Good afternoon, everyone. My name is Won Sung Woo from the CJ ENM IR team. First, I would like to sincerely thank all our shareholders and analysts for taking the time out of your very busy schedules to join us today. You now begin CJ ENM's earnings call for the 3rd quarter of 2026. Please note that the financial results and business performance presented today have not yet been reviewed by our external auditors. And that some figures may be subject to change following their review. Joining us today are CFO Chung-hwa Lee, Ms. Yeong-kyung Lee from Finance, and representatives from each of our business divisions. for our earnings call. Jin Young Kim, Hello, everyone. My name is Lee Nam-jun. I'm the CEO of CJ ENM. Video Solution, Lee Sang-mu. Yong-hwa, Chang-hyun, Jun-him. Hello, everyone. Sung Hyun Jung, I'm here. I'm Park Ho-seoyeon. I'm Seo Jin-woong. Studio Dragon, Chang Sung-woon, I'm— TVING Chang Hyun Jung-nim, guests of Samsung KQ Show. To elaborate, we are joined by Nam Joo Lee from Platform, Sang Hyuk Park from Media Business Unit, Sang-woo Lee from Media Solutions, Song Hyun-joo from Film, Sung Hyun-dong from Global Business, Ho Seo-hyun from Music, Seo Ji-nook from Commerce. Jung from Business Management. First, our CFO, Jonghwa Lee, will walk us through our key achievements and business strategies. Yeah, Shinji, uh, Good afternoon, everyone. My name is Jung-hwa Lee, CFO of CJ ENM. Update. Create a commercial synthetic food system. In the 3rd quarter, we at CJ ENM enhanced our integrated advertising competitiveness, strengthened our premium film and drama production capabilities, developed mega HIPs, and expanded our global live entertainment business. while building our creator commerce ecosystem. Through these efforts, we are continuing to strengthen our competitiveness across content and platforms and secure growth drivers for global business expansion. Bonjour. Video platform group, Tonga, Thank you. In our media platform business, we are pursuing a strategy to improve advertising efficiency by leveraging the group's integrated advertising inventory and data, and we are beginning to see tangible results. I'm from the TV company, Hongbangi TV. I'm so sick of— I'm not a good singer. TVING, I'm Gwon Eun-koo, general sponsor of IEOGAS Media. In the 3rd quarter, the decline in TV advertising revenue moderated compared to the first half of the year, while TVING's advertising revenue continued to grow steadily. Although we expect advertising market conditions to remain quite challenging, we will continue to improve our performance through next-gen advertising strategies. Including more advanced AI and data-driven ad tech. In our film and drama business, we are demonstrating our premium content production capabilities through global platforms. entered into a content partnership with Amazon Prime Video India, and the drama East of Eden and films Animals and The Ordinary Jackpot ranked number 1 on major streaming platforms including Netflix and Disney+ Japan. Further sharpening our global content competitiveness. In addition, Amazon Prime Video India has content partners such as Mio, Drama, East of Eden, Young Animals, Lotto, Magen, Mega HIP, Human IP, Yookseongga, Global IP Software, Chungjanggi, Sungjanggi, Kanghwa, Wissinda. In our music business, we are strengthening our foundation for mid-to-long-term growth by developing mega HIPs and expanding our global live entertainment business. Alpatraibo won a Mini IT Guru Eons of Billion Sellers Telsonist Award. IENI, Chat Tokyo Dom, Tandok Konyone Songkongjogoru Kechesmita. Alpha Drive One achieved a back-to-back million seller with its second mini album, while INI successfully held its first solo concert at Tokyo Dome. In addition, KCON LA attracted a record-breaking 140,000 2,000 attendees, marking an all-time high and further expanding our global fandom. In our commerce business, mobile live commerce GMV continued to show strong growth, increasing 104% year-over-year. We also saw improvements in key customer metrics, with both app downloads and monthly active users recording double-digit growth. One, creator commerce platform in on to another. Core launching a new web creator work, commerce. In addition, we launched Onthner, our creator commerce platform, in September. Through this launch, we are now actively building a new commerce ecosystem that connects external creators with customers. Going forward, CJ ENM will continue to strengthen our competitiveness and secure new drivers of At the same time, we will build a virtuous cycle in which growth in our content, HIPs, and platforms translates into higher earnings. I would like to once again thank all of our shareholders and analysts for your continued interest and support. This concludes my presentation. Thank you. Next, we would like to move on to our financial results. CJ ENM's financial statements are prepared on a consolidated basis in accordance with K-IFRS. Please note that operating profit by business segment is presented before eliminating intercompany transactions. Now let us walk you through our company-wide financial performance for the 3rd quarter of 2026. Hello, I'm Jang Mi-yeo from Finance. The 2026 3rd quarter revenue came in at 1,190.4 billion Korean won, down 4% year-on-year, while operating profit increased 26% year-on-year to 22.1 billion won. In our entertainment business, profitability improved, driven by growth in TVING's subscription and advertising revenue, as well as increased content supply to OTT platforms and TV channels. In commerce, short-term profitability remained weak due to seasonal factors and increased investment. CJ ENM, Apollo 2, Chungking New York, Global Songjang, Content, Humor IP, Platform Songjang, However, MLC continued to deliver strong growth while customer metrics remained solid. Starting on page 5, I will walk you through the performance of each business segment and our outlook for the 2nd quarter. In our media platform business, despite fewer scheduled KBO games due to weather conditions and a gap in its original content lineup, TVING continued to deliver strong YOY growth. Driven by higher advertising revenue and subscriber growth. Regarding channels, despite the seasonal slowdown in the TV advertising market, the decline in TV advertising revenue eased, supported by strong viewership of key content diversification of advertising products, and increased sponsorships. Okay, so, so In the 4th quarter, we will expand TVING's original content lineup and introduce special advertising packages for the KBO postseason, along with sponsorships and virtual advertising. We will also pursue next-gen advertising strategies, including, quote unquote, Callback CJ, our group-wide integrated advertising product platform, and CJ DMP, our audience data integration and analytics platform to capitalize on the peak advertising season. Thank you. In our film and drama business, we expanded sales of major titles to global OTT platforms, including Tantera, Four Hands, Two Sonatas, and See You at Work Tomorrow. We also entered into a content partnership with Amazon Prime Video India and generated additional revenue from the launch of a TVING-branded section on Shahid, the OTT platform operated by MBC. The largest media group in the Middle East. Thanks to these developments, operating profit improved significantly despite lower revenue from 5th season due to a gap in its TV series lineup. In Q4, we will continue to expand sales to global platforms and pursue more volume deals in new markets, including Europe. For this season, it will also include the supply of films and documentaries to offset the gap in TV series. while continuing to improve cost efficiency. In our music business, we achieved top-line growth through strong performance from our human IPs, including expanded global tours by INI and JO1. as well as new album releases by Alpha Drive One and INI. Tamamen Emne Plus'ta orijinal kontekst setup bir mid. Çünkü artiste paylaşıp yiyorum diyorum. Bireysel olarak yani tuca haklı yaptılar. Tangisi yükselmiş, cuna diyorsun ya da. However, short-term profitability weakened due to increased investments for future growth, including production costs for Mnet Plus original content and expenses related to new artists. In the first quarter, we expect increased activities from both You and the Christine. profitability by hosting the 2026 MAMA Awards and strengthening fandom engagement both on and offline. In our commerce business, profitability declined due to lower revenue resulting from a higher share of consignment products and MLC. as well as increased spending on strategic promotional activities. However, through the launch of ONTENER platform, we established an efficient collaboration system between creators and brands. laying the foundation for scaling up our creator commerce business. In the 4th quarter, we will accelerate top-line growth by attracting new creators, scaling up the ONTENER platform, driving more external traffic from social media, and increasing purchase conversions. We will also work to restore profitability by maximizing the benefits of the peak shopping season through major promotional campaigns and new fashion product launches. centered on our private brands and licensed brands. For further details, please refer to the materials. This concludes my presentation. Thank you. Thank you. Now we would like to move on to Studio Dragon. Good afternoon, everyone. My name is Sungho Jang from Finance of the Studio Dragon. Here are the business highlights for the 3rd quarter of 2026. In the 3rd quarter, both revenue and operating profit grew, driven by increased content sales particularly from major titles such as Four Hands, Two Sonatas, and Temptara. Revenue increased 16.5% year-on-year to 159. While operating profit rose 44.4% to 15.1 billion won. Our operating profit margin also improved by 1.8 percentage points year-on-year. to 9.5%, continuing our trends of improving profitability. The 3rd quarter was particularly meaningful because our efforts to strengthen production competitiveness and improve cost efficiency translated into tangible results, demonstrating our foundation for structural earnings growth. Building on these achievements, the company will further refine our growth strategy strategies. Keep it up. In the 4th quarter, we expect to maintain this positive momentum through a competitive content lineup and increased presales. We have already made a strong start with titles such as 100 Days of Deception, which delivered strong viewership. We will continue this momentum with highly anticipated upcoming titles including Gift and Tantera. We will also continue to expand our IP business and improve cost efficiency to secure mid- to long-term growth drivers. That's it for my presentation. Thank you. Thank you. Ji-hyun, thank you. So this concludes our prepared presentations. We would now like to move on to the Q&A session. Given our limited time, we kindly ask that you focus on key questions and limit your questions to 3 per person. Korean TVING News. Jang Ji-hye, Arirang News. Now Q&A session will begin. Please press *1*N1 if you have any questions. For cancellations, please press *2. That is asterisk and 2 on your phone. The first question will be given by Lee Gi-hoon from Hana Securities. Please go ahead. Oh, let's see. I guess we should move on to our next question. Um, JTB Securities, Hye-mi Lee. All right, so thank you for this opportunity. My first question is, could you elaborate on the performance of 5th season? Um, and I'd really like— I'd really appreciate the details to be included in the IR reports if possible. And secondly, it seems that regardless of the TV drama lineup of 5th season, um, there seem to be little differences in the performance. I mean, for— even though they did not deliver series the performance was not that bad. So, um, I was wondering why this was the case. Was there a decline in cost or whatnot? So could you elaborate on that? And thirdly, regarding TV ads, the performance in the first half was flat, but it was pretty impressive compared to the previous results. So I was wondering what your outlook would be moving forward, and are you experiencing any impact regarding JTBC? Hey, Bonjour. TVING has got 5th season scheduled as of my understanding. TVING is going to be better, 3 times better than 2015. Pretty good. 5th season again, we'll match your 1.7 ship year one. So regarding the performance details for TVING and 5th season, the sales for TVING was 120.5 billion won and the operating loss was 7.2 billion won. For 5th season, revenue was 67.2 billion won and the operating loss was 11 billion won. I'm sorry. And then she will help her make it even get— put in, uh, in secret. How many of those? Ah, it's your money. Uh, Uh, go ahead, content you have, how may, uh, in 6 months or more, you need to put in give a jack-up proxy, actually, as you can imagine, someone's going to do it. Chokchong, Kiwakkebale, the han kumowa suchangi onujongduyinji kumnyeon ibungea samungea sasheden, uh, komtua test chugi ismida sa sabungejondoe ne nenanduyinji. Bye, Sundari. See you next time. So regarding your first question, I would like to say that in order to understand the trends of TVING's earnings better, you need to look at it from an annual basis, not a quarterly basis. Plus the deficit that incurred in the 3rd quarter, um, well, you have to factor in the underlying effect of the 2nd quarter because when it comes to the overseas sales of some of our content Some of it was temporarily recognized for Q2 rather than Q3. So you can say that this is a temporary effect. And the TVING P&L, I I would like to say, if you look at it, as I said earlier, from an annual basis, on a quarterly basis, you can definitely see that it is improving. If you look at it from a quarterly basis, it might seem like there are some fluctuations. When it comes to Fifth Season and the profitability of its TV series, we are currently undergoing planning phases to develop content and to greenlight them. We are in the process of gauging what amount of quantity or financial resources appropriate to input in order to secure a strong profitability. So you could say that Q2 was test to that. TV series development in the 4th quarter. We believe we'll be able to have a clear idea of the appropriate amount of resources, financial resources, to be inputted in And then from my team, Jee-gyu Kim here. CJ ENM is a leading entertainment company in Korea. Uh, Doropyangkai Shuisi Kawasinda. Regarding TV ads, I agree with you on that. Even though our performance was not remarkable, we defended fairly well compared to the market average in Q3. We believe Q4— the market in general is expected to post -8% growth year-on-year, but we believe that we'll be able to sustain the flat growth. And regarding the impact of JTBC, it's quite difficult to quantify that, but we— as far as we understand, they seem to have 50% of the revenue compared to last year. And when it comes to the remaining balance or volume, we could say that maybe 3% of the volume in the 4th quarter seems to have come from JTBC. I hope that answers your question. We're ready to take the next one. Q&A is now open to questions from the media. Jang Ji-hye, Chilmoni Yoochong Agro-Gasoline Company. Currently, there are no participants with questions. Please press asterisk 1 asterisk and 1 to give your question. The following question is by Lee Seok-jun from Daiwa Securities. Please go ahead. Yeah, I'm a CEO of Cheumun Gaseous Company. We aim to achieve our long-term strategic goals of the company by creating value for our customers and stakeholders. As much as I'm going to say, stay tuned to the control room there. So, Yong-ho, pet choker, more honey, EA, and more irrational young Yangi. So, I'm going to leave it to you guys. Thank you. Right. Thank you for this opportunity. I have 3 questions for you. The first question, you disclosed that the negotiations regarding the contract deal for KBO Broadcasting for TVING has been delayed. So I was wondering how it was going. Is there a risk that the contract might not be signed at the preferred bidder phase? And secondly, for commerce, even though considering that this is a down season, it seems like the profit is quite low. Maybe it's because of your investments into MLC. How long will this cycle last and what's the outlook for that? And third, my question The third one is for Studio Dragon. So, um, at the non-operating loss level, were there any other impacts aside from the foreign exchange rate? Wonjo, TVING KBO contract checkup earlier this year, you mentioned that the contract itself is still under negotiation. So, I'm wondering if there's any risk that it might not be signed at the preferred bidder phase? Regarding your first question, for the KBO deal contract signing, there are no issues with the process. There were some delays caused during the the procedures, but we believe that the contract will be signed within the end of the year. Yeah. Commerce Department has been very aggressive in its enforcement of the trade protection measures. The MNC checkup meeting, the panel members are all very knowledgeable. Ah, Samsung Gear, or in other words, the Chinese name, is a leading Chinese smartphone brand. Regarding commerce, Up until the 3rd quarter, we made efforts to diversify our sales channels for our MLC products by investing some marketing resources. But we believe that we have now, after the 3rd quarter, secured meaningful data. And from the 4th quarter onwards, we will be focusing more on selected marketing, on selective channels. We believe this will be helpful for our growth and to improve profitability. True. Thank you. Oh, Nammoji-bunbun, so the investment in Nammoji-bunbun, so you guys are going to— as a strategic partner, so Nammoji-bunbun, so we are happy to see you. So I hope you will continue to make the new investment. Lee Jong-bok, Hana Securities. Regarding the non-operating losses, which is 8 billion Korean won, most of it was financial expenses. from the foreign currency exchange rate impact. And there were other one-off occasions, including the lawsuit that's currently ongoing with Netmarble over Arthdal Chronicles. Early in October, we lost the first ruling, so we reflected part of that impact. That concludes our answers. We're ready for the next question. Kanji, Jinmunori Yochangha Gogeshinbunnen opsin mida. Jinmunori Seshinbunnen rin chanagi batune pelthoa ilbanor dula jese pshio. Currently, there are no participants with questions. Please press *1*N1 to give your question. Thank you for watching. Please subscribe to our channel. Once again, if you have a question, please press *1*N1. Thank you for watching. Currently, there are no participants with questions. Please press *1*N1 to give your question. CJ ENM's Yoo Jung-ak, Kook Yeo-shin, and I'm Kim Mi-da. CJ ENM's social media channels are @cjnemco and @ilbanaljushipshow. Currently, there are no participants with questions. Please press *1*N1 to give your question. If there are no further questions, we will now conclude the Q&A session. Before we wrap, I would like to once again thank you all for joining us today. This concludes CJ ENM's earnings call for the 3rd quarter of 2026. Thank you. This concludes the fiscal year 2026 3rd quarter earnings resulted by CJ ENM. Thanks for the participation.