Good morning and good evening. Thank you all for joining this conference call, and now we will begin the conference of the Fiscal Year 2025 Second Quarter Earnings Results by LG Uplus. This conference will start with a presentation, followed by a divisional Q&A session. Our call is being webcasted on our homepage so that you can follow the conference simultaneously. Today's conference call will be presented for one hour, and due to schedule, we would appreciate if questions are limited to two per person. Now we will begin the presentation on LG Uplus's Second Quarter of Fiscal Year 2025 Earnings Results. [Foreign language] Good afternoon, this is Sangheum Mun, Head of the IR team at LG Uplus. Thank you all for joining our Second Quarter 2025 Earnings Report of LG Uplus. Please refer to the presentation, and for the benefit of ease of comparison, we are presenting our revenue breakdown and operating expense on the basis that excludes LG Hello Vision. Also be reminded that all of the projections we are providing today are subject to change depending on macroeconomic and market backdrop. We will also be providing consecutive interpretation for the benefit of the overseas investors as well. With that, we will begin our second quarter performance highlights followed by the Q&A. At the end, I will now turn it over to our CFO, Yeo Myung Hee, who will run through the second quarter 2025 earnings and business results. [Foreign language] Good afternoon, this is Yeo Myu ng Hee, CFO of LG Uplus. Thank you to analysts and investors for joining the company's Second Quarter 2025 Earnings Call. [Foreign language] LG Uplus reported a turnaround in the second quarter, continuing on from the first quarter, sustaining a consecutive uptrend in earnings. It's meaningful to see that our stance on profit-driven operations is paying off with material results. [Foreign language] We believe this outcome was thanks to the efforts behind structural cost competitiveness improvements, which led to tangible results. We did not simply end with cost savings aimed at resource optimization, but reallocated resources more efficiently and further solidified the basis for earnings generation by enhancing AX productivity through the use of AI work agents. On this basis, we successfully implemented AX product differentiation as displayed by ixi-O. We were also able to expand into AX business such as AICC and IDC DBO, which would generate greater added value. [Foreign language] Also, in mobile business, driven by distinctive growth strategies focusing on digital, we attained solid subscriber growth and stable top-line expansion. It's noteworthy to mention that continuing efforts to strengthen services and improving competitiveness in security through Anti-Deep Voice and Anti-Deep Fake helped us gain high-level trust as we cemented our market positioning. [Foreign language] As a result, we broke KRW 300 billion in quarterly operating profit for the first time, rewriting the historical record for the quarter. Next, moving on to the details of our second quarter financials. [Foreign language] LG Uplus's Q2 service revenue posted a growth of 2.5% year -over-year, both on a consolidated as well as on a standalone basis. Consolidated Q2 operating profit was up 19.9% year-on- year, reaching KRW 304.5 billion. [Foreign language] Consolidated net profit was up 31.9% year-on- year, reporting KRW 217.1 billion, while EBITDA increased 6.2% year-on- year, reporting KRW 977.2 billion, sustaining an uptrend in operating cash flow. [Foreign language] Consolidated debt-to-equity ratio improved by 8.8 percentage points versus year-end 2024, recording 116%. CapEx spend in Q2 2025 was KRW 393.3 billion, down 29.4% year-over- year. [Foreign language] Just to highlight, debt-to-equity ratio improved through decrease in borrowings, leading to a stable and improving financial profile when in line with our corporate value enhancement plan. [Foreign language] That was the report on business performance and financials. We now invite each business division to report on their earnings and outlook. [Foreign language] First on mobile business, this is Kang Jin-wook, Head of Mobile and Digital Innovation Group. [Foreign language] Second quarter 2025 mobile service revenue was up 4.3% year-over- year, reporting KRW 1,585.6 billion. [Foreign language] Total mobile subscription count was up 9.9% year-over- year, reaching 29,917,000, driven mostly by growth of MNO and MVNO subscription, with each growing 5.5% and 21.7% respectively. 5G handset subscription also continued to rise, driving penetration to reach 79.9%. [Foreign language] Q2 marketing expense was up 3.5% year-on- year, reaching KRW 540.1 billion on the back of growing subscribers, and share of marketing spend against service revenue was 19.2%, similar to levels of last year, as we continued to be mindful of efficiency in marketing spend. [Foreign language] LG Uplus sought to improve profitability by strengthening mobile service competitiveness while expanding the adoption of ixi-O to Galaxy S21 series and above, broadening the user access to ixi-O's convenient features and voice phishing detection. [Foreign language] We also developed the world's first Anti-Deep Voice technology that detects voice alterations on device powered by AI, as well as Anti-Deep Fake that analyzes AI-generated facial image, aiming to protect customers of LG Uplus against the threat of voice phishing and deep fakes. [Foreign language] LG Uplus will continue to roll out services that best meet customer needs and strengthen the differentiation of AX products, while proactively countering security threats that are becoming more intelligent, to deliver a customer experience that is safe and trustworthy. [Foreign language] Next is on smart home, and this is Park Chan-se ung, Head of Home Business at LG Uplus. [Foreign language] Q2 smart home revenue reported 2.7% year-over-year growth, coming in at KRW 636.6 billion. [Foreign language] IPTV revenue declined 1.3% year-over- year on the back of lower teleshopping and VOD revenue, while broadband internet revenue increased 6.7% year-on-y ear to KRW 302.2 billion on the back of solid giga internet subscriber growth. [Foreign language] IPTV and broadband subscribers were all up year-over- year. IPTV subscribers increased 3.3% to 5,699,000, while broadband subscriber count was 5,479,000, up 4%. [Foreign language] LG Uplus continues to deliver differentiated smart home services while continuously working towards providing a more safe and convenient digital experience to our customers. [Foreign language] During Q2, in just four months since the introduction of the premium safe rate plan, a total of 120,000 attempts to access suspicious phishing sites were blocked, with cumulative subscribers of the plan reaching 50,000. In collaboration with KISA, Korea Internet & Security Agency, and the police, this rate scheme blocks access to suspected smishing sites at its source in order to prevent against monetary harm from smishing. When financial damage is actually done, compensation is covered by the plan, which led to a positive impact on customers' experience of using the internet and providing stronger security. [Foreign language] Also, to further build on the competitiveness of the IPTV content, we scaled our unique subscription service to enhance customer satisfaction. We launched, hence, Premium Subscription 2, adding CJ on top of three terrestrial TV channels and four master program channels, which were previously offered under the previous version of the plan. It's a product that will allow subscribers to view content of eight different channels through a single rate plan, and customers can choose one channel per day and change to another channel the next day, which provides the content of their choice while lowering the subscription cost for the user. [Foreign language] Smart home business of LG Uplus will continue to place foremost importance on digital safety, and we will do our best to deliver a customer-centric digital experience through compelling content and enhancements made to the user environment. [Foreign language] Next is enterprise infrastructure, and this is Ahn Hyung-k yun, Head of Enterprise AI Business at LG Uplus. [Foreign language] Revenue for Q2 was KRW 427.7 billion, down 0.3% year-over- year. [Foreign language] IDC revenue displayed a steady trend in line with the planned tenant's move-in schedule, posting 5% year-over-year growth. Enterprise line revenue fell 1.7%, and despite new business and network revenue growth, solutions revenue dipped 1.9% year-on-year due to the transfer of EV charging business. [Foreign language] For the IDC business, we executed a service operations agreement with KORAMCO Asset Management back in February for K Square Gasan Data Center, which was later followed by an MOU signing in June for IDC development and operations. In light of growing data center demand, we will be building our own data centers, including the one in Paju, but also collaborate with KORAMCO in their build-out and operation of multiple data centers. [Foreign language] For the AICC business, we signed a strategic partnership with a leading global AI service provider, OpenAI, to develop AI-powered solutions. Through the collaboration in the second half, LG Uplus will release an AI-powered contact center based on multi-engine, combining XR1 of LG AI Research with OpenAI's API. This launch will help us gain a technological competitiveness in this field and will help us build up the basis for B2B AI business expansion. [Foreign language] For the B2B infrastructure business, based on solid performance from enterprise line business and with AIDC and AICC as key pillars for growth, we plan to strengthen growth and profitability of the business. We will be nimble in responding to market changes driven by AI and meet wide-ranging needs of enterprise customers so as to become a B2B player defining the age of AX. [Foreign language] That was the business highlights. I invite back our CFO for closing thoughts and second half outlook. [Foreign language] In the second quarter, we drove meaningful results from structural improvement of cost competitiveness. Notwithstanding such, market uncertainties still persist following the repeal of the Handset Subsidy Act. LG Uplus will fortify our fundamental service competitiveness rather than engaging in excessive marketing competition and drive sustainable growth momentum and not be swayed by changing external environment. [Foreign language] Under the overarching direction of stronger shareholder return towards long-term corporate value enhancement, we recently announced a practical way of enhancing shareholder value, meaning we decided to cancel entire treasury shares under our ownership to reduce the number of shares in circulation in order to drive up value per share. [Foreign language] Also, in light of the first half earnings and need to longer-term financial capacity, we decided on additional share buyback of KRW 80 billion. Including share cancellation, we meticulously devised shareholder return schemes with an aim to generate not only short-term value but also mid-to-longer-term financial stability, moving towards sustainable growth. [Foreign language] LG Uplus will periodically review and act on our shareholder-friendly return program and turn the company into one whose value is highly recognized by the market. [Foreign language] Before I close, regarding security-related issues that were recently highlighted, I can tell you that LG Uplus has prioritized the trusted security system as its priority and exerted its utmost effort to set up that very system. Through rigorous inspections and improvements made to the network and overall data security, we have notched up the system to better protect customers' information from outside threats. We will continue to build on that basis and do our best to provide services that customers feel safe with. [Foreign language] In the second half of the year, LG Uplus will continue to sustain its earnings growth momentum underpinned by customer value-centric and AX-driven management, and by nimbly responding to the market, we will achieve annual business goals and improve shareholder value. Thank you. [Foreign language] To commence the presentation, we would like to now begin the Q&A. [Foreign language] Now the Q&A session will begin. Please press star 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. [Foreign language] The first question will be provided by Jaemin Ahn from NH Investment & Securities. Please go ahead with your question. [Foreign language] Thank you. This is Ahn Jaemin from NH Investment & Securities. We would like to first congratulate you on achieving an operating profit of KRW 300 billion. We see that your Q2 numbers were very good, so we would like to gain some more color on what your outlook is for the second half of the year, especially because one of your peers has lost quite a bit of subscribers up to the month of July during the second quarter. This may actually dial up competition in the market, so we would like to gain your insight as to what your thoughts are regarding market outlook as we move into the second half of the year. Second question, you've told us about this additional buyback, and the shareholder return plan seems to be in line with what the market was looking forward to. I would think that on an annual basis, your earnings will be quite good this year. Would that mean there is an added possibility that you may be able to further increase dividends this year? [Foreign language] Thank you, Mr. Ahn, for that question. Just to first walk back and see what were the key momentums or drivers behind our first half figures, in Q1, we were able to sustain the turnaround in operating profit, which was driven by expanded mobile revenue as well as improved structural cost competitiveness. [Foreign language] If you look at our mobile service revenue, it posted a growth of 4.3% year-on- year, reporting the highest level of growth rate since the third quarter of 2021. Looking at marketing spending, it actually increased about 3.5% on a year-over-year basis because of the onboarding of a significant amount of subscribers. If you were to look at the share of marketing spend as against the overall service revenue, it was 19.2%, quite flat and similar compared to the previous level, and that actually drove improvement in profitability. We believe that such trends will continue on into the second half of the year. [Foreign language] Together with such solid top-line growth, we were also able to effectively control the cost aspect as well. We efficiently carried on with CapEx spend, and the increase in the depreciation was quite limited. We were able to drive an improvement in the business structure and AX transformation as well, which actually drove an improvement in productivity. If you look at our labor costs on a year-over-year basis, it showed a decline. [Foreign language] For the second half of the year, we are going to continuously improve on our non-core businesses and be efficient in resource allocation so that we could maximize our bottom line and profitability. We will be quite proactive in incorporating AI technology and speed up digital transformation so that we could reduce the operational costs and further up the competitiveness of the structural aspect of our cost competitiveness. As mentioned, we will do our best to make sure that we can achieve our annual target. [Foreign language] You also asked me a question about shareholder return, and you asked in light of the good first half earnings results, would there be any room for us to further increase dividend? [Foreign language] As you may already know, last month on the 21st, we made a complete cancellation and retiring of the treasury shares that we've been owning in the amount of 1.55%, and we also made a disclosure on additional share buyback in the amount of KRW 80 billion. We will continue on with share buyback and cancellation as we go forward, up until the time we would need the resources for extensive investment. [Foreign language] The reason why we decided to buy back KRW 80 billion is based upon the calculation where we start off with a free cash flow that is estimated or expected for this year, and we deducted the repayment of borrowings, basically which would be required for us to achieve the target debt-to-equity ratio. That was the basis upon which we made the arithmetic calculation, and we will need to stay within 20% of net profit and also reflected the market expectation, what the market had priced in to our share prices. All of those factors were the basis for our calculation. [Foreign language] You also asked whether with more earnings and profit, would there be room for us to further increase dividend payouts. As you know, our dividend policy is to maintain payout ratio at least at 40%, and we've been canceling our treasury shares, and that's going to really reduce the number of shares in circulation. Our stance would be to make sure that we don't go lower on the total amount of dividends that is paid out. On a dividend per share basis, that figure may be higher. [Foreign language] Going forward, the size of share buyback may change as need be. However, we will make sure to communicate fully with the market so that we can effectively enhance corporate value. [Foreign language] Next question, please. [Foreign language] The following question will be presented by Aram Kim from Shinhan Securities. Please go ahead with your question. [Foreign language] Thank you for taking my question. I am Kim Aram from Shinhan Securities. My first question relates to your marketing spend-related outlook for the second half of the year, and what is your marketing strategy going forward? The second question is that LG Uplus has been selected as one of the consortium members for the Sovereign AI Initiative undertaken by the government. What will LG Uplus's role be within that LG AI Consortium, and what kind of business opportunity are you looking forward to? [Foreign language] Thank you for that question. Responding to your question about what our marketing spend outlook is, following the repeal of the Handset Subsidy Act, except for the very day that the act was repealed, we do not see any salient changes. Going forward, it may be the case that competitors and the peers, with the launch of the new iPhone model, the competitors may try to win back and regain the subscribers that have churned. Potentially, from a short-term perspective, marketing competition may be triggered. However, we will make sure that we defend against any excessive and overheating of competition, and our focus will be to control the acquisition costs based on enabling number porting through the digital channels. [Foreign language] We will respond accordingly in line with the government's policy direction, and from a mid-to-longer-term perspective, our competition will be based off of differentiated AI services, not just on the handset price competition. We will be mindful of efficient management of marketing spend, and we go towards expanding investment into new areas such as AI. [Foreign language] Thank you for the question. I am Jeon Byoung Ki, Head of AX Technology Group. With regards to the Sovereign AI Initiative, on the 4th, the government conducted the evaluation of 15 teams that participated in the project for developing a proprietary AI foundation model that is led by the Korean government, the Ministry of Science and ICT. A total of five companies have been shortlisted, and one of them is LG AI Consortium. [Foreign language] Basically, LG came up with a consortium with different entities that have capabilities. If you look at LG, we have our own proprietary AI foundation model dubbed XR1 that is on par with the level of global frontier open models, and we have led the creation of the AX industry ecosystem both in Korea as well as overseas. Because of the capabilities that we have in terms of, for instance, the foundation model, computing hardware, and B2C, B2B, and B2G service domains, we've been able to create a consortium with 10 different companies. [Foreign language] Within the consortium, what LG Uplus will do is that it will take part in the development process of the foundation model and also build practical best cases in B2C and B2B service area that is based off of K-XR1, so that we can enhance the universal access of the people to AI technology and play a pivotal role in defining an ecosystem that is underpinned by K-XR1 and that generates positive impact to our society, industry, and to the economy. [Foreign language] By joining in on the project, we are looking forward to further enhancing our AI internal capabilities, and we believe that this would form the basis for us to drive additional customer experience innovation that is AI-friendly. [Foreign language] Please. [Foreign language] The following question will be presented by Jeon Seok Kim from KB Securities. Please go ahead with your question. [Foreign language] Thank you for good results this quarter. My question relates to IDC and ARCC, which are the enterprise infrastructure businesses. We would like to know what your directions are in terms of the IDC business as you go forward, because you did mention you will expand on the IDC scope to include DBO projects and leasing as well. How does this change from your previous approach? It would be helpful if you could shed light on that aspect. The second question is on your ARCC business. I would think that it would be important for you to acquire strategic customers and also gain the appropriate technologies that's required. Could you provide us with more color regarding your ARCC business? [Foreign language] LG Uplus, first responding to your question about IDC. Basically, we are a company that has a focus on business that is underpinned by the competitive edge that we have in IDC. Since you asked about our business direction going forward, including the DBOs for the benefit of the understanding of the investors, LG Uplus had our business of building our own IDCs based upon which we would provide services to our customers. With the growing demand for IDCs, we have now expanded into the DBO space as well so that we can acquire additional customers, thereby providing the service space as well as IDC-related services. [Foreign language] With those initiatives, we believe that we can further solidify our positioning as a number one service provider within the domestic market as we expand and further solidify our customer base, as well as the foundation for revenue generation. [Foreign language] Next, responding to your question about AICC, right now we're at a phase where the AICC market is just about to open up, starting with the financial industry in terms of the enterprise AI services. Basically, from LG Uplus, we are going to further scale up towards high value-added AX products. We will bring together AI capabilities with connectivity, based upon which we will be releasing and rolling out products that will help the enterprise customers so that we can further expand on our lineup of services. [Foreign language] When it comes to AICC, what's important is for us to use the LLM technology that we have and integrate that into the AICC contact centers. As you know, LG AI Research developed its own LLM called XR1. We will use that together with OpenAI's ChatGPT features. By combining those two, we will be able to have a cutting-edge technology that makes it easier for the system, the language model, to understand what the speaker is saying. Through these efforts, we think that we will be able to further enhance our business efficiency and at the same time strengthen the prospects for revenue growth. [Foreign language] [Foreign language] There are no questions in the queue right now. [Foreign language] With no further questions in the queue, we would now like to close the Second Quarter 2025 Earnings Conference Call of LG Uplus. If you have any unanswered questions, please feel free to contact us at the IR team. Once again, thank you very much.