sheet data for Q3 are not yet available.

What it changes for the valuation

The model has no fair value estimate for this company, and the previous report had none either, so there is no range to compare. The share price closed at ₩14,220 on 2026-10-26, before the results, down 18.5% over one month and 272.3% higher over one year. Market capitalization was ₩5.8T.

On pre-results trailing data, price-to-book was 1.5 and price-to-sales 0.8; P/E and EV/EBITDA were not meaningful because trailing earnings were negative. These multiples will change once Q3 is included in trailing figures. Among peers, Hyundai Engineering & Construction shows a P/B of 1.1 and a P/E of 22.5, and DL E&C a P/B of 0.4 and a P/E of 3.5.

Closing view

The preliminary results show a clear swing to profit in 2026 compared with the losses of 2025, which changes the earnings picture described in our earlier report. At the same time, revenue is still declining, Q3 profit was below Q2, and the provisional numbers could be revised. Without a model estimate, detail on drivers, or Q3 cash flow data, the durability of the improvement cannot be judged from the data given. The full quarterly report and its cash flow and balance sheet detail are the next points to check.}

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 27, 2026Update noteEarningsDaewoo E&C Q3 2026 Preliminary Results: Operating Profit Rises to ₩183.2B From ₩56.6B
  2. Oct 13, 2026InitiationDaewoo E&C: Losses Deepen Even as Shares Rebound Sharply Over One Year

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information