Good morning. I am Han Sang-Yun, the Head of IR at Hanwha Aerospace. First of all, I'd like to thank everyone for joining the call today. Now, I will brief you on Hanwha Aerospace's financial performance for the third quarter of 2025. Please turn to pages six and seven of the presentation. The consolidated sales for Q3 was KRW 6 trillion 486.5 billion, up by 147% year-on-year, and the operating profit was KRW 856.4 billion, or 79% growth year-on-year. Both sales and operating profit grew thanks to increased sales in the Land Systems and Aerospace Divisions. Further details will be provided in the performance by segment section. Q3 pretax profit was KRW 812 billion, and net profit was KRW 712.2 billion. Please turn to page eight for financials. The total assets are KRW 49 trillion 972.8 billion. The total liabilities are KRW 34 trillion 442.9 billion, and the net debt-to-equity ratio was 39%. I will share performance by segment. Please turn to page nine for the Land Systems. The Q3 sales was KRW 2 trillion 109.8 billion, a 27% growth year-on-year. The domestic sales were KRW 912.9 billion, a 33% growth year-on-year, and the export sales was KRW 1 trillion 197 billion, a 23% growth year-on-year. The operating profit was KRW 572.6 billion, a 30% growth year-on-year. The overall performance has improved year-on-year, driven by higher domestic sales volumes from the major mass production projects such as CBRN reconnaissance vehicle and the wheeled anti-aircraft gun system, as well as a stronger export performance, including sales recognition from the delivery of the 18 K9 self-propelled howitzers and 9 Chunmoo rocket launchers to Poland and other export programs. As mentioned in the previous quarterly earnings call, approximately one-third of the SG&A and other expenses that were deferred to the second half of the year have been recognized in the current quarter. The remaining portion is scheduled to be reflected in the fourth quarter. In the fourth quarter, revenue is expected to be recognized from ongoing domestic projects as well as scheduled deliveries for overseas contracts. Accordingly, we anticipate that solid earnings growth will continue in the second half of the year compared to the first half. Please turn to page 10 for the Land Systems order backlog. As of the end of Q3, the total order backlog for the Land Systems is approximately KRW 31 trillion, reflecting the approximately KRW 400 billion missile supply contract to the Middle East signed in August and the additional K9 self-propelled howitzer supply contract with Norway concluded in September. In addition, approximately KRW 150 billion contract signed in October with the Swedish Defence Materiel Administration for the supply of 155mm Modular Charge Systems, or MCS, as well as the contracts totaling around KRW 620 billion for the mass production of the launchers and components for the Iraq M-SAM program, or M-SAM program, are expected to be reflected in the order backlog in the fourth quarter. Next, please turn to page 11 for the performance of the Aerospace. The Q3 sales were KRW 604 billion, a 26% growth year-on-year, and the operating profit was KRW 3.1 billion, turning profitable year-on-year. The turnaround in operating profit was driven by higher defense and LTA volume year-on-year and the recognition of one-time gain related to the GTF RSP. The GTF RSP business recorded an operating profit of KRW 1.5 billion, driven by a one-time gain of KRW 16 billion and an increase in earnings, engine parts aftermarket, or A&M volumes, due to the rising maintenance demand. The one-time gain of KRW 16 billion reflected the partial reversal of KRW 23.3 billion provisions that had been set in the previous quarter to account for the increase in total estimated cost of the GTF RSP program. Following the Paris Air Show in June, a substantial number of Airbus aircraft equipped with the GTF engines were ordered, leading to an upward revision of the total A&M contract volume for the GTF RSP program, which in turn resulted in the reversal of a portion of the provision. In Q3, the number of GTF engine units sold was 250, remaining at a similar level compared to 250 units sold in the same period last year. Regarding the number of aircraft delivered, Boeing and Airbus delivered a total of 361 units in Q3 2025, up from 277 units in Q3 2023 and 290 units in Q3 2024. Regarding the space business, the fourth launch of the Nuri rocket is scheduled for the early morning of November 27th. This will be the first launch since the third mission in May 2023, taking place approximately two and a half years later, and also marks the first launch following the establishment of the Korea Aerospace Administration. Notably, the fourth launch will be the first case in which the Nuri launch vehicle is manufactured under the full responsibility of our company as the systems integrator, while the first through third launches were by the Korean Aerospace Research Institute, or KARI. From the fourth launch onward, our company is responsible for managing the production and quality of components by partner companies, as well as conducting both subassembly and the final assembly of the launch vehicle. We will also actively support launch operations to help ensure mission success. Starting with the fourth launch, the fifth launch is scheduled for next year, followed by the sixth launch in 2027. Through these repeated launches, we plan to contribute to improving the reliability of Nuri and, in doing so, secure system integration capabilities and operational know-how for launch activities. As illustrated on pages 23 and 24 of the IR presentation, we are strengthening our capabilities to compete in the global space market by building and enhancing a full space business value chain, from launch vehicles to satellite manufacturing and satellite data services, in collaboration with our subsidiaries, Hanwha Systems and Satrec I. Please turn to page 12 for the performance of Hanwha Systems. Q3 revenue was KRW 807.7 billion, a 26% increase year-on-year, and the operating profit was KRW 22.5 billion, a 63% decline year-on-year. For more detailed performance, outlook, and progress of businesses of Hanwha Systems, please refer to Hanwha Systems' earnings release dated October 31st. Please turn to page 13 for the performance of Hanwha Ocean. Q3 sales was KRW 3 trillion 23.4 billion, and the operating profit was KRW 289.8 billion. For more details on the performance, outlook, and the business progress of Hanwha Ocean, please refer to the earnings call of the company dated October 27th. Please turn to page 14 for the performance of Satrec I, which is included in the others. Q3 sales were KRW 50.4 billion, up by 15% year-on-year, and the operating profit was KRW 2.5 billion, recording a threefold increase year-on-year. Sales and profit improved as the previously awarded project began full-scale execution, and the profitability improved greatly, supported by higher sales and enhanced operational efficiency. Particularly, with five consecutive quarters of operating profit, we expect full-year operating result in 2025 to return to profitability. Lastly, at the Association of the United States Army Defense Exhibition in October, the company signed a joint development agreement with General Atomics Aeronautical Systems, Inc., a leading global UAV manufacturer for the GA STOL short takeoff and landing unmanned aerial vehicle. The project is part of our plan to invest over KRW 700 billion in the unmanned aerial vehicle business, including capital secured through the paid-in capital increase. Through this initiative, we aim to make a preemptive investment in next-generation defense technologies and advance into the global UAV market. As shown on newly added page 22 of the IR presentation, the company is strengthening its investment in R&D in the drone and anti-drone value chain, including unmanned and autonomous weapons system and manned-unmanned teaming, to prepare for the future battlefield environment, building upon its existing capabilities in ground and aerial weapons system. This concludes the earnings briefing, and now we'll begin the Q&A. The first question is from Shinhan Investment & Securities. First of all, thank you for the presentation. I have questions about the margin rates of the Land Systems. More directly, I'd like to understand if the margin from the overseas business has went up. I know that you cannot disclose the exact figure, but despite the increased proportion of the domestic sales, it seems that the OPM is maintained. I know that the margin for the domestic business is limited. Then, can I understand and expect that this is because of the higher margin from the overseas business? The answer is, as you have said, the portion of the domestic sales for this quarter has increased by 5%, but the OP margin is different by 1.6% for this quarter. So it is safe to say that it is not that different. So, as you have said, the margin for the domestic sales is not that high, or it is limited. But it seems that despite the fact that the portion of the domestic sales has increased, the margin fared well. And as we have been seeing from the fourth quarter of 2024, the margin from the export business remained quite solid, and that is because of the effect of the repeated production and the ensuing operational excellence. The next question is from Taurus Investment & Securities. I also have a question about the Land Systems and about the export. Looking into the number of units delivered to Poland in terms of K9 and the Chunmoo, the number of units went down versus that of Q2. So can I understand that the strong export performance is driven by the delivery that you have started to Australia and/or Egypt, or is it because of the increase in the munition on the Q on Q basis? I'd like to understand the background of the increase in the export. The answer is, as you have said, there is some new revenue coming from Egypt and Australia. And also, in terms of the number of units delivered to Poland, the number of K9 units remained the same. Meanwhile, the number of Chunmoo units went down slightly. And what has taken its space is the guided weapon systems and also the munitions and other auxiliary items. This has been discussed in the previous quarter's earnings call that in the second quarter, the revenue from the auxiliary items, including munition, was not that significant, but it will go up in the third quarter, and the next question is from Shinhan Investment & Securities. I have a question about the GTF RSP. It turned around this quarter, and you have explained that this is because of the reversal of the provisions that you have set aside, and it is the one-time event. So I'd like to understand the trend for the future. Considering the number of deliveries to the airliners, do you expect this trend can be maintained in the future? The answer is, if I can find my answer to the GTF RSP and its future prospect, as was discussed earlier for the particular quarters, we will set aside some provisions, and that will be reversed because of the positive development in the industry, and that might lead to the small amount of profit. But for the duration of the year 2025 and 2026, we expect that the amount of the loss will be the highest until the year 2030, which we expect to hit the BEP, and then afterwards, it will turn profitable. The next question is from Taurus Investment & Securities. I have a question about the SG&A. You have mentioned that the deferred SG&A expenses, about a third of it has been reflected in this quarter. And as far as I remember, you did not share the exact figure, so can you please share more details? The answer is, the deferred SG&A, a third of it has been reflected in this quarter, and the remainder will be reflected in the fourth quarter. Despite I cannot disclose, despite the fact that I cannot disclose the detailed figure, the total amount is not that significant. It did not impact much on the Q3 performance. As for the Q4 performance, the Land Systems performance will remain quite solid, but there will be some one-off expenses, such as the performance bonus. Excluding those one-time expenses, the core earnings for the fourth quarter will remain solid, despite the fact that the two-thirds of the SG&A will be reflected. The next question is from Taurus Investment & Securities. So you have said in the previous quarter's earnings call that you expect the Land Systems will continue to enjoy the 20% growth this year and the next year, and you will share more details in this quarter's earnings call. So can I expect that this year's and the next year's guidance will remain the same? The answer is, we expect the direction will be, remain, will remain the same, but, for the 2026 growth rate, it will be based upon the revenue for the, fourth quarter, because if the baseline goes up, then that will affect the growth rate for the ensuing year. So we will have to revisit that, when we have a more solid idea as to what the sales for the next quarter will be. I believe that it is a little too early to share any further details because we are still preparing the business plan for 2026. I believe that we can share more details in early February when we have the next quarter's earnings call, with the 2026 business plan. The next question is from iM Securities. I believe that the deliveries for the first contract for the K9 to Poland have been almost completed. I have a question about the second phase or the EC2. Will the production continue on with the first phase of the contract? If there is any interval in between, how long will be the delay? As for the Chunmoos, of course, there are some volumes remaining for the first phase of the contract. When do you expect the production and the delivery for the second, part or the second phase of the Chunmoo contract will begin? The answer is for the K9, the EC2 business. The consultation is currently underway. So when it's done, of course that it is a matter of the capacity or the capability of our company in terms of the production and the delivery. There are also circumstances that we need to take into consideration from the recipient's side. Though it is too early to say anything definite from our perspective, of course that the continuation of this project will be the best, but we can share more details when we have more results from the EC2 consultations currently underway. The next question is from Shinhan Investment & Securities. I'd like to understand the progress of the joint venture plant in overseas site. I know that it is a long-term initiative, so it might not be tangible, but there are some media reports about this project in Poland and Romania. So can you share any timeline that you have as of now? The answer is, I believe that you might have this question or ask for the updates on every quarter, but as you have said, that this is a long-term project. So if there's anything more visible or tangible, then we will share the updates with you. So when it comes to the Romanian project, the site has been secured, and the groundbreaking will happen by the end of this year, and the site will be used for the production of the K9, whose contract has been already awarded to the company. The site will also be utilized for the armored vehicle contract, which, the result of which will be finalized in the first half of next year. The Poland site, that will be used for the JV has been already signed for the Chunmoo and Chunmoo's munition, and in terms of the securing the site and the constructions, we are collaborating and consulting with the local partners. So if there is anything that's tangible, then we'll communicate to the market. The next question is from Mirae Asset Securities. I have a question about the export sales of the Land Systems. The share of the sales that goes out to Poland has increased, but it seems that in terms of the profitability, there are not significant differences. So can I understand this is because of the margin for the export to other destination is also very solid. It is in the same range as your export to Poland? The answer is, out of the total export revenue, the Polish volume accounts for the significant portion, and this trend will continue in 2026 and 2027. In terms of the exports to other destinations, in the case of this quarter, there were sales of the auxiliary items, including munitions, and the profitability is not that different from our export to Poland, so because of that factor, there was a slight increase in the portion of the domestic sales by 5%, but still, the operating margin remained the same as the similar range as the previous quarter. The next question is from Korea Investment & Securities. I'd like to understand if there has been any change in the guidance in terms of the number of deliveries of K9 and Chunmoo to Poland for the year 2025 since the second quarter. The answer is, in terms of the number of deliveries, so cumulatively until the third quarter of this year, we have delivered 56 units of K9 and 60 units of Chunmoo. And we have shared the guidance for the whole year delivery for this year. For K9, it was 70 units or more. In case of Chunmoo, it was 80 units or more. So the differential between this year's guidance and the cumulative delivery for the third quarter is 14 plus units for K9 and 20 plus units for Chunmoo, and it will be delivered in the fourth quarter. As there is only one quarter left, I do not believe that there is any need to update the guidance. The next question is from iM Securities. I have a question about the schedule for the Australian Redback production and the delivery and Egypt K9 production and delivery. The answer is, let me start with the Australian cases. In case of Redback, that we have started to recognize the development revenue and the delivery will begin from the year 2027. Though it is not part of our question, if I may share that we have started the delivery from the fourth quarter of this year, for the K9 and K10, which is called in Australia as AS9 and AS10. And we expect the sales recognition will continue in the year 2026 and 2027. As for the Egypt K9, the module sales have started to be reflected in parts, and the full delivery will start from 2026. Next question is from NH Securities. I'd like to understand the breakdown between the launchers and the munitions for the first phase contract of Chunmoo to Poland. What is the share and how much of it has been delivered? The answer is, then this is the question that it is difficult for us to answer. So if only we could share the clear breakdown between the launchers and the munitions, but we cannot because of the arrangement that we have entered into with our customer. But what I can say is that the proportion of the munition sales is not insignificant, and it is unlike the 155mm shell for the K9. It is a guided munition, so it has a higher value. We expect the revenue of the munitions will continue to incur in 2026, in the year 2026 and 2027, and it will account for a quite significant portion of Chunmoo sales. The next question is from Shinhan Investment & Securities. I have similar questions about the munitions, the capacity of the plant. I believe that you are planning to open your plant both in Korea and overseas, so I'd like to understand the timing and the expected capacity of this munitions plant? The answer is for the domestic plant, as we have disclosed earlier this year that we have a plan to increase the capacity of the plant for the MCS, the Modular Charge System, by twofold. And I believe that it is from the second half of 2027 that this plant will be operational, and the sales from this operation is reflected, and most of this volume will be for export, which has the better margin. Considering this higher margin profile, the MCS, the revenue mix will contribute to the higher profitability. As for the European countries and the United States, the capacity for the munitions has expanded, and so does the demand for the propellant has increased. Like I said earlier, the expansion, capacity expansion in the local plant will be targeting the international use or the exports. We will also consider the potential of the local production. It is at a very early phase that we are looking into the potential site in the United States and also in the European countries. And when we have more tangible progress, then we will definitely share with the market. The next question is from Daiwa Securities. I have a question about the new order pipeline. The presidential envoy visited Europe last week, and so did your management. So it seems that the armored vehicle project for Romania is pushed to next year. So I'd like to understand, has there been any updates in your new order pipeline? The answer is for the Romanian project. We have communicated earlier that it might start within this year, but it is more likely, or the very likely, that it will start in earnest from the first half of 2026. In terms of the new order pipeline, we have been focusing on various regions with various products, especially with such products that have the competitiveness, as the K9 and Chunmoo and Redback and the anti-aircraft systems and MCS. We have secured new orders in the third quarter, and this will continue in the year 2026. In the process, the support from the government plays a very important role, and as was covered by the media report, this current administration has been very active in providing strong support. Considering the fact that what has been exposed, we will make sure that it might lead to the new order in the upcoming years so that we can continue this strong pace of growth after 2028. When we have more visibility into any future orders, then we will share with the market. That is the end of the Q&A for the Hanwha Aerospace Third Quarter 2025 Earnings Call. Thank you.