Good afternoon. We'll now start LG Chem's 2025 Q4 Earnings Conference Call. This is Kyung Seok Kim, Head of IR at LG Chem. Thank you for taking interest in LG Chem and taking the time to join us today amidst your busy schedules. We will begin with a brief overview of the 2025 Q4 earnings performance. Then, our CFO will review the company's performance in 2025 and outline the strategic direction for 2026. This will be followed by 2026 revenue targets, and each business division's strategy lead will then provide a more detailed overview of performance and outlook. We will conclude with a Q&A session. Please note that the presentations will be interpreted simultaneously, while the Q&A will be interpreted consecutively. For those with web access, the materials presented during this conference call can be viewed online and are also available for download from our corporate website. Let's begin today's call with the introduction of the management team. We have CFO Dong Seok Cha, Cheol-h o Yang from Petrochemicals, Young- Seok Lee from Advanced Materials, and Soo- Hee Yoon from Life Sciences. First, an overview of our financial highlights for the Q4. On page three, consolidated Q4 sales and P&L. Q4 sales was KRW 11,197 billion. We recorded an operating loss of KRW 413 billion, resulting in a return to a loss position and net loss for the period total KRW 1,573 billion. Turning to page four, the company's full-year performance for 2025. Full-year sales revenue in 2025 declined by approximately 6% year-on-year to KRW 45,900 billion. Operating profit amounted to KRW 1,181 billion, an increase year-on-year despite weak market conditions in petrochemicals and battery materials driven by LG Energy Solution's expanded ESS sales and improvements in product mix. Next, page five, consolidated financial status. As of the end of 2025, assets were around KRW 101 trillion, liabilities were around KRW 54 trillion, and capital was around KRW 47.1 trillion. The debt ratio increased YOY to 114.5%. Next, performance and outlook by business division. Page six, petrochemical division. 2025 Q4 petrochem business sales was KRW 3,947 billion, and operating loss was KRW 239 billion. Due to margin compression driven by the release of additional regional capacity and the recognition of one-off costs at overseas operation, a loss was recorded. Next, advanced materials. In Q4, advanced materials sales was KRW 725 billion, and operating loss was KRW 50 billion. Due to customer orders and inventory adjustment, shipment volumes of battery materials declined. In addition, seasonal off-peak effects in electronic and engineering materials led to a quarter-on-quarter decline in revenue and profitability. Next, life sciences. In Q4, sales was KRW 356 billion, and operating profit was KRW 16 billion. Due to base effects of the recognition of upfront proceeds from the license-out agreements for rare obesity treatment in the previous quarter, sales and operating profit declined. Next, Farm Hannong. Q4 sales was KRW 185 billion, and operating profit was KRW 14 billion, making a return to profitability. Driven by expanded domestic and overseas sales of crop protection products, both revenue and profitability improved. Lastly, LG Energy Solution. This morning, LG Energy Solution presented their performance in detail during its earnings call. However, we will briefly present its performance here. In Q4, energy solution sales was KRW 6,142 billion, and operating loss was of KRW 122 billion. Despite an increase in ESS sales volume in North America, loss was recorded due to a product mix deterioration stemming from a decline in EV-related sales in North America, as well as initial cost burdens associated with the additional ramp-up in ESS production. Next, CFO Dong Seok Cha will present the 2025 performance review and key focus areas for 2026. Good afternoon. I'm Dong Seok Cha, CFO of LG Chem. I'd like to express my sincere appreciation to all shareholders and investors for your great interest and participation in our earnings presentation. First, looking back at 2025, amid continued capacity expansion in the petrochemical sector and shifts in eco-friendly policy directions across major countries, it was a year of heightened global uncertainty. Under this backdrop, we exerted company-wide efforts to expand the sales of high-value-added and high-margin products, as well as to reduce unit costs and fixed cost savings. However, we did not achieve meaningful performance achievements. However, we actively restructured petrochemicals' low-margin commodity businesses and divested water solution and aesthetic businesses to upgrade our business portfolio to a certain degree. Furthermore, through selective CAPEX based on rigorous economic analysis alongside asset monetization, we have maintained positive cash flow, thereby strengthening our financial soundness. Looking ahead to 2026, as domestically oriented policy trends expand and geopolitical uncertainties persist, market volatility and competitive intensity across industries are expected to continue to increase, while visibility on demand recovery is likely to remain limited. Against this backdrop, we aim to position 2026 as a critical turning point by accelerating portfolio optimization and focusing on securing future growth engines, thereby solidifying the foundation for a transition to a high-value-added industrial structure. In petrochemicals, while prioritizing business structure restructuring, we will strengthen the identification of new opportunities in high-value-added segments. Over the mid to long term, we plan to achieve sustained annual growth of high-value-added revenue of 20% or more and expand the segment into a core growth business. In battery materials, shipments to new customers secured last year are expected to ramp up in earnest from 2026, and we anticipate stable volume growth through customer diversification. In addition, in response to weakening downstream demand, we're developing cathode materials for mid to low-price solution applications. Among these, we are accelerating the development in LFP for ESS, high-voltage mid-nickel and sodium-ion batteries with commercialization targeted for 2027. In electronics materials, leveraging our proprietary substrate and film materials technologies, including materials for AI semiconductors and e-mobility applications, we plan to explore new items and evaluate various strategic options to expand into high-growth, high-functionality areas. In life science, we will continue to strengthen our oncology pipeline, including head and neck cancer treatment currently in global phase 3 trials, as well as a novel renal cancer drug candidate licensed from US-based HiberCell in November 2025. Along with efforts to strengthen our business competitiveness, I'd like to share with you our capital allocation plan. Since announcing our plan to raise the company's corporate value last November, we carefully listened to the views from our shareholders and investors. As such, in respect to our plan regarding our shares in LG Energy Solution, we have disclosed today our detailed mid to long-term shareholder return policy. For the next five years, we will gradually monetize our equity stake in LG Energy Solution to 70% level, and the proceeds from such sale will be used for growth, financial soundness, and shareholder returns. To overcome extreme business volatility and to secure mid- to long-term growth foundation for the foreseeable future, LG Chem will have priority in investing for future growth and maintaining sound fiscal stance. Also, out of the funds secured from the sale of LG Energy Solution, share 10% is planned for shareholder return. Going forward, with full-swing earnings improved in our core businesses and improved competitiveness, we will secure stable funds and, based on this, pursue greater payout ratio and flexible fund operation to gradually expand our shareholder return. Dear shareholders and investors, despite a challenging business environment, we remain fully committed to advancing business restructuring and strengthening future competitiveness to enhance long-term corporate and shareholder value. We appreciate your continued support and interest. Thank you. Next, I'll walk you through the 2026 business targets on page 11, excluding LG Energy Solution. As disclosed earlier in our forward-looking guidance, the company's revenue target this year on an energy solution-excluded basis is approximately KRW 23 trillion. Please note, however, that the actual sales revenue level may vary depending on future operating performance and the overall business environment. We will then proceed with a more detailed discussion of performance and outlook by each business division. First, from the petrochemical division, Cheol-H o Ya ng, head of business strategy, will present. Good afternoon. I'm Cheol- Ho Yang, head of business strategy from the petrochemical division. I'll present the 2025 performance review of the petrochemicals business, followed by the 2026 business outlook and strategic direction. First, review of 2025. In 2025, amid prolonged market weakness driven by sluggish demand resulting from both internal and external factors, as well as severe oversupply originating from China, profitability of major products declined. To overcome this challenging business environment, we pursued a profitability enhancement strategy by improving the efficiency of low-margin businesses, including the Gimcheon SAP operation, and by expanding sales of high-value-added application products. Turning to the outlook for 2026, due to continued domestic new supply and additional capacity expansion centered in China, a favorable market recovery remains difficult to anticipate. However, there are also expectations of supply reduction, particularly among less competitive facilities in regional and European markets. In line with government-led petrochemical industry restructuring, we'll focus not only on proactive collaboration with refining companies, including our own internal restructuring initiatives, but also on improving overall divisional profitability through cost reduction efforts and the expansion of new and high-value-added businesses. We plan to further enhance our portfolio toward high-value-added products by continuing to grow sales of IPA for semiconductors and SSBR for electric vehicles, while dedicating our efforts to improving profitability through strengthening the competitiveness of our new HVO business. Thank you. Next, from the advanced materials division, Young Seok Lee, head of business strategy, will present. Good afternoon. From the advanced materials division, I'm Young Seok Lee, head of business strategy. In 2025, sales was KRW 4.1 trillion, and operating margin was 3.6%. Amid an uncertain business environment driven by volatility in global environmental policies and the U.S.-China trade dispute, both sales and profits declined compared with 2024. The electronics materials and engineering materials businesses maintain solid profitability supported by expanded sales of high-value-added products, including semiconductor materials and e-mobility materials. In contrast, in the battery materials business, our core North American market contracted, leading to a sharp decline in shipment volumes and a return to a loss. In 2026, the electronic materials and engineering materials businesses will focus on expanding into new high-functionality materials such as AI semiconductor materials and e-mobility materials. Based on these initiatives, profitability is expected to remain solid and broadly in line with the prior year. In battery materials, due to factors such as IRA subsidy and the repeal of carbon regulations, challenging conditions in the North American EV downstream market are expected to persist. However, performance is expected to improve meaningfully starting in the second half of this year, driven by increasing shipment volumes from newly secured orders with Toyota in North America. Overall, the Advanced Materials Division, supported by increased cathode materials volume and earnings improvement driven by higher metal prices, plans to achieve sales of KRW 4.5 trillion in 2026. Operating margin is also expected to impr ove year-on-year. Next, from Life Sciences Division, Soo Hee Yoon, Head of Business Strategy, will present. Good afternoon. I'm Soo- Hee Yoon, Head of Business Strategy from the Life Sciences Division. I will now present the 2025 performance and 2026 outlook for the Life Sciences Division. In 2025, driven by sales growth of our core products, sales amount to KRW 1,353.2 billion, representing year-on-year growth of 4%. Also, we secured approximately KRW 54 billion in incremental revenue from the license out of rare obesity treatment. Revenue growth was supported by the continued strengthening of market leadership positions across key products, including Zemiglo and Eutropin product families. Profitability also improved, underpinned by solid sales of high-margin products and ongoing cost efficiency. Furthermore, in 2025, as part of our strategy to reinforce our pharmaceutical-focused businesses and sharpen portfolio prioritization, we decided to divest the aesthetics business and to terminate early the phase 3 clinical trial program. Through this strategic realignment, we're concentrating resources on core businesses with higher profitability and market growth potential, as well as an oncology-focused novel drug development. With the goal of launching global innovative drugs, key oncology pipelines are currently progressing through clinical development, including phase 3 trial for the head and neck cancer treatment, phase 1b and 2 trial for hematologic cancer treatment, and phase 1 trial for immuno-oncology therapy. Looking ahead to 2026, we expect 6% YOY revenue growth driven by strengthened market position of major domestic products in diabetes, growth hormone, and infertility, expanded overseas sales, and the normalization of boosting business. Building on our stable business growth, the division will continue to invest in global innovative drug development and strengthening of its product portfolio, thereby laying a solid foundation for its evolution into a global pharmaceutical company. This concludes the overview of the division. Thank you. This concludes our presentations, and we'll now proceed to the Q&A session. To ensure that as many participants as possible have the opportunity to ask questions, we'll kindly ask each person to limit their questions to two. If you'd like to ask a question, please press the star key followed by one on your phone. If you wish to cancel your question, please press the star key followed by two. [Foreign language] The first question is from the line of Jeon Yu-jin from iM Securities. Please go ahead. [Foreign language] Thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First is with regards to your advanced materials business. If you look at page 13 of the presentation, I do believe that you are talking about a 10% increase in the top line in terms of the overall guidance for the year. So in light of that, could you discuss what your overall expectations would be in terms of the shipment volumes for the cathodes that you have? And also, I do believe that there would be some impact from the decrease on the GM side. So if that is something that you could mention together, that would be appreciated. The second question that I have is about your petrochemical business. I do believe that you have submitted your overall plans for restructuring going forward, and this is also mentioned in the presentation. So with regards to the restructuring efforts that are going on at the Yeosu and also Daesan Complex, how is that progress going? And in terms of the timing, when do you believe, or if you could talk about the schedule, that would be appreciated also. [Non-English content] So maybe I can talk about the first question that you have asked with regards to our overall cathode volume in terms of shipments going forward. I do think that in 2026, because of the base effect that we have seen and also because of dual customers going forward, we do expect that there will be an increase in our overall volume. So for the full year, I think that the overall growth that we're expecting would be around 40%. In addition to that, if you look at the first half of the year, some of our customers will actually be suspending some of their operations. So we do think that there would be some adjustments in the overall volume because of that. However, with regards to the, and as a result, if we look at the growth on the actual shipment side, there may be some limitations. However, going towards the second half of the year, we actually do believe that the situation will improve. And as a result of that, we do think that the overall trend will represent a lower first half and higher second half of the year. [Non-English content] I'm so clear. Maybe I can go on to this again, question that you have with regards to our overall plans going forward. As you have mentioned, we have submitted the overall plans for our restructuring, and from the end of the year, there is cooperation that we're trying to achieve with various refineries. So this is something in terms of plans that we have already submitted to the government. In terms of the actual timeline going forward, this is something that is still under discussion with our partner company and also with the government in itself. So therefore, with regards to the details about that and also the discussion going forward or the process going forward, that is something that we still need to discuss. However, that has been said. In terms of the actual scope of what we're looking at right now, both the Yeosu and also Daesan Plant are part of the overall discussions. However, in terms of when there would be a shutdown and what is being done, that's also included, of course, in those plans. However, as mentioned before, for the actual execution timing, that is still a discussion that we are having with our various partners. So once we have more concrete ideas about the timeline in itself, we will make sure to discuss that with you. [Foreign language] The next question is from the line of Shin Hong-joo from Shinyoung Securities. Please go ahead. [Foreign language] Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First, with regards to your advanced materials business, I do think that what I would be interested in is with regards to the cathodes business that you have. The EV market right now is in a slowdown, and therefore I would like to know if there's any change to the plans that you have to build out your cathode capacity in Tennessee. In addition to that, if you look at the EV order book recently, there have been some cancellations that we have heard about. So it does seem to be that the overall demand is a bit clustered. So for this situation, how is the company planning to deal with this going forward? The second question that I would like to ask is about your petrochemical business. What I would be interested in hearing about would be the key outlook for the market in terms of the main products that you have. In addition to that, in terms of the turnaround in the market, when do you actually believe that that would be possible? [Foreign language] So maybe I can address your question first about the overall Tennessee plant that we have. Right now in North America for Tennessee, the overall plans that we have are going ahead smoothly without any issues. However, with regards to the specific timing of when we will start the operations of that plant, it's still something that is not determined yet. In addition to that, in terms of the overall ramp-up of full operations after we initially start the commercial production, this is something that we are looking at to be flexible about in line with the overall stance that the OEMs have towards the market going forward. So with regards to more detail, I do think that this is something that we can share with you when the adjustments are actually made and when we have more color on this. However, that has been said, under the existing conditions that we have already agreed with regards to the OEMs for supply going forward, I do think that our efforts will be focusing on minimizing our losses as much as possible. [Non-English Content] So maybe I can take on the second question that you asked about our petrochemical business and the overall outlook that we had for the year. First, to talk about the industry as a whole, because there continues to be new additions that are coming in from Southeast Asia or Northeast Asia, actually. In addition to that, we actually believe because of that situation that it would be difficult to see an overall full recovery within the market. The recovery would be somewhat limited. However, we are going to continue to focus our efforts on high value-added and also higher-end price products that we have so that we can increase our overall sales and also optimize the overall line operations that we have. By optimizing the line operations, we will continue to try to save on our costs to improve the overall profitability. Maybe to elaborate in a bit more detail about some of the products that we have, first starting with ABS. If you look at the ABS market right now in 2026, we do believe that the oversupply situation will continue in China. Also, there is somewhat of a concern about or some challenging environments that we do see in terms of the overall global recovery and demand taking place. However, in the U.S. and E.U., we are maintaining sales in high-margin products. As a result of that, we are strengthening our overall portfolio to focus on more of the high-value-added products. As a result of that, we are trying to solidify the profitability or the margins that we're able to achieve. Secondly, to talk about the UHP market, I think that on the downstream side, focused on SUV-related UHP, we do see that for the larger inches and also high-performance tires, there continues to be a revival of demand in that area. So accordingly, for the high-performance SSBR demand, we do think that this is something that will continue to be very strong. And as a result of that, we do believe that we will be able to maintain a high level of profitability from this business. For the C3 IPA, right now, because of the AI-focused semiconductor, you know, very strong market that is out there, the overall IPA for semiconductor purposes in terms of the demand is still very solid. Therefore, we want to fully utilize or fully leverage the opportunity that we have presented to maximize the profitability here as much as possible. And lastly, to talk about PVC. PVC, in terms of the overall performance, has been a bit sluggish, and we do think that this is a situation in terms of the demand weakness that will continue going forward. However, that has been said at the beginning of this year. There have been some changes that are taking place, such as in China, the VAT refunds have been abolished. And then on the India side, also the ADD measures were somewhat withdrawn. So we do think that uncertainty will continue to increase going forward. As a result of that, we're currently monitoring the situation very closely and trying to look at the sales opportunities that we have within such a market backdrop. [Foreign language] The next question is from the line of Hyun Cho from Samsung Securities. Please go ahead. [Foreign language] Yes, there are two questions that I would like to ask you. First, this is about the overall investment plan of the company, and the second would be with regards to the advanced materials cathodes business. First, in terms of investments, if we look at 2026, what will be the CAPEX and maybe also the CAPEX for the next two to three years in terms of your plans going forward? In light of that CAPEX plan, are there any plans to raise any financing? The second plan or question that I would like to ask you is about the mid to low-end solutions that you have specifically for cathodes. I do believe that you mentioned somewhat about the LFP cathodes that you are planning to develop going forward. What is that development like today, and when do you think you would be in a position to commercially produce such cathodes? In addition to that, outside of the LFP area, are there any other technologies that you are developing for the mid to low-end and solutions there? And if so, what is the timeline there that you are looking at? [Foreign language] Maybe I can address the first question about our CAPEX plan for this year and also with regards to any financing that we have planned in relation to that. Maybe just to talk about the overall CAPEX-related stance that we have on a full company basis. As mentioned before, because the downstream market right now is somewhat sluggish, we do think that there are, and in addition to that, because there are various uncertainties within the business environment, we do think that at this time it's very critical for us to maintain our financial soundness and also be able to be cash flow positive. So as a result, for the overall company CAPEX that we have for this year, the overall plan is to be very strict and prudent in terms of the management of that so that we can invest within the available resources that we have for investment. So in 2025, if you look at our CAPEX, we ended the year with KRW 2.9 trillion that we executed. And if you look at the main areas where this was used, it was for the Tennessee factory and also for the build-out of the HVO factory in terms of the capacity there. For 2026, the overall plan would be that we do believe that there will be a peak out in the CAPEX that is required in Tennessee. So therefore, the overall plan that we have budgeted is a CAPEX of around KRW 1.7 trillion for the year. Going forward for the next two to three years, we also believe that, as mentioned, our priority would first be on having and maintaining strong cash flow in addition to that strengthening our overall financial soundness. As of now, the overall plan is on a per-year basis to maintain a CAPEX that would be less than KRW 2 trillion. In terms of the funding for that, for the overall CAPEX size, we do think that by utilizing the EBITDA generation capabilities that we currently have and other available resources, that for this year that we would not have any additional requirements to raise funding. [Foreign language] Maybe we can talk about our overall timeline for LFP cathode developments and what our plans are going forward. So on the LFP cathode side right now, we are trying to build out an overall technology or supply capabilities that would enable us to build or not depend upon Chinese-related materials. So as of now, the overall focus is to ensure that we are able to provide products that provide high density and also other very strong features. So with regards to the ESS-related cathodes that we would require on the LFP side, the overall plan for commercialization would be within the 2027 guideline or the 2027 goal. So right now, we do believe that under that overall target, we're trying to ensure that we minimize the CAPEX that is required for that by seeing if the existing lines that we have in place can be utilized. In addition to that, on the mid to low-end side, we also have solutions that we are providing and that we are trying to develop. For example, we're trying to develop manganese-rich LMRs. In addition to that, we're looking at high-voltage mid-nickel products and also sodium-ion batteries that would be for the future. So of those different products, in the case of the LMRs for the manganese-rich side and also for the high-voltage mid-nickel products and the LFP products, the overall target for commercialization would be for 2027. In addition, in the case of EV or ESS-related technology that would support higher voltages and also longer life of materials, the commercialization that we're looking at would be for 2029. The next question is from the line of Jeon Woo-jae from KB Securities. Please go ahead. Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First, if you look at page 15 of the presentation on the non-operating side, it does seem to be that there was a significant loss that you generated there. Were there any specific issues that are related to that? That would be the first question. The second is with regards to the life sciences business. For that business, up until maybe 2030 in terms of horizon, what would be the new product development pipeline that you're looking at? With regards to any clinical trials that are ongoing, if you could provide an update for that, that would also be appreciated. [Foreign language] So maybe I can address the first question with regards to the loss on the non-operating side and what the conditions were that led to such situations. So if you look at the Q4 of 2025, in terms of on a consolidated basis, we did see a non-operating loss of around KRW 2 trillion. If we look at the drivers behind that, first on the petrochemical side and also in terms of the EV and also EV battery and battery material side, we actually did do a reassessment of our forecasting for these key businesses. So some of the adjustment is related to that. And also we have made some strategic directional shifts. So that was also incorporated, which has led to an overall impairment of tangible and intangible assets of around KRW 1.9 trillion. So in the case of our petrochemical business, some of the more commodity-type products that we have have been experiencing a low profit margin for a very long period of time. So accordingly, we have taken preemptive measures to adjust some of the utilization of that accordingly or preemptively. And on the separator side, if you look at our key customers, which are located in the North America market, the overall backdrop there has deteriorated and also the overall competition for prices and the overall oversupply drag that is within the market has deepened. So in light of that downstream situation, we also recognize some impairment losses there. [Foreign language] Maybe to take your second question about our new drug development pipeline, in terms of the projects that we have ongoing right now, there are five different projects. First, with regards to the new drug material that is currently being developed by AVEO Oncology, the overall plan is that for this we do want to achieve approval in the US by 2030 and also be able to see a launch of that product. So right now, with regards to the head and neck cancer patients that we have, we are seeing a clinical phase 3 trial that is ongoing. For blood cancer in 2025, there was a clinical trial 1b that we have launched. And right now, the target there is to have an accelerated approval. In addition, in 2024, we did actually export the technology to the U.S. Rhythm, the U.S. company Rhythm, with regards to the rare obesity treatments. And therefore, right now, we have completed the clinical trial phase 2. And this year, we will actually be launching a phase 3 global clinical trial. So we do expect that by 2030, we would be able to receive approval in the U.S. market. In addition to that, in the Chinese market, with regards to China's Innovent company, we did have a gout treatment that was licensed out. And therefore, this year, we are planning to start the phase 3 clinical trial in China related to that. The next question is from the line of Jung Hyun-hee from Daiwa Capital Markets. Please go ahead. Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask. First is in China with regards to the anti-involution policies that the government is actually adopting right now. If you look at the detailed policies, there's also the government abolishing VAT-related returns or refunds and also levying various consumption taxes on naphtha prices. So how are these details affecting the company? Are we benefiting from that, or what would be the impact? And the second question that I would like to ask is about your overall outlook for metal prices this year. Recently, we have seen a surge in lithium prices. So how is that impacting the bottom line that we have for our cathodes? [Foreign language] So with regards to the first question that you asked in terms of the impact that we would have, if you look at the overall motivation behind why the government is introducing this anti-involution policy, it is to limit the local companies in China from engaging in various cutthroat, should we say, and unnecessary type of competition. So as a result of that, it is trying to cut back on the benefits that are being provided and strengthen also the overall regulations so that for the companies that are not able to survive, that they would be outed from the market. So over the mid to longer term, we do think that there will be a benefit that we would be able to see from that because the overall impact would be that that will drive down the overall supply. However, in the short term, we actually believe that it can lead to a situation in which the overall competition dynamics within the region would actually strengthen or heat up. So with regards to, for example, the VAT refund that has been provided for PVC exports, there would be abolishment of that overall VAT refund. However, the way that it impacts the overall carbide-based PVC and ethylene-based PVC is a bit different. So in the past, the carbide-based PVCs actually saw double the amount of VAT refunds that they have been able to enjoy than the ethylene-based PVCs. So as these refunds would be abolished, then that would mean that the overall price difference between the two would decrease. And we have also seen as a result of that the overall international prices increasing accordingly. However, right now, the full VAT abolishment is not overall being executed yet. So until the actual regulation goes into effect, we do think that there could be a lot of supply that is pushed out within the market. So we're closely monitoring such a situation and trying to flexibly deal with the market that is the market dynamics as takes place. In addition to that, the government is also saying that it will levy a consumption tax on naphtha. So if that is to happen, then I do think that for the Chinese players, some of the players will see a deterioration in their overall cost structure. So therefore, that would mean that right now, in terms of the Korean players and ourselves, with regards to the product, the overall prices that we see and the gap, in actuality, there could be a decrease in the price gap in itself. However, for this policy, the specifics are not something that the government has yet decided upon. So until they come out with a more detailed plan, we do continue to monitor the situation and we will be flexible in terms of our stance accordingly. So to talk about metal prices, if you look at the recent developments that we have seen for lithium, what is taking place is that there is an increasing demand related to the ESS market being more robust. In addition to that, some of the projects have been suspended or also pushed back. So that is a factor that is taking place. In addition to that, for lithium, there have been expectations released by various institutions that there will be a shortage in 2026. And also, the Chinese VAT refund is being abolished. So there is stronger demand that we see in China. So all of this has been driving the current surge in prices that we have seen within the lithium market. However, we do not believe that this short-term surge is something that can be sustained going forward. So going into Q2, we do think that in terms of the overall trends, the amount of increases that we see in lithium prices, we do expect to be somewhat more limited. In addition to that, if we look at the impact of the recent surge of lithium prices on our overall performance, there is somewhat of a positive lagging effect that we do enjoy. So we do think that it will contribute for us to enjoy stronger profitability in the first half. [Foreign language] We'll be getting the last question. The last question is from the line of Jin-myung Lee from Shinhan Securities. Please go ahead. [Foreign language] So thank you for the opportunity to ask questions. The question that I would actually like to ask is, before, I think that it's only one question that I actually have, and what it would actually be is that for the LG Energy Solution stake, you did say that there would be resources that you would be able to secure going forward and that this would be something that you would be able to invest into future projects that you would have for growth. So if you could elaborate a bit more about what those projects would actually be. In addition to that, there is around 10% that you have allocated for total shareholder return. If you could actually talk about the reason for that and also if there is a possibility that that would be less in the future. [Foreign language] So maybe I can talk about why we have allocated around 10% of the LG ES related resources to total shareholder return. If you look at the current situation that the company is in, with regards to the EBITDA generation capabilities that we have had recently, we actually have seen a decline in those capabilities. And as a result of that, on our credit rating, there has been a weakening of that position also. We do think that for now, there is the need to be able to defend the credit rating that we enjoy. So that is why within the scope that we have available for total shareholder return within this position, we think that that would be within the 10% that we have already allocated. However, that having been said, going forward, if our EBITDA generation capabilities would recover, then the overall plan would be to use that stronger EBITDA generation capabilities to cover the day-to-day investments that we need to make. Then for any resources that we are able to generate utilizing the LG ES stake, we do think that a higher amount could be allocated for TSR. [Foreign language] In addition to talk about the future growth items that we would be looking at to utilize the resources in, I think that basically the stance that we have in terms of putting top priority on the four growth drivers for the future that we have identified in terms of our stance there, there's no change. So that is something that we want to maintain. However, added to that, in the market right now, we do see very explosive growth taking place with regards to EV material, E-mobility related material, and also some of the semiconductor material related markets such as adhesives. So if there is an opportunity that arises, then I do think that if possible, we would like to look at, and we do think that it would be necessary for us to pursue investments in this area, which may include inorganic investments. [Foreign language] So thank you very much. With this, we would like to wrap up the Q4 earnings conference call for LG Chem. In addition to that, if there are any questions that you still have or any questions that you need a follow-up upon, please do not hesitate to contact our IR team. We would like to thank you once again for participating in today's.