Thank you for joining Q4 2025 earnings call of OCI Holdings Company. This is Su Mi Lee of OCI Holdings.

Today, I will walk you through our key financial results and business updates. Let me begin with page 5, which shows our consolidated results for the fourth quarter.

In fourth quarter, revenue reached approximately 811 billion won, and operating income amounted to around 27 billion won, marking a clear turnaround from the losses recorded in the previous two quarters. This improvement was mainly driven by the normalization of operations at OCIMSB, 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 6, this slide summarizes our full-year consolidated results for year 2025.

For the full year, consolidated revenue totaled 3.4 trillion won, while we recorded an operating loss of approximately 58 billion won, reflecting a 5.5% year-on-year decline in revenue. The primary driver of the full-year loss was the underperformance of OCIMSB.

Following changes in the external market environment and US solar policies in year 2025, OCIMSB suspended operations for approximately 4 months, from May to August, which resulted in a significant fixed-cost burden. Page 7 presents our consolidated financial position as of the end of fourth quarter 2025.

Total assets stood at approximately 7.9 trillion won, with liabilities of 3.1 trillion won, and equity of 4.7 trillion won. 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 OCIMSB, our overall financial leverage remains at a manageable level. From page 8, I will outline the performance and outlook of OCIMSB.

In the fourth quarter, OCIMSB posted a revenue of 145 billion won and operating income of 33 billion won, successfully returning to profitability. Following the September restart, full utilization during the quarter drove cost improvements and stronger margins.

Looking ahead, the ongoing US Section 232 investigation has caused some customers to delay purchases, and as a result, first-quarter sales volume are expected to be flat to slightly lower than fourth quarter. 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 New Silicon Technology wafer business has been completed, and the facility is currently in the commissioning phase.

Turning to page 9, this slide covers the performance of our US subsidiary, OCI Enterprises. In the fourth quarter, OCI Enterprises recorded revenue of 36 billion won 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 fourth quarter. Demand for FEOC-compliant modules in the US residential and commercial markets remains very strong, and we plan to expand our sales accordingly.

In addition, OCI Energy is progressing with the sales of a 500 megawatt-scale project in the first quarter, while discussions on long-term PPA-based operating assets are ongoing. Page 10 shows the performance of OCI SE cogeneration power plant.

During the quarter, OCI SE recorded a roughly 30% Q-o-Q decline in revenue and posted an operating loss, primarily due to 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 secondary battery in the complex are expected to support profitability going forward.

Page 11 covers our DCRE urban development business. Revenue increased 4.5% Q-o-Q, 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 Q-o-Q, operating income turned positive as one-off costs were removed, and profitability improved in semiconductor materials and pitch 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 232 investigation and the current US solar market environment. As is 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, OCIMSB is prioritizing contracted US shipments and expanding sales to non-FEOC regions, including Turkey, Africa, and the Middle East. Page 15 provides an update on OCIMSB new business.

The New Silicon Technology wafer business is currently in commissioning, with commercial sales expected from the end of second quarter and annual capacity of approximately 1.8 to 1.9 gigawatts. 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 US solar development 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 1,000 won 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 50 billion won share buyback program through year 2029. Taken together, these measures demonstrate our strong commitment to shareholder returns.

Based on this framework, OCI Holdings targets a total shareholder return ratio of at least 50% of separate 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 US market, including a planned 2.7-gigawatt wafer capacity expansion, bringing total capacity to 5.4 gigawatts.

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.