Under the HD Hyundai Group, we have our IR team, and we are taking our first step to closely engage with our international investors. This quarter, we're offering English simultaneous interpretation for the earnings presentation. We appreciate your patience in case of any inconveniences. Let us begin. We will begin with the earnings highlights, then we will walk you through the results. First, currency impact. In Q2, the average Korean won-USD exchange rate was KRW 1,404, down KRW 49 quarter-over-quarter, following a KRW 54 increase in Q1. Again, Q1, we had an increase of KRW 54. As a result, we recorded on a consolidated basis, total FX-related losses of KRW 46 billion. By company, HD Hyundai Heavy Industries, KRW 29.3 billion; HD Hyundai Samho, KRW 2.5 billion; HD Hyundai Mipo, KRW 14.3 billion in losses. Here it's not a major issue, but the impact of steel prices on margin was minimal in terms of number. For this season's performance, the impact of steel prices was again minimal. Second, incentive bonus. Additional incentive bonuses for the first half were reflected in a lump sum during Q2. That was because of our stellar performance. Further adjustments are expected to be made on a quarterly basis in the second half. We kindly ask for your understanding that we are not able to disclose specific figures. Third, one-off gain. HD Hyundai Heavy Industries Offshore division reflected KRW 7 billion worth of change order related to the Shenandoah project. In addition, I'm sure you'll be very curious about this. This is the breakdown of Q2 top lines by order year for each shipbuilding subsidiary. For HD Hyundai Heavy Industries, 55% in 2022, 31% in 2023, 2% in 2024. HD Hyundai Mipo, 12% in 2022, 56% in 2023, 32% in 2024. Lastly, HD Hyundai Samho, 42% in 2022, 55% in 2023, 3% in 2024. I will move on to page four and elaborate more on KSOE's Q2 2025 earnings. In Q2, on a consolidated basis, sales increased by 9.7% quarter-over-quarter, by 12.3% year-over-year. Despite the weaker dollar, revenue increased because of seasonality, driven by four additional working days and sustained improvements in productivity, as we mentioned before. Overall, our sales increased. OP increased by 11% quarter-over-quarter and by 15.3% year-over-year, continuous increasing. Our group delivered stable and solid margin growth across all divisions, despite unfavorable FX conditions. As for non-operating items, I'd like to address them shortly. Now, page five. You would see earnings by business division on a consolidated basis. Please refer to the table below, let's turn to page six. You will see sales by key division. First, on the shipbuilding segment. Seasonal factors led to an increase in the number of working days, while improved productivity and higher vessel prices contributed to stronger results. Both productivity gains, then vessel price increases. Yet, FX weaknesses slowed overall revenue growth. Next, offshore plants. In addition to more working days, revenue has been growing as the Trion FPU project reached a 27.7% progress rate. The Ruwais project reached a 4.2% progress rate, with construction set to ramp up in July, right this month. Some sales have been recognized. The engine division also showed a gradual increase in delivery volume and a better product mix. Our two-stroke engine production rose 15.4% quarter-over-quarter. Again, 16.4% increase. With HiMSEN engine output, that is up by 11.7% based on units, the number of units. Page seven. Here you can see the breakdown of OP by division. In the shipbuilding division, despite the weaker dollar, the shipbuilding division maintained solid margins supported by revenue growth, improved product mix, and productivity. Continuing with Q1, we had solid growth in Q2. As I mentioned before. My apologies. Offshore earnings improved significantly, driven by higher revenue from profitable projects, with one-time change order of KRW 7 billion, and cost savings supporting results as well. Material costs have gone down as well. We have significant improvement in profitability. More than we expected, the turnaround came quicker than we expected. Coming into the second half, we expect solid growth. The engine division. The engine division also delivered strong earnings growth. As I mentioned, the revenue grew, and we had improvement in product mix. As a result, profitability improved significantly. The utilization rate is high, and productivity is improving continuously, which is quite unusual. It is not in the slide, but the naval vessel division, I would like to briefly mention naval vessel division. This division reported revenue of KRW 226.8 billion, which is increased by 34.9% quarter-over-quarter. This growth was driven by an increase in working days and more volumes of warships. OP for Q2 recorded KRW 26.9 billion, increased by 5.1% quarter-over-quarter. 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. Please refer to the earnings result of each consolidated subsidiary on page eight. I will elaborate on the next page nine, please. First of all, let's take a look at KSOE. KSOE's standalone operating profits turned negative due to the absence of dividend income from its subsidiaries. Overall, we have a negative performance, and Hyundai Heavy Industries sustained solid margins despite a weaker dollar, driven by the recognition of higher priced vessels and revenue and improved productivity. Excluding the negative currency impact, the shipbuilding division demonstrated margin improvement in this quarter. Also when bonus payments are considered, we have a stellar performance and profitability improvement. Beyond the shipbuilding division, we observed significant top line and margin growth in the engine and offshore plant divisions. For Hyundai Heavy Industries, the performance overall was solid. Next, Samho. Samho's operating profit improved compared to the previous quarter, driven not only by an increase in working days and prices, but also by the turnaround of industrial machinery division. Despite an unfavorable FX and the increased tanker sales, the shipbuilding division overall delivered stronger than expected margin. Moving on to page 10. This shows Mipo's earning improvement, which is growing larger. Along with increased working days and higher ship prices, the overall productivity gains and product mix optimization are rapidly making progress. Recovery was slower than other subsidiaries, but still, the recovery is recently picking up significantly. That was about Mipo. Hyundai Marine Engine. Its earnings improved significantly as well. Amazing, in a word. Other than the product mix gain and price increase, productivity has improved and cost-saving efforts are starting to pay off. Excluding the KRW 2 billion of one-off gains from sales of long-term engine inventories, HD Hyundai Marine Engine recorded an operating margin of 15.5%. Especially the sales of long-term engine inventories, I'd like to emphasize this part. Even excluding this performance, your margin is 15.5%. Could be the highest ever in its history. Let's move on to HD Hyundai Energy Solutions. HD Hyundai Energy Solutions also delivered significant and amazing earnings improvement, the stock price rather declined. In the second half, we're confident that it's going to go strong, still prices are down, stock prices are down. The company demonstrated strong sales performance both in domestic and global markets, successfully launching its new anti-mariner products. Also, the sales recognition of Angola phase II project resulted in strong sales and margin in this quarter. Export volume to the U.S. market also increased significantly compared to the previous quarter. Second half, we believe its performance will stay solid. Now, page 11. In terms of non-operating profits, quite simple. There were significant losses related to FX valuation due to the weaker dollar. In detail, there were FX losses of KRW 589.3 billion, derivative losses of KRW 2.2 trillion, and KRW 1 trillion in valuation losses from forward contracts. Mostly, these losses come from hedging activities as well as valuations. In actuality, it doesn't have a big impact on our cash flow. Lastly, financial ratio on page 12. As you can see, all shipbuilding subsidiaries are in a net cash position with a combined total of approximately KRW 6.9 trillion in net cash, which reflects their outstanding financial health. That was about our presentation. Before closing, I would like to update you on the recent fire that occurred at HD Hyundai Samho three days ago. The fire was fully extinguished on the morning of the 29th, we are currently assessing the cause and extent of the damage. The restoration preparations are underway in coordination with KEPCO and local authorities. Fortunately, and it's quite fortunate, that the accident took place during our summer holiday period, so there were no casualties. Losses are expected to be minimized through our insurance coverage. With KEPCO's emergency support and backup generators in place, both the main building and IT systems remain fully operational. We are doing our utmost to restore operations as quickly as possible, and we will keep you informed of any updates through disclosure or IR events. That concludes my presentation of the Q2 2025 results. Thank you for your attention. There would be a further presentation about our operations and marketing. Thank you. Hello. Good afternoon. I am Jae Ho Kang, Executive Vice President of Strategy and Marketing at HDKSOE. I'd like to present a performance review for the shipbuilding division, then I'd like to share with you our outlook for the business. First of all, global new orders for commercial vessels in Q2 totaled 37.02 million GT, 247 units, down more than 50% from 77.23 million GT, translated into 1,788 units, in the same period of 2024, marking the lowest level in five years. This decline was driven by a combination of rising uncertainties related to U.S. trade policy, U.S. PR regulations, and ongoing geopolitical and economic instability. A combination of factors slowing down new orders. Despite the overall slowdown in global new orders, HD Hyundai Group secured a combined USD 10.58 billion, 29 units in new orders during the first half of this year. By company, HD Hyundai Heavy Industries, $5.45 billion, HD Hyundai Samho, $3.06 billion, HD Hyundai Mipo, $1.85 billion, and HHIP in the Philippines, $219 million. At least 2,079 units, this represents 70% of our full year target of $15.02 billion, putting us well on track to achieve our annual target. Despite the global slowdown, we have continued to secure contracts steadily, and our order book remains at a stable level. Our backlog and order book is in a very stable condition. If you look at our orders by vessel type in the first half of this year, for HD Hyundai Heavy Industries, 20 container ships, one VLGC, two VLECs, two tankers, two VLCCs, in total, 29 vessels. HD Hyundai Samho, five LNGCs, eight container ships, six tankers, 19 vessels in total. HD Hyundai Mipo, six LNG bunkering vessels, one PC, five MGCs, 16 feeders, 28 vessels in total. In the Philippines, HHIP, three PCs. That's 115 K grade. For your information, as you can see, in the first half of this year, we secured a solid volume of new orders despite the sluggish market conditions, as you can tell from our new order status. I think it's because of our agile response to the evolving landscape. As of June 2025, the Clarksons Newbuilding Price Index stands at 187.11. While this marks a slight decline from the recent peak of 189.96 recorded in September last year, prices remain at historically high levels. It's been a seller's market as shipyards have secured full backlogs, it will be backing up a high level of new building prices for the time being. Next, I'd like to briefly cover market conditions by vessel type. LNG first. In the first half of this year, only eight large size LNG carriers were ordered globally. This is mainly due to increased delivery volumes in the short term, following a surge in LNG carrier orders over the past few years, which has led to short-term delivery saturation. Also, the freight rate itself has weakened. That's part of the reason. However, in the longer term, global LNG trade is expected to grow steadily, backed by the ongoing development of large-scale LNG projects. Also, in the process of trade tariff negotiations, LNG is expected to gain further boost. Backed by the ongoing development of large-scale LNG projects, we believe global LNG trade is expected to grow. Container market, unlike other vessels, the container market has remained robust this year. Maybe the only vessel type which is seeing such a growth, which allows us to secure strong orders. A key driver behind this is the ongoing fuel transition in the shipping industry, with major liners actively pursuing fleet replacement. They are pursuing this green transition. This trend has been accelerated by the evolving global regulatory environment, including enforcement of the FuelEU Maritime and the tightening of EU and IMO regulations. Leveraging our technological capabilities in alternative fuels and extensive track record, we are well-positioned to secure demand arising from the green transition. Aside from container ships, global new orders for other vessel types, such as tankers and LPGCs, have declined compared to last year. Nevertheless, demand for new building remains firm, driven by aging fleet replacement and stricter carbon regulations. In response, we will continue to closely monitor markets and remain committed to securing orders strategically. For example, efficient operation of docks. In conclusion, we believe the solid market demand will continue for our target segments, supported by tightening environmental regulations and the ongoing need to replace aging fleets. While short-term volatility may persist due to various factors such as U.S. tariff policy, containment of China, and geopolitical issues, we will closely monitor market developments throughout the second half of 2025 so that we can secure volumes based on profitability. That was about our Q2 results. Offshore energy. Good afternoon. I am Taesin Kim, Executive Vice President in Offshore Energy Business Division. I'd like to briefly walk you through the 2Q, Q2 performance and market outlook for our division. For our offshore oil and gas business, we are actively engaged in FEED and EPC bidding processes in Qatar, the UAE, Australia, Americas, and other regions. Currently, we are expecting to confirm the results of projects in the UAE and Qatar within the fourth quarter of this year, 2025. In the renewable energy sector, especially for offshore wind, we participated in the offshore substation FEED process for domestic offshore wind projects in February and July this year. Building on this, we are putting efforts to receive EPC construction projects within this year, 2025. In addition, we are working with multiple partners to initiate offshore wind projects in Donghae, east coast of Korea, Scotland, and Taiwan. Throughout this process, we will utilize our in-house offshore floater model. Discussions are ongoing with our multiple potential business partners. Also, we are in the process of developing our in-house offshore substation model to strengthen our position in undertaking offshore plant projects. That's going to give us more opportunities to participate in FEED process for offshore wind. As mentioned before, we are currently participating in TerraPower's SMR demonstration project in Wyoming, the U.S. Since March, we have also been conducting joint research for SMR commercialization as we closely work with TerraPower. Next, let me briefly walk you through the market outlook for offshore oil and gas and renewable energy. With oil prices stabilizing above ECEP levels, market conditions in the offshore O&G sector remain solid, though not overly bullish. Throughout the world, energy security remains a key concern as demand for crude oil and natural gas for power generation continues to rise. Traditional oil majors are focusing investments in regions such as Guyana, Brazil, and Africa, where production efficiency is high. These are strategic regions. Meanwhile, IOCs and NOCs in the Middle East, Australia, and North and Central America have gradually increased their CapEx investments for their offshore oil and gas fields. Notably, several mega offshore project awards are expected in Qatar, the UAE, Saudi Arabia and Australia through next year. This year and next year, gradually. This trend is likely to continue for the time being. Renewable energy is somewhat lagging behind the offshore oil and gas market, but we expect gradual growth in investments and demand from the mid- to long-term perspective. In particular, expectations for market growth have been rising in Korea, driven by the institutional foundation reinforced through the enactment of the Offshore Wind Power Promotion Act in Q1, along with the new administration's supportive policies for offshore wind. Based on these market conditions, we are pursuing a balanced approach among oil and gas, renewable energy, and SMR. At the same time, we are focusing on selected high-potential projects, where we can demonstrate our technical expertise and capabilities with solid profits. That wraps up my presentation for Q2. Thank you for your kind attention. 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 Dong Hyung Lee from Shinhan Investment & Securities. Please go ahead with your question. My question is primarily about the product mix of your shipbuilding division. I'd like to know Hyundai Heavy Industries LNG capacity, specifically. Let's start with Hyundai Heavy Industries first. For the second quarter, at Hyundai Heavy Industries, the proportion of gas vessels is slightly over 70%, then followed by 25% container ships and 2% tankers. Moving on to Samho, when LPG and LNG and ammonia are all combined, its gas proportion is around 46%, followed by 38.6% of container ships and 10.1% tankers. Mipo has only LPG vessels, and that accounts for 22%, and PC 67.3%, and the others. As for Qatar capacity, that's around 25%, which is half of our LNG capacity. The following question will be presented by Yong Min Kim from Yuanta Securities. Please go ahead with your question. My question is about FX valuation losses. These FX losses are specifically lower for Samho. It's around $2.5 billion. I'd like to know what the reason is. Maybe I don't think it's primarily because of the liberty valuation. Maybe Samho's orders primarily came from 2023 when FX exposure was not that high. Are there any reasons why the FX valuation losses are specifically lower for Samho? 네, 이게 되게 좀 복잡한데요. 간단하게 말씀을 드리면 hedging 부분 외에도 저희들이 원자재를 매입하고 할 때 매칭되는 부분들이 발생을 합니다. 그런 부분들이 Samho가 조금 유리하게 나온 것 같습니다, 이번 분기에. 그래서 이게 계속해서 지속되지는 않는데 몇 개 분기 정도가 이렇게 왔다 갔다 하는 모습을 확인할 수가 있습니다. 그리고 아시겠지만, Mipo조선 같은 경우는 이번에 생각보다 매출액 대비 크게 나왔잖아요. 그만큼 원자재 매입이라든가 하는 과정에서 일부 변동성이 있을 수가 있습니다. There are complicated reasons. In addition to hedging, we need to think of matching when we procure our raw materials. In that sense, I think Samho was in a more favorable position in procuring its raw materials as Q2. These factors will not continue, and there will be ups and downs as we go along. As for Mipo, its FX valuation losses are bigger compared to its sales and means it was exposed to more variability in its raw material procurement. 네, 다음 질문 받겠습니다. 다음으로 질문해 주실 분은 다올투자증권의 최광식 님입니다. The following question will be presented by Kwang Sik Choi from Daol Investment & Securities. Please go ahead with your question. 성 전무님께 질문드릴 게, 우리 해외 사업들 많이 진행하고 있잖아요. 그래서 ECO, Huntington, 그리고 인도, 모로코, 필리핀이 있는데, 이 사업의 진행 주체가 한국조선해양인지, 현대중공인지 좀 구별해 주시고요. 그리고 여기서 기술 협력 지원이 많은데 매출이 일으켜질 수 있는 투자가 ECO, Huntington, 인도도 가능한지 그렇게 질문드리겠습니다. My question is, currently your company is engaged in global operations, especially with Edison Chouest Offshore, ECO and Huntington Ingalls Industries as well, and across India, Morocco and the Philippines as well. My first question is, who is the main agent in conducting such business? Is it HD Hyundai Heavy Industries or KSOE? That's my first question. Second question is, these overseas operations involve technology cooperation and technology support as well. Does it mean it can be translated into sales and revenue-generating opportunities, especially with your relationship with ECO and Huntington Ingalls Industries? 현재까지는 한국조선해양 중심으로 대부분 투자가 들어갔습니다. 필리핀이라든가 앞으로 인도도 마찬가지겠지만, 중심적으로 한국조선해양이 투자를 들어가긴 하는데, 시간이 지날수록 한국조선해양뿐만 아니라 현대중공업도 사업에 관련이 되고요. Mipo조선도 일부 연관성이 있습니다. 단계가 따라가게 될 것 같습니다. 필리핀 예만대로도 한국조선해양이 투자를 하고 있지만, 설계라든가 생산이라든가 모든 부분에 Mipo조선, 현대중공업이 다 같이 포함이 돼 있고요. 그리고 향후에 다른 지역, 아까 말씀드린 다른 해외 지역도 시간이 지날수록, 지금은 초기 단계라서 매출이 당장 발생하지 않지만, 향후 시간이 지날수록 매출이 발생을 하게 될 거고, 모든 회사가 다 연관이 되어 있다, 이렇게 말씀을 드리고 싶습니다. 그리고 필리핀의 경우는 9월부터 Steel Cutting이 들어갑니다. 그래서 매출 인식이 그때부터 발생을 한다고 보시면 될 것 같습니다. To answer your first question, currently in the Philippines and in our upcoming Indian projects, it is KSOE who is at the center of making these investments. With the passage of time, in addition to KSOE, HD Hyundai Heavy Industries will be also involved, and a portion of HD Hyundai Mipo's business operations will be involved as well. In the Philippines, it is true that KSOE is making the initial steps, in terms of design and production, HD Hyundai Mipo and HD Hyundai Heavy Industries are also partially involved. With the passage of time and as we enlarge our overseas presence and in the initial phase, there won't be sales that will be generated. I think with the passage of time, we would be generating performance and revenue as well in our overseas operations. As to the Philippine business, in September, we will be starting with the steel cutting, and then it means that that will be recognized as our sales and revenue. 지금 현재 베트남 빈아신 조선소처럼 필리핀 조선소와 인도 조선소는 그런 형태로, 베트남 빈아신 형태로 끌고 가려고 저희들이 노력을 하게 될 것 같습니다. Currently, we have Vinashin in Vietnam, and if we operate our shipbuilding operations in the Philippines and India, the format would follow pretty much the one that we have in Vietnam with Vinashin. 네, 강재호 전무입니다. 조금 더 부연 설명을 드리면 KSOE가 전면에 나서지만 저희랑 협력하고 있는 글로벌 네트워크 확장 개념에서 저희랑 협력할 조선소들이 어떤 선종, 어떤 선형을 건조하려고 하느냐에 따라서 저희 그룹에 특화돼 있는, 가령 미코 같은 경우에 처음에는 소형 컨테이너선, 중형 컨테이너선 이런 위주로 건조를 한다고 한다면 저희 미포가 협력 파트너가 되고요. 그다음에 또 다른 조선소 Cochin이나 이런 데서 만약에 더 큰 선형을 건조한다 그러면은 중공업이나 삼호도 협력 파트너가 되고, 그래서 굉장히 신축적으로 저희가 협력 파트너의 요구 사항에 맞춰서 신축적으로 대응을 하고자 합니다. This is Kang Tae-ho, and let me make some further comments. Of course, KSOE is at the forefront of making investments currently, but we would like to ensure that we have our global partners and we meet the needs of our global partners. All in all, we would like to take a flexible approach. It all depends on the type of vessels and the size of vessels that our partnership guides have in their minds. We have specialized business operations under our group. For example, if Edison Chouest Offshore wants to build small and medium-sized container ships, then HD Hyundai Mipo would be the right partner to do so. For example, if Cochin India wants to build larger ships, then HD Hyundai Samho or HD Hyundai Heavy Industries would be the right partner. Overall, we like to ensure there's flexibility in working with our global partners. 그리고 초기 매출은 어떤 부분에서 일어나냐면, 그쪽 상대 협력 파트너 조선소에서 짓는 선형에 대한 저희가 도면을 제공을 하고요. 그다음에 주요 기자재를 공급하고 또 인력을 파견하고 하는 그런 과정에서 매출은 자연스럽게 일어날 것으로 예상하고 있습니다. As to initial phase sales generation, if we have an overseas partner, we would provide drawings, we would provide equipment and facilities, we will send our people professionals to our global partners. During that process, sales and revenue will be generated. 예, 다음 질문 받겠습니다. 다음으로 질문해 주실 분은 iM증권의 변용진 님입니다. The following question will be presented by Yong-jin Byun from iM Securities. Please go ahead with your question. 안녕하십니까? iM증권 변용진입니다. 좋은 실적 발표 진심으로 축하드립니다. 삼호 화재 관련해서 보험 커버 범위가 좀 궁금한데요. 지금 다행히도 휴가 기간 중에 화재가 났지만 혹시라도 휴가 기간을 넘어서까지 복구가 길어진다고 하면 보험으로 현재 재산적인 직접 피해만 커버가 가능한 건지, 아니면 영업휴지로 인한 손실까지도 어느 정도 부분 커버가 되는지 궁금합니다. My question is about the fire that affected Samho. It is fortunate that you have insurance coverage, it is fortunate that it happened during the summer holiday period. I would like to know the coverage of the insurance policy you currently have. Does it cover only property damages, or does it cover operational losses as well? 네, 일단 보험은 재산상 보험에 대해서는 저희들이 종합보험에 가입이 돼 있어서 모두 커버가 될 걸로 예상이 되고요. 영업 관련해서는 지금 저희들이 조금 더 확인을 좀 해봐야 될 것 같습니다. 그리고 현재 복구 작업의 예상 일정이 나오지는 않았는데 다음 주까지 저희들이 휴가 기간이고요. 그때까지 가급적이면 복구를 할 수 있도록 최선을 다할 생각입니다. 조금만 더 지켜봐 주시고, 저희들이 그런 관련된 사항이 나타나면 바로바로 연락드리겠습니다. Currently we have comprehensive property damage insurance, property losses will be all covered. As to operational losses and whether that will be covered, we need to confirm. Currently the specific recovery date or schedule has not been finalized yet because the summer holiday period is until next week. We're going to make sure that we fully cover all the operations before the summer holiday period ends. We will also keep you updated with any developments that will be happening in relation to this fire. 네, 다음 질문 받겠습니다. 다음으로 질문해 주실 분은 삼성증권의 한영수 님입니다. The following question will be presented by Young-soo Han from Samsung Securities. Please go ahead with your question. 네, 안녕하세요. 해양 프로젝트 관련해서 질문드립니다. 지금 저희 실적 수익 팩터 부문별로 보면 해양이 적자나 흑자나 이런 걸 영향을 많이 받아가지고요. 그래서 올해까지 해양 수주가 아직까지는 좀 소식이 없어가지고 구체적으로 지금 접근하고 있는 프로젝트 있고, 연말까지 수주 목표 달성 충분한지 그거랑 만약에 이제 계약이 이루어진다면 저희가 한 언제쯤 이거 소식을 좀 들을 수 있을지까지 공개해 주시면 좋을 것 같습니다. 그리고 질문을 하나만 더 드려도 되면, 지금 1분기, 2분기 선가율 예상 증분은 2분기에 상반기 걸 한꺼번에 반영하셨다고 말씀해 주셨는데, 이런 식으로 하반기까지 매 분기 반영을 하면 저희가 각 분기에는 비용 부킹이 좀 커지는 주기적인 계절성이 있었는데 올해는 그런 거 없이 그냥 4분기에도 비용 부킹이 이거 관련해서 평탄하게 그냥 간다. 4분기에 일회성이 크게 들어가지 않는다, 이렇게 이해를 해도 될지 질문드립니다. 감사합니다. DK부터 먼저. 죄송합니다. Two sets of questions. The first set of questions are about your offshore project. It seems like offshore project has quite an impact on your overall performance, whether it is going to be positive or negative. Seems like for this year, there is no tangible offshore project that you are winning. Are there any project that you believe would be really likely to be awarded to your company? Do you believe you can attain your order targets within this year? If there is any contract that is visible or concluded, when can you share with us specific and tangible news? The second set of questions are about your bonus payments. You mentioned that in Q2, bonus payments for Q1 was also reflected in your Q2. Is it appropriate to understand and interpret that there will be less costly variations in terms of performance payment? We have this seasonality, for instance, in Q4, we have this big chunk of costs that are reflected in your accounting book because of bonus payments. It seems like you are rather evenly allocating those bonus payments. Is that the right way of interpreting this? 성과급부터 먼저 말씀드리면 4분기 때 비용 충격이 줄어드는 거 맞습니다. 말씀하신 대로 그대로고요. 해양 말씀드릴게요. 해양 프로젝트 관련해서 답변드리겠습니다. 발주처와의 비밀유지각서로 인해서 구체적인 프로젝트 이름은 지금 말씀드릴 수는 없습니다. 그렇지만 현재 카타르 공사하고, 그다음에 UAE의 아부다비 공사 그리고 쿠웨이트 공사 해서 지금 현재 총 4개의 대형 offshore 공사에 입찰 참여를 하고 있습니다. 참여를 하고 있고, 아마 그 프로젝트의 입찰 결과는 올해 10월 또는 11월부터 순차적으로 내년 초까지 이렇게 결과를 알 수 있을 것 같습니다. If I answer your second question, yes, there won't be any cost shock happening in the fourth quarter of this year because we are rather evenly allocating bonus payments. If I answer your first set of questions, because of non-disclosure agreement that we signed with our potential customers, I cannot specify names, we are currently participating in the bidding process of four offshore projects, Qatar, Abu Dhabi, and Kuwait. Their results will be coming starting from October this year and consecutively until early next year. 네, 다음 질문 받겠습니다. [Foreign language] The following question will be presented by Hyun Seung Jung from NH Investment & Securities. Please go ahead with your question. 안녕하세요. NH투자증권 정현승입니다. 질문이 있는데요. 첫 번째는 최근에 LNG선 신조선가 인덱스가 계속적으로 하락하고 있는데 최근에 이런 가격 하락세가 조금 우리뿐만 아니라 전반적으로 오퍼가가 하락해서 되는 건지, 아니면 그거에 상관없이 우리 LNG선 수주 전략이 어떠한지 궁금하고요. 혹시 가능하면 HD현대미포 같은 경우도 PC선 수주가 그렇게 많지는 않은데 혹시 Vinashin 쪽에서 PC선 외에 컨테이너선 수주도 가능한지 궁금합니다. 감사합니다. My question is, as we look at the LNG new building price index, the index itself is declining recently. Is it because shipbuilding companies are offering lower prices? In addition to that, I'd like to know more about your LNG ship ordering strategy, order intake strategy. My next question is, when I look at Hyundai Mipo, seems like its PC order is not that much. I'd like to know more about, in addition to PC, the container order performance as well. 네, 첫 번째 질문부터 답변드리겠습니다. 최근 LNG선 신조선가 하락 트렌드는 2028년 낙기 슬롯과 매칭되는 LNG 생산 프로젝트가 비대칭으로 발생하고, 매칭되는 프로젝트가 없는 상황에서 각 조선소들이 2028년 슬롯을 확보하기 위한 일환으로 선가를 좀 낮춰서 제시하고 있는 그런 상황에서 비롯된 것입니다. 그리고 저희가 보기에는 이런 현상은 28년 슬롯이 어느 정도 소진될 때까지는 당분간 지속될 것으로 예상이 됩니다. 다만 29년 이후부터는 다수의 LNG 생산 프로젝트가 Venture Global뿐만 아니고 Cheniere 그리고 Woodside, 저희가 지금 파악하고 있는 것만 해도 상당수가 있는데요. 다 29년 이후 낙기에 매칭되기 때문에 그 이후로는 그 슬롯부터는 다시 선가가 상승하지 않을까 예상해 봅니다. 그리고 두 번째 질문인데요. 지금 MR에 대한 수요도 굉장히 약화되어 있는 건 사실이고요. 대신에 피더선에 대한 시장의 요구는 굉장히 뜨겁습니다. 그렇지만 미포나 저희 HD Hyundai Vietnam Shipbuilding, shipyard 같은 경우에도 이미 안정적인 물량을 확보하고 있는 그런 상황에 있기 때문에, 저희가 선별 수주로 대응을 하고 있는 상황이고요. 그게 굉장히 더 뜨거워지고, 더 높은 성과를 받는 그런 상황이 도래하고, 미포가 슬롯이 부족한 경우에는 당연히 베트남 조선소도 피더선 건조는 가능한 상황입니다. 네, 이상입니다. If I answer your first question, I think it's because the LNG new building price index is going down. It is because we have this rather mismatching between the slots that are slated for 2028 delivery and the ongoing and the future LNG projects. Just to secure their volume for slot in 2028, shipbuilding companies have rather lowered their contract prices. That is why the index itself is declining. We believe that when the slots are all consumed for delivery for 2028, then beyond 2029, there would be more LNG projects that are upcoming, including Venture Global and Woodside. We have multiple LNG projects that we expect to be realized after 2029. We have, again, this matching, and then the contract price, the new shipbuilding price would go up again after 2029. To answer your second question, it is true that demand for medium-range vessels is rather weakening, instead, we have this very hot and strong demand in the feeder ship market. We have Mipo and HD Hyundai Vietnam Shipbuilding, They have already secured their volumes stably. Our current strategy is to be more selective in taking in orders. It means the market itself would become even hotter, we can demand higher contract prices. Of course, if Mipo slots fall short, then our Vietnam shipyard can also produce feeder ship vessels as well. 네, 다음 질문 받겠습니다. 다음으로 질문해 주실 분은 신한투자증권의 이동헌 님입니다. 질문에 감사합니다. 생산성 관련 질문이고요. 1분기 실적 때 선표 조정이나 조기 투입 같은 표현으로 생산성 증대를 말씀 주셨는데요. 1분기랑 비교했을 때 2분기 상황이 어떤지 궁금하고요. 배경은 선가 인상분이랑 생산성 증가분이 어떤 식으로 구분이 되는지 한번 파악해 보려고 질문을 드립니다. 감사합니다. My question is, you mentioned that there was a kind of significant improvement in productivity. Maybe that's probably due to adjustments that are made with your production plan as well. Compared to the situation in Q1, how is your Q2 performance differentiated in terms of productivity gains? Can we really distinguish this between bonus payments and productivity gains, and how to understand the whole story? That's my question. 네, 구분을 해서 저희들이 설명드리기는 좀 어렵고요. 단지 생산성 개선에 대한 이해를 높이기 위해서, 저희들이 과거 YOY로 비교를 해드리면 작년 대비해서 올해 월간 약 하루 정도 생산성이 더 좋아져서 매출을 더 발생시켰다. 이렇게 보시는 게 이해에 더울 것 같아요. 그리고 1분기가 그만큼 좋아졌고, 2분기도 마찬가지로 약 그 정도의 생산성 개선을 이루어내고 있습니다. 그러니까 작년 대비하면 굉장히 높은 생산성을 이루어내고 있고요. 그리고 선표 조정 부분에 대해서는, 선표 조정이 우리가 원하는 것처럼 일일이 딱 맞춰서 진행되는 게 아니거든요. 어떤 부분은 당겨지고, 어떤 부분은 미뤄지고 하면서 조율을 이루어나가고 있고. 하지만 확실하게 말씀드릴 수 있는 부분은 전체 매출액이 원래 예상보다도 점점 빨리 늘어나고 있다. 그 부분은 맞습니다. It's difficult to draw a clear line between the two. To help you better understand how much our productivity is improving, I think making comparisons on a yearly basis would be better. Compared to 2024, coming into 2025, we had a one-day-per-month productivity gain for each month, and that's all translated into our revenue growth. That happened in Q1, and that happened in Q2 as well. You may guess how much productivity gains we have generated through this. One more working day for every month. Compared to 2024, in 2025, we had a significant improvement in productivity. As to the production plan adjustment, it's about coordination overall. It's not that we can micromanage everything. Some things can happen, but still some things could be delayed as well. What is certain is our revenue is increasing quite significantly throughout these production plan adjustment activities. 네, 하반기로 갈수록 아마 생산성은 조금씩 더 좋아질 걸로 예상이 됩니다. We expect that as we coming into the second half of this year, productivity would improve even further. 네, 다음 질문 받겠습니다. 다음으로 질문해 주실 분은 CLSA의 신동철 님입니다. The following question will be presented by Dongchul Shin from CLSA. Please go ahead with your question. 안녕하세요, 전무님. CLSA 증권의 신동철입니다. 저는 특수선 쪽에서 질문을 드리고 싶은데, 지금 현재 우리가 여기서 특수선 capa를 늘리면 현대중공업에서는 4번, 5번 dock 활용하는 거 이외에는 다른 옵션이 뭐가 있을지 궁금합니다. 지금 군산조선소를 활용한다는 말이 나오긴 하는데, 사실 이건 dock가 너무 커서 상대적으로 사이즈가 작은 군함을 수리하거나 건조하는 데 있어서 효과적이지 않을 것 같아서요. 그리고 특수선 인력도 말씀해 주셨던 것처럼, 1,800명에서 3,000명으로 늘린다고 말씀해 주셨던 것 같은데 어디서 이런 분들을 채용하는 건지가 궁금하고요. 그리고 특수선 인력을 상선 쪽에서 옮겨올 수 없는 건지도 확인 부탁드리겠습니다. 감사합니다. My questions are about your special naval ship business. When you want to increase your capacity, is it possible that you use number 4 and number 5 dock of HD Hyundai Heavy Industries? In addition to that, do you have any other options to increase capacity for naval ship operations? I heard that maybe you could use your Gunsan shipyard, the dock in Gunsan is too much big. Compared, when we think of the smaller size of naval ships in terms of maintaining or repairing these naval ships, I don't think the Gunsan shipyard would be the best or appropriate alternative. I also have a question about your special ship operation workforce. I heard that you would be expanding your workforce from 1,800 to 3,000. Where do you get hire all those people? Is it possible to relocate some of your workforce for commercial ship operations into special ship operations? 네, 제가 답변드리겠습니다. 특수선사업부 기획 담당 박종완 상무입니다. 첫 번째 질문 주셨던 capa 확장 관련해서는 일단 기본적으로는 아까 말씀해 주셨던 4dock, 5dock 염두해 두고 있습니다. 근데 당장 이것을 capa를 확장할 필요는 없고, 저희 수주 상황에 따라서 4dock, 5dock 우선할 거고요. 근데 기본적으로 지난번에도 한번 말씀드렸지만, 요즘에는 해외 함정 같은 경우에는 현지 건조 옵션이 많습니다. 요구가 많습니다. 그래서 매출이 늘더라도 그거에 정비를 해서 자체 capa를 가질 필요는 없고요. 현지 건조 포션을 고려해서 최소한으로, 우선 저희가 확보하고 있는 dock 활용할 예정이고, 말씀해 주신 대로 군산은 dock 사이즈가 너무 크기 때문에 특수선 건조용으로는, 단독 건조를 위해서는 경제성이 나오지가 않고, 대규모의 발주가 이어진다든지 하게 되면 그때 가서 한번 고려해 볼 수 있는 문제일 것 같습니다. 그리고 인력 질문해 주셨는데요. 지금 현재 저희가 1,800명, 생산직 관련해서 질문 주신 거는 지금도 저희 사내 협력사가 조선에 같이 등록이 돼 있고, 인력을 한마디로 공유를 하고 있습니다. 저희 물량이 떨어졌을 때는 저희 사업부에는 등록돼 있는 생산 인력이 상선으로 가기도 하고, 또 반대로 저희가 점점 올 하반기부터 물량이 늘어날 예정인데 그때는 조선에 있는 인력들도 같이 저희가 쓸 수 있습니다. 다만, 외국인은 저희가 법적으로 지금 방산 보안 구역이기 때문에 외국인은 쓸 수가 없고, 주로 내국인 위주로만 하고 있고요. 참고로 필리핀 함정을 저희가 건조를 하고 있는데, 필리핀에 한해서만 필리핀 생산 인력을 필리핀 함정에 건조하는 데는 저희가 관계기관의 승인을 받아서 현재 투입하고 있습니다. 이상입니다. To answer your question, first of all, about capacity, we are considering whether to use number 4 and number 5 docks, but they are not in need immediately. As the need rises, we may use those docks. Basically, local assembly, overseas assembly is another trend that is observed by many shipbuilding companies. We're considering this option as well. It means that we don't need to increase our internal capacity in proportion to our revenue growth, because we can consider local assembly. That's the option that we can consider. The Gunsan shipyard, as you mentioned, the dock itself is too big, so it's not suitable for naval ships. Especially if it is used to build a single naval ship, then it's not economically feasible. If we get orders, large size orders consecutively, then maybe we can consider whether to use the Gunsan shipyard. Second of all, about workforce. That relocation amongst our different business operations, the relocation is already happening. We share our workforce between commercial ships and naval special ships. We have a register in place, and based on that, we do that relocation. As our special naval ship volume increases in the second half, we can get some people from commercial ship operations. As you know, the areas where these naval ships are built, it's in a high-security area, so it's legally mandated that we do not use foreign workers. Philippine is an exception. If you build a Philippine naval ship for Philippines, then it is allowed that we can use Philippine local workers. That's the only exception. Also that is done based on approval that we get from relevant authorities. [기자1 발언] The following question will be presented by Kwang Sik Choi from Daol Investment & Securities. Please go ahead with your question. 오늘 발표된 미국의 1,500억 달러 조선업 펀드 조성 투자 관련해서 여기에서 어떤 논의들이 오갔는지 얘기하기 힘드실 것 같은데, 아무튼 가능한 범위에서 좀 설명하실 수 있는 내용이 있으면 알려주시고요. 그래서 이 투자 결정을 바탕으로 미국의 그린필드 건설이나 아니면 기존 조선사 인수 가능성이 기존 고민보다 높아진 건지 아닌지를 질문드리고요. 한국에 보도 나온 군산 MRO 단지에 대해서도 혹시 언급해 주실 수 있으면 부탁드리겠습니다. 네, 군산 MRO에 대해서는 여러 가지 MRO 구상하는 아이디어의 하나로 제안된 걸로 알고 있습니다. 특히 지하철 쪽에서 관심을 가지고 있는 것으로 그렇게 알고 있고, 현 단계에서는 저희들이 구체적으로 드릴 것은 없다고 생각합니다. As to the second question, MRO business in Gunsan is still in its ideation phase. The local government in Gunsan is highly interested in this, but as of now, there is no specific progress that we can share with you. 오늘 기사가 크게 떠서 아침부터 정신없었는데요. 1,500억 달러, 아주 큰 규모입니다. 역사상 가장 대규모 프로젝트 같은데요. 지금 규모도 크지만 기간도 꽤 많이 걸릴 걸로 예상할 수가 있습니다. 그리고 투자 범위도 조선소 건립뿐만 아니라 아주 광범위하게 투자가 될 걸로 예상이 됩니다. 하지만 지금 현재 협상단들이 아직 한국에 들어오질 않았고, 그래서 구체적으로 저희들이 내용을 가르쳐주는 상황이 현재는 아닙니다. 따라서 좀 답답하시겠지만, 조금만 기다려 주시면 저희들이 또 정부하고도 당연히 이야기를 해야 되겠죠. 그 이야기를 하고, 저희들은 정부에 협조를 해서 아주 좋은 결과를 낼 수 있도록 최선을 다한다라고 지금 현재 그렇게 말씀드리겠네요. 하지만, 저희들이 모든 걸 열어놓고 다방면으로 고민을 하고 있고, 같이 잘할 수 있도록 최선을 다하고 있다는 거 꼭 믿어주시고. 이 정도 규모의 프로젝트 같으면 저희들이 상당히 좋은 일들이 많을 걸로 생각합니다. There was quite a big news that just came out this morning, $150 billion. The fund itself is really humongous, and that's maybe the biggest ever project in this sector, I think. Not just in terms of value, but it's going to be a long-term project, and its scope would be indeed far-reaching, not just to shipbuilding. The Korean negotiation team has not entered into Korea yet, so we don't know details yet. I'm sure you'll be frustrated. You would really like to know more about this, but please be patient. Your patience would be greatly appreciated. We will talk with the Korean government, but we're sure and we're confident that we will do our best to produce the best possible outcomes out of this. We are open to any possibilities and any potential opportunities, and we would have a multifaceted perspective in looking at any opportunities that will be coming up. 이게 프로젝트가 크다 보니까 어떤 한 회사, 한 기업이 혼자서 할 수 있는 일이 아닙니다. 그렇기 때문에 저희들은 그중에 일원으로서, 그리고 선두에 서서 정부와 잘 협조해서 잘하도록 최선을 다하겠습니다. Given the size of this funding and funds, this big project cannot be done by any single company or any single industry, I think. As part of the overall shipbuilding community of Korea, we will be at the forefront, and we will be proactive in talking with the government so that we can produce the best possible outcome. 네, 다음 질문 받겠는데 지금 시간 관계상 한 가지 질문만 받도록 하겠습니다. This will be the final question. 다음으로 질문해 주실 분은 다이와증권의 우혁 님입니다. The following question will be presented by Hyuk from Daiwa Securities. Please go ahead with your question. 네, 전무님. 앞에서 질문들이 많이 다뤄져서요. 저는 간단하게 원가 쪽 여쭤볼 것 같은데요. 후판이 상반기에도 조선향 후판에 국내 제철사들의 가격 인상이 있었고, 그럼에도 불구하고 아직도 제철소들이 적자라서 하반기에도 반드시 후판을 가격 올리겠다는 이유가 있는데, 저희가 조선사에서 보세구역을 운영하기 때문에 부정적 영향이 상쇄되긴 했지만 저희가 후판을 어떻게 procure 할 건지에 대한 전략이 궁금하고요. 그리고 연초에 원화 약세가 강했던 시점부터 약간 환헤지를 열어놓는다는 인상을 저희가 받기도 했는데, 전반적인 환헤지의 정책과 방향성에 대해서도 코멘트 부탁드리겠습니다. 감사합니다. Two questions overall. The first question is about steel plates. Domestic companies have increased their steel plate prices in the first half already, and they say that they would further increase their prices in the second half as well because the steel making companies are suffering losses. Of course, you have your bonded area under operation, in that sense, you would be quite immune from such steel plate price increases. What's going to be your steel plate procurement strategy? My second question is, all year this year, we had favorable FX conditions, and my impression is you're quite open in terms of your FX hedging strategy. What would be your direction in terms of implementing your FX hedging strategy for the remaining period? 네, 후판 가격 인상에 대한 이야기는 있었습니다마는 지금 후판 가격이 단순하게 국내 가격만 가지고 결정나는 게 아니고요. 국제 가격도 같이 연동이 되어 있다고 보시면 될 것 같습니다. 그래서 아마 연말까지는 후판 가격 변동은 거의 없을 걸로 예상을 하고 있고, 거의 하향 안정화된 수준이다, 이렇게 보시면 될 것 같습니다. 그리고 환 관련해서는 환헤지는 저희들이 현재 기본 60% 환헤지를 가지고 가면서 현재 평균적으로 한 75% 정도 환헤지가 되어 있는 상태입니다. 그래서 아마 75% 정도의 환헤지 비율을 계속해서 가져갈 걸로 그렇게 보시면 될 것 같습니다. For your first question as to steel plate prices, we shouldn't just look at domestic prices because the steel plate prices are internationally aligned, and we expect that until the end of this year, the steel plate prices would remain almost unchanged. We're going to have these downward and stabilized steel plate prices until the end of this year. Secondly, our hedging strategy is around the hedging threshold is set at around 60%, and on average, it's around 75% as of now, and we would maintain our current hedging stance. 네, 이상으로 저희들 컨퍼런스 콜을 마치도록 하겠습니다. 최근에 발생한, 잘 아시겠지만 미국발 대형 이벤트는 국내 조선사들한테는 굉장히 큰 호재로 다가올 걸로 믿어 의심치 않습니다. 다음 분기에 뵙도록 하겠습니다. 감사합니다. Thank you. Thank you for your participation today. The news that we had today, I'm sure that this is a great boon for all Korean shipbuilders, and see you next quarter. Thank you very much.