Good morning, everyone. I am Lee, Eunho from the IR team corporate finance office, CJ CheilJedang. Thank you for joining our Q4 2025 Earnings Conference Call. Today's call will be interpreted simultaneously into English for our foreign investors. Please note that today's presentation materials include forward-looking statements which may change depending on future business conditions. In addition, these materials are subject to adjustments during the external auditor's review process. Let me first introduce the CJ team attending today. Mr. Chun Gi- Sung, Head of Corporate Finance. Mr. Kwon Kyung Min, Head of Financial Strategy. Mr. Yang Sung Wan, Head of Food Business Planning. Mr. Chun Sun Ho, Head of Food Korea Business Planning. Mr. Choi Jun- Ho, Head of Bio Business Planning. Today's agenda is as follows. First, Mr. Chun Gi- Sung will present the Q4 results and review. Each business unit will share updates on key strategy execution and the 2026 outlook, and then we will have a Q&A session. Please note that the Feed & Care business has been reflected as discontinued operations starting from Q4, following the signing of an SPA for a share sale on October 1st, 2025. For investors' convenience, today's presentation materials have been prepared including Feed & Care. Please refer to the appendix for detailed performance data, excluding Feed & Care. Good morning, everyone. I am Chun Gi- Sung, Head of Corporate Finance at CJ CheilJedang. Today's presentation will cover highlights of Q4 and full year 2025 earnings, performance analysis by business unit, and updates on key strategic initiatives and outlook. Let me begin with the Q4 2025 results, excluding CJ Logistics, as shown on page five. Growth in Global Food sales offset the slowdown in Bio sales and total corporate sales, excluding CJ Logistics, increased 1.4% YoY to KRW 4.5375 trillion. Operating profit decreased 15.8% YoY to KRW 181.3 billion with an OP margin of 4% despite improved profitability in Global Food business, and this was mainly due to continued weak market conditions in the Bio business and the impact of the timing difference in Korea's Lunar New Year gift set sales. Net income came to a net loss of KRW 876 billion, mainly due to non-operating losses. Including CJ Logistics, Q4 2025 results were as follows. Sales increased in 1% YoY to KRW 7.5671 trillion. Operating profit decreased 9.2% YoY to KRW 338.5 billion. Next, I will move on to full year 2025 results on page six. Let me share the full year 2025 results, excluding CJ Logistics. Despite growth in Global Food business, total corporate sales decreased 0.6% YoY to KRW 17.7549 trillion due to Bio sales decline starting from the second half. Operating profit decreased 15.2% YoY to KRW 861.2 billion with an OP margin of 4.9%, driven by weak market conditions for high margin Bio products and overall cost burdens across the Food business. Net income recorded a net loss of KRW 657.9 billion, reflecting non-operating losses booked at year-end. Including CJ Logistics, full year 2025 results were as follows. Sales increased 0.3% YoY to KRW 29.4523 trillion. Operating profit decreased 11% YoY to KRW 1.3673 trillion. Next is performance analysis by business unit on page eight. First, for the Food business unit, sales increased 3% YoY to KRW 2.9262 trillion. Global Food business grew, driven by solid pizza sales, increased mandu sales, and the resumption of dessert sales in the U.S. In Europe and Oceania, growth continued on expanded product categories, and Japan also posted growth on increased mandu sales, resulting in balanced growth across major global regions. In Korea, sales declined as new Lunar New Year gift set sales shifted out of the quarter due to the year-over-year timing difference. Operating profit was broadly flat year-on-year at KRW 138.3 billion. Global Food increased profit based on higher volumes, despite raw material cost pressures in the U.S. due to inflation and higher promotional expenses in Japan and Europe. Meanwhile, Korea Food business saw a profit decline due to the holiday timing impact and higher raw and packaging material costs. Next, let me share detailed sales performance of the Food business unit. First, Global Food sales grew 9% YoY to KRW 1.6124 trillion. In the U.S., pizza sales remained steady, desserts saw favorable base effects, and mandu posted record high quarterly and full year sales. Also, with expanded sales of key GSP products such as shelf-stable rice, sales increased 8% YoY. Japan sales rose 18% YoY as mandu sales expanded following the startup of the new Chiba plant. China sales increased 8% YoY, driven by growth in club and online channels and higher sales of mandu and frozen rice balls. Europe delivered 30% YoY growth on continued expansion of GSP portfolios, including mandu, noodles, and Korean street food. Oceania sustained strong growth as GSP listings in mainstream channels continued to expand. Korea Food sales declined 4% YoY to KRW 1.3138 trillion. Processed food sales decreased 5% YoY due to a Lunar New Year gift sales timing difference, while FI sales fell 2% YoY due to reduced soybean meal volumes. Next is the Bio business unit. Bio sales decreased 5% YoY to KRW 1.0048 trillion, as continued declines in tryptophan, nucleotides, and specialty products weighed on performance. Operating profit declined sharply YoY to KRW 0.5 billion. As competition in high-margin products such as tryptophan, arginine, and nucleotides remained intense, recovery in selling prices was delayed, leading to lower profit. Let me share details by product within the Bio business. In animal amino acids, Lysine sales increased due to higher volumes despite lower prices in Europe. Tryptophan sales declined amid a high base effect, ongoing market decline, and intensifying competition. Specialty amino acids faced continued near-term pressure due to weaker soybean meal prices and worsening market conditions driven by increased supply from competitors. Selecta saw a decline as the drop in SPC prices deepened further despite higher soybean oil prices. For Taste & Nutrition items. Nucleotides continued to face pricing pressure amid ongoing competition and a prolonged economic slowdown in China. TasteNrich, our next-generation plant-based fermented seasoning, continued to expand sales by creating new demand based on strong technology and marketing capabilities. Next are CJ Logistics results on page 12. CJ Logistics sales increased 1% YoY to KRW 3.1771 trillion. The O&A business grew on market share gains and increased fulfillment volumes from key customers. CL sales slightly increased YoY, supported by new W&D wins and higher port volumes. Operating profit increased 3% YoY to KRW 159.6 billion. This was driven by returns on preemptive investments in the U.S. business, one-off profit improvements, and expanded profitability from an improved cost ratio in the construction business. We will discuss the status of key strategies and our outlook. I will first address the improvement of our company-wide financial structure before covering each BU strategy. Financial structure improvement and securing investment resources through selection and focus. We plan to transition to a profitability-centered operation system through business portfolio rebalancing and concentrate resources on high profit, high growth businesses such as Global Food. Second is asset securitization. We plan to secure investment resources for growth through high-intensity securitization of non-core assets. Third is cost structure improvement through operational optimization. We plan to fundamentally improve the supply chain structure through production site rationalization to reduce long-term logistics costs. Finally, we plan to improve cash flow by reducing working capital through the advancement of purchasing and sales processes. Through cash flow-centered management, we aim to improve our financial structure and focus on growth businesses to establish a foundation for sustainable growth. Next is the Global Food GSP midterm strategy. Global GSP midterm strategy is as follows: Global GSP sales recorded an average annual growth rate of 16% from 2021 to 2025. We are seeing growth in Europe and APAC, and we will be growing in chicken and bibigo rice. In 2025, mandu and bibigo rice has seen record sales. Global GSP is continuing to grow. From 2021 to 2025, it recorded 16% CAGR. With portfolio diversification as well as regional diversification, it will continue to grow. Especially in Europe, the Hungary base will be completed at the end of 2026. We will continue to expand products via flavor expansion. We will also be focusing on countries such as Sweden and Spain, in addition to France, U.K., and Germany, to expand our strategic countries. In APAC, K-food, noodles, and snack will be scaled up along with other shelf-stable products. We are continuing to grow our value chain capabilities so that we can actively enter mass markets, including halal. Looking at each major GSP product, for mandu, we will establish channel expansion and establish market leadership. We will also utilize production bases in key regions. We are continuing to grow our exports for Hetbahn, and we are also diversifying our portfolio according to the health and wellness trend. For chicken, we are working on meeting restaurant-level quality, and we will continue to diversify formats to diversify the full portfolio. Next are the strategies for Food Korea and the Bio division. I am Chun Sun Ho, the Head of Food Korea Business Planning. Korea plans to drive additional growth in online channels through structural innovation and discover new areas that lead trends. To meet the increasing demand for high protein and low sugar products, we will expand health and wellness products to build growth foundation and improve profitability by adjusting underperforming SKUs. We will focus on digital marketing and to create health and wellness trends. Now I will go over the Bio business unit. This is Choi Jun-Ho, the Head of Bio Business Planning. The Bio business unit plans to lay the foundation for a rebound through business structure efficiency and secure new demands. Animal nutrition intends to strategically utilize diversified global sites amid the trend of spreading protectionism and continue to pursue cost reduction through business efficiency, AI, and automation. The Taste & Nutrition sector plans on securing new demand focused on high-growth regions such as APAC, the Middle East, and Africa, and discover customized projects through collaboration with large consumer packaged goods companies. Next is the 2026 outlook. First, in Global Food, demand for K-food in the Americas is expected to continue to grow, sustaining growth through GSP expansion. In Japan and China, growth momentum in key channels and core products is expected to continue, leading to anticipated top-line growth and profitability improvement. In the Europe and Oceania region, we expect continued growth through the strengthening of product lineups such as mandu, chicken, and noodles, as well as expansion into new channels. Summarizing Global Food, revenue growth through GSP expansion is expected to remain solid, though cost increases due to inflation are expected to become a burden. In Korea, cost burdens from rising raw material prices and the weak Korean won exist. However, we anticipate sales growth driven by the growth of online channels and the accelerated launch of new products fitting consumer trends. We project a recovery in both revenue and operating profit starting from 2025. The Bio business unit continues to face intense competition, but we plan to respond to market volatility through location competitiveness and securing new demands. Overall, the outlook for 2026, excluding CJ Logistics, is as follows: excluding Feed & Care, company-wide sales is projected to grow in the low single digits, and the operating profit margin is expected to be recorded at a similar level to the previous year. This concludes our prepared presentation. We will now proceed with the Q&A. In the case of questions in Korean, the question will be simultaneously interpreted. For smooth interpretation, please speak slowly when asking your questions. We will now begin the Q&A. With those with a question, please press star and then number one. If you want to cancel, press star and then number two. The first question came from Han Yoo-Jung from Hana Securities. Please go ahead. Thank you very much for the opportunity. I have two questions. First question is about financial structure. First is about non-core asset securitization. Do you have any plans or details? Second, in Food Korea business, you mentioned the plan to improve underperforming products, so can you share the details about them? Let me answer the first question first. For structural financial structure, we are going to optimize manufacturing sites in Korea, and some of them will be securitized. We cannot tell you the specific amounts or timing as of right now. We will give you an update as we move forward. Let me answer the second question. From the perspective of profitability and growth potential, if there is a category with low potential for profit and growth, we are going to review the exit. If there is an underperforming SKUs, we are going to streamline them so that we can optimize our portfolio. The next question is from Meritz Securities Kim Jung-wook. Thank you so much for this opportunity. I would like to ask three questions. First is related to amino acids. Based on its traditional as well as specialty, could you tell us about the outlook for both as well as the impact of tariffs? If you could give us an overall update. For second, for Food, recently mandu in the U.S. has been growing, so please share us with the reasons for the growth as well as the future outlook. Lastly, there has been some net loss in net income, so please go over this elaborate on this as well. In the non-operating loss. I would like to answer the first question. Answer the first question. Let me first speak on the U.S. duties. Although it is just an expectation, we believe there will be duties set in the first quarter. For Brazil, I believe the final duties will be set in the third quarter. To speak on traditional amino acid, let me first begin with lysine. After the Europe duty last year, although we saw profit in sales in Europe, due to the anti-dumping provisional duties of China, we are still seeing low profit. We are not going to be able to improve this in the short term. However, with the U.S. duties, we will work on increasing our performance in the second half. For the specialty amino acids, let me first speak about tryptophan. Currently, there is increasing competition of Chinese competitors, so we are looking to reduce cost with new formats so that we can see a turnaround in the second half. In the case of arginine, it is very similar. Although the competition is increasing due to Chinese competitors, we will continue to suppress competition growth and new competition so that we can protect the market. I will speak on the U.S. mandu. The U.S. mandu market is growing due to new competitors, and the competition is becoming fierce. In Costco and grocery, we have increased velocity based on co-prices, and that is what led to our performance promotions, and that is how we created performance in the fourth quarter. We are continuing to grow GSPs, and this will continue in 2026. Now I will speak on non-operating loss. Majority of the non-operating loss is due to the tangible and intangible assets as well as the penalty reflection. This is a conservative financial without any cash flow outflow. There has also been some interest reflected as well. Next question came from Mr. Park Sangjun of Kiwoom Securities. Please go ahead. Thank you very much for this opportunity. My first question is about financial structure improvement. When we look at the numbers, do you have any specific targets? For example, the net debt volume or the ratio of the debt. I want to know about the specific numbers, that was the first question. The second one is about Food business unit. Raw material costs are increasing, and in Korea and global markets, do you have a plan to increase the prices in both markets? Lastly, in the Bio business, the market conditions have worsened, so the quarterly sales in Q4 2025 have declined. When we look at 2026 as a whole, when we look at the price and the volume, do you have any upside from your perspective? Do you think that there is a room for improvement from the perspective of price and the volume? Let me answer the first question first. Regarding the financial structure improvement, we cannot provide the specific numbers as of right now, but as mentioned earlier, we are planning to lower the net debt level to secure the resources for growth. For Food, you mentioned the pricing actions, due to the raw material costs. In Korea, we are going to address the cost burden through portfolio optimization and cost reduction. In global market, we are going to flexibly respond to the market conditions. For Bio, due to weak market conditions in the Bio industry, when we look at the upside and the potential in the future, first for animal amino acids, the declines were mainly coming from the competition with Chinese competitors. When we look at the global markets, corn costs in China are growing, so there could be some opportunities for us to increase the prices in the second half. For Food amino acid, nucleotides are expected to be improved, thanks to the B2B industry improvement. Also for TasteNrich, it has been growing fast every year, and we're going to identify some new demand so that we can expand the price, sales volume this year. There are no more questions on the floor. If you have any questions, please press star and then number one. The next question is from Meritz Securities, analyst Kim Jung-wook. Please ask your question. Thank you. Related to Food, in the fourth quarter, the lunar timing gap. Are you looking at some increases in the first quarter in the terms of performance? What are your sales expectations? Second, from a raw materials cost, the cost of grains is continuing to decrease, I believe there may be some burden in terms of rice or pork. Could you share your outlook on the raw material cost in the first half and the second half? You also mentioned the upsides in overseas Bio, you mentioned the second half mostly. In the first half, do you believe that the current conditions will continue? I will first cover the first question. This is Lee Seonho. In the first quarter, there is the time gap of the gift set as well as health and wellness new products that will be launched. We expect low single-digit growth. In the case of raw material costs, although the grain cost is falling, there is some foreign currency rate burden. Like I said, we will be doing internal optimization as well as decreasing internal costs. We can meet these burdens. For Bio, let me answer the third question. We are in a difficult situation where conditions from 2025 is continuing to the first half of the 2026. We are working on reducing costs of our key products. We believe that this will lead to some improvements in the first half. Next question came from Kim Hyeeun fr om Morgan Stanley. Please go ahead. Thank you very much for this opportunity. I would like to have a follow-up question. When there is a quarterly guidance, or Q1, for example, we can expect a low single-digit growth. The operating profit, do you believe is it gonna be improved compared to Q4? Can you provide the quarterly guidance for us? Also for 2026 guidance, when we look at OP margin, if it is flat compared to last year, it's gonna be 5% or so. When we separate that to Food and Bio business unit, can you share the directions for each business unit compared to the previous year? Let me answer the first question first. For Food business, including Korea and global markets, top line growth is expected to maintain. For profitability, because of raw material cost increases, there could be some burden compared to last year. For Bio business unit, in Q1, because of business environment and intensifying competition, we believe the challenges would maintain within Q1. For 2026 guidance, for Food Korea, there will be some partial improvements. For global markets, we're going to focus on volumes, but in line with the market conditions, we are going to make sure to be on par with the previous year sales. For Bio, we are forecasting a similar level compared to last year. Nevertheless, with solution business and future businesses, we are going to aim for continuous growth. There are no questions currently on the floor. If you have any question, please press star and number one. The next question is from DB Securities, Jang Ji-hye. Please ask your question. Thank you so much. I have three questions. One is related to overseas F ood. Could you go into more details regarding the midterm strategies? Like you mentioned the CAGR from 2021 to 2025. Could you also share the target for 2026 to 2028 as well as for overseas GSP? How much of that cover the overseas sales? In terms of snacks and K-food, I think this last year was focused on introducing these types of products. Has the direction changed to focus on these as part of your core GSPs? For the second question, for the Korea Food, there is the collusion penalty and other items in the news right now, and as well as the increasing flour cost and sugar, how will that affect performance? Lastly, regarding CapEx. Could you share last year's CapEx as well as this year's expected CapEx? Thank you. Answer the first question. For 2026-2028, we forecast double-digit growth. For GSP sales, although the numbers differ by country, it takes up around 30% of overall sales. We are continuing to see this number grow. In the GSP portfolios, you asked if we will be only focusing on core GSPs, but for categories that have already been scaled, such as we will continue to grow them as core categories, and we will also be growing K-Street Food and noodles, and we will continue to grow these categories as well. I will now speak on Korea Food. For the sugar tax, for sweetener, the sales only make up a low single digits. We believe there will not be a significant impact. Due to the flour cost decrease will lead to some burden, but we will be working on this internally to reduce costs. I will now answer the question regarding CapEx. In 2025, the CapEx was around KRW 1 trillion, and in 2026, this number will be a little higher compared to the KRW 1 trillion of 2025. There will be some CapEx due to existing projects. There are no new projects planned as of now. There is no question in the line. If you have any questions, please press star and then number one. This will wrap Q4 2025 Earnings Conference Call for CJ Cheiljedang. Thank you very much for joining us today.