Good morning, everyone. I'm Yi Hun Oh from the IR team under Corporate Finance Office at CJ CheilJedang. Thank you for joining our Q2 2026 earnings 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 Ki Sung, Head of Corporate Finance. Mr. Min Jae, CFO of Technical Solutions. Mr. Kwon Kyung-min, Head of Finance Strategy. Mr. Choi Jong-hwa, Head of Corporate Business Planning. Mr. Yang Sung-won, Head of Food Business Planning. Mr. Yong Dong-jung, Head of Food Korea Business Planning. Today's agenda is as follows. First, Mr. Chun Ki Sung will present the Q2 results and review. Next, we will provide an update on the company's key strategic initiatives. Finally, the IR team will present the outlook for Q3. After all presentations, we will proceed to the Q&A session. Good morning, everyone. I'm Chun Ki Sung, Head of Corporate Finance at CJ CheilJedang. Today's presentation will cover the highlights of our Q2 2026 results and a performance analysis by business unit. Please turn to page five. Let me begin with the Q2 2026 results, excluding CJ Logistics. In Q2, our sales rose approximately 10% YOY to KRW 4.195 trillion Korean won, despite a delayed recovery in domestic demand driven by growth in food sales centered on our global GSP portfolio and expanded sales of products such as major amino acids in the BIO business. Operating profit came in at KRW 161.9 billion Korean won, down KRW 36.4 billion Korean won YOY, with an OP margin of 3.9%. This was mainly due to profitability pressure on the domestic food business stemming from a weaker won and higher raw material costs, higher costs across our global operations due to rising oil prices, and the high base effect from elevated prices for BIO product in the prior year. Net income for Q2 came in at KRW- 23.9 billion Korean won, down KRW 148.7 billion Korean won YOY, as non-operating expenses increased due to foreign exchange and derivative losses resulting from higher exchange rates and grain prices. Including CJ Logistics, Q2 2026 revenue increased 9.5% YOY to KRW 7.3621 trillion Korean won, while OP declined 18.5% to KRW 257.6 billion Korean won. Next, please turn to page seven for the performance analysis by business unit. First, for the food business unit, sales recorded KRW 2.8441 trillion Korean won, up 5.8% YOY. Global food business continued to grow as key GSP products by regions such as mandu and Hetbahn saw sales expand through major channels. In Korea, sales increased, driven by strong sales of new products and growth in the online and CVS channels. Operating profit recorded KRW 70.9 billion Korean won, down KRW 19.2 billion Korean won YOY. In global food, profit declined slightly from the previous year as rising oil prices increased cost burdens, including logistics costs across overseas operations. In Korea, profit decreased due to higher grain cost burdens caused by the high exchange rate and lower selling prices for FI products. On the next page, I'll go over the detailed sales breakdown for the food business unit. First, global food sales recorded KRW 1.5072 trillion Korean won, up 10.1% YOY. In the U.S., sales grew 10% YOY as sales through mainstream channels expanded, centered on mandu and Hetbahn. In Europe, sales also recorded 19% growth as growth accelerated, centered on GSP products such as mandu, chicken, and noodles. In China, sales increased 5% as sales of mandu and frozen ready meal expanded. In the APAC region, sales grew 21% YOY, driven not only by mandu, but also by strong sales of frozen and shelf-stable GSP products such as rolls and Gim, as well as steep sales growth in Vietnam and Oceania. In Korea, sales recorded KRW 1.3369 trillion, up 1.4% YOY. In processed foods, sales increased 4% on the back of strong sales of new products aligned with the health and wellness trend. Meanwhile, FI product sales declined 2% YOY due to lower selling prices and lower sales resulting from weakness in soybean meal market conditions. Next is the BIO business unit on page nine. BIO sales came in at KRW 1.3509 trillion, up 20.8% YOY, driven by steady growth in specialty products such as arginine and expanded sales volumes of major amino acids such as lysine. Operating profit came in at KRW 91 billion, down KRW 17.2 billion YOY, but up KRW 85.5 billion QOQ. Amid intensifying competition in key products, profit declined from the previous year as the recovery and selling prices was delayed. On the next page, I will provide more detailed information on the BIO business by major product. First, in feed amino acids, lysine continued to face weak pricing due to oversupply, but sales grew through expanded sales, mainly in North America. Tryptophan saw lower sales as both volume and price declined amid continued oversupply from competitors following the strong market conditions last year. Specialty amino acids recorded another all-time high sales volume in Q2 following Q1, driven by increased sales volumes amid stronger demand resulting from firm soybean meal market conditions. Next, moving on to TasteNRich sales. Nucleotides posted sales growth by diversifying end markets and securing long-term contracts with global customers. TasteNRich, our next generation plant-based fermented seasoning ingredient, continued to deliver sales growth by expanding new demand through customer-tailored solutions supported by technical marketing. On the next page, I will walk you through the performance of CJ Logistics. CJ Logistics sales grew 10.9% year-on-year to KRW 3.38 trillion. The differentiated strategy of the O-NE business is beginning to deliver visible results, and strong growth and partial volume continued through market share expansion. CL business sales also increased, supported by volume growth from customers under W&D retail strategy, as well as expanded transport business volumes. Sales also rose in the global segment with growth in local CL operations in strategic countries such as the U.S. and India. OP came in at KRW 101.6 billion, down KRW 13.6 billion year-on-year. Profit declined due to strategic cost investments aimed at strengthening the competitive edge of the O-NE business, cost burdens from the Middle East, and initial expenses related to new customer acquisition in the CL segment, weaker forwarding performance caused by geopolitical issues, and one-off costs recognized in the construction BU. Next, I will walk you through the current status of our key strategic initiatives. Good morning. I am Choi Jong-hwa, Head of Corporate Business Planning at CJ CheilJedang. First, I would like to explain the details and significance of the reorganization we announced this past July. The significance of this reorganization lies in a strategic realignment designed to maximize our future competitiveness based on fundamental nature and the purpose of each business. To this end, we are moving away from the previous simple structure divided between food and BIO, and comprehensively reshaping our business portfolio in line with the intrinsic characteristics and growth drivers of each business. First, Global Food and Korea Food, which were previously part of the Food BU, will be integrated into the Lifestyle Food BU. Through the Bibigo brand, this BU will serve as the global K-food center, further solidifying our leadership in the food market. Meanwhile, products such as nucleotides, TasteNRich, and seasoning ingredients, which are opening new global markets based on differentiated technological competitiveness, and PHA an eco-friendly plastic material, will be incorporated into the Technical Solutions BU. Through this, we aim to provide solutions tailored to market trends and customer needs to grow these businesses into higher value-added operations. Finally, we will combine major product groups that can create synergies in areas such as raw material sourcing, including feed amino acids and the FI business, to further strengthen cost competitiveness and establish a sustainable profit structure. On the next page, we will explain the specific growth strategies for each of the newly launched business units. Let me begin with the strategic direction for Global Food within the Lifestyle Food BU. To realize our vision of becoming a global K-food center, Global Food aims to expand overseas markets by strengthening global brand competitiveness while pursuing localization strategies in parallel. To achieve this, we will foster Bibigo as a mega brand and enhance its global recognition, driving expansion in international markets through both the Bibigo brand and K-food. In addition, we will expand our production footprint and global strategic bases such as the U.S. and Hungary, while continuing sales growth through globalization to respond to growing demand for GSP and to accelerate global growth. Next, let me outline the strategic directions for Korea. Korea Food seeks to achieve sustainable growth centered on profitability through the following strategies. First, to further solidify our unrivaled market leadership, we will strengthen the market position of our core categories and accelerate growth by focusing on premium and high-growth segments. At the same time, we will develop innovative products and enhance customer experience through differentiated brand value in order to secure future growth engines. Finally, we will work to improve profitability by enhancing both online and offline channel competitiveness as well as operational efficiency. Let me now explain the strategic directions for the Technical Solutions and Performance Ingredients BU. First, Technical Solutions. This business unit aims to evolve into a high value-added business centered on specialty products that can respond quickly to changes in customers and markets through our technological capabilities. To do this, we will further advance our specialty portfolio in the area of case solutions by deepening our understanding in regional and end market characteristics and segmenting our product lineup accordingly, therefore preparing to capture new business opportunities. At the same time, we will identify customer needs and provide tailored solutions based on our R&D capabilities, creating new demand, scaling up the business, and securing future growth drivers. In addition, we will continue to expand high value-added technology-based businesses such as edible amino acids in nutrition, biodegradable plastics and biomaterials, and health functional foods in health and wellness. Next is the Performance Ingredients BU. Through the organic integration of legacy products from our food and bio businesses, the Performance Ingredients BU aims to maximize value chain synergies and build a sustainable profit structure, thereby generating stable cash flow and serving as the foundation for future growth. Accordingly, we will strengthen the intrinsic competitiveness of the Performance Ingredients business unit by pursuing operational optimization based on manufacturing and locational advantages. We will also secure an overwhelming cost advantage and generate investment resources for future growth through feed and amino acids and FI raw materials. Next is the outlook for the third quarter of 2026. First, in global food, with continued global K-food momentum, we expect sales expansion in North America to continue, particularly led by mandu and Hetbahn rice products under the GSP portfolio. In Europe, we plan to expand distribution into mainstream retail channels and broaden new product listings. In APAC, we will continue top-line growth centered around Vietnam through portfolio diversification beyond frozen foods into shelf-stable products as well. However, cost inflation pressures. Including logistics expenses driven by high oil prices, are also expected to persist. In Food Korea, continued cost pressure is expected from key raw materials such as pork, rice, and packaging materials. Accordingly, we plan to defend profitability by executing ongoing fixed cost reduction initiatives and focusing sales efforts on high margin categories. In the bio business, profitability is expected to recover significantly year-on-year amid structural price increases in major products. However, compared with the previous quarter, profitability is expected to decline slightly due to increased cost burdens from higher oil prices. In response, we will actively pursue earnings improvement in the second half by maximizing the effect of price increases while taking advantage of favorable market developments, including the final U.S. tariff on Chinese lysine imports. Taking all of these factors, we expect consolidated sales in the third quarter to grow by the low double digits year-on-year, with operating margin in the mid to high 4% range. This concludes our remarks, and we will now move on to the Q&A session.