External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>For 3Q26, we expect Samsung E&amp;A to report consolidated revenue of W2.74tr (+37.2% YoY) and operating profit of W256.8bn (+45.5% YoY), with the latter exceeding the current consensus (W235.2bn) by 9%.</li><li>Despite concerns surrounding the Middle East conflict, the impact on major overseas projects, including the Fadhili project in Saudi Arabia, likely remained limited in the quarter (as in 2Q26).</li><li>While the decline in the USD/KRW rate should inevitably be a drag on overseas earnings, the continued recognition of favorable profit adjustments should offset this impact. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q26, we expect Samsung E&amp;A to report consolidated revenue of W2.74tr (+37.2% YoY) and operating profit of W256.8bn (+45.5% YoY), with the latter exceeding the current consensus (W235.2bn) by 9%.Despite concerns surrounding the Middle East conflict, the impact on major overseas projects, including the Fadhili project in Saudi Arabia, likely remained limited in the quarter (as in 2Q26).While the decline in the USD/KRW rate should inevitably be a drag on overseas earnings, the continued recognition of favorable profit adjustments should offset this impact. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung E&A (028050 KS/Buy)Performing Well with Further Upside Ahead

<ul><li>For 2Q26, we expect Samsung E&amp;A to report consolidated revenue of W2.72tr (+24.9% YoY) and operating profit of W238.8bn (+32.1% YoY), with the latter exceeding the current consensus (W219.4bn) by 9%.</li><li>The Saudi Fadhili project, which is driving hydrocarbon earnings, appears to have seen only a limited impact from the closure of the Strait of Hormuz thanks to early procurement of major equipment and adjustments to the construction schedule.</li><li>We estimate that earnings improved YoY on a recovery in advanced tech revenue following the resumption of affiliate projects, favorable FX effects from the rise in the USD/KRW rate, and a lower SG&amp;A ratio (estimated at 5.5%; vs. 6.1% in 2Q25) on revenue growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2Q26, we expect Samsung E&amp;A to report consolidated revenue of W2.72tr (+24.9% YoY) and operating profit of W238.8bn (+32.1% YoY), with the latter exceeding the current consensus (W219.4bn) by 9%.The Saudi Fadhili project, which is driving hydrocarbon earnings, appears to have seen only a limited impact from the closure of the Strait of Hormuz thanks to early procurement of major equipment and adjustments to the construction schedule.We estimate that earnings improved YoY on a recovery in advanced tech revenue following the resumption of affiliate projects, favorable FX effects from the rise in the USD/KRW rate, and a lower SG&amp;A ratio (estimated at 5.5%; vs. 6.1% in 2Q25) on revenue growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung E&A (028050 KS/Buy)Solid Earnings; Order Expectations Likely to Rise Again

<ul><li>For 1Q26, we expect Samsung E&amp;A to report consolidated revenue of W2.32tr (+10.5% YoY) and operating profit of W192.2bn (+22.2% YoY; in line with the consensus of W193.1bn).</li><li>Any impact of Middle East tensions (such as delays in revenue recognition and associated cost pressures) at key sites, including the Fadhili project in Saudi Arabia and the Ras Laffan project in Qatar, was likely limited.</li><li>We believe YoY earnings improvement was supported by FX tailwinds from a higher USD/KRW rate, a recovery in revenue following the resumption of group affiliate projects, and a more stable SG&amp;A ratio on the back of higher revenue.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 1Q26, we expect Samsung E&amp;A to report consolidated revenue of W2.32tr (+10.5% YoY) and operating profit of W192.2bn (+22.2% YoY; in line with the consensus of W193.1bn).Any impact of Middle East tensions (such as delays in revenue recognition and associated cost pressures) at key sites, including the Fadhili project in Saudi Arabia and the Ras Laffan project in Qatar, was likely limited.We believe YoY earnings improvement was supported by FX tailwinds from a higher USD/KRW rate, a recovery in revenue following the resumption of group affiliate projects, and a more stable SG&amp;A ratio on the back of higher revenue.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung E&A (028050 KS/Buy)Energy Sector Expansion Remains Positive Despite Middle East Conflict

<ul><li>For 4Q25, we expect Samsung E&amp;A to report consolidated revenue of W2.68tr (+4.1% YoY) and operating profit of W221.6bn (-25% YoY), with the latter meeting the consensus (W211.1bn).</li><li>We estimate hydrocarbon revenue increased visibly YoY, supported by steady progress in major overseas projects, including the Fadhili gas plant in Saudi Arabia.</li><li>Non-hydrocarbon revenue also likely rebounded sharply QoQ to W984.9bn (from W566.5bn in 3Q25), as Samsung Electronics’ (SEC) P4 project resumed following delays (which had weighed on results in the previous quarter). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 4Q25, we expect Samsung E&amp;A to report consolidated revenue of W2.68tr (+4.1% YoY) and operating profit of W221.6bn (-25% YoY), with the latter meeting the consensus (W211.1bn).We estimate hydrocarbon revenue increased visibly YoY, supported by steady progress in major overseas projects, including the Fadhili gas plant in Saudi Arabia.Non-hydrocarbon revenue also likely rebounded sharply QoQ to W984.9bn (from W566.5bn in 3Q25), as Samsung Electronics’ (SEC) P4 project resumed following delays (which had weighed on results in the previous quarter). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung E&A (028050 KS/Buy)Staying the Course Despite Low Oil Price Environment

<ul><li>For 3Q25, we expect Samsung E&amp;A to post consolidated revenue of W2.28tr (-1.4% YoY) and operating profit of W168.8bn (-17.2% YoY), with the latter being broadly in line with the consensus (W165.3bn).</li><li>In the hydrocarbon segment, we estimate revenue improved markedly YoY due to steady progress on large overseas projects, particularly the Saudi Fadhili plant.</li><li>Meanwhile, the non-hydrocarbon segment likely remained weak due to a lull in orders from group affiliates. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25, we expect Samsung E&amp;A to post consolidated revenue of W2.28tr (-1.4% YoY) and operating profit of W168.8bn (-17.2% YoY), with the latter being broadly in line with the consensus (W165.3bn).In the hydrocarbon segment, we estimate revenue improved markedly YoY due to steady progress on large overseas projects, particularly the Saudi Fadhili plant.Meanwhile, the non-hydrocarbon segment likely remained weak due to a lull in orders from group affiliates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung E&A (028050 KS/Buy)In-Line Results Likely

South Korea

Samsung E&A Co.,Ltd provides engineering construction and project management services in the domestic and international markets. The Company constructs refinery plants, petrochemical plants, gas plants, hydrocarbon upstream, power plants, metallurgy plant, industrial plants, and water treatment facilities. Samsung E&A conducts businesses across worldwide.

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Samsung E&A (028050 KS)