Doosan : Earnings Document

DOOSAN CORPORATION

4Q25 &2025 Earnings Release

Consolidated

4Q25 & 2025 Results (Consolidated)

Doosan Corporation

• 2025 annual sales and operating profit increased YoY due to performance improvement ofmajor affiliate

• Net Income decreased YoY due to increase in non-operating expenses ofsubsidiaries

• D/Eratio remained stable QoQ,while net debt decreased QoQ caused by cash inflows from advance payments

[Income Statement]

Units: KRW bn,%

[Debt-Ratio and Net Debt]

Units: KRW bn,%

/ at o

152.40/o 153.5% 164.1% 169.1%

'23 '24 3Q25 4Q25

to loss

Net Debt

Sales	4,452	5,687	+27.7%	18,133	19,784	+9.1%
OP	231	275	+19.0%	1,004	1,063	+5.9%
(%)	5.2%	4.8%	-0.4%p	5.5%	5.4%	-0.1%p

Net Income

112 -106 Turned

302 250 -53

5,678

3,209 4,363 4,071

'23 '24 3Q25 4Q25 4

Major Subsidiaries' 4§25 & 2025 Results - Doosan Enerbility

• Orders of2025 reached KRW 14.7tn, up +107% YoY, driven by Czech nuclear, U.S. Gas Turbine and Combined EPC

• Sales and OP of2025 increased YoY due to exceeding progress schedule on combined cycle projects and increase in proportion of core business(Nuclear, Gas)

• Plan to improve profitability in mid-longterm by driving product mix improvement focused on high-margin business such as Nuclear and Gas

[Income Statement]

2025

2024

Units: KRW bn, %

3Q25

4Q25

[Order Results and Plans]

Units: KRWtn,%

YoY

Nuclear Gas/Hydrogen Renewables Others

16.4

Orders	1,633	9,338	+471.8%	7,131	14,728	+106.5%
Sales	1,6T8	2,360	+40.6%	T,367	T,881	+T.0%
OP	43	168	+125	244	302
(%)	2.6%	7.1%	+4.5%p	3.3%	3.8%	+0.5%p

1.3 3.2

0.9

Nuclear

14.7

13.3

I

2.9 Gas/Hydrogen

Net

Income

3.4

-83	464	+548	-115	403	+517	1.6	0.9 2.2	1.2 i.1	2.0 1.0	Renewables Others
						'24	'25	'26(P)	'30(P)

3 6

3.0

2.8 Combined EPC

5

Major Subsidiaries' 4§25/2025 Results - Doosan Bobcat

• 2025 annual sales and operating profit decreased YoYduetoimpactofU.S. tariffs

• U.S. industrial production remains strong, while Manufacturing PMI returned to expansion after a year

• Despite slightly softer market demand, planning to drive sales growth in 2026 from dealer inventory rebuild and market share gains

[Income Statement]

Units: USD M,%

[U.S. Industrial Production & Manufacturing PMI]

Units: pt

Industrial Production(L) US Manufacturing PMI(R)

120 T0

Sales	1,529	1,641	+7.3%	6,269	6,182	-1.4%		65
							110	60
OP	98	102	+4.2%	639	482	-24.5%		55
							100	50
(%)	6.4%	6.2%	-0.2%p	10.2%	7.8%	-2.4%p		45
							90	40
Net Income	60	59	-1	413	283	-130	80 Jan-15 Jan-17 Jan-19 Jan-21 Jan-23 Jan-25	35 30	6

4Q25 & 2025 Results (Doosan Corp. In-house Business)

• Sales and OP of4Q25 increased YoYand Qog due to strong demand for High-end products ofElectro-Materials

• Annual sales increased +66% YoY surpassing KRW2tn in annual sales for the first time, and OP also increased more than

+250% YoY, achieving record-high performance

[Quarterly Sales Trend1)]

Units: KRW bn,%

[Sales Trend Over Past Three Years1)]

Units: KRW bn, %

• Electro-Materials DDI Doota mall

559

524

485

Sales 427

I °

653

Annual Sales

+66.2%

1,074

1,336 ,'

2,221

OP

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

1) Sales were calculated excluding the Fuelcell Power that was merged with Doosan Mobility Innovation in February 2025

'24

'25

8

4Q25 & 2025 Results(Electro-Materials)

• Despite year-end of season effect, sales of 4Q25 increased +66% YoY due to high demand in NWB CCL and PKG CCL

• Reached an all-time high annual sales in 2025 due to increased supplyofHigh-end products such as NWB CCL for Al datacenter and PKG CCL for Al memory semiconductors

-NWB: Surpassed KRW 1tn in annual sales led by sales expansion in AI accelerators and 800G switch with increasing demand ofAI datacenters

-PKG: Increased supply in AIsemiconductors such as DDR5/GDDR7 driven by continuous favorable AI memory demand

[§ua1erly Sales Trend]

Units: KRW bn, %

557

[Annual Sales Trend & Product Mix]

Units: KRW bn,%

82%

1,8T6

4T6

440

403

336

Sales

Sales 814

High-end1!

Low-end 360/

1,00T •'

73%

27%

18%

4Q24 1Q25 2Q25 3Q25 4Q25

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

'23

'24

'25

9

Appendix: 2025 Results (Parent1))

3Q25		4Q25			2024')		2025		YoY
415		513		+23.7%	1,066		1,T68		+65.8%
80		72		-9.7%	82		328		+302.2%
19.2%		14.0%		-5.2%p	7.7%		18.6%		+10.9%p
82		108		+31.8%	116		408		+252.8%

Units: KRW bn,%

Sales

OP(%)

• In-house Biz

  (common	-3	-37	-34	-34	-79	-45
  cost, etc)

• Others

Net Income

132

-38

Turned to loss

18 281

+262

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

1,901 2,235

4,743 4,519

Current Asset

Non-current Asset

13,598 14,194

k

n

18,726 18,687

2,113 2,139

2,359 32,928 Corp.Bonds 206 206
3,164 13,754 Debt 2,319 2,345
6,944	6,939

Total Assets 6,644 6,754 Total Assets 3

Current Liabilities Non-current

Liabilities

Total

2,515 2,579

851 943

3,366 3,522

Current Liabilities Non-current

Liabilities

Paid-in Capital	124	124		Controlling	1,710	1,559
Total Equity	3,278	3,232		Total Equity	12,251	12,234
L/E Ratio	102.7%	109.0%		L/E Ratio	164.1%	169.1%

Total

1

20,108 20 694 Cash

1,249 1,246

Liabilities

Liabilities Interest

NE't DE'bt

Net D/e

1,070 1,098

32.6% 34.0%

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 2025wasA, indicatingoursustainablemanagement system is suitable.

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

2025 ESG Evaluation by KCGS

Listed in Sustainability Yearbook

Integrated rate

t Governance *

Social *

S&P Global

" " '

Doosan Corporation Industrial Conglomerates

Corporate Sustainability Assessment (CSA) 2024

13