[Corporate Family] Doosan Group ④ | Accelerating Global Energy Strategy… Expanding Orders, Cooperation, and Talent Investment

Doosan Group is officially accelerating its drive into the global energy market. By continuously securing overseas orders for everything from Small Modular Reactors (SMRs) to combined cycle power plants, the group is solidifying its market position while investing generously in nurturing future talent.

■ Selected as Rolls-Royce SMR Partner… Securing a Bridgehead in the European Nuclear Market (May 28)

Doosan Enerbility was selected as a strategic partner for the Small Modular Reactor (SMR) project pursued by Rolls-Royce SMR in the UK. Through this partnership, Doosan Enerbility will be tasked with reviewing the manufacturability of core equipment, such as nuclear reactors, to be applied in the SMR projects underway at Wylfa in the UK and Temelín in the Czech Republic.

Rolls-Royce SMR is an SMR development company established in 2021, with the British aerospace and defense company Rolls-Royce PLC as its largest shareholder. It is currently developing a 470MW-class SMR, a model capable of supplying baseload power for at least 60 years.

In April, Rolls-Royce SMR signed a contract with the UK state-owned nuclear agency GBE-N and commenced site-specific design for three SMR units to be built at the Wylfa site. In the Czech Republic, it has signed a construction preparation contract with a state-owned energy company and is proceeding with site licensing and preliminary design.

Kim Jong-doo, President of Doosan Enerbility's Nuclear BG, stated, "Cooperation with Rolls-Royce SMR will serve as an important opportunity to expand Doosan Enerbility's role in the global SMR supply chain."

■ Supplying Four 370MW-Class Steam Turbines to Texas, USA… Full-Scale Entry into the North American Market (May 27)

Doosan Enerbility signed a contract to supply four 370MW-class steam turbines and generators each to a US company. They are scheduled to be sequentially delivered to the Texas region by 2029. A steam turbine is a combined cycle power generation facility that produces additional electricity utilizing the waste heat from gas turbines.

This contract is the second following the first steam turbine order in North America in March. The contract value and the counterparty company were not disclosed, but the industry believes it was ordered by xAI, the artificial intelligence company led by Elon Musk.

In the North American region, the demand for high-efficiency combined cycle power generation facilities is increasing due to the rise of data centers, expanding industrial power demands, and the replacement of aging power generation equipment. Doosan Enerbility plans to accelerate its push into the North American market by expanding cooperation with local power generation operators.

Son Seung-woo, President of Doosan Enerbility's Power Service BG, stated, "We have once again confirmed the competitiveness of Doosan's turbines in the North American market," adding, "We will expand our points of contact with local customers and partners and actively seek to secure additional business opportunities."

■ 480 Billion Won Gas Turbine Parts Supply Contract with Korea Southern Power (May 26)

Doosan Enerbility has consecutively secured long-term gas turbine service contracts from Korea Southern Power. These are Long-Term Parts Procurement contracts (LTPM) covering two gas turbines at the Hadong Combined Cycle Power Plant and one gas turbine at the Goyang Changneung Combined Heat and Power Plant, with a total contract value of around 480 billion won.

The contract period is typically applied for over 10 years, based on the major maintenance cycles following commercial operation. Both power plants are aiming for commercial operation in December 2029. Doosan Enerbility will be responsible for supplying gas turbine high-temperature parts, refurbishment, consumable materials supply, and technical support services.

Son Seung-woo, President of the Power Service BG, stated, "It is highly significant that we will be part of the entire operational cycle of the customer's power plant," adding, "Based on our experience in manufacturing main equipment and performing services, we will provide a stable maintenance system and enhance the competitiveness of the domestic gas turbine service business."

■ Doosan Yonkang Foundation Provides 500 Million Won in Scholarships to 521 High School Students (May 29)

The Doosan Yonkang Foundation provided over 500 million won in scholarships to 521 students selected as Doosan Yonkang high school scholarship recipients for the 2026 academic year. The foundation aims to provide a total of 3 billion won in annual scholarships through various programs by the second half of the year, including high school scholarships for Doosan's budding talents, multicultural students, and technical talents. Last February, it provided 1.4 billion won in scholarships to 175 university students.

Chairman Park Yong-hyun emphasized, "I hope the scholarship students will fully spread their wings and pursue their dreams and talents," adding, "We will continue to strive to nurture future talent through our scholarship programs."

■ Holding Company Stocks Rise Across the Board… Reflecting Expectations for Capital Market Policies (May 21)

As of 9:10 AM on May 21, Doosan was trading at 1,567,000 won, up 6.02%. It started with a 4.80% increase right at the market opening and even climbed to 1,588,000 won, a 7.44% increase at one point. Holding companies and conglomerate stocks recorded an upward trend across the board, including Samsung C&T at 10.12%, Hyosung at 7.11%, Hanwha at 4.47%, SK at 3.42%, HD Hyundai at 3.47%, LG at 4.85%, and CJ at 0.66%.

This is interpreted as reflecting expectations for a reduction in the holding company stocks' discount rate, as the government actively promotes policies to prevent the impairment of corporate value, such as banning overlapping listings, in order to improve the structure of the capital market.

Choi Kwan-soon, a researcher at SK Securities, stated, "The discount rate compared to the Net Asset Value (NAV) of holdings was reduced after going through the 2024 Value-up program and last year's Commercial Act revision," adding, "This year, holding companies' shareholder-friendly return policies, such as dividend expansions and share buybacks, will shine." He also added, "Hanwha and SK, Samsung C&T, and LG, which have discount rates of over 50%, hold high valuation attractiveness."