I'd like to welcome all analysts today. Good afternoon, this is Ki Jeong Song from KSOE, Investor Relations. Thank you for joining our Q4 2025 earnings call. We will begin with a brief overview, just like before, of the key highlights of our Q4 results, followed by a review of operating performance. We will then discuss the shipbuilding and offshore plant market environment, and then conclude with a Q&A session. First, currency impact. The quarter-end Korean won–U.S. dollar exchange rate in Q4 was 1,435 won, up 33 won quarter-over-quarter, while the average exchange rate increased by 64 won. This resulted in a positive operating profit impact of approximately KRW 50 billion, including around KRW 30 billion at merged HHI and KRW 20 billion at Samho. Second, modest increase in steel prices had a limited impact on earnings in Q4, so only minimal impact. Third, one-off gain. The significant improvement in full year performance resulted in additional internal and external incentive bonuses, which have been reflected in the operating profit of each business division, and I will discuss this later on in my presentation. Again, with separate recognition in business divisions, so far our operating profits slightly inched down. Due to our internal circumstances, we cannot disclose exact bonus incentive numbers. Second, the offshore division reflected KRW 47.1 of change order as a profit. And Samho does not have any specific one-off issue for the fourth quarter of last year. And as you are aware, due to the merger, one month of HMD results for December was consolidated into the merged HD Hyundai Heavy Industries entity. That's for your information. In addition, let us share the breakdown of Q4 top lines by order year for each shipbuilding subsidiary. HHI, LNGC, 48.4%, slightly down quarter-over-quarter. LPGC and VLAC, 32.2%, slightly up. And Container, 12.3%, slightly down. And tanker, 5.4%, up from the previous year. Now, Samho, LNGC, 37.1%, slightly down. Container ship, 31.5%, slightly down. The tanker, 17%, slightly up. And LPGC and VLAC, 10.2%, up from the previous quarter. Now, Mipo, for the last time, because we won't be mentioning Mipo, PC, 59.5%, slightly down, and LPGC, 24.2%, slightly up. Others, slightly up with 14.8%. And LNG bunkering vessel construction is initiated this quarter, partially reflected in our sales as a result. So these were the key highlights. Then on page four, I will move on to page four and elaborate more on KSOE's Q4 2025 earnings. But I would like to note, first of all, that as the Chuseok holiday fell in the fourth quarter last year, there was only one additional working day in the fourth quarter of 2025. So this is one thing that I like to take note of. But sales increased by 7.5% quarter-over-quarter, and by 13.8% year-over-year. And despite the increase in the average Korean won and US dollar exchange rate and minimal differences in the number of working days, productivity continued to improve. Operating profit decreased by 1.5% quarter-over-quarter, but increased by 108% year-over-year, mainly due to one-off factors such as incentive bonuses. So excluding these one-off items, profitability continues to improve steadily and remains in a stable trajectory. And on a quarterly basis, again, we continue to have profitability improvement in a very stable level. Now, page five, earnings by business division. And please refer to the table below, and let's turn to page six. So first, on the shipbuilding division, despite no seasonal factors, as I said before, higher average exchange rates, rising vessel prices and productivity improvements continued, while naval ship revenue declined due to vessel mix changes. The overall revenue declined slightly. Next, offshore plant, the number of working days remained unchanged, while revenue increased sharply, driven by the full-scale execution of the Trion FPU and Ruya projects, rising 97.5% quarter-over-quarter and 170.5% year-over-year. In the engine and machinery division, revenue declined by 24.1% quarter-over-quarter due to the partial deferral of deliveries into January, but increased by 16.4% year-over-year. Due to the deferral, in engine and machinery division, we're going to see improvements in the second quarter. Now page 7. Operating profit by business division. In the shipbuilding division, profitability improved on higher average exchange rates, rising vessel prices, and productivity gains. But quarter-over-quarter operating profit declined by 0.4% due to incentive bonuses and one-off base effects, while year-over-year operating profit increased by 79.3%. That's on an annual basis. OP margin was 13.7%, down by 0.3% quarter-over-quarter, but it would have been higher when one-off items were excluded. The overall profitability continues to improve. So once again, my apologies for not being able to disclose exact numbers. Now, in the offshore division, the offshore division delivered strong earnings growth, and this is as a result of strong revenue growth and change order. For the engine division, operating profit decreased by 33.1% quarter-over-quarter and 58.2% year-over-year due to revenue decline and reflection of incentive bonuses. Regarding the dual fuel engine mix, the dual fuel proportion remained stable, accounting for 72% of two-stroke engines and 78% of four-stroke engines, broadly in line with previous quarters. So DF engines accounting for almost 80%. And then naval vessel division, even though data is not available on the slides, in Q4, revenue amounted to KRW 349.9 billion, down by 5.8% quarter-over-quarter, mainly due to a change in naval vessel mix and a lower export share. And in 2026, but we believe that revenue would recover because we have increases in backlog. Operating profit was KRW 22.5 billion, down by 56% quarter-over-quarter, reflecting lower revenue and a high base effect from the KRW 15.8 billion of one-off gains recognized in the previous quarter. In the special naval ship division, the bonuses were reflected. Please be aware that the naval vessel division's margin trajectory will show ups and downs on a quarterly basis, depending on the payment terms of each project. But on an annualized base, this division continues to grow. Now, page 8, please refer to the earnings result of each consolidated subsidiary, and I will elaborate on them more on the next page. First of all, KSOE. KSOE standalone operating profit was lower due to the absence of dividend income from its subsidiaries. HHI recorded 17.5% quarter-over-quarter revenue growth, reflecting the positive foreign exchange rates, higher vessel prices, and consolidation of one-month revenue of HMD. Despite reflecting the incentive bonuses, OP increased by 3.2% quarter-over-quarter due to revenue growth and offshore change order effect. The margin is steadily improving without one-off items. So overall, I'd like to say the profitability continues to improve on a quarterly basis. And beyond the shipbuilding division, we observed significant top line and margin growth in the engine and offshore plant divisions. Next, Samho. Samho delivered solid margins despite reflecting the highest proportion of incentive bonuses within the shipbuilding division, supported by a quarter-on-quarter growth in both revenue and operating profit, as well as the smooth resolution of the fire incident in the previous quarter. Let's move on to page ten. Hyundai Marine Engine, its operating profit growth outpaced revenue growth, and despite partial delays in engine deliveries, revenue increased, supported by a higher foreign exchange rate, ASP growth and expanded parts sales. And operating profits increased significantly, driven not only by FX tailwinds, but also by productivity improvements, ongoing cost reductions, and higher margin parts sales. So in 2026, we have expectations about this specific division. Then HD Hyundai Energy Solutions, its operating profit remained solid in line with Q3. The revenue increased by 26.2% quarter-over-quarter, driven by efforts to expand domestic market share and higher exports to the United States. An operating profit declined slightly quarter-over-quarter due to changes in product mix and higher costs, but profitability remained stable. In 2026, we believe these efforts will continue so that this division would achieve solid performance. Now, page 11, in terms of non-operating profit, there were significant gains related to FX valuation due to the strong dollar. Lastly, on page 12, financial ratios, all shipbuilding subsidiaries are in net cash position with a combined total of approximately KRW 6.2 trillion in net cash, reflecting outstanding financial health. So this concludes my presentation on our Q4 2025 results. Thank you for your participation, and presentations on shipbuilding and offshore division outlook will continue. Good afternoon. I am Yun Seok Lee, Executive Vice President of Strategy Marketing Division at HD KSOE. I'd like to present a review for the shipbuilding division and then share our outlook for the business. To begin with, according to Clarkson Research, global new building orders this year reached 110.99 million GT, a decrease of over 20% compared to last year's 143.90 million GT. Nevertheless, the fact that the order volumes remain above the 100 million GT mark indicates that the new building market is still in a boom cycle, and despite initial concerns that 2025 orders would see a sharp decline following the high volume of recent years, we evaluate current performance to be significantly resilient and healthy. Despite the slight slowdown in global orders compared to 2024, our group shipbuilding subsidiaries have achieved robust performance. HHI shipbuilding division, $7.886 billion, reaching 125.2% of its target, and HHI medium-sized ship division secured $2.246 billion. Samho, $6.687 billion, and HVS, $378 million, and HHI, $220 million, so $17.417 billion in all. And this figure represents 116% of our group's 2025 shipbuilding order target of $15.02 billion. Despite the overall slowdown in global new building demand, we have successfully exceeded our annual guidance through strategic sales initiatives. Let's take a closer look at our order intake by vessel type for each subsidiary. HD Hyundai Heavy Industries Shipbuilding Division secured a total of 48 vessels, 28 container ships, 8 Suezmax tankers, 3 VLCCs, 4 VLACs, 2 VLGCs, and 2 VLECs. So 48 vessels. Our medium-sized ship division achieved a total of 34 orders, consisting of 21 feeder container ships, 6 LNG bunkering vessels, 5 mid-sized LPG carriers, and 2 medium-range tankers. In HD Hyundai Samho, 44 vessels in total, 24 large container ships, 9 Suezmax tankers, 4 VLCCs, and 7 LPG carriers. And HVS secured 6 vessels, 3 LR2 tankers, and 3 medium-range tankers. HHI secured three long-range two tankers to its backlog, so 135 vessels in total, in aggregate. In our group capitalized on heightened US-China trade tensions in the first half of 2025, when preference for Chinese shipyards weakened by focusing on container ships and securing multiple large container ship orders. In the second half, we diversified into tanker and LNG carrier orders in line with the changing market demand. And as a result, we have flexibly adjusted our order portfolio without over-reliance on any single vessel type, supporting both order growth and profitability. As of the end of December 2025, the Clarkson new building price index was 184.65, down slightly from 189.16 in 2024, but still at a high level despite lower ordering activity. Supported by solid order backlogs accumulated over recent years, new building prices are expected to decline only gradually and in a limited manner going forward. This will be contingent on our strategy, which will stay similar. While concerns remain that oversupply and declining freight rates could trigger a market correction, new building demand has so far stayed at cycle high levels, supported by rotating demand across various vessel segments. In addition, tightening environmental regulations are expected to drive delayed replacement demand for aging vessels as freight rates soften, supporting new building demand. Next, I will briefly cover market conditions by vessel type. Container vessel ordering reached a record level in 2024, with 479 vessels totaling approximately 4.7 million TEU, and surpassed the level again in 2025, with orders for 644 vessels amounting to around 4.8 million TEU. This exceptional level of ordering was driven by aggressive investment from major liner companies, with strong demand not only for large vessels, but also for small and mid-sized ships, as reflected in the disproportionate increase in vessel numbers relative to TEU capacity. Looking ahead, however, given the heavy ordering activity over the past three years and the normalization of container freight rates, the ordering momentum from major liner operators is expected to moderate. In the LNG carrier segment, new orders declined sharply in 2025 to 34 vessels, and less than half of the 78 vessels ordered in 2024. This was mainly due to a temporary oversupply following large-scale LNG carrier deliveries, which pushed spot LNG rates close to historical lows, as well as delays in final investment decisions for new LNG projects in North America during the Biden administration, so having negative impact on a vessel demand. However, following President Trump's re-election, more than 70 MTPA of new LNG projects secured final investment approval in 2025 alone, and with over 200 MTPA of additional global LNG capacity expected by 2030. LNG carrier new building demand is widely expected to increase significantly. In the tanker segment, tighter U.S. sanctions on the shadow fleet are expected to constrain available capacity, driving increased demand for compliant tanker fleets. In addition, replacement demand for aging vessels previously delayed by strong freight rates remains latent, while ship owners, supported by ample cash flows from the prolonged tanker cycle, expected to continue new building investments. Meanwhile, the VLGC and PCTC markets, which saw heavy ordering activity during 2023 and 2024, have entered a pause in new building investments due to concerns over upcoming large-scale deliveries. Order activity is expected to recover once the scheduled deliveries are absorbed by the market. This year, the global shipbuilding market is expected to remain uncertain and volatile as in 2025, amid multiple geopolitical factors. These include a potential return to normal Suez Canal operations and shifts in energy logistics driven by U.S. policies in Venezuela and Iran, a possible end of the Russia-Ukraine war, and renewed U.S.-China trade tensions, so making the market outlook increasingly unpredictable. Against this backdrop, our group will closely monitor global developments and remain agile in adjusting our strategies to sustain order competitiveness and enhance shareholder value. This concludes my remarks on Q4 2025 results. Thank you for your attention. Then a presentation about our offshore division. Good afternoon. I am Song Dae-jun, Senior Manager at Offshore Energy Business Division. I would like to briefly walk you through our Q4 performance and market outlook. Our offshore division is actively bidding on FEED and EPC projects across the Middle East, Australia, and Europe. In particular, our Middle East projects, we expect final announcement within Q1 and final contract signing by the first half of this year. In the offshore wind sector, we're leveraging our in-house technology to expand our global footprint. Our independent offshore substation model, Hi-OSS, has secured DNV's approval in principle, validating our technological edge. Based on this, we're actively bidding for major domestic and international projects, and our goal is to secure our first EPC contract this year, marking 2026 as the inaugural year of our offshore wind construction operations. In the floating offshore wind sector, Hi-Float model has secured ABS AIP for both 15 and 18 megawatt capacities, backed by our proven experience in commercial scale FEED. While the global commercialization of floating wind is seeing some delays, we're proactively engaging with major developers to explore strategic partnerships. We are also reviewing participation in domestic testbed projects to further solidify our commercial readiness. In the SMR sector, we're making significant progress with TerraPower's Wyoming demonstration project. Following the fabrication contract signed last October, we have now entered a full-scale production phase. Beyond fabrication, we're conducting joint R&D for SMR commercialization through our close partnership with TerraPower, building the technical expertise needed to capture future global opportunities. Next, let me briefly discuss market outlook. With oil prices remaining above $60 per barrel, the offshore plant market is not overheated and continues to support stable profitability. In addition, demand for crude oil and natural gas for power generation is expected to keep rising, reinforcing energy security as a key priority for many countries. Global oil majors are prioritizing offshore investments in high-efficiency regions such as Guyana, Brazil, and Africa. Meanwhile, national and international oil companies across the Middle East, Australia, and South America continue offshore oil and gas developments to secure stable resources and expand the production. In the Middle East, including Qatar, the UAE, and Saudi Arabia and Kuwait, offshore gas field development is accelerating with large scale projects planned, and the market expected to stay active. While the offshore wind market faces some near-term adjustments due to US policy shifts and rising development costs, medium to long-term growth remains intact. Here in Korea, the government is advancing offshore wind expansion through the Offshore Wind Special Act, which will take effect this March, along with initiatives to strengthen R&D supply chains and demonstration test beds, supporting a public-led market and broader industry-wide structural change. These are the changes that we're witnessing here in Korea, and based on these conditions, we're pursuing a balanced approach across offshore, offshore wind, and SMR businesses, focusing selectively on projects that ensure profitability and stable execution. That concludes my remarks on our Q4 performance and market outlook. Thank you very much. Now, the Q&A session will begin. Please press star three, that is star and three, if you have any questions. Questions will be taken according to the order you have pressed the number star three. For cancellation, please press star four, that is star and four on your phone. The first question will be presented by Lee Dong-heon from Shinhan Investment Securities. Please go ahead. [Foreign language] So my question is about bonuses, and of course, you didn't disclose the exact numbers. So I wonder what your bonus policy will be this year in 2026? And of course, just last year, the bonus payments would be aligned with your business performance. And my question would be about whether you are applying the exact same standards across different ministries, and whether there is any possibility that bonus payments would increase this year. [Foreign language]Thank you for your question, and apologies, my apologies once again for not being able to disclose exact numbers of bonus payments. When we make bonus payments, predictions are made on an annual basis, and then we make payments accordingly on a quarterly basis. For this quarter, performance outweighed and outpaced our initial expectations, so we had stellar performance for this year, which means that we had additional bonus payments that were given to our employees. As to Samho, Samho is subject to 1,000% cap in terms of bonus payment, so that was how bonus payments were made at the 1,000% cap at Samho. For Hyundai Heavy Industries and KSOE, the cap is lower than that, it's around 800%. That's how bonus payments were made in line with these set rates. For subcontractors, different policies would apply, and if all these bonus payments were excluded, then our operating profit margin would have been around 15%. I told you that our OP margin was 13.7% for this year, for this quarter, so the bonus payment had an impact of over 1% in terms of our operating profit margins. Thank you. The following question will be presented by Choi Kwang-sik from Daol Investment Securities. Please go ahead. So my question is as to your quarterly revenue. Can you share with us the proportion or ratio by order year? [Foreign language] So let me give you the following numbers based on 2024. HD Hyundai Heavy Industries, revenue by order year is 27% in 2022, 53% in 2023, and then 20% in 2024. As to HD Hyundai Mipo, and this will be the very last time that we will be mentioning Mipo because of the merger. 0% in 2022, 37% in 2023, and 63% in 2024. And coming to Samho, it's 10% in 2022, 55% in 2023, and 35% in 2024. [Foreign language]The following question will be presented by Jeong Dong-ik from KB Securities. Please go ahead. [Foreign language] So I have two questions about your engine division. The first question is about the partial deferral that you mentioned. Can you share with us the reasons why such partial deferral happened? And did it occur within HD Hyundai Heavy Industries engine business, or did it occur within HD Hyundai Marine Engine business? My second question is, if it were not for bonus payments, then what would have happened to the OP margin to your engine business? And I wonder whether it would have been improved or stayed at a similar level when bonus payments were considered. [Foreign language] To answer your first question, such deferral occurred both at Hyundai Heavy Industries and Hyundai Marine Engine. So productions were complete in December, but the shipments occurred in January, and I think this happened last year as well. But it's all reflected in our productivity gains and productivity, profitability improvement. So if you look at January of 2025, the same thing happened. So you will see a jump or whether a sharp increase in operating profit because of a similar situation that happened. So that certainly had an impact. And if I answer your second question, my apologies once again, but we haven't done our exact calculations as to bonus payment, so maybe I could disclose some relevant data if I have an opportunity next time. Thank you. But the same rule applies as the rules that we have at Hyundai Heavy Industries. So anyway, we multiply the number of employees by a set amount of rate or the amount. [Foreign language]The following question will be presented by Han Young-soo from Samsung Securities. Please go ahead. [Foreign language] My question is also about your bonus payment. So you mentioned that bonus payments were made to your subcontractors. Is it happening for the first time this year? I mean, in 2025. And also my question is about whether we should recognize this as a one-off expense, or is it any structural change? So can we consider this as a permanent or permanent increase in the level of wages? Or is it just because there were extra performance and then bonus payments were made accordingly? [Foreign language] So my answer would be, I think it's a correct understanding of our bonus payments would be it's a one-off cost. It's because when we make out bonus payments, the calculations are based on our OP margin. In 2024, two years ago, when we had our year-end settlements, we had projections about our 2025 performance, but in fact, our performance was better than our initial expectations in 2024, and in alignment with increased performance, additional bonus payments were made. The same applies to this year as well. We have already projected our this year's performance, and if there is additional performance, extra performance, and that will be translated into additional bonus payments. [Foreign language]If I make additional comments, as to labor cost increases, we have already considered these possible increases at the beginning of each year, and these were reflected already. But there are variables affecting our performance. Foreign exchange rate, and plate prices, and then productivity gains. As to foreign exchange rates, as you know, the won depreciated quite sharply. We certainly do hedging, but there are portions that are not hedged, which will be translated into increased performance. And as to plate prices, they're subject to change, affecting our productivity, and the third factor, productivity, we would be only able to know how more productive we become only after a certain amount of time passes. Initially, there are things that we cannot predict, or sometimes we are conservative, and that means it's more appropriate to consider these expenses as one-off expenses. [Foreign language] The following question will be presented by Choi Kwang-sik from Daol Investment Securities. Please go ahead. [Foreign language] My question is about LNG vessels, especially LNG ordering. So from the end of 2025 and through 2029, the new building price would be still under $250 million, we believe. And we know that a lot of the orders were awarded to Chinese shipyards, and especially we hear the news that Hudong Zhonghua is increasing its capacity. So, my question is, how much capacity increases do you see among Chinese LNG shipyards? And also, when it will be possible the Korean shipyards take back their power in terms of price negotiations? [Foreign language] So if I answer your question, to be honest, we do not know exact or accurate information about Chinese shipbuilding capacity. The information available, data available only comes from the information that these Chinese shipbuilders release or the broker or market information. But recently, Hudong Zhonghua says its capacity is 30 vessels per year, and there are several Chinese shipyards able to, capable of building LNG carriers. But I would like to take note of two of them, Hudong Zhonghua says it can build 30 such vessels, and Jiangnan says 10 vessels. But I don't believe that these shipyards are consuming all their capacity because they are in anticipation of possible volumes of Qatar as well. As to Hudong Zhonghua, yes, it is increasing its capacity, but as to Jiangnan, even though it's making efforts, it's lagging behind Korean shipyards in terms of quality and also technological level. It's true that Chinese shipyards are making great progress in recent days, but most of their capacities are absorbed due to their domestic demand to build LNG vessels that should be allocated to absorb their domestic demand. So I would like to mention, then, Hudong Zhonghua Qatar project to understand LNG construction is actually demand. International tender is another Chinese shipyards. But yet, recently, Shell, Mozambique, and Equinor even projects these days is another Chinese shipyards. Because the Korean shipyards are maintaining our market share. Also, you asked about the recovery of new shipbuilding prices, and I think this is an ongoing process. So we do see new building prices are recovering. We're engaging in consultations with our customers, and we do see recovery in demand and strong demand. If you look at orders coming from the second half of last year or early this year, I think most of them were rather speculative. But if you look at ongoing consultations, these consultations are being made already on a higher price base, and we believe in 2026 we will see a steady increase in new building prices. [Foreign language] The following question will be presented by Kang Kyung-tae from Korea Investment Securities. Please go ahead. [Foreign language] I have two questions. The first question is about your special vessel business. So you shared with us your Q4 revenue as well as full year revenue. And then you mentioned that there were changes in export product mix impacting your overall performance. So my question is, what would be the flagship projects that would be responsible for your revenue in Q4 and going through 2026? And my second question is, a month ago, we had a consultation session together, and you shared with us your order pipeline at the time, and I wonder whether there have been any updates made to your order intake pipeline going through 2026. [Foreign language]Yes, yes, yes. So, to answer your question, as you mentioned, your question was about our change in export mix and its resulting impact on our performance. So if you look at Q3, Q2 and Q1, Q2, and Q3 of last year, in 2025, we had this Aegis Destroyer project, whose order came from the Korean Navy and also from the Philippines. We already delivered two patrol ships, and there are six frigate ships which are under construction for the Philippines. And in Q4, the Aegis Destroyer project was almost its final stage. And as you know, this destroyer is very high priced. As a result, we had a rather decrease or a downward pressure on our revenue overall. If you look at the guard ship and the coast guard ship from the Philippines, and also we have a 3,000-ton escort ship for the Korean Navy. Then these were reflected in our Q4 results as well, and increasing our overall revenue slightly. Also, I'd like to say that we have an ongoing project in Peru as well. It's ongoing, and in the second half of last year, we had this LCU, which is under construction, and I believe that this specific project would be materialized to a quite mature level in Q4 as well. So coming into this year, we have things that are materialized at scale, and this includes frigates and as well as patrol ships as well. So a temporary slowdown, but in 2026, we believe overall we will see an expansion in our export revenue. [Foreign language] As to our order pipeline is still early. It's in the beginning of the year. And as you know, as to naval ship business, we do not get orders this early because it's all based on national and government budget. But bidding is ongoing, bidding efforts are ongoing. But in 2026, we are aiming to win orders for follow-up projects from the Philippine Navy, and this includes new builds, but also this includes a retrofit of existing frigates, and this way we would be expanding or scaling our impact. And in other countries, we are starting with our bidding efforts. So again, it's still in the early of this year, so but I hope we can share good news pretty soon. In the special purpose vessel business, there are things that we're pursuing, and I hope we can share good news in one month or two months of time. [Foreign language] The following question will be presented by Lee Dong-heon from Shinhan Investment Securities. Please go ahead. [Foreign language] My question is about your overall offshore business. You mentioned the reflection of change, order impact as well as bonus payments, and given that OP margin was almost 17%, I wonder whether the factors you mentioned would be quite permanent or just a one-off. So what are your expectations for your offshore business this year? So our quarterly, quarter-over-quarter revenue quite jumped and skyrocketed, I would say. But when we are excluding change order impact and bonus payments, it could have been, would have been far lower than that. And my apologies for not being able to share any percentage-wise data or numbers. But if you look at our offshore business, and if you look at the POC, the progress rate of each project, Trion FPU is 58.6% and Ruya project is 12.4%. So on annualized terms, these projects would produce a steady and stable performance. So again, apologies for not being able to disclose specific numbers, but our offshore business would sure to generate stable and solid performance throughout the year. [Foreign language] [Foreign language] The following question will be presented by Bae Ki-yeon from Meritz Securities. Please go ahead. [Foreign language] So vessel business. You were awarded an order for 200,000 CBM LNG carrier. And I wonder, in terms of profitability, how does it compare to 124,000 class carrier? And with this type of vessel, I mean, when compared to 74,000 capacity of vessel, whether it can really fill your existing docks given your construction and building capacity. So in terms of the number of vessels, is it going to be the same when you consider 74,000 vessels? The reason why I'm asking this question is when you look at market demand, there should be future profitability, profitability that would be guaranteed and whether. Well, and I wonder whether with this 200,000 class vessels, we can expect the same level of profitability. You mentioned that vessel prices are recovering, but until then, maybe then this is one of the strengths that KSOE has to enjoy. [Foreign language] Yeah. So when it comes to 200,000 vessels, there are only two companies throughout the world who can build and deliver such vessels. We have Hanwha, and HD Hyundai Heavy Industries is the other. But in terms of track record, I believe HD Hyundai Heavy Industries has an overwhelming track record in the world. So in terms of 200,000 vessel, HD Hyundai Heavy Industries is the best and the first in the world. And with 200,000 vessels, we have two advantages. First of all, this vessel is optimized for connecting U.S. and Asian waters, so we expect continued demand for this type of vessel. And second of all, we can use our docks eight and nine, but these docks can accommodate 174,000 as well. But in terms of maximizing the value of our existing slots, 200,000 would be the optimal candidate. So in that sense, it has its value, but in terms of profitability, it's confidential. So my apologies for not being able to disclose any profitability-related data. [Foreign language] The following question will be presented by Jung Yeon-seung from NH Investment Securities. Please go ahead. I have two questions. The first question about your mid-sized vessels. So globally, we hear news about ordering mid-sized and also mid-range and long-range vessels, and especially from the Philippines and Vietnam. So do you believe you can expect meaningful orders coming from these countries, the Philippines and Vietnam? It's because given local cost, which would be quite low, I believe these mid-sized vessels can be good in terms of profitability. And my second question is between November and January this year, we had around 10 million GT ordered, but in spite of that, we do not see any sharp increase in new build prices. So from the viewpoint of KSOE, how do you expect new build prices to continue throughout the year? [Foreign language] [Foreign language] So if I answer your first question, and in fact, with mid-range and range two vessel, our order performance for 2025 was not satisfactory. There are several reasons why. First of all, globally, the order activity was not that active throughout the world for these vessels. In 2024, there were lots of orders that were awarded for these vessels in 2024. So in terms of delivery and price attractiveness and investment attractiveness, these mid-sized ships decreased in terms of that. So that prevented us from making new investments. I would say the year 2025 was a period of adjustment. During this period, both in terms of delivery and attractiveness, these mid-sized ships gained traction and momentum. Now companies are making efforts to win orders for these ships, and especially in 2026, we do see increases in tanker freight rates, which means that there are new, more new build orders, and we have ongoing consultations for these mid-range and long-range two vessels. But about the profitability of these ships, once again, cannot specify any numbers or data due to confidentiality. My apology for that. And to answer your second question about vessel prices, I think vessel prices have been recovered already to a significant extent, slightly than its previous peak, but still it's recovering. And in 2024, I think in 2025 we had less orders coming. And given that, the very fact that, vessel prices are maintaining their current status, that's already a good news in and of itself. And we believe that, vessel prices, could be increased further.