We will now begin the earnings call conference for the second quarter 2026 for Mirae Asset Securities. Yes, good morning.

I'm Doongho Shin, head of the ESG and IR team at Mirae Asset Securities. Thank you very much for participating today in our 2026 second quarter earnings call.

Joining us today are Mr. Sun-ho Hoe, CEO of Mirae Asset Securities, and Mr.

Kang-hyuk Lee, the head of business innovation and CFO. English simultaneous interpretation has been provided for our overseas investors.

Today's conference call will proceed in the following order: an update on our strategic business initiatives in the second quarter in progress, a review of second quarter business performance and results by business segment, followed by Q&A. All materials for the second quarter 2026 earnings are available on our website under the regular reports section.

A recording and transcript of today's call will also be posted on the website. Please be advised that today's presentation contains forward-looking statements based on information available at this time of preparation, and actual business results may differ due to changes in the business environment or our strategy.

We will now begin with remarks from our CEO. Please refer to page 2.

Good morning, this is Sun-ho Hoe, CEO of Mirae Asset Securities. Thank you very much, our analysts and investors, for attending Mirae Asset Securities second quarter 2026 earnings presentation.

In the second quarter, our consolidated pre-tax income was 2 trillion 528.7 billion won, and net income was 1 trillion 905.2 billion, up 86% and 90% respectively quarter-on-quarter. On a cumulative basis, YTD in the first half, we achieved 3 trillion 886.3 billion in pre-tax income, and net income of 2 trillion 907.2 billion, representing an increase of 349% and 338% year-on-year.

Let me highlight performance related to SpaceX separately. Second quarter pre-tax income includes approximately 1 trillion 624.2 billion in valuation gains related to SpaceX.

Excluding these gains, second quarter consolidated pre-tax income was 904.4 billion won. For the first half as a whole, valuation gains related to SpaceX amounted to 2 trillion 565.9 billion won.

Excluding these gains, consolidated pre-tax income in the first half was 1 trillion 320.4 billion. Importantly, even excluding the contribution from SpaceX, our underlying earnings generating capacity has improved significantly.

This is driven by our stable earnings base centered on wealth management and pensions, the expansion of our global business, strengthening of our digital capabilities including S&T. Second quarter results are particularly significant as, in fact, they represent the highest earnings in our corporate history.

Today I would like to highlight four key areas: first, strengthening our stable earnings base through WM; second, our global investment platform strategy; third, our investment position in SpaceX; and finally, our shareholder return policy. First, strengthening our stable earnings base through our wealth management business.

We have consistently emphasized the importance of creating a structure in which we support client asset growth alongside corporate value growth for ourselves as well. To achieve this goal, we have steadily expanded our stable earnings base with a particular focus on the WM and pension business.

Our domestic and overseas client assets increased significantly from 483 trillion won at the end of 2024 to 602 trillion at the end of 2025, which is year-on-year growth of 25%. As of the end of the first half of 2026, client assets have reached 784 trillion, representing a further 30% increase from the end of last year.

Pension assets have also steadily grown, surpassing 80 trillion won in the first half, an increase of 23 trillion from the end of last year. This growth represents more than just an expansion in scale; it reflects the broadening of our client base and the qualitative improvement of our WM capabilities.

As we strengthen our long-term relationship with clients and enhance the competitiveness of our wealth management service, our stable and sustainable earnings base is also continuing to expand. The underlying revenue model for WM is shifting from brokerage-centered to an asset allocation-centered model.

Through the continued enhancement of our asset allocation solutions using AI and client data, we added 605,000 clients with active account bases during the first half of this year, already significantly exceeding the 540,000 increase for full year last year. Of the new clients, minors accounted for 107,000, a meaningful development showing that we are expanding to the next generation.

Going forward, the competitiveness of wealth management will ultimately depend on how effectively we provide expert-level services to a broader range of clients. We will leverage our AI and digital capabilities to build a digital WM platform that enables all of users to experience professional asset allocation services.

We will also combine the VIP wealth management capabilities of our private wealth management business with the competitiveness of our digital platform to further enhance the productivity of WM. We also see significant growth potential in the Korean capital market.

Current forward PE of the KOSPI is below 6 times, making Korea and the likes of Samsung Electronics and Hynix one of the most undervalued equity markets in the world. Given these attractive valuations, there is great growth potential, especially in the Korean retirement pension market, which has surpassed 554 trillion won.

We believe there is significant room for further upside. The 30% limit on risk-free or low-risk assets, such as bonds within the retirement pension portfolio, was introduced 20 years ago.

It significantly constrains investment for pension customers, and we believe the rule should be improved in a more rational way. We will proactively respond to these changing market conditions and grow alongside our clients to build up long-term assets.

Second, our global investment platform strategy. We will expand beyond the domestic market.

A key priority is to enable our clients to access investment opportunities across the world through a single platform. We are preparing a next-gen wealth management ecosystem connecting both traditional and digital assets, providing access to global wealth management services without the constraints of geography or time, to broaden our clients' investment opportunities and further avenues of growth for our company.

In June, we successfully launched MAPS, our global investment platform in Hong Kong. Leveraging our local license, we have established an environment where our clients can trade both traditional and digital assets on a single platform.

We're planning a phased expansion into other major markets, including the US, Singapore, Japan, and Australia. We will also build our own inbound distribution platform, enabling global investors to invest directly in Korean equities and ETFs.

This will reduce our reliance on external platforms while further strengthening our global WM competitiveness. We're also preparing for the future in digital finance.

In line with the planned institutionalization of the STO framework in 2027, we're preparing the necessary infrastructure according to schedule. Building on the synergies with Korbit, which recently changed its name to DigitalX, we will further expand our digital finance ecosystem, including RWA tokenization and security tokens.

Ultimately, our goal is to build a global wealth management platform that combines AI and digital asset capabilities as we target the global financial market as our addressable market. Third, let me discuss our investment position in SpaceX.

From the beginning in 2022 when we made our investments, we have focused on its long-term growth potential. Our investment thesis was never based on SpaceX simply as a space launch company.

We saw SpaceX as a global digital infra platform connecting space, communications, AI, and national security, built around Starlink as a base. Ultimately, we believe the essence of investing lies not in short-term price movements, but in the long-term value of a company.

Going forward, we'll continue to assess long-term corporate value based on innovation-driven growth and business competitiveness. We will also continue to manage our investment portfolio, will closely monitor market conditions and risks, and manage our positions in a flexible and dynamic manner.

We will pursue opportunities for returns while adhering to our disciplined risk management principles to contribute to enhancing shareholder value. Finally, let me discuss our shareholder value enhancement policy, which is a key management priority.

In June, we did 300 billion Korean won in share buybacks as part of our efforts to boost shareholder returns. The buyback consisted of 200 billion in common shares, 10 billion in first preferred shares, and 90 billion in second preferred shares.

We included first preferred shares in the buyback for the first time, taking into consideration the valuation gap between our common and preferred shares. In July, we fully retired the treasury shares that had previously been acquired for cancellation.

The shares canceled comprised approximately of 16.55 million common shares, 620,000 first preferred shares, and 9.23 million second preferred shares, representing the largest share cancellation in history, with an acquisition value of more than 500 billion won. We will continue to allocate capital efficiently and build a virtuous cycle in which the value that we create is shared with our shareholders.

We will maintain close communication with the market regarding our plans for the use of treasury shares and our 3-year shareholder return policy, which will take effect next year ahead of the announcement of our preliminary third quarter results. We believe that company's value cannot be measured by a single number.

It's about growing our client assets, expanding our earnings base, and creating new growth opportunities in the global market, and translating that growth into greater shareholder value. Creating this virtuous cycle is the heart of the corporate value that we seek to deliver.

We will not limit ourselves to changes in the domestic market as we continue to seek out new opportunities in the global markets. We'll deliver better investment experience for our clients, sustainable long-term value creation for shareholders, and set new standards for financial services in the market.

By delivering sustainable earnings growth and improving capital efficiency, we will continue to build a company where our clients and shareholders can grow together.

Good morning, I am Kang-hyuk Lee, head of Business Innovation division. I will now walk you through key performance highlights for Q2 2026.

Please turn to page 3 of the earnings release. As mentioned earlier, we achieved record-high earnings in Q2, significantly outperforming our past performance.

As of the end of Q2, consolidated equity stood at 16.2 trillion won with an annualized H1 ROE reaching 39.5%. In particular, our core domestic businesses—brokerage, wealth management, and trading—maintained balanced profit growth, once again setting new historical records.

Pre-tax income from overseas subsidiaries, driven by QoQ growth in normalized earnings alongside valuation gains from investment assets, reached an unprecedented 609.1 billion won. Key principal investment, PI assets, including valuation gains from SpaceX, recognized approximately 1.6407 trillion won in gains.

Combined client assets, comprising 693 trillion won domestic and 91 trillion won overseas, posted a total of 784 trillion won, recording a 19% growth QoQ. Page 4 provides a summary of our financial performance for your reference later.

Moving on, I will present the detailed results by business arm. Let us start with brokerage performance.

Please refer to page 5 of the earnings release. Brokerage fee income rose 36% QoQ to 625.6 billion won, setting another all-time high.

Domestic equity fee income grew 31% QoQ to 445.3 billion won, while overseas equity fee income surged 52% QoQ to 180.3 billion won. The average domestic equity commission rate edged down 0.2 bps QoQ to 2.7 bps, whereas the overseas equity commission rate rose 0.6 bps QoQ to 15.5 bps.

Q2 average daily trading value in the domestic stock market rose 35% QoQ to 90.0 trillion won, renewing an all-time high in the history of the Korean equity market again. Notably, trading values on KOSPI and Nextrade markets jumped 44% and 49% QoQ respectively, accounting for 85% of the total market average daily trading value, which was 90 trillion won.

Beginning September 14 this year, introduction of the after-market on KRX will extend the market into 8:00 PM, and we expect an increase in trade volume as well. Total stock assets under custody, combining domestic and overseas equities, grew 23% QoQ to 438.9 trillion won.

Overseas equity assets grew 30% QoQ to 61.6 trillion won, while domestic equity assets increased 22% QoQ to 377.2 trillion won. Client margin loan balance declined by 300 billion won QoQ to 6.6 trillion won, with margin income reflected under interest income in our financial report remaining stable at 90.8 billion won, similar to the previous quarter.

To respond to recent market volatility, protect client assets, and maintain a stable trading environment, we adjusted our domestic equity margin rate structure. This proactive management measure aims to mitigate loss risks from excessive margin trading and cushion market shocks, and we will continue to monitor market conditions closely to provide a secure investment environment.

Our domestic M-STOCK platform ranked first in monthly active users for 7 consecutive months from last December through June, rapidly strengthening its client base. In Q2, alongside monthly active clients, frequent sign-ins for 7+ days and active trading clients both increased, demonstrating that platform growth is advancing beyond simple user acquisition to sustained engagement and real investment activity.

Going forward, we plan to convert this client base and traffic into trading activation, financial product sales, and AUM growth, further solidifying our position as Korea's leading investment platform. Additionally, we are promoting the tokenization of various assets along with the development of supporting trading platforms and wallets.

Furthermore, we plan to review potential collaboration with former Korbit, recently rebranded as DigitalX, seeking multi-directional plans to create business synergies. Regarding STO preparations for key product launches, including MMFs and beneficiary certificates, we are constructing a tokenization platform linked with the Korea Securities Depository, KSD.

As the first domestic brokerage to integrate systems with KSD, we completed the interlinking necessary for KSD to execute securities rights management and electronic registration directly on our platform. Furthermore, to tokenize MMF products, the technology enabling the full process from MMF sales to profit distribution on a distributed ledger basis has been validated, among other sequential building of foundations for commercialization.

Next, moving on to wealth management, WM performance. Please refer to page 6 of the earnings release.

Q2 financial product sales fee income rose 16% QoQ to 131 billion won, surpassing the previous quarter's record high. In particular, fee income from wrap accounts, mutual funds, and retirement pensions accounted for 40%, 29%, and 23% of total WM revenue, respectively, each breaking all-time high records once again.

WM assets grew 14% or 30.4 trillion won QoQ to 254.4 trillion won. Total client assets, combining WM assets and pure brokerage assets, surged 19% or 111.6 trillion won QoQ to 693.3 trillion won, replacing last quarter's all-time high record.

To achieve a sustainable mid-to-long-term growth, we are steadily building a stable revenue base. Using domestic and global AUM expansion as our core foundation, we are continuously raising the proportion of fee-based revenue centered on wealth management fees.

Going forward, expanding client assets will mitigate revenue volatility and establish a resilient earning structure over the mid-to-long term. As of the end of June, total pension assets increased by 16.5 trillion won QoQ to 80.8 trillion won, with retirement pensions at 52 trillion won and personal pensions 28.8 trillion won.

Despite an increasingly competitive market environment, our retirement pension reserve growth rate over the past year exceeded 60%, about 2.5 times the market average. Since 2020, our CAGR has also reached approximately 30%, showing growth about twice as high as the market.

Of our total pension assets, ETFs account for 59%, surging by over 200% compared to the end of 2024. The pension business is structured so that reserve increases lead to steady fee income growth.

As ETF trading, model portfolios, robo-advisors, default options, and other asset allocation services expand, additional revenue bases are strengthened as well. Moving forward, beyond simply growing our volume, we plan to continuously reinforce this snowballing growth structure where pension asset growth accelerates revenue growth.

In the WM arm, we are positioning an advanced digital PB organization at the forefront to expand existing in-person focused WM services into non-face-to-face and online areas. We continue to refine hyper-personalized solutions so clients can experience expert-level, hands-on wealth management without physically visiting a branch.

Next, moving to trading and other financial income. Please refer to page 7 of the earnings release.

Trading and other financial income comprises gains and losses from traditional trading in equities, bonds, derivatives, as well as sales and trading and flow trading on a separate basis. It also includes FX income and valuation disposal income from separate-basis principal investment and IB-held assets.

Total trading and other financial income surged 107% QoQ to 836.9 billion won. This includes 111.3 billion won in dividend and distribution income and 725.5 billion won in trading and other financial income.

Profitability improved across all trading desks QoQ. Within trading income, equity trading accounted for approximately 46%, S&T sales and trading 31%, management gains from CMA and promissory notes 7%, bond trading 6%, and others took up 10%.

The bond balance remained rather flat QoQ at 42.8 trillion won. Despite domestic and global monetary policy shifts and heightened rate volatility in Q2, thanks to conservative positioning, increased hedging, and agile trading aligned with market conditions, we delivered solid returns QoQ.

In the second half of 2026, we will maintain a stability-focused portfolio while also flexibly capturing revenue opportunities as market dynamics evolve. In Q2, despite sectoral divergence in domestic equities, with daily average trading value rising 59% QoQ to 28.3 trillion won, the overall ETF market posted strong growth.

Although market volatility posed challenges in disparity ratio and liquidity management, we capitalized on volatility and generated stable returns in ETF market making. Notably this quarter, leveraging our global network through Chinese corporate IPOs, Taiwan arbitrage, and cross-border exchange arbitrage, we continued to build differentiated revenue streams.

In the second half of the year, in anticipation of potential crypto spot ETF approvals, we will monitor regulatory updates while preparing LP and hedging trading businesses. At the same time, we plan to adapt to extended trading hours and ETF trading on the Nextrade market, while addressing shifts in investment demand by expanding principal partially protected non-complex ELFs and other retirement pension dedicated products.

Next is consolidated PI valuation gains. In Q2, in valuation gains from innovative companies, we recorded 1.6407 trillion won.

This includes based on its end-of-June closing price of $170.86, 1.6242 trillion won in valuation gains from SpaceX listed equity. SpaceX recently experienced short-term supply-demand pressure following post-IPO lockup expirations, and we acknowledge market concerns.

With the larger positioning, the volatility is leading to concerns about how it's going to impact the income. However, the current share price or our acquisition price was $34, and the valuation price at the end of Q1 was $105.

Despite the lockup, we were able to attain a quite high price, and the price is currently very closer to the offering price of $135. The release is taking place on a quarterly basis, SpaceX might impact our income negatively or profitably, but SpaceX is actually going to enjoy a dominant and monopoly position thanks to Starlink and the data center and Grok AI, all things considered.

It has a very diverse vertical across AI businesses, on an annual basis it is going to potentially and most likely impact our revenue base quite positively. In Q2, in three companies listed on the Hong Kong Stock Exchange, we made new cornerstone investments.

These are AI and bio-healthcare unicorns with strong growth potential in future tech ecosystems. With stricter Hong Kong IPO listing standards, the quality of listing candidates is expected to improve.

Leveraging our track record and market reputation in Hong Kong, we continue to secure premium cornerstone opportunities unavailable to standard institutional investors. Based on this competitive edge, we plan to selectively increase cornerstone investments across China and Hong Kong.

Next, moving on to IB performance. Please refer to page 8 of the earnings release.

IB fee income grew 65% QoQ to 42.8 billion won. In Q2, despite market headwinds such as KOSDAQ sluggishness and commodity inflation limiting deal flow, driven by underwriting fees, M&A advisory fees, and IPO fees, performance improved QoQ.

In IPOs, we completed 3 KOSDAQ listings in Q2, bringing H1 total to 5, while securing a healthy pipeline with 7 additional lead mandate contracts. In alternative investment, despite reduced deal-sourcing opportunities due to a sluggish domestic real estate PF market, we are actively pursuing revenue opportunities through AI national infrastructure, data center development projects, and state-backed guarantees from Korea Housing & Urban Guarantee Corporation and Korea Housing Finance Corporation.

Corporate lending income, classified as interest income in reports, increased 33.5% QoQ to 36.3 billion won. Venture capital commitments continue to expand significantly above regulatory minimums.

We will remain committed to providing growth capital, a core mandate for brokerages, through vehicles such as the National Growth Fund. Next, moving on to overseas subsidiaries' performance.

Please refer to page 9 of the earnings release. Overseas subsidiaries posted a record pre-tax income of 609.1 billion won in Q2, up 150% QoQ.

The overseas contribution to total consolidated pre-tax income grew by 6 percentage points QoQ to approximately 24%. Overseas net profit ROE reached 24.8% in Q2, up 10.8% QoQ.

Overseas subsidiaries recognized 500.2 billion won of SpaceX valuation gains in Q2. Excluding SpaceX, pre-tax profit was 108.9 billion won.

In Q1, excluding SpaceX, pre-tax profit was 86 billion won, and an over 25% growth in normalized earnings was demonstrated QoQ, reflecting steady momentum. By key region, pre-tax profit broke down as follows: US 37%, Hong Kong 35%, London 18%, India 5%, and Vietnam/others 5%.

Developed markets—US, Hong Kong, and Europe—driven by flow trading and PI investments, accounted for 92%, while emerging markets, focused on brokerage and WM, made up 8%. Next, key Q2 achievements for overseas subsidiaries.

As mentioned earlier, the Hong Kong subsidiary launched MAPS, a mobile platform designed to trade traditional and digital assets in one place, with an RWA marketplace scheduled for future integration. Our Singapore subsidiary completed regulatory applications to expand its retail license scope and obtain a security token trading license, while currently developing infrastructure for retail entry.

Furthermore, in July, we launched an omnibus account service for foreign investors with UOB Kay Hian. Also in July, we completed incorporation of subsidiaries in Australia and Japan, and are evaluating local brokerage acquisitions across developed markets.

Lastly, SG&A expenses. Non-consolidated SG&A expenses rose by 327.7 billion won YoY and 172.4 billion won QoQ to 670.4 billion won.

This reflects higher education taxes due to rate hikes, performance-based compensation tied to earnings growth, and transaction taxes driven by higher trading volumes. Nevertheless, the SG&A to net operating revenue ratio declined 9.2 percentage points QoQ from 53.8% to 44.6%, improving cost efficiency.

This concludes Mirae Asset Securities Q2 2026 earnings conference call. Thank you.

Yes, we will now begin the Q&A session.

Good morning, thank you for giving me the opportunity to ask a question. As was explained earlier, Mirae Asset Securities' business structure is differentiated from other brokerages, and so it seems to lead to higher stock volatility.

Sharing your long-term direction and status of overseas and new businesses would help forecasting stock prices going forward.

Thank you for that question. Our business structure is differentiated from other companies, and that seems to be the assumption that it leads to higher stock price volatility.

However, in the earnings call, we have consistently stressed that our differentiated business structure—that is WM, pension, global business, flow trading—leads to a stable revenue that takes a large proportion of our business and is showing steady growth. At the same time, discovering innovative businesses overseas and domestically, and also we are attaining plus alpha in early investments in such areas.

Global business takes more than 20% of our total business, which is quite solid. We are one of the rare net export financial institutions.

In the digital asset era that is soon to come, we are most actively preparing, we would also call ourselves an innovative company. Instead of focusing only on traditional assets, in terms of bringing more potential, we do have to get recognized some premium.

This year's stock price volatility probably due to our holdings in SpaceX, because the stock prices went up and then there was a slight decline after the listing, and that led to perhaps the volatility. As was mentioned earlier, SpaceX's stock price volatility isn't really something that is quite concerning.

Our differentiation, I'd like to share with you our overseas businesses and upcoming overseas businesses. US, Hong Kong, Singapore, and Japan, such advanced markets are those where we are targeting to bring in WM brokerage business.

Online trading is becoming the dominant trend, and ETF investment is growing in proportion. Focusing on semiconductors businesses, the investors are showing more interest in the Korean market and companies.

I believe that this sets the optimum environment for us to venture into WM businesses in advanced markets. As a first step, we have already launched the MAPS brand in Hong Kong.

We are in the last stages of acquiring an online brokerage in the US. In Singapore, we are securing WM brokerage license and also undergoing MTS development.

We have also completed incorporation of subsidiaries in Japan and Australia and preparing for business, and we are also reviewing potential acquisition of an online brokerage in Japan. Our acquisition of brokerages in the US and Japan is still yet under wraps, and because we are under NDA we cannot share details at this point, but we will be sharing with the market as soon as possible.

Ultimately, we would like to integrate our MTS that already launched or being launched overseas into a unified global investment platform. We are going to attain customer base and AUM, and not only traditional assets but digital assets, encompassing tokenization, digital wallet custody, and payment that will provide an investment infrastructure.

As you may well know, through our subsidiary, we have acquired formerly Korbit, now branded as DigitalX, and we are preparing for digital asset era most actively among all of the financial institutions. As we conduct WM business in the US, Hong Kong, Japan, which are much more open markets than ours, if we are able to experience digital trading business, we will have much differentiated competitive edge when digital asset trade becomes active in Korea in the future.

Next question, please.

Yes, next question, please.

thank you for the opportunity to ask a question on SpaceX. It seems that in the second quarter following Q1, valuation gains from SpaceX actually made a significant contribution.

In the mid-to-longer term, it can be a positive factor, but given the characteristics of an innovative company, it can lead to some short-term swings in valuation gain or loss. The SpaceX valuation gain could be a source of added volatility to your future earnings.

The sensitivity to this type of exposure, it does seem that you need to find ways to mitigate against that kind of exposure. If you could share what kind of plans you have in place, and in the future for Mirae Asset Securities in terms of forecasting your future earnings, as of the end of the second quarter, what is the size of your valuation gain in terms of your SpaceX position?

That'd be very helpful in our forecasting in terms of future earnings from SpaceX. Yes,

thank you very much for the question. As we have continued to explain for SpaceX, given current share price relative to acquisition cost, we've already generated more than four times the original investment cost in returns.

The share price closed at $170 per share as of June end, which is the end of the second quarter reporting period. Then as we entered the third quarter, share prices did fall upon concerns of supply pressure as the lockups were set to expire.

Actually, the prices have recovered back to IPO price levels after expiry of the first lockup, and we're seeing stable flows based on confidence in the mid-to-long-term growth potential of SpaceX. I think that is a key driver behind the stable share price movement that we have been seeing.

As we continue to emphasize, by regulation, we do have to report our performance on a quarterly basis. For certain quarters, certainly, the returns may be modest; in some quarters, sometimes it might even be in the negative territory; or it may be outsized like in the first and second quarter this year.

Given the underlying growth potential and the exclusive positioning of SpaceX, on an annual level, we expect this asset to deliver significant contribution overall to our earnings. Obviously, we do understand, we know that you have concerns about volatility, certainly we all agree that we have to find mitigating measures against the volatility.

During the IPO, we did receive some additional allocation of shares, around 300 billion worth. For that block, we have hedged our exposure.

The remainder of our investments, those shares actually are held through investment funds, mostly cornerstone. With the exception of the 300 billion, the cornerstone allotment that we received in the IPO, we had existing investments in SpaceX which are under lockup, same for the other investors as well.

It is hard for us to hedge against the entire exposure. In the second quarter, regarding the 300 billion, the cornerstone portion, we did classify as FVOCI on the balance sheet, it does not impact our P&L.

Then as lockups sequentially expire, we will observe these developments to examine different hedging methods if required, to obviously minimize any impact to our P&L. I do want to emphasize again that we have already generated more than four times returns on our SpaceX investments to date.

It is a successful investment, and given its potential, we think any volatility to our earnings will be short-term. Beyond quarterly gains, on a full annualized level, we do expect significant contribution to our earnings.

If anything, our SpaceX exposure should be a premium to our share prices, not a discounting factor at all. Also for SpaceX, like I said, the share price is around $170 per share, that's the basis of our announcement today.

Valuation will occur on a quarterly basis. Of course, there can be one factor, hedging or OCI classification, there are different means that we can decide to employ.

In that case, that could lead to slight differences. As of the end of the second quarter, at present, on a consolidated basis, our overseas subsidiaries, all told, a total 5 trillion in terms of our total SpaceX valuation exposure.

This includes all of our overseas subsidiaries as well. Thank you very much.

Now due to the time, we will now conclude the second quarter 2026 earnings call for Mirae Asset Securities. Like to thank all of our analysts and investors for joining us today.

If you have any further inquiries, please contact the ESG and IR team at Mirae Asset Securities. Thank you very much.