Doosan : Earnings Document

DOOSAN CORPORATION

3Q25 Earnings Releas

3Q25 Results (Consolidated)

• Sales and OP increased YoY, but decreased QoQ influenced by tariPs andexternalfactors.

• Net Income increased YoY, D/Eratio and net debt remained stablecomparedto 2Q25.

[Income Statement]

Units: KRW bn,%

[Debt-Ratio and Net Debt]

Units: KRW bn,%

3Q25

YoY

QoQ

	3Q24	2Q25
Sales	3,879	5,346	4,452	+14.8%		-16.7%
OP	110	358	231	+109.9%		-35.4%
(%)	2.8%	6.7%	5.2%	+2.4%p		-1.5%p

/ at o

152.40/o 153.80/0 165.1% 164.1%

'23 '24 2Q25 3Q25

Net

Income

-95 233 112 Turn

-52.2%

Net Debt

3,209

4 363 5,390 5,6T8

Around

'23 '24 2Q25 3Q25 4

Major Subsidiaries' 3§ Results - Doosan Enerbility

• Accumulated ordersof3Q25 increased YoY due to Gas power PJTs, and Parts/0&M/Sewices.

• Salesof3Q25YTDincreased YoYdue to exceedingprogressscheduleon combined cycle PJTs, while OP decreasedYoY due to external factors.

• Expectedtoexceed annual orders, KRW 13 14tnwith Czech nuclear, U.S. Gas Turbine, and unplanned orders.

[Income Statement]

Units: KRW bn, %

[Order Results and Plans]

Units: KRWtn,%

Nuclear Gas/Hydrogen Renewables Others

13 14tn

i """"""i

i 0.7 1.T ' Upside Potential

Orders	3,175	5,390	+69.8%	2,037	1,633	-19.8%
Sales	5,126	5,522	+7.7%	2,268	1,678	-26.0%
OP	181	134	-46	92	43	-49
(%)	3.5%	2.4%	-1.1%p	4.1%	2.6%	-1.5%p

Net

Income

80 -62 -141 100 -83 -183

73

4.5

1.7

Nuclear

1.6 Gas/Hydrogen Renewables

1. 5.4 3Q25 YTD

   1.5

   '24 3Q25 YTD '25(P) 5

   Major Subsidiaries' 3§ Results - Doosan Bobcat

   • Sales increased YoY due to low baseePect oflast year, while OPM slightlydecreased due to the impactofU.S. tariPs.

   • U.S. industrial production still maintains solid trend, but ManufacturingPMl falls below 50caused by tariPs uncelainty.

[Income Statement]

Units: USD M,%

[U.S. Industrial Production & Manufacturing PMI]

Units: pt

3Q24

2Q25

3Q25

YoY

QoQ

Industrial Production(L) US Manufacturing PMI(R)

70

Sales	1,306	1,567	1,529	+17.2%	-2.4%
OP	92	145	98	+6.2%	-32.9%
						T00
(%)	7.0%	9.3%	6.4%	-0.7%p	-2.9%p	90

Net

Income

4T 8T 60 +13 -2T

3Q25 Results (Doosan Corp. In-house Business)

• Sales and OP of3Q25 increasedYoY, and salesof3Q25YTD also increased +T2%YoY.

• Expected to achieve more than KRW2tn ofannual salesdriven by sales improvement ofmain business.

[Quarterly Performance Trend1)]

Units: KRW bn,%

[3§YTDSaIes Trend Over Past Three Years]

Units: KRW bn, %

• Electro Materials DDI2! Doota mall

559

485

427

524

Annual Sales

• 3QYTD

1,203

1,0T4

4Q

1,336

+72%

Sales 328

OP

3QYTD

3Q24 4Q24 1Q25 2Q25 3Q25 '22 '23

1. Sales of 2Q25 were calculated excluding the Fuelcell Power that was merged with Doosan Mobility Innovation in February 2025

2. DDI(Doosan Digital Innovation): IT service & Digital Transformation business unit

'24 3Q25 YTD

8

3Q25 Results (Electro-Materials)

• Sales and OP of3Q25 increased YoY due to increased supplyofHigh-end products such as PKG and NWB CCL.

  -NWB: Increased supplyofnext-generation materials for data centers such as Al accelerators and 800G switch, and continued investment demand centered on Al.

  -PKG:Achieved all-time high quarterly sales driven by the increase in demand ofmemory semiconductors such as DDR5/GDDR7.

• Expected to achieve record high annual performance byexpandingsupplyofHigh-end materials such as memory semiconductors(DDR5/GDDR7) and Al accelerators/800G switch in 4Q25.

[§ua1erly Sales Trend]

Units: KRW bn, %

[3Q YTD Sales Sales Trend]

Units: KRW bn,%

Sales

250

336

403

4T6

440

1,007

892

+96%

752

Annual Sales

3QYTD

• 3QYTD 4Q

3Q24 4Q24 1Q25 2Q25 3Q25

1) High-end : Network Board CCL(NWB), Semiconductor CCL(PKG), FCCL(Flexible CCL)

'22

'23

'24 3Q25 YTD

9

Appendix: 3§25 Results (Parent1))

Units: KRW bn,%

259	447	415	+60.2%	-T.2%
20	82	80	+303.6%	-3.5%
7.6%	18.4%	19.2%	+11.6%p	+0.8%p
29	113	82	+1T9.6%	-2T.5%
-9	-31	-2	+72.2%	+91.3%

Sales

OP(%)

• In-house Biz

• Others

(common cost, etc)

Net Income

-2 53

132

Turn Around

+T9

1) Fuelcell Power was classified as discontinued operations in 2024 due to merge with Doosan Mobility Innovation, and is excluded

from the separate financial statements l1

Appendix: Financial Summary

Units: KRW bn,%

[Financial Summary] [Debt]

Current Asset

Non-current Asset

2,162 1,901

4,422 4,743

Current Asset

Non-current Asset

13,267 13,598

k

n

18,221 18,726

2,176 2,113

1,488 32,35a Corp.Bonds 249 206
2,204 13,164 Debt 2,425 2,319
7,408	6,944

Total Assets 6,584 6,644 Total Assets 3

Current Liabilities Non-current

Liabilities

Total

2,547 2,515

891 851

3,438 3,366

Current Liabilities Non-current

Liabilities

Paid-in Capital	124	124		Controlling	1,535	1,710
Total Equity	3,147	3,278		Total Equity	11,876	12,251
L/E Ratio	109.2%	102.7%		L/E Ratio	165.1%	164.1%

Total

1

19,612 20 108 Cash

1,274 1,249

Liabilities

Liabilities Interest

NE't DE'bt

Net D/e

1,150 1,070

36.6% 32.6%

Ratio

12

Appendix: ESG management status of Doosan corp.

• Since our ESG management declaration in 2021,we'vestren@henedtheconnection between business and ESG for sustainable growth.

  -Established systemtoidentifypotentialESG opportunities and risksthatcould impact our business.

  -Establish and manage mid-longterm roadmaps by each ESG categories.

• Domestic and internationalESG evaluation status

-Integrated rate for Doosancorp. by KCGS in 2024wasA, indicatingoursustainablemanagement system is suitable.

- Selected as outstandingcompanyfor6 years in a row in'CorporateSustainabilityAssessment(CSA)'by S&P Global and listed in'The SustainabilityYearbook 2025'

2024 ESG Evaluation by KCGS

Listed in Sustainability Yearbook

Integrated rate

t Governance *

Social *

S&P Global

n : ›

Doosan Corporation Industrial Conglomerates

Corporate Sustainability Assessment (CSA) 2024

13