Good afternoon. I am Chung So-young, head of the IR communications team at SK Innovation. Thank you for joining the company's second quarter 2026 earnings presentation. On today's call, we have with me SK Innovation Chief Financial Officer, Seo Geon-gi, head of the corporate finance planning office, Bae Gilak, and management from each of the businesses. For the call today, the Chief Financial Officer, Seo Geon-gi, will first run through the company-wide business results for the second quarter, followed by presentations from each of the business divisions. Then we will have a Q&A session. Please note that the numbers we are presenting today have yet to be audited by the external auditor and thus are subject to change upon review. With that, let me invite Chief Financial Officer Seo Geon-gi to present the second quarter highlights and earnings results. Good afternoon. This is Seo Geon-gi, Chief Financial Officer of SK Innovation. Allow me by starting by thanking our shareholders, investors, and analysts for your continued interest in the company. I will begin with the highlights of the second quarter of 2026. First, SK Enmove was able to post solid performance on the back of its product competitiveness in the high-end Group III lubricant base oil market and its global production and sales network. Amid continuing geopolitical risk, SK Enmove, using its global number one Group III production capabilities and multiple production hubs, was able to address supply chain uncertainties. In addition, it has been able to use its sales subsidiary in each of the key hubs to quickly and flexibly address to changes in customer demand. Going forward, SK Enmove, with its Group III production competitiveness and global business foundation, will strengthen its stable business structure while also further strengthening its competitiveness as a lubricant base oil provider trusted by the market and customers. In the case of SK On, in the second quarter of 2026, we have completed the unwinding of the BlueOval SK, which was the JV with Ford. The former BlueOval SK Tennessee factory is now fully owned by SK On under the name SK On Tennessee. Moreover, as part of this restructuring, the former Kentucky factory is now fully owned by Ford. SK On will be able to save on approximately KRW 300 billion in depreciation and KRW 200 billion in interest expenses per year, which should ease the financial burden on the company. In addition, in November, we have signed an equity swap with EVE Energy to swap SKOJ and SK EUE shares. This is expected to close within the quarter. SK On will acquire 100% of SKOJ and fully divest its interest in EUE. As a result, SK On has gained a more flexible and proactive business framework. Based upon this, it will respond to the EV and ESS customer demand in a more agile manner and strengthen profitability. In addition, portfolio rebalancing efforts will continue. Based upon the market environment and strategic needs, SK On will be able to review strategic alliances and cooperate possibilities in many forms in a more flexible manner. This was the highlights. Next, let me talk about the overall performance. In the second quarter, revenue was up by KRW 4,866.2 billion quarter-over-quarter at KRW 29,157.2 billion, driven by stronger revenue across all energy businesses, including refining and lubricants. On the operating profit side, due to the stronger profits on the lubricants and battery business, it increased by KRW 1,325.1 billion quarter-over-quarter to KRW 3,487.3 billion. On the non-operating side, the recognition of SK On and SKIET related PRS derivative valuation losses of around KRW 1.2 trillion and SKIET related impairment losses of approximately KRW 1.4 trillion resulted in higher non-operating losses. To provide the breakdown in more detail, FX related losses were KRW 73 billion, product derivative losses, KRW 1.2 trillion, net interest expenses, KRW 251.9 billion, equity method gains, KRW 37.2 billion, and other losses, KRW 1.4 trillion. Let me discuss our financial structure. As of the second quarter 2026, total assets stood at KRW 102 trillion, this was due to a decrease in cash as net working capital increased and less assets following the closing of BOSK JV unwinding. It represents a decrease of KRW 3.6 trillion versus 2025 end. Liabilities were KRW 64.2 trillion, which is a decrease of KRW 5 trillion due to less borrowings and the closing of the BOSK JV. The debt equity ratio was down by 20 percentage points at 170%. Net debt was KRW 23.7 trillion, as cash balances decreased, it has been up by KRW 1.1 trillion versus the end of 2025. We will go over the second quarter performance by company. We will have a look back on key companies and provide an outlook for the future. For each of the results of each company, please refer to page six, on page seven, we will go over the look back and also outlook. Let us start with SK Energy. Good afternoon. This is Joo-hyeong Oh, Head of Corporate Planning from SK Energy. Let me discuss the second quarter performance. SK Energy second quarter operating profit was KRW 651.2 billion, down by KRW 632 billion quarter-over-quarter. Dubai crude, which surged on an average $128 in March, dropped to $79 in June, the valuation of inventory on book is reflected and on a cumulative basis, inventory-related gains in the second quarter was still around KRW 560 billion. When excluding this effect, though the market was strong, profitability has declined due to the government's cap on crude prices and to turnarounds in May and June. Crude prices and refining margins are expected to show a lot of volatility based on the changes in shipments in the Strait of Hormuz and Red Sea, degree of damages on Russian refineries, and flow changes in the oil and refinery products. Therefore, as uncertainty continues, rather than forecast the future, we will closely monitor the market and try to be flexible and quick to maintain optimal operations. Thank you. We will move on to SK Geo Centric. Good afternoon. This is Kim Yong-soo, Head of the Management and Planning Office of SK Geo Centric. For the second quarter, with regards to our overall utilization, we actually saw a decrease in the overall products. In the third quarter, if we look at the aromatics, because of the stocking there, and also on a seasonal basis, we do believe that there will be some recovery. However, uncertainties on the external side will continue, and these stocks also will be volatile. We do think that in terms of the overall performance versus the second quarter, it will be flat. Yes. Next on SK Enmove, we will discuss the performance there. Good afternoon. On the lubricants business from SK Enmove CIC, I am Kim Mikyung, Head of Corporate Planning and Development Office. For SK Enmove's operating profits, it was KRW 503.4 billion quarter-over-quarter to KRW 691.9 billion, due to the inventory effect and higher margins stemming from supply issues by peers due to the Middle East situation. In the third quarter, there could be some volatility, based on the Strait opened, but spreads are expected to gradually moderate if our competitor supply issues are solved. The recent geopolitical risks have pinned the market's attention to our stable supply capabilities based upon multiple production hubs, and the company is able to provide optimal operations using these multiple sites. In addition, we are able to supply in a timely manner to regional sales hubs and increase outsourcing, which results in a framework for stable supply. Going forward, we will leverage this supply chain capability, and we will continue to provide a differentiated value to customers and further solidify our leadership in the Group III market. Next is SK Earthon. Good afternoon. I am Kim Kyoung-jun, Head of Planning and Business Support at SK Earthon. SK Earthon's Q2 operating profit due to a decrease in sales volume driven by the shipment schedule of its equity crude in China, decreased KRW 34.8 billion QOQ to record KRW 29.9 billion. For reference, the aforementioned figures exclude the performance of the Peru block, which, driven by higher oil and gas prices amid the war, recorded operating profit of KRW 79.6 billion, up KRW 16.9 billion QOQ. Accordingly, both SK Earthon's own assets and the Peru block delivered solid performance. For Q3, geopolitical uncertainty persists, but we are continuing efforts to sustain daily output and improve profitability, including drilling additional production wells at our own blocks in China, Vietnam, and elsewhere. Next is an update on our key operations. First, at China Block 17/03, the three additional production wells drilled to sustain output are being brought online sequentially, with completion expected within August. At Vietnam Block 15-1, we're proceeding as planned with the drilling of four additional production wells and the construction of production facilities at the STT field. In addition, at Vietnam Block 15-1/05, development of the LDP structure is currently underway, encompassing production well drilling and facility fabrication. We're targeting first production in Q4 2026 upon completion of the related development activities. Finally, at Vietnam Block 15-2/17, drilling of all appraisal wells have now been completed. Based on the drilling results, we'll work with our partners on a detailed analysis of resource volumes and discuss the development plan. Next is SK On. Good afternoon. I am Kim Young- Kwang, Head of Financial Support at SK On. I will address battery business performance in Q2 2026 and share our outlook for Q3. Before presenting our Q2 results, I would like to note that starting this quarter, we have changed the financial statement presentation method for tax credit amounts arising under the U.S. IRA tax credit for battery products made and sold in North America. Previously presented separately from sales as other operating revenue, these amounts are now judged to be substantively reflected in customer price negotiations and transaction terms, given the expansion of our North American business and changes in transaction structures. Accordingly, the company determined that presenting these amounts together with sales as sales plus other revenue more appropriately reflects the actual operating performance and revenue structure of our North American business. This change constitutes a reclassification of presentation items and has no impact on operating profit, net income, or net assets. Due to revenue driven by expanded sales volume in Asia, customer compensation payment, and higher AMPC QOQ, came in at KRW 2.94 trillion, a substantial increase from the previous quarter. As for Q2 operating profit, while there were one-time factors at play, I would like to emphasize that thanks to the increasingly visible effects of our cost reduction efforts, a genuine improvement in profitability was evident. As a result, we swung to an operating profit of KRW 821.8 billion. Turning now to our business outlook. In Europe, local production incentive policies and EV-related support policies remain in place. We will leverage our strength in European production bases to enhance operational stability and strengthen our negotiating power with customers. In North America, we're staying actively engaged with our existing OEM customers as EV demand gradually recovers, and we'll do our best to win and deliver additional orders in the currently robust ESS market. In particular, we're moving quickly to expand orders with customers such as hyperscalers and power utilities, building momentum for SK On's mid to long-term profitability improvements. We continue to pursue a portfolio rebalancing, including the conclusion of the BOSK joint venture structure and the launch of SK On's standalone plan. As a result, our fixed cost reduction effects approximately KRW 300 billion in annual depreciation and KRW 200 billion in interest expense will be reflected on a full year basis. Together with our continuously pursued operational efficiency initiatives, these are expected to translate into profitability improvements over the second half of the year. In the second half, we aim to enhance our responsiveness to market volatility and customer requirements, thereby securing EV sales expansion and ESS order visibility. Thank you. Next is SK Innovation E&S Business. I'm Kang Minkyu, Head of Management Planning at SK E&S, and I'm represent on SK Innovation's E&S business. SK Innovation E&S posted a Q2 operating profit of KRW 105.9 billion, down to QOQ as city gas demand softened heading into the off-peak season, and as we carried out plant maintenance to keep power supply stable through the peak summer demand months. In Q3, we expect SK E&S to rise as power demand enters into seasonal peak and oil prices climb. With geopolitical instability heightening again, LNG spot market price volatility is expected to be a variable affecting earnings. That said, the Australia Barossa gas field, in which we hold an equity stake, is in the final stage of commissioning, and we expect it to move into full commercial operation within the second half of the year. We'll keep working to sharpen our cost competitiveness while doing our part to strengthen the nation's energy security. Thank you. This concludes the presentation we prepared today, and now we will move on to the Q&A session. Before taking questions from the floor, we would like to first address pre-collected questions. Investors and analysts shared with us many questions, and we've selected some of the questions where a lot of interest was shown. I will introduce the questions in order and invite the relevant business representatives to answer. First question concerns our battery business. Many questions from our investors. I would like to invite SK On to address. Head of Financial Support Office at SK On. I will address our battery business turnaround strategy. First, our battery business turnaround is showing visible results driven by structural cost reduction. In Q2, even excluding one-time factors, our earnings improved QOQ through our cost reduction activities. We're focused on cost reduction as the path to fundamental competitiveness. Cutting material costs through supplier diversification, value engineering, yield, and other loss improvements, and stronger inventory management, while also lowering processing costs and SG&A through automation and AI-driven operational optimization. We continue to identify and execute cost-cutting initiatives across the board and drive profitability improvement, and we expect even more visible results in the second half. On EVs in North America, we expect a volume recovery in the second half driven by the reintroduction of California EV subsidies and the recent recovery in demand. In Europe, we are also in discussions with major OEMs on volume stabilization and pricing, and our portfolio is improving as we shift focus toward higher profitability programs. In sum, cost cuts and recovering volumes are putting us on track for a gradual quarterly profit improvement in the near term, while over the mid to long term, we will drive a qualitative shift in our business portfolio through ESS order growth, moving fast on both order taking and production. The second question concerns SK Energy's response to the Hormuz Strait situation following the Middle East conflict and its. Plans going forward. Investors have also shown strong interest in crude procurement security and sourcing diversification. I would like to ask SK Energy to address this question. Yes, this is our Head of Corporate Planning at SK Energy. In Q2, we responded to the disruptions in Hormuz Strait transit by purchasing crude at Yanbu and Fujairah and drawing on swaps with government-held strategic resources or reserves. We cover the remaining volumes through non-Middle East imports. The situation in the Hormuz Strait and the Red Sea is shifting rapidly, and if current conditions persist, some cargoes could be affected. That said, by drawing on cargoes we have already secured and sourcing alternative cargoes and using reserve swaps, we don't expect any issues maintaining normal utilization levels for the time being. Reducing our dependence on the Middle East won't be easy in the near term, but over the long term, in step with government's crude sourcing diversification policy, we'll look at investing in facility upgrades and in expanding our diversification ratio. That concludes our pre-submitted questions. We'll now move on to the live Q&A session. Please note that consecutive interpretation will be provided for this Q&A session, and please state your organization and name before asking your question. [Non-English content] Q&A session will begin. Please press star one, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. [None-English content] The first question will be provided by Jinmyung Lee from Shinhan Investment & Securities. Please go ahead with your question. [Non-English content] Yes. Thank you for the opportunity to ask questions. I have two questions that I would like to ask. The first question is that across all of the businesses, for the company as a whole, if you could break down the inventory related gains or losses, that would be appreciated. The second question that I have is that recently there have been news reports that for Hynix's Yongin cluster, that SK E&S will actually provide the power source for that. If you could actually discuss SK E&S's mid to long-term overall plans and the target timing for this type of operation. [Non-English content] Yes, this is Chung So-young from the Investor Relations Communications team. Thank you for your question. Maybe I can address the first question that you have had with relation to the inventory related gains and losses across each of the business lines. [Non-English content] If we first talk about the second quarter in terms of the full company inventory related gains, including the overall effect of the lower cost of market, that would be KRW 1, 194.9 trillion, which on a QOQ basis was up by KRW 169.7 billion. To break it down by company, it would be for SK Energy, KRW 562.3 billion, SK Geo Centric, KRW 92.2 billion, SK IE Technology, KRW 446.9 billion, and SK Enmove around KRW 93 billion. However, that have been said, please understand that this is an accounting item, and inventory related gains and losses will fluctuate according to the market conditions. [Non-English content] This is Kang Yong-gwon, Head of the Management Planning Office at SK E&S. Maybe I can address the second question. In the Yongin semiconductor cluster in which SK hynix's semiconductor fab will actually be located. Right now, there is a consortium that we have formulated between KOMIPO and SK Innovation E&S To actually build a LNG cogeneration power plant that would be 1,050 MW in size. [Non-English content] This community energy facility will actually provide the steam that is necessary within the cluster for fab number one to four. By providing a stable energy supply, we do believe that it will contribute to increasing the overall production competitiveness of the semiconductor facility. [Non-English content] With regards to the timing and the schedule going forward from December of last year, we have actually started the overall construction, which is ongoing, for the LNG pipeline and also the heat source facilities. [Non-English content] If the overall schedule does not have any issues, we do believe that from the second quarter of 2030, in a gradual manner, that the overall cogeneration facilities will be able to start the commercial operations. [Non-English content] That have been said, going forward, needless to say, we will continuously focus to do our best to pursue this project and ensure that we can provide a stable energy supply. Thank you. [Non-English content] Next question. [Non-English content] The following question will be presented by Jinho Lee from Mirae Asset Securities. Please go ahead with your question. [Non-English content] Thank you. This is Jinho Lee from Mirae Asset Securities. I have two questions. Thank you very much for giving me the opportunity to ask the questions. First concerns your refinery business. I understand that following the stabilization of the U.S.-Iran conflict, could you comment on the potential for further diversification of crude sourcing, as well as the possibility of adjusting refinery facilities toward a lighter crude configuration? My second question concerns SK Enmove. You talked about how Group III lubricant base oil is performing really well. Given that current base oil market conditions, how much upside do you see for earnings? Are there any additional levers like raising utilization rates to fully capture the favorable environment and drive further earnings improvements? [Non-English content] Yes, this is Joo Young-gyu from SK Energy. Prior to the war, the Middle Eastern crude took up about 70% of our sourcing. After the war, that came down to less than 50%, and the alternative sources came from the U.S., Canada, and Africa. In the midst of all of these uncertainties and also conditions that was unavoidable, you can understand it as our flexibility in addressing the concerns. [Non-English content] Given the prices and also the facility configurations that we have, we still prefer the Middle Eastern crude. However, that said, it is very difficult to drastically and swiftly change our dependence on Middle Eastern crude. That said, we are also trying to secure the sourcing stability. In the mid to long term, in line with the government's crude diversification policy, we will come up with measures. [Non-English content] This is Kim Mikyung from SK Enmove. I will address your second question. As you mentioned, the current Group III base oil environment could work in our favor. That said, how long it's going to last and how much it actually moves the needle will depend on a range of external factors, geopolitical variables, market supply and demand, whether competitors normalize operations. It's hard to put a specific number on it at this point. [Non-English content] We're optimizing operations based on a full picture, including market conditions, profitability, customer demand, feedstock, and logistics. We continue to run a stable, efficient supply and sales operation on the back of our global production and sales network. [Non-english content] Going forward, we will flexibly respond to the market volatilities. We work on improving further profitability. Thank you. [Non-English content] Next question, please. [Non-English content] The following question will be presented by Hong Joo Shin from Shinyoung Securities. Please go ahead with your question. [Non-English content] Yes, this is Shin Hong -joo. Thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First, since the outbreak of the war, I do think that for a lot of refineries to enjoy the high margin situation, they have pushed back their turnarounds to the second half of the year. For the company in the second half, do we have any turnaround scheduled? If so, if you could share that with us, that would be appreciated. The second question that I would like to ask you is about your battery business. After the JV with Ford was unwinded, there was a lot of human resource restructuring that took place in North America. In addition to that, in the global production sites that you have, or for Europe specifically, do you foresee any further capacity adjustments? [Non-English content] Yes, this is Joo Young-gyu, the Head of the Management Planning at SK Energy, maybe I can address your first question. For us, during the second half of the year in terms of turnarounds, we do have the No. 3 CDU that is planning to go in maintenance across October to November. For the remaining upgraded facilities that we have, we do not have any plans for further turnarounds. [Non-English content] Yes, this is Ahn Gon, the head of the planning office at SK On, maybe I can address the second question that you have. The overall recovery in the battery market has been slower than expected, as you are aware in the first quarter at the HQ level and for our overseas subsidiaries, we did conduct some restructuring of our human resources. [Non-English content] That has been said at the company level. We continue to be very committed to engaging in very strong cost saving measures to ensure that our operations remain efficient, and also to make sure that we can utilize the assets to the maximum level. This would be our overall priority. [Non-English content] However, that has been said in light of the Middle East uncertainties that are currently taking place. As crude prices remain at a very high level, we do understand that there is a renewed interest on the consumer side for EV vehicles due to the fact that they actually will provide a lower fuel cost burden for each of the consumers. We do think that this renewed interest is a positive factor. [Non-English content] In addition to that, in light of the overall global AI DC related demand and also the demand for more greener forms of energy, we do expect that the overall ESS market will grow at a very high rate. Therefore, to convert some of our existing EV lines for ESS purposes, that will continue. At the same time, we will also try to increase our ESS order book, so that we can utilize our existing capacity and assets in a more efficient manner, and also operate as such. Right now we're looking into the various ways on how we can do that and executing these plans. [Non-English content] Any additional initiatives that we have in terms of our assets and overall operational efficiencies, of course, we will make sure to share that with the market and also communicate to the market about this, when they are available. [Non-English content] Next question please. [Non-English content] The following question will be presented by Park Ji-eun from J.P. Morgan. Please go ahead with your question. Hi. Thank you for the chance to ask question. I have three questions. First, target for securing more ESS by the end of this year. Second, given the utilization Excuse me, Park Ji-eun. Park Ji-eun? Yes. I'm very sorry, the line that you have right now is breaking up a lot. Maybe could you speak a bit slower and start from the first question again? We were not able to hear what the question was on our side. Sure. For the first question, could you give us an update on your target for securing more ESS orders by the end of this year? Second, given the low utilization rate at SK On's battery plants in U.S. and Europe, are you considering any strategic options besides ESS? For example, will it be feasible to sell or repurpose the facilities for AI data centers, semiconductor manufacturing, or some other applications? The third question is on lubricants. Can you give us an update on your thermal management solutions business, including refrigerants and HVAC systems? Thank you. [Non-English content] [Non-English content] This is Kim Young-Kwang from SK On, I will address the first question. Domestically, the long duration ESS project we won in February 2026, is a 1.8 kW order and we are targeting Q3 2027 delivery using our Seosan line. [Non-English content] For the upcoming third round ESS tender, we plan to build on the success factors from the second round central contract market bid to maintain momentum, we're targeting a meaningful award level. [Non-English content] Separately, we recently won some volume in this year's first round of grid connected ESS bidding. Alongside the long duration ESS project, we'll keep working hard to secure further orders. [Non-English content] Overseas, we are building out our ESS base primarily around U.S. customers like Flatiron. [Non-English content] We are in discussions on the remaining volume with Flatiron, building on a strong customer relationship. We're also continuing to work toward a previously announced global 20 GW per hour order target. We'll disclose specific volumes and customers once orders are finalized and confirmed with customers. [Non-English content] I will continue and address the second question as well. [Non-English content] We are reviewing a range of options as part of our broader asset efficiency efforts, but nothing has been decided on repurposing at this point. We'll share details if and when there's something concrete to report. [Non-English content] This is Kim Mikyung from SK Enmove. I will first address your question on immersion cooling. [Non-English content] With regard to the technology, we are taking steps for certifications with global institutions and prepping for the full-blown opening of the market. [Non-English content] With regard to ESS, the thermal solutions that we have developed is already commercialized in the areas of defense and also shipbuilding, and we are currently building on our customer base. When it comes to EV batteries, together with global OEMs, we are currently studying the immersive cooling battery packs. [Non-English content] With regard to HVAC, we are currently working in close partnerships with global OEMs, including Hyundai Motor Company. We are currently testing the performance of the refrigerant and also work to be in compliance with different regulations and also to register substances. We are currently building upon the business foundation. [Non-English content] When it comes to commercial vehicles, we are currently planning to do real world road testing. For commercial vehicles, we have completed performance testing for EV buses. Based on the confirmation of the performance, we are currently in the real world road testing. [Non-English content] With regard to the further progress, we will provide you with an update in the future. Thank you. [Non-English content] We will now take the next question, which unfortunately will be the last question. [Non-English content] The last question will be presented by Wooje Chun from KB Securities. Please go ahead with your question. [Non-English content] Yes. Thank you for the opportunity to ask questions. There are three questions that I would like to ask you. First is about your lubricants business. If you look at the overall lubricants feedstock, in actuality, if you look at the April numbers for bunker C and other types of feedstock, there was a rise and it seemed to be that in June, it hit its highest level. Thereafter, after June, in actuality, it should have declined. However, if you look at the overall performance for lubricants and base oil, it continued to rise regardless. Is this because the overall spot prices have remained at a high level even in the July months? Is it because the overall contract prices that we had were taken at a longer term and that affected the overall performance? The second question that I would like to ask is about your battery business. Towards the second half of the year, with regards to U.S. on the ground ESS production, have there been any issues that the company has been experiencing? Added to that, in the U.S. market, if ESS demand does continue to grow, is it possible for further ESS lines or capacity to be created within the U.S.? For example, for the idle EV lines that you have as of now, would it be possible to convert further to ESS? The third question that I also have is related to the battery business again. Right now, there have been reports that at the SK Group level, there will be a data center created with the scope of around 5 GW. If that is the situation, for that data center, how many GW of ESS is actually required to build the facilities? Are there any discussions with the SK Group in actually supplying or delivering the ESS that is needed for these data centers? [Non-English content] This is Kim Mikyung. Maybe I can address the first question. With regards to base oil, it is true that there is somewhat of a lagging effect that we see. However, I think that if you look at the current situation, because of the facilities that have been at power damaged in the Middle East situation and also the variant supply issues that we see, structurally speaking, there is somewhat of an imbalance between supply and demand in the current situation. Therefore, I think that that is the bigger driver that we see that has led to the strong sales index numbers that we see on prices. [Non-English content] Yes, this is Ahn Gon, the Head of Planning Office at SK On, and maybe I can address the second question that you have. First you asked about for U.S. ESS production in the second half, whether there are any issues that we have faced. In our view, we don't have any issues as of now, and in actuality, we are in preparation to enter into the ESS business market. You also asked about building out new ESS lines, and I think that for the line conversion CapEx that is required, I think that according to what method we actually use for conversion, there can be some differences in the numbers. [Non-English content] However, that having been said, for the current overall method that the company is adopting, which is to not change the form factor of the battery in itself, the overall scope of facilities that need to be changed are limited. It does not require a large CapEx. As of now, with regards to the ESS line conversion, please understand that it's a bit difficult for us to share more details about this matter. However, the company overall is trying to strengthen its ESS competitiveness in light of the CapEx efficiency that is needed to back this overall initiative. Maybe just broadly speaking, right now we are looking into converting the lines that we have in North America and also in the Seosan, Korea facility. According to how the order book does build up, I think that we could look into further conversion possibilities if necessary. [Non-English content] This is Kim Young-kwang from SK On, and maybe I can address the third question. Together with other SK Group companies, we do engage in various cooperation and also collaboration to look into the electricity demand patterns that data centers have so that we can actually build out an AI data center, more suitable ESS solution and package. Therefore, at a group level, there is various collaboration that is taking place with regards to ESS, and we do want to strengthen our business through these initiatives. That having been said, for the project that you had mentioned specifically, there is nothing specific that we can say as of this time or share with you. Once we do have more information, we will make sure to share when possible. [Non-English content] With this, we would like to wrap up the Q&A session and also the second quarter earnings conference call for SK Innovation. [Non-English content] We would like to thank everyone on this call, all of the investors and analysts who have taken time out of your busy schedule to participate.