Good afternoon. We will now start LG Chem's 2026 second quarter earnings conference call. This is Kyung-suk Kim, Head of IR at LG Chem. Thank you for taking an 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 2026 Q2 earnings performance, then our CFO will present the highlights of this earnings announcement, after which we will move on to the Q&A session. Please note that the presentations will be interpreted simultaneously, while the Q&A session 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 Yang, Head of Business Strategy for Petrochemical Division, Young Lee, Head of Business Strategy for Advanced Materials Division, and Dalmi Hwang, Head of Business Strategy for Life Science Division. I will walk you through our second quarter business results. On page three, consolidated Q2 sales and P&L. Q2 sales was KRW 14 trillion, 176 billion, operating profit was KRW 600 billion, and net profit was KRW 67 billion. Profitability improved in Petrochemicals and at LG Energy Solution, enabling the company to achieve an operating margin of 4.2%. Page four, consolidated financial status. As of the end of Q2 2026, assets were around KRW 112 trillion, 200 billion, liabilities, KRW 63 trillion, 300 billion, and capital was KRW 48 trillion, 900 billion. Debt ratio increased QOQ to 129.6%. Performance and outlook by business division. Page five, Petrochemical Division. 2026 Q2 Petrochemical Division sales was KRW 5 trillion, 329 billion. Operating profit was KRW 427 billion, and operating margin was 8.0%. Although sales were impacted by the shutdown of the EO-SO-2 NCC plant, supported by positive inventory lagging effects resulting from higher feedstock prices and wider spreads, profitability improved compared to the previous quarter. However, in Q3, due to negative lagging effects from declining feedstock prices and higher logistic costs, profitability to come under great pressure compared to the previous quarter. Advanced Materials. In Q2, Advanced Materials sales was KRW 999 billion, and operating profit was KRW 20 billion, returning to profitability. Driven by higher cathode material ASPs and expanded separator shipments, battery material sales increased. In addition, the ramp-up of mass production for electronic materials and new products improved both revenue and profitability for the division. Battery material sales are expected to grow as shipments to new cathode material customers ramp up and separator volumes for ESS application gradually increase. Electronic materials is also expected to deliver solid performance, supported by expanding sales of new products and a portfolio of high-value-added products. Life Sciences. In Q2, sales was KRW 369 billion and operating profit was KRW 60 billion. Comparing with the previous quarter, driven by higher export shipment volume, sales and profitability improved. However, in Q3, as export shipments of certain products, including vaccines, are expected to be concentrated in Q4, and R&D expenses are projected to increase in line with the progress of key clinical development progress. Thus, profitability is expected to decline QOQ. Farm Hannong. Q2 sales was KRW 274 billion and operating profit was KRW 25 billion. Supported by increased sales of crop protection products and stronger front-loading demand for fertilizers as a result of the Middle East conflict, solid operating performance was maintained. In Q3, while sales of crop protection and seeds businesses are expected to increase due to higher raw material costs resulting from weaker Korean won and increased R&D expenses, profitability is projected to decline YoY. Lastly, LG Energy Solution. LG Energy Solution presented their performance in detail. We have in Q2, sales was KRW 7 trillion, 560 billion, and operating profit was KRW 113 billion. With increased shipments from greater ESS capacity in North America, sales grew, driven by a robust expansion of EV battery supply. With greater EV battery volume and lower fixed cost burden from increased ESS production in North America, the business returned to profitability. In Q3, driven by solid demand, which accelerates the growth of North America ESS volume, we expect sales to grow backed by stable growth in EV battery shipments. With stabilization of North America ESS line operation, profitability to be improved from higher EV plant utilization, also secure demand-driven growth momentum. This concludes the Q2 earnings presentation. Now, CFO Dong Seok Cha will present the future outlook. Good afternoon. I am CFO Dong Seok Cha. Thank you to our shareholders and investors for your interest and participation in today's earnings presentation. First, a review of our second quarter performance. Despite continued market uncertainty driven by heightened geopolitical risk in the Middle East and increased volatility in key raw material prices. Through production and sales optimization, as well as ongoing efforts to strengthen our cost competitiveness, we remained focused on improving profitability. In Petrochemicals, supported by favorable inventory lagging effects, spreads for key products widened and earnings improved significantly. Advanced Materials and Life Sciences, driven by increased sales of their key products, also delivered solid performance. LG Energy Solution, supported by higher shipments of batteries for ESS applications, returned to profitability. As profitability recovered across our businesses, we achieved an operating margin of approximately 4% in the second quarter. Looking ahead, as volatility in raw material prices continues and customers maintain a conservative purchasing stance, we expect market uncertainty to persist for the time being. In response, we will further strengthen our ability to navigate short-term market fluctuations while accelerating the transition of our existing businesses toward a portfolio centered on a high value-added application. By fostering future growth businesses in semiconductors, mobility, and robotics material, we will reinforce our long-term growth foundation. First, in Petrochemicals, by completing the final approval of our business restructuring with our refining partner and establishing a collaboration model within this year, we will accelerate our business transformation. By increasing the sales contribution of high value-added application products, including EV grade SSBR, semiconductor grade IPA, and ultra-high molecular weight PVC, all of which are expected to deliver sales growth of more than 40% YoY from approximately 10% in 2026 to more than 25% by 2030, we will continue to build a profitability-focused business portfolio. Within Advanced Materials, through expansion into new high value-added application, electronic materials aims to double its revenue by 2030. We began mass production in Q2 of SGF, a premium film for automotive applications that enables adjustable transparency. In addition, for semiconductor materials such as CCL for non-memory semiconductors and NCF thermal adhesive film will expand customer specification in projects and through the development of next generation packaging materials, including packaging adhesives and glass substrates, will create new growth momentum. In battery materials, we expanded cathode material shipments to new customers in the second half and increased separator sales for ESS applications. We will focus on generating stable earnings. At the same time, by developing next generation battery materials and securing metal recycling and low-cost solution technologies, we will strengthen both our cost competitiveness and technological leadership. Lastly, in life sciences, we will continue to strengthen the market position of our flagship products, including diabetes treatments and growth hormones. At the same time, with the goal of bringing six oncology programs, including treatments for head and neck cancer, hematologic malignancies, and cancer cachexia to market on schedule, we will accelerate AI platform-based drug discovery and new drug development, thereby enhancing the competitiveness of our oncology pipeline. By executing these growth strategies across each business without disruption, we will accelerate the qualitative transformation of our business portfolio and establish a more stable foundation for sustainable earnings. In parallel, we will continue to strengthen our management focus on cash flow and financial discipline to maintain a solid business foundation amid rapidly changing market conditions. Dear shareholders and investors, despite the uncertain business environment, we will continue to improve the quality of our business portfolio by strengthening profitability and fostering future growth businesses to secure sustainable growth drivers. We remain fully committed to ensuring that these efforts translate into higher long-term corporate value and shareholder value. Thank you for your continued trust and support. Thank you. Next, we will proceed to the Q&A session. To ensure that as many participants as possible have the opportunity to ask questions, we kindly ask each person to limit their questions to two. If you have a question, press star key followed by one. To cancel, press star followed by two. The first question is from the line of Jin Myung Lee from Shinhan Securities. Please go ahead. The first question is from the line of Jin Myung Lee from Shinhan Securities. Please go ahead. 그다음 두 번째 질문은 저희가 지금 양극재도 물량이 지속적으로 올라오는 상황인데 하반기에 양극재의 물량 추세가 어떻게 나타날지 말씀 좀 부탁드리고요. 이와 더불어서 내년도까지 물량 성장에 대해서 어떻게 보시는지 말씀해 주시면 감사하겠습니다. 감사합니다. Thank you for the opportunity to ask questions. There are two questions that I would like to ask you. The first question is that if you look at the second quarter performance for your petrochemical business, it seems to be that it has been very solid. If you could please describe the drivers behind that or the background behind that would be appreciated. In addition, if we look at the second half of this year, I do think that there are uncertainties within the market. What is the company's view about the way going forward? The second question that I would like to ask is about your cathode business in terms of the overall volume. How do you see the second half of the year evolving and for the overall volume trends, what are your expectations for next year? 먼저 석유화학 부문에서 2분기 수익성 개선 배경하고 하반기 수익성 전망에 대해서 답변드리겠습니다. 먼저 2분기 수익성 개선 배경은 CFO께서 말씀하신 것과 마찬가지로 재고 래깅이 좀 긍정적으로 많이 발생을 했고요. 스프레드도 상당 부분 개선이 되었습니다. 이와 별개로 미국의 상호관세 환급 같은 일회성 이벤트도 좀 있었기 때문에 수익성이 큰 폭으로 개선이 되었습니다. 하반기를 보시면 질문 주실 때와 마찬가지로 불확실성이 지금 굉장히 좀 심한 것 같습니다. 예측이 좀 어렵긴 하지만, 재고의 부정적인 래깅 효과와 더불어서 해상운임이 상반기 대비 하반기에 약 60% 정도가 올랐습니다. 그런 비용적인 부담 효과 때문에 많은 어려움이 예상이 되지만, 당사는 고부가 제품의 본격적인 확대가 올해부터 이루어지고 있으면서 그런 부분에 쓸 수 있습니다. 또한 원재료라든지 유틸리티 비용 절감을 극한으로 운영을 하면서 효율성을 높이는 비용 구조 개선 활동 등을 통해서 수익성 방어에 만전을 기하려고 하고 있습니다. Maybe I can take the first question that you have had, which was about the second quarter performance drivers and also the second half outlook that we have for the petrochemical business. I think first to talk about the second quarter, as the CFO mentioned during his opening remarks, we did actually see a positive inventory lagging effect. Also in terms of the backdrop, the spreads did improve. As a result, those drivers did contribute. In addition to that, we also had some one-off factors, such as the US reciprocal tariff refunds. Therefore, this all in total led to the significant improvements that we have been able to see. For the second half of the year, as you have mentioned, we do think that there are a lot of uncertainties that are existing within the environment. Therefore, as of now, it's challenging to share a view. However, we do think that on the inventory side, there will be a negative lagging effect that we will see. Also if we look at the ship rates in terms of the overall cost levels compared to the first half of the year, on the second half of the year, we do actually see a 60% increase. That will also be another factor of consideration. However, that have been said on the company side, of course, we do think that from the second half of the year, we will be able to, in a full-fledged manner, expand our overall premium products. That should contribute to our overall profitability. At the same time, in terms of our raw material costs and also utility related costs, this is in an area in which we are trying to cut back on costs to the extreme so that we can reach efficiencies. Through these means, we are going to make our utmost efforts to try to defend our bottom line. 양극재 물량 전망 관련된 답변 드리도록 하겠습니다. 2분기의 판매 물량은 전년 하반기 이후에 지속적으로 증가를 하고 있기는 하지만, 북미 시장의 수요 환경과 얼티엄셀즈 가동 중단 등의 고객사 생산 일정 조정 영향으로 해서 물량 증가폭은 제한적이었습니다. 하반기에는 신규 고객향의 공급 확대가 있을 예정이고요. LG 에너지솔루션향 물량 확대도 있을 예정이어서 상반기 대비해서는 의미 있는 물량의 성장이 예상이 됩니다. 물량의 증가폭은 3분기보다는 4분기에 더욱 커질 것으로 전망을 하고 있고, 다만 북미 전기차 시장의 회복 속도가 연초 저희가 기대했던 수준 대비해서는 다소 둔화되고 있어서 당사의 26년 물량 계획은 달성하기는 어렵다고 생각을 하고 있습니다. 27년의 경우는 올해 하반기부터 진행되는 신규 프로젝트의 물량 증가와 이게 연간 효과로 반영되면서 연간으로 보면 올해 대비 큰 폭의 물량 성장이 가능할 것으로 예상을 하고 있습니다. 향후 시장 선황과 고객사 수요를 고려해서 사업계획이 구체화되면 물량 성장 규모를 다시 말씀드리도록 하겠습니다. Maybe I can address your second question about our cathode outlook going forward. First, if we look at the second quarter in terms of the overall sales volume, it is true that there has been a continuous increase since the second half of last year. However, if you look at the North American overall demand environment and also the suspension of Ultium Cells production and some of the adjustments that were made on the customer side in terms of the actual growth in itself, it was somewhat limited. If we look at the second half of the year, One, of course, we will have more supply that we will providing to a new customer. Also in terms of the overall volume that we are going to supply to LG Energy Solution, that is also expected to increase. For the second half of the year versus the first half of the year, we do think that this will lead to a meaningful increase in our overall volume. In terms of the overall level of increase that we are expecting, we do think that the fourth quarter will represent a higher level than what we see in the third quarter. However, that being said, versus the beginning of the year, if you look at the overall speed of recovery that is taking place in the North American EV market versus our initial expectations, I do think that it is somewhat slower. Therefore, for that reason, if we look at our initial forecasts or plans for 2026 in terms of total volume, we do think that as of now it will be a bit challenging to meet that target level. To talk about 2027, from the second half of this year, we do have new projects that are going to start and go. Therefore, there will be an increase in volume from that. That will be reflected in full in 2027, and that volume increase will also, again, start from the second half of this year. For that reason, if we look at the overall forecast for 2027, we do think that the overall volume will be a significant increase, versus what we have seen today. In terms of the market going forward and also the customer demand, of course, we will be setting forth a more detailed business plan for next year. Once that is available, of course, I do think that we will be able to share more details about the volume growth that we are expecting for 2027. The next question is from the line of Hyun-Yul Jo from Samsung Securities. Please go ahead. The next question is from the line of Jin-Woo Lee from Mirae Asset Securities. Please go ahead. Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you. One is about your petrochemical business. After you suspended the operations of your Yeosu NCC in March, when are you, or are you planning to actually restart and reoperate this facility? That would be the question, and added to that, are there any large-scale TA plans for this year? The second question that I would like to ask you is about your plans to monetize the LGES stake that you have. Are there any details of that plan that you would be able to share with us? With regards to the proceeds of that monetization, are you planning to use that to invest in your business? For example, would it be a resource that would be able to be invested into inorganic growth? Maybe I can address the first question that you had on the petrochemical side about the restart of our petrochemical NCC. If you look at the overall utilization of our cracker in the first quarter of this year, it was in the mid 70 level. Then come the end of March, when we actually suspended our Yeosu No. 2. For the second quarter, it was within the mid 50% level. For the second half of the year, we do also believe that in terms of the sourcing, there will continue to be some uncertainties related to that situation. For our cracker utilization, we are planning to run the facility at a similar level to the first half of the year. In the first quarter, we do actually have a regular turnaround that is planned for our Yeosu 1 NCC. Before that turnaround actually takes place, in light of the inventory, I do think that there may be some adjustments to our utilization. 다음 질문 LG 에너지솔루션 지분 유동화 관련된 질문에 대해서 IR 담당 답변드리겠습니다. 당사는 기 공시한 바와 같이 LG 에너지솔루션 지분을 2030년까지 약 70% 보유 추진까지 우선 유동화할 계획입니다. 2025년에 이미 TRS를 활용하여 지분 일부를 매각하여 이를 재무구조 개선을 위해 차입금 상환 및 주주 재원으로 활용한 바 있습니다. 매년 최적의 유동화 방안을 검토하여 매각을 실행할 예정입니다. 당사는 기술 경쟁력 기반 컨버팅 회사로의 전환을 가속화하고자 수익성이 높은 고부가가치 육성 사업에 세부적인 전략을 수립 중에 있습니다. 이에 대한 일환으로 이노가닉 옵션을 실행하게 된다면 LG 에너지솔루션 지분 매각 대금을 활용하는 것도 가능한 옵션으로 보고 있습니다. 다만 아직 확정된 사안은 없기 때문에 향후 계획이 구체화되면 관련 내용을 시장과 커뮤니케이션 할 예정입니다. Maybe I can address the second question that you had in terms of our plans with regards to utilizing and monetizing the LGES stake that we have. As we have disclosed in terms of our plans going forward, the company's overall intention is to sell down to around 70% in terms of the LGES stake that we have by 2030. Therefore in 2025, we did do a TRS transaction through which we did dispose of some of the sales, and we use that to improve our overall financial profile. It was used to redeem some of the debt that we had outstanding, and also some of it was allocated to contribute to shareholder returns. For each year, we will look at the best options that we have available and then set forth the monetization plans accordingly. Over the longer term goal that we have to be a converting company that is based upon various technology competitiveness, I do think that we are looking into the details of plans of how we can actually build up and grow our overall premium businesses. Therefore, as a part of that initiative, we do think that there could be inorganic growth options that we would try to explore. If so, the LGES monetization proceeds could be used in that area. However, that has been said, as of now, we don't have any definitive plans in this area. Once we do have more final plans, we will make sure to share that with the market. Thank you. 네, 감사합니다. 다음으로 질문해 주실 분은 삼성증권의 조현열 님입니다. 질문해 주시기 바랍니다. The next question is from the line of Hyun Yeol Jo from Samsung Securities. Please go ahead. 네, 안녕하세요. 삼성증권 조현열입니다. 잘 들리실까요? 네, 잘 들립니다. 안녕하십니까? 질문 두 가지 드리도록 하겠습니다. 석유화학이랑 첨단 소재 두 가지 드리려고 하고요. 먼저 석유화학 같은 경우에는 최근에 미국이랑 이란의 전쟁이 다시 좀 재점화되는 양상도 띠고 있는데 이게 저희 회사의 사업에 미칠 영향에 대해서 간단하게 말씀해 주시면 감사하겠습니다. 두 번째는 첨단 소재이고, 아까 CFO께서 말씀해 주신 것처럼 전자 소재 관련해서 여러 가지 내용들에 대해서 간단하게 말씀해 주셨는데요. 비메모리용 CCL이랑 SGF 등 이 전자 소재 사업이 앞으로 확대되는 데 있어서 신규 고객을 확보하신 게 있다거나 아니면 지금 진척 현황이 어떠신지에 대해서 말씀해 주시면 감사하겠습니다. 감사합니다. Yes. Thank you for the opportunity to ask questions. There are two areas that I would like to ask questions about. One would be your petrochemical business and the other is your advanced materials business. On the petrochemical side, first, right now it does seem to be that the conflict between the U.S. and Iran is restarting. What would be the overall impact on your business there? The second question about advanced material would be that, of course, the CFO in his opening remarks did talk some about the electronic materials and the development that is taking place there. If we look at the non-memory CCL and also the SGF film that you have, what is the progress that you are making in terms of expanding these business areas? Are there any new customers that you have been able to gain? 먼저 석유화학 부문에서 중동 전쟁 재점화에 따른 사업 영향에 대해서 답변드리도록 하겠습니다. 올해 상반기 전쟁이 터졌을 때를 돌이켜보면 원료가가 올라가면서 제품가가 같이 상승하는 모습을 보였고요. 6월에 종전 기대감이 있을 때 마찬가지로 원료가가 하락하면서 제품가도 마찬가지 하락하는 모습을 보여왔습니다. 금번 7월에 전쟁의 불확실성이 좀 더 커짐에 따라서 원료가의 변동폭은 꽤 큰 폭을 매일 나타내고 있습니다. 원료가가 올라간 만큼 아직은 제품가가 동반 상승은 하지 못하고 있는 이러한 모양새를 보이고 있습니다. 그 원인에 대해서 수요가 뒷받침되지 못하는 원인이 될 수도 있고요. 아니면 고객 사이드에서 봤을 때는 이러한 불확실한 상황 속에서 구매에 대한 관망세를 조금 더 지켜보자라는 쪽으로 가기 때문일 수도 있는데요. 이러한 상황들은 조금 더 지켜봐야 될 걸로 보이고, 하지만 이런 상황들이 하반기에 큰 리스크로 관리돼야 되는 영역인 거는 틀림이 없는 사실인 것 같습니다. 반면에 재고 측면에서 영 레깅에 대한 이야기들이 있었는데요. 이런 부분들은 원료가가 하락하는 속도가 조금은 완만하게 됨에 따라서 영 레깅에 따른 손실 부분은 일정 부분은 좀 완화가 될 여지도 있을 걸로 판단하고 있습니다. 이상입니다. Yes, maybe I can take the first question that you had about the overall petrochemical business side and also the impact from the war. I think that if you look at the first half of the year, around the time when the actual war started, we did see that material cost was increasing. As a result of that product cost, our product prices also increased. Come to June, when there were expectations that the war would come to the end, of course, we saw a decline both on the material side and also the product side taking place together. However, if you look at the situation in July, it has been that surrounding the overall conflict, I do think that there is a lot of uncertainty about what the future beholds. As a result of that, on the material side right now, we do see a lot of volatility that is taking place in the cost level on a daily basis. However, if we look at the product side, I do think that in light of the increase that we have seen in the overall material cost, products have not moved as much in terms of the pricing levels. I do think that there could be a couple of reasons behind that. It could be that the overall demand is still not there yet. It could also be that from the customer side, because there is so much uncertainty within the market, customers are taking somewhat of a wait-and-see type of approach. As a result of that, the price levels on the product side have not followed suit with regards to how the material prices are moving. For that reason, I do think that for us, we need to monitor the overall market dynamics a bit more. For that reason, towards the second half of the year, we do think that there is a somewhat large risk that we see with regards to the market backed up. Having that said, I think that we did talk about the possibility of a negative inventory lagging effect taking place in terms of our performance. However, on the material side, if the overall decline is more moderate than we had expected, we do think that in terms of the inventory that we have, the overall losses that we were initially expected because of the negative lagging may be a bit less, or could be more moderate in terms of the impact because of the trends that we currently see in material. Maybe to address your second question about our electronic materials business in terms of the progress and any new customers. First, if we talk about CCLs, which is used for semiconductor substrates, I think that the overall trend that we see is that not only is it being applied to the existing memory chips, but it's also being expanded in terms of application on the non-memory side. For example, for system in package. From this year, we actually have already secured three global customers and are currently providing products to them. We also believe that going forward, there can be additional customers that we will acquire. For CCL used for FCBGA and also in the case of the TGV glasses that are used for glass substrates, right now we are in a process in which the customers are evaluating our material. In light of the fact that there is expected growth that will be ticking in the high-performance semiconductor market, we do think that this is a key area that we want to grow going forward. In addition, if we look at the various semiconductor-related adhesive material that can be used, for example, in addition to the existing die attach film or backgrind tape that we have, as customers' overall processes become more upgraded and there is next generation packaging technology trends that they are trying to adopt, I do think that we will continue to expand our product portfolio in the area of various functional attachment films. For example, those that have thermal resistance or provide insulation type of functionalities. In the mobility material area for SGF that is used in sunroofs. Right now we have started to provide and supply products to European OEMs, and also we are in the process of expanding our product portfolio into the area of next generation head-up display films. As a result of various adhesives that are used in cars or for electronics that are put into the cars, or for thermal resistant purposes. This is an area in which we do have existing European customers, and we will continue to actually develop new customer relationships. 네, 감사합니다. 다음으로 질문해 주실 분은 UBS증권의 Tim Bush 님입니다. 질문해 주시기 바랍니다. The next question is from the line of Tim Bush from UBS. Please go ahead. Thank you for the opportunity to ask a question. I have two questions. First is on the Korean government approval regarding the Lotte YNCC restructuring plan. Is there any update on LG Chem's restructuring plan? Once LG Chem gets approved from the Korean government, what type of post-approval scenarios could we see? That's the first question. The second question is around the 2170 upgrade cathode for LG Energy. I guess that's to the Tesla project. When would we begin supplying this? Are there any updates on new products? For example, LFP, LMR, high voltage mid nickel, or sodium ion. Thank you. 저는 두 가지 질문을 드리고 싶은데요. 첫 번째 질문은 최근의 상황을 보게 되면 Lotte 그다음에 여천NCC 간에 정부 승인이 제공이 되었습니다. 그래서 저희 쪽에 구조조정과 관련돼서 혹시 업데이트되고 있는 상황들이 있는지요? 예를 들어서 LG Chem 쪽에서도 정부의 승인을 만약에 최종적으로 받게 된다면 그 이후에 또 승인 이후에 시나리오는 어떤 방식으로 진행이 될 수 있을지와 관련돼서 여쭤보고 싶습니다. 그 부분이 첫 번째 질문이고요. 두 번째 질문은 2170 upgrade cathode, 양극재와 관련돼서 LG Ensol에 조금 공급을 하실 것으로 알고 있습니다. 그래서 그게 아무래도 Tesla향으로 사용이 되지 않을까 싶은데요. 언제부터 공급이 지금 예정 중이신지 궁금하고요. 그다음에 실질적으로 양극재 신제품과 관련돼서 그게 고전압 미드 넥이든 아니면 LMR이든 아니면 sodium-ion battery든 간에 혹시 공유해 주실 수 있는 그런 사항들이 있다면 그 내용에 대해서도 말씀해 주시면 좋겠습니다. 예, 먼저 석유화학 부문 구조조정 진척 현황과 향후 예상되는 일정에 대해서 답변드리겠습니다. 저희는 연내 사업조정 최종 승인이라는 목표에는 변함이 없습니다. 파트너사와 세부 내용에 대해서 논의를 지속하고 있습니다. 석유 측면에서는 저희와 파트너사 모두 사업의 포트폴리오가 워낙 복잡하다 보니까 논의를 해야 되는 사안이 많은 부분은 있습니다. 세부 일정은 구체화되는 시점에 시장과 소통을 하도록 하겠습니다. 만일 연내에 정부로부터 구조개편 승인이 된다라고 하면 그 후속 절차도 상당 부분은 시일이 소요될 걸로 보이고 있습니다. 먼저 구조개편 승인과 합병 승인은 또 다른 문제이기 때문에 물적 분할에 따른 후속 절차를 진행을 해야 되고요. 합병을 위해서는 국내뿐 아니라 해외에서도 합병 승인을 받아야 되는 절차들을 거쳐야 합니다. 그러한 후속 절차 이행에 다소 기간은 소요될 것으로 전망하고 있습니다. 이상입니다. To address the first question that you asked about the overall restructuring progress and maybe the timeline going forward. The overall goal that we have for the restructuring, which is to receive the final approval by the end of the year, is still very valid. There is no change there. Right now we are continuously engaging in discussions with our partner. In terms of the pacing itself, both on our partner side and on our side, the business portfolios that we have are very complex. As a result of that, there are many different items that need to be discussed. As a result, we do have that ongoing. However, in terms of specific timelines, I do think that that is something that we can communicate to you once that is available. In the case that the government does provide final approval for the restructuring plan in itself, I do think that for the post-restructuring execution in itself, it will take some time. Because the approval for the restructuring and the approval for a merger is actually two different items. The approval for restructuring is one thing, then the approval for merger. For example, after a split off takes place, the merger of the split off entities into one and et cetera, not only require domestic approval, but it also would require approval from other jurisdictions in which the approval is necessary. As a result of that, we think that that overall post-integration process in itself may take some time. 2170 upgrade 양극재 출하 시기와 신제품 개발 관련된 답변드리도록 하겠습니다. 2170 upgrade 원통형 양극재의 경우에 3분기 내에 공급이 개시될 것으로 보고 있고요. 4분기부터는 본격적인 매출의 기여가 가능할 것으로 생각하고 있습니다. 차세대 46 시리즈 같은 경우에는 고객사와 개발 협력을 통해서 26년 스펙인 28년 양산을 목표로 개발 중에 있습니다. 중저가 솔루션인 LMR과 LFP 같은 경우는 28년 이후 양산을 목표로 지금 개발과 경제성 검토가 진행 중에 있고요. LMR은 고전압 환경에서 구조 안정성 확보, 그다음에 LFP 양재 같은 경우는 전구체 프리 기술과 메탈 리사이클 원료 적용해서 경쟁력 있는 공급망 확보를 하는 것을 주력으로 하고 있습니다. 특히 LFP 양재 같은 경우는 신규 투자가 필요하기 때문에 고객과의 공급 계약, 그다음에 생산 거점별로 투자 효율성을 비교하고 있는 중에 있고요. 이에 따라서 사업화 방안이 변경될 가능성이 있습니다. 마지막으로는 소듐이온 배터리 같은 경우에는 고출력용으로 27년 말에 양산 타겟으로 지금 개발 중에 있고, 장수명 고용량용으로는 29년도에 본격 사업화 계획하에 있습니다. Maybe I can take the second question about the cathode development that we have and also the supply of new products. For the cylindrical cathodes that will be used for 2170 upgrade cylindrical batteries, we are planning to start the overall supply within the third quarter. We actually believe that the full contribution to revenue is something that will start for the fourth quarter. In terms of next generation 46 series, this is something in which we are currently developing together in cooperation with our customer. The overall targets that we right now have as of now would be to be spec in within 2026 and also reach mass production in 2028. On the mid to low-end market solution side, which would be LMR and LFP battery cathodes. Right now, the overall targets that we have on that side is to reach mass production in 2028. With that target, right now we're in the process of developing the actual products and also looking to the feasibility that these would represent. On the LMR side right now, the focus of the development is to ensure that we have structural stability within a high voltage environment. On the LFP side for cathodes there right now, we are trying to apply precursor free technology and also use material that has been recycled on the middle side. Enabling that through a competitive supply chain is something that we are trying to pursue. For LFP right now, for the cathodes there, a new investment would be required. Therefore, right now we are in a process in which we're trying to secure the supply agreement with our customer and also to look at what type of production sites that we have globally would be the most efficient in terms of the investment that is required. We do think that according to that review for the commercialization plans in itself, there may be some changes. Lastly, on the sodium-ion battery cathode side. Right now the overall targets that we have would be to have mass production of the high power battery cathodes that are needed by 2027. For the long duration high capacity batteries, we're looking at the commercialization timeline somewhat around 2029. 네, 감사합니다. 시간 관계상 마지막으로 한 분만 더 질문을 받도록 하겠습니다. 마지막으로 질문해 주실 분은 신영증권의 신홍주 님입니다. 질문해 주시기 바랍니다. We'll be getting the last question. The last question is from the line of Hongju Shin from Shinyoung Securities. Please go ahead. 안녕하세요. 신영증권 신홍주입니다. 두 가지 질문이 있는데요. 우선 첫 번째는 저희 첨단 소재 쪽 분리막 관련해서 글로벌 ESS 시장 성장에 따른 회사의 분리막 사업 26년, 27년 실적 가이던스 등 전망 공유 부탁드리고요. 그리고 두 번째는 생명과학 관련해서 AI를 활용한 신약 개발이 활발해지고 있는데, 회사의 AI 플랫폼 활용 신약 개발 현황과 전략 공유 부탁드립니다. 그리고 최근에 LabGenius와의 공동 연구 진행이나 내용 등도 말씀해 주시면 감사하겠습니다. 이상입니다. Yes. Thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First, about your advanced materials business. I would like to ask about your separator business. In light of the dynamics that we see in the global ESS market, what would be the overall guidance that you could be sharing for the separator business in 2026 and 2027? The second question that I would like to ask about is your life sciences business. If you look at the trends recently, I do think that there is a lot of new drug development that is taking place, AI based. What is the current progress there, and what development plans do you have going forward? In addition to that, I also understand that you are pursuing joint research with LabGenius. If you could maybe elaborate about that a bit more in detail, that would be appreciated. 네, 분리막 사업의 실적하고 전망 말씀드리도록 하겠습니다. 올해 분리막 사업은 전기차용 수요 약세에도 불구하고 북미 ESS 중심의 물량 확대로 전년 대비해서는 약 40% 정도 성장할 것으로 예상하고 있습니다. 특히 ESS용 물량 같은 경우는 하반기로 갈수록 증가폭이 계속 확대되고 있어서 당사 분리막 사업에서 ESS용이 차지하는 비중은 지속적으로 증가를 하고 있고, 연간으로 보면 전체 매출의 한 60에서 한 70% 정도를 차지할 것으로 예상하고 있습니다. 27년에도 글로벌 전력 인프라 투자 확대하고 AI 데이터센터가 계속 확대될 것으로 예상을 하고 있어서, Vmax 수요 증가는 계속될 것으로 보고 있고 27년 매출은 올해 대비해서 큰 폭의 매출 성장이 가능할 것으로 전망하고 있습니다. 다만, 이것도 내년도 공급 물량을 아직 고객사와 협의가 진행 중에 있어서 아직 구체적인 수치를 제시하기는 어려운 상황입니다. Yes, maybe I can address the first question that you had about our separator business. If you look at our separator business for this year, even though on the EV demand side, there has been some weaknesses that we have seen, focusing on the North American ESS market, there has been an increase in overall volume. As a result, we do think that the YoY growth will be approximately 40%. In particular, if you look at the volume for ESS right now, towards the second half of the year, the overall growth rate has seemed to be at a higher level. We do think that the ESS separators out of the overall separator business will continue to account for a larger portion. For the overall year, we think that at the end of the day, ESS will account for around 60%-70% of revenue. In 2027, if we look at the backdrop on the global electricity infrastructure side, there is continuous investments that are taking place and also for AI data centers. That also is something that continues to be very strong in terms of momentum. We do think that for separator demand, it is something that will continue in 2027. For the revenue there versus this year, we do think that we will actually be able to see a large level of growth. However, that has been said, right now we are still in discussions with various customers about the supply volume for next year. Please understand it would be difficult to share any specific numbers. AI를 활용한 신약 개발 방향과 최근 LabGenius와의 공동 연구 계약 배경 및 내용에 대해서 설명드리겠습니다. 신약 개발 영역은 AI 확산에 따라서 고성장이 예상되는 핵심 산업으로 AI 적용에 역량을 집중하여 글로벌 수준의 AI 신약 R&D 경쟁력과 생산성을 제고해 나가고자 합니다. 이를 위해 내부 투자와 함께 글로벌 선도 AI 전문 업체와의 협력을 확대해 나가고자 합니다. 내부 투자 측면에서는 최근 신약 개발 전 주기를 통합하는 자체 AI 플랫폼인 MediX를 구축하여 일부 영역에 적용을 시작했고, 외부 협력 측면에서는 단백질 설계 AI 기술을 보유한 Galux사, 그리고 영국의 AI 신약 개발 기업인 LabGenius와 신약 항원 후보 물질 발굴을 위한 공동 연구를 진행하고 있습니다. 특히 지난 2월 공동 연구 계약을 체결한 영국의 AI 신약 개발 기업 LabGenius는 머신러닝과 고속 대량 실험 기술을 결합하여 치료용 항체를 빠르게 발굴하고 최적화하는 핵심 플랫폼을 보유하고 있습니다. 동양 표적 다중 항체 영역에서 경쟁력을 보유한 파트너사와 협력하여 신약 후보 물질 발굴에 소요되는 기간을 절반 수준으로 단축하고자 합니다. 이를 통해 우수한 물질을 확보할 경우 license-in 옵션을 행사하고자 합니다. Maybe I can address the second question that you had in terms of how we are using AI in our new drug development and also the background to the overall joint research that we are trying to pursue with LabGenius. In the area of new drug development, AI is becoming more prevalent, and as a result, we do think that this is an area in which high growth is expected. Therefore, we are also focused in our full company effort to apply AI in areas in which we can, so that we can actually have a competitive and also a very productive new drug R&D which is AI-based as of a global level. Therefore, the ways that we want to achieve this is by making some internal investments and at the same time cooperating with leading global AI companies that have the AI technology that we would look for. In terms of the internal investments that we want to make, right now we do have and have established our own proprietary AI platform called MediX. This integrates the full drug development lifecycle. This is being applied. We have started to apply it in some areas recently. In terms of cooperating with external parties, first, we do have Galux, which has the overall technology that can enable the AI technology, that can enable them to actually do protein design. Also we do have the U.K. AI new drug developer, LabGenius, in which we are currently pursuing a joint research of various cancer or anti-cancer materials. To talk about LabGenius in more detail, we did sign a joint research contract with them in June of 2026. Right now, in the case of LabGenius, they do have EVA, which is a platform that uses machine learning and also high-throughput screening to quickly find and be able to optimize the overall therapeutic antibodies that it has. That is something that we have in place. In addition to that, by collaborating with LabGenius, which already possesses an AI modeling and developed materials in the tumor targeting multi-specific antibody sector, we believe that we will be able to cut the time that is required for us to discover a new antibody drug candidate by almost half. If we are successful in discovering new candidates and high potential candidates, the business structure also allows us to actually have a license-in option. 네, 감사합니다. 이것으로 LG 화학 2026년 2분기 실적 설명회를 모두 마치겠습니다. 질문을 다 못 하셨거나 추가적인 문의 사항이 있으신 분은 언제든지 IR로 연락해 주시기 바랍니다. 바쁘신 가운데도 참석해 주신 투자자 여러분들께 감사의 말씀을 드립니다. 감사합니다. Thank you very much. With this, we would like to wrap up the conference call for the second quarter 2026 for LG Chem. For those of you who have more questions or who have not got the opportunity to ask questions, please do not hesitate to contact the IR team. Once again, we would like to thank everyone for taking time out of their busy schedule to participate today. Thank you very much.