I'd like to welcome all analysts today. Good afternoon, this is Kijeong Song from KSOE Investor Relations.

Thank you for joining our Q4 2025 earnings call. We will begin with a brief overview, just like before, of the key highlights of our Q4 results, followed by a review of operating performance.

We will then discuss the shipbuilding and offshore plant market environment, and then conclude with a Q&A session. First, currency impact.

The quarter-end Korean won-US dollar exchange rate in Q4 was 1,435 won, up 33 won quarter-over-quarter, while the average exchange rate increased by 64 won. This resulted in a positive operating profit impact of approximately 50 million won, including around 30 billion at merged HHI and 20 billion won at Samho.

Second, modest increase in steel prices had a limited impact on earnings in Q4, only minimal impact. Third, one-off gain.

The significant improvement in full-year performance resulted in additional internal and external incentive bonuses, which have been reflected in the operating profit of each business division, and I will discuss this later on in my presentation. Again, with separate recognition in business divisions, overall operating profit slightly inched down.

Due to our internal circumstances, we cannot disclose exact bonus incentive numbers. Second, the offshore division reflected 47.1 billion won of change order as a profit.

Samho does not have any specific one-off issue for the fourth, the fourth quarter of last year. As you are aware, due to the merger, 1 month of HMD results for December was consolidated into the merged Hyundai Heavy Industries entity.

That's for your information. In addition, let us share the breakdown of Q4 top lines by order year for each shipbuilding subsidiary.

HHI: LNGC 48.4%, slightly down quarter-over-quarter; LPGC and VLAC 32.2%, slightly up; and CNTR 12.3%, slightly down; and tanker 5.4%, up from the previous year. Now Samho: LNGC 37.1%, slightly down; container ship 31.5%, slightly down; a tanker 17%, slightly up; and LPGC and VLAC 10.2%, up from the previous quarter.

Now Mipo, for the last time, because we won't be mentioning Mipo: PC 59.5%, slightly down; and LPGC 24.2%, slightly up; others slightly up with 14.8%; and LNG bunkering vessel construction is initiated this quarter, partially reflected in our sales as a result. That were these were the key highlights.

Then on page 4, I will move on to page 4 and elaborate more on KSOE's Q4 2025 earnings, but I'd like to note first of all that as the Chuseok holiday fell in the fourth quarter last year, there was only 1 additional working day in the fourth quarter of 2025. This is one thing that I'd like to take note of.

In sales increased by 7.5% quarter-over-quarter and by 13.8% overall year-over-year. Despite the increase in the average Korean won and US dollar exchange rate and minimal differences in the number of working days, productivity continued to improve.

Operating profit decreased by 1.5% quarter-over-quarter, but increased by 108% year-over-year, mainly due to one-off factors such as incentive bonuses. Excluding these one-off items, profitability continues to improve steadily and remains in a stable trajectory.

On a quarterly basis, again, we continue to have profitability improvement in a very stable level. Now page 5, earnings by business division, and please refer to the table below, and let's turn to page 6.

First, on the shipbuilding division, despite no seasonal factors, as I said before, higher average exchange rates, rising vessel prices, and productivity improvements continued, while naval ship revenue declined due to vessel mix changes. Overall, revenue declined slightly.

Next, offshore plant: the number of working days remained unchanged, while revenue increased sharply driven by the full-scale execution of the Trion FPU and Ruya projects, rising 97.5% quarter-over-quarter and 170.5% year-over-year. In the engine and machinery division, revenue declined by 24.1% quarter-over-quarter due to the partial deferral of deliveries into January, but increased by 16.4% year-over-year.

Due to the deferral, in engine and machinery division, we're going to see improvements in the second quarter. Now page 7, operating profit by business division: in the shipbuilding division, profitability improved on higher average exchange rates, rising vessel prices, and productivity gains.

Quarter-over-quarter operating profit declined by 0.4% due to incentive bonuses and one-off base effects, while year-over-year operating profit increased by 79.3%. That's on an annual basis.

OP margin was 13.7%, down by 0.3% quarter-over-quarter, but it would have been higher when one-off items were excluded. Overall, profitability continues to improve.

Once again, my apologies for not being able to disclose exact numbers. Now in the offshore division, the offshore division delivered strong earnings growth, and this is as a result of strong revenue growth and change order.

For the engine division, operating profit decreased by 33.1% quarter-over-quarter and 58.2% year-over-year due to revenue decline and reflection of incentive bonuses. Regarding the dual-fuel engine mix, the dual-fuel proportion remained stable, accounting for 72% of 2-stroke engines and 78% of 4-stroke engines, broadly in line with previous quarters.

DF engines accounting for almost 80%. Then naval vessel division, even though data is not available on the slides, in Q4 revenue amounted to 349.9 billion won, down by 5.8% quarter-over-quarter, mainly due to a change in naval vessel mix and a lower export share.

In 2026, but we believe that revenue would recover because we have increases in backlog. Operating profit was 22.5 billion won, down by 56% quarter-over-quarter, reflecting lower revenue and a high base effect from the 15.8 billion Korean won of one-off gains recognized in the previous quarter.

In special naval ship division, the bonuses were reflected. Please be aware that the naval vessel division's margin trajectory will show ups and downs on a quarterly basis, depending on the payment terms of each project.

On an annualized base, this division continues to grow. Now page 8, please refer to the earnings result of each consolidated subsidiary, and I will elaborate on them more on the next page.

KSOE: KSOE's standalone operating profit was lower due to the absence of dividend income from its subsidiaries. HHI recorded 17.5% quarter-over-quarter revenue growth, reflecting the positive foreign exchange rates, higher vessel prices, and consolidation of 1 month's revenue of HMD.

Despite reflecting the incentive bonuses, OP increased by 3.2% quarter-over-quarter due to revenue growth and offshore change order effect. The margin is steadily improving without one-off items.

Overall, I'd like to say that profitability continues to improve on a quarterly basis. Beyond the shipbuilding division, we observed significant top-line and margin growth in the engine and offshore plant divisions.

Next, Samho: Samho delivered solid margins despite reflecting the highest proportion of incentive bonuses within the shipbuilding division, supported by a quarter-on-quarter growth in both revenue and operating profit, as well as the smooth resolution of the fire incident in the previous quarter. Let's move on to page 10, Hyundai Marine Engine: its operating profit growth outpaced revenue growth, and despite partial delays in engine deliveries, revenue increased supported by higher foreign exchange rate, ASP growth, and expanded part sales.

Operating profit increased significantly, driven not only by FX tailwinds, but also by productivity improvements, ongoing cost reductions, and higher-margin parts sales. In 2026, we have expectations about this specific division.

Then Hyundai Energy Solutions: its operating profit remained solid, in line with Q3. Revenue increased by 26.2% quarter-over-quarter, driven by efforts to expand domestic market share and higher exports to the United States.

Operating profit declined slightly quarter-over-quarter due to changes in product mix and higher costs, but profitability remained stable. In 2026, we believe these efforts will continue so that this division would achieve solid performance.

Now page 11, in terms of non-operating profit, there were significant gains related to FX valuation due to the strong dollar. Lastly, on page 12, financial ratios: all shipbuilding subsidiaries are in net cash position, with a combined total of approximately 6.2 trillion won in net cash, reflecting outstanding financial health.

This concludes my presentation on our Q4 2025 results. Thank you for your participation, and presentations on shipbuilding and offshore division outlook will continue.

Good afternoon. I am Eunsup Lee, Executive Vice President of Strategic Marketing Division at HD KSOE.

I'd like to present the review for the shipbuilding division and then share our outlook for the business. To begin with, according to Clarkson Research, global newbuilding orders this year reached 110.99 million GT, a decrease of over 20% compared to last year's 143.90 million GT.

Nevertheless, the fact that the order volumes remain above the 100 million GT mark indicates that the newbuilding market is still in a boom cycle.

Despite initial concerns that 2025 orders would see a sharp decline following the high volume of recent years, we evaluate current performance to be significantly resilient and healthy. Despite the slight slowdown in global orders compared to 2024, our group shipbuilding subsidiaries have achieved robust performance: HHI shipbuilding division $7.886 billion, reaching 125.2% of its target; and HHI medium-sized ship division secured $2.246 billion; Samho $6.687 billion; and HVS $378 million; and HHIP $220 million; so $17.417 billion in all.

This figure represents 116% of our group's 2025 shipbuilding order target of $15.02 billion. Despite the overall slowdown in global newbuilding demand, we have successfully exceeded our annual guidance through strategic sales initiatives.

Let's take a closer look at our order intake by vessel type for each subsidiary. Hyundai Heavy Industries shipbuilding division secured a total of 48 vessels: 28 container ships, 8 Suezmax tankers, 4 VLCCs, 4 VLACs, and 2 VLGCs, and 2 VLECs, 48 vessels.

Our medium-sized ship division achieved a total of 34 orders, consisting of 21 feeder container ships, 6 LNG bunkering vessels, 5 mid-sized LPG carriers, and 2 medium-range tankers. At Hyundai Samho, 44 vessels in total: 24 large container ships, 9 Suezmax tankers, 4 VLCCs, and 7 LPG carriers.

HVS secured 6 vessels: 3 LR2 tankers and 3 medium-range tankers. HHIP secured 3 LR2 tankers to its backlog, 135 vessels in total, in aggregate.

Our group capitalized on heightened US-China trade tensions in the first half of 2025, when preference for Chinese shipyards weakened, by focusing on container ships and securing multiple large container ship orders. In the second half, we diversified into tanker and LNG carrier orders in line with the changing market demand.

As a result, we have flexibly adjusted our order portfolio without overreliance on any single vessel type, supporting both order growth and profitability. As of the end of December 2025, the Clarkson Newbuilding Price Index was 184.65, down slightly from 189.16 in 2024, but still at a high level despite lower ordering activity.

Supported by solid order backlogs accumulated over recent years, newbuilding prices are expected to decline only gradually and in a limited manner going forward. This will be contingent on our strategy, which will stay similar.

While concerns remain that oversupply and declining freight rates could trigger a market correction, newbuilding demand has so far stayed at cycle-high levels, supported by rotating demand across various vessel segments. In addition, tightening environmental regulations are expected to drive delayed replacement demand for aging vessels as freight rates soften, supporting newbuilding demand.

Next, I will briefly cover market conditions by vessel type. Container vessel ordering reached a record level in 2024 with 479 vessels totaling approximately 4.7 million TEU, and surpassed that level again in 2025 with orders for 644 vessels amounting to around 4.8 million TEU.

This exceptional level of ordering was driven by aggressive investment from major liner companies with strong demand not only for large vessels, but also for small- and mid-sized ships, as reflected in the disproportionate increase in vessel numbers relative to TEU capacity. Looking ahead, however, given the heavy ordering activity over the past 3 years and the normalization of container freight rates, the ordering momentum from major liner operators is expected to moderate.

In the LNG carrier segment, new orders declined sharply in 2025 to 34 vessels, less than half of the 78 vessels ordered in 2024. This was mainly due to a temporary oversupply following large-scale LNG carrier deliveries, which pushed spot LNG rates close to historical lows, as well as delays in final investment decisions for new LNG projects in North America during the Biden administration, having negative impact on vessel demand.

However, following President Trump's reelection, more than 70 MTPA of new LNG projects secured final investment approval in 2025 alone. With over 200 MTPA of additional global LNG capacity expected by 2030, the LNG carrier newbuilding demand is widely expected to increase significantly.

In the tanker segment, tighter US sanctions on the shadow fleet are expected to constrain available capacity, driving increased demand for compliant tanker fleets. In addition, replacement demand for aging vessels, previously delayed by strong freight rates, remains latent, while shipowners supported by ample cash flows from the prolonged tanker upcycle are expected to continue newbuilding investments.

Meanwhile, the VLGC and PCTC markets, which saw heavy ordering activity during 2023 and '24, have entered a pause in newbuilding investments due to concerns over upcoming large-scale deliveries. Order activity is expected to recover once the scheduled deliveries are absorbed by the market.

This year, the global shipbuilding market is expected to remain uncertain and volatile, as in 2025, amid multiple geopolitical factors. These include a potential return to normal Suez Canal operations and shifts in energy logistics driven by US policies in Venezuela and Iran, a possible end of the Russia-Ukraine war, and renewed US-China trade tensions, making the market outlook increasingly unpredictable.

Against this backdrop, our group will closely monitor global developments and remain agile in adjusting our strategies to sustain order competitiveness and enhance shareholder value. This concludes my remarks on Q4 2025 results.

Thank you for your attention. Then a presentation about our offshore division.

Good afternoon. I am Son Dae-jun, Senior Manager at Offshore Energy Business Division.

I'd like to briefly walk you through our Q4 performance and market outlook.

Our offshore division is actively bidding on FEED and EPC projects across the Middle East, Australia, and Europe. In particular, our Middle East projects, we expect final announcement within Q1 and final contract signing by the first half of this year.

In the offshore wind sector, we're leveraging our in-house technology to expand our global footprint. Our independent offshore substation model, Hi-OSS, has secured DNV's approval in principle, validating our technological edge.

Based on this, we're actively bidding for major domestic and international projects, and our goal is to secure our first EPC contract this year, marking 2026 as the inaugural year of our offshore wind construction operations. In the floating offshore wind sector, Hi-Float model has secured ABS AIP for both 15 and 18-megawatt capacities, backed by our proven experience in commercial-scale FEED.

While the global commercialization of floating wind is seeing some delays, we're proactively engaging with major developers to explore strategic partnerships. We are also reviewing participation in domestic testbed projects to further solidify our commercial readiness.

In the SMR sector, we're making significant progress with TerraPower's Wyoming demonstration project. Following the fabrication contract signed last October, we have now entered the full-scale production phase.

Beyond fabrication, we're conducting joint R&D for SMR commercialization through our close partnership with TerraPower, building the technical expertise needed to capture future global opportunities. Next, let me briefly discuss market outlook.

With oil prices remaining above $60 per barrel, the offshore plant market is not overheated and continues to support stable profitability. In addition, demand for crude oil and natural gas for power generation is expected to keep rising, reinforcing energy security as a key priority for many countries.

Global oil majors are prioritizing offshore investments in high-efficiency regions such as Guyana, Brazil, and Africa. Meanwhile, national and international oil companies across the Middle East, Australia, and South America continue offshore oil and gas developments to secure stable resources and expand production.

In the Middle East, including Qatar, the UAE, and Saudi Arabia and Kuwait, offshore gas field development is accelerating with large-scale projects planned, and the market expected to stay active. While the offshore wind market faces some near-term adjustments due to US policy shifts and rising development costs, medium- to long-term growth remains intact.

Here in Korea, the government is advancing offshore wind expansion through the Offshore Wind Special Act, which will take effect this March, along with initiatives to strengthen R&D supply chains and demonstration testbeds, supporting a public-led market and broader industry-wide structural change. These are the changes that we're witnessing here in Korea.

Based on these conditions, we're pursuing a balanced approach across offshore, offshore wind, and SMR businesses, focusing selectively on projects that ensure profitability and stable execution. That concludes my remarks on our Q4 performance and market outlook.

Thank you very much. 질의응답을 시작하겠습니다.

질문을 하실 분은 전화기 버튼의 별표와 3번을 눌러 주십시오. 질문을 취소하시려면 별표와 4번을 눌러 주시면 됩니다.

My question is about bonuses, and of course you didn't disclose the exact numbers. I wonder what your bonus policy will be this year in 2026.

Of course, just like last year, the bonus payments would be aligned with your business performance. My question would be about whether you are applying the exact same standards across different ministries, and whether there is any possibility that bonus payments would increase this year.

네, 일단 성과급 숫자로 말씀 못 드리는 점 죄송스럽게 생각하는데요. 일단 저희들 성과급이 연간 분기로 이렇게 예측을 해서, 일단 연간 예측을 해서 분기로 일단 뿌려 줍니다.

지난 3분기 때 말씀을 드렸던 바와 같이. 뿌려 주는데, 실적이 저희들 예상했던 것보다 실적이 훨씬 더 좋아졌어요.

예, 아시겠지만 생산성이 많이 개선이 되면서, 그래서 추가 성과급이 나갔습니다. 나가게 되고 삼호의 경우는 지금 우리가 1,000% 캡을 씌우고 있어서 삼호중공업이 지금 1,000%를 이번에 받았고요.

그다음에 우리, 그러니까 현대중공업이나 그다음에 한국조선해양 같은 경우는 그것보다 좀 낮은 800% 전후 정도로 보시면 될 것 같아요. 예, 그 정도 수준에서 저희들이 성과급을 좀 받게 됐습니다.

그리고 하청 쪽에서는 또 다른 책정을 가지고 성과급을 나가기 때문에 저희들이 한꺼번에 숫자를 다 말씀을 못 드리고 만약에 이 성과급을 배제를 했다 그러면 지금 영업이익률 아까 13.7% 말씀을 드렸는데 거의 한 15%까지 올라가지 않겠나, 예, 그 정도까지 한번 보시면 될 것 같아요. 한 1% 포인트 이상은 개선이 될 걸로 예 그렇게 추가 성과급만 가지고 말씀드린 겁니다.

Thank you for your question, and apologies, my apologies once again for not being able to disclose exact numbers of bonus payments. When we make bonus payments, predictions are made on an annual basis, and then we make payments accordingly on a quarterly basis.

For this quarter, performance outweighed and outpaced our initial expectations, we had stellar performance for this year, which means that we had additional bonus payments that were given to our employees. As to Samho, Samho is subject to 1,000% cap in terms of bonus payment.

That was how bonus payments were made at the 1,000% cap at Samho. For Hyundai Heavy Industries and KSOE, the cap is lower than that, it's around 800%.

That's how bonus payments were made in in line with the set rates. For subcontractors, different policies would apply.

If all these bonus payments were excluded, then our operating profit margin would have been around 15%. I told you that our OP margin was 13.7% for this year, for this quarter, the bonus payment had an impact of over 1% in terms of our operating profit margins.

감사합니다. 다음으로 질문해 주실 분은 다올투자증권의 최광식 님입니다.

질문해 주십시오.

My question is as to your quarterly revenue, can you share with us the proportion or ratio by order year? 예.

일단 현대중공업부터 말씀드리면 이번

4분기의 매출액에 차지하는 수주 연도 비중이 22년도가 27%, 23년도가 53%, 24년도가 20%입니다. 그리고 현대 중공업 중형, 그러니까 미포죠, 미포.

미포 기준으로도 이번에 마지막으로 도와드릴 텐데요, 미포 기준으로는 22년도가 0%이고요, 23년도가 37%, 24년도가 63%. 그리고 삼호중공업은 22년도가 10%, 그다음에 23년도가 55%, 그다음 24년도가 35%를 차지합니다.

Let me give you the following numbers. Based on Q4, Hyundai Heavy Industries revenue by order year is 27% in 2022, 53% in 2023, and then 20% in 2024.

As to Mipo, and this would be the very last time that we will be mentioning Mipo because of the merger: 0% in 2022, 37% in 2023, and 63% in 2024. Coming to Samho, it's 10% in 2022, 55% in 2023, and 35% in 2024.

다음으로 질문해 주실 분은

KB증권 정동익입니다. 엔진 사업 관련해서 질문드리겠습니다.

엔진 쪽에서 일부 매출이 이월됐다고 얘기를 하셨는데요. 이월된 이유가 어떤 건지 알고 싶고요.

현대중공업의 엔진 부분에서 이월이 있었던 건지 아니면 자회사인 현대마린엔진 부분에서 이월이 있었던 건지 궁금합니다. 그리고 엔진 부분에서도 당연히 성과급이 있었을 텐데요.

성과급이 아니었다라고 하면 3분기 대비해서 4분기 엔진 부분의 영업이익률이 개선되거나 비슷한 수준일 수 있었던 건지도 답변 주시면 감사하겠습니다.

I have two questions about your engine division. The first question is about the partial deferral that you mentioned.

Can you share with us the reasons why such partial deferral happened, and did it occur within Hyundai Heavy Industries engine business or did it occur within Hyundai Marine Engines business? My second question is, if it were not for bonus payments, then what would have happened to the OP margin to your engine business?

I wonder whether it would have been improved or stayed at a similar level when bonus payments were considered. 네, 현대중공업과 마린엔진 모두 다 일부 선적이

1월 초에 이루어져 가지고, 생산은 12월에 다 끝났었는데 1월 초에 이루어지면서, 하루 이틀 상관에 이루어지면서 전체 매출액이 감소한 것처럼 나타났습니다. 그래서 이 부분은 작년에도 이런 현상이 나타났었는데요, 1월 달에 매출이 다 발생을 하면서 아주 수익성 개선으로 다 잡혔었습니다.

작년 1월 1월 달 1분기 작년 1월 달 실적을 보면 영업이익이 점프하는 일이 발생했었는데, 이런 부분들이 같이 영향을 좀 미쳤다 생각이 됩니다. 그리고 아까 말씀하신 성과급 관련해서는 저희들이 이 부분은 숫자로 계산을 안 해 봤어요.

죄송한데. 다음에 기회 되면 저희들이 한번 추려서 말씀을 드리도록 할게요.

예, 죄송합니다.

To answer your first question, such deferral occurred both at Hyundai Heavy Industries and Hyundai Marine Engine. Productions were complete in December, but the shipments occurred in January, and I think this happened last year as well, but it's all reflected in our productivity gains and profitability improvement.

If you look at January of 2025, a same thing happened, you will see a jump, or a rather sharp increase in operating profit because of a similar situation that happened, so that certainly had an impact. If I answer your second question, my apologies once again, but we haven't done any exact calculations as to bonus payment, maybe I could disclose some relevant data if I have an opportunity next time.

Thank you. 예, 성과급 율은 현대중공업 기준으로 똑같기 때문에 거기에 인력 곱하기해서 그만큼 금액이 나간다고 반영이 된다 그렇게 보시면 됩니다.

The same rule applies as the rules that we have at Hyundai Heavy Industries. Anyway, we multiply the number of employees by a set amount of rate or the amount.

다음으로 질문해 주실 분은 삼성증권의 한영수 님입니다. 질문해 주십시오.

My question is also about your bonus payment. You mentioned that bonus payments were made to your subcontractors.

Is it happening for the first time this year, in 2025? Also my question is about whether we should recognize this as a one-off expense or is it an structural change?

Can we consider this as an permanent increase in the level of wages, or is it just because there were extra performance and then bonus payments were made accordingly? 예, 저희들이 간단하게 설명을 드리면 일단 영업이익이 어느 정도 달성을 하면 얼마큼 보너스를 지급하겠다를 여러 가지 이제 영업이익률로 저희들이 계산해서 영업 성과급을 지급하도록 되어 있습니다.

그래서 몇백 %, 몇백 % 말씀을 드리는데, 재작년에 연간 결산을 할 때

2025년도에 어느 정도 이익이 날 거다라고 해서 그만큼 보너스를 책정을 해 놓고 출발을 했는데, 실적이 생각보다 많이 좋았던 거죠. 그만큼 추가 성과급이 이제 나가게 된 거고, 올해의 실적도 마찬가지겠죠.

올해 연간 추정을 해서 보너스를 어느 정도 지급할 걸 미리 이제 분기별로 이렇게 쌓아 놓고 추가로 더 당연히 실적이 좋아지면 더 주는 그런 거겠죠. 그래서 일회성 요인으로 보는 게 맞는 것 같습니다.

I think it's a correct understanding of our bonus payments would be it's an one-off cost. It's because when we make out bonus payments, the calculations are based on our OP margin.

In 2024, 2 years ago, when we had our year-end settlements, we had projections about our 2025 performance, but in fact our performance was better than our initial expectations in 2024, and in alignment with increased performance, additional bonus payments were made. The same applies to this year as well.

We have already projected our this year's performance, and if there is additional performance, extra performance, and that will be translated into additional bonus payments. 추가로 말씀을 드리면 일단 인건비 상승 관련해서는 연초에 저희들이 인건비 상승 관련해서 이미 지급을 하게 됩니다.

예, 그래서 인건비 상승분은 이미 반영을 시키고 시작을 하게 되고요. 그다음에 실적의 변수로는 아시겠지만 환율, 후판 가격, 그다음에 생산성, 이렇게 크게 나눌 수가 있는데, 아시겠지만 환율이 생각보다 많이 올랐어요.

헤지 비중이 높긴 하지만 헤지가 안 돼 있는 부분에 대한 수익성 증가 부분, 후판 가격을 어느 정도 상승을 잡았는데 생각보다 안 올랐다, 또는 떨어졌다, 그만큼 또 실적이 좋아질 수 있는 거고요. 그다음에 생산성 요인은

1년이 지나봐야 아는 건데, 역시나 1년 동안 생산성이 생각보다 많이 좋아졌어요. 이런 요인들이 처음에 예측을 못 했던, 또는 보수적으로 봤기 때문에 못 했던, 적게 잡았던 부분들이 향후에 좀 더 늘어날 수 있는 부분들이 생기게 됩니다.

예, 그래서 이것은 안 될 수도 있기 때문에 일회성으로 보는 게 맞다는 생각입니다.

If I make additional comments, and as to labor cost increases, we have already considered these possible increases at the beginning of each year, and these were reflected already. There are variables affecting our performance: foreign exchange rate and plate prices, and then productivity gains.

As to foreign exchange rates, as the won depreciated quite sharply. We certainly do hedging, but there are portions that are not hedged and which will be translated into increased performance.

As to plate prices, they're subject to change, affecting our productivity, and the third factor, productivity, we would be only able to know how more productive we become only after a certain amount of time passes. Initially, there are things that we cannot predict, or sometimes we are conservative, and that means it's more appropriate to consider these expenses as one-off expenses.

다음으로 질문해 주실 분은 다올투자증권의 최광식 님입니다. 질문해 주십시오.

LNG 쪽인데요. 뭐 우리가 작년 말부터 이제 2029년 슬롯을 일부 팔았는데도 선가가 아직 250 밀리언 안팎이어서 좀 실망스러운데, 중국이 엄청 받고 있는 거 우리 알고 있고, 그래서 이제 중국이 후동중화가 케파를 늘리고 있다는 얘기도 있고 해서 어느 정도 중국 내 LNG 건조 케파를 얼마로 보시는지, 그리고 어느 정도 지나면 다시 한국으로 가격 협상력이 넘어올 수 있을런지, 언제쯤이면 LNG 신조 선가가 올라가는 걸 우리 투자자들이 볼 수 있을지, 요거 관련해서 질문 드리겠습니다.

My question is about LNG vessels, especially LNG ordering. From the end of 2025 and through 2029, the newbuilding price would be still under 250 million, we believe.

We know that a lot of the orders were awarded to Chinese shipyards, and especially we hear the news that Hudong-Zhonghua is increasing its capacity. My question is, how much capacity increases do you see among Chinese LNG shipyards, and also when would be possible that Korean shipyards take back their power in terms of price negotiations?

예, 한국조선해양의 임은섭 전무입니다. 질문해 주신 거 관련해서 중국의 전 건조 케파는 사실 저희가 정확히 알 수는 없습니다.

저희가 알 수 있는 거는 그 사람들이 발표한 자료라든지 또는 선박 브로커라든지 시장 정보를 통해서 알 수 있는 게 유일하고요. 저희가 파악하고 있는 바로는 최근에 후동중화에서

30척 가까이 연간 생산할 수 있다 얘기를 하고 있는 것으로 들었습니다. 지금 중국의 조선소가 LNG 건조를 할 수 있는 조선소가 여러 개 있지만 대표적인 조선소로는 두 개 정도 생각할 수 있겠고요, 후동하고 장난.

후동은 30척을 얘기하고 있고 장난은 10척을 얘기하고 있습니다. 근데 실제로는 이 케파를 모두 다 사용한다고 보기는 어렵고 향후의 물량을 대비해서 특히 카타르 건을 대비해서 후동 같은 경우는 케파를 늘린다고 얘기를 하는 거 같고요.

장난은 열심히 노력하고 있지만 여전히 한국에 비해서는 품질이나 그다음에 기술적 측면에서 떨어지는 것으로 알고 있습니다. 최근에 중국이 좀 약진하는 모습을 보이고 있긴 하지만 사실 이건 대부분 중국 내수 물량, 그러니까 중국으로 들어가는

LNG를 수송하기 위한 중국의 국수국조 정책에 의해서 나온 그런 물량이 대부분입니다. 좀 짜르고 가야죠.

If I answer your question, to be honest, we do not know exact or accurate information about Chinese shipbuilding capacity. Available data only comes from the information that these Chinese shipbuilders release or the broker or market information.

Recently, Hudong-Zhonghua says its capacity is 30 vessels per year. There are several Chinese shipyards capable of building LNG carriers, but I would like to take note of two of them: Hudong-Zhonghua says it can build 30 such vessels and Jiangnan says 10 vessels.

I don't believe that these shipyards are consuming all their capacity, because they are in anticipation of possible volumes of Qatar as well. As to Hudong-Zhonghua, yes, it is increasing its capacity.

As to Jiangnan, even though it's making efforts, it's lagging behind Korean shipyards in terms of quality and also technological level. It's true that Chinese shipyards are making great progress of recent days, but most of their capacities are absorbed by their domestic demand to build LNG vessels that should be allocated to observe their domestic demand.

추가로 또 말씀드리면 중국 조선소 같은 경우에는 카타르 프로젝트를 통해서 시장에 많은

LNG 선을 건조해서 인도한 게 사실이지만 실제로 중국 물량이 아닌 경우 인터내셔널 텐더에서는 중국 조선소들이 배제가 되는 경향이 있습니다. 예컨대 최근에 셰니에라든지 그다음에 모잠비크 그다음에 에퀴노르 이런 프로젝트에 대해서는 중국 물량이 아니기 때문에 중국 조선소의 참여가 배제되는 그런 양상이 지금 계속 전개되고 있기 때문에 한국 조선소의 시장 점유율은 여전히 유지될 것으로 보여지고요.

아까 추가로 또 선가를 어느 정도 회복될 것으로 말씀하셨는데 지금 회복이 되고 있습니다. 지금 현재 계속 상담 진행 중이 있고 기본적으로 수요가 많다는 걸 잘 알고 있기 때문에 최근에 작년 하반기에 올해 초에 나온 물량들은 그 최근에 투자 승인이 확보된 물량들이 많아질 것으로 보고 LNG 선가가 올라갈 것이다 생각하고 갑자기 나온 투기 발주가 대부분이었고요, 앞으로 나오는 지금 현재 상담이 되고 있는 프로젝트들은 가격이 인상된 베이스로 해 가지고 상담이 진행되고 있기 때문에 올해에 걸쳐서 LNG 선가는 꾸준히 올라갈 것으로 예상을 하고 있습니다.

These Chinese shipyards, maybe they're getting orders from the Qatar project, but if you look at international tender market, you would see that these Chinese shipyards are rather excluded from the market. This is evident when you look at Cheniere, Mozambique, and Equinor.

Then Chinese shipyards are being prevented from joining these projects. Because of that, Korean shipyards are maintaining our market share.

Also you asked about the recovery of newbuilding prices, and I think this is an ongoing process, but we do see newbuilding prices are recovering. We're engaging in consultations with our customers and we do see recovery in demand and strong demand.

If you look at orders coming from the second half of last year or early this year, I think most of them were rather speculative. If you look at ongoing consultations, these consultations are being made already on a higher price base, and we believe in 2026, we will see a steady increase in newbuilding prices.

다음으로 질문해 주실 분은 한국투자증권의 강경태 님입니다. 질문해 주십시오.

4분기 매출에서 그리고 실적 전체에서 그 수출 관련한 그 믹스가 변하면서 실적에 영향을 줬었다라고 말씀하셨는데 지금 4분기부터 그리고 올해 전체로 봤을 때 저희 특수선 쪽 그 매출을 책임지고 있는 프로젝트가 지금 주로 어떤 거에서 발생될지 네, 한번 점검 부탁드리겠습니다. 필리핀 OPV라든지 세부 소총 호위함이라든지 주로 매출원이 어디서 나온다가 궁금해서 여쭙고요.

그리고 지금 간담회 이후로 한 달 정도 지났는데 간담회 때 소통해 주신 그 올해 수주 파이프라인도 혹시 업데이트할 만한 게 있으면은 한 번 더 체크 부탁드리겠습니다.

I have two questions. The first question is about your special vessel business.

You shared with us your Q4 revenue as well as full-year revenue, and then you mentioned that there were changes in export product mix impacting your overall performance. My question is, what would be the flagship projects that will be responsible for your revenue in Q4 and going through 2026?

My second question is, a month ago we had a consultation session together and you shared with us your order pipeline at the time, and I wonder whether there have been any updates made to your order intake pipeline going through 2026. 네, 우리 정원상무님 말씀 좀 부탁드릴게요.

아 목소리 들리십니까 이제? 예예 들립니다.

아 예. 답변 드리도록 하겠습니다.

먼저 첫 번째 그 저희 믹스 관점과 이제 매출 부분 좀 말씀을 드리면 실제로 올해 저희가 그 1분기부터 3분기까지의 주요 매출원은 한국 해군 이지스 구축함이었고요. 그와 병행하면서 필리핀의 초계함 두 척 이제 전부 인도가 되었고 그리고 이제 여섯 척의 원해경비함들이 순차적으로 지금 건조가 되고 있습니다.

그러다 보니까 지난

4분기에는 그 이제 이지스 구축함 3번함이 이제 건조 막바지에 들어가다 보니 약간 그 이지스 구축함이 굉장히 고가입니다. 그 매출 비중이 조금 소폭 하락한 반면에 필리핀 원해경비함과 한국 해경의

3,000톤급 경비함 이 부분의 매출들이 조금 더 그 타오르다 보니까 전체적으로 그 매출은 3분기 대비 조금 소폭 하락한 경향이 있고요. 그리고 이제 페루에서 진행되고 있는 현지 건조 사업도 하반기부터 이제 본격적으로 그

LCU라고 하는 상륙정이 지금 현재 페루 현지에서 건조가 되고 있습니다. 그래서 점진적으로 페루에서 발생하는 매출도 4분기부터 이제 차오르기 시작하고 이제 내년 들어서는 그런 페루 현지 건조 매출이 이제 본격화가 됩니다.

그 상륙정보다 크기가 큰 원해경비함, 호위함 이런 부분들 매출이 내년에 현지 건조 매출이 많이 차오를 거고요. 그래서 전반적으로 일시적으로 저희가 매출 비중이 조금 하락한 경향은 있지만 내년에는 수출 비중이 조금 더 확대되는 경향을 보일 것으로 그렇게 예상을 하고 있습니다.

그리고 두 번째 질문 주셨던 수주 파이프라인... 잠깐 일단 하고, 예, 할게요.

아, 예예예.

To answer your question, as you mentioned, your question was about our change in export mix and its resulting impact on our performance. If you look at Q3, Q2, and Q1, Q2, and Q3 of last year in 2025, we had this Aegis destroyer project, our order came from the Korean Navy, and also from the Philippines we already delivered two of patrol ships and there are six guard ships which are under construction for the Philippines.

In Q4, the Aegis destroyer project was almost its final stage, and as this destroyer is very high-priced. As a result, we had a rather decrease or a downward pressure on our revenue overall.

If you look at the coastal guard ship from the Philippines, and also we have a 3,000-ton guard ship for the Korean Navy. Then these were reflected in our Q4 results as well and increasing our overall revenue slightly.

Also I'd like to say that we have an ongoing project in Peru as well. It's ongoing, and in the second half of last year, we had this LCU, which is under construction, and I believe that this specific project would be materialized at a quite mature level in Q4 as well.

Coming to this year, we have things that will materialize at scale, and this includes frigates and as well as patrol ships as well, a temporary slowdown, but in 2026, we believe overall we will see an expansion in our export revenue. 예 계속 답변해 주세요.

예, 그리고 그 수주 파이프라인 관련해서는 어 일단 아시는 것처럼 함정 쪽은 뭐 연초에 막 이렇게 들려오진 않습니다. 그 국가의 예산하고 맞물려 있어서 비딩에 따라 가지고 이제 가는 거고 저희는 올해도 여전히 그 필리핀 해군의 후속 사업들 에이밍을 좀 하고 있고요.

그런 거에서 이제 신조도 있고 기존 호위함의 그 성능 개량 사업도 있어서 그런 부분들 점진적으로 어 계속해서 저희가 영향력을 그 계속 확보할 목적으로 지금 현재 추진 중에 있습니다. 그리고 기타 국가에서도 마찬가지로 지금 비딩 절차가 곧 착수가 되고 할 겁니다.

그래서 음 지금 이제 연초여서 아직은 좀 시기가 좀 이른 감이 좀 있고요. 어 조만간 좋은 소식 들려드릴 수 있도록 할 거고 기타 뭐 특수목적선 쪽에서도 저희가 추진하고 있는 사업들이 있습니다.

그래서 그 부분도 어 좀 한두 달 정도 있으면은 그래도 어느 정도 좋은 소식들을 들려드릴 수 있을 것 같습니다. As to our order pipeline, it's still early.

It's in the beginning of year. As as to naval ship business, we do not get orders this early because it's all based on national and government budget.

Bidding efforts are ongoing. In 2026, we are aiming to win orders for follow-up projects from the Philippine Navy, and this includes new builds, but also this includes a retrofit of existing frigates.

This way we would be expanding or scaling our impact. In other countries, we are starting with our bidding efforts.

Again, it's still in the early of this year, but I hope we can share good news pretty soon. In the special-purpose vessel business, there are things that we're pursuing, and I hope we can share good news in 1 month or 2 months of time.

다음으로 질문해 주실 분은 신한투자증권의 이동헌 님입니다. 질문해 주십시오.

471억이 반영됐고 성과급이 나간 게 그만큼이다라고 이해를 했는데요, 맞는지 확인 부탁드리고요. 만약에 그렇다고 하면 영업이익률이 17% 나온 게 이게 트리온, 루야 반영되는 게 뭐 이런 게 정상인지 아니면 특별히 일시적으로 다른 요인들이 영향을 줬는지, 어느 정도 타깃으로 수주를 하신 거고 올해 진행 사항의 눈높이는 어떤지, 해양 관련 이익이랑 전반적인 질문입니다.

감사합니다.

My question is about your overall offshore business. You mentioned the reflection of change order impact as well as bonus payments, and given that OP margin was almost 17%, I wonder whether the factors you mentioned would be quite permanent or just one-off.

What are your expectations for your offshore business this year? 예.

일단 분기 매출이 아주 급등을 했고요. 지금 체인지오더하고 그다음에 성과급을 좀 제외하면 당연히 그 아래로 떨어지겠죠.

예, 떨어진다고 보시면 되는데 정확하게 몇 %라고 말씀을 제가 못 드리겠고 단지 이제 신규 공사가 들어가는 트리온

FPU가 현재 매출 진행률로는 58.6%고 그다음에 루야 공사가 12.4%예요. 예, 그렇기 때문에 향후 아마 연간으로 봤을 때는 꾸준하게 실적이 안정적으로 나올 걸로 현재 예상이 됩니다.

그래서 뭐 정확한 숫자를 좀 말씀을 못 드리는 게 좀 죄송한데 지금 올해의 해양 부분의 실적은 아주 안정적으로 잘 나올 걸로 예상이 됩니다.

Our quarterly, quarter-over-quarter revenue quite jumped and skyrocketed, I would say. When we are excluding change order impact and bonus payments, could have been, would have been far lower than that.

My apologies for not being able to share any percentage, percentage-wise percentage-wise data or numbers. If you look at our offshore business, if you and if you look at the POC, the progress rate of each project, Trion FPU is 58.6% and Ruya project is 12.4%.

On annualized terms, these projects would produce steady and stable performance. Again, apologies for not being able to disclose specific numbers, but our offshore business would sure to generate stable and solid performance throughout the year.

감사합니다. 다음으로 질문해 주실 분은 메리츠증권의 배기연 님입니다.

질문해 주십시오.

20만 CBM급 LNG선, 대형 LNG선 수주 소식이 많은데요. 이 선형의 수익성을 기존의 174K급보다 좀 얼마나 높게 볼 수 있을지 힌트를 좀 부탁드립니다.

그리고 만약에 우리가 이 선형으로 도크를 채운다라고 했을 때 그 174K급으로 도크를 채웠을 때 저희가 일반적으로 알고 있는 건조 케파랑 척수로 봤을 때도 그냥 같다라고 이렇게 좀 볼 수 있을지 요런 부분을 질문드리고 싶습니다. 질문의 이유가 결국 시장에서 좀 원하는 게 저희 상선 쪽 미래 수익성이 계속해서 더 올라갈 수 있는지 그런 수주에 대한 기대감을 가질 수 있는 거라고 생각을 해서요, 저희가 200K급 수주 실적 200K급 선형에 대한 어떤 수익성을 저희가 예상하는 것처럼 굉장히 높다라고 기대할 수 있으면 아까 상선 쪽에서 시황 전망해 주실 때 선가가 다시 오를 거다라고 말씀하셨는데 그전까지 저희가 가져갈 수 있는 강점이라고 생각해서 질문을 드렸습니다.

감사합니다.

For vessel business, you were awarded an order for 200,000 CBM LNG carrier, and I wonder in terms of profitability how does it compare to 124K class carrier? With this type of vessel, when compared to 74K capacity of vessel, whether you can really fill your existing docks given your construction and building capacity.

In terms of the number of vessels, is it going to be the same when you consider 74K vessels? The reason why I'm asking this question is, when you look at market demand, there should be future profitability that would be guaranteed, and I wonder whether with this 200K class vessels we can expect the same level of profitability.

You mentioned that vessel prices are recovering, but until then maybe then this is one of the strengths that KSOE has to enjoy. 예, 한국조선해양의 임은섭 전무입니다.

그 일단

200K 선형 관련해 가지고는 제가 먼저 말씀드리고 싶은 거는 전 세계적으로 200K 선형을 건조해 가지고 인도한 조선소는 저희하고 한화밖에 없고요. 그중에서도 저희가 압도적인 건조 실적을 보유하고 있습니다.

시장에서 200K에 대해서는 저희가 가장 앞서오고 있다고 볼 수 있겠고 특히 200K 선형은 미국과 아시아를 연결하는 선형으로 최적화된 선형입니다. 향후에도 수요가 계속 있을 것으로 보이고 있고요.

일단 200K 선형 같은 경우는 저희가 8, 9도크에 배정을 합니다. 8, 9도크에 마찬가지로 174K와 똑같이 취업할 수 있는 슬롯이기 때문에 174K 대비 200K 슬롯을 200 200K로 슬롯을 활용할 수 있다면 저희 입장에서는 매출이라든지 수익이라든지 측면에서 슬롯 가치를 최대화할 수 있는 그런 선형으로 보여지고 있습니다, 생각하고 있습니다.

수익성 관련해서는 아시다시피 요건 좀 그 커머셜 사항이고 컨피덴셜리티가 있어 가지고 제가 상세하게 말씀 못 드린 점 널리 양해 부탁드리겠습니다.

When it comes to 200K vessels, there are only two companies throughout the world who can build and deliver such vessels: we have Hanwha and Hyundai Heavy Industries is the other. In terms of track record, I believe Hyundai Heavy Industries has an overwhelming track record in the world.

In terms of 200K vessel, Hyundai Heavy Industries is the best and the first in the world. With 200K vessels, we have two advantages.

This vessel is optimized for connecting US and Asian waters, we expect continued demand for this type of vessel. Second of all, we can use our docks number 8 and 9, but these docks can accommodate 174K as well.

In terms of maximizing the value of our existing slots, 200K would be the optimal candidate. In that sense, it has its value.

In terms of profitability, it's confidential, my apologies for not being able to disclose any profitability-related data. 다음으로 질문해 주실 분은

NH투자증권 정연승입니다. 질문 두 가지가 있는데요.

첫 번째로 중형선 관련돼서 질문 드립니다. 최근에 MR이나 LR 쪽 수주 소식도 글로벌리 조금씩 보이고 있는데, 이 부분이 올해 필리핀이랑 베트남 쪽에서 의미 있는 수주를 기대할 수 있는지 하고요.

뭐 수익성을 말씀해 주시기는 좀 어렵겠지만 그래도 현지 원가 감안하면 상당히 수익성도 좋을 것으로 보고 있는데 이렇게 생각해도 되는지 하는 게 첫 번째 질문이고, 두 번째는 최근에 11월부터 1월까지 워낙 1,000만 GT가 넘는 대규모 발주가 진행되었음에도 불구하고 선가 상승이 좀 크지 않았는데, 요거에 대해서 한국조선해양에서의 생각은 좀 어떠하신지 연간 전반적으로 선가에 대해서도 혹시 의견 주시면 감사하겠습니다.

I have two questions. The first question about your mid-sized vessels.

Globally we hear news about ordering mid-sized and also mid-range and long-range vessels, and especially from the Philippines and Vietnam, do you believe you can expect meaningful orders coming from these countries, the Philippines and Vietnam? It's because given local cost, which will be quite low, I believe these mid-sized vessels can be good in terms of profitability.

My second question is, between November and January this year, we had around 10 million GT ordered, but in spite of that, we do not see any sharp increase in newbuild prices. From the viewpoint of KSOE, how do you expect newbuild prices to continue throughout the year?

예, 한국조선해양의 임은섭 전무입니다. 일단 조형선 관련해서 말씀드리면

MR하고 LR2 같은 경우에 작년 2025년에 실제로 저희가 수주 실적이 만족스러운 수준은 사실 아니었습니다. 아시다시피 전 세계적으로 발주량이 많이 안 나왔던 게 가장 큰 이유고요.

거기에는 기본적으로 2024년에 워낙 많이 발주가 된 게 사실 이유가 있었습니다. 그러다 보니까는 2024년에 워낙 많이 발주가 되다 보니까 납기도 뒤로 많이 밀리고 가격도 많이 올라가고 상대적으로 MR이나 LR2에 대한 그 투자 매력도가 좀 떨어지는, 특히 MR 같은 경우에는 투자 매력도가 많이 떨어진 상황이었기 때문에 신규 투자가 많이 이루어지지 않았습니다.

근데 2025년을 거치면서 일종의 조정기라고 보여집니다. 조정을 거치면서 납기도 이제 매력도가 올라가는 상황이 됐고 조선소 입장에서도 이제 열심히 수주를 하기 위해 노력하는 단계에 접어들었기 때문에, 더 나아가서 올해 탱커 운임이 좋아지면서 탱커 쪽 신조 수요가 많이 올라가면서 MR이나 LR2에 대한 수요가 지금 올라가고 있고 현재 많이 상담이 진행되고 있습니다.

수익성 물어보시면 헤비하게, 마찬가지로 컨피덴셜리티 사항이라서 말씀드리지 못한 걸 양해 부탁드리겠습니다. 그다음에 전반적인 선가 수준을 물어보셨는데요, 지금 이미 선가 수준이 많이 올라와 있는 상황입니다.

이미 최고점 대비해서 약간 내려왔긴 했지만 전반적인 선가 수준은 물론 선종마다 약간 다르긴 하지만 선가 수준 자체는 이미 많이 올라와 있는 상황이기 때문에 2024년 대비 2025년은 전체적인 발주량이 좀 줄어든 상황이기 때문에 오히려 많이 떨어지지 않은 게 더 정상이고, 향후에 올라갈 수 있느냐, 그거는 이제 추가로 또 얼마나 발주가 될지 봐야겠지만 현재 수준이 계속 유지되고 있는 것조차도 좋은 시그널로 저희는 받아들이고 있습니다.

If I answer your first question, and in fact with mid-range and LR2 vessels, our order performance for 2025 was not satisfactory. There are several reasons why.

Globally the order activity was not that active throughout the world for these vessels. In 2024, there were lots of orders that were awarded for these vessels in 2024.

In terms of delivery and price attractiveness and investment attractiveness, these mid-sized ships decreased in terms of that. That prevented us from making new investments.

I would say the year 2025 was a period of adjustment. During this period, both in terms of delivery and attractiveness, these mid-sized ships gained traction and momentum.

Now companies are making efforts to win orders for these ships. Especially in 2026, we do see increases in tanker freight rates, which means that there are more newbuild orders and we have ongoing consultations for these mid-range and long-range 2 vessels.

About the profitability of these ships, once again cannot specify any numbers or data due to confidentiality, my apologies for that. To answer your second question about vessel prices, I think vessel prices have been recovered already to a significant extent, slightly than its previous peak, but still it's recovering.

In 2024 I think in 2025 we had less orders coming. Given that, the very fact that vessel prices are maintaining their current status, that's already a good news in and of itself.

We believe that vessel prices could be increased further. 예, 지금 시간이 상당히 지났습니다.

1시간 넘었는데요. 그래도 질문해야 되겠다 하시는 분 한 분만 하시고 마치도록 하겠는데, 앞서 저희들이 성과급 관련해서 질문들 많이 해 주셔 가지고 성과급 배분이 좀 상당히 좀 복잡합니다.

예, 내부적으로도 복잡하고 또 이제 하청까지도 이렇게 여러 가지 신경을 써야 되다 보니까 그래서 성과급에 대해서는 나중에 전화를 주시면 좀 더 자세하게 말씀드리겠는데 지금까지 제가 말씀드린 것 중에서 아까 뭐 800% 단정적으로 말씀을 드리긴 했지만 실질적으로 한 600에서 800% 사이 정도에서 레인지가 이루어져 있다, 이렇게 예, 보시면 될 것 같습니다. 그래서 그 외에 자세한 부분들은 아직도 최종 협상이 안 이루어진 부분들이 있기 때문에 그런 부분들까지 확정이 된다 그러면 그때 가서 어느 정도까지 공개할 수 있도록 그렇게 노력을 해 보도록 하겠습니다.

예. If you have any burning question, then I would like to take one final question.

Before that, because so many of you have posed questions about bonus payments, I'd like to make some comments. Making bonus payments is a complicated and complex process, both in terms of internally and when we consider our subcontracting businesses, it becomes even more complex.

If you make a phone call and if you reach us, then we would give you further details about this. I mentioned a very specific number, which was 800%, but overall it's between 600 and 800 percentage point.

Within this range, our bonus payments were made. Again, for details, our negotiations have not been determined yet, and if it is concluded, then maybe we would be able to disclose as much as possible.

예, 추가 질문 있으시면 저희들 폰으로 연락을 따로 주시면 감사하겠습니다. 시간이 많이 지난 관계로.

이상으로 2025년 4분기 HD한국조선해양 연결 경영 실적 관련 컨퍼런스 콜을 마치도록 하겠습니다. 예, 감사합니다.

Due to time constraints, we would like to conclude our Q4 2025 earnings call. If you have any further questions, please reach out to us.

Thank you.