Good morning and good evening. Thank you all for joining this conference call, and now we will begin the conference of the Second Quarter of Fiscal Year 2025 Earnings Results by KT. We would like to have welcoming remarks from KT IRO, and then CFO will present earnings results and entertain your questions. This conference will start with a presentation followed by a Q&A session. If you have a question, please press star one, that is star and one on your phone during the Q&A. Now we would like to turn the conference over to KT IRO. [Foreign language] Good afternoon, this is KT's IRO, Jaegil Choi. We would like to begin KT's second quarter 2025 earnings presentation. [Foreighn Language] Be reminded that today's presentation includes financial estimates and operating results under the K-IFRS standards that are yet to be reviewed by an outside auditor. We therefore cannot ensure accuracy nor completeness of financial and business data aside from the historical actuals, so please note that these figures may be subject to change in the future. [Foreign language] With that said, I now invite the company CFO, Jang Min, to run through the second quarter results of 2025. [Foreign language] Good afternoon, this is Jang Min, KT's CFO. KT continues to drive revenue and operating profit growth this quarter while making the effort towards a complete transformation into an AICT company. [Foreign language] Also, the corporate value enhancement plan is well underway, and as part of that value-up plan, we plan to complete a share buyback of ₩250 billion on August 13th. Dividend for the second quarter has been decided at ₩600 per share, an increase of 20% year- over- year. Starting from this quarter, even for quarterly dividend payouts, dividend amounts will first be declared, which will then be followed by setting up the record date, a system that is shareholder friendly. [Foreign language] KT, as an AICT company, has responded actively to company's AX demand, successfully winning large-scale projects from large companies and IT enterprises, thereby laying the basis for growth. [Foreign language] Under the multi-model strategy roadmap, we launched KT's proprietary LLM, Mi:dm2.0, last July and will be completing AI full lineup with the unveiling of the open source model and Microsoft collaboration model in sequence. Based on KT's proprietary model, Mi:dm2.0, we won AI platform build projects from large companies, Gyeonggi Provincial Government, and Korea Water Resources Corporation, further cementing our positioning in the public sector. [Foreign language] Microsoft collaboration continues also as we roll out new services. In July, AI Agent, powered by Azure OpenAI-based large language model, was integrated into Genie TV, expanding the AI use case. In the second half, we plan to launch AI model better tailored for Korea that is powered by ChatGPT 4.0 and Secure Public Cloud, which uses top-notch security protocol, confidential computing, in order to kickstart our reach into the market. [Foreign language] To proactively strengthen security, KT has a plan to invest a cumulative ₩1 trillion in information security over five years. To make sure customers can feel safe in using telecom services in their everyday routine, we will innovate our information security system. [Foreign language] From now onwards, I will move on to financial results for the second quarter 2025. [Foreign language] Operating revenue increased 13.5% year- over- year, reaching ₩7.4274 trillion. Operating profit was up 105.4% year- over- year, reaching ₩1.0148 trillion on the back of balanced growth from telco business and the group's core portfolio, as well as profitability improvement efforts and one-time gains from real estate sales. [Foreign language] Net income increased 78.6% year-over-year to ₩733.3 billion, driven by higher operating profit. EBITDA was up 36.3% year-over-year, reporting ₩1.9907 trillion. Next page is operating expense. [Foreign language] Despite a decline in labor costs due to costs of real estate sales project at Kangbook division and increase in COGS from growing wireless handset sales, operating expense was up 5.9% year-over-year, recording ₩6.4126 trillion. Next is on financial statement. [Foreign language] Debt-to-equity ratio as of June end of 2025 was 123.5%, while net debt ratio edged up 3.3% year-over-year, reaching 36.8%. Next is CAPEX. [Foreign language] Total CAPEX spend by KT and its major affiliates was in total ₩1.3643 trillion on a cumulative basis as of Q2 2025. KT's separate basis, cumulative CAPEX as of Q2, was ₩845.8 billion, while CAPEX of major group affiliates amounted to ₩518.5 billion. Next is on the breakdown of results by each business segment. [Foreign language] Firstly, wireless revenue increased 0.9% year- on- year, reporting ₩1.7817 trillion. [Foreign language] Whilst 5G subscribers accounted for 79.5% of total handset subscribers due to the impact from subscriber addition through MNP. MNO subscriber increased 3.4% Q- on- Q. Next, the fixed line business. [Foreign language] On the back of GiGA Internet subscriber growth and expanded value-added services, broadband revenue increased 2.1% year-over-year, reporting ₩631.4 billion. [Foreign language] On net IPTV subscriber adds and premium plan uptake, Media business posted 0.8% growth year-over-year. [Foreign language] Home telephony revenue recorded ₩176.2 billion, up 0.4% year- on- year. Next, KT's B2B services. [Foreign language] Despite streamlining of low margin businesses, B2B service revenue posted 4.5% year-on-year growth on balanced growth coming from telecom and AI and IT services. [Foreign language] Thanks to the growth of design and build projects and cloud business, AI, IT business revenue saw 13.8% year-over-year growth. [Foreign language] Next, moving on to performances of our major subsidiaries. [Foreign language] BC Card revenue fell 6.9% year-over-year to ₩909.8 billion as acquiring volume declined, but operating profit was kept flat year-over-year through risk management and profitability enhancement efforts. [Foreign language] Content subsidiaries reported 6% year-on-year revenue growth on the back of production and distribution expansion by KT Studio Genie and increase in subscribers of KT Millie's Library. [Foreign language] KT Cloud saw its revenue grow 23% year- on- year, driven by growing data center usage by global customers and expanded DBO project wins. [Foreign language] KT Estate revenue increased 2.0% year- on- year, reaching ₩160.4 billion, driven by growth in rental revenue from office and hotels. [Foreign language] This has been an update on KT 's earnings for the second quarter 2025. KT will endeavor to complete the transformation into an AICT company, and through successful execution of the corporate value-up plan, we will drive KT 's corporate value a notch higher. [Foreign language] We look forward to your ongoing support and interest from the investors and analysts. Thank you very much. [Foreign language] For details, do refer to the earnings material that we have given out. We will now take your questions from the participants. Please would like to ask that you limit your questions to two per person. [Foreign language] Now the 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. [Foreign language] The first question will be provided by Joonsop Kim from KB Securities. Please go ahead with your question. [Foreign language] Thank you for taking my question. I would like to ask two questions. First on AI business direction going forward, and second is a question relating to how you see the MNP market following the repeal of the Handset Subsidy Act. Regarding the AI business direction, you've talked about the full AI lineup as well as your estimates as to a steep growth going forward from your AI and IT business. Because AI scope really includes wide-ranging aspects, we'd like to know where KT wants to focus on going forward that will help us understand better in terms of your AI business direction into the future. Second question, how do you see the MNP market following the repeal of the Handset Subsidy Act? Because different people see the market differently, we'd like to understand as to what KT 's thoughts are regarding the MNP market going forward. [Foreign language] Thank you for those questions. Regarding the first question on our AI business direction forward, I would like to just summarize that point into three main items. [Foreign language] Now, the first strategy that we have is through the partnerships with global big techs like Microsoft, as well as the partnership that we have, the exclusive licensing partnership that we have with Palantir. We've been able to really enhance our competitiveness and fill up the gap that we internally did not have. By leveraging these aspects, we want to be able to provide new AI services to our customer base that includes Secure Public Cloud as well as K-GPT, the more Korean-tailored type of GPT services. [Foreign language] The second strategy is, as I've mentioned during my opening presentation, we have taken on a multi-model based strategy. Not only will we be using the Microsoft collaboration model, but as you know, over the past year we've been developing our internal model, which is Mi:dm2.0. We will continuously make enhancements to that so that we can come closer to the needs that our customers have. We will also be leveraging open source models like Llama to provide and build the AI services that our customers require. [Foreign language] Moving on to the third strategy, we will be leveraging such AI capabilities and services and managing the network that we have and also providing media-related services. A good case in point is we've basically installed an AI agent that is based upon Microsoft Azure Open Service into our Genie TV set-top box, as well as using such AI capabilities in enhancing the operational efficiency of our 5G base stations. We will be continuously leveraging such AI capabilities. [Foreign language] Responding to your second question about what impact there was following the lifting of the Handset Subsidy Act as well as the market impact, firstly, as you know, even though there was a launch of Galaxy flagship handset model, we did not see any overheating of competition in the market. [Foreign language] If when the iPhone, the next versions are introduced into the market, competition in the market may heat up, so there is that possibility. Having said that, we do not believe, it is our belief that it is not going to be long lasting even if that happens. [Foreign language] Now, I say that because of three main reasons. First being, already the 5G penetration is above 80%, and also the handset replacement cycle has gotten longer compared to the past. Right now, it is an important timing for all the telcos to really focus and invest into the new business areas relating to AI and IT. That is the basis upon which I believe that that's why the competition in the wireless market, even if it exists, is not going to be long lasting. [Foreign language] Next question, please. [Foreign language] The following question will be presented by Hoi Jae from Daishin Securities. Please go ahead with your question. [Foreign language] Thank you. I'm Kim Hoi Jae from Daishin Securities. Before asking the question, I would like to first congratulate Jaegil Choi, the new IRO. I look forward to very good and productive communication going forward as we've done in the past. My two questions are, the first is your second quarter results have been quite outstanding. We'd like to know what your therefore outlook is for the second half of the year. Regarding the value-up plan, you've made the implementation disclosure already. We'd like to understand as to what the update is. Would you be considering any changes to your dividend or your share buyback plans? [Foreign language] Responding to your question, the first one on the second half outlook, in Q2, there was a significant one-off gain from our real estate business. That had a big impact on bringing a good performance. Even aside from that, if you look at our separate basis statements, you will see that our year-over-year performance had been quite, it was quite good. It was very good. We think that we will be able to continue on with that good momentum into the second half of the year, considering the fact that we will be able to sustain a very solid service revenue uptrend. [Foreign language] Now, on the cost side, we were able to drive an improvement in our headcount. We are keeping our labor costs. We're managing that quite well. On the depreciation side, we have completed the depreciation on our 5G. We see the depreciation cost coming down. There may be some concern on the commissions paid as well as the selling-related expenses. There may be slight risk there, but these are numbers that are linked to our earnings performance. We're not at all greatly worried about this item. [Foreign language] Regarding the second question about our dividend payout plan, first off, basically our basis upon which we make the dividend decision is 50% of adjusted net profit. We have declared and made the decision on dividend per share of ₩600 already, which is actually in excess of that criteria. Having said that, as long as we, and as we are confident that we will be able to carry on with the performance levels into Q3 and Q4, I believe that at minimum the BoD will continue to make such decisions in alignment with the market expectations. [Foreign language] In terms of how our shareholder return program will look like after next year, of course, the BoD will make appropriate decisions as we go forward. In light of the fact that we are seeing an improvement on our bottom line and the fact that our dividend program is shareholder-friendly and market-friendly, I can tell you that you can expect that we will not, in any circumstances, fail the expectation of the market. In terms of the value-up plan, under the value-up plan, we will be making additional share buyback in the size of ₩1 trillion. We've already done ₩250 billion. Over the coming three years, we will, in sequence, be making that share buyback in the amount of ₩750 billion. [Foreign language] This ends the Q&A for today. Thank you for your time and interest. We will close the earnings call for the second quarter of 2025. Thank you for joining us despite your very busy schedule.