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Investor Relations 3Q 2026 Earnings Release Global Ocean Solution Provider Hanwha Ocean
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This presentation, prepared in accordance with K-IFRS, provides preliminary results prior to the completion of an external audit for the convenience of investors only. It contains forward-looking statements that are inherently subject to risks and uncertainties, unexpected changes in market conditions and subsequent adjustments in the company’s strategies, which may cause actual results to differ materially from the projections made in this presentation. D I S C L A I M E R The responsibility for any investment decision based upon the information contained in this presentation falls on the investo r. We do not undertake any duty to update any forward-looking statement.
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FINANCIALS Contents 05 07 08 3Q26 Performance Overview 3Q26 Balance Sheet Performance by Segment APPENDIX 18 19 20 21 22 23 24 25 26 27 Hanwha Ocean 3Q26 Earnings Release MARKET OUTLOOK & BUSINESS HIGHLIGHTS 12 15 16 Market Condition & Order per Segment New Order and Orderbook Overall Performance by Segment Hanwha Ocean New Vision Commercial Vessel : Investment in NextDecade (US) Naval Ship : Hanwha Philly Shipyard (US) Offshore : Hanwha Offshore Singapore (SG) Commercial Vessel : IMO & EU Environmental Regulations Commercial Vessel : Eco-Friendly Ammonia-fueled vessel Naval Ship : Domestic and Overseas Business Performance AI Transformation Main Product Line-up Company Introduction & Shareholder Status
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FINANCIALS Consolidated 05 07 08 09 10 3Q26 Performance Overview 3Q26 Balance Sheet Performance by Segment – Commercial Vessel Business Performance by Segment – Naval Ship Business Performance by Segment – Offshore Business
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Hanwha Ocean 3Q26 Earnings Release 5Financials > 3Q26 Performance Overview 3Q26 Performance Overview Ⅰ(Consolidated) Revenue: Profit Declined Due to Working Days Decrease and Exchange Rate Effect Bn KRW Commercial Vessel QoQ Revenue Decline Driven by Fewer Working Days and FX Effects Naval Ship Energy Plant Base Effect from Removal of Prior-Quarter One-Offs and FPSO Change Orders Stable Earnings from Both Surface Ship and Submarine Production Commercial Vessel Solid Profitability on High- Priced Vessel Revenue, Despite Fewer Working Days and FX Effects Energy Plant Fixed-Cost Burden and Higher Estimated Project Costs Profit Contribution from FPSO Change Orders and Drillship Charter Revenue Naval Ship Revenue Total Revenue Commercial Naval Energy Plant Operating Profit Total OP Commercial Naval Energy Plant OP: Solid Profitability by High-price Vessel Revenue Recognition and FPSO C/O Effects, Despite Working Days Decrease and FX Impact * 1Q26/2Q26 results for Commercial Vessels, EPU, and Others were reclassified following refined subsidiary allocation criteria, with no impact on consolidated sales or operating profit. * The above information presents results by product group for internal management purposes and does not represent operating segment information under K-IFRS 1108. 3,414 5,443 3,210 3,323 3,023 2,715 3,238 2,794 2,686 2,464 363 327 318 369 375 528 2,058 221 414 271 3Q26 2Q26 1Q26 4Q25 3Q25 486 736 441 248 290 472 736 501 175 307 -71 -3 -21 3 29 91 10 -61 28 -53 3Q26 2Q26 1Q26 4Q25 3Q25
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Hanwha Ocean 3Q26 Earnings Release 6Financials > 3Q26 P erformance Overview 3Q26 Performance Overview Ⅱ(Consolidated) Revenue 3,414 Bn KRW OP 486 OPM 14.2% Bn KRW QoQ -37% Commercial Vessel Business Revenue Naval Ship Business Revenue Energy Plant Business Revenue 2,715 363 528 OP 472 OPM 17.4% OP 91 OPM 17.3% OP -71 OPM -19.4% Category 3Q26 2Q26 % QoQ 3Q25 % YoY Cumulative for 2026 (%YoY) Sales 3,414 5,443 -37% 3,023 +13% 12,067 (+28%) Commercial 2,715 3,238 -16% 2,464 +10% 8,747 (+12%) Naval 363 327 +11% 375 -3% 1,008 (+10%) EPU 528 2,058 -74% 271 +94% 2,806 (+351%) Others & Consolidation -192 -180 - -87 - -495 - Operating Profit (Margin) 486 (14.2%) 736 (13.5%) -34% 290 (9.6%) +68% 1,663 (+81%) Commercial 472 (17.4%) 736 (22.7%) -36% 307 (12.5%) +54% 1,708 (+86%) Naval -71 (-19.4%) -3 (-0.9%) Continued Losses 29 (7.7%) Turn to Losses -94 (Turn to Losses) EPU 91 (17.3%) 10 (0.5%) +833% -53 (-19.4%) Turn to Profit 40 (Turn to Profit) Others & Consolidation -7 -6 - 7 - 9 - Pretax Profit (Margin) 112 (3.3%) 669 (12.3%) -83% 273(9.0%) -59% 1,287 +101% Net Profit (Margin) 145 (4.3%) 693 (12.7%) -79% 269(8.9%) -46% 1,338 +111% * 1Q26/2Q26 results for Commercial Vessels, EPU, and Others were reclassified following refined subsidiary allocation criteria, with no impact on consolidated sales or operating profit. * The above information presents results by product group for internal management purposes and does not represent operating segment information under K-IFRS 1108.
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Hanwha Ocean 3Q26 Earnings Release Net DebtCash & Cash Equivalents (including ST financial instruments) 7Financials > 3Q26 Balance Sheet 3Q26 Balance Sheet (Consolidated) Bn KRW Debt 1,472 669 4,566 5,076 Total Debt/Equity Total Debt/Equity Net Debt/Equity Balance Sheet 80% 77% 61% 68% Jun.2026 Sep.2026 Jun. 2026 Sep. 2026 Category Sep.2026 Jun.2026 QoQ QoQ(%) Total Asset 20,374 20,146 +228 +1% └ Cash & Cash Equivalents and short and long-term financial instruments 669 1,472 -803 -55% Total Liabilities 12,942 12,618 +324 +3% └ Total Debt 5,745 6,038 -293 -5% └ Net Debt 5,076 4,566 +510 +11% Total Shareholders’ Equity 7,433 7,528 -95 -1% Total Liabilities/Equity 174% 168% - +6%p Current Ratio 118% 121% - -3%p Total Debt/Equity 77% 80% - -3%p Net Debt/Equity 68% 61% - +7%p
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Hanwha Ocean 3Q26 Earnings Release 8Financials > P erformance by Segment Performance by Segment Commercial Vessel Business Bn KRW 3Q Performance 2026 Outlook •(Revenue) QoQ Revenue Decline Driven by Fewer Working Days and FX Effects •(Profit and Loss) Solid Profitability on High-Priced Vessel Revenue, Despite Fewer Working Days and FX Effects 2,464 2,686 2,794 3,238 2,715 3Q25 4Q25 1Q26 2Q26 3Q26 307 175 501 736 472 12.5% 6.5% 17.9% 22.7% 17.4% -8.0% -3.0% 2.0% 7.0% 12.0% 17.0% 22.0% 0 100 200 300 400 500 600 700 800 3Q25 4Q25 1Q26 2Q26 3Q26 •(Revenue) YoY Revenue Growth Expected Despite of Product Mix Changes such as Increase of VLCC/ CONT.Vessel Based on on High-Margin Vessels Volume •(Profit and Loss) Robust Profitability Expected from Cost Reduction and High-margin Project Received After 24Y (Excluding One-Time Factors, such as Labor Settlement Payments and Bonuses) Revenue Operating Profit OP OPM-16% QoQ -36% QoQ * 1Q26/2Q26 results for Commercial Vessels, EPU, and Others were reclassified following refined subsidiary allocation criteria, with no impact on consolidated sales or operating profit. * The above information presents results by product group for internal management purposes and does not represent operating segment information under K-IFRS 1108.
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Hanwha Ocean 3Q26 Earnings Release 9 Performance by Segment Naval Ship Business 375 369 318 327 363 3Q25 4Q25 1Q26 2Q26 3Q26 29 3 -21 -3 -71 7.7% 0.9% -6.5% -0.9% -19.4% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% -25 -15 -5 5 15 25 35 45 55 3Q25 4Q25 1Q26 2Q26 3Q26 3Q Performance 2026 Outlook •(Revenue) Stable Earnings from Both Surface Ship and Submarine Production •(Profit and Loss) Fixed-Cost Burden and Higher Estimated Project Costs •(Revenue) YoY Revenue Growth Expected from Ealry Progress on Jangbogo-III B-II #2 and Ulsan-Class B-III #5–6 •(Profit and Loss) Earinings Volatility Expected due to one time factor while Continuing to secure Change Orders and Drive Cost Redustions Despite Fixed Cost Pressure Bn KRW Revenue Operating Profit OP OPM+11% QoQ Continued Losses QoQ Financials > P erformance by Segment * The above information presents results by product group for internal management purposes and does not represent operating segment information under K-IFRS 1108.
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Hanwha Ocean 3Q26 Earnings Release 10 Performance by Segment Energy Plant Business 3Q Performance 2026 Outlook •(Revenue) Base Effect from Removal of Prior-Quarter One-Offs and FPSO Change Orders •(Profit and Loss) Profit Contribution from FPSO Change Orders and Drillship Charter Revenue •(Revenue) Revenue Growth Expected Based on Lump-Sum Profit Recognition of FPSO, Normalization of Delayed Projects, and Entry of New Project into Production •(Profit and Loss) Earnings Recovery Efforts through C/O and Incentives, Despite Fixed Cost Pressure From Ongoing Deliveries and Order Delays -53 28 -61 10 91 -19.4% 6.7% -27.7% 0.5% 17.3% -65.0% -55.0% -45.0% -35.0% -25.0% -15.0% -5.0% 5.0% 15.0% 25.0% -60 -40 -20 0 20 40 60 80 100 120 3Q25 4Q25 1Q26 2Q26 3Q26 Bn KRW Revenue Operating Profit OP OPM-74% QoQ +833% QoQ Financials > P erformance by Segment 271 414 221 2,058 528 3Q25 4Q25 1Q26 2Q26 3Q26 * 1Q26/2Q26 results for Commercial Vessels, EPU, and Others were reclassified following refined subsidiary allocation criteria, with no impact on consolidated sales or operating profit. * The above information presents results by product group for internal management purposes and does not represent operating segment information under K-IFRS 1108.
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MARKET OUTLOOK & BUSINESS HIGHLIGHTS 12 13 14 15 16 Market Condition & Order per Segment –Commercial Vessel Business Market Condition & Order per Segment – Naval Ship Business Market Condition & Order per Segment – Energy Plant Business New Order and Order book Overall Performance by Segment
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Hanwha Ocean 3Q26 Earnings Release 12Market Outlook & Business Highlights > Market Condition & Order per Segment ✓ Supply Chain Transition and Replacement Demand for Aging Vessels is Supporting Newbuilding Market for Energy -Efficient Vessels ✓ Robust VLCC/VLGC Market Conditions, LNGC Demand From U.S. LNG Supply Growth, and Selective Containership Ordering for Competitive Positioning Source: Clarksons, Sep. 2026 Source: Clarksons, Senp2026 Price Index per each Ship Type Shipping (per month, $/day) Price Index per Ship Type (per month, $m) Market Condition & Order Outlook Commercial Vessel LNGC Robust Mid-to-Long Term Newbuilding Demand Supported by U.S. LNG Export Growth and Fleet Renewal VLCC Healthy Market Outlook Driven by Crude Supply Chain Shifts and Fleet Renewal Demand VLGC/VLAC VLEC Rising LPG/Ethane Trade Supports the Market; Ammonia Shipping Volume act as a Key Growth Driver CONT. Continued Large Container Ship Orders are Expected Driven by Demand for Next -Generation Fleet Competitiveness - Major U.S. LNG export projects, including Port Arthur, CP2 and Rio Grande, are progressing in phases and are expected to increase U.S. LNG export volumes. Growing long-haul trade between the U.S. and Asia are expect to boost tonne-mile demand, supporting medium to long term demand for LNG carriers. - Declining economic competitiveness and the need to comply with environmental regulations continue to drive the replacement of aging LNG carriers, including steam turbine vessels. With approximately 31% of the global LNG fleet expected to be at least 25 years old by 2038, the fundamentals underpinning medium to long term newbuilding demand remain solid. - Although the surge in orders placed in recent years has resulted in a substantial delivery pipeline with 281 vessels scheduled for delivery can pose short term supply pressure, Expension of long-distance trading and old ships renewal will support long term order volume. $m 43,250 604,924 187,923 3,686.62 0 2,000 4,000 -20,000 80,000 180,000 280,000 380,000 480,000 580,000 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 $/day VLGC (L)VLCC (L)174K LNGC (L) SCFI(R) 246.50 131.00 115.50 194.00 60 110 160 210 260 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 LNGC 174K VLCC VLGC CONT 15~16.5K Conventional -> LNG DF - Inefficiency of supply chain deriven by Red Sea diversions, increased STS transfers in the Strait of Hormuz region, Long-haul crude oil expension from the U.S., Brazil, and West Africa shipments are expected tosupport high shipment freight fee. - Approximately 43% of the global VLCC fleet is aged 15 years or older, supporting sustained replacement demand as owners seek to comply with environmental regulations and improve fuel efficiency. - Long term crude oil demand can be constrained due to the expension of crude oil supply, re-stocking and longer freight shipments. - Although orders have reached approximately 172 vessels as of 2026, raising concerns over supply growth, demand to replace aging and sanctions-related fleets is expected to support the medium- to long-term newbuilding market. - VLGC freight rates remain firm, supported by rising ton-mile demand driven by growing U.S. LPG exports, expanding demand in Asiaand Africa, and increased Cape rerouting amid Panama Canal congestion. However, with 166 vessels scheduled for delivery, market normalization remains a potential risk as fleet capacity expands. - VLAC demand is expected to be supported by LPG transportation in the near term due to delays in ammonia projects and related infrastructure development. Over the longer term, expanding ammonia trade volumes beyond 2030 are expected to become a key demand driver. - VLEC demand is expected to benefit from growing U.S. ethane exports and new ethane cracker capacity, while the pace of additional newbuild orders will largely depend on the recovery of cracker investment in China, which accounts for 57% of planned ethane import capacity. - Ordering activity remained robust, with approximately 627 vessels ordered across all ship types in 2026, supported by favorable market conditions, solid carrier finances, and replacement demand for eco-friendly, high-efficiency vessels. - Despite supply overhang concerns, selective orders for 17K+ TEU vessels are expected to continue, supported by strong carrierbalance sheets and fleet expansion demand ahead of alliance restructuring. The orderbook stands at 272 ships exceed a fleet of 235 ships, while 83 new orders were placed in 2026. - Strong ordering activity in the small- and mid-sized vessel segment is expected to continue, supported by aging-fleet replacement demand and expanding regional trade, while supply-demand fundamentals remain relatively healthy.
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Hanwha Ocean 3Q26 Earnings Release 13Market Outlook & Business Highlights > Market Condition & Order per Segment Market Condition & Order Outlook Naval Ship ✓ Strengthening Alliance Cohesion amid the Russia-Ukraine War, Middle East Conflicts, Shifting U.S. Security Priorities, and Growi ng Emphasis on Sovereign Defense Capabilities Rising Regional Conflicts • Significant Increase in NATO Defense Spending Targets to 5% of GDP • End of U.S.-led security guarantees driving greater security responsibilities among NATO, Korea, and other allies → Growing self-defense needs supporting higher defense spending and new market opportunities Changes in the U.S. Naval Vessel Market • Growing Demand for Allied Cooperation amid China's Naval Advantage and Limited Domestic Shipbuilding Capacity • Efforts to Restore Shipbuilding Capacity through Allied Cooperation (Despite Differing Views within the U.S. Government, Navy, and Congress) → Early Positioning in the U.S. Naval Market through Local Production Stronger NATO Alliances • Enhanced European Defense Capabilities amid U.S. Pressure and Shifting Security Conditions • Stronger Alliance Cohesion for Collective Security and Defense Industrial Self- Reliance amid Russian Threats → Need for Alternative Entry Strategies for Non-NATO Defense Suppliers Formalization of the Jangbogo-N Program • Jangbogo-N Designation as a National Strategic Modernization Initiative • First Nuclear-Powered Submarine Launch in the Mid-2030s, with Deployment in the Late 2030s → Efforts to Secure Leadership in the Jangbogo-N Program as Korea's Leading Submarine Shipbuilder
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Hanwha Ocean 3Q26 Earnings Release 14Market Outlook & Business Highlights > Market Condition & Order per Segment Offshore Oil & Gas Investment Trends Market Condition & Order Outlook Energy Plant ✓ Oil & Gas: Continued Development Demand in South America and Africa; Sustained Upstream Investment amid Geopolitical Risks and Supply Chain Diversification ✓ Offshore Wind: Expanding Domestic Supply Chain Opportunities Supported by the Government's Long -Term Offshore Wind Development Policy ✓ Power Generation: Expansion of Gas-Fired Power Generation and Long-Term Growth in the Hydrogen Power Market (Source: Clarksons) Oil & Gas [FPSO] Sustained Upstream Development amid Geopolitical Risks, Supporting FPSO Growth in Brazil and West Africa - Expension of Middle East Conflict Risks into Maritime Logistics Bottlenecks, Reinforcing the Strategic Importance of UpstreamDevelopment and LNG Infrastructure for Supply Security - FPSO ordering momentum is expected to remain solid, with 11 contract awards projected annually for 2027–28, driven by accelerated project execution and the restart of previously deferred developments. Offshore Wind [FLNG] Expanding FLNG Opportunities from Rising LNG Demand and LNG Portfolio Expansion by Oil Majors - LNG infrastructure investment remains robust in the U.S. and Qatar on the back of growing demand, although ongoing Middle East tensions have heightened uncertainty over Qatar's expansion schedule. - New LNG Project Development in South America (Venezuela) and Africa (Mozambique, Nigeria) amid LNG Portfolio Expansion by OilMajors - FLNG competitiveness continues to improve as lower construction and operating costs have reduced capital costs per MTPA to levels broadly comparable with onshore LNG facilities. [Offshore Wind] Near-Term Global Slowdown Offset by Growing Opportunities in Korea under Government Support - The global WTIV market remains in a correction phase, driven by weaker near-term installation demand, resulting in lower utilization and charter rates.(Clarksons) - The government unveiled its offshore wind auction roadmap, targeting 55 GW of capacity tenders during ‘26-35, including 28 GW tobe awarded by ‘30. - The government approved a transition to a planned-site offshore wind development framework at the inaugural Offshore Wind Power Committee meeting (Sept. 2), targeting the designation of 25 GW of preliminary development zones by 2031. Onshore [Power Plant]Expanding Power Generation Investment Opportunities Amid Rising Data Center Demand and Energy Transition - U.S. : Rising AI-driven data center power demand in the U.S. is highlighting grid interconnection delays and gas turbine shortages, supporting increased adoption of on-site generation and BESS solutions.(Wood Mackenzie) - Korea: KPX conducted an operational briefing for hydrogen power market participants under the CHPS framework. With upcoming bidding rounds and project selection processes set to advance, opportunities for hydrogen-based power generation projects are expected to materialize. [Drilling Rigs] Higher Utilization and Day Rates Driven by Growing Drilling Demand and Limited Supply Growth - Floating Rig Utilization Rising from 89% in 2026 to 92% by End-2027, Driven by Deepwater Investment Growth and Active Fleet Decline (Clarksons) - With drillships ordered in the early 2010s now approaching 15 years of age, gradual replacement demand is expected to support a reenter in the ordering cycle. 0 10 20 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Annual Drillship Completions(Units) (Source: Clarksons)
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Hanwha Ocean 3Q26 Earnings Release 15Market Outlook & Business Highlights > New Order and Oder book Overall New Order & Order Book Bn USD * Others : For Planning, Software, and similar projects, only the amount is counted, not the number of contracts. * Offshore projects after sail-away are removed from this order book. Vessel Type New Order in 2024 New Order in 2025 New Order in 2026 (as of end of Sep.2026) Order Backlog (as ofend of Sep.2026) No. of vessels Amount No. of vessels Amount No. of vessels Amount No. of vessels Amount C om m e r c i a l LNG Carrier 19 4.7 13 3.3 8 2.0 55 14.1 Container 6 1.3 17 3.7 6 1.1 29 6.1 Tanker 8 1.0 20 2.6 18 2.4 41 5.3 Ammonia/LPG Carrier 5 0.6 - - 6 0.7 11 1.3 Others - - - - - - - 0.0 Total 38 7.6 50 9.6 38 6.2 136 26.8 E n e r gy P l a n t DRILLSHIP - 0.2 - - - - - 0.1 FP - - 1 0.2 - - 1 0.3 WTIV - - - - 1 0.5 1 0.5 Wind Power - - 1 1.3 - - 2 1.6 Plant 2 0.1 2 0.2 3 0.4 8 1.3 Others - 0.0 1 0.1 - - - 0.1 Total 2 0.3 5 1.8 4 0.9 12 3.9 Naval and others 8 1.2 5 0.3 2 0.6 17 5.5 Total 48 9.1 75 11.6 44 7.7 165 36.2
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Hanwha Ocean 3Q26 Earnings Release 16Market Outlook & Business Highlights > Overall Performance by Segment Overall Overall Performance by Segment Bn KRW Category 3Q25 4Q25 1Q26 2Q26 3Q26 YoY Revenue 3,023 3,323 3,210 5,443 3,414 +13% Commercial Vessel 2,464 2,686 2,794 3,238 2,715 +10% Naval Ship 375 369 318 327 363 -3% Energy Plant 271 414 221 2,058 528 +94% Others & Consolidation -87 -146 -124 -180 -192 - Operating Profit 290 (9.6%) 248 (7.4%) 441 (13.7%) 736 (13.5%) 486 (14.2%) +68% Commercial Vessel 307 (12.5%) 175 (6.5%) 501 (17.9%) 736 (22.7%) 472 (17.4%) +54% Naval Ship 29 (7.7%) 3 (0.9%) -21 (-6.5%) -3 (-0.9%) -71 (-19.4%) Turned to Loss Energy Plant -53 (-19.4%) 28 (6.7%) -61 (-27.7%) 10 (0.5%) 91 (17.3%) Turned to Profit Others & Consolidation 7 42 22 -6 -7 - Pretax Profit 273 (9.0%) 202 (6.1%) 506 (15.8%) 669 (12.3%) 112 (3.3%) -59% Net Profit 269 (8.9%) 612 (18.4%) 500 (15.6%) 693 (12.7%) 145 (4.3%) -46% * 1Q26/2Q26 results for Commercial Vessels, EPU, and Others were reclassified following refined subsidiary allocation criteria, with no impact on consolidated sales or operating profit. * The above information presents results by product group for internal management purposes and does not represent operating segment information under K-IFRS 1108.
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APPENDIX 18 19 20 21 22 23 24 25 26 27 Hanwha Ocean New Vision Commercial Vessel : Investment in NextDecade (US) Naval Ship : Hanwha Philly Shipyard (US) Offshore : Hanwha Offshore Singapore (SG) Commercial Vessel : IMO & EU Environmental Regulations Commercial Vessel : Eco-Friendly Ammonia-fueled vessel Naval Ship : Domestic and Overseas Business Performance AI Transformation Main Product Line-up Company Introduction & Shareholder Status
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Hanwha Ocean 3Q26 Earnings Release 18APPENDIX > Global Ocean Solution Provider Hanwha Ocean New Vision Global Ocean Solution Provider Taking up the National Security and Energy Transition Challenge to Leaping/sailing from | Ship Builder | to | Global Ocean Solution Provider | leading the Future Ocean Industry Paradigm Vessel, Offshore Plant Construction Specialized Company Commercial Eco-Friendly/ Digital Vessel Eco-friendly fuel system , Smartship Naval Super gap defense Global hub and technology firms acquisition Offshore Offshore Facility Oil & Gas Offshore Platform Eco-friendly fuel system Smartship Other Smart Yard Smart Yard
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Hanwha Ocean 3Q26 Earnings Release • Up to 3 additional trains are scheduled to be built in the future, creating demand for new construction of more than 20 LNG ships for transportation volume → Long-term demand for LNG carriers is solid, but considering the cyclicality of the shipbuilding industry, stable captive orders are aimed to be secured • Train 1~5 are on construction, expecting to be activated on 1H27 • Multiple long-term contracts concluded with Global energy companies such as Total , Shell (25.3 MTPA / for 15~20 years) 19APPENDIX > Global Ocean Solution Provider Commercial Vessel NextDecade Investment Overview NextDecade Introduction and Major business Model Investment Scale Investment Overview and Expected Effect Rio Grande LNG Terminal : Progress Status Expected Effect LNG SPA : Stable profit generation and Dividend expectations Securing orders for LNG ships required for LNG export volume Entering into the LNG Carrier Transportation Business through Hanwha Shipping Train Expected Production Volume Progress Status Progress Status Train 1 ~ 3 (Phase 1) 17.6 MTPA • FID on Jul. 2023, on construction • Activate timing →Train 1: First LNG in 1H27 (Guaranteed Completion in 4Q27) →Train 2 : 3Q28 →Train 3 : 1Q29 • Train 1~2 : 74.0% • Train 3 : 50.4% Train 4 ~ 5 (Phase 2) 11.7 MTPA • FID on Sep./Oct. 2025 • Activate timing → Train 4 : 3Q30 → Train 5 : 2Q31 • Train 4 : 15.5% • Train 5 : 9.4% Train 6 ~ 8 18 MTPA~ • Project under development. Train 6 FERC Filing Preparation in 2Q26(Environmental Impact Assessment results expected in 2Q27); FID Targeted in 2H27 • Established in Texas on 2010. (NASDAQ listing on Apr. 2017), 360 employees (as of Dec. 2025) • Operating LNG production business and Carbon capture and storage business at Rio Grande LNG Terminal Facility. • Approx. KRW 180 bil., 6.6% of Stake • Equity stake after investment : Hanwha Group 25.4% (Aerospace 10.0%, HIP 8.8%, Ocean 6.6%) → Largest shareholder • Expanded Train transportation volume is planned to be handled under DES (Delivered Ex-Ship) conditions Source : NextDecade Q3 2026 Investor Update
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Hanwha Ocean 3Q26 Earnings Release 20APPENDIX > Global Ocean Solution Provider Naval Ship Hanwha Philly Shipyard Company Overview Remark HS USA holdings Corp. (A wholly owned subsidiary of Hanwha Systems) Hanwha Ocean USA international LLC (A wholly owned subsidiary of Hanwha Ocean) Equity Stake 60% 40% Accounting Treatment Consolidated Accounting Equity Method Accounting Total Acquisition Amount $100 million USD (HS: $60 million USD, HO:$40 million USD) Key Procedure ▪ Execution of the definitive agreement: June 2024 ▪ Approval from the Committee on Foreign Investment in the United States (CFIUS): Sep. 2024 ▪ Approval from the Directorate of Defense Trade Controls (DDTC): Nov. 2024 ▪ Deal closing: Dec. 19, 2024 • Establishment/Location : 1997, Philadelphia • Company Name : Hanwha Philly Shipyard • Number of Employees (as of Oct.2026): Direct : 776 , Indirect: 1,603 • Product : Containership, Aframaxtanker, Product carrier, Repair vessel etc. • Yard Spec • Background of Acquisition: Securing overseas production bases to achieve a superior defense industry. Location of Philly Shipyard Investment Overview ※ Exchange Rate: USD/KRW : 1,434.90 applied (based on the Seoul Foreign Exchange Brokerage Market rate as of Dec 17, 2024) Launching of US Navy Battle ship MRO at #5 Dry dock Construction of NSMV (U.S. Navy Special Multi-purpose Vessel) Goliath Crane Philly Shipyard Category Spec Yard Area 380,000㎡ (approx. 93 acres) P/E Area 40,700㎡ (approx. 10 acres) Docks #4, #5 docks (L: 330m, W: 45m, D: 15.6m) Crane Gentry Crane 660 ton 1ea, Tower Crane 50 ton 2ea Capacity Production Capacity: 1~1.5ea Steel Treatment: 23,000 ton Outfitting : 22,000 ton ETC Steel Priming Area, P/E zone, Paint and Blasting Factory, etc
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Hanwha Ocean 3Q26 Earnings Release Investment Overview 21APPENDIX > Global Ocean Solution Provider Energy Plant Hanwha Offshore Singapore (HOS, formerly Dyna-Mac Holdings) Company Overview • Company Name : Hanwha Offshore Singapore Pte., Ltd. (HOS) • Core Business : Engineering and Fabrication of Topside modules for Offshore facilities • Established/Location : 1990, Singapore • Number of Employees : 992 (as of the end of Sep. 2026) • Company History : -1990: Established Dyna-Mac Engineering Services Pte. Ltd. -1991: Secured first barge crane fabrication contract -2011: Listed on the Singapore Exchange (SGX) as Dyna-Mac Holdings -2017: Completed Upper Zakum 750 Projectfor Daewoo Shipbuilding & Marine Engineering (DSME) -2024: Commenced Jaguar FPSO Module Projectvalued at S$408 million -2024: Became an affiliate of the Hanwha Group • Dual-production strategy : Combination of Hanwha Ocean's hull construction capability and HOS's extensive topside module construction experience • Enhancement of Delivery and Price Competitiveness : Competitive Labor Costs and Multi-National/ Language Management Capabilities of HOS Facility & Product Gul Yard (Singapore) incl. ‘Gul Yard 2’ & ‘49 Gul Road’ • Total Land Area: 198,300 ㎡, Wharf Length: 680 m Pandan Yard • Total Land Area: 29,975 ㎡, Wharf Length: 97.8 m Production Unit Vista of HOS Category Hanwha Ocean Hanwha Aerospace Investment Method Equity Acquisition through Singapore Subsidiary (SG Holdings) Total Acquisition Amount KRW 235bil. KRW 645bil. KRW 880bil. Acquired Stake 27% 73% Accounting Treatment Equity Method Accounting Financial Assets Key Procedure •Deal Closing : Nov. 2024 •Delisting of DM Shares : Jan, 2025 •Post-Merger Integration : Nov.2024 ~ Mar.2025
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Hanwha Ocean 3Q26 Earnings Release 22APPENDIX > Global Ocean Solution Provider Commercial Vessel IMO & EU Environmental Regulations • IMO: Net-Zero GHG Emissions by Around 2050 • EU (Fit for 55): 55% GHG Reduction by 2030 vs. 1990 Levels (EU ETS Extended to Shipping from 2024) • Increased Near-Term Investment Uncertainty for Eco-Friendly Vessels Following the Delay of IMO's GFI Adoption Decision (Oct. 2025 → Dec. 2026) • Expected Growth in Ammonia Vessel Orders Driven by Rising Long-Term Ammonia Demand Total Estimated Contracting and Equipment Upgrades Investment, 1996-2050, $bn 0 500 1000 1500 2001-05 2006-10 2011-15 2016-20 2021-25 2026-30 2031-35 2036-40 2041-45 2046-50 NB (Conventional) inc. ESTs NB (Low Carbon) inc. ESTs NB (Zero Carbon) inc. ESTs EST & Engine Retrofits Total New building & Equipment Upgrades Investment 2023-2050 : $5.0 trillion Source : Clarksons Seaborne Blue and Green Ammonia Trade Outlook(Mn Tonnes) 0 8 26 40 2023 2025 2030 2035 Currently Prediction for 2050 Source : BRS NH3 Carried by Sea NH3 Not Carried by Sea Around 10% of current ammonia production is transported by sea (around 16 Mn T) An estimated 50% of Ammonia production will be transported by sea (Estimated 238 Mn T) IMO & EU Environmental Regulations Timelines * EEDI (Design Efficiency) | EEXI (Existing Ship Efficiency) | CII (Operational Carbon Intensity) | ETS (Carbon Pricing) | GH G (Greenhouse Gas Reduction) | GFI (Fuel GHG Intensity) 2008 20232022 2024 2025 2030 2040 2050 Base year EEDI Phase3 for CTN, LNGC, LPGC, Gas Carrier EEXI & CII CII Calculation ('23) and Reporting ('24); Restrictions for Three Consecutive D/E Ratings EU ETS Applied to Shipping EEDI Phase3 For Others Fuel EU Maritime 시행 GHG -20% Indicative Checkpoints EU fit for 55 (-55% vs. 1990 levels) GHG -70% Indicative Checkpoints Net-Zero (By or Around) MEPC 83 (‘25.04) Approved amendments to MARPOL Annex VI IMO Net-zero Framework : GHG Fuel Intensity (GFI) MEPC ES.2 (‘25.10) Adjourned the adoption for 1 year Adoption Decision Expected at MEPC 85 & Extraordinary Session in Dec. 2026 IMO GHG Strategy MEPC 80
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Hanwha Ocean 3Q26 Earnings Release 23APPENDIX > Global Ocean Solution Provider Commercial Vessel Eco-Friendly Ammonia-Fueled Vessel HRS with Steam or sCO2 Ammonia Fueled Gas Turbine Main GE Propulsion Motor Ammonia Fuel Tank Rotor Sails FWD Deckhouse Air Lubrication System - Zero CO2 LNGC - Zero Methane slip LNGC - NOx free : Without emission reduction system Propulsion motor Frequency converter Transformer Main Switchboard Main Generator Gas Turbine Fuel Oil Tank LNG Tank Ammonia Fuel Tank
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Hanwha Ocean 3Q26 Earnings Release 24APPENDIX > Global Ocean Solution Provider Naval Ship Business Domestic and Overseas Business Performance Country Project Displace ment No of Vessel Year Bangladesh Frigate 2,300 T 1 ’98.03 Malaysian Training Vessel 1,200 T 2 ’10.12 UK MARS Tanker 37,000 T 4 ’12.03 Norwegian LSV 26,000 T 1 ’13.06 Thai Frigate 3,600 T 1 ’13.08 Indonesian DSME 1400 Class Submarine 1,400 T 3 + (3) ’11.12 ’19.04 Indonesian 209 Submarine Overhaul 1,300 T 1 ’17.04 1,300 T 2 ’03.12 ’09.04 Source : Hanwha Ocean, Press , etc. Source : Hanwha Ocean Project Displacement Name Builder Launch date Commissioned date KSS-Ⅰ (Jang Bogo class) 1,300t class Jang Bogo Hanwha Ocean 1991 1993 Lee Chun Hanwha Ocean 1992 1994 Choe Museon Hanwha Ocean 1993 1995 Park Wi Hanwha Ocean 1994 1995 Lee Jongmoo Hanwha Ocean 1995 1996 Jung Woon Hanwha Ocean 1996 1997 Yi Sun-sin Hanwha Ocean 1998 2000 Na Dae-yong Hanwha Ocean 1999 2000 Yi Eokgi Hanwha Ocean 2000 2001 KSS-Ⅱ (Sohn Won-yIl class) 1,800t class ROKS Sohn Won-yil Hyundai Heavy Industries 2006 2007 ROKS Jeong Ji Hyundai Heavy Industries 2007 2008 ROKS An Jung-geun Hyundai Heavy Industries 2008 2009 ROKS Kim Jwa-jin Hanwha Ocean 2013 2014 ROKS Yun Bong-gil Hyundai Heavy Industries 2014 2016 ROKS Yu Gwan-sun Hanwha Ocean 2015 2017 ROKS Hong Beom-do Hyundai Heavy Industries 2016 2018 ROKS Lee Beom-seok Hanwha Ocean 2016 2019 ROKS Shin Dol-seok Hyundai Heavy Industries 2017 2020 KSS-Ⅲ (Dosan Ahn Changho class) Indigenous design 3,000t class Batch Ⅰ ROKS Dosan Ahn Changho Hanwha Ocean 2018 2021 ROKS Ahn Mu Hanwha Ocean 2020 2023 ROKS Shin Chae-ho Hyundai Heavy Industries 2021 - 3,600t class Batch Ⅱ Jang Yeongsil Hanwha Ocean 2025 2027 2nd submarine Hanwha Ocean 2026 (e) 2028 (e) 3rd submarine Hanwha Ocean 2029 (e) 2031 (e) Submarine Projects in South Korea Primary Naval/Submarine Exports(as of end of 2025)
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Hanwha Ocean 3Q26 Earnings Release 25APPENDIX > Global Ocean Solution Provider AI Transformation Hanwha Ocean’s Evolution into a Data- and AI-Driven Intelligent Shipyard Digitally Connected Next-Generation Advanced Shipyard 용접, 절단, 가공로봇 사진 삽입 • In-House Robotics and Unmanned Automation • Solutions for Complex and High-Risk Work • Quality Consistency and Global Competitiveness • Virtual-Based Integrated Production Control • Digital Twin Simulation for Risk Reduction • AI-Optimized Work Scenarios • End-to-End Process Innovation (E2E PI) Enabling Standardization and Digital Integration Across Engineering, Production, Procurement, Logistics, and Management • Enterprise-Wide Integration of Design Data through Next-Generation CAD (Computer-Aided Design) • Improved Design Accuracy and Production Linkage to Strengthen Digital Manufacturing Competitiveness 차세대 CAD 관련 사진 삽입 Production Automation & Robotics Intelligent Smart Yard End-to-End Process Innovation Next-Generation CAD Platform
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Hanwha Ocean 3Q26 Earnings Release 26APPENDIX > Global Ocean Solution Provider Global Ocean Solution Provider Main Product Line-up Commercial Vessel LNG Carrier VLGC (Very Large Gas Carrier) VLAC (Very Large Ammonia Carrier) VLCC ( Very Large Crude Carrier) Container Ship Naval Ship Submarine 3,000 tonnage Frigate LSV (Logistic support vessel) Energy Plant Unit WTIV (Wind Turbine Installation Vessel) FPSO (Floating Production Storage Offloading) FLNG (Floating LNG) Power/Energy Plant Industrial Facility Submarine 1,800 tonnage Offshore Wind Power Drillship Chemical Plant
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Hanwha Ocean 3Q26 Earnings Release 27APPENDIX > Global Ocean Solution Provider Company Introduction & Shareholder Status Company Introduction Shareholder Status Name of Company Hanwha Ocean Co., Ltd. Name of Representative Kim Hee Cheul Date of Establishment 1973.10.11. Office • HQ : 3370, Geoje-daero, Geoje-si, Gyeongsangnam-do, Republic of Korea • Seoul Office : Hanwha Building, 86, Cheonggyecheon-ro, Jung-gu, Seoul, Republic of Korea • R&D Office : 96, Baegot 2-ro, Siheung-si, Gyeonggi-do, Republic of Korea Shipyard Area • 4.9 million square meter Major Facility • Dry Dock : 2EA • Floating Dock : 3EA • Heavy Zone: 2EA Annual Capacity • Commercial Vessel : 36 units • Naval Ship : 4 Submarines, 2 Surface ships (Concurrently) • Offshore : 2 units Workforce Status • 25,402 Employees as of Sep.2026 (Direct: 11,036 / Outsourced: 14,366) Hanwha Aerospace Co., Ltd. 30.4% Hanwha Systems Co., Ltd. 7.2% Korea Development Bank 15.3% Korea NPS 6.1% Employee Shares 0.3% Foreign Investors 9.9% Individuals and Others 30.8% Largest Shareholder: Hanwha Aerospace and 2 others As of end-Sep. 2026 Total Shares : 306,413,394