Good morning to investors. Thank you for joining the earnings call for Delta Electronics (Thailand) this morning. I'd like to introduce our top management who joined the session today. First of all, Mr. Victor Cheng, Chief Executive Officer. Secondly, Ms. Nipaporn Jiarajareevong, Chief Financial Officer. My name is Anchalee Jieratham from Investor Relations. [Non-English content] Without further ado, I'd like to pass on to Mr. Victor Cheng to begin the presentation today. Good morning. First, I like to start with the executive summary. Delta (Thailand) delivered strong quarter two 2026 top line revenue at $2,011 million. It is a 50.7% year-over-year growth and 3.4% quarter-over-quarter. Delta's robust operation was supported by broad-based strength in Power Electronics and ICT infrastructure solutions. While AI momentum remains intact, raw material shortage posed a near-term risk, which disrupted shipment and pressured margin for Q2 2026, leading to a record net profit of $186 million, a 33.4% year-over-year growth, but a negative 35% quarter-over-quarter reduction. Geopolitical instability continued to put pressure on energy and logistic cost. Headline inflation remained elevated, but broadly stable compared with Q1 2026. The growing demand in AI related industry drove investment in data center and computer infrastructure. The global economy experienced slower growth in Q2 2026 amid persistent energy market pressure and geopolitical uncertainty. Strong investment in AI related technologies and infrastructure partly offset these headwinds. Delta (Thailand)'s near-term outlook remained positive, supported by continued demand and healthy order pipeline for AI and data center related solutions. However, inflationary pressures, geopolitical uncertainty, elevated operating cost, and supply chain constraint remain key challenges. For the global market outlook, the global economy remains shaped by the Middle East conflict and technological advances. IMF's July 2026 update projected a 3% growth in 2026, with inflation rising to 4.7% before easing to 3.9% in 2027. Strong AI demand could improve the outlook, while commodity price volatility and renewed inflation remain key risks. The IMF July update named Thailand amongst the world's top four net export of AI hardware alongside Taiwan, South Korea, and Malaysia. Strong AI export and recent fiscal measures are supporting Thai government's broader industrial strategy, which led the IMF to raise Thailand's 2026 growth forecast to 1.9%. Thailand established the National Semiconductor and Advanced Electronics Policy Committee in June of 2026 to produce made in Thailand chips by 2050 and to attract THB 2.5 trillion in investment through infrastructure and skilled workforce development. The initiative aims to strengthen supply chain and Thailand's position as a leading ASEAN manufacturing hub. According to BOT May 2026 report on Business Sentiment Index, Thailand's three months, should be July to September business outlook, improved on stronger expectation for investment, production and performance. For Delta's business outlook for Thailand region, i ndustrial automation in Q2 2026 revenue-wise increased 23% quarter-over-quarter and 29% year-over-year, supported by demand from Thailand and Vietnam, particularly in Thailand's PCB and AI server assembly sectors. Energy infrastructure delivered a stable performance quarter-over-quarter, while first half revenue rose significantly by 121% year-over-year. Growth was supported by improved project execution and demand for integrated energy solutions that enhanced grid resilience and renewable energy integration. Data centers show strong growth with Q2 2026 revenue rising 79% quarter-over-quarter. Revenue remains slightly lower year-over-year due to major customer projects being postponed to the second half of 2026. The revenue pipeline remains healthy. For India recorded slight revenue growth in Q2 2026 with 2.5% QoQ and 5% year-over-year, supported by order wins across key business segments, particularly data centers, energy infrastructure, and industrial automation. Key contribution include the data centers and telecom infrastructure and solar inverter performance remained resilient despite challenges such as pricing pressure, currency volatility, and battery supply constraints. For SEA region and Australia/New Zealand, Australia business delivered strong performance in Q2 2026, with overall revenue increasing by 144% quarter-over-quarter and 287% year-over-year. Growth was driven by the ICD business, which recorded 144% quarter-over-quarter and 301% year-over-year in revenue growth, supported by strong demand for AI cooling products, to meet the continued expansion of Australia's data center industry. The energy infrastructure business recorded significant growth of close to 500% QoQ and 266% year-over-year, driven by demand for microgrid solutions and reliable, scalable power infrastructure to support expansion. For European region, industrial and medical recorded growth in Q2 2026, with revenue up 9.7% QoQ and year-over-year remaining stable. There were also material supply challenges observed due to AI industry demand. The business outlook remained positive for the near term, though. Automotive business revenue was slightly lower quarter-over-quarter, while European battery-based EV and hybrid EV production and onboard power supply demand across the entire EV types and OEMs remained stable. Government incentives and charging infrastructure continue to support EV demands, while the development of new onboard power unit for major German OEMs remains on schedule. For some of the award recognition, Delta Electronics has been included in the S&P Global Sustainability Yearbook 2026 as a sustainability yearbook member in the electronic equipment, instrument, and component industry. The recognition is based on its relative performance in S&P Global 2025 Corporate Sustainability Assessment, or CSA score. It marks the company's 11th consecutive year of inclusion in the yearbook since 2016. Delta Electronics (Thailand) has been recognized in the 2026 Asia Executive Team Survey by Extel, formerly Institutional Investor Research, for its outstanding corporate governance standards for investor relations performance across financial disclosure, service, and communication. The company achieved the number 1 rank in the best IR professional category on a buy-side basis in the Thailand country rankings. Delta Electronics (Thailand) has been included in the Dow Jones Best-in-Class Indices. This is formerly known as Dow Jones Sustainability Index. For the fifth consecutive year since 2021, the recognition followed Delta (Thailand)'s continued progress in sustainability, including its net zero greenhouse gas emission target across the value chain by 2050. On the operations side. For sustainable development, Delta Electronics (Thailand) opened the Industrial Automation Training Center on 19th June 2026 to prepare vocational students for careers in future industries and strengthen Thailand's future industrial workforce. Delta signed MOU with Office of the Vocational Education Commission to strengthen collaboration in vocational education and align skill development with industry needs. Training center services a learning hub for higher vocational certificate students nationwide with hands-on training from Delta expert and exposure to industrial technology early on. Initiative help align vocational training with industry needs, supported a skilled workforce, and sustainable industrial development in Thailand. On some of the business aspect, Delta Electronics opened a new R&D center in Sulz, Germany on May 5th, 2026, to strengthen its localized innovation and product development capability across EMEA region. R&D center support the development of advanced power solution for AI and high-performance computing data center, as well as electric mobility applications. It will expand the local R&D capability, accelerate product development, strengthen customer collaboration, and support scalable solutions and long-term business growth in the EMEA region. On the production side, Delta delivered strong production performance in Q2 2026, with production value increasing by 59% year-over-year. Performance was supported by ramp-up of automated production lines and lean improvement initiatives, which expand manufacturing capacity and ensure quality excellence. Delta India's production performance in Q2 2026 was slightly below budget. The Rudrapur and Gurugram site maintain healthy performance outperforming budget by close to 11%, partially offsetting a shortfall at our Krishnagiri site. Financial highlight please. [Non-English content] [Non-English content] The first question has three portions. First of all, what is the business outlook for the third quarter of this year in comparison with last quarter and the same quarter of last year? Second portion is about the full year target for 2026 in terms of the revenue. Lastly, what is the pressure that results in our profitability dropping for the second quarter? We continue to see a healthy business pipeline. I mean the orders for the remainder of the year, especially from AI and data center segments. I would say on the revenue side, we will aim for our double-digit revenue growth without any issues. That's our first and foremost priority target to make this sales growth. In terms of actual target, we do not disclose those numbers, but to indicate the trend that is still strong and healthy. For the factor that reduce the profit percentage in Q2, the main reason here is that the raw material price has started to rise since beginning of the year. We've seen the IC fabrication cost going up and then the DRAM price has gone up substantially. This trend has percolated to other segments, PCB, Power MOSFET, MLCC, some of these precision passive components, metal parts, even chemical raw materials. Because of the strong demand for AI that sort of have a, how do you say, the effect to pressure the supply chain for priority to supply to AI and data center. The other segments of the supply becomes tight and therefore created a price increase pressure. Also the conflict in Middle East certainly has increased raw material price pressure, especially petroleum based raw material and its derivatives. These factors add up to our cost pressures and we are working closely with our customer to try to negotiate price increase as well. Now, typically, we have annual price negotiation with our suppliers and customers. These will happen in Q4. We don't see the pressure continually too much in Q3. For Q4, definitely it's a start of the negotiation cycle, which we'll see probably some effect more clearly by that time. The other factor is the inventory provision. Some of our inventory experienced some slowdown to our end customer due to various reasons. Because revenue increases quite substantially, any slowdown in customer taking inventory will result in some inventory provisions. We see that effect should improve in Q3 of this year or latest beginning of Q4. That's the major reasons. [Non-English content] Could you please be more specific what are the raw materials that are constrained this and the upcoming quarters? Yeah. The semiconductor is one of the major items as we face still the strong demand from various customers in short lead time to increase order. Semiconductor is the number one raw material that we are facing constraint. As a matter of fact, we already see vendors coming to us and demand price increase on some of the MOSFET. We are also affected by a sudden sanction actions from U.S. or from European regions to Chinese suppliers. Last year we have faced the Nexperia issues which is between U.S., Netherlands and China. This year in April, we suddenly face the sanction of European countries against Chinese semiconductor company Yangjie. The order took effect almost immediately, which caught us by surprise. We were constrained to find second source quickly in order to make the shipment. This did affect some of the AI and data center customer deliveries because we could not use particular type, particular diodes and semiconductor from Yangjie to fulfill deliveries. Although the situation has eased toward Q3 now, but this still has lingering effect. The other item quite obvious right now is PCB. All the PCB raw material are rising, so PCB vendors are also coming to their customers to demand price increase or face shortages. [Non-English content] Please explain on pricing strategy. How do you plan to raise price to offset the increased raw material cost? When should we expect the gross profit margin to normalize? Yeah. Like I previously said, normally we have annual price negotiation with vendors as well as customers. We have already faced some material price increase. We are discussing with our customers to increase our price to them. This will be probably a lengthy process as nobody is that easy or willing to accept price increase. We expect that discussion and activity going all the way to Q4 into our annual price negotiation period with the customer. We do believe that we have very justifiable causes to ask for a price increase. It's just with various customer will take different lengths of time to achieve that goal. [Non-English content] An increase in trade receivables as well as inventories. Any reasons behind this? What would Q3 look like? I think the trade receivables will increase with the increased business level. That is a normal situation, I would say. We don't see too much of non-performing receivables, so that's not a risk in itself. I do admit we have to do a better job to get our receivables back. As for inventory also, we are preparing for the increase in revenue constantly into Q3 and Q4. The level of inventory is also seeing a rise and that's normal to prepare for these increased revenue as we usually have some buffer time that we get these materials in-house before we start manufacturing. [Non-English content] Has the company been affected by the latest U.S. trade tariff? How is the company managing this impact? The current latest trade tariff is at 12.5%. It is equivalent to most of the countries in the region anyway. We don't see that as a disadvantage in terms of Thailand's overall competitiveness. As we have done in the past, most of the tariff costs are shouldered by our customers anyway. This does not present much material impact to Delta. [Non-English content] Shall we move on? Next one is the effective tax rate. What would be the numbers going forward for the company? Looks like it is trending upwards. What level should we be looking for? Nipaporn. [Non-English content] Just to summarize our CFO response is that we will have to look at our subsidiaries within Delta Electronics (Thailand). Few countries have a different tax jurisdiction that is higher than Delta (Thailand). Delta (Thailand) itself, if you look at our separate financial statements, the effective tax rate remains within the threshold. Next question. Please explain factors behind THB 800 million provision in the second quarter of 2026. I assume this refers to the inventory provision. Yes. This provision mainly is on the material. The reason behind this sort of higher provision basically is a slower moving of products through our customers. As many of our customers take on the hub arrangement, meaning we ship it to the region, predominantly North America, store them in a hub, and as customers draw the material, we'll start taking the accounts receivable. In this case, the movement was a little slower in Q2 of the past quarter due to a number of reasons. Some customers themselves experienced material constraints. For example, DRAM or the key IC for their systems, and they could not integrate the full system in time. Also some of the program was a little bit delayed due to various reasons for deployment. Because of the increased revenue, the provision for slower moving material as well as some finished products became a little bit higher in the past quarter. [Non-English ccontent] How far ahead that we are seeing the order visibility and how many of the sales revenue has been shifted from the first half to the second half of this year? Normally we have visibility of orders provided by customers rolling forecast. Typically they give us an annual umbrella forecast and then a six months rolling forecast. Our visibility in reality is about six months. To take the order firm unchangeable, it varies from customer to customer. Typically within three months, we don't allow customer to change significantly in that period. That's basically the visibility window. What is the portion that carry forward from the first half to the second half that we are expected to fulfill those shortfalls? That percentage I don't have a precise number. I cannot answer that right here. If you have the data, please. [Non-English content] As of now, by what percentage does the global minimum tax affect the company's bottom line and net profit margin? And to which country is the tax paid? [Non-English content] Which country is the tax paid? To Thailand? Thailand. [Non-English content] How much is the U.S. import tariff has the company recorded and which quarter does it expect to receive the refund? We have recorded a little over $100 million of tariff that we paid on behalf of customer. This number, this past tariff will be refunded to Delta and in turn Delta will have to return to customers. In the next quarter or two, we'll experience a reduction in top line due to the refund of this tariff as a reduction of our revenue to refund to our customers during that same time period. [Non-English content] R&D expense increased by 88% year over year. Does the company expect them to continue growing at such a rapid pace in the future? Well, R&D expenses is in line with our plan. We expect the R&D expense to be about 3%-3.5% of our operating revenue. Right now it's at about 3%-3.1%. I would say this part is controlled in line with our overall longer term strategic numbers. [Non-English content] Maybe just last question. Do you expect the next three years how many Delta (Thailand)'s revenue will be contributing to Delta Taiwan Group? Our revenue is at current level about 1/3 of the overall group revenue. We expect this number to increase probably slightly over the next few years, but not too much more. Maybe between 30%-40% of the overall revenue base for the group.