qThank you for joining Q4 2025 earnings call of OCI Holdings Company. This is Su Mi Lee, COO of OCI Holdings. Today, I will walk you through our key financial results and business updates. Let me begin with page five, which shows our consolidated result for the Q4. In the Q4, revenue reached approximately KRW 811 billion, and operating income amounted to around KRW 27 billion, marking a clear turnaround from the losses recorded in the previous Q2s. This improvement was mainly driven by the normalization of operations at OCI TerraSus following the shutdown and subsequent restart, along with stable sales volume. As you can see in the table at the bottom right, our results improved meaningfully on a quarter-on-quarter basis. Moving on to page six, this slide summarizes our full-year consolidated result for the year 2025. For the full year, consolidated revenue totaled KRW 3.4 trillion, while we recorded an operating loss of approximately KRW 58 billion, reflecting a 5.5% year-on-year decline in revenue. The primary driver of the full-year loss was the underperformance of OCI TerraSus. Following changes in the external market environment and U.S. solar policies in the year 2025, OCI TerraSus suspended operations for approximately four months from May to August, which resulted in a significant fixed cost burden. Page seven presents our consolidated financial position as of the end of the Q4 2025. Total assets stood at approximately KRW 7.9 trillion, with liabilities of KRW 3.1 trillion, and equity of KRW 4.7 trillion. The debt-to-equity ratio was 66%, and the net debt ratio stood at 15%. While net debt increased quarter-on-quarter due to investment-related cash outflows at OCI TerraSus, our overall financial leverage remains at a manageable level. From page eight, I will outline the performance and outlook of OCI TerraSus. In the Q4, OCI TerraSus posted a revenue of KRW 145 billion and operating income of KRW 33 billion, successfully returning to profitability. Following the September restart, full utilization during the quarter drove cost improvements and stronger margins. Looking ahead, the ongoing U.S. Section 232 investigation has caused some customers to delay purchases. As a result, first quarter sales volume are expected to be flat to slightly lower than our Q4. In addition, scheduled statutory maintenance will temporarily pressure costs and profitability. That said, contract discussions remain active, and we expect much of the current uncertainty to ease once the investigation is concluded. Finally, the acquisition of the NeoSilicon Technology wafer business has been completed, and the facility is currently in the commissioning phase. Turning to page nine, this slide covers the performance of our U.S. subsidiary, OCI Enterprises. In the Q4, OCI Enterprises recorded revenue of KRW 36 billion and an operating loss mainly due to the absence of project sales. Module supply conditions have normalized and sales volume to distributors have been increasing since the Q4. Demand for IRA-compliant modules in the U.S. residential and commercial markets remains very strong, and we plan to expand our sales accordingly. In addition, OCI Energy is progressing with the sales over 500-MW scale project in the first quarter, while discussions on long-term PPA-based operating assets are ongoing. Page 10 shows the performance of OCI SCE cogeneration power plant. During the quarter, OCI SE Co recorded a roughly 30% QOQ decline in revenue and posted an operating loss, primarily during a maintenance-related downtime, as well as weaker SMP and REC prices. In the first quarter, the operations have been normalized and steadily increasing steam sales to local customers of a secondary battery in the complex are expected to support profitability going forward. Page 11 covers our DCRE urban development business. Revenue increased 4.5% QOQ, while operating income declined due to higher costs associated with the presale of Complex 8. Overall project progress based on presale rates has exceeded 70%, and the remaining Complexes 2 and 9 are scheduled for presales in this year, and overall project completion are targeted for year 2029 and 2030. On page 12, I will briefly touch on the performance of OCI Company, our chemical business. While revenue declined slightly QOQ, operating income turned positive as one-off costs were removed and profitability improved in semiconductor materials and PC products. Following last year's restructuring, we expect a gradual but structural improvement in earnings, driven by higher volumes, ASP expansion, and growth in specialty carbon products. Page 14 outlines the Section 201 investigation and the current U.S. solar market environment. As shown in the chart, while near-term uncertainty remains, demand fundamentals are intact, and we view the current situation as a temporary adjustment phase rather than a structural slowdown. In response, OCI TerraSus is prioritizing contracted U.S. shipments and expanding sales to non-FEOC regions, including Turkey, Africa, and the Middle East. Page 15 provides an update on OCI TerraSus new business. The NeoSilicon Technology wafer business is currently in commissioning, with commercial sales expected from the end of second quarter, an annual capacity of approximately 1.8-1.9 GW. In addition, the caustic soda business is expected to begin customer shipments in April, supplying OCI Kumho for ECH feedstock and expanding sales into Southeast Asia. Turning to page 16, this slide outlines OCI Energy's growth roadmap. As of year-end 2025, OCI Energy held approximately 7 gigawatts of project pipeline, built on more than a decade of U.S. solar developments experience. Going forward, the company plans to expand into own operation and management, targeting around 17 gigawatts of pipeline by 2030, including operating assets. Most projects are expected to reach commercial operation before 2030 and qualify for ITC, supporting stable mid- to long-term earnings growth. Turning to page 17, I will briefly explain our shareholder return policy. For the last year, I mean the year 2025, the board has proposed a cash dividend of KRW 1,000 per share. In addition, the remaining 0.4% of our previously announced 5% share buyback plan will be completed within this year, and followed by an additional KRW 50 billion share buyback program through 2029. Taken together, these measures demonstrate our strong commitments to shareholder returns. Based on this framework, OCI Holdings targets a total shareholder return ratio of at least 50% of separated net income, balancing shareholder returns with disciplined capital allocation to support future growth. Let me briefly highlight our strategic priorities for this year. Our focus is centered on three areas: advancing a non-China solar value chain, strengthening our energy portfolio, and maintaining disciplined execution in urban development. In solar, we are expanding an integrated non-China supply chain for the U.S. market, including a planned 2.7 GW wafer capacity expansion, bringing total capacity to 5.4 GW. In energy, we are pursuing a selective value-driven strategy, including the full conversion of our cogeneration plant to 100% biomass, while selectively growing profitable domestic EPC and inverter businesses. In urban development, we plan to launch presales and begin construction for over 2,500 units in this year, supported by strong liquidity and clear project closeout discipline. Overall, our focus for this year is disciplined execution, positioning OCI for sustainable long-term growth. Thank you for your attention. If you have any questions, please contact our IR team.