. Jae-ha Park. Good morning and good evening. Thank you all for joining the conference call for the Ecopro earnings results. This conference will start with a presentation followed by a Q&A session. If you have a question, please press star and 1 on your phone during the Q&A. Now we will begin the presentation on Ecopro's 3rd quarter of fiscal year 2026 earnings results. .,?. Good morning and good evening. Ecopro Co. Ltd. EcoPro Ecopro Co Ltd. Park Yu Shin, Seung-woo Kim, Jin Hyung Choi, Soon-Ju Kim, and Minju Kim. Good afternoon. Thank you for joining us at Ecopro earnings call. Today we have here with us Head of Business Management Office, Vice President Jang-hoon Cho. And Head of Finance and IR Office, Vice President Kyoung-han Oh from Ecopro. Director of Management Support Department, Soon-Ju Kim. And team leader of business management team, Vice President Jin Hyung Choi, and team leader of R&D planning team, Principal Manager Seung-woo Kim from Ecopro HN. Director of Finance Division, Sung-chul Lee, and Director of Management Division, Lee Sung-jun, Director of Sales Division from Ecopro Materials. I would like to note that the results that are announced today is subject to change after the audit results from the outside auditor. Now we will begin the conference call for Q3 Ecopro earnings results call. And now, Shin-hyuk Ah, Ecopro's Chief M&A Officer, will give us his statement. Good afternoon. I am Head of Finance and IR Office, Woo Kyoung-han. At today's earnings call, I am going to describe to you the performance of the 3 subsidiaries of Ecopro and then we will have a Q&A session. Please turn to page 4 for the performance of Ecopro HN. Check in. Thank you. The revenue for Ecopro HN in the 3rd quarter of 2026 stood at 52.8 billion won, which is a similar level compared to the previous quarter. quarter, but compared to the same period last year, it showed an increase of 86%. In particular, EBIT stood at 11.3 billion won. which is a 96.9% increase compared to the previous quarter, and compared to the same period last year, it showed a robust improvement of 386.3%. Addition of new clients and winning new orders is continuously taking place, and the profitability, profitability is improved thanks to the improvement in sales mix. We believe the new orders and new project winning will be reflected on the performance results, which will further improve the performance of Ecopro HN. I'm Opeji Sanun, Ecopro HNA Chairman of Management at Seongmang Securities. Next, let me introduce to you the financial results of Ecopro HN. Please turn to page 5. The bond issuance from Bunge today beat 300 million KRW's guidance, 320 million KRW, 350 million KRW. The assets as of the end of Q3 2026 stood at 470.5 billion won, which is a 3.2% increase compared to the previous quarter. Liabilities stood at 148.3 billion won, which was— is the same as the previous quarter. Equity compared to the previous quarter increased by 3.9%. to reach 322.3 billion won. Based on the revenue that was earned in Q3, we are able to maintain a solid financial structure. That ratio is maintained at a sound level of under 50%. I'm Yoo Jin Choi, the CEO of Ecopro Co Ltd. Now let's turn to page 6 for the performance results of Ecopro Materials. Dr. Po-ki, that's all I've got for you today. We expect the company will maintain a strong growth rate in 2018. The company will maintain a strong growth rate in 2018. This is Park Hyun-sun, KDA Group. The revenue for Ecopro Materials in Q3 of 2016 stood at 181.11, which is a similar level as the previous quarter. EBIT stood at $29 billion, which increased a loss of— loss to a certain extent, and the overall revenue has dropped due to the product transition on the part of the customers. However, as the GEN utilization rate is slowly improving, and as MHP sales is increasing, overall sales is maintained at a similar level compared to the previous quarter. However, exchange rate and the drop of metal price has had a negative impact on the performance of Ecopro Materials. As a result, profitability has been deteriorated to a certain extent. In Q4, our North American customer sales will begin in earnest, and as GEN utilization becomes normalized, Also, the price of sulfur, which is the main side material, is showing a healthy drop. We believe that we can expect improvement in our performance. I'm Jin Hyung Choi, and I will now share with you the financial results of Ecopro Materials on page 7. Yoo Jin Choi, Chang-Min Lee, and Soon-Joo Kim. Joo Jin-hyeo, IMIP's managing director, said, in the first quarter of 2017, we saw a significant improvement in our sales. But in the 2nd quarter, sales of the company's core business, Ecopro Materials, increased by 10.5% compared to the previous quarter. I'm Pyeong. It's an issuing company, Myeong-guk Park, and I'm the managing director of Ecopro Co Ltd. Assets as of end of Q3 2026 stood at 2.6541 trillion won, which is a 9.2% decline compared to the previous quarter. Liabilities decreased by 8.9% to 1.2986 trillion won. Equity decreased by 9.4% to 1.34 trillion won. 3.466 trillion won compared to the previous quarter. And in the settlement of debts and liabilities regarding the smelters within the IMIP industrial complex in Jeonju, the liabilities and assets have decreased. And due to the drop in exchange rate, in the process of calculating dollar-based assets, GEN-related tangible and intangible asset size has declined compared to the previous quarter. The debt ratio is 96% as of Q3 2026, which is a similar scale compared to the last quarter. Cash and cash equivalents stand at 70 billion won. I'm Rokhaik KJ, Sonaeun, chief science officer at Ecopro Co Ltd. Next, on page 80, I'm going to share with you the performance of Ecopro, which is the holding company. Congratulations to the 3 recipients. Please join me in welcoming the 3 recipients. Shinsoo Gik, Sunbaek, Ho Seul, Kida, Goo, and Sunida. Consolidated revenue of Ecopro as of Q3 2026 stood at 810.7 billion won, which is a small decline compared to the previous quarter. EBIT stood at 11.2 billion won, which is a decline compared to the previous quarter. However, the overall performance is maintaining a surplus in this quarter. And compared to the previous quarter, sales in the material related to secondary battery has dropped. However, thanks to the recovery of the smelter utilization rate, sales have been maintained in the same level compared to the previous quarter. quarter. The drop in exchange rate and metal prices have put some pressure on the profitability. In Q4, with the utilization rate of the smelter improving or recovering, and also the drop of the cost is expected to continue. Therefore, we can expect the improved performance as Ecopro HN's performance improve and also the utilization rate of the Hungarian cathode plant increases. With this in mind, Ecopro is assessing how it may fit in with the portfolio structure of the company. When took reference to parent sector's precedent, metal trading made 7.8% in 2017, and the company's net profit for the year 2017 was 1.4 billion won. It's expected that the company will be able to continue to grow its sales and profits in the coming years. Tamatabungyeon, Shinbiu Boksa Bakgoretungan, Panmilaen-singakakide de Gwismita. On page 9, we have the performance of the unlisted subsidiaries and Ecopro's unlisted subsidiaries and holdco. The blue part shows the metal trading and equity method product profit, which has shown some decline. Due to the drop in utilization rate in the Indonesian smelter due to natural disaster. However, utilization rate has recovered in Q3. And therefore the revenue has increased. We believe this trend will continue in Q4 as well. In the case of the recycled business, due to the export limitation for Black Mass US, and thanks to the policy benefits, the feed is easier to secure, which will help us increase the revenue. The biggest part of the unlisted subsidiary business, which is lithium business, has experienced a 30 billion won drop in revenue. Due to the line transition of the customers. However, thanks to securing new customers in the— in Q4, we expect an increase in sales. I'm Shikpei Jeetan. I'm a senior chemical analyst at HSBC. Next, I would like to talk about the consolidated financial statements in page 10. Woo Joo, Kuchang Sanbaek Ship Yawon. However, the company's sales of lithium batteries have declined significantly. Next, I'd like to talk about the consolidated financial statements. I'm Anjo Tony, the only junior who could channel his anger into a poem. Park, I'm very touched to hear you say that you are very happy to be here. Ecopro Co. Ltd. is a leading company in the field of battery materials. As of the end of Q3 2026, assets stood at 10.7972 trillion won, which is a 5.3— 5.6% decline compared to the previous quarter. Liabilities stood at 5.9312 trillion won, which is a 6.5% decline compared to the previous quarter. Equity dropped by 4% to 4.8 6.66 trillion won. And as the debt repayment of subsidiaries have taken place, cash and cash equivalents and also equity including borrowings, have decreased to a certain extent. As to the paying of the BNSI investment fund, The cash and cash equivalent assets have experienced some decline as well. However, based on a consolidated basis, we still have a rich cash liquidity. of 900 million 900 billion— excuse me. 900 billion won. However, the subsidiary's debt ratio is still maintained at a sound level of under 100%. In the case of Ecopro CNG, borrowings have increased temporarily due to preemptive securing of black mass feed. However, as the production and sales of black feed-related products become available, the borrowings will be reduced in a very short period of time. This concludes the earnings report. Please refer to the appendix for further information. This concludes the presentation, and now we would like to move on to the business outlook. EcoPro Co. Ltd. Good afternoon. I am Cho Jang-hoon, Head of Business Management Office at Ecopro. First, I will briefly review Ecopro Holding Company's 3rd quarter performance and discuss our 4th quarter business outlook. In the 3rd quarter, our results were somewhat weaker quarter-on-quarter, reflecting a decline in lithium prices, increased foreign exchange volatility, and lower sales volumes of secondary battery materials and inventory adjustments in downstream markets. 4th quarter profitability is also expected to remain under near-term pressure due to the reverse lag effect, the timing mismatch in raw material input costs, following the 3rd quarter's decline in metal prices as well as foreign exchange effects. Despite these near-term earnings pressures, we expect substantial top-line growth compared to— compared with the 3rd quarter. In particular, utilization rates at the group's major unlisted upstream subsidiaries are expected to recover across the board starting in the 4th quarter. On June 6th, 2017, the KLC announced that it would be listing its subsidiary, Let me first discuss the outlook for our Indonesian nickel smelters. Following remediation of the soil runoff incident caused by heavy rainfall in the IMIP area in mid-February, we have raised smelter utilization, including at Jeon, to approximately 80%. Meanwhile, our subsidiary Ecopro BM successfully completed its rights offering in October. We have secured stable funding for investment in the BNSI smelter. On this basis, we plan to begin commercial production in the 2nd quarter of next year, significantly strengthen group-wide cost competitiveness, and proactively respond to global supply chain regulations. I would like to thank you for your interest in Ecopro Co. Ltd. The top group of our group, Shin-Gyu Cogeksaeng Bulrang, is the top group of the group. The company ranks in the top 50 of the Dura-Nal Jeong-in. Next, the outlook for our major unlisted subsidiaries. Ecopro CNG recently secured a stable large-volume feedstock supply from major North American OEMs. and others. We therefore expect full plant utilization and a sharp earnings recovery beginning in the 4th quarter. Although Ecopro Innovation experienced a temporary sales decline last quarter due to a major customer's production line conversion, sales volumes are expected to increase substantially as shipments to new customers ramp up. Jeong-ha Park, Mirae Asset Securities. In summary, despite short-term external headwinds, all Ecopro Group companies aim to achieve sound growth from the 4th quarter onward while securing mid-to-long-term growth drivers, including new smelter investments. That concludes my remarks. EcoPro Materials' key engine is the sun-dried mineral. EcoPro Materials is currently the world's largest supplier of sapphire and ruby minerals. If you have any questions, please feel free to contact us. Shin-Chuk, questioner. Kiriha Ko, ISMI. I am Lee Sung-jun, Director of Management Division. I will discuss Ecopro Materials' business outlook for the 4th quarter of 2026. EcoPro Materials has faced a challenging year due to a combination of external factors, including the Strait of Hormuz situation, the soil runoff incident at our subsidiary Green Eco Nickel, and weak downstream demand. Nevertheless, we're strengthening our precursor customer portfolio by securing new North American customers, and we expect improved performance at Green Eco Nickel as utilization normalizes. Oh, Minju, Jung-woo just asked me a question. Jin-soo Park, Ecopro BM. Jung-woo Choi, PwC. First, our precursor business. Through the 4th quarter, we expect continued efforts from customers' product transitions and sluggish North American EV demand. We aim to improve performance gradually by diversifying customers and end markets and anticipate sales approval for non-PFE precursors from a new North American customer. Within this year. Jung-guk Jung-guk-chee, upchadre, wonka kyingjeng-ni yakha deosumida. Iro ine, tangsanan kyingjeng-ni ginnan kagege kibana ya, yuro kiban bokeksadreka. Iroh Inae, Jeon Bum-mi, Shinhan Securities. Jang-hoon Cho, Kiwoom Securities. As mentioned last quarter, China abolished VAT export rebates on secondary battery materials starting this year, weakening the cost competitiveness of Chinese precursor producers. Against this backdrop, supply discussions with European customers are progressing smoothly on the strength of our competitive pricing. We expect our customer portfolio, previously concentrated in North America, to expand into Europe. Oh, second, we will also link this to the company's day-to-day. And then we also have our own changes in the company as we move to a total guy company. A15 to successfully fully integrate with SMIDA. Iran's Jung-chek Pyongyang ruling net Ecopro e close-loop system ultimate leng messe pulling sa ke ga yali gosimyeo. I'm sorry. The United States recently restricted exports of black mass but permits exceptions where materials processed and refined overseas are returned to the United States. This policy change is opening opportunities for black mass tooling through Ecopro's closed-loop system, and we're in discussions with several North American customers. By collaborating with our group affiliates, we'll further strengthen our proprietary closed-loop system and reinforce the foundation of our precursor business. Oh, Tangro, Cheyenne, Sabay, they must send their guests. Hi, everyone. Good evening. I'm Jin Hyung Choi, the managing director of Mirae Asset Securities. MHP panelists, Our subsidiary Green Eco Nickel has substantially recovered its utilization rate, and it is driving a meaningful rise in MHP sales volume. In terms of profitability, sulfuric acid prices, an important auxiliary input, surged amid the Strait of Hormuz situation and increased costs. Recently, however, sulfur prices have fallen considerably from their peak and are stabilizing at lower levels, supporting expectations for a gradual recovery in profitability. Ecopro Materials has had a difficult year. Nevertheless, we're seeing positive signs across several areas, including an expanded customer portfolio, normalized operation at Green Eco Nickel, and new business opportunities. We will do our utmost to translate these developments into gradual performance improvement. Thank you. EcoPro, a chain of 1,400 members, is currently experiencing a challenging situation. The company's sales volume has declined significantly. Jang-woo Sung-jun, Kyoung-han Oh, Mirae Asset Securities. Oh, yes, that's right. I am Director of Management Support Department, Kim Soon-Ju. I will discuss Ecopro AG's business outlook for the 4th quarter of 2026. In the 3rd quarter, we secured meaningful orders, particularly in semiconductor environmental technologies, establishing a foundation for future growth. Revenue recognition from these orders is expected to accelerate in the 4th quarter, and we will focus on winning additional projects as key customers expand investment. Given the seasonal nature of our business, we expect the 2nd half-led revenue growth trend to continue in the 4th quarter. Park Moon-byeol, Lotte Capital. Premium chemical and petrochemicals business, year-to-date revenue, $1.5 billion, year-on-year growth of 8.8%. By business segment, we had some concerns that year-end inventory adjustments by customers could reduce replacement demand for cleanroom chemical filters. However, a customer has been shifting existing packaging capacity toward HBM packaging and increasing related investment. Our ESG-linked MCF filters have been selected as the sole solution across the entire process. We therefore expect stable supply volumes in the 4th quarter. quarter. The greenhouse gas reduction solutions segment is expected to be the main driver of 4th quarter revenue, as this segment accounted for approximately 80% of the order backlog at the end of the 3rd quarter. Accelerated revenue recognition from related projects should support 4th quarter growth. được.. هم nhập Oh, do you need to see some comments? So, In October, we attended Micron Supply Day. Supplier Day and became the first Korean equipment supplier selected among its 11 strategic suppliers. This recognizes our technological capabilities and supply capacity. During the event, we discussed medium to long-term cooperation with Micron, laying the groundwork for a stronger partnership. We will also leverage this global reference to identify new customers and expand overseas over the medium to long term. Oh, In the particulate matter reduction solutions segment, revenue recognition for certain projects was shifted to the 4th quarter. Following detailed discussions on customer investment schedules. In addition to existing end markets such as incineration facilities, we expect tangible results from our expansion into LNG power plants this year, increasing the segment's revenue contribution in the 4th quarter. I just want to say that we are very pleased to be able to share with you the results of our 2nd quarter results. And the CBY Yangsan Group, Kyoro, Seung-Joon, and Shinhan are good. Finally, let me update you on major investments in new businesses. Construction of the production building for our next-generation honeycomb catalyst, a core material for RCS greenhouse gas reduction equipment, has been completed. Trial operations are underway with a target of commercial production in December. This environmentally friendly catalyst achieves approximately 99% of perfluorocarbon removal and can be reprocessed after use into a composite thermal storage material. We expect it to support our leading position in the catalyst market. Thank you. The pilot-scale production line for semiconductor backend process materials began trial operation in October. We're preparing for equivalence testing within this year. Next year, we will prepare for material approval by the end customer, an IDM semiconductor manufacturer, and proceed with preparations for commercial supply. Thank you. This concludes the presentation on our business outlook. Now we're going to move on to the Q&A session. Before we receive questions real time, we're going to address some of the questions that were submitted in advance. First question. Is what are the prospects for acquiring new customers? Ecopro HN will be answering this question. EcoPro HN, Young-guk Park, Jin Hyung Choi. Thank you. Thank you. Mirae Sung-jang are now a junior chief operating officer. I am team leader of R&D planning team, Kim Soon-woo. Since securing Micron as a major new customer, we have focused on establishing a stable supply system for this customer rather than expanding the customer base in the near term. In particular, we're building a global reference through supply experience, and operating results at overseas fabs. At the same time, our R&D efforts continue to prepare for future growth, including developing compact product lines and expanding applicable processes to address diverse customer needs. market continues to expand and upgrade processes not only through new fab construction but also at existing operating fabs. Existing fabs often have densely installed equipment and limited space for additional process gas abatement systems. Demand is therefore increasing for highly efficient compact systems that fit constrained spaces. Thanks to the new low-emission fuel oil technology, we are keen to develop and commercialize compact fuel cell systems. To meet this demand, we're developing compact process gas abatement systems optimized for the limited installation space. In existing fabs. We completed domestic equipment fabrication in the 3rd quarter of 2026 and are now refining the system and optimizing performance. We plan to conduct on-site validation with an overseas semiconductor manufacturer in the 1st quarter of 2027, establish technical reliability, and expand into existing fab expansion and retrofit markets. Park Yu Shin, Managing Director, Yoo Jin Choi, Managing Director, Mirae Asset Securities. Regarding process expansion, semiconductor CVD processes emit various gases. Some produce particulates and fluorinated gases during treatment. Causing equipment corrosion and making it difficult to use energy-efficient catalytic abatement systems. To address this, we're developing particulate abatement equipment and corrosion-resistant catalysts and integrating them into a CVD process abatement system. In 2015, the company was listed on the Hong Kong Stock Exchange. In 2028, we plan to conduct on-site evaluations under actual process conditions at an overseas semiconductor manufacturer. This will validate technical performance and stability, extend our business beyond etching processes into CVD, and further strengthen competitiveness in process gas abatement materials and equipment. That concludes my answer. To answer your question, Mr. Chairman, Ecopro BM is a leading company in Indonesia, PNSI, Fujia, and Chang-Min Lee. Next is the second question submitted in advance. It is a question regarding liquidity position related to participation in BM's rights offering and Indonesian investment. Ecopro will be taking this question. Ecopro BM will be— Ecopro will be taking this question. EcoPro, Temu, and IAC are ongoing in bid. I am head of finance and IR office at Ecopro. I understand there are concerns about holding company liquidity following payments for the rights offering and investment expenditures. Let me address these concerns. Yeah, it's a parochial community. You see what you're getting. Ecopro PMD and new song that they're going to pick up. Young Goo, if you challenge the han, probably you're going to hang time. And so, but to get you 200,000, you see, they're going to take care of you. On a standalone basis, cash and cash equivalents declined from approximately 604.8 billion won at the end of the 2nd quarter to 392.2 billion won at the end of the 3rd quarter. quarter, mainly due to the disbursement of approximately $185 million in August for investment in the DNSIC. smelter in Indonesia. In October, we paid for EcoPro BM's rights offering and exercised the call option on the remaining perpetual exchangeable bonds, temporarily tightening the standalone cash balance. However, part of the $185 million paid in August included a loan advance on behalf of BM, which is scheduled to be recovered in September. stages beginning in the 4th quarter. The BNSI investment SPV is also progressing smoothly with external investor fundraising and its own borrowings. So we expect limited additional funding requirements from the holding company. Despite these substantial investments, The holding company's financial soundness has actually improved. Its standalone debt-to-equity ratio fell sharply from approximately 86% last quarter to 73% in the 3rd quarter, with Indonesian smelter utilization recovering and cash generation from the holding company's own business increasing. Financial and liquidity risks remain limited. This concludes my answer. I'd just like to thank you for your attention today. Thank you to our clients for trusting us with their investments. Yoksa Ecopro'ya da tappen diliyorsun da. Last question, how do recent U.S. black mass export controls and tighter European regulations affect our recycling business? Again, Ecopro will be taking this question. question. Good afternoon, colleagues, Chang-soo Chang-hoon, you mean? The second big group of European, third, Singapore, and Japan, both are under lockdown. I hope, from the current outlook, we will be able to maintain the current level of business. I am, uh, Joo Jang-hoon, Head of Business Management Office, and I will take this question. The United States and Europe increasingly regard critical battery minerals as natural— national security assets and are tightening controls on their transfer to countries of concern, including China. In the U.S., the Department of Commerce Bureau of Industry and Security introduced measures in August restricting overseas shipments of black mass. However, United States has far less downstream processing infrastructure for high-purity recovery of valuable metals than it has battery waste preprocessing capacity. Thank you. Accordingly, an export exception applies when refined outputs are brought back into North America. Ecopro CNG has actively used this regulatory environment to secure a stable large-volume feedstock supply from a major North American OEM. Beyond securing raw materials, we're actively pursuing closed-loop packages with multiple customers working with group subsidiaries in lithium, precursors, and cathode materials. to provide an integrated supply of materials made from recycled minerals. nickel, lithium, cobalt, cobalt, and recycled cobalt. Europe also strictly controls exports of black mass outside the region through waste shipment rules and other measures. From 2031, implementation of European battery legislation is expected. expected to require batteries to contain recycled minerals such as nickel, lithium, and cobalt. We believe tighter regulations in the United States and Europe will create significant opportunities for our group, which has both distinctive downstream processing technology and a closed-loop ecosystem. Thank you. Now, uh, we're— this concludes the pre-submitted question and answer questions. session, and now we will take questions live. Now Q&A session will begin. Please press star 1, that is star and 1, if you have any questions. Questions will be taken according to the order you have pressed the number star 1. For cancellation, please press star 2, that is star and 2 on your phone. Thank you for watching Mirae Securities' Q&A session. If you have any questions, please press star and 1 on your phone. The first question will be provided by Jin-soo Park from Shinyoung Securities. Please go ahead with your question. Uh, Thank you. I have 2 questions regarding materials. First off, I heard that you have a plan to expand your facilities for the investment of precursor. I would like to know more details about that. And secondly, I would like to know about the current situation of your new customers and new orders. The Ecopro Materials is a leading supplier of precursor materials. Yoo Jin-kyo, Jeongro, HSBC. I am Lee Jung-chae from Ecopro Materials. On September 30th, we have changed the completion date for facility investment on Campus 4. Yeah, Thank you, Gannen. This decision reflects the current demand conditions among our downstream customers. Utilization is currently low due to weakness in downstream markets. However, considering future demand from customers with whom we're in discussions, Expansion of Campus 4 will eventually be necessary. In the near term, we will focus on restoring profitability by maximizing existing capacity while proceeding with the expansion plan to support future growth. The Ecopro Materials unit is currently experiencing some weak demand from its customers. Jin-gwan Oh, PwC. I am Director of Sales Division at Ecopro Materials. Let me also answer the question. As mentioned earlier, precursor sales to a new North American customer are scheduled to begin in the 4th quarter of this year. We expect annual sales volumes to increase as demand for existing products grows and the range of supplied products expands. North American EV sales have been declining, but the base effect associated with the termination of EV subsidies is coming to an end. We expect demand for non-PFV products to increase substantially if EV sales recover. We have a competitive edge in this area and are discussing supply with multiple customers. Non-PFV chip firm, CEO of Kyoung-han Oh, said, To add, hydroxide Ecopro BM was commercially approved, Tangsae Chasede Chulok Chepumitheko, Seulbom Media. In cooperation with our Ecopro BM affiliates, we have also secured a customer for high-voltage mid-nickel products. As discussed in an earlier earnings call, high-voltage mid-nickel is expected to play an important role in mass-market EV models. We're collaborating with multiple companies beyond our group affiliates and expect this to become a key next-generation product. Major macro, Europe yanggukchi sadol tesanguro do palbara geche pung testedun kyo-biru chinen chuge isimnida. Europe-based group Jang-hoon Cho said, Finally, we're actively discussing product testing and supply with European cathode material producers. The abolition of China's BAT export export rebates on secondary battery materials has significantly improved our price competitiveness against Chinese precursors. We're in active discussions with European-based cathode producers and expect some tangible results next year. EcoPro Materials' current overall supply chain is stable, with 10,000 tons of capacity in China, 4,000 tons in Europe, and 1,000 tons in the Middle East. Ko Kiksa-ga hwak-tae-tae-go, sujung-buljang-ga-di pan-melui yeo-jin-naso. Tang-sae pan-melang-a sun-cha-jo-goro chun-gai-go-suro chon-mang-a-mi-da. Hamnasa-mi-da. Although Ecopro Materials is facing difficult conditions, our strengths are generating product supply requests from multiple customers. As the customer base expands and orders translate into sales, we expect volumes to increase gradually. Thank you. Due to time constraints, we will be able to entertain one last question. But I'm not going to remove the tissue because I'm testing it. The last question will be presented by Jang-hoon Cho from Daishin Securities. Please go ahead with your question. I go see Sumita. Hi, Sumita. The question is how much revenue— I have 2 questions. How much revenue has been recognized from Micron Singapore and Idaho orders? What backlog remains for Q4 and 2027? And can 2026 revenue guidance be achieved? That was my first question. And the second question is, what is the margin difference between overseas projects involving intermediaries and direct domestic sales? How much will overseas office establishment cost affect the second half SG&A? EcoPro H&K, I'm collecting from Je-heon Yang. For the company, Micron Singapore, I'm Jin Hyung Choi, the Managing Director of Soon-Ju Kim Securities. I am the team leader of business management team at Ecopro HN. Let me address that question. Of the new Micron orders disclosed this year, 93.6% billion won relates to Singapore and 19.8 billion won relates to Idaho, United States, totaling 113.4 billion won. As of the end of the 3rd quarter, approximately 13% of project revenue had been recognized based on this progress. We expect a further 19% of construction costs progress in the 4th quarter, with roughly 70% of the orders carried forward into the 2027 backlog. We're also discussing additional orders with the customer for the 4th quarter, including orders below the disclosure threshold and maintenance orders associated with each project. We expect the Micron backlog to grow over the medium to long term as new orders continue to be added rather than simply being depleted. As these orders are now converting into revenue in earnest, we believe we can achieve our guidance of approximately 50% revenue growth over last year. Good morning, everyone. Soon-Ju Kim, Hey, bye, Kwon Il-bus. Tamam, tisuru çabayet son 9 gün ICS heksim soruluyor. Çançori, putçori soruluyor. Puanlar kunguk komika. Haklı değilsiniz. So it's not a problem. I will answer the second question. Some overseas Micron orders are placed through intermediaries. However, Micron and our company negotiate technical specifications and pricing directly. And orders are then placed by fab construction contractors based on the terms agreed between us. Therefore, the use of an intermediary does not affect margins. Profitability can differ depending on the scope of supply, which may include upstream and downstream treatment equipment. In addition to our highly differentiated core RCS equipment. This was my answer. Thank you. This concludes the earnings call. Once again, thank you very much for participating.