Due to seasonality, including year-end customer inventory adjustments, but AI-related revenue continued growth driven by solid demand for AI server and power applications. The 2026 MLCC market is expected to enjoy solid demand for industrial and automotive MLCCs, with continued AI infrastructure investments and wider adoption of ADAS and xEV. Accordingly, we will expand our AI-related high-end cutting-edge products targeting server and network equipment and strengthen our lineup of high-capacitance MLCCs for ADAS and high-voltage MLCC for xEV to increase industrial and automotive revenue. Next is a look at our Package Solution Division. Q4 revenue was KRW 644.4 billion, or roughly 9% QoQ and 17% YoY increase. For Flip-chip BGA, revenue increase was driven by increased supply of large area, high multi-layer server CPUs and AI accelerator substrates to our major big tech customers and increased supply of substrates for high-performance autonomous driving systems. BGA revenue also increased with greater supply of mobile AP and SIP substrates for overseas customers. In 2026, the Flip-chip BGA market is expected to see solid demand for high-end FCBGA for AI server and network applications driven by continued strong growth of the data center market. Accordingly, we will focus on increasing new server CPU substrates with differentiated embedding architecture and on-time supply of new products for AI accelerators and networks to new big tech customers. Also, given that our production sites are expected to run at full utilization in the second half, we will look into capacity expansion plans for timely execution of investments. Last is the Optic Solution Division. The division's Q4 revenue was KRW 937.2 billion, roughly a 2% increase QoQ and 9% increase YoY. In IT camera modules, we started mass production of differentiating new camera modules for new flagship smartphones, such as Slim Folded Zoom for strategic customers and Continuous Zoom and Super Macro for Chinese OEMs. For automotive camera modules, revenue increased thanks to increased supply of global EV OEMs and our in-cabin camera modules being adopted in increased number of vehicle models by the Korean OEM. Now, in 2026, the IT camera module market is expected to see continued demand for higher performance cameras as a way of differentiating high-end flagship smartphones, and we will secure customer-specific differentiated technologies such as Slim, Optical Zoom, and Iris in time to capture this demand. In the automotive market, new applications such as advanced ADAS and humanoid are expected to increase, and we will focus on increasing supply of automotive specialty camera modules such as heating, water repellent coating, cleaning, and also focus on securing next-generation technology for physical AI, such as high pixel for sensing and high-reliability actuators. That completes the presentation on our 2025 Q4 results, and now, Tae-gon Lee, our Head of Strategic Marketing, will talk about market trends and outlook by key product. Yes, good afternoon. This is Tae-gon Lee, Head of Strategic Marketing. I will share the current market situation and outlook for MLCC, substrate, and camera modules, respectively. First, the MLCC. Q4 MLCC demand decreased slightly QoQ due to year-end inventory adjustments in certain applications, including IT, despite the momentum of AI-related demand remaining solid. However, demand increased on a YoY basis across all applications, with particularly strong growth coming from MLCCs for AI and server applications. To look at MLCC demand by application, IT MLCC demand slightly decreased QoQ due to inventory adjustments in certain applications such as PC and consumer electronics, despite the tailwind from the North American smartphone OEM's new model. For industrial MLCC, despite the seasonality of certain applications such as base stations, server-related MLCC demand continued rapid growth driven by major big tech companies' continued AI-related investments. Automotive MLCC demand also continued YoY growth, supported by increased xEV sales in China and Europe. Next is a look at the 2026 Q1 MLCC outlook. While global economic uncertainties continue due to supply chain shifts and geopolitical risks, the MLCC market is expected to maintain a structural growth trend. Despite some softness in IT set demand, IT MLCC demand is expected to remain similar to Q4 as high-end MLCC demand increases with strategic customers' flagship smartphone launch. Industrial MLCC demand growth trends are expected to continue as AI-related customers adopt new architectures, and the share of rack-scale architecture servers increased in the cloud market, accelerating MLCC content growth even further. In particular, with a surge in usage of high-temperature, high-capacitance MLCCs specialized for AI servers, supply is expected to be even tighter than last year, especially around the AI and server applications. Lastly, for automotive MLCC, the Chinese government's extension of its vehicle trading subsidy and European environment-friendly automobile policies are expected to drive solid xEV and, in turn, automotive MLCC demand. Furthermore, the self-driving vehicle market is expected to record significant growth, keeping momentum strong for high-end MLCCs. Accordingly, for IT MLCC, we will actively expand sales of high effective capacitance MLCC, where significant content per box increase is expected, driven by higher performance APs necessary for AI smartphones, and strengthen customer proposal activity, including design-in activity for new medium voltage and low ESR products used for ultra-high-speed charging and power systems for flagship smartphones. We will further also drive up the share of high-end new product revenue by increasing supply of high-temperature, ultra-high capacitance products for memory chips, including Silkam, which is in high demand. For industrial MLCC, we will be actively driving revenue by revenue increase of the high-end new products, which are positioned to benefit from the GPU customers' new architecture-based new product launch. In particular, when it comes to new programs, we will develop rack-level design -in opportunities, covering integrated GPU server network in addition to AI servers. We will also provide timely supply for the cloud customers' new proprietary solution program to lock in our volume. We also see demand for our cutting-edge products spreading to network and power applications, so we will preempt this opportunity to increase our supply, especially around the small-size, ultra-high capacitance, high-temperature MLCCs. For automotive, high-end MLCC demand continues to grow, supported by penetration of 800-volt charging platforms with continued development of EV technology and ADAS spreading to even the lower segments. So we will continue to strengthen our high-end MLCC lineup, continuing the C0G high-voltage, ultra-small-size, ultra-high capacitance characteristics to fully meet the customer requirements. Next is a look at substrates. Flip-chip BGA market demand increased QoQ with solid demand from high-spec FC BGA for AI accelerators and server CPU tied to Gen AI infrastructure, as well as solid automotive demand around EVs, which more than offset its seasonal softness. Q4 BGA market demand slightly decreased QoQ due to seasonality, but ARM CPU-related new product demand increased. In 2026 Q1, FCBGA demand will be affected by seasonal softness and slowdown in PC replacement demand, but AI server and data center-related demand is expected to remain strong, with growth momentum continuing, especially around AI accelerators and data centers. Now, Q1 BGA demand is expected to decrease QoQ due to soft demand for certain products, including SIP, but grow on a YoY basis driven by increased ARM CPU and SSD controller-related demand. Accordingly, for FCBGA, we will continue to drive market share gain in our existing big tech accounts by significantly increasing supply of FCBGA for growing AI accelerator and server CPU demand based on our track record of stable on-time delivery and high quality. We will also focus on breaking into new big tech accounts, leveraging synergies with our Component Division, which produces the silicon cap and other embedded parts, and our embedded multi-layer core package precision control technology to drive our business growth in 2026. For BGA, we have been focusing on increasing market share of the North American key customers' upcoming new ARM CPU and capturing demand from the SSD controller customer in Korea and North America. We will also continue to drive new design-in activity, including preparing supply of the MLCC embedded substrates to new customers in Q2 and expanding the new lineup of AP participating products. Lastly is the camera modules. In Q4, IT camera demand decreased due to overall year-end inventory adjustments despite the launch of new flagships by Chinese OEMs. On the other hand, automotive camera demand relevant to SEMCO increased, thanks to key customers' supply volume increase and mass production of new models. Looking towards Q1, IT camera demand is expected to remain soft, especially around the mass-tier smartphones, but our addressable IT camera demand is expected to increase, thanks to strategic customers' new flagship smartphone launch effect. On the other hand, automotive camera demand is expected to decrease QoQ due to the major North American customers' production volume adjustments in anticipation of new model launches, but we expect that to grow on a YoY basis. Accordingly, we will focus on proposing customer-specific technologies such as Folded Zoom, Aperture modules, and wide-angle OIS, ultra-light and thin modules that enhance customers' brand value with differentiated user experience and drive high-end revenue. We will also focus on successful launch of the new North American customers' business to add a new engine for future growth. For automotive cameras, we will focus on expanding heating solutions for advanced self-driving performance, internalizing small-size active lens cleaning technology, and supplying modules for the in-cabin cameras with our high-pixel lenses to further strengthen our technology leadership. For humanoid cameras, we are currently in development with major humanoid global companies using our differentiated core technologies, including low-light performance-enhancing lens and high-reliability shock-resistant actuator technology, and long-distance high-precision infrared 3D sensing technology, and aim to become a first mover in next-generation physical AI robot market. Thank you. [Foreign language] Now Q&A session will begin. Please press star one, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. 처음으로 질문해 주실 분은 DB증권의 조현진 님입니다. The first question will be provided by Hyun-ji Jo from DB Securities. Please go ahead with your question. [Foreign language] Yes, I have two questions regarding your MLCC business. First of all, can you share with us your Q4 MLCC shipments inventory ASP, as well as your outlook on these data points for Q1? Second question is about MLCC utilization. It appears your Q4 MLCC utilization increased on a YoY basis. Can you give us a bit more color and detail about your utilization for MLCC? Also, can you share your outlook for MLCC utilization this year and how you plan to manage your capacity? [Foreign language] To answer your first question, which was about our Q4 MLCC shipment, inventory, ASP and Q1 outlook, first of all, overall Q4 MLCC shipment decreased on a QoQ basis due to seasonality, including some year-end inventory adjustments happening at our customers' side, but AI-related shipments, including for servers, remained solid throughout Q4, and so overall, and also overall inventory increased slightly in Q4. Blended ASP in Q4 increased on a QoQ basis with a higher mix of high-end industrial and automotive MLCCs. Looking towards Q1, shipment is expected to remain similar to Q4, with softness in certain IT set demands such as smartphones and PCs. But blended ASP is expected to increase in Q1 on a QoQ basis with the strategic customers' new model launch and the increased demand for AI server or automotive-related high-end MLCCs. [Foreign language] To answer your question about our MLCC utilization and capacity operation plans, during Q4, shipment increased on a YoY basis at a double-digit rate with strong server and automotive demand supporting the shipments, and our utilization in Q4 also improved at a meaningful level. Looking towards 2026, global big tech companies' AI-related investments is likely to continue, and with ADAS and xEV penetration increasing within the auto market, MLCC demand this year is expected to remain solid based on both pillars, one being AI, the other automotive. And so our utilization this year is also expected to remain at high levels. As you know, we have been increasing CapEx from last year to meet this growing demand, and we have also been preemptively preparing our supply capabilities, including further enhancing our productivities. We will continue to carefully watch customer trends and overall market demand and maintain our stable supply capabilities. [Foreign language] [Foreign language] The following question will be presented by Junseo Park from Mirae Asset Securities. Please go ahead with your question. [Foreign language] My first question is about the FCBGA. Looking at your FCBGA business, we are expecting that a new big tech account will be secured, that your capacity will be fully sold out until 2027, and you've just shared that you're expecting your second half capacity to be running at full utilization. These are all very good news, and in that context, can you give us a bit more detail of your FCBGA business outlook for 2026? If the demand for FCBGA remains so strong for some time, there may be a need for additional capacity expansions. Can you share with us any plans or what you're looking into in terms of additional CapEx into capacity? My second question is about your MLCC. MLCC demand continues to remain quite strong, especially around your high-end AI and automotive applications. And not only SEMCO, but other companies' utilizations are appearing to stay at high levels. And this is driving up market expectations for the MLCC business results this year. With that expectation growing, can you share your company business outlook for 2026 MLCC? [Foreign language] To answer your first question about our FCBGA business, first, to look at our 2025, last year business. FCBGA revenue increased significantly versus previous year, thanks to first the strong demand for high-performance chips driven by hyperscaler investments in data centers, and also global big tech companies' proprietary chip adoption increasing. Looking at this year, we expect FCBGA capacity consumption will continue to increase with a trend of large area, high multi-layer substrates to support the larger number of semiconductors, as well as the growing technical difficulty levels of the FCBGA itself. And so we continue to receive supply increase requests from our existing customers and also supply requests from new big tech accounts. Our FCBGA is expected to approach full utilization later this year, and we will go through capacity expansion if necessary based on customer request and supply demand situation to meet customer demand on time and continue the FCBGA revenue growth trend. [Foreign language] To answer your second question, which was about our MLCC business outlook for this year, in 2026, the MLCC market is expected to grow in all areas, including industrial and automotive, due to the factors that we've explained before. In order to strengthen our leadership in growth markets of AI-related servers, network, and power applications, we have been launching high temperature, high capacitance, high-end MLCCs at the right time, and we continue to expand, for example, in the 1KV plus high voltage lineup to meet the higher power input voltage requirements of the higher performing AI servers. For automotive, we plan to increase revenue by using, first of all, our existing lineup of high capacitance MLCC for ADAS and high voltage MLCC for xEV, while also actively driving customer diversification. For IT MLCC, we will focus on solidifying our leadership also in the volume market by enhancing our manufacturing competitiveness with better production yield and productivity, while continuing to win in the high-end market using our cutting-edge products. So overall, our aim for 2026 for MLCC is to continue and deliver another year of revenue growth that outpaces market. [Foreign language] [Foreign language] The following question will be presented by So-won Kim from Kiwoom Securities. Please go ahead with your question. [Foreign language] My first question is about camera modules. I think there are some concerns about the possible negative effects that the increasing memory prices may have on IT camera modules. But on the other hand, I think there's growing interest into the autonomous driving, a robot, and other physical AI applications for your camera business. With that in mind, can you share your business outlook for camera modules in 2026? Second question is about your new business, especially the glass substrates. We are hearing that you have been, for example, making investments and going into partnerships and pursuing a joint venture related with glass substrate business, for example, with companies that have expertise in plating or surface treatment. So it seems that your preparations of the glass substrate business is picking up speed faster than what the market is expecting. Can you give us a bit more detail of what your business development efforts currently are at and your outlook for the glass substrate business? [Foreign language] Answering your first question, yes, higher memory prices may pose market uncertainties such as smartphone set demand volatility. But when it comes to the camera modules, our camera modules, which are targeting flagship smartphones, we expect positive impact. We'll continue with growing demand of differentiating camera modules such as continuous zoom, slim folded camera modules, and large angle OIS. We will focus, therefore, on strengthening our technology leadership by developing customer-specific differentiating technologies and preemptively developing these leading technologies. For automotive cameras, we will focus on increasing supply of automotive specialized products such as high pixel sensing or heating to capture the increasing autonomous driving-related demand and also drive business expansion using our stable quality competitiveness and global supply network. For humanoid and other new applications, we are strengthening strategic collaboration and designing together with top-tier customers, and we will focus on securing next-generation technology for robotic applications on time such as high-reliability, shock-resistant AF actuators, and long-range 3D sensing to gain first-mover advantage and deliver specific revenue in this growing physical AI market. [Foreign language] Now, to answer your question about our glass substrate business, as you know, we launched our pilot line in 2025 to build glass substrate as a new generation, new business for us, next generation, new business for us. And we have been promoting our glass substrates to various big tech customers through core technology development and sampling. Currently, we are engaging several projects. We are engaging customers in several projects that are currently underway. We are also currently developing core material, including glass etching and plating solutions together with Korean and overseas partners, and as you mentioned, we have signed an MoU to study the possibility of establishing a joint venture last quarter to secure technology competitiveness and prepare for mass production on time. We hope to complete the joint venture establishment within the year. Our aim regarding our glass substrate business is to complete a glass substrate supply chain early on and to gain an early market lead in glass substrates by satisfying the needs of key customers that are already working with us. [Foreign language] [Foreign language] The following question will be presented by Kang-ho Park from Daishin Securities. Please go ahead with your question. [Foreign language] I have two questions. First question is about your CapEx outlook for 2026, given that your MLCC utilization is quite high and you're expecting FCBGA to reach full utilization later this year. Also, you're continuing to have strong demand from the automotive and humanoid-related cameras. This all indicates a possible CapEx increase. How much of a CapEx increase are you expecting this year on a YoY basis? Second question is about your business outlook for first quarter and full year 2026. When we look at Q4 results, it's explained mainly by improved mix and utilization for the MLCC business and also increasing demand for the Flip -chip BGA from the big tech accounts. This probably will continue until the first and second half of this year. With that in mind, what is your outlook for your business Q1 and full year 2026? [Foreign language] To answer your question about our CapEx, as you know, we have been continuously making investments around the high-growth, high-end areas such as AI, server, and automotive. In 2026, we are planning to make investments in line with customer demand, and this year CapEx is expected to increase versus last year on a YoY basis, especially given the plan to construct new overseas plants to gain high-end MLCC capacity, including automotive MLCC, the expansion of the high-end package substrates for AI and server, and also possible investments in North America for EV and humanoid-related camera demand. Regarding new business investments, will also be made to secure key technologies and business foundations, including in glass substrates and other new business areas. And so going forward, we will make investments for capacity expansion around high-growth areas such as AI, server, and automotive, as well as new future growth areas in order to drive our continuous momentum of growth. [Foreign language] To answer your question about our full year outlook and Q1 outlook for this year, first to start with our Q1 outlook, while some seasonal softness is expected in certain IT set demand, the strategic customers' upcoming flagship smartphone launch and continued growth of AI, server, and automotive applications is expected to drive high-end MLCC package substrate and camera module supply, and we are expected to deliver both QoQ and YoY-based growth in Q1. Looking for the full year 2026, while external uncertainties such as global trade disputes and exchange rates, commodity price fluctuations will likely continue, strong AI server demand from AI infrastructure investments is likely to continue again this year, and automotive market growth is also expected to continue due to the accelerated increase of electronic content driven by ADAS and autonomous driving. So for MLCC, supply is expected to remain tight, and we will use our preemptively secured industrial and automotive MLCC capacity to actively respond to large-size, high-capacitance product demand such as from AI servers and ADAS to drive business performance this year. For package, FCBGA, we aim to deliver significant revenue growth around AI and server applications by expanding AI server and network-related supply to existing big tech accounts while also breaking into new AI accelerator-related big tech customers this year. For camera modules, we will focus on improving business results by expanding supply of IT, automotive, high-end differentiating camera modules, and also building strategic partnerships with global customers for new applications including humanoids and robotics. And so overall this year, our goal is to raise our business results to the next level while building our existing business and also focusing on developing new business opportunities such as glass substrates and robotics. Thank you. [Foreign language] This completes our earnings conference call. If you have any further questions, please forward them to our IR team. Thank you very much for joining us.