Doosan Robotics is accelerating its global push, expanding its European sales footprint nearly tenfold to target the physical AI market. Following a recent visit by a key Nvidia executive to its headquarters to discuss collaboration, the company is poised to formally open its new European subsidiary office, signaling a full-fledged transformation of its robotics business.
On May 19, the new headquarters of Doosan Robotics’ European subsidiary will officially open in Mörfelden-Walldorf, near Frankfurt, Germany. The facility is roughly ten times larger than the previous one, as the company aims to aggressively target customers across Europe. The opening ceremony will feature a presentation on global robot market trends and business strategy, along with demonstrations of the latest collaborative robot technology. Market attention is focused on whether Doosan Robotics will unveil a lineup of collaborative robots, including the AI Depalletizer developed jointly with Nvidia. However, the company has downplayed the possibility of revealing new AI robot solutions, stating the event will primarily showcase already-commercialized robot solutions.
The Doosan Group is also placing significant weight behind the robotics business. Chairman Park Jung-won explicitly cited physical AI as a key growth keyword for the group in his New Year’s address this year, formalizing a group-wide transition from a simple robot manufacturer to an AI-based systems integrator. Recently, Madison Huang, Senior Director at Nvidia and head of its robotics and Omniverse business—also the eldest daughter of Nvidia CEO Jensen Huang—visited Doosan Robotics’ headquarters late last month. The two sides reportedly discussed collaboration between Doosan Robotics’ Agentic Robot O/S and Nvidia’s AI and simulation infrastructure.
This meeting is interpreted as more than just routine partner interaction, serving as a signal that Doosan Robotics is beginning its full-scale entry into the physical AI market. The collaboration with Nvidia is expected to materialize from 2027. According to Doosan Robotics’ roadmap, the company aims to launch an intelligent robot solution based on its agentic robot operating system in 2027, followed by the sequential introduction of industrial humanoid products in 2028. An AI premium is therefore expected to be priced in starting in 2028, when industrial humanoids capable of direct deployment in the labor market are anticipated to emerge.
The physical AI that Doosan Robotics aims to implement is seen as extending beyond simply strengthening ties with Doosan Group’s heavy industrial portfolio. The market is focusing more on the value of its platform, which can expand into external industries such as manufacturing, logistics, and construction, rather than just supporting affiliates. For example, the AI-based robot solution Scan&Go, unveiled at CES 2026 in January, is cited as a prime example of the expansion strategy from collaborative robots to industrial humanoids. Scan&Go combines a robot arm with an autonomous mobile robot (AMR) on a platform, applying physics-informed AI and advanced 3D vision to autonomously perform various tasks.
The solution is particularly specialized for tasks like sanding and grinding, and is expected to create significant synergies when applied in the shipbuilding industry. Shipbuilding is considered a sector with high potential for physical AI robot adoption due to its large, hazardous, and repetitive work environment. However, conventional collaborative robots, optimized for precise indoor tasks, have been considered unsuitable for shipyards, where workspaces frequently change and outdoor work is prevalent. The market expects that the commercialization of industrial humanoid robots could attract new customers, including shipbuilders.
Analysts suggest that commercializing physical AI solutions could act as a catalyst to narrow the current gap between Doosan Robotics’ corporate valuation and its earnings. While the company is recognized as a leading South Korean robotics firm, it has yet to prove its value with hard numbers. Its price-to-book ratio (PBR) expanded from 11.36 times at the end of 2023 to 14.50 times at the end of 2025. As the pace of stock price appreciation has outpaced earnings improvement, the valuation gap is widening.
The collaborative robot market has seen its growth slow since 2023. Unlike industrial robots, collaborative robots have faced limitations in their application scope, preventing them from achieving economies of scale. This stagnation in revenue is not unique to Doosan Robotics; global top-tier collaborative robot companies are also experiencing it. While expanding scale is difficult under the current hardware-centric revenue structure, there is significant room for profitability improvement if a new revenue pipeline emerges from high-value software and service-based businesses.
The expansion of solution revenue following the acquisition of Onexia—beyond simply selling individual collaborative robot units—supports this outlook. Onexia has built a strong position with collaborative robot manufacturing solutions specialized in palletizing, box assembly, and packaging, particularly for the end-of-line (EOL) processes, which are in high demand in North America. Doosan Robotics secured approximately a 90% stake in Onexia in July last year.
Previously, revenue from businesses other than robot arms was around 20% of total sales. However, with Onexia’s results included, Doosan Robotics’ automation solutions segment accounted for 38% of total revenue in the first quarter of 2026. This is projected to rise to around 46% on an annualized basis.
CategoryEnd of 2023End of 2025PBR (times)11.3614.50
Note: PBR (Price-to-Book Ratio) as of the end of each period.
Currently, Doosan Robotics is developing AI-powered palletizers and depalletizers, targeting a launch within the year. This is expected to strengthen the competitiveness of existing EOL solutions, creating additional revenue opportunities. With the expansion of its European footprint, strengthened collaboration with Nvidia, and the development of new solutions, the upcoming event in Germany will serve as the first test to gauge Doosan Robotics’ potential for securing new orders in Europe.