Hello, this is Seong-guk Jeong, Head of Investor Relations at Kia. Let me begin the fiscal year 2026 Q2 earnings results, starting with the key performances, sales summary, consolidated income statement, revenue and earnings analysis, and the consolidated balance sheet. Starting with three key performances. First, record high quarterly sales. Despite global industry demand slowdown in Q2 2026, Kia's retail sales increased by 6% YoY, achieving both the highest quarterly sales volume and revenue. Second, strong electrified vehicle sales. Kia sales growth outperforming the industry demand comes from quick response to changing regional demands with proactive electrified vehicle lineup and timely new model launches. As a result, our electrified vehicle sales increased by 60% YoY, with the mix expanding 11.9 percentage point to 35.3%. Third, record high market share. EV full lineup and region-specific strategy boosted Kia's Q2 global market share to 4%, an all-time high. In high growth segments, Kia also witnessed the largest market share in the U.S. HEV and Western Europe EV market of 9.5% and 5.3% respectively. Next, global retail sales performance. As of Q2 2026, the global industry demand declined by 3.8% YoY due to squeezed purchasing power from high inflation and interest rates on top of sales disruption following the Middle East conflict. Kia's global retail sales, on the other hand, benefited from strong product competitiveness based on the new Telluride and Seltos successful electrification strategy by expanding mass market EV full lineup while expanding HEV PT and global operational excellence with timely response to evolving regional demands and customer preferences, leading to 5.8% growth YoY, lifting global market share to 4% amid shrinking market demand. By market, domestic EV sales soared by 123%, supported by reinforced EV subsidies, significantly exceeding the market growth at 9%. As a result, our market share in Q2 recorded 36.2%, up 3.2 percentage point YoY. In the U.S., the launch of the new Telluride ICE and HEV models in Q1, along with strong sales of Sportage, Carnival, and other flagship SUV and HEV models, contributed to 2.8% YoY growth, realizing 5.3% market share. In Western Europe, underpinned by the launch of EV2 in Q1, a net increase effect of new mass market EVs since Q4 2025, the sales surged by 13 points, expanding the market share to 3.7%. In India, the new Seltos and the Sonet benefiting from GST cut drove 19.3% of sales growth, while in China, the K3 and Seltos contributed to 19,000 unit sales. In the rest of the world, ongoing conflict in the Middle East caused the EMEA region sales to drop 21.1% YoY. By aggressively offsetting its shortfalls in the CSA and other regions, we were able to exceed the Q2 volume target by 2%, maintaining the solid sales momentum. Next is our electrified vehicle sales summary. In Q2 2026, electrified vehicle sales increased by 60% YoY to 296,000 units. While high oil price pushed up the demand for HEVs in the U.S., EVs in Korea and Western Europe. Kia achieved electrified vehicle-led sales growth by executing PT strategies aligned with shifting demand by market despite an overall industry demand slowdown. As a result, the mix of electrified vehicles in our global sales expanded by 11.9 percentage point from 23.4% in Q2 2025 to 35.3% in Q2 2026, with HEV and EV at 21.3% and 13.2% respectively. In the HEV segment, launch effect of the Telluride HEV in the U.S. and Seltos HEV in Korea, added on strong momentum of existing Sportage, Carnival, HEV models, resulted in a 61% increase YoY, marking 178,000 units. Especially in the U.S., robust Telluride HEV sales translated into roughly 30% of HEV mix in total sales as of Q2. Consequently, Kia's HEV market share in the U.S. increased from 5.4% in 2025 on a full year basis to 9.5% in Q2 2026 Greatly raising our standing in the market. Moving on to EV. In Korea and Western Europe, strong sales of the EV2, EV4, and EV5, new mass-market EVs, and PV5, Kia's first PBV model, buttress our 88.4% YoY growth to 110,000 units. Therefore, Kia's EV market share in Korea and Western Europe grew from 28.2% and 4.2% each in 2025 on a full-year basis to 33.4% and 5.3% in Q2 2026, consolidating Kia's EV market position. Next, regional wholesale performance. In Q2 2026, Kia's wholesales increased 4.5% YoY to 852,000 units. Looking at major regions, despite strong prior AR base effect, North America sold 288,000 units on par with Q2 2025, driven by the new Telluride launch and HEV-focused sales expansion. In Europe, sales grew 10% YoY to 154,000 units, owing to the new EV2's production launch at Slovakia plant and EV center volume increase, including EV4, EV5, and PV5. In India, sales increased 19.3% to 79,000 units, backed by strong demand for the new Seltos and Sonet. Finally, in the rest of the world, while the Hormuz blockade persists amid the Iran crisis, wholesale volumes declined 29.4% YoY in the EMEA region due to supply disruptions among ME distributors. However, leveraging strong demand from Latin American countries such as Colombia and Peru, Korea and China plants redirected export volumes to the region, thereby increasing Latin American wholesale volumes by 35% YoY. As a result, despite the EMEA sales decline, Kia achieved record high Q2 sales, surpassing the existing quarterly wholesale plans. Next, consolidated income statement. In Q2 2026, revenue rose 12.6% YoY to KRW 33.037 trillion, setting a quarterly record driven by consolidated sales units, increasing 4.3% to 33,000 units and higher ASP from HEV and EV sales expansion in advanced markets. As for operating profit, despite robust pipeline growth, reflecting EV pricing initiatives to secure competitiveness in overseas markets and Forex impacts on warranty provisions, the figure declined 4.9% YoY to KRW 2.629 trillion. Consequently, the operating profit margin stood at 8%, down 1.4 percentage point YoY. However, Kia's underlying fundamentals and profitability show clear recovery from Q3 2025, when the U.S. tariff impact was fully reflected over the three months, resulting in a record low KRW 1.5 trillion in OP and 5.1% OPM. Bolstered by higher non-operating income, including equity method gains, pre-tax profit came in at KRW 3.068 trillion and net profit at KRW 2.328 trillion, up 2.3% and 2.6% YoY respectively. Next, operating profit analysis. In Q2 2026, centered on European markets, seeing incentive expansion and intensified price competition, Kia made efforts to secure price competitiveness for stronger EV market dominance, resulting in a KRW 723 billion decrease in earnings. In addition, despite increased sales of high profitability models such as the Telluride and Carnival in N.A., the mixture turned negative by KRW 178 billion YoY, stemming from higher sales of the new mass-market EVs in Korean and European markets. However, in H2 2026, increased HEV and SUV sales, including the Telluride, Sportage, and Seltos in N.A., it will drive the unfavorable mix impact from EV sales increase to be partially mitigated. Lastly, rising Forex rates resulted in a KRW 372 billion YoY increase in FX revaluation on sales warranty provisions, adversely affecting the Q2 2026 earnings. Despite global demand slowdown and conflicts in the Middle East, Kia achieved 4.5% volume growth, generating a KRW 315 billion profit increase YoY. Even amid a challenging business environment, Kia improved earnings by KRW 153 billion through company-wide cost reduction efforts and by KRW 669 billion with the favorable FX impact, realizing KRW 2.629 trillion in operating profit. For your reference, excluding the FX valuation on sales warranty provisions, Kia is expected to record KRW 2.7 trillion operating profit. Next, revenue analysis. First, based on the original sales share data on the left, consolidated revenue increased by 12.6% YoY. In North America, despite higher ASPs driven by HEV and SUV sales, the region's revenue declined due to wholesale volume decrease by 1 percentage point from 45.1%- 44.1% YoY. Europe's revenue share expanded to 22.3% up 1.2 percentage point YoY, driven by increased sales of new EVs and favorable EUR 1 exchange rate. In India, with 19% or higher volume growth YoY, the revenue share increased to 4.5%, up 0.2 percentage point YoY. In terms of domestic sales, although sales grew on higher volume and ASP, revenue share declined marginally to 17.8% due to expanded share of Europe and India. Moving on to the ASP improvements on the right, the global ASP for Q2 2026 increased by 7.9% YoY to KRW 41.1 million, supported by expanded HEV and EV sales, mainly in advanced markets, especially the U.S. and Europe, and the favorable FX effect. Domestic ASP also increased by 2.8% YoY to KRW 36.2 million. Next, cost of sales and SG&A. While sales expanded from favorable FX effect and ASP growth, the cost of sales ratio for Q2 2026 rose 1.7 percentage point YoY to 81.7% due to increase in incentives and the U.S. tariff impact. Excluding tariff impacts, the Q2 cost of sales ratio would have been 79.2%. The SG&A ratio for Q2 2026 improved 0.3 percentage point YoY to 10.3%. While sales warranty expense ratio increased by 0.3 percentage point due to FX revaluation on sales warranty provisions, cost reductions in R&D and other operating expenses supported the overall SG&A ratio improvement. Next, non-operating income. First, equity method gains improved by KRW 80 billion YoY to KRW 230 billion due to improved earnings at affiliates. Financial and other non-operating income rose by KRW 125 billion YoY to KRW 210 billion, backed by improvement in FX-related gains and losses. Therefore, non-operating income for Q2 2026 recorded KRW 440 billion, up by KRW 205 billion YoY. The balance sheet. As of the end of H1 2026, total assets amounted to KRW 106.829 trillion, up by KRW 7.850 trillion compared to year-end 2025. The key drivers are increases in liquidity, accounts receivable, inventory assets and equity in affiliates. Total liabilities at the end of H1 2026 increased by KRW 4.352 trillion from year-end 2025 to KRW 42.14 trillion. Despite KRW 521 billion decrease in borrowings, the figure went up due to higher accounts payable, sales warranty provisions and accrued expenses. Total equity stood at KRW 64.689 trillion, an increase of KRW 3.499 trillion compared to year-end 2025. As liability increased due to higher accounts payable and quarter-end FX rates coming from increase in raw material costs, liabilities to equity ratio recorded 65.1%, up by 3.3 percentage point. This concludes the Q2 2026 earnings results. Thank you. CFO SVP Seung- Jun Kim will deliver a review on Kia's H1 earnings and H2 outlook for 2026. Hello, this is CFO SVP Seung- Jun Kim. As mentioned by Mr. Jeong earlier, let me briefly touch upon the Q2 performances. When it comes to global industry demand, it has decreased about 3.8%. When it comes to Kia's case, it has increased by 5.8%, almost 6%. When it comes to market share, we have hit 4%, and as of H1, we have already achieved the market share of 4%. When it comes to the major factors for growth in the N.A. region, there has been a Telluride, and in India and Korea, there has been a lot of new model launches, including Seltos and by region. When it comes to European region first, based on the electrification transition, we were able to achieve the EV sales growth. When it comes to U.S., Sportage, Carnival, Telluride, and other HEV sales growth served as a major driver for our great performances. Last year in Europe, due to the mismatch of the electrification and our new model lineup, there has been some difficulties. Since Q2 this year, we are conducting an efficient and appropriate plan aligned with the electrification phase. As a result, we are continuously improving our market share against the fast penetration rate of the Chinese brands and by region. There have been some difficulties in the EMEA region. The difficulties were not recovered with a specific region's performances. All of the regions, except for the specific regions, saw our sales growth in a very balanced manner. In the first half, there has been a fire in the Anshan industry, and there was a war in the Middle East as well. With the optimal mix by region, we were able to exceed the BP Growing our performances compared to the past. Moving on to our financial performances. It is true that the profit increase is rather a bit low compared to the revenue growth. Q1, 7.1% and Q2, 8% of the profit is continuously increasing based on our solid fundamentals. Without the external risks, we expect that the operating profit increase would have been much better. However, it is also true that we should take the external risks into consideration. You might say that the operating profit is a bit lower than our expectation. However, I'm so sure that in the second half we can recover the shortfalls when it comes to the operating profit, meeting your expectation. Moving on to the second half outlook. Earlier this year, we have conducted a CID. We have introduced a target of 3.35 million units of the wholesale sales and when it comes to the operating profit, KRW 10.2 trillion. We believe that we can have additional 10% growth in the second half. Of course, there is a risk when it comes to the EMEA region. However, based on the balanced growth by region, we will try our best to fulfill the target that we have just shared. Moving on to our plan for the second half. When it comes to the U.S., we are increasing the production of the Telluride, and there will be a positive impact starting from the second plant. When it comes to Metaplant, our Sportage hybrid will start the production and sales in the second half. We believe that we can see a meaningful growth in the U.S. region based on the information that I've just delivered. When it comes to Europe, there is an EV full lineup. Based on the various EV models, we believe that we can share a significant growth YoY. When it comes to Korea, Seltos HEV, Carnival, Sportage, Sorento are showing a great sales momentum as well as the EV and PBV. We believe that in the second half, there could be a significant growth in domestic region as well. India, CSA, and APAC region as well, there will be a similar high level of growth going forward. Based on all these situations, we believe that we can fulfill the target that we have shared earlier this year. When it comes to financial performances, operating profit of KRW 10.2 trillion should be achieved, and the reason is as follows. The sales growth of all regions, and it is true that there is a remaining risk in the EMEA region. Despite the factors, we believe that we can recover the shortfalls in the EMEA region with the sales growth from the different regions worldwide. Considering the current situation, it's true that the incentive level has increased, but it's not true that it will keep increasing. It's because in European region, we are going to keep the current incentive level in the second half of this year as well. In the second half, there is some concerns regarding the interest hike, there will be a slight amount of the incentive increase, but it won't have a huge impact to our profit. We are seeing another concern. As you all know, the raw material cost is keep increasing. What's a relief is that the aluminum, copper and palladium and rhodium, these raw material prices are going to be in decline, just like what we have seen after this year May. We believe that there will be less impact to our operating profit. After that, we are going to do some cost reduction activities internally so that we can achieve the operating profit that we have demonstrated and suggested in the beginning of this year. This is all for the 2026 outlook. Now we will begin the Q&A session. Please follow the instructions from the operator. Now Q&A session will begin. Please press star one, that is star and one. If you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. The first question will be provided by Jiwoong Yoo from Daol Investment & Securities. Please go ahead with your question. [Non-English content] [Non-English content] Hello, this is Yoo Jiwoong from Daol Securities. Thank you for giving me the opportunity to ask the question. Before I start my question, congratulations on the great performances this quarter. I think it's a very noticeable performance considering your record high volumes out of difficult situation. I have total of three questions. First is on the incentive, second, the new production in the U.S. plant, and third, the EV sales. When it comes to the first question, looking at the operating profit analysis, I think there has been a decrease of the operating profit analysis amounting to KRW -700 billion YoY due to the changes in the incentive level and the pricing. When it comes to the E.U. and the U.S. region, I would like to understand how we can allocate the reduced cost between these two different regions when it comes to the figure. My second question is on the production of the Sportage in the HMGMA. I believe that there has been a production increase of the Telluride in the Georgia plant. I would like to understand whether the production increase of the Sportage in the HMGMA is due to the production increase of the Telluride in Georgia? Or was there any meaningful increase in the segment in the U.S. region when it comes to Sportage? My last question is on the EV sales volume increase. However, I believe that at the moment you are still having a very neutral perspective when it comes to margin. As far as I'm concerned, the EV sales are centered in the European region. Considering the current situation, we are having a comparatively high incentive level when it comes to the EV sales. I worry that whether there could be any additional increase when it comes to the incentive level at the end of this year, considering the aggressive take of the Chinese brands. I wonder whether there is any plan for LFP or the battery diversification in addition to the volume increase plan when it comes to the EV in the region? Thank you. [Non-English content] [Non-English content] [Non-English content] First of all, thank you for your question. I think we can show you a better performances in the coming quarter and maybe next year as well. To answer your first question on the incentive, rather than giving you the specific figure when it comes to the distribution between the U.S. and European region. When it comes to the U.S. first, there was increased factor amounting to $400, and when it comes to Europe, it was EUR 1,000. These numbers are quite related to the EV profitability and our response measures towards the Chinese brands that you have mentioned in the third question. When it comes to the European region, it is very true that we had adjustment when it comes to the EV pricing and the incentive level in order to counter the fast penetration rate of the Chinese brands. Still, I believe that it is very important to increase the market share in the region. Looking at the European market situation, the models that are garnering a positive attention are the mass market EVs from EV2, EV3, EV4 to EV5. In order to accelerate our sales in the region, we thought that incentive increase of a significant amount is inevitable. What about the second half? Unlike your worries, there is no possibility to increase our incentive level in the second half. To share some of the backgrounds, we had a thorough consideration on our strategies going forward in the second half. It is true that every month we have a discussion session to set the plan for the CPC. At the same time, we already have our plan established up until the end of this quarter, including the incentive policy as well as the product and the pricing policy. Up until today, based on our current decision, there won't be any increase in the incentive level in the European region in the second half. Moving on to the second question, which was the HEV production increase in the U.S. plants. That is the HMGMA. For your information, what we are currently producing in the Metaplant of the U.S. is the Sportage Hybrid. When it comes to Georgia Plant, it is Sportage Gasoline. Looking at the production models in the Georgia plant, it ranges from Sportage, Telluride, Sorento, EV6, and EV9. Considering the current capacity, even though we have a full operation of the Georgia plant, it is very hard to increase or add some of the production of the Sportage HEV in the same factory. That's the exact reason why we have transferred the Sportage HEV production to HMGMA in order to increase our HEV sales. Based on our plan, we believe that we can share better performances in the second half. [Non-English content] [Non-English content] To answer your third question, which was on the margin, I would like to give you an outlook on the EV margin. It is true that in Q2 there has been some negative impact due to the fast increasing sales of the EV. Looking at the EV sales share in Korean market first, it was 12% increasing to 24% YoY. Moving on to the European region, it was 19% last year. However, it has been increased to 35%, which is almost +15% increase. Both in Korea and European region, it is very true that the sales of the ICE is going down while the EVs is fast increasing for the last year. There has been an inevitable impact, which is the negative when it comes to the mix of our sales. There are two major reasons why we think that there won't be additional mix deterioration in the upcoming half. First is that since the EV share within our mix is very high, we believe that there won't be any EV sales skyrocketing in the second half, just like the first half. When it comes to the second reason, although HEV sales are fast growing as well, just like the EVs. Compared to the ICE sales when it comes to the margin, there was a 1.5% margin increase when it comes to the HEV models. Looking at the performances in the second quarter when the ICE sales increased about 15,000 units, the HEV sales also increased by 17,000 units. It is very true that the EVs and HEVs are increasing in sales at a very fast rate at the same time. Though the EV sales are fast increasing, we believe that a blended margin as a whole, we can successfully defend it with the fast increasing sales of the HEV. [Non-English content] Next question, please. [Non-English content] The following question will be presented by Henny Jung from Daiwa Capital Markets. Please go ahead with your question. [Non-English content] [Non-English content] Hello, I'm Henny Jung from Daiwa Capital Markets. Thank you for providing me the opportunity to ask questions. I have two questions in total. First is regarding the raw material cost. You have mentioned that the raw material cost has been stabilized, but considering the crisis in the Middle East, I believe that the level will stay quite high for the time being. Also you mentioned that the increase of the raw material cost can be offset by the foreign exchange rate increase. Now also the foreign exchange rate seems to be stabilized. What will be the impact to the accounts payable in this situation? Can it still be offset? My second question is regarding the European market. The incentive level is not going to be increased. However, if we sell more mass market EVs, then the profitability may go down. Do you have any kind of fundamental strategies that you are going to take in the competition with the Chinese OEMs other than the increase of the incentives? [Non-English content] [Non-English content] For your first question regarding the raw material cost, I believe that the answer is quite simple. We can trade off all the increase of the raw material cost by the Forex rate. Before the Forex rate was KRW 1,500, but now it has went down to KRW 1,460 to KRW 70. I believe that it's abnormal to see the Foreign exchange rate of KRW 1,500, and it's also the same as our expectation in the second half, which is KRW 1,460. In our business plan, we actually reflected the Forex rate to be KRW 1,370. It means that it can all be traded off. However, it's not the sole measure that we are going to take. We are going to decrease our fixed cost and also improve our other costs so that we can keep our competitiveness. For the second question, you asked us about our strategy in the European market other than the incentive provision. For the incentive, it's a short-term measure. It's necessary because we have a high price gap compared to the Chinese OEMs. As a countermeasure, we have to apply the incentive and the price adjustment for the time being. On the other side, we are also still working on the product enhancement and the cost competitiveness securing. It will take some time for us to see the fruition of these two measures. For the short term only, we are going to take the incentive, but in the mid to long term, there will be some other strategies as well. [Non-English content] Next question, please. [Non-English content] The following question will be presented by Yong-k won Moon from Shinyoung Securities. Please go ahead with your question. [Non-English content] [Non-English content] Hello, this is Yong-k won Moon from Shinyoung Securities. Thank you for taking my question. I have two questions in total. First, you have shared your business plan of operating a profit of KRW 10.2 trillion and OPM of 8.2% earlier this year. And just before you have mentioned that you are going to maintain the target. And looking at the first half performances, operating profit amount to KRW 4.8 trillion and the OPM of 7.7%. Looking at the numbers of the first half, I believe in the second half you need to increase the OP and the OPM both. I understand last year there has been an impact coming from the tariff policy in the U.S. However, considering the situation after the pandemic era, I believe usually in the second half there was a decrease of the operating profit margin of 2%-3% compared to the first half as well as the operating profit itself. Is there any specific guidance or the strategy to overcome this pattern that has been existing in the past? My second question is on the domestic market share. Currently the market share of the Overseas brands are taking up about 25% in Korea. However, I believe Kia is faring very well, maintaining the market share. When it comes to the domestic ASP, I believe that the increase speed is quite stagnant. Concerning the fact that there is not a quantitative growth when it comes to the domestic market, I believe that there are some worries that I am having in my mind at the moment, including the K9 discontinuation and so on. Since there is no plan to expand the lineup of the K4 and Telluride that are being sold at a fast rate in the N.A. region, I believe that there should be a plan in order to increase the domestic market share by Kia, and I would like to understand the specifics of it. Thank you. [Non-English content] [Non-English content] [Non-English content] First of all, thank you so much for your question. I think you are well understanding our company situation. To answer your question on the guideline for the second half, it is true that for the recent years, the operating profit and the OPM was a bit lower when it comes to second half compared to the first half. It is not the result of the operation flow. Last year in Q3, there was a cost increase due to the quality issues. It has brought about the cost increase, resulting in an OPM decrease in the end. We are not expecting a similar situation this year. That is the reason why in the second half we can show you better performances. Considering the situation in the last Q3, there have been some factors including the vacation period, Chuseok holidays, and also the strike as well, which has brought about the stagnant OPM and the sales volume. As mentioned earlier, this year we are targeting a 10% or more growth rate YoY, we are so confident that we can stick to the guideline that we have suggested earlier. Moving on to the second question, which was on the domestic sales. What I can assure you is that Korean market is the one that Hyundai and Kia is dominating the most. Even though there is an increase in the overseas brands on market share in Korean market, we are still occupying more than 70% of the market share of the domestic one. Concerning the current situation, increasing the market share more than 10% or 20% could be very difficult. We are very confident in the second half. Our market share in the domestic region was 36% and when it comes to the EV, we have ranked first in terms of the market share. You also have mentioned the discontinuation of the K9. It is not one of our volume models. It is true that we can fully recover the discontinuation of the K9 with the models that we currently have in place. For your information, we have a three-month or a longer back orders at the moment in the domestic market. If we just increase the production and the sales in the domestic market only, it is true that we can increase the market share. We need to look at the global situations. There are a lot of demands coming from the different regions to Kia. That is the reason why currently we are having a balanced distribution when it comes to our volumes by region. That is the exact reason why we cannot only focus on the domestic sales. In summary, currently we have a potential to increase the market share in the domestic region. However, our strategy is to have a balanced allocation of our volumes to the different regions all around the world. [Non-English content] To add more explanation on your question, which was about the annual guidance. Talking about our earnings outlook for the second half, just mentioned, the demand from the different regions are continuously increasing all around the world. When it comes to the U.S. region, we are expecting a demand growth of 10% or more, European region 20% or more, and worldwide more than 10% as well. Following the trend, the ASP is continuously increasing in a very good momentum. Out of the top line growth, we are seeing a fast volume growth both in the U.S. and EMEA region. Considering the fast volume growth and the improvement of the regional mix, we are expecting a better earnings in the second half compared to the first half. When it comes to the incentive level mix and the material cost, which we have suffered a bit in the first half, we believe that there won't be additional deterioration factor in the second half. That is the reason why we are keeping the guidance as it is, and we're expecting a better performance in the second half. [Non-English content] Next question, please. [Non-English content] The following question will be presented by Eun-young Lim from Samsung Securities. Please go ahead with your question. [Non-English content] Hello, I'm Eun-young Lim from Samsung Securities. Thank you for giving me the opportunity to ask questions today. I have two questions in total. First is regarding the FX valuation on sales warranty provisions. I believe that the increase of the quarter and FX rate in Q1 is higher than that of Q2. It seems like there are more provisions that are accumulated. Please explain about the logic behind this. My second question is about the EV and HEV mix. We always say to our investors that we are going to have a higher EV sales increase than HEV sales, which will offset our profitability difference. In Q2, it seems like there are more HEV sales than the EV sales. The mix is still in minus number. Other than the U.S. market, all the other markets are seeing a transition to the EV. In this situation, will still the price mix be bad while the HEV increases? [Non-English content] [Non-English content] For your first question, there is no difference in the scale of the FX valuation on sales warranty provisions. There is a slight difference, but it's very marginal. I think you may have had some misunderstanding because the FX rates fluctuated so much. Last year, June, it was KRW 1,356, in the end of 2025, it was KRW 1,413. In this year, March, it was KRW 1,513, while it reached all the way up to KRW 1,540 in this year, June. Because of this fluctuation, the calculation may have been a bit complicated. I will give you a separate explanation about this later on. I want to be clear that there is no difference in the scale or size of the sales warranty provisions related to the FX valuation. For your second question, it was about the HEV and EV mix. In terms of the EV, we have gone through the EV chasm, also we had a huge price gap compared to the Chinese OEMs. That's the reason why we had to adjust our profitability. There is a difference between the HEV and EV profitability, and that makes the price mix seems to be a bit bad. However, we are going to increase the EV profitability in the future. As I have mentioned earlier, in the short term, we're going to apply the incentive and have some pricing adjustment, but in the long term, we're going to increase our cost competitiveness itself. We have been prepared for this for a few years, and the actual demonstration will be realized after next year. I hope you not to be worried too much about this situation, and I will show you the true price mix improvement and the profitability improvement in the future. [Non-English content] Due to the time constraints, let me take the last question. [Non-English content] The last question will be presented by Joon-sung Kim from Meritz Securities. Please go ahead with your question. [Non-English content] Hello, this is Kim Joon-sung from Meritz Securities. Thank you for giving me the opportunity to ask the question. I believe that we have discussed enough regarding the vehicle business, I would like to focus on the mobility and the robotics business instead. I have total of three questions. First is on the PACE Car Plan. According to the presentation from the recent CID, it was announced that the PACE Car will be unveiled at the end of this year. I would like to get an update on the schedule, whether this can stick to the original plan? When it comes to the second question, it is also from the CID once again, and I would like to understand the progress when it comes to Robotics America. CEO Song has mentioned that Kia is going to have a capital contribution participating in the corporate businesses, and it has been three months since the announcement. I would like to understand the schedule regarding the Robotics America plan and our equity share when it comes to the project, as well as Kia's role in the project itself. My third question is on the data center of Saemangeum, and I would like to understand whether Kia has a plan to hold the equity in this project as well as participating in the operation itself. Do you have a plan to utilize the data center in the robotics business as well? Thank you. [Non-English content] [Non-English content] I believe the three questions that you have provided are quite related altogether. Starting off with the first question, which was on the SDV. When it comes to the overall plan, everything is on track. As we have mentioned during the CID, from the launch of the PACE Car to SDV development, to the launch of SDV in the early 2028, to the development of the L2++ driving technology up until the end of 2028, to the application of the technology of the upcoming models. All of the plans are currently on track, and whenever we are ready with the specific information, we will communicate it with the markets. Moving on to the second question, which is about the RA. We are currently preparing for the RA, considering the demand scale and the governance. Just like the SDV plan, once the correct information is all ready, the information will be communicated with the market as well. When it comes to your last question, which was related to the Saemangeum DC. As you well know, our key assets for our future business are Physical AI, autonomous driving, and the robotics technology. I believe that Kia will play a critical role when it comes to long-term data collection and the training that is necessary for the Physical AI, autonomous driving and the robotics project. When it comes to the utilization, since our Physical AI will be the common asset of the HMG, we will try our best to expand our capability going forward. As I mentioned, this is the common asset of the group. Kia will not take an independent or sole approach. However, we will join the efforts of the HMG so that we can increase our capability. Thank you. [Non-English content] This concludes the fiscal year 2026 Q2 earnings results by Kia. If you have any further questions, please contact the Kia IR team directly. Thank you for your time and participation.