Good morning and good evening. Thank you all for joining the conference call for the LG Display earnings results. This conference will start with a presentation followed by a Q&A session. If you have a question, please press star and one on your phone during the Q&A. Now we will begin the presentation on LG Display's second quarter of fiscal year 2026 earnings results. [Non-English content] Good afternoon. This is Kim Kyu Dong, Vice President in charge of Finance and Risk Management at LG Display. Thank you for joining our second quarter 2026 earnings conference call. Joining us today are CFO Kim Sung hyun, Vice President Cho Seung hyun in charge of Business Control and Management, Vice President Kim Jong -deok in charge of Large Display Planning and Management, Ahn Yoo -shin in charge of Medium Display Planning and Management, Vice President Baek Seung -ryong in charge of Small Display Planning and Management, Vice President Song Ki Hwan, head of Auto Marketing, and Lee Ki Young in charge of Business Intelligence. [Non-English content] Today's conference call will be conducted in both Korean and English. For more details on the company's performance, please refer to our disclosure, which was released just now, or the investor relations section in the company website. [Non-English content] Please refer to the disclaimer before we begin the presentation. [Non-English content] Please be informed that the financial figures presented in today's earnings release are consolidated figures prepared in accordance with International Financial Reporting Standards. These figures have not yet been audited by an external auditor and are provided for the convenience of our investors. [Non-English content] I will now report on the company's business performance in Q2 2026. [Non-English content] The company's production and shipment for mobile products in Q2 declined due to the seasonality, while shipments of medium and large size products increased, driven by pull-in effects from sporting events, etc. With the Won to Dollar exchange rate remaining high, revenue in Q2 rose slightly YoY and QoQ to KRW 5.6121 trillion. [Non-English content] As for P&L in Q2, the company recorded an operating loss reflecting one-off costs from intensive workforce restructuring. However, with OLED capability stabilizing and company-wide cost reduction efforts continuing, operating performance, excluding one-off costs, was in the black, improving significantly YoY. Even after accounting for seasonality and one-off costs, the company achieved profit for the first half of the year for the first time in five years since 2021. [Non-English content] Operating profit margin was -2% and EBITDA margin 16%. Net income recorded a loss of KRW 418.8 billion due to the impact of FX translation loss, as the exchange rate continued its rise from the previous quarter. [Non-English content] Next is area shipment and ASP trends. [Non-English content] Second quarter area shipment grew by 12% from the previous quarter to 3.6 million sq m, resulting from an expansion in shipments of medium and large size products, despite some changes in the product mix. [Non-English content] Price per square meter fell 13% QoQ to $1,079 following the seasonal decline in shipments of mobile products, which command relatively higher price per square meter. [Non-English content] Next, I will discuss the revenue breakdown by product category. [Non-English content] TV accounted for 21% of total revenue, IT 36%, mobile and others 32% and auto 10%. [Non-English content] In the large size segment, which includes OLED TVs as well as OLED gaming monitors, TVs share of the revenue rose by 5 percentage points QoQ, thanks to increased shipment. Mobile and others declined by 5 percentage points from the previous quarter due to OLED seasonality. [Non-English content] OLED share out of revenue was 57%, increasing slightly YoY. The process of upgrading our business structure, for example, expanding the OLED business and strengthening the company's fundamentals and competitiveness, is still underway as planned, and its benefits are expected to become increasingly evident over time. [Non-English content] Next is financial position and key metrics. Cash and cash equivalents in Q2 was KRW 1.452 trillion, slightly down QoQ. Debt to equity ratio stood at 260% and the net debt to equity ratio at 156%. Exchange rate volatility associated with the high exchange rate has partly affected these financial ratios, but our work to achieve long-term financial stability continues unchanged. [Non-English content] Next is guidance for Q3. [Non-English content] For Q3, shipments of large and mobile OLED products are expected to increase due to the positive seasonality, but the total area shipment is expected to rise by mid-single-digit percent QoQ on the heels of some pull-in effect in Q2 and the ongoing optimization strategy of our IT LCD portfolio. [Non-English content] As for the price per square meter, it is expected to rise by high-teen percent level driven by shipment expansion, thanks to the mobile OLED seasonality. [Non-English content] I will now turn the call over to our CFO, Kim Sung hyun. [Non-English content] Good morning and afternoon. This is the CFO Kim Sung hyun. Thank you for joining us at this conference call. [Non-English content] Allow me to first discuss our Q2 results. In Q2, shipments of medium to large products increased thanks to pull-in effects from sporting events, etc., as well as a favorable exchange rate. It ended in operating loss in Q2 owing to the decline in mobile panel shipment due to the traditional seasonality and one-off costs from previously announced workforce optimization. [Non-English content] Our core business profitability, excluding one-off costs, remained in the black, achieving an improvement of over KRW 100 billion in the first half YoY. We were able to minimize the impact from seasonality and one-off costs in the first half, thanks to the upgrade to OLED-centric business structure based on technological leadership. [Non-English content] To be more specific, we have been undertaking rigorous and ongoing cost reduction initiatives company-wide to strengthen competitiveness. Not only that, there were parallel efforts toward yield improvement, profitability-focused product portfolio adjustment, and revenue expansion through partnerships with global customers, which created the foundation to deliver strong results despite the uncertain external environment. [Non-English content] Although external uncertainties and macroeconomic volatility will persist in the second half, the company plans to continue strengthening our competitiveness around two pillars: securing top-tier technology and advancing cost innovation based on technology. [Non-English content] In particular, beyond simple cost cutting, we will maximize efficiency across the entire process, from development to manufacturing, through AI and digital transformation centered on AX-driven technological innovation. Such production capability enhancement is expected to fundamentally improve the company's structure and drive growth based on differentiated customer value. [Non-English content] These efforts will ultimately result in fundamental competitiveness, encompassing cost advantage, differentiation, and concentration, and will be instrumental in building a business structure that generates sustained long-term profits. [Non-English content] Among the elements that constitute fundamental competitiveness, we believe the most essential is to secure cost leadership to create synergy with our technology differentiation strategy. Accordingly, we will keep prioritizing cost optimization and technology-driven differentiation across the company, along with flexible targeted allocation of resources as circumstances require to generate stable returns. [Non-English content] Furthermore, we will use the resulting stable profits to strengthen our financial position and leverage that stronger financial base as the catalyst for future growth, thereby completing a virtuous cycle that solidifies our market position. [Non-English content] I will now briefly outline our plans and strategies for each business area. [Non-English content] For large OLED, we will strengthen our premium market leadership and expand performance with a product lineup that combines differentiated technology and cost competitiveness. As the monitor market increasingly shifts from LCD to OLED, we plan to capitalize on the unique strengths and differentiators of our large WOLED to reinforce high-value product lines like gaming OLED monitors and increase shipments. [Non-English content] For small and medium displays, we will focus on differentiated competitive technologies and strengthen competitiveness based on high-end products. We will also leverage our stable system of technology development and mass production to respond flexibly to market changes. [Non-English content] Particularly in mobile OLED, we will pursue profitability through new technology development, yield improvement, and cost minimization while striving to deliver unique value to customers and consumers. [Non-English content] The automotive market is growing faster than other display segments and is thus more competitive. We will leverage our differentiated product and technology portfolio to lead market share and continuously strengthen our position. [Non-English content] Building on these initiatives, we will strive to deliver tangible results in the second half of the year. Along the same line, we will continue driving annual performance improvements by upgrading our cost innovation and strengthening business competitiveness to solidify a stable profit structure. [Non-English content] Last is our investment strategy. [Non-English content] We remain focused on developing differentiated technologies across all product lines to secure future competitiveness and achieve fundamental cost innovation. [Non-English content] Having said that, large scale investments that lead to mass production require various conditions such as demand visibility, confidence in market growth, and discussions with customers. To use our limited resources efficiently, we are carefully evaluating cost competitiveness, investment costs, technological advantages, and the likelihood of securing stable returns. [Non-English content] Capex spend in 2026 is expected to be in the mid to high KRW 2 trillion range. Going forward, our investment decisions will be made at the optimal balance point, taking into account the company's financial position and long-term competitiveness. Thank you very much for your attention. [Non-English content] This concludes our presentation of business highlights for Q2 2026. We will now take your questions. Operator, please commence the Q&A session. [Non-English content] 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. In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions per each participant. [Non-English content] The first question will be provided by Won-seok Jeong from iM Securities. Please go ahead with your question. [Non-English content] Thank you for taking my questions. I have two. First is that there has been some pull-in demand in the second quarter. Considering such pull-in demand, then my question is on the amount of one-off costs incurred in Q2 and the operating performance excluding those one-off costs. I wonder whether there are any changes to the company's full year outlook compared to the start of the year. The second question is, the positive seasonality is starting in the third quarter, and along with that, it is likely to drive up the smartphone panel shipments. There are also some potential risks, such as weak IT device demand, and heightened macroeconomic volatility. What is the company's strategy to expand revenue and improve profitability in the second half? [Non-English content] This is the CFO responding to your question. As had been announced earlier, we had undertaken the program as if this was going to be our last time. In terms of the size, from the perspective of the market and also from the perspective of the employees, it was much larger in terms of the packages as part of the voluntary retirement package. [Non-English content] It ended at KRW 240 billion in one-off expense that was reflected into our second quarter. [Non-English content] As I had announced in the first quarter earnings release call, I did commit that excluding such one-off costs, I was determined to see that our business performance was going to be seeing profit. What this achievement means is that actually one of the problems of the company had been our chronic suffering of losses in the second quarter for the past four years. [Non-English content] What this means is that now excluding the one-off cost, we were able to put an end to the chronic losses that we had been suffering in the second quarter until now. The company believes that everything that we had planned for the second quarter this year has been smoothly achieved. We believe that that is thanks to our technological leadership and cost innovation. Of course, these are efforts and initiatives that we need to continue to refine and upgrade, we will continue to do so while adjusting the intensity and the extent. [Non-English content] The second part of your question was about the third quarter outlook, as well as the company strategy. As the investors would be fully aware, our structure is such that we achieve pretty much all of our performance for the year in the third quarter and the fourth quarter. In the third quarter of this year, what is unique is the fact that there are so many uncertainties, much more than usual. For example, the semiconductors, geopolitics, and also the rise in the commodity prices as a result of this. All of them combine into the macroeconomic uncertainties as well. [Non-English content] Despite that, the company will continue to try to achieve competitive cost cutting and provide the kind of technological value that is expected of us. Meaning that we will continue to do our best to achieve the kind of business performance that we had planned for. [Non-English content] We will take the next question. [Non-English content] The following question will be presented by Sungkyu Kim from Daiwa Securities. Please go ahead with your question. [Non-English content] Thank you for taking my questions, which are on the large size panel. It appears that the large size business is going to post stable operating profit margin in the first half of 2026, following 2025. What is the company's profitability outlook for the second half of the year? This is because with the Greater China region suppliers improving premium products like RGB Mini LED and becoming more price competitive, what is the company's White OLED TV strategy to maintain high-end TV share? Another question is, this was also mentioned by the CFO, the high-end gaming monitor market is growing fast, and the White OLED-based OLED monitors seem to be driving higher White OLED shipments and strong results. What is the current status of the OLED monitor business and also the company's mid to long-term capacity strategy? This is Kim Jong-deok of the Large Display Planning & Management responding to this question. The market situation in the second half will be challenging due to the rising material costs, like semiconductor components. With the World Cup coming to an end, the demand uncertainty in the second half is likely to be there. We will continue to monitor the situation very closely. We will continue rigorous cost innovation efforts and production technology improvement to overcome the difficult market environment. As for competition, yes, there have been aggressive promotions of RGB Mini LED TVs by Greater China suppliers, and that has intensified competition in the high-end segment. The company will actively promote White OLED's unique strengths and technological differentiators, and also strengthen high-end brand lineups with leading global set makers, and expand mid to low-end OLED TV offerings with the goal of solidifying our large size business and White OLED technology leadership. For monitors, the market has been relatively strong versus other IT products. In particular, OLED monitor is showing meaningful growth as the high-end gaming monitor market rapidly shifts from LCD to OLED. We expect the share of OLED monitors within our large size shipments to rise from the low 10% level last year to about 20% this year, with meaningful growth projected for next year as well. We will focus on product and customer strategies that optimize the TV and monitor production mix to maximize business performance and opportunities. Last, for the mid to long-term capacity operations, as I mentioned earlier, given the changes in the monitor market and also in cooperation with the global set makers, we will leverage improved market responsiveness to make full use of our existing capacity and actively respond to demand. Next question, please. [Non-English content] The following question will be presented by Jonghyun Yoon from UBS Securities. Please go ahead with your question. [Non-English content] Thank you for taking my questions. I also have two questions regarding the mid-size panel business. It appears as if the IT set prices are rising due to higher semiconductor costs, which could be a risk in the second half. What is the company's outlook on the second half demand? Does the company foresee any potential risks to achieving your target profitability? The second question is, with the IT LCD sales and shipments declining, and also with the mainstream customers appearing to be moving away from LCD towards OLED, what is the company's mid to long-term IT LCD Fab operation strategy and IT OLED business strategy? [Non-English content] Thank you. This is Ahn Yoo-s hin in charge of medium display planning and management responding to these questions. With the rising component costs, such as semiconductors and the consequent IT set price hikes, these factors make the second half demand highly uncertain. To prepare for demand declines and intensify competition, we are trying to secure supply flexibility and closely monitoring the market. [Non-English content] In the second half, building on long-standing customer trust, we will further refine our customer mix towards high-end accounts, focus on differentiated high-end products, actively reduce low-margin products, and continue with our cost-cutting efforts to maximize profitability-based opportunities. With all these initiatives, we expect profitability to continue improving YoY. [Non-English content] Regarding the IT OLED, we are preparing for the future by actively reviewing more competitive approaches, such as utilizing existing fabs to secure fundamental competitiveness and run our fabs more efficiently. [Non-English content] We'll take one last question. [Non-English content] The last question will be presented by Hyun Woo Park from Shinhan Investment and Securities. Please go ahead with your question. [Non-English content] Thank you. I have a couple of questions about the small-size business. The company's panel share in the smartphone market has been steadily increasing. What is the company's plan for additional investment to meet rising demand? What strategies and preparations are in place to secure technological leadership? The second question is, it appears that the handset makers cost burden continues to rise. If set price hikes lead to an accelerated decline in panel ASPs, it could affect planned profitability. What is the company's outlook, and what measures will you take to mitigate the risk, if at all? [Non-English content] Thank you. This is Baek Seung-ryong, in charge of Small Display Planning and Management, responding to the questions. The company is steadily increasing our smartphone panel market share based on overwhelming technological competitiveness and product reliability. To meet rising demand in a timely manner, we will not only utilize our existing production infrastructure efficiently, but also carefully review and execute preemptive investment in new technologies. [Non-English content] Now, there are some concerns about the rising component costs and the macro changes which is actually affecting the industry on the whole, and we do recognize that there are such concerns. Accordingly, we will sustain solid profitability through cost innovation across production and operations while contributing to customers' new model competitiveness through timely development of new technologies. By doing so, we hope to further strengthen the technological barrier to entry into the smartphone panels. [Non-English content] This concludes LG Display's Q2 2026 earnings conference call. We thank everyone for joining us today. Should you have any additional questions, please contact the IR team.