Slides
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IR Presentation Feb. 2026
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Contents 1. Business Status 2. Market Outlook 4. Appendix 3. Eco-Friendly technologies
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4th Quarter Earnings (KRW B) □ Revenue : KRW 2.8T ( 3Q KRW 2.6T → 4Q 2.8T ) - Sales increased by 8% compared to 3Q25 driven by increased working days and productivity improvement □ Operating Profit : KRW 296B ( 3Q KRW 238B → 4Q 296B ) - OPM improved by 1.4%p due to fixed cost absorption effect led by an increase in sales □ Pretax Income : KRW 204B ( 3Q KRW 141B → 4Q 204B ) - ‘Non-operating profit and loss’ decreased by KRW 92B compared to operating profit 1 1. Business Status 4Q 2024 3Q 2025 4Q 2025 YoY QoQ Revenue 2,700 2,635 2,838 +138 (+5%) +203 (+8%) OperatingProfit 174 238 296 +122 +58 (+1.4%p)(Margin) (6.5%) (9.0%) (10.4%) (+3.9%p) Pretax Income -478 141 204 Turn a Profit +63 (+31%) ※ Seasonal factors compared to 3Q hot season ※ OP Margin 10.4% ※ OP Margin increased 9.0% → 10.4% ※ The effect of FX losses due to rise in exchange rates (Sep.2025 KRW 1,402.2 → Dec 1,434.9) OP improved on higher sales driven by increased working days and productivity
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□ Revenue : KRW 10.7T (YoY 8% ↑) - Achieved 2025 guidance KRW 10.5T □ Operating Profit : KRW 862B (OP Margin 8.1%) - Achieved more than 37% of 2025 guidance KRW 630B - Continued improvement in OP Margin : '25.1Q) 4.9% → 2Q) 7.6% → 3Q) 9.0% → 4Q) 10.4% Annual Earnings in 2025 2025 OP continued to improve quarterly, expanding profitability (KRW B) 1. Business Status 2 FY2024 FY2025 1Q 2Q 3Q 4Q YoY Revenue 9,903 2,494 2,683 2,635 2,838 10,650 +747 (8%↑) Operating Profit 503 123 205 238 296 862 +359 (72%↑) (Margin) (5.1 %) (4.9 %) (7.6 %) (9.0 %) (10.4 %) (8.1 %) (3.0 %p↑) Pretax Income -316 91 214 141 204 650 Turn a Profit Net Income 54 90 212 140 93 535 +481 (894%↑) ※ KRW 9.9T in 2024
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□ New Orders : US$ 7.9B (YoY 9% ↑) - Commercial vessels : US$ 7.1B (42 vessels) [LNGCs $2.8B (11 vessels), CONTs $1.7B (9 vessels) SHTLs, etc. $2.6B (22 vessels)] - Offshore facilities : US$ 0.8B (1 vessel) [Preliminary work before the final contract] □ Order backlog : US$ 28.6B (Delivery-based), KRW 28.0T (Revenue-based) New Orders & Backlogs Containerships 17% Offshore 16% ※ Jan – Dec. 2025 ※ New Orders in 2024, US$ 7.3B Offshore 16% Containerships 17% No. Amount LNGCs 6600 15.300 Containerships 2700 5.200 Tankers 2700 2.900 Others 1000 1.400 Commercial Vessels 13000 24.800 Offshore Facilities 300 3.800 To t a l 13300 28.600 Containerships 17% Offshore 16% (US$ B) ※ As of 31 Dec, 2025 ※ 53% ofLNGCs 3 1. Business Status New orders in 2025 are US$ 7.9B with order backlog covering 3 years ※ SHTLs $1.3B (9 vessels), COTs $ 1.0B (11 vessels) and VLECs $ 0.3B (2 vessels) Others … Others 5 % US$28.6B Containerships 17 % Offshore 15% LNG Carriers 53 % Tankers 10%
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Outlook in 2026 Revenue KRW 12.8T, New Order TargetUS$ 13.9B 4 □ Revenue : KRW 12.8T (YoY KRW 2.1T ↑) - Sales in commercial vessels are expected to increase, driven by the restart of dock 2 and full- scale production of S-max , etc. Meanwhile, offshore facilities sales are expected to grow supported by progress on three FLNG □ New Order Target: US$ 13.9B (YoY US$ 6.0B ↑) - Commercial Vessels : US$ 5.7B · Maintaining a 'profit-oriented order strategy' based on 3 years' of stable production volume · Demand for LNG carriers is expected to be strong in 2026, and containerships and others are expected to continue at normal levels - Offshore facilities : US$ 8.2B · Pursuing orders for a total of 4 large FLNGs in 2026 ※ ZLNG, Cedar and Coral Norte ※ Coral Norte, Delfin #1(Carryover from 2025) and Ksi Lisims, Delfin #2(New orders for 2026) 1. Business Status ※ Orders through Global Operation strategy ※ US$ 7.9B in 2025 ※ KRW 10.7T in 2025
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Contents 1. Business Status 2. Market Outlook 4. Appendix 3. Eco-Friendly technologies
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□ Considering mid- to long-term LNG demand, new orders for LNG carriers are expected to remain steady - Seaborne LNG trading volume and replacement demand are expected to increase · LNG maritime transportation volume growth: 2024 410 Million tons 2030(E) 665 · LNG Carriers aged over 20 years by 2030 : About 261 vessels ※ Increaseddemands for Russia’s PNG replacement and Coal to Gas ※ Source : Clarksonsforecast Sep.2025 □ Considering investment approvals for LNG export projects, new orders for LNG Carriers are expected to recover from 2026 · Orders of LNG Carriers : 2025 36 vessels → 2026(E) 100 → 2027(E) 70 ※ LNG Carriers have been on a wait-and-see basis in 2025 due to uncertainties such as tariff wars, but new orders have been placed since December 2025 ※ Louisiana LNG Ph1, Corpus Christi T8&9, CP2 Ph.1, Rio Grande T4&5, etc. LNG Carrier orders are expected to rebound in 2026 ※ 100K+ ※ Source : Clarksons forecast Sep.2025 LNG Carriers 2. Market Outlook ※ Orders of LNG Carriers in 2025: Jan. ∼ Nov. 20 vessels → Dec. 16 5
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□ Eco-friendly replacement demand will continue due to global environmental 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 □ Korean-built vessels are preferred 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) Containerships The rise of green replacement demand and preference for Korean vessel ※ 8k ~ 13k ※ 27% of fleets (8 ~ 13k 18.7 Million TEUs) ※ non EEDI compliant vessels made before 2014 are expected to lose competitiveness ※ Increase from 18$/net ton in 2026 to 33$/net ton in 2029 (in case of Chinese-built vessel) 2. Market Outlook 6
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Tankers □ Considering aging fleets, replacement demand is inevitable - Ships over 15 years of age are quite high at 44% of all fleets ※ SHI actively responds to tanker orders through global operation strategy VLCC Suezmax Aframax Total Fleet (A) 910 691 1,202 2,803 Old vessels (B, +15 years of age) 376 275 578 1,229 Old vessels/Fleet (B/A) 41% 40% 48% 44% Orderbook (C) 155 151 218 524 Old vessels/Orderbook(C/A) 17% 22% 18% 19% Replacement demand (B-C) 221 124 360 705 * Source : Clarksons , As of 31 Dec 2025 《 Orderbook-to-fleet, Old vessels 》 (No.) 2. Market Outlook Replacement orders are expected to continue ※ Cooperation is underway with small and medium-sized shipyards such as China, Vietnam, and South Korea 7
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Offshore Facilities SHI retains an unrivaled competitive edge in FLNG projects □ Increased global LNG exports will 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 Coral Norte Mozambique 3.4 · Under construction after signing APA (L/C in Jan.2026) Port Delfin 1,2 ※ The United States 4.3 · Signed an LOA in Oct.2025 Golar Mark Ⅲ Mauritania/Argentina 5.0 Ksi Lisims Canada 6.0 Argentina LNG Argentina 6.0 《 Major FLNG projects 》 2. Market Outlook ※ 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 8 ※ Agreement for Preliminary Activities
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Contents 1. Business Status 2. Market Outlook 4. Appendix 3. Eco-Friendly technologies
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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 ※ International Maritime Organization ※ Energy Efficiency Existing Ship Index / Carbon Intensity Indicator※ Energy Efficiency Design index ※ Mid-long term measurement ※ ‘Net Zero by 2050’ Maritime Regulatory Landscape Green Demand is expected due to stronger IMO regulations 3. Eco-Friendly technologies 9 New EEDI Existing EEXI CII 《 Timeline of environmental regulation on ships 》 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 《 Structure of IMO’s Global seaborne carbon tax 》
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Future Technology Technology For Decarbonisationand Operational Efficiency 3. Eco-Friendlytechnologies Regulation Tightening & Growing Demand for OPEX Reduction Eco - Friendly/Digital Technology Decarbonisation Alternative Fuel Digital Ship • Advanced LNG technology • CO2 capture • Optimized ship shape • Ener gy Saving Device • Methanol • Ammonia • Hydrogen • Fuel Cell • Autonomous Operation 10 Smart ship Fuel efficiency Alternative fuel Fuel efficiency
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Advanced LNG Technology SHI has advanced technology in all LNG value chain □ LNG pilot test facility can develop differentiated technology Re-liquefaction Bunkering LNG Tank Product Pilot test facility Liquefaction Re-gasification LNG-FPSO LNGC LNG Bunkering Ship LNG Fueled Ship FSRU □ 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 · Saver wind · 3 cargo tanks · Bio-Fuel tank · Air lubrication · Forward Wheelhouse ※ less equipment ※ Energy Saving Device Bio-Fuel 3 Cargo tanks ESD · WAPS ※ WAPS: Wind Assisted Propulsion System 3. Eco-Friendlytechnologies 11
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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 Decarbornisation Technology Waste Heat Recovery System, CO2 Capture &LCO2 Carriers 3. Eco-Friendlytechnologies ※ 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% ↓ ※ Energy Saving Device 12
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Net Zero Vessels Among the alternative fuels, SHI is focusing on ammonia and nuclear power □ 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 - 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 3. Eco-Friendlytechnologies 13
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2022: Remote operation supported ship 2030: Autonomous ship Advancement of Smart Ship System and Smart Autonomous Ship □ 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) ※ Condition Based Maintenance □ Remote-Controlled and Autonomous Ship - Build and launch of fully autonomous vessel(Nov. 2024) - Demonstration of cost-efficient operation with automatic speed control SAS (Sep. 2025) ※ SHIFT-Auto ※ SAS (Samsung Autonomous Ship) ※ US) Auckland → Taiwan (25 Aug 2025 ~ 9 Sep 2025) Future Technology 3. Eco-Friendlytechnologies 14
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Contents 1. Business Status 2. Market Outlook 4. Appendix 3. Eco-Friendly technologies
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4Q 2025 3Q 2025 QoQ (%) 4Q 2024 YoY (%) Revenue Qr. 2,838 2,365 7.7% 2,700 5.1% Acc. 10,650 7,812 - 9,903 7.5% Operating Profit Qr. 296 238 24.4% 174 70.0% Acc. 862 566 - 503 71.5% Pretax Income Qr. 204 141 44.4% -478 Turn a Profit Acc. 650 446 - -315 Turn a Profit Net Income Qr. 93 140 -33.6% -99 Turn a Profit Acc. 535 442 - 54 894.1% End of 2025 End of 2024 Difference Total Assets 14,949 17,195 -2,246 Cash & Cash Equiv. 1,084 1,004 80 Total Liabilities 10,854 13,445 -2,591 Borrowings 2,048 3,218 -1,170 Advance Payment 4,581 5,463 -882 Total Equity 4,095 3,750 345 Capital Stock 880 880 - Retained Earnings -1,603 -2,136 533 Other Equity -63 -91 28 ※ Debt ratio 265% 359% -94%p 〈Earnings〉 〈Financial Status〉 4th Quarter Earnings & Financial Status 4. Appendix (KRW B)(KRW B) 15
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Major Offshore Projects Continuity in Offshore Business 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) 4. Appendix 16
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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.