---
endpoint: analytics
pattern: Capital Goods
status: done
latency_ms: 138224
conversation_id: 489d2eb6-ced6-478a-bfa4-fb29db04a64e
citations: 3
created: 2026-05-31 19:06:34Z
---

# Who are the key shareholders of Doosan Enerbility?

# Doosan Enerbility (034020 KS) — Key Shareholders

## Most Recent Shareholding Structure (as of 31 December 2025)

Per Doosan Enerbility's FY2025 annual report (사업보고서) filed with DART, the registered 5%+ shareholders and other key holders are:

| Shareholder | Shares Held | Stake (%) | Notes |
|---|---|---|---|
| **Doosan Corporation (㈜두산)** | 194,690,723 | **30.39%** | Largest shareholder / parent holding company [1] |
| **National Pension Service (국민연금, NPS)** | 49,816,054 | **7.78%** | Korea's national pension fund (institutional) [1] |
| Employee Stock Ownership Assn. (우리사주조합) | 1,166,702 | 0.18% | [1] |

The remainder of the float (~61.6%) is held by minority shareholders (소액주주) and other holders below the 5% disclosure threshold.

## Recent Evolution of the Top Holders

The largest shareholder has remained **Doosan Corporation (㈜두산)** consistently. NPS's reported stake has fluctuated above/below the 5% disclosure threshold across periods:

| Reporting Date | Doosan Corp. | National Pension Service | Employee Stock Ownership |
|---|---|---|---|
| 31 Dec 2024 [2] | 194,690,723 sh / **30.39%** | 47,048,427 sh / **7.34%** | 3,060,678 sh / 0.48% |
| 30 Jun 2025 [3] | 194,690,723 sh / **30.39%** | (below 5% threshold in this snapshot — reported above on other dates) | — |
| 31 Dec 2025 [1] | 194,690,723 sh / **30.39%** | 49,816,054 sh / **7.78%** | 1,166,702 sh / 0.18% |

Note: The 30 June 2025 半期보고서 only lists Doosan Corp at the 5%+ threshold [3]; NPS appears above 5% in both the immediately preceding (Mar 2025 — 8.01%) and following (Dec 2025 — 7.78%) filings, suggesting NPS's holding fluctuates around the 5% disclosure line.

## Ownership Context — Why This Matters

- **Parent-subsidiary structure**: Doosan Enerbility (formerly Doosan Heavy Industries & Construction) sits inside the broader **Doosan Group**, with Doosan Corporation (㈜두산) as the holding-company parent at the top of the chain.
- **Corporate governance overhang**: CLSA's roadshow feedback (May 2025) noted that "Doosan group is still under the stigma of poor corporate governance due to its controversial actions in the past," referring to the prior controversial proposal to split Doosan Bobcat and merge it into Doosan Robotics — a deal that was eventually scrapped. CLSA notes most investors view a repeat as unlikely under Korea's new commercial law [4].
- **Free float characteristics**: With ~30% held by the parent and ~7-8% held by NPS, the effective free float available to active institutional/retail investors is roughly 60-63% — relatively large compared to typical Korean conglomerate subsidiaries.

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**Sources**
[1] Doosan Enerbility 사업보고서 (Annual Report) — DART filing, as of 31 December 2025
[2] Doosan Enerbility 2024 Annual Results — DART filing, as of 31 December 2024
[3] Doosan Enerbility 반기보고서 (Semi-Annual Report) — DART filing, as of 30 June 2025
[4] Korean conglomerates (Roadshow feedback) — CLSA (25 May 2025) — 607960459LinqAlpha.PDF

## Citations

- [1] **사업보고서 (2025.12)** · external
- [2] **Doosan Enerbility Co., Ltd. 2024 Annual Results** · external
- [3] **반기보고서 (2025.06)** · external

