Good afternoon. This is Sophie Lee from KRAFTON's Investor Relations team. Thank you to all our investors and analysts at home and abroad for joining KRAFTON's 2025 full year and fourth quarter earnings call. Joining us today are Mr. Chang Han Kim, CEO of KRAFTON, and Dongkeun Bae, our CFO. For the convenience of our domestic and global participants, the CEO message and the financial results presentation will be simultaneously interpreted, while the Q&A session will be interpreted consecutively. Please note that today's earnings results are based on preliminary consolidated figures prepared in accordance with the K-IFRS, and may be subject to change during the external auditor's review. Now, I'd like to invite Mr. Chang Han Kim, CEO of KRAFTON, to deliver his remarks on the essence of games, the expansion of values. Good afternoon. Thank you to all our domestic and international investors and analysts for joining KRAFTON's 2025 Full Y ear earnings call. I am Changh an Kim, CEO of KRAFTON. First, I'd like to extend my sincere gratitude to our shareholders and investors for your continued interest and support over the past year. In 2025, we declared securing franchise IPs as our core strategic priority, and for the first time presented a five-year mid- to long-term growth roadmap. This roadmap is built on our fundamental belief, games at the core, and value expansion driven by a virtual cycle of fandom and content. In 2025, we further strengthened the long-term growth foundation of PUBG, while investing time confirming early indicators of new IP potentials. We also recruited new production leadership, and on that basis, expanded both the breadth and the depth of our lineup, laying a solid execution foundation for our strategic goals. Building on this momentum over the mid to long term, we aim to secure a select number of big franchise IPs and drive a structural expansion of corporate value. Looking ahead, in 2026, we plan to take the next step, further refining our game-centric strategy, while expanding the AI capabilities we have accumulated through game development and live operations into new business opportunities. The first part of my presentation will focus on our franchise IP strategy and execution within the gaming domain. I will cover how we are evolving PUBG into an IP with a long-term product life cycle, namely the PLC, while at the same time preparing for the next growth pillar through new IPs. I'll walk you through this sequence, starting with the enhancement to our core services, new titles, and production and development framework. In 2025, we moved into full-scale execution of our PUBG IP franchise strategy, with a strong focus on expanding the user base of our core services. At the same time, our new IPs delivered meaningful results at the early access stage, allowing us to begin validating the potential of new titles through key metrics. In summary, 2025 was a year in which we advanced both dimensions in parallel, the resilience of our existing franchise and the initial validation of new growth engines. Looking ahead to 2026, we plan to take these two new pillars into the next phase, one of expansion and acceleration. 2026 will mark a period of full-scale platform transformation for PUBG, as we evolve it into a gameplay platform. Under this direction, we will initiate large-scale collaboration for the expansion of new content categories and broadening experiences offered by PUBG, extending them beyond games into cultural experiences, and strengthen PC mobile connectivity, enhancing synergies within the franchise across updates and content. And also through UGC and modes co-developed by external developers, we will accelerate both the speed and scalability for content production, reinforcing a virtual cycle in live services. And based on this direction, we expect the PUBG IP franchise will continue posting double-digit growth in 2026. Building on PUBG's universe and core gunplay, we're pursuing new title initiatives aimed at expanding the potential fan base of the franchise. Projects such as Black Budget, Blindspot, and Valor are designed to diversify genres and platforms, and to validate the scalability of the PUBG IP. What's important here is that we're not simply expanding our lineup for its own sake. Rather, we're advancing these projects through a disciplined, test-driven approach, validating the core gameplay loop. Through this, we aim to enable the PUBG IP to expand across genres, regions, and age groups, and grow into a franchise with a larger and long-term PLC. To secure big franchise IPs, we have also redefined our principles for M&A and strategic equity investments. Large-scale M&A will be pursued with the objective of securing a mega IP on the scale of another PUBG. Small to mid-sized M&A will focus on scaling up IPs that already possess an established fan base. Strategic minority investment and second-party publishing will be centered on product with clear launch visibility and proven team capabilities. In parallel, we will ensure that we have a well-defined execution path through which KRAFTON can actively add value. On the in-house development front, we have strengthened our production system by securing top-tier production leadership, enabling multiple small, fast-paced initiatives to run in parallel. In 2025, we expanded the number of 1PP development pipelines, launching multiple new projects, and in 2026, we plan to raise the bar farther and increase the number of active pipelines. However, as changes in the development landscape have enabled leaner and more efficient experimentation, we'll manage development headcount and investment in new titles with discipline. As we identify a product with clear scale-up potential, we will concentrate resources and expand capabilities accordingly.... To secure new franchise IPs, we're preparing a diverse lineup of new titles. Projects such as Subnautica 2, Palworld Mobile, No Law, and Dinkum Together formulate a portfolio designed to diversify genres and platforms, and to expand our long-term growth opportunities. Subnautica 2 is being developed with a strong foundation, and it aimed at expanding beyond its existing fan base to reach and appeal new generations and new regions. Palworld Mobile is progressing toward delivering the core fun of the original title, while being fully optimized for the mobile environment. We confirmed its potential through G-STAR and alpha tests in Korea and Japan, and are now enhancing content and game readiness. Through this lineup, we aim to ensure that KRAFTON's growth is not confined to a single genre or platform. Instead, we are building a structurally resilient portfolio that enables continuous, diversified growth momentum. For IPs acquired last year, as well as the IP titles that displayed early traction, we're reinforcing our scale-up strategy to grow them into our long-term PLCs. inZOI will continue to improve its overall readiness for full launch based on content circulation, driven by UGC and multiplayer-based experiences. For Last Epoch, we'll accelerate seasonal operations and the pace of updates, further enhancing the stability and growth potential of live servicing. Mimesis will focus on AI-driven core mechanics and expanding connected content to increase replayability and have it grow into the major genre with major title within the genre. The second part relates to our strategy to expand into adjacent areas by leveraging our game core capabilities. While keeping games at the center, KRAFTON is exploring new revenue models and growth opportunities built on our strength in IP, data, and LiveOps. In particular, we view AI as a key enabler in this journey, as it contributes to internal efficiency and quality enhancement in the short term, and also it creates new business opportunity that are deeply connected to the games in mid to long term. With clear synergy to our games as a prerequisite, we are pursuing disciplined M&A to expand into adjacent businesses. ADK is strengthening our transmedia strategy, enhancing ability to execute IP expansion across formats. Meanwhile, Neptune is focused on traffic-driven advertising, monetization, and the expansion of regional value chains. The key point here is our objective is not to pursue non-gaming businesses for their own sake. Rather, we're committed to generating tangible results. AI is a key driver of KRAFTON's future innovation and value expansion. To date, from the perspective of AI for games, we have leveraged AI to enhance development and live service efficiency and strength and quality, including in-game AI, production optimization, QA automation, and anti-cheat systems. At the same time, building on the AI capabilities accumulated through this, from mid- to long-term opportunities. At the core of our game for AI approach is building foundation that allows us to extend capabilities being developed in games into the real world. The interaction data generated within games can serve as high-quality training data, while our experience operating physical space virtual worlds provides a strong advantage in building learning environments and data-generating infrastructure. Drawing on our global research capabilities, we'll quickly integrate the latest algorithms to add our edge. And in terms of execution, we will pursue a phased approach, validating internally in the short term and expanding externally over the mid to long term. In the physical AI domain, we'll focus on building a strong AI software core through partnerships with leading global hardware companies to maximize synergies. Areas such as humanoid robotics represent a long-term challenge. However, they also offer substantial potential by transferring AI capabilities validated in games into the real world, and by differentiating through human interaction-focused intelligence. We'll continue to advance our core game capabilities while progressively expanding into new business domains with clear and realizable synergies. To conclude, 2025 was a year in which we confirmed both the solid growth of the PUBG franchise and the initial traction of new IPs. As we look ahead into 2026 and beyond, we will accelerate PUBG's platform transformation and content expansion, while continuing to strengthen our development, publishing, and investment strategies to secure a select number of big franchise IPs. Also, at the same time, we aim to enhance game edge through AI, evolving into a global pioneer that links games to mid- to long-term new business opportunities beyond gaming. With that, I'll now hand over to our CFO to walk you through how these executions reflected into our financial performance. Thank you. Next, Mr. Dongkeun Bae, the CFO of KRAFTON, will walk you through KRAFTON's full year and fourth quarter 2025 financial results. Good afternoon, this is Dongkeun Bae, the CFO. In 2025, KRAFTON achieved the highest annual revenue in its, in its history, driven by continued growth of the PUBG IP and the performance of the new IPs. Within the global gaming industry, the shooter genre has continued to expand in both scale and user base. With the release of multiple new titles, and amid this environment, the PUBG IP franchise continued to grow in both traffic and revenue, further demonstrating its competitiveness as a global franchise IP. In 2025, the PUBG IP expanded cultural elements and user experiences through collaborations and diverse game modes, while continuing efforts to create synergies across products within the franchise. As a result, average monthly users for PUBG PC increased by 11% year-over-year, while the PUBG Mobile and BGMI saw growth in total paying users of 5% and 27% respectively, further strengthening the core fan base. From a revenue perspective, PUBG PC revenue grew 16% year-over-year, and mobile product recorded 11% year-over-year growth, excluding PUBG IP related incentive payments recognized from partners in 2024. Consequently, total PUBG IP franchise revenue increased 13% year-over-year. In line with our five-year mid- to long-term strategy announced in February, KRAFTON also placed a strong focus on securing new franchise IPs in 2025. We added two million-seller titles to our IP lineup, and inZOI launched in March, and Mimesis launched in October. Through continuous content expansion, we plan to grow these titles into IPs with long-term PLC, the product life cycles. In addition, throughout 2025, we initiated 50 new projects, and as of February 2026, we are operating a total of 26 game development pipelines. Meanwhile, due to the expansion of its development headcounts, increased investment related to PUBG 2.0, and the impact of one-off costs, operating profit declined Y-o-Y to KRW 1.0544 trillion. Next, I will walk you through KRAFTON's full year and Q4 2025 revenue performance. For full year 2025, KRAFTON recorded revenue of KRW 3.3266 trillion, representing a 23% increase Y-o-Y. In the fourth quarter, revenue reached KRW 19.7 billion, up 49% Y-o-Y. Starting with the PC platform, full-year PC revenue totaled KRW 1.1846 trillion, up 26% year-over-year, with double-digit year-over-year growth recorded in every quarter of 2025. In 2025, PUBG PC and console delivered high-intensity content updates, integrating diverse cultural elements into the gameplay. For the first time since launch, we achieved annual revenue exceeding KRW 1 trillion. Fourth quarter PC revenue was driven by the continued growth of PUBG PC. In particular, the Porsche collaboration in November delivered the strongest performance among all supercar collaborations to date, making a meaningful contribution to revenue growth. In addition, sales from Mimesis, which surpassed 1 million units sold globally within 50 days following its early access launch, were reflected in the quarter. As a result, Q4 PC revenue reached KRW 287.4 billion, up 24.4% Y-o-Y. Looking ahead to 2026, we plan to further strengthen the long-term growth foundation of PUBG PC and console through a multi-prolonged strategy. We'll continue to enhance monetization efficiency of proven premium content, including collaborations, and at the same time, the contender system, first introduced last year, will be continuously refined to ensure a stable soft landing as a new content category. The New Year's rerun event held this January met strong user expectations and recorded the highest revenue ever among New Year rerun events. From a traffic standpoint, we will accelerate PUBG PC's evolution into a game platform by offering diverse gameplay experiences beyond Battle Royale through the launch of new well-made modes and continued UGC mode updates. Now, moving on to the mobile platform. The full year mobile revenue totals KRW 1.7407 trillion, representing a 3% year-over-year increase, including PUBG IP-related incentive payments received from partners in 2024. PUBG IP mobile products, on a combined basis, continued to deliver double-digit growth. In 2025, PUBG MOBILE strengthened its existing fan base through new themed modes and World of Wonder UGC updates, while building a virtual cycle that reinforced the overall power of the PUBG IP franchise through joint collaborations with PUBG PC and console. BGMI further solidified its position as a national game in India through localized in-game content, such as local skin launches and strategic collaborations with local brands. As a result, BGMI maintained solid annual revenue growth in India's rapidly growing gaming market. Fourth quarter mobile revenue reached KRW 292.2 billion, down 19% year-over-year, reflecting seasonal off-peak effects and traffic-driven content updates. Looking ahead to 2026, we plan to drive revenue through the launch of high-efficiency business models, while simultaneously expanding both traffic and monetization by enhancing the UGC mode creator ecosystem and delivering regular new mode updates. In the first quarter, aligned with the annual peak season and the eighth anniversary event, we will introduce a broader range of content compared to the previous year, aiming to sustain growth in both revenue and traffic. In particular, the technology service fees received from partners, which declined in the Q, the fourth quarter due to traffic-oriented operations, have already shown solid recovery in January following multiple monetization-driven content updates.... Turning to console, the full year console revenue amounted to KRW 42.8 billion, down 3% YOY, while the fourth quarter revenue totaled KRW 9.7 billion, a 21% decrease YOY. Finally, other revenue reached KRW 330.4 billion, an increase of KRW 319.9 billion YOY, primarily reflecting the consolidation of ADK in the fourth quarter, which contributed KRW 313.8 billion in revenue. As a result of ADK's consolidation, the full year 2025 other revenue totaled KRW 358.5 billion, representing a 963% increase year-over-year. Next, I will walk you through the key operating expense items for the full year and the fourth quarter. During the quarter, consolidated operating expenses increased mainly due to the consolidation of ADK and the recognition of one-off costs. In the fourth quarter, ADK's operating expenses amounted to KRW 292.2 billion post-reconciliation, with the majority attributable to personnel expenses and commission expenses. One-off expenses recognized in the fourth quarter totaled KRW 106.9 billion, mainly comprising personnel-related costs and litigation expenses. Excluding ADK-related costs and one-off expenses, full year operating expenses totaled KRW 1.8605 trillion, representing a 22% YOY increase, and the fourth quarter operating expenses came in at KRW 515-518.2 billion, up 2% QoQ, and 28.9% YOY. Moving on to the breakdown of major operating expense items, the personnel expenses amounted to KRW 734.7 billion for the full year and KRW 284 billion for the fourth quarter. Excluding the impact of ADK consolidation and the one-off contribution to the employee welfare fund, personnel expenses increased 14% year-over-year to KRW 591.5 billion, reflecting an increase in the total headcount across the company. On a quarter-over-quarter basis, personnel expenses declined 9% to KRW 140.8 billion as we maintain a conservative hiring stance. The contribution to the employee welfare fund was introduced to support the stable settlement of employees and teams following KRAFTON's relocation to its new Seongsu headquarters. This contribution reflects the lump sum recognition of resources expected over the next four years, and we do not expect similar expenses to recur. Fees and cost of sales amounted to KRW 421.3 billion for the year, reflecting higher revenue from directly served PUBG PC and console in BGMI, as well as sales of the new IP titles, inZOI and Mimesis. In Q4, these expenses decreased QoQ to KRW 103.7 billion, mainly due to seasonal revenue softness. Commission expenses totaled KRW 712.3 billion for the full year and KRW 390.3 billion for Q4. Excluding the impact of ADK consolidation and one-off items, such as litigation costs, commission expenses increased to KRW 490.4 billion, up 55% year-over-year, and KRW 168.4 billion, up 31% quarter-over-quarter. Marketing expenses totaled KRW 144.1 billion for the full year and KRW 51.8 billion for the quarter, excluding the impact of ADK's consolidation. Marketing expenses amounted to KRW 144 billion for the full year, up 42% year-over-year, and KRW 51.8 billion for the quarter, up 20% quarter-over-quarter, driven by the consolidation impact of Neptune in the prior quarter and expanded marketing for live service titles. For stock-based compensation expenses, which declined what? Year- over- year to KRW 49.6 billion, reflecting the changes in the expense recognition method for cash settled stock options and the decline in share price during the second half of the year. In the fourth quarter, stock-based compensation increased QoQ to KRW 6.4 billion. Moving on to operating profit, despite recording full year revenue growth for the second consecutive year, operating profit declined 11% YOY to KRW 1.0544 trillion due to increased investments in development headcount, the PUBG 2.0 transition, and the impact of one-off expenses. In terms of non-operating profit and loss for FY 2025, FX gains decreased by KRW 559 billion due to smaller increase in the FX rate. In addition, impairment assessments were conducted on existing investment assets, resulting in non-operating losses of KRW 95.4 billion, a 635.6 billion decline YOY. In Q4, while the FX rate rose quarter QoQ, impairment assessments on existing investment assets led to non-operating losses of KRW 52.9 billion. As a result, we recorded a net loss of KRW 22.7 billion in Q4, while FY 2025 net income totaled KRW 733.7 billion. Now, this concludes my overview of our financial performance. I will now move on to KRAFTON's new shareholder return policy. KRAFTON established and consistently executed a three-year shareholder return policy covering 2023 through 2025. Through annual share buybacks and cancellations, we returned a total of KRW 693 billion to shareholders over the past three years. In particular, in the first year, 2023, we canceled 100% of the treasury shares acquired, and in the subsequent years, we continued to cancel 60% of the acquired shares, maintaining a strong focus on enhancing shareholder value. And based on this track record, as well as feedback from our shareholders and investors, we have established a new shareholder return policy applicable from 2026- 2028. Under the new policy, we aim to return more than KRW 1 trillion to shareholders over the next three years, representing an increase of more than 44% compared to the KRW 693 billion returned under the previous three-year policy. As for the key execution measures, for the first time since listing, KRAFTON plans to initiate dividends, providing shareholders with certain and predictable cash returns, and we plan to conduct annual capital reduction dividends of approximately KRW 100 billion per year, funded by the transfer of capital reserves to retained earnings. The remaining funds, over KRW 700 billion, excluding dividends, will be allocated to share buybacks, and the timing and amount of the buybacks will be managed flexibly considering market condition, and 100% of the acquired shares will be canceled. At today's Board of Directors meeting, we approved an initial share buyback of approximately KRW 200 billion, with purchases scheduled to commence on February tenth, which is tomorrow. Depending on market conditions and the company's financial position, the total amount allocated to share buybacks may be further increased over time. Regarding treasury shares currently held, we plan to proceed in accordance with the procedures prescribed by law, subject to the passage of legislation that would mandate the cancellation of the treasury shares. This concludes my presentation. Thank you very much. This concludes our presentation. We will now move on to the Q&A session. If you have a question, please click the Raise Hand button located at the center of your screen. We will take the first question from Jun Hyun Kim of HSBC. Please go ahead. Thank you for taking my question. I have two questions. First is regards to the softened bottom line last quarter. Despite the acquisition of ADK and also the one-off costs that you have explained during the remarks, we have concerns that this may be because of the high dependency on particular products such as Peacekeeper Elite, and also highly influenced by the sales drop from Peacekeeper Elite. I would like to understand exactly when the results of the investments might actually lead to a strengthened bottom line. I ask this question because, despite the expanded lineup, it seems like the new titles are being launched not as quickly as the market expects. Next is my second question. We see difficulty in how what kind of synergies can be created between ADK and KRAFTON. Would much appreciate if you can explain some strategies and plans that might show coming, starting from 2026, in terms of the synergy effect. Yes. Kim Changhan, I will answer first. Regarding the fourth quarter mobile, to address the concerns you raised, when I expressed it earlier, I said that we operated to maintain the volume, maintain the user volume, but that did not mean that the fundamentals had become difficult. It was not that. At that time, it was off-season, and we focused more on increasing volume rather than revenue. You could think of it as not that. At that time, it was off-season, and we focused more on increasing volume rather than revenue. You could think of it as not that. At that time, it was off-season, and we focused more on increasing volume rather than revenue. You could think of it as operating for volume expansion. The fact that it is not that can be confirmed if you look at the figures for the first quarter as of now. Regarding the expansion of the lineup, we do not think that expanding the lineup a lot and launching everything is efficient, because as we move from one gate to the next stage, we are expanding our investments. So compared to the increased lineup, the number of launches may seem low. volume expansion. The fact that it is not that can be confirmed if you look at the figures for the first quarter as of now. Regarding the expansion of the lineup, we do not think that expanding the lineup a lot and launching everything is efficient, because as we move from one gate to the next stage, we are expanding our investments. So compared to the increased lineup, the number of launches may seem low. volume expansion. The fact that it is not that can be confirmed if you look at the figures for the first quarter as of now. Regarding the expansion of the lineup, we do not think that expanding the lineup a lot and launching everything is efficient, because as we move from one gate to the next stage, we are expanding our investments. So compared to the increased lineup, the number of launches may seem low. volume expansion. The fact that it is not that can be confirmed if you look at the figures for the first quarter as of now. Regarding the expansion of the lineup, we do not think that expanding the lineup a lot and launching everything is efficient, because as we move from one gate to the next stage, we are expanding our investments. So compared to the increased lineup, the number of launches may seem low. Secondly, we started expanding our 1PP investment at the beginning of last year, so the number may look small now, but as we move into next year and the year after, we will be able to see more results. ... 주요 게임이 출시되는 것을 보실 수 있을 거라고 말씀드릴 수 있을 것 같습니다. ADK 같은 경우에는 This is the CEO, and I will answer your question. We are well aware of the mobile-related concerns the market has coming from the fourth quarter. And during the shared remarks, we had stated that the content around that time was focused on expanding, enhancing user volume. And I believe that the concern has led to worries about the fundamentals of the company. But I would like to address that that is not the case, because the fourth quarter is affected by seasonality, and also the operations were focused around expanding volume at the time. And if you look at the data currently coming in for January, you'll be able to see that there has been a rebound when it comes to that, those figures. Right now, although we have expanded our lineup, that is true, that does not mean that all the projects in the lineup will be launched. That is not an efficient way, efficient way in terms of operating the process, we believe. Instead, we have gateways to make sure that the right projects are funded and additional funding and investments are made only to projects that are able to go over these gateways and make it through the process. So, it is understandable that it is seen that the titles, number of titles that are being launched are much lower compared to the lineup that we had built. Another thing that we need to consider is that investments made into first-party titles began in early earnest only early last year, and that's why the number of titles that are launched into the market might seem a bit low. However, it will continue to expand as we move on to next year and the year beyond that. 네, 다음으로 ADK 관련해서는, ADK는 일본 내에서 이제 종합 광고 및 콘텐츠 사업을 해왔던 사업자고, 그중에서도 이제 광고, 종합 광고 비즈니스의 경우에는 기존에 이제 탄탄한 파트너들과 관계를 통해서 안정적으로 계속 유지할 걸 기대를 하고 있고요. 콘텐츠 관련해서 저희가 이제 애니메이션 IP를 게임화한다든지, 게임을 애니메이션하는 방식으로 시너지를 발굴하려고 하고 있는데, 현재는 이제 막 본격적인 PMI에 착수한 단계라서, 최우선적으로 좀 우리가 먼저 발굴할 수 있는 애니메이션을, 게임화가 적합한 애니메이션을 발굴해서, 좀 KRAFTON의 역량으로 글로벌 게임을 만들 수 있도록 노력하고 있는 중이라고 말씀드리겠습니다. ADK has been operating within the Japanese market as an integrated ad agency as well as a content creator. When it comes to the integrated ad business, ADK has a very sturdy network within the market, and we expect continued stable operation going forward. When it comes to content, we're trying to discover a synergy effect between Krafton and ADK, mainly to discover animation IPs that we can create into games, and also vice versa, games that can be created into animated series. However, at this point in time, we have just begun the PMI process, and our current priority is to continue to discover animations that can become games, and also to bring that to a global market, leveraging Krafton's capabilities as a game maker. 네, 다음 질문 받도록 하겠습니다. 현재 질문이 없어서, 질문 요청 주시면 받도록 하겠습니다. We will receive the next question. We currently do not see any raised hands, so if you have any question, please click the Raise Hand button at the bottom of your screen. questioner is Eric Cha from Goldman Sachs. The next question will be from Eric Cha of Goldman Sachs. Please go ahead. 네, 안녕하세요? 혹시 제 목소리 들리시나요? 네, 잘 들립니다. 네, 질문 기회 감사합니다. 제가 그 몇 가지 질문이 있는데, 뭐, 첫 번째는 조금 더 하이 레벨인데, 그 최근에 그 DeepMind Genie가 나오면서 이제 전반적으로 글로벌 게임, 뭐, 개발사나 플랫폼들이 좀, 추가 영향이 있었습니다. 아무래도 그 미래에는 이런, 뭐, AI를 통해서 기존의 이제 게임사들이 좀 disintermediate 될 수 있는, 뭐, 뭐, concern을 반영한 것 같은데, KRAFTON 입장에서는 이에 대한 생각에, 뭐, 그, 뭐, counter argument가 무엇인지 좀 궁금하고요. 두 번째 질문은, 뭐, 저번 실적 발표에서 아마 질문이 들어왔었던 것 같은데, 이제 그, 그때 당시에는 조금 더 더했던 것 같은데, 그 경쟁, 그, 슈팅 게임에 대한 좀 concern이 있었던 것 같은데, 뭐, 이제 그때에 비해서도 3개월 더 지났으니까 조금 더 이제 그 추이를 봤을 때, 유저 비의 변화, 뭐, 뭐, 그거에 대한 생각이 조금 더 어떻게, 뭐, 변하셨는지 궁금합니다. 공존할 수 있는 건지, 아니면 우리가 조금 더 우세가 있는 건지, 전반적으로 그에 대한 생각 부탁드리고요. 저, 죄송하지만 제가 세 번째 하나 더 질문을 드린다면 사실 25년도 성과는 매출로서 보면 PUBG 프랜차이즈 성장으로 보면 아마 시장 눈높이에 크게 다나는 그런 느낌은 아닌 것 같은데, 아무래도 비용 쪽에서 조금 차이가 있지 않았나 싶거든요, 그냥 순수히 숫자만 보자면. 그래서... ... 그에 따라서 그 올해에 있어서는 좀 저희가 뭐 비용 쪽에 가이던스를 조금 더, 혹시 이 자리에서 받을 수 있다면 좀 부탁드리겠습니다. 감사합니다. Thank you for taking my question. I actually have multiple questions, a total of three. First is more of a higher level question. After Genie 3 from Google DeepMind came out, the stock prices of game development companies and platforms have been impacted, and that is because that existing gaming companies will largely be impacted by the advancement of AI technology. I think this really reflects the concern coming from the market, and I'm very curious how KRAFTON sees this trend and if KRAFTON has any counterarguments in regards to these concerns. And the second question was touched upon in the previous earnings call, I believe, and may have been a situation that was addressed as a focal point at the time. It was around intensifying competition when it comes to the shooting genre. There were more concerns about rival games entering the market, and since then, three months has passed, and looking at trends thus far, I would like to inquire on your thoughts about user behavior and the overall situation. Do you think that everyone can coexist in the market? Do you think KRAFTON has a competitive advantage? I would like to gain some thoughts on this from you. And my third and final question is about the results of 2025. When it comes to the revenue and the growth achieved by PUBG IP, this largely meets the expectations that the market has, but I think there was a lot of difference when it comes to the expense. There was a lot of difference between what the market expected, that is. Can you provide some guidance when it comes to expenses, in particular when it comes to 2026? 네, 일단, Genie 3에 대해서 먼저 말씀을 드리면요. 지금 보고 있는, 저희가 보고 있는 AI 기술의 발전이라는 게 굉장히 업무뿐만 아니라 비즈니스까지 굉장히 파괴적으로 변화를 일으키고 있다는 사실에는 공감을 하고 있습니다. Genie 3 자체에 대해서 보면, 아직은 이 Genie 3를 돌릴 수 있는 어떤 GPU의 용량이 많이 필요하고, 그다음에 퍼시션시한 그 시간축 자체가 아직은 짧기 때문에 단기간 내에 게임 자체를 완전히, 대체할 수 있을 거라고 보지는 않고 있고요. 다만, 어쨌든 이 AI 기술 자체가 굉장히 파괴적이기 때문에, 저희 또한 여기 코어 포 비즈니스를 어떻게 지킬 수 있는지, 또 어떻게 AI를 활용해서 더 확장할 수 있는지라는 부분이랑, 반대로 이, 이 상황에서 새로운 비즈니스 기회를 어떻게 만들 것인지, 이 두 가지 관점에서 저희가 바라보고 있다고 말씀드리고 싶습니다. This is the CEO, and I'd like to answer the question regarding Genie 3. First, it is true that AI technology is developing at a rapid pace, and it is very disruptive, both to our everyday work as well as businesses. But looking at Genie 3, in particular, it still requires a large capacity of GPU, and also the persistency time is quite short. So we do not think that this particular piece of tech will be replacing traditional game development methods anytime soon. That said, the technology that is arising is very disruptive indeed, and we are trying to find ways to protect our core business and also expand our core business, driving AI, using AI as a key driver, and also, at the same time, seek out business opportunities of new businesses. 답변을 드리면 경쟁 게임, 경쟁 슈팅 게임이라고 말씀하셨는데, 이 경쟁 슈팅 게임의 특성을 보면은 일단 굉장히 중국 한정이고, 그 글로벌에서는 아직까지 큰 성과를 보이지 못하고 있는 상황이고요. 지금 몇 달 지났을 때 저희가 봤을 때는 중국 내 이제 사분기 때문에 이제 우려를 좀 많이 하시는데, 실질적으로 저희 중국 내 합병 경영은 2024년 대비 2025년에 그 average DAU가 두 자릿수 이상으로 그 성장을 했습니다. 그래서 이 실질적으로 뭐 매출 성장률은 좀 작아 보일 수 있어도, 유저가 굉장히 확대되고 있다는 것을 알 수 있어서 저희는 공존 가능하다고 생각을 하고 있고, 게임의 장르 자체의 특성이 좀 틀리기 때문에, 지금까지 이제 PC 버전과, 모바일 버전의 이제, 그 콘텐츠 협력, 이걸 통해서 우리만의 방식으로 계속 더 성장하실 수 있다고 보고 있습니다. Moving on to your second question regarding the competitor shooting game genre, and also the situation around rival titles. If you look at the characteristic of what you, which you explained, it is limited to China, and I believe that this concern is arising because of our performance in the fourth quarter seen in China. If you look at game Peacekeeper Elite, the average GAU has posted a double-digit growth going into 2025. The growth of the revenue has softened. However, the user base has expanded, so we do believe that coexistence is indeed possible, and this is due to the characteristics of the genre itself. We will continue to seek content cooperation between PC and mobile to find ways to continue growth, the way that KRAFTON can discover. 그 세 번째 질문 주신 2026년 비용 관련해서는 제가 말씀드리겠습니다. 일단 잘 아시겠지만, 이제 한국에서는 공정공시 이슈들이 있기 때문에 구체적인 가이던스를 제가 드리긴 어렵고요. 다만 저희 실제로 이제 인건비 같은 경우에는 저희 announce 했던 대로 자발적 퇴사 프로그램을 진행했고, 관련해서 1월 31일 1일부터 퇴사 처리가 완료되었기에, 그 관련된 비용 KRW 400 billion 정도인데, 이런 비용은 이제 1분기에 반영될 예정입니다. This is the CFO, and I will answer your third question regarding expense guidance in 2026. Please note that because of disclosure related regulations applied in Korea, we will not be able to provide too much details in terms of the expense guidance. That said, the labor costs incurred last quarter was largely due to the voluntary resignation program that was implemented, and the departure has been concluded as of January 31, and related costs, which is roughly around KRW 40 billion, will be reflected in Q1. 네, 그리고 2026년 이제 마케팅비 같은 경우에는 사실 이제 저희 앞에 이제 파이프라인 설명드렸는데, 사실 저희가 이제 Subnautica 2의 출시 등도 있고, 또 PUBG IP Franchise Live 서비스, 그리고 저희 이제 PUBG IP 기반 신작 출시 등 2025년 대비 출시작들의 증가가 예상되기 때문에, 마케팅비는 다소 증가할 것으로는 생각합니다. 다만 과거에 저희 KRAFTON을 커버해 해오셔서 잘 아시듯이, 전체 이제 매출 대비 저희 이제 포션이 그렇게 크다거나 하지는 않기 때문에요. 예년과 유사한 수준, 하지만 매출은 늘 거니까, mid-single digit 정도로 예상을 하고 있습니다. For the marketing expenses in 2026, and it was briefly touched upon in relation to the pipeline that explained in the prepared remarks, we have some new titles coming to the market, more titles coming to the market, that is, compared to 2025. We have the launch of Subnautica 2, and also the ongoing live service of the PUBG IP franchise, and new titles based on the PUBG IP. Due to these new launches, the marketing expenses are expected to increase in 2026. But as you are well aware, the portion that the marketing costs will take against the revenue is not going to be too significant compared to any other year or quarter. We expect this to land somewhere within the mid-single digit range. 네, 그리고 비용 항목 중에서 또 이제 큰 부분들이 이제 지급 수수료일 텐데요. 아까 이제 저희가 신작 확대가 언제쯤 과시화되냐? 그래서 이제 의존도를 언제 낮출 수 있냐, 이제 이런 질문들을 주셨는데, 결국 게임 개발사인 크래프톤, 저희로서는 어쨌든 부지런히 이제 경쟁력 있는 게임을 개발해야 돼서, 그런 관점에서 보면 2026년에는 일단 개발, 외주비 집행, 그리고 신작 개발, 그리고 PUBG IP Franchise 강화 등으로 인해서 지급 수수료는 증가할 것으로 생각하고 있습니다. Pay commissions account for a large share within the expenses. You asked the question: When will we be able to see the results of these new title lineups? When will the dependency on PUBG be reduced? We are a game maker, so our first and foremost priority is to make sure that we make competitive and good games. Going into 2026, because of that reason, there can be an increase in paid commissions, largely due to outsourcing fees for game development and also development of new titles and other activities to strengthen the PUBG IP. Jinu Kim of CIMB. The next question will be from Jinu Kim of CIMB. Please go ahead. 네, 질문해 주셔서 감사합니다. 저는 그 2027년에 엔진 업데이트 관련돼서 질문이 좀 있는데, 해당 엔진 업데이트 타겟 날짜가 저희가, 내년 1분기 정도로 알고 있는데, 뭐 이상 없는지랑 내부 지금 평가 어떻게 되는지, 그리고 마지막으로, 그게 엔진 업데이트가 되고 나서 그다음에 그 PUBG Franchise 업데이트가 좀 끝나고 나면 저희 외주 영역대가 좀 명확히 출연해 볼 수 있을지 궁금합니다. 감사합니다. Thank you for taking my question. My question relates to the engine updates that is scheduled for 2027. First off, we believe that the update is scheduled for Q1 of next year. Is this schedule still valid? And also, how is the process of updating to Unreal Engine being evaluated internally? And then finally, after the update is concluded and the PUBG IP Franchise is up and running on the new engine, can we expect a meaningful reduction when it comes to outsourcing development fees? 네, PUBG Unreal 5 engine 업그레이드는 작년부터 저희가 굉장히 몰두하고 있는 작업이고, 뭐 R&D 작업에 되게 몰두하고 있고요. 외주 영역도 같이 하면서 작업을 하고 있는데, 엔진뿐만 아니라 저희 지금까지 9년간 저희가 쌓아온 PUBG 콘텐츠들도 같이 업데이트를 해야 되기 때문에 시간이 꽤 많이 이제 걸리고 있고요. 아직은 정확하게 시기를 특정하기 좀 어려웠다는 말씀을 드리고 싶습니다. ...The update to Unreal Engine 5 for PUBG has been started, is something that we started last year. We have been hard at work when it comes to R&D. We're also working with external agencies and partners to get this going. However, PUBG has nine years worth of content that needs to be handled with and dealt with. So at this point in time, it's difficult to pinpoint when this update will be carried out. And the question, your second question, regarding the meaningful reduction of outsourcing fees once the Unreal Engine 5 update has been completed. I don't know if I understand the question correctly, but the way I heard it is that this is not referring to the engine commission fee, but rather because we have upgraded to the better engine, development costs coming from other activities would drop. This is how I understood the question, and right now, we are already using the Unreal Engine. We have a very good relationship with the engine provider as well. Although right now I'm unable to disclose any details of the terms that we have in place, I think we can fairly assume that the next generation engine will be used by KRAFTON at a competitive rate. Although upgrading to the next generation of the engine does not directly lead to an increase nor a drop of outsourcing fees. That said, AI transformation is a topic that was presented in the previous quarter, and this is something that we are pursuing actively this year as well. We are feeling that AI is indeed enabling us to do a lot more that we could not do. That does not mean, for example, we'll be able to create art assets by ourselves without reaching out to art houses outside the company. And although this might not translate directly in the short term, by using AI in the longer term, we can expect these types of outsourcing fees to reduce. The last question will be from Seok-Oh Kang of Shinhan Investment Corp. Please go ahead. Thank you for taking my question. My question relates to the decision that KRAFTON had made, in relation to the shareholder return policy and also making investments into new titles and projects. And I do believe that, shareholder returns are very important, but wouldn't KRAFTON also, consider making bold investments that... and therefore pursuing growth going forward?... When KRAFTON embarks on investment, and I'm not an expert in this, but it feels like KRAFTON considers the gameplay of the titles that are being developed. However, it is less of a priority when it comes to the popularity or also how much performance contribution these new titles can make to KRAFTON. KRAFTON's priority seems to be bringing IPs and then growing them, leveraging KRAFTON's capabilities. However, in that case, if securing IPs and also titles that can do that, if that is important to KRAFTON, then shouldn't KRAFTON take bold steps when it comes to investments, even though the valuation or the price of the IP is pretty significant? I would like to inquire about this investment strategy of KRAFTON. Thank you for asking this question, and I actually am in complete agreement with what you are saying. It is a high priority for KRAFTON to acquire large-scale IPs through M&A activities. However, it is very rare to encounter such a large-scale M&A opportunities, even though we would like to pursue these types of chances. When it comes to the acquisition costs, we would like to acquire IPs with a reasonable amount of premium as the price, and then continue to grow that, leveraging our capabilities. We are geared up, and we are ready to make these actions and activities, to carry out these activities. However, we can't really pinpoint when this is going to happen, whether it's going to be this year or next year, but we are prepared for when the opportunity arises. This concludes KRAFTON's Full Year and Fourth Quarter 2025 earnings call. We would like to sincerely thank all our investors and analysts for your continued interest and support.