Thank you for joining the Q2 2026 earnings call of OCI Holdings Company. I am Su Mi Lee of OCI Holdings Company.

I will walk you through our key financial results and business updates. You can see our Q2 consolidated income statement in page 5.

For the second quarter of 2026, OCI Holdings recorded a consolidated revenue of approximately 1.02 trillion won and an operating profit of 108 billion won. Despite challenging market conditions, marked by Middle East tensions and policy uncertainties, revenue grew by 15% QoQ, and operating profit rose sharply.

This was driven by OCI Energy's successful sales of a 500 megawatt solar project in the US and improved profitability in OCI's chemical materials business. Meanwhile, OCI Terrasas reported a minor operating loss as market demand remained subdued.

While operations fully recovered and cost efficiency improved QoQ, [orders?] remained subdued as customers waited for the outcome of the Section 232 investigation.

I will cover each subsidiary's performance in more detail on later pages. Let me move to page 6, consolidated balance sheet.

As of Q2 2026, total assets stood at 8.5 trillion won, liabilities at 3.5 trillion won, and equity at 5.0 trillion won. The main change QoQ was new borrowings from OCI Terrasas to fund capital expenditures and working capital.

Although this raised the debt-to-equity ratio by 3.8% point QoQ, stronger cash flow from higher EBITDA and presale proceeds from DCRE brought our overall net debt ratio down to 18.6% from 20.1%. Now, let's move to page 7 for detailed review of OCI Terrasas and its subsidiaries.

OCI Terrasas revenue grew 8.3% QoQ, though the business reported a small operating loss. Following the completion of maintenance in Q1, OCI Terrasas returned to a 90% operating rate in Q2, helping reduce its production costs.

However, the market remained cautious because the Section 232 results were delayed. As a result, sales volumes fell short of targets, delaying our profit recovery.

At Neo Silicon Technologies, our wafer business, all commissioning procedures were completed during the quarter and sample shipments were delivered to multiple customers. Looking to Q3, we expect a return to profitability as we anticipate higher sales volumes and lower costs.

With the Section 232 results expected in August, spot sales and short-term contract should rebound. In the first half of this year, we made solid progress on long-term contract with major US customers.

Both OCI Terrasas and NST will launch their capacity expansions in the second half. I will share more details about this later in the presentation.

Page 8 shows the results for OCI Enterprises, our US energy business. Revenue increased by 67% QoQ, accompanied by a substantial improvement in operating profit.

The main growth driver was OCI Energy's 500 megawatt solar project sale, which boosted overall earnings. On the other hand, MSE's solar module sales declined due to weak US residential demand.

Despite higher average selling prices, profitability came under pressure, resulting in a minor operating loss. In Q3, OCI Energy is working to monetize an additional 250 megawatt project while expanding its pipeline.

Meanwhile, our retained development assets are progressing smoothly through PPA negotiations and construction. Page 9 covers OCI SE, which operate our cogeneration power plant in the Saemangeum Industrial Complex.

Revenue was up 3.8% QoQ, supported by a modest rise in SMP. However, operating losses remained close to Q1 levels as profitability was weighed down by high fuel costs and ongoing boiler maintenance expenses.

We expect performance to improve in the third quarter. Seasonal demand is driving higher electricity consumption and SMP, and we remain focused on improving operation efficiency through the stabilization of boiler operation.

Page 10 covers DCRE's urban development performance. Revenue rose 26% QoQ and operating profit improved slightly.

Revenue growth was driven by steady construction progress across three residential development sites. Despite the impact of taxes and land assets, operating profit improved compared to the previous quarter.

Looking ahead, we plan to proceed the presale of Complex 9 in Q3. We are also moving forward with land sale and commercial leasing to improve profitability.

Page 11 highlights OCI Company's chemical and advanced material business. Revenue gained 5.6% QoQ and operating profit increased significantly.

Favorable market conditions across our petrochemical product lines brought higher volumes and stronger pricing. We expect this solid momentum to continue to Q3.

Semiconductor market recovery will drive demand for semiconductor-grade materials, while higher carbon black prices and specialty products will support earnings in our carbon chemical segment. We are also pursuing new opportunities in semiconductor materials to fuel our long-term growth.

Now, let me show OCI's solar market landscape on page 13. OCI has been operating in the polysilicon industry for more than two decades.

Over the period, we have experienced multiple industry cycles and significant shift in the competitive landscape. This slide shows how our market environment and customer base have evolved over the past decade.

Before COVID-19, until 2020, our business focused mainly on supplying China's tier-1 manufacturers, built on cost competitiveness and strong relationships. In the post-COVID period, and following the 2022 Russia-Ukraine conflict, supply chain security became critical.

Rising trade barriers and US restrictions on Chinese solar goods pushed us to diversify the market. We expanded our client base to include Southeast Asia producers supplying the US market.

Today, the US solar market is entering a new phase. AI data centers investments are driving significant electricity demand.

To capture this growth, OCI is preparing long-term agreements with US end customers and strengthening strategic partnerships. Page 14 explains our updated solar materials business expansion plan.

Turning to our expansion plan, we are moving ahead with capacity additions at OCI Terrasas and Neo Silicon Technologies. Our current capacity is largely locked in under long-term contract.

To meet surging US demand, we will expand production in phases through 2029. OCI Terrasas will expand its capacity to 70,000 metric ton, while Neo Silicon scales up from 2.7 gigawatt to 11.5 gigawatt.

We are actively discussing additional long-term contract for this new capacity, which should further enhance the visibility of our mid- to long-term earnings outlook. Page 15 outlines OCI Enterprises' solar and energy storage business.

US power demand is surging, driven by AI data centers, which is creating major growth opportunities for OCI Energy. Out of our 760 megawatt operating pipeline, we are currently negotiating a new 500 megawatt PPA with global tech firms.

With demand rising, both PPA pricing and project valuations are trending upward, a strong driver for our future profits. To wrap up, let me summarize our key priorities for the second half of 2026 on page 16.

While short-term policy uncertainties remain around Section 232, the long-term outlook for US power and energy infrastructure remains highly attractive. OCI Holdings remains committed to investing in solar materials and energy infrastructure.

Through strong partnerships, disciplined execution, and targeted investments, we are well positioned for sustainable growth. Thank you for your attention.

If you have any question, please contact our IR team.