Good morning and good evening. Thank you all for joining this conference call, and now we will begin the conference of the third 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 Jaegil Choi, KT's IRO. We will begin the third quarter 2025 earnings presentation. [Foreign language] Please be reminded that today's presentation includes KIFRS-based financial estimates and operating results which have not yet been reviewed by an outside auditor. We therefore cannot ensure accuracy nor completeness of financial and business data aside from the historical actuals. Please note that these figures may be subject to change in the future. [Foreign language] With that said, let me now invite our CFO, Min Jang, to discuss KT's Q3 2025 earnings. 안녕하십니까, KT 재무실장 장민입니다. 먼저 2025년 3분기 실적 발표에 앞서서 불법 초소형 기지국을 통한 무단 소액결제 피해와 침해 사고가 발생하여 고객과 투자자 여러분들께 우려를 끼쳐드린 점에 대해 사과의 말씀을 드립니다. Good afternoon, this is Chang Min, KT's CFO. Before going into the earnings for Q3 2025, I would like to extend my sincere apologies to our customers and investors for the unauthorized micropayments and infringement incident perpetrated through the illegal base station connection. 현재 저희는 불법 소액결제 피해 고객과 개인정보 유출 고객에 대해서 종합적인 보상안을 마련하여 시행 중입니다. 11월 5일부터는 전 고객을 대상으로 유심 무상 교체를 실시하고 있습니다. 앞으로 KT는 고객 보호의 재발 방지를 위해서 기술 제도적 보완책을 마련하고 선제적으로, 선제적이고 포괄적인 보안 강화 조치에 최선을 다하겠습니다. KT is currently implementing a comprehensive plan to compensate customers affected by such unauthorized micropayments and personal information breach. Starting November 5, KT is replacing USIM free of charge for all of its customers. Going forward, KT will do its utmost to put in place technical and system-based guardrails to protect customers and to ensure that such incidents are prevented through preemptive and far-reaching security measures. KT는 11월 4일 대표이사 선임 프로세스를 공식적으로 개시했습니다. 사회이사 전원으로 구성된 이사 후보 추천 위원회에서 다양한 경로를 통해서 후보군을 구성하고, 연내 대표이사 후보 1인을 이사회에 추천할 예정입니다. 이후 이사회의 최종 확정을 거쳐서 주주총회에서 신임 대표이사가 최종 선임될 예정입니다. On November 4th, we officially began the process for CEO nomination. KT's Director Candidate Nomination Committee, comprising of all of the independent auditors, will select a pool of candidates from various different channels to recommend one candidate to the board of directors before the end of the year. The BOD will then make the final confirmation, and the new CEO will be appointed at the general meeting of shareholders. 그럼 지금부터 2025년 3분기 KT 실적에 대해 설명드리겠습니다. Now I will move on to KT's third quarter earnings for 2025. 통신, 번호가 그룹 핵심 포트폴리오의 성장이 지속되고. 광진구 개발 분양 이익이 반영이 되면서 이번 분기에도 매출과 영업이익의 성장세를 이어갔습니다. Based on our telco business and continuing growth of group's core portfolio, as well as real estate profit gained from Gwangjin District development, KT sustained growth in revenue and operating profit this quarter. 또한 글로벌 빅테크 기업과의 협력을 통한 구체적인 서비스 출시와 KT 이노베이션 허브 개설을 통해서 AX 사업 실행 거점을 확보하는 등 AICT 기업으로의 본격적인 전환을 가속화하고 있습니다. We are also collaborating with global big tech companies to launch specific services and have secured a solid footing for AX business execution by opening KT Innovation Hub, placing momentum behind the transformation towards an AICT company. 독자 개발 모델인 리듬K 2.0, 그리고 마이크로소프트와 협력 기반의 모델인 소타K, 마지막으로 메타의 오픈소스 활용 모델인 라마K 등. 라마K 등을 순차적으로 출시하면서, 한국적 AI LLM 라인업을 시장에 선보였습니다. AI 멀티모델 전략 아래서, 언론, 교육, 공공, 금융 섹터 등 다양한 분야에서 AI 활용 저변을 확대해 나갈 계획입니다. We released consecutively our proprietary model, Mi:dm 2.0, SOTA K, which is a model developed in collaboration with Microsoft, as well as Llama K based on Meta's open source technology, introducing AI LLM lineup catering to Korean requirements. Under the AI multimodal strategy, we will expand AI-driven usage base across various verticals, including media press, education, public, and financial domains. [Foreign language] In October, we opened KT Innovation Hub under strategic partnership with Microsoft, where we can hold exhibitions on AX and AI experience and provide industry-specific consulting services. AI experts of both companies, together with our clients, will be working together in the hub to explore new AX business opportunities. 2025년 3분기 배당금은 주당 KRW 600으로 1분기와 2분기에 이어서 전년 동기 대비 20% 사양된 배당 수준을 유지하고 있습니다. Third quarter dividend is KRW 601 per share, as we maintained 20% higher dividend payout year- over- year, as was the case in Q1 and Q2. 기업 가치 제고 계획도 차질 없이 이행되고 있습니다. SotaK를 출시하는 등 AICT 기업으로의 구조 전환을 위한 역량 확보에 구체적인 성과가 있었고. 저수익 사업 합리화와 비핵심 자산 유동화를 통한 수익성 개선과 자산 효율화도 지속되고 있습니다. Corporate value enhancement plan also is ongoing as planned. We had concrete results in securing capacity required for structural transformation into becoming an AICT company, with SOTA K launch being one of such endeavors. We continue to work on streamlining asset and driving profitability enhancements through rationalizing low-margin businesses and liquidation of non-core assets. 또한 기업 가치 제고 계획의 일환으로 추진한 KRW 25 billion 규모의 자사주 매입을 August 13에 완료하였습니다. As part of the value enhancement plan, we also completed KRW 250 billion share buyback on 13 August. 지금부터 2025년 3분기 재무 실적에 대해서 말씀드리겠습니다. Next on financial performance for Q3 of 2025. 영업 수익은 전년 동기 대비 7.1% 증가한 KRW 7,126.7 billion입니다. 영업 이익은 통신과 부동산, 클라우드와 데이터 센터 등 핵심 사업의 지속적인 성장과 수익성 개선 노력, 그리고 일회성 분양 이익의 영향으로 전년 동기 대비 16% 증가한 KRW 538.2 billion을 기록했습니다. Operating revenue was up 7.1% year- over- year, reporting KRW 7.1267 trillion, and sustained growth from core businesses including telecom, real estate, cloud, and data center and profitability improvement efforts, as well as one-time real estate sales gains. Operating profit was up 16% YoY, reporting KRW 538.2 billion. [Foreign language] Net income was up 16.2% YoY, recording KRW 445.3 billion, driven by increase in operating profit. EBITDA increased 5.2% YoY, reaching KRW 1,503.9 billion. 다음 페이지에서 영업 비용에 대해 설명드리겠습니다. Next page, I will walk through the operating expense items. [Foreign language] Operating expense increased 6.4% year on year to KRW 6 trillion 588.6 billion, an increase in cost of goods sold, cost of services, and selling expense. Next is financial position of the company. [Foreign language] Net to equity ratio as end of September 2025 was 123.3%, while net debt ratio went up 4.2 percentage points year- over- year, reaching 34.5%. Next on CapEx. [Foreign language] Total CapEx up to the third quarter of 2025 of KT and its main subsidiaries accounted for KRW 1,963.7 billion. KT's separate basis CapEx was KRW 1,329.5 billion, while major subsidiaries spent KRW 634.2 billion. Next, performance breakdown by business. [Foreign language] Wireless revenue was up 4% year on year, reaching KRW 1,809.6 billion. 5G를 중심으로 가입자 기반이 확대되면서 매출 성장을 견인했습니다. 5G 보급률은 3분기 말 기준으로 80.7%입니다. 다음은 유선 사업입니다. Subscriber base expansion around 5G drove the top-line growth, with 5G penetration as of third quarter end reaching 80.7%. Next is fixed-line business. [Foreign language] Broadband internet revenue increased 2.3% year on year to KRW 636.7 billion on the back of GiGA Internet subscriber growth and value-added services. 미디어 사업은 IPTV 가입자 순증 확대와 프리미엄 요금제 판매 노력에 힘입어서 전년 동기 대비 3.1% 성장했습니다. Backed by higher IPTV subscriber net addition and sale of premium plans, media business posted growth of 3.1% year-over- year. [Foreign language] Home telephony revenue fell 6.6% year- over- year to KRW 160.9 billion. Next is B2B business. 기업 서비스 수익은 저수익 사업 합리화의 영향에도 불구하고 기업 메시징과 기업 인터넷 등 네트워크 기반 사업의 성장으로 전년 동기 대비 0.7% 증가했습니다. B2B service revenue reported 0.7% year- over- year growth on the back of enterprise messaging, corporate broadband, and network-based business growth despite streamlining of low-margin businesses. AI IT 사업은 의 대형 고객사 수주와 매출화가 지속되었지만 선택과 집중 전략에 따른 일부 사업의 구조 개선 영향으로 전년 동기 대비 매출이 5.7% 감소했습니다. 다음은 주요 그룹사 실적입니다. For the AI and IT business, revenue came down 5.7% year- over- year due to structural enhancement work done on certain businesses in line with our selective focus strategy, notwithstanding AICT project wins from large customers and ongoing monetization. Next is performance of major subsidiaries. 콘텐츠 자회사는 오리지널 콘텐츠 제작 편수 축소로 매출이 전년 동기 대비 1.8% 감소했습니다. Revenue from content subsidiaries dipped 1.8% year- over- year due to less number of original title production. [Foreign language] KT Cloud revenue was up 20.3% year on year following higher data center usage by global clients and AI cloud demand growth. [Foreign language] KT Estate revenue was up 23.9% year on year to KRW 186.9 billion, backed by good performance from hotel business and new development projects. 지금까지 KT의 2025년 3분기 실적을 말씀드렸습니다. 다시 한번 최근 발생한 고객의 무단 소액 결제 피해와 침해 사고로 심려를 끼쳐 드린 점 사과의 말씀을 드립니다. 저희 KT는 정부 조사에 성실히 협조할 계획이며 네트워크 안전 확보와 고객 보호 조치를 강화하기 위해 총력을 다하겠습니다. This ends the report on KT's third quarter earnings result. Once again, I would like to extend my sincere apology for causing concern over unauthorized micropayments and the infringement incident. KT will cooperate with the government's investigation process and exert our utmost effort in ensuring network security and stronger customer protection. 또한 저희 KT는 앞으로도 AICT 기업으로의 완전한 변화와 기업 가치 제고 계획의 성공적인 이행을 통해서 회사의 가치를 한 단계 더 높일 수 있도록 노력하겠습니다. We will bring true AICT transformation. By successfully implementing the corporate value enhancement plan, we'll endeavor to drive stepwise upgrade in KT's corporate value. 투자자와 애널리스트 분들의 많은 관심과 성원을 부탁드립니다. 감사합니다. Once again, thank you to our investors and analysts for your continued interest and support. [Foreign language] For more information, please refer to the document and materials that we had previously circulated. We will now begin the Q&A session. To give as much opportunity as possible, we would like to ask that you limit your questions to two per person. [Foreign language].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. [Foreign language]. The first question will be provided by Kim Hoi-Jae from Daishin Securities. Please go ahead with your question. 네, 안녕하십니까. Daishin Securities 김혜재입니다. 두 가지 질문 드리겠습니다. 저는 3분기까지 계속해서 양호한 실적을 달성하고 있는데요. 4분기에는 통상적으로 계절성 비용 등이 반영되면서 예측이 좀 어려운데 4분기 실적 전망 좀 부탁드리고요. 두 번째는 3분기까지 600원씩 배당 결의하셨는데. 4분기에 혹시 뭐 조금이라도 배당 상승 가능성이 있는지 궁금하고 2025년부터 저희가 1조 원 자사주 취득 소각 프로그램이 진행 중인데 혹시 내년에는 규모가 좀 더 커질 수 있을지도 궁금합니다. 감사합니다. Thank you for taking my question. I am Kim Hoe-Jae from Daishin Securities. You were able to record good financial performance up until the third quarter. I know that for the fourth quarter, usually there is a seasonality expense-related impact, so it will be hard to make that projection, but still would like to get some color as to what your projection is going forward for the fourth quarter. You have decided to pay out dividend per share of KRW 600 up until Q3. Just wondering whether there is further upside to the dividend payment for when the fourth quarter comes. Also, in 2025, you had decided to do a share buyback and cancellation in the amount amounting to KRW 1 trillion. Just wondering whether in 2026 you will be able to grow that size of share buyback and cancellation. 예, 질문 감사드립니다. 먼저 첫 번째 4분기 실적 전망에 대해 말씀을 드리겠습니다. 4분기에는 말씀하신 것처럼 계절성의 이슈도 있고 또 저희가 지금 시행 중인 고객 보상안의 비용도 반영되어야 하고 과징금 등의 이제 불확실성도 있기 때문에 저희가 보수적으로 전망하고 있고 하지만 고객의 피해나 저희 재무적인 영향은 최소화하기 위해 노력 중에 있습니다. Thank you for that question. Responding to the question on Q4 outlook, as you have correctly mentioned, in the fourth quarter there are usually seasonality issues, and also we have to consider the measures to compensate for our customers. There are certain uncertainties that currently exist relating to the fines or the penalties that we will be subject to. At this point, we are taking a quite conservative stance when it comes to making a forecast going forward, but we are putting our utmost efforts to minimize any impact or any damage to our customers and also to our financials. 예, 하지만 저희가 3분기까지 안정적인 실적을 보여왔고 하기 때문에 2025년 연간으로 볼 때는. 그간의 매출 성장과 수익성 개선 노력, 그리고 NCP의 일회성 이익들, 그리고 핵심 사업 중심의 그룹사 성장을 통해서 연결과 별도 기준 모두 전년 대비로는 성장할 것으로 전망하고 있습니다. Now, however, because we were able to report quite solid performance up until Q3, if we were to make projections on the full year 2025 financials, thanks to our effort in growing our top-line growth, at the same time improving the profitability, and considering that there was also a one-off gain from the NCP business, the real estate, and also due to the fact that we are able to drive our core business-centric group affiliate growth, we believe that both on a consolidated and separate basis, we could achieve a year-over-year growth. [Foreign language] On the second question, basically when it comes to the dividends, yes, there will be a one-time impact coming from this hacking incident, and there will be certain uncertainties in terms of its impact on the financials. However, we will be considering the annual-based financial performance as well as the expectations that the shareholders have, based upon which I am most certain that our BOD will make a reasonable decision. 그리고 마지막으로 저희가 추가 KRW 1 trillion 자사주 매입 계획을 발표한 것 관련해서 아까 말씀드린 대로 올해는 KRW 250 billion 자사주 매입을 완료하였고 내년도의 규모는 아마도. 저희 밸류업 계획은 계속될 것이기 때문에 시장 신뢰를 고려해서 어느 정도 균등한 기준으로 갈지 좀 조정이 있을지는. 경영 환경 변화에 따라서. 유연하게 결정할 수 있도록 이사회에서 협의가 될 예정입니다. Lastly, regarding our announcement of the plan to do the share buyback and the cancellation amounting to a total size of KRW 1 trillion. For this year, we had already conducted the buyback and cancellation amounting to KRW 250 billion, and your question was whether for next year can you expect about the same amount or more, you know, bigger as we go forward. I can tell you that our value of plan will continue to be implemented, and in consideration of the confidence that the market is giving us, we will make sure that either this could happen on the same size basis as it was for this year or as for next year, or there could be certain adjustments. We will very flexibly and nimbly respond to changes in the overall operational backdrop in deciding on the specific size. 네, 다음 질문 받겠습니다. Next question, please. [Foreign language]. The following question will be presented by Lee Chan-young from Eugene Investment & Securities. Please go ahead with your question. 네, 안녕하십니까. 유진투자증권 이찬영입니다. 질문 기회 주셔서 감사합니다. 질문 드린 내용은 최근의 해킹 이슈, 해킹 이슈 관련입니다. 그 고객 보상, 그리고 향후 재발 방지를 위한 보안 강화 투자 등 이번 사태로 인해 발생할 수 있는 재무적 여파를 좀 어느 정도로 추산하고 계신지 궁금합니다. 그리고 이제 혹시 관련 비용이 이번 분기 실적에 좀 반영이 되었거나 향후 몇 분기에 걸쳐 반영이 될 예정인지 그 시점과 규모에 대해 설명 부탁드립니다. 감사합니다. Thank you. I am Lee Chan-young from Eugene Investment & Securities. My question relates to the recent hacking incident. I would like to understand as to what the financial impact will be in line with your compensation to the customers and your subscribers, and also. For the measures that you are putting in place to make sure that you prevent a recurrence of such incident going forward. I would like to know the extent of this expense that is currently captured in Q3 numbers, and also going forward, what will be the timing or the scope of that expense. 네, 질문 감사합니다. 제가 아까 말씀드린 바와 같이 그 저희가 소액 결제 피해나 개인정보 유출 고객 대상으로 종합적인 보상안을 시행하고 있고, 또 11월 5일부터는 KT 전 고객 대상으로 USIM 무상 교체를 진행 중에 있습니다. 추가적으로 어떤 피해가 있는지에 대해서는, 만약 있다면 현재 민간 합동 조사단 조사가 경찰 조사와 경찰 수사가 진행 중이기 때문에 그 결과에 따라서 최종적으로 그 규모가 결정될 예정입니다. Thank you for that question. As I've mentioned before, we have put in place a measure and a compensation plan to compensate for any harm that had been inflicted due to the unauthorized micropayment incident as well as the data breach issue. Also, on November the 5th, we had made the announcement that we will be replacing the USIM cards of all of the KT customers. If, when we go through this investigation process by the government as well as the police, additional harm is identified, then eventually the final amount of that compensation will be determined. 그리고 그 규모와 시기에 대해서는 저희가 아직 완벽하게 추산하기는 어렵지만, 일단 KT 전 고객 대상 USIM 칩 교체 비용은 4분기에 반영될 예정이고, 그 외에 무료 데이터나 15만 원 단말 요금 할인 등 저희 피해 고객들한테 해주려고 하는 혜택들은 미래 발생 시점에 인식될 예정입니다. Now, in terms of the timing as well as the size of this expense, we cannot make a perfect prediction based on where we are today. However, we believe that in terms of the USIM chip replacement, the relevant cost will be recognized under Q4 figures. There's also free data that we are planning to provide and KRW 150,000 discount on the handset tariff as well as certain other expenses. Now, these expenses, when they are actually incurred, that will be the timing upon which it will be booked in our financials. 예, 저희는 이미 시장에 향후 5년간 KRW 1 trillion 이상의 정보 보안 관련된 분야에 투자를 하는 것을 계획하고 있고, 이걸 시장에 언론스 했고요. 이미 과거에도 연간 한 KRW 120 billion-KRW 130 billion 정도 수준의 이 관련 투자를 했기 때문에 향후 5년간 KRW 1 trillion의 투자는 그렇게 크게 부담스럽지 않은 규모로 생각을 하고 있습니다. 이상입니다. Now, we've also already made an announcement to the market that for the coming five years that we have put in place an information security-related investment in the amount that exceeds KRW 1 trillion. We've actually, you know, communicated that plan with into the market. And looking back at our track record, we've been investing about KRW 120 billion-130 billion on a per annum basis for this security purposes. So we believe that this KRW 1 trillion, which we'll be investing in the upcoming five years, is not going to be overly burdensome for the company. 네, 다음 질문 받겠습니다. Next question, please. [Foreign language]. The following question will be presented by Shin Eun-jung from DB Securities. Please go ahead with your question. 네, 안녕하세요. DB Securities 신은정입니다. 질문 하나 있는데요. 저희 대표이사 선임 절차가 시작됐는데 이거 관련해서 프로세스 좀 설명 부탁드리고요. 그 대표이사 교체 시에는 밸류업 이행에 영향이 있는지 또 아니면은 좀 뭐 변화가 없는지 그것도 관련해서 말씀 부탁드립니다. Thank you. I just have one question. Your CEO appointment process has just begun. Can you just walk us through the process under which your new CEO will be appointed? When there is a new CEO that comes into office, will there be any changes to the current value-up program that the company has? 예, 질문 감사드립니다. 첫 번째 질문하신 CEO 선임 프로세스에 대해 먼저 설명드리겠습니다. 지난 2023년 11월 4일 CEO 후보군 구성원 논의를 시작으로 선임 절차가 공식적으로 개시가 되었고, 이사회 규정에 따라서 이사 후보 추천 위원회는 사회이사 8인으로 구성되어 이 절차를 진행하게 됩니다. Thank you for that question. Let me walk you through our CEO appointment process. We've actually officially kickstarted the discussion process on appointment of the new CEO as of November the 4th, and under the BOD rules, there is going to be a director candidate recommendation committee that's going to be comprised of all of our independent directors, who are eight of them in total, and they will go through the relevant processes. CEO 후보군은 외부 전문기관의 추천, 그리고 공개 모집, 그리고 저희 주주 추천, 마지막으로 규정에 따른 사내 후보군 중에서 구성을 하게 되고, 이 추위에서 서류와 면접 심사를 통해서 올해 말까지 CEO 후보 1인을 선정할 계획입니다. First off, we begin with the candidacy pool of the CEO, who's going to be recommended by a third party, an outside entity, and also we will go through an open call process as well, and also receive recommendation from the current shareholders, as well as include a candidate from internally from inside the company. The director candidate recommendation committee will then go through the screening and vetting process based upon the documentation, and we'll also engage in interviews, and by the end of the year, the committee is going to select one CEO candidate to be tabled at the BOD. 이사 후보 추천 위원회에서 선발된 CEO 후보 1인이 이사회에서 최종적인 후보로 확정이 되고, 2026년 주주총회 의결을 통해서 CEO로 최종 선임될 예정입니다. This one candidate that is recommended by the recommendation committee is going to be tabled at the BOD, BOD making the final confirmation on that candidate, and this candidate will go through the general meeting of shareholders deliberation process in 2026 to be finally appointed as the CEO of the company. 마지막으로 질문해 주신 밸류업 계획의 지속 가능성에 대해서는 저희가 밸류업 계획은 작년 아시는 것처럼 작년 11월에 회사가 이사회 결의를 통해서 시장에 공시를 했고, 지난 5월에는 이행 현황까지 공시를 한 바가 있습니다. 하기 때문에 꼭 CEO 교체와 밸류업 계획의 지속은 크게 뭐 그것 때문에 밸류업 계획이 무산될 가능성은 저는 없다고 보고요. 이사회가 계속 그 밸류업 계획을 현재의 방향으로 인식하고 있는 한 저희가 계속해서 기업 가치 제고 계획으로 시장과 약속한 액션 플랜들은 지속될 것으로 생각을 합니다. Lastly, your question on the consistency or the sustainability of the current value-up plan that's in place. The company went through the BOD resolution last November and had made appropriate market disclosure, and we also went through the disclosure on the implementation progress in May as well. I do not think that there is a correlation between the CEO change and the changes to the value-up plan. Basically, because of a new CEO, it's not that the value-up plan itself is going to be made invalid, for instance, because the BOD understands the direction for the company that is stipulated in the value-up plan, and actually the value-up plan is a commitment and promise that we make to the market, and therefore I believe the action plans that are included in the plan itself are going to be sustained.