Slides
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Nov. 2025
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INDEX 1. Business Status 2. Market Outlook 3. Eco-Friendly Technologies 4. Appendix
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1/15 3rd Quarter Earnings 1. Business Status 3Q 2024 2Q 2025 3Q 2025 YoY QoQ Revenue 2,323 2,683 2,635 +13% -2% Operating Profit 120 205 238 +118 (+3.8%p) +33 (1.4%p)(Margin) (5.2%) (7.6%) (9.0%) Pretax Income 72 215 141 +69 -74 (KRW B) □ Revenue : KRW 2.6T - Sales decreased -2% compared to 2Q25 because of decreased working days □ Operating Profit : KRW 238B (OP margin 9.0%) - O.P Margin improved by 1.4%p compared to 2Q25 due to decrease in low-priced containerships and increase in FLNG sales □ Pretax Income : KRW 141B - ‘Non-operating profit and loss’ decreased KRW 97B compared to operating profit ※ KRW 2.7T ※ ‘25.2Q 59days → ‘25.3Q 58(-2%) ※ O.P Margin increased 7.6% → 9.0% ※ The effect of FX losses due to rise in exchange rates Operating Margin increased due to Product Mix improvement
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2/15 Outlook in 2025 1. Business Status Annual Target YTD Note % Revenue KRW 10.5T KRW 7.8T 74% - Revenue expected to exceed annual target Operating Profit KRW 630B KRW 566B 90% - OP expected to exceed annual target Annual Target YTD Note % New Order Target US$ 9.8B US$ 5.2B 53% Commercial US$ 5.8B US$ 4.5B 78% - In process of securing orders for LNGCs and container ships Offshore US$ 4.0B US$ 0.7B 18% - Coral 2 FLNG and Delfin are under negotiation 2025 Guidance is expected to be overachieved
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□ New Orders : US$ 5.2B (30 vessels) - SHTLs $1.3B (9 vessels), LNGCs $1.8B (7 vessels), Containerships $0.4B (2 vessels) VLECs $0.3B (2 vessels), COTs $0.7B (9 vessels), Offshore Facilities $0.7B (1 vessel) □ Order backlog : US$ 26.6B - Revenue backlog amounts to KRW 26.7T 3/15 New Orders & Backlogs ※ As of Oct 31, 2025 No Amount LNGCs 6400 14.700 Containerships 2100 4.100 Tankers 2500 2.700 Others 100 1.400 Commercial Vessels 12000 22.900 Offshore Facilities 300 3.700 To t a l 12300 26.600 (US$ B) Others 5% Others 5 % US$26.6B Containerships 16 % Offshore 15% ※ End of 2021 KRW 19.7T → 2022 KRW 26.7T → 2023 KRW 28.4T → 2024 KRW 32.3T 1. Business Status ※ Preliminary work before the final contract ※ Jan – Oct. 2025 LNG Carriers 55 % Tankers 9 %
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INDEX 1. Business Status 2. Market Outlook 3. Eco-Friendly Technologies 4. Appendix
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□ Rising uncertainties such as US tariffs led to a wait-and-see stance in LNGC orders - US tariff risks and LNG export approval delays slowed down orders compared to last year · Orders of LNG Carrier: 2023 64 vessels 2024 77 Jan~Oct.2025 18 □ Order recovery expected from 2026, driven by US LNG export resumption and mid- to long-term LNG demand - Following 5 LNG project FID approvals from US, LNG carrier orders in 2026 are expected to rebound · LNG carrier order forecast : 2025 50 vessels 2026 100 2027 70 - Seaborne LNG trading volume and replacement demand are expected to increase · LNG maritime transportation volume growth: 2024 410 Million tons 2030(E) 665 · By 2030, there will be 259 ships that are more than 20 years old, and they will require replacement 4/15 LNG Carriers LNG Carrier orders are expected to rebound in 2026 2. Market Outlook ※ 100K+ ※ Source: Clarksonsforecast Sep.2025 ※ Source: Clarksonsforecast Sep.2025 ※ Louisiana LNG Ph1,Corpus Christi T8&9, CP2 Ph.1, Rio Grande T4/T5 ※ 100K+
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□ Eco-friendly replacement demand is expected to continue due to global regulations - Although IMO postpones adoption of Net Zero Frame work for one year in Oct.2025, replacement of old vessels will be inevitable considering EU ETS, Fuel EU Maritime and strengthen CII - This trend will accelerate replacement centering 8∼13K ships which take up the largest proportion of aged vessels and are widely applicable · By 2030, containerships over 15yrs old will be 5.1 Million TEUs □ Preference for Korean-built vessels will increase due to USTR port fee against China - The USTR Plan to impose port fees on Chinese vessel owners/operators and Chinese-built vessels is expected to weaken the competitiveness of Chinese vessel owners - In case of Chinese-built 15K containerships, if the new port fees are levied, shipping companies must pay US$ 1.5m per trip starting from Nov.2026 (US$ 2.7m per trip from Apr.2029) 5/15 2. Market OutlookContainerships The rise of green replacement demand and preference for Korean vessel ※ 8k ~ 13k ※ 27% of fleets (8 ~ 13k 18.7 Million TEUs) ※ Increase from 18$/net ton in 2026 to 33$/net ton in 2029 (in case of Chinese-built vessel)
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2. Market OutlookTankers Replacement orders are expected to continue □ Considering aging fleets, replacement demand is inevitable - Ships over 15 years of age exceed 43% of all fleets and orderbook is around 16% of all fleets - In addition to the aging fleet, IMO’s environmental regulations will accelerate replacement 6/15 VLCC Suezmax Aframax Total Fleet (A) 908/ 689/ 1,194/ 2,791/ Old vessels (B, olderthan 15 years) 367/ 273/ 572/ 1,212/ Old vessels/Fleet (B/A) 40% 40% 48% 43% Orderbook (C) 115/ 131/ 196/ 442/ Old vessels/Orderbook(C/A) 13% 19% 16% 16% Replacement demand (B-C) 252/ 142/ 376/ 770/ * Source : Clarksons , As of 30 Sep 2025 《 Orderbook-to-fleet, Old vessels 》 (No.)
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7/15 2. Market OutlookOffshore Facilities SHI retains an unrivaled competitive edge in FLNG projects □ Increased global LNG exports would lead to expansion of FLNG projects - SHI is highly potential to secure steady new FLNG orders as it retains successful track record of three large FLNGs while building strong business pipeline in FLNG sector ※ Prelude, Petronas, Coral 1 ※ Petronas ZLNG (Jan.2023), Cedar (Dec.2023) Area Capacity ( Mtpa ) Remark ENI Coral 2 Mozambique 3.4 · Under Negotiation Delfin 1 The United States 4.3 · Under Negotiation Golar Mauritania/Argentina 5.0 · Under Negotiation Western LNG Canada 6.0 · Under Negotiation YPF/Shell Argentina 6.0 · Participating in FEED bidding 《 Major FLNG projects 》 ※ SHI and Delfin signed an LOA for the construction of the first FLNG facility, as well as the second and third ones in Oct.2025
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INDEX 1. Business Status 2. Market Outlook 3. Eco-Friendly Technologies 4. Appendix
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□ IMO Green House Gas Strategy - To reduce GHG emissions, EEDI is applied to new vessels and EEXI / CII is applied to existing vessels - IMO determines “Global Seaborne Carbon Tax” with the aim of reducing GHG emissions 3. Eco-Friendly TechnologiesMaritime Regulatory Landscape Green Demand is expected due to stronger IMO regulations ※ International Maritime Organization New EEDI Existing EEXI CII 《 Timeline of environmental regulation on ships 》 ※ Energy Efficiency Existing Ship Index / Carbon Intensity Indicator※ Energy Efficiency Design index Phase II (-20%) Phase III (-30 ~ -50%) Container/LNGC Phase III (-30%) Tanker/Bulk EEXI Reduction Rate (-15 ~ -50%) Over 400GT Energy Efficiency Assessment A ~ E Over 5000GT '20 '22 '23 '25 8/15 《 Structure of IMO’s Global seaborne carbon tax 》 ※ Mid-long term measurement ※ ‘Net Zero by 2050’
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Regulation Response 3. Eco-Friendly Technologies Technology For Decarbonisation and Operational Efficiency Smart ship Fuel efficiency Alternative fuel Regulation Tightening & GrowingDemand for OPEX Reduction Eco-Friendly/DigitalTechnology Decarbonisation Alternative Fuel Digital Ship • Advanced LNG technology • W aste heat recov ery • CO2 capture • Optimized ship shape • Ener gy Saving Device • Methanol • Ammonia • Hydrogen • Fuel Cell • Nuclear Energy • Smart ship • Autonomous Operation 9/15 Fuel efficiency Global Decarbonisation 3. Eco-Friendly Technologies
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Advanced LNG Technology 10/15 SHI has advanced technology in all LNG value chain □ LNG pilot test facility can develop differentiated technology □ To remain competitiveness in LNGC, SHI has prepared 'Next Generation LNGC' - ESDs and using Bio-Fuel → Lifecycle GHG management - 3 cargo tanks design → Optimized space and easy maintenance 3. Eco-Friendly Technologies Re-liquefaction Bunkering LNG Tank Product Pilot test facility Liquefaction Re-gasification LNG-FPSO LNGC LNG Bunkering Ship LNG Fueled Ship FSRU ※ less equipment ※ Energy Saving Device · Saver wind · 3 cargo tanks · Bio-Fuel tank · Air lubrication · Forward Wheelhouse Bio-Fuel 3 Cargo tanks ESD · WAPS ※ WAPS: Wind Assisted Propulsion System
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□ Waste Heat Recovery System (Using heat occurred in engines to generate electricity) - Applied for the first time to 174K LNGC→ After obtaining track record, application will be expanded □ CO2 Capture & CO2 Carriers - Development of vessel system based on CO2 capturing technology for land use ( Emission 70%↓) Working on a demonstration of OCCS system on 2100TEU containership - 50K Liquid CO2 carrier commercialization □ Optimized Ship Shape (to reduce CO2 emission and fuel consumption by more than 5%) & ESD - Optimizing ship shape considering operating condition → CO2 emissions↓ & fuel efficiency ↑ - Less fuel consumption by controlling the flow of sea water and air 11/15 Waste Heat Recovery System, CO2 Capture & LCO2 Carriers 탄소배출 저감 기술 3. 미래기술 개발 현황 ※ Co-work with LG Innotek ※ Capturing 24 ton of CO2 a day, SHI-PANASIA-HMM-KR cooperation ※ Development of a new kind of ship kind for maritime transportation ※ 10∼15% improvement ※ 5% ↓ Decarbornisation Technology 3. Eco-Friendly Technologies ※ Energy Saving Device
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Net Zero Vessels Among the alternative fuels, SHI is focusing on ammonia and nuclear power 3. Eco-Friendly Technologies 12/15 □ Through the collaboration with global companies SHI has developed ammonia technologies - Ammonia-fueled A-max tanker is under development collaborating with various companies - Joint development for ammonia fuel cell powered A-max tanker is in progress - Technology for applying large-scale ammonia fuel cell to vessel is under research with Amogy - SHI is the only shipbuilder that possesses ammonia pilot test facility and has strength in ammonia technology □ SHI is developing not only nuclear power propulsion vessel but also floating nuclear power plant - MSR powered container vessel conceptual design is under development (Sep.2025, AiP) - Utilizing its strong position in offshore facility sector, Floating nuclear facility is under development with KAERI ※ Test for fuel supply, liquefaction, emission reduction system etc. ※ Technical support for applying SMART to floating facility ※ Molten Salt Reactor (One of Small Modular Reactor) ※ Recently, ammonia is getting attention as a zero carbon fuel and as a carrier of hydrogen ※ MISC / BV/ Panasia ※ MISC / LR/YARA ※ US company
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2022: Remote operation supported ship 2030: Autonomous ship □ Remote-Controlled and Autonomous Ship - Demonstration of autonomous operation on the South China Sea (Jul. 2023) - Construction and launch of fully autonomous vessels(Nov. 2024) - Cost-efficient operation demonstration with automatic speed control of SAS (Sep. 2025) ※ SHIFT-Auto □ Reduces CO2 emission and OPEX as provides safe operation and remote maintenance solution - Using data platform on board, general and specialized solution can be provided (SVESSEL Onboard) - Based on Digital Twin technology, remote control is possible from onshore (SVESSEL Onshore) - AI-based failure diagnosis to be commercialized for main rotary equipment (SVESSEL CBM) 13/15 Advancement of Smart Ship System and Smart Autonomous Ship Future Technology ※ SAS (Samsung Autonomous Ship) 3. Eco-Friendly Technologies ※ Geoje Island – South sea (Jeju Island) – Taiwan (Gaoxiong) (1,500㎞) ※ Condition Based Maintenance ※ A research of autonomous shipping near Geoje island is being conducted ※ US) Auckland → Taiwan ( 25 Aug 2025 ~ 9 Sep 2025)
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INDEX 1. Business Status 2. Market Outlook 3. Eco-Friendly Technologies 4. Appendix
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14/15 3rd Quarter Earnings & Financial Status 4. Appendix ※ Debt ratio 269% 359% -90%p 〈Earnings〉 〈Financial Status〉 3Q 2025 2Q 2025 QoQ (%) 3Q 2024 YoY (%) Revenue Qr. 2,635 2,683 -1.8% 2,323 13.4% Acc. 7,812 5,177 - 7,203 8.5% Operating Profit Qr. 238 205 16.3% 120 98.6% Acc. 566 328 - 329 72.3% Pretax Income Qr. 141 214 -34.2% 72 96.9% Acc. 446 305 - 163 174.2% Net Income Qr. 140 212 -33.9% 71 96.5% Acc. 442 302 - 153 189.0% End of Sep. 2025 End of 2024 Difference Total Assets 14,539 17,195 -2,656 Cash & Cash Equiv. 1,669 1,004 +665 Total Liabilities 10,594 13,445 -2,851 Borrowings 2,460 3,218 -758 Advance Payment 5,368 5,463 -95 Total Equity 3,945 3,750 +195 Capital Stock 880 880 - Retained Earnings -1,685 -2,136 +451 Other Equity -56 -91 +35 (KRW B) (KRW B)
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15/15 Major Offshore Projects Continuity in Offshore Business 4. Appendix Ichthys CPF (2012∼2017, Delivered) Prelude FLNG (2011∼2017, Delivered) Egina FPSO (2013∼2018, Delivered) Petronas FLNG (2014∼2020, Delivered) Martin Linge P/F (2012∼2018, Delivered) Argos FPU (2017∼2021, Delivered) Coral FLNG (2017∼2021, Delivered) Ruby FPSO (2019∼2022, Delivered) Petronas ZLNG (2023~, Under construction) Cedar FLNG (2023~, Under construction)
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Disclaimer • This presentation has been prepared by Samsung Heavy Industries Co., Ltd. and contains forward-looking statements that are subject to risks, uncertainties, and assumptions. • The presentation is solely for your information, subject to change without notice, and makes no representation or warranty, expressed or implied and no reliability should be placed on the accuracy, fairness, or completeness of the information presented herein. • The Company, its affiliates, or representatives accept no liability for any losses arising from any information contained in the presentation. • The contents of this presentation may not be reproduced, redistributed or circulated, directly or Indirectly, to any other person or organization, or published, in whole or in part, for any purpose.