External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>3Q25 revenue forecast at W3.4tn, OP at W355.5bn and OPM at 10.5%</li><li>One-offs include FX gains, bonus payouts tied to wage deal, and provision for industrial accident compensation</li><li>Margins slated to remain solid as high-margin commercial vessel orders are recognized; in-line results expected</li></ul><p><em>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.</em></p>

3Q25 revenue forecast at W3.4tn, OP at W355.5bn and OPM at 10.5%One-offs include FX gains, bonus payouts tied to wage deal, and provision for industrial accident compensationMargins slated to remain solid as high-margin commercial vessel orders are recognized; in-line results expectedContent 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.

Hanwha Ocean (042660 KS Oct 14, 2025) - Commercial Shipbuilding to Offset Offshore Drag