Thank you for joining third quarter 2025 earnings call of OCI Holdings Company. I am Su Mi Lee, SEVP of OCI Holdings. I will briefly walk you through the presentation materials uploaded to our website. Let me start from page 5, consolidated operating results. In the third quarter, consolidated revenue reached about KRW 845 billion with an operating loss of KRW 53 billion. Revenue increased by 9% in QOQ, and operating profit remained in a loss, though the loss narrowed slightly from the previous quarter. OCI TerraSus recorded KRW 93 billion increase in sales from the previous quarter, leading to an overall recovery. However, OCI TerraSus continued to post losses due to fixed cost burdens during the shutdown, higher restart costs, and inventory valuation losses, while some other subsidiaries incurred unplanned maintenance and one-off expenses, keeping the overall result in negative territory. I will provide more details on each subsidiary's performance in the following pages. On page 6, turning to the balance sheet, both assets and liabilities increased QOQ. OCI TerraSus saw an improvement in working capital as polysilicon sales normalized and investment assets increased following an equity contribution to OTSM, our semiconductor-grade polysilicon joint venture with Tokuyama Corporation. Borrowings increased due to CapEx related financing, but approximately KRW 830 billion is related to the urban development business over a total debt of KRW 1.9 trillion. Overall, the debt to equity and net debt ratios remained largely unchanged, maintaining a stable financial structure. Let me go over the performance of key subsidiaries from page 7. OCI TerraSus, our polysilicon business in Malaysia, the quarterly revenue rose about 242% QOQ to KRW 132 billion with an operating loss of KRW 65 billion. The sharp increase in revenue was driven by higher demand for non-China polysilicon as UFLPA enforcement tightened, causing customs clearance delays and boosting sales to U.S. bound customers. After production shut down from May to August, the plant returned full operations in late August following preparation and ramp up supported by firm demand. Losses continued due to fixed cost burdens incurred during the shutdown period and inventory valuation losses. Looking ahead to next quarter, sales revenue is expected to remain stable on solid visibility over confirmed orders. The UFLPA environment remains stringent, additional sales opportunities are anticipated with wafer and cell manufacturers serving U.S. customers. Operating profit is also expected to improve, driven by normalized cost structures. As we have continued to highlight, the non-China solar value chain for the U.S. market is taking shape with non-PV manufacturers expanding capacity across multiple regions and actively securing non-China raw materials. Once the remaining policy details becomes clearer, we expect our demand outlook to stabilize further. Page eight highlights the performance of OCI Enterprises. OCI Enterprises revenue increased by 37% to QOQ, and operating profit returned to positive. This improvement was mainly driven by the recognition of two solar project sales completed by OCI Energy during the quarter. Mission Solar Energy is currently expanding its ODM module business. Sales were soft in the third quarter due to delays in supplier deliveries, but the company plans to broaden its supply to both the C&I and residential market in the next quarter, which is expected to support stronger performance. OCI Energy's solar and ESS project business continues to perform well. During the quarter, new projects were secured, bringing the total pipeline to 3.2 gigawatt of solar and 3.4 gigawatt of ESS as of the end of third quarter. Some projects have already qualified for ITC benefits under the safe harbor rules, and preparations are underway for all pipeline projects to meet these criteria. Although no project sales are scheduled for fourth quarter, demand and pricing for ITC qualified project remains strong, and OCI Energy is currently in active discussions with multiple potential buyers. Page 9 outlines the performance of OCI SE's cogeneration power plant. Both revenue and operating profit declined QOQ. While improvement had been expected earlier, an unplanned boiler maintenance in August reduced power generation, and SMP also fell from the previous quarter. For fourth quarter, lower utilization due to ongoing maintenance and seasonally weaker SMP levels are expected to lead a continued soft performance. Page 10 present the performance of DCRE, our urban development project. Revenue rose by 19% QOQ, mainly due to the construction progress on phase seven, which was successfully presold in May. Operating profit improved and turned positive, supported by a low base effect from Q2 inventory valuation losses. In November, phase eight is scheduled for presale, which is expected to further expand revenue recognition once completed. Page 11 is regarding OCI's chemical operations. A sluggish global economy has weighed on the chemical market, affecting OCI's product sales as well. P&O Chemical, newly consolidated into the group, continues to post a losses, recognizing additional one-off costs from HSPP business in the quarter. Both revenue and operating profit are expected to recover in the next quarter. Deferred shipments from the carbon chemical segment will contribute positively, and improving market conditions in basic chemicals are also expected to support earnings. Despite a challenging environment, OCI continues to focus on cost optimization and operational efficiency to enhance profitability going forward. Let me move to the current business updates and key investments. Page 13 covers our investment in the solar wafer business. Following the finalization of the old BBB Act in August, non-FEOC supply chain concerns came to the forefront, increasing the importance of securing non-Chinese wafers, and we prioritized non-Chinese wafer investment over U.S. cell investment, considering external conditions. Bottom left side, you can see the investment structure. OCI TerraSus, through an investment vehicle called OCI One, acquires an equity stake in a wafer manufacturing plant in Vietnam. OCI TerraSus will hold 65% ownership in the new joint venture, Neo Silicon Technology. The construction of the facility is in completing stage. Commercial sales to customers are expected to begin in the first half of next year. The total investment amount is approximately $120 million with a production capacity of 2.7 gigawatt. Currently, there are virtually no non-China wafer suppliers in the global market, so we expect to secure the customers relatively quickly. Under a long-term supply agreement, around 5,000 tons of OCI TerraSus Polysilicon will be supplied internally to Neo Silicon Technology as captive demand. Just as the market has seen price differentiation between China and non-China Polysilicon, we anticipate a similar pricing structure to emerge in the wafer segment. We are already in discussions with the multiple global system customers and expect meaningful revenue contributions starting next year. Page 14 outlines OCI Energy's business direction in the U.S. As mentioned earlier, OCI Energy currently holds over 6 gigawatts of solar and ESS project in key U.S. power markets, primarily ERCOT in Texas. Globally, the rapid growth of AI infrastructure is driving new electricity and data demands. OCI Energy aims to capture opportunities in this emerging trend, leveraging its strong solar project development capabilities built over the past decade. The company is currently exploring data center development by evaluating available company-owned land for suitability and business potential. Discussions with local authorities and related institutions are ongoing, and while the initiative is still in an early exploratory stage, we are preparing for progress and future updates. Finally, page 15 present OCI Holdings' mid- to long-term business strategy. Starting from basic inorganic chemicals, OCI has continuously evolved into solar materials and renewable energy businesses through consistent investment and transformation. Looking ahead, we plan to expand further into semiconductor materials, solar materials, energy, and data infrastructure businesses to align with the AI-driven industrial paradigm shift. By 2030, our goal is for new businesses to account for over 30% of total revenue and operating profit, reflecting the next phase of OCI's growth history. Our ongoing investments fall within high-growth, high-margin business areas, which are expected to become key drivers of OCI's future growth and profitability. Beyond these existing projects, we are also exploring new opportunities in AI infrastructure, assessing their synergy with our current businesses and our internal capabilities. Through this approach, we aim to broaden our revenue base and build a sustainable, profit-generating portfolio over the long term. That concludes our presentation on OCI's business status and key investment directions. In the appendix, you can refer to the policy and regulatory developments in the U.S. solar market. If you have any further question, please feel free to contact our investor relations team. Thank you.