Slides
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3Q 2026 Earnings Release 26 Oct. 2026
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Disclaimer The financial information contained in this document has been prepared on a consolidated basis in accordance with K-IFRS. This document is provided for investors’ convenience prior to the completion of the external review of our 3Q 2026 financial results. Accordingly, certain information contained herein may be subject to change based on the results of the review. This document contains forward-looking statements regarding our expected future business and financial performance. These statements may include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” and “will.” Forward-looking statements, by their nature, involve varying degrees of uncertainty. Factors that could affect our future results include : These factors may cause our actual results to differ materially from those expressed or implied by the forward-looking statements contained in this document. ▪ Fluctuations in financial markets, including foreign exchange rates, interest rates, and commodity prices; ▪ Strategic actions, including acquisitions and dispositions, as well as unexpected developments in our major businesses; and ▪ Other factors at the national and international levels that could affect our future results.
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Contents 3Q 2026 financial summary Revenue results by business unit Operating profit analysis Non-operating P&L and net income Statement of financial position Appendix. Investment highlight
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4 1. 3Q 2026 financial summary: Solid fundamentals proven despite challenges Subject 3Q25 2Q26 3Q26 QoQ Y o Y Revenue 513.2 580.4 650.1 12.0% 26.7% Operating income 93.6 97.6 95.7 -1.9% 2.2% Margin(%) 18.2% 16.8% 14.7% Non-operating P&L 11.3 11.3 -55.0 Pre-tax income 1,049 108.9 40.7 -62.6% -61.2% Net income 79.8 83.0 32.6 -60.7% -59.1% Net income of controlling stake 79.8 83.0 32.6 -60.7% -59.1% (KRW Bn.) Note. K-IFRS consolidated basis All-time high revenue, despite an unfavorable environment due to a stronger KRW (+24.1% Y o Y) Solid fundamentals proven with operating profit up Y o Y (+2.2%), despite a slight QoQ decline (-1.9%)
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5 2. Revenue results by business unit Revenue of Core / Bunkering Revenue growth driven by Bunkering and AM Core Bunkering Y o YQoQ -0.1% 18.4% 212.0 223.7 293.6 301.2 356.7 356.5 3Q25 2Q26 3Q26 31.2% 38.5% 650.1 580.4 513.2 Core Bunkering 59% 61% 55% 45%39% 41% (KRW Bn.) Note. K-IFRS consolidated basis • Core business remained near record-high levels despite the stronger Korean won, sustaining Y o Y growth. Followingsupplydisruptionsin 2Q, revenuereboundedin 3Q on normalizedsupplyand strongerDubaicrudeprices. 12.0% 26.7% YoY QoQ Note. Per Barrel Dubai crude Price : 1Q average USD 88 -> 2Q 96 -> 93 (Sept. 114)
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6 244.4 275.0 282.7 33.5 45.3 39.3 23.3 36.4 34.5 3Q25 2Q26 3Q26 AM(Excl. Bunkering) Retrofit SDV Corebusiness revenue breakdown Revenue highlights After- Market Retrofit Y o YQoQ 2.8% 15.7% -5.2% 48.1%SDV -13.2% 17.3% -0.1% 18.4% YoY QoQ 356.5 2. Revenue results by business Unit (KRW Bn.) Note. K-IFRS consolidated basis 301.2 356.7 7 consecutiverecordhigh quarters driven byrobustInstalled-basedemand • Ecuador power plant revenue remained at Q2 levels, while marine parts revenue increased • Despite seasonally fewer operating days at newbuilding shipyards, strong Y o Y growth continued on a solid order backlog • Revenue declined QoQ as construction schedules for major projects are concentrated in 4Q
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7 93.6 97.6 95.7 18.2% 16.8% 14.7% 3Q25 2Q26 3Q26 OP OPM 31.1% 27.1% 26.7% Core OPM Y o YQoQ After- Market Retrofit SDV -1.9% 2.2% 3. Operating profit analysis Quarterly OP and margin Operating profit insights (KRW Bn.) Note. K-IFRS consolidated basis Despitea strongerKRW and one-off M&A expenses, operatingprofit remainedresilienton solidrevenue growth. • Operating profit increased QoQ, driven by higher margin projects QoQ profitimprovementon the base effectof one-offexpensesin 2Q
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8 4. Non-operating P&L and net income • Interest income/expense : 4.4 • Foreign exchange gain/loss : -58.9 • Other : -5.0 Key items in non-operating P&L (KRW Bn.) 95.7 40.7 55.0 40.7 32.6 8.1 32.6 26.2Q Operating income Non-operating P&L Net profit before tax Income tax expense Net profit 3Q 2026 non-operating P&L and net income
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9 5. Statement of financial position Debt/equity Net debt/equity Debt Debt/Equity Net debt Net debt/Equity Financial position 30 Sep. 26 31 Dec. 25 31 Dec. 24 Current assets 1,252.0 1,186.8 1,075.5 Cash and cash equivalents, etc. 550.0 564.7 481.4 Non-current assets 106.0 85.5 76.7 Total assets 1,358.0 1,272.3 1,152.2 Current liabilities 440.1 408.7 342.6 Non-current liabilities 49.3 38.9 36.1 Total liabilities 4,89.4 447.6 378.7 Paid-in capital 22.4 22.4 22.2 Other 419.1 425.3 427.8 Retained earnings 427.1 377.0 323.5 Total equity 868.6 824.7 773.5 Total liabilities and equity 1,358.0 1,272.3 1,152.2 (KRW Bn.) Note. Cash and cash equivalents, etc. include short and long term financial assets.Note. Net debt = Total debt – (Cash and cash equivalents + Short and long term financial assets) 31 Dec. 24 31 Dec. 25 30 Sep. 26 (KRW Bn.) (KRW Bn.) -62.2% -68.5% -63.3% -564.7-481.4 -550.1 3,787 4,476 4,894 49.0% 54.3% 56.3% 31 Dec. 24 31 Dec. 25 30 Sep. 26
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10 64 99 157 268 398 563 749 905 DF vessels 5,553 6,610 7,393 8,075 8,706 9,312 9,881 10,376 2019A 2020A 2021A 2022A 2023A 2024A 2025A 3Q. 26 Total Appendix. Investment highlight 1) Aftermarket Note. Excludes bunkering vessels; based on standalone HQ revenue data; decommissioned and total-loss vessels excluded as of end-2025 Continuedgrowthin thenumberof newvessels Expanding service fleet strengthening AM revenue base - Higherinitialsparesupplyonincreasingnewbuildingdeliveries - Expandingnon-captivemarketand diversifiedL TSA vesselportfolio Enhancedpriceand leadtimecompetitivenessthrough inventoryexpansionand globallogisticsoptimization Cumulative vessels served (AM)
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11 Appendix. Investment Highlight Accumulated L TSA order & backlog (Mil.USD)Revenue breakdown of AM segment 169.1 187.3 193.0 29.7 25.2 25.519.4 36.2 35.726.2 26.3 28.5 3Q .25 2Q .26 3Q .26 Non -Engine E n g i n e SmartCare 275.0 282.7 Powerplant SustainableAM growthand expansionintothepowergenerationmarket 244.4 Note. SmartCare : Brand name of warranty service (KRW Bn.) Expanding AM opportunities from higher utilization of onshore power plants amid growing power demand Continuedexpansionof theL TSA base(80 newvessels, 20 renewals) IdentifyingstructuralgrowthsynergiesthroughGoltensPMI(4Q) Key Words 50 114 194 357 604 765 2021A 2022A 2023A 2024A 2025A 26. 3Q Cumulative 43 96 155 292 484 586 Backlog
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12 18 26 4 6 62 118 105 92 5 7 51 40 2023A 2024A 2025A 3Q. 26 BWTS EGCS Gas Carbon Breakdown of retrofit backlog Appendix. Investment highlight 51.8 61.5 71.6 78.7 14.8 12.4 19.1 19.576.5 99.1 114.8 100.034.3 40.3 45.9 56.3 16.6 13.8 14.7 17.3 2024A 2025A 2Q.26 3Q.26 Control Naval S/G Smart Others Backlog of digital solution 111 146 (Mil.USD) Note. MSS :Methane Slip Solution / iCER: intelligent Control by Exhaust Recycling 162 Structuraldemand for GasSolutionremains intactdespite macro uncertainty Focusingonsecuring orders for MSS*and iCER* tobuilda track record T argetingtheshiftfromonshoretofloatingdatacentersamid NIMB Y and coolingconstraints(currentlyattheearlyFEED stage) Structural growth supported by a solid newbuild order backlog S/G expectedto growon highergas carrier ordersfromshipyards Orderbacklogcontinuedto growQoQ, drivenbyincreased integratedcontrolsystemorders Key Words 132 RGB 53/211/47 RGB 0/173/29 RGB 0/130/51 RGB 6/47/135 RGB 9/36/83 RGB 64/64/64 RGB 21/70/56 RGB 98/102/106 RGB 190/206/194 RGB 219/225/233 RGB 120/218/123 RGB 198/233/148 RGB 176/228/226 194.0 227.1 Note. Order backlog will be presented in KRW, as Digital Solutions orders are mainly from domestic shipyards 2) Retrofit 3) SDVSolution (KRW Bn.) 266.1 Key Words 271.7
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13 4) Investor focus Appendix. Investment highlight 2Q26 dividend payment Record date : Nov 10, 2026 Payment date : Nov 24, 2026 Dividend per share : KRW 900 Goltensacquisition update Smooth progress throughclosecommunicationwith management, withclosingtargetedbyyear-end (subjecttochange) PMI to commencein 4Q to identifyand developpost-acquisitionsynergies Acquisitionconsiderationcanbefullyfundedwithcashon hand, withno currentplansforadditionalborrowing