External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul><li>4Q25 revenue forecast at W4.7tn, and OP at W716.8bn</li><li>LNGCs and offshore projects set to account for larger share of 2026E orders</li><li>Set to actively bid for US-bound naval vessel projects in partnership with US shipyards</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>

4Q25 revenue forecast at W4.7tn, and OP at W716.8bnLNGCs and offshore projects set to account for larger share of 2026E ordersSet to actively bid for US-bound naval vessel projects in partnership with US shipyardsContent 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.

HD HHI (329180 KS Jan 22, 2026) - Synergies with HD Hyundai Mipo and Huntington Ingalls