Good afternoon. I am Kyoung-hwan Oh, Head of Finance and IR at EcoPro.

Effective this year, I have been appointed to lead EcoPro's investor relations. I'm committed to enhancing our corporate value and facilitating proactive communication with our shareholders and analysts.

In today's earnings call, I will briefly discuss the positive outlook following the recent rise in metal prices. Afterwards, I will present the financial results of EcoPro's three listed subsidiaries, followed by a Q&A session.

If you turn to page 4 of the distributed earnings release, prices for nickel, lithium, and cobalt, the core raw materials of the secondary battery cathode value chain, have increased significantly compared to the end of Q3 last year. The company has maintained consistent investments in Indonesian nickel smelter projects, and all four previously invested projects are slated to commence mass production in 2026.

The investment in nickel smelters is strategically integrated with EcoPro MATERIALS' precursor business value chain. Notably, Green Eco Nickel is slated to be recognized in EcoPro MATERIALS' consolidated financial results starting in 2026.

Thus, the appreciation in nickel prices is expected to serve as a significant tailwind for improving the company's profitability. Lithium prices have also experienced a significant surge recently.

In the case of EcoPro INNOVATION, which recorded losses until last year due to depressed lithium prices, a turnaround to profitability is projected for 2026, provided the current price trend persists. Furthermore, the recycling market, which had contracted due to low metal prices until last year, is expected to see a recovery following the rise in metal prices.

Consequently, we also anticipate an improvement in EcoPro CNG's financial performance. EcoPro has proactively pursued the establishment of a closed-loop system and investments in upstream raw materials.

We expect 2026 to be the year these strategic investments yield tangible results. Next, I will discuss EcoPro HN's financial results on page 6.

In Q4 2025, EcoPro HN posted 39.2 billion won in revenue, up approximately 38% QoQ, while operating profit remained flat at 2.3 billion won. In 2025, annual revenue declined YoY due to capex adjustments by downstream semiconductor clients, while the operating margin also decreased YoY following changes in the sales mix.

However, for 2026, we anticipate a recovery in performance, primarily driven by greenhouse gas reduction and chemical filter businesses as the semiconductor industry rebounds and downstream clients accelerate their capex investments. In the particulate matter reduction business, we're expanding our new order pipeline with projects such as overseas LNG power plants and anticipate a positive revenue growth trend.

Next, I will present EcoPro HN's financial position on page 7. As of the end of Q4 2025, total assets increased 6.2% QoQ to 458.6 billion won.

Total liabilities rose 17% QoQ to 154.4 billion won, and total equity reached 304.2 billion won, a 1.4% increase QoQ. While the debt-to-equity ratio rose slightly due to an increase in accounts payable, it remains at approximately 51% as of year-end 2025, maintaining a sound financial profile.

Next, I will discuss EcoPro MATERIALS' financial performance on page 8. In Q4 2025, EcoPro MATERIALS posted revenue of 115.2 billion won, up 82% QoQ, driven by higher precursor and metal sales.

Operating profit reached 3.3 billion won, marking a turnaround to profitability as margins improved due to increased capacity utilization and rising metal prices. On an annual basis, 2025 revenue reached 392.5 billion won, a 31% increase YoY.

However, the company recorded an operating loss of 65.4 billion won, a level similar to the previous year. In 2026, we expect the top-line growth trend to persist, driven by increased shipments for North American ESS-grade precursors and higher ASP resulting from rising metal prices.

Furthermore, we anticipate an improvement in operating profit YoY, supported by the commissioning and consolidation of Green Eco Nickel. Next, I will present EcoPro MATERIALS' financial position on page 9.

As of year-end 2025, total assets stood at 1.7377 trillion won, a 3.9% decrease QoQ. Total liabilities increased 4.8% QoQ to 582.8 billion Korean won, while total equity recorded 1.1549 trillion won, down 7.8% compared to the previous quarter.

The debt-to-equity ratio remains stable at approximately 51%, reflecting a sound capital structure. Due to efficient working capital management, including an 18% QoQ reduction in inventory, our cash on hand increased 65% QoQ to approximately 45 billion Korean won.

Next, I will present the consolidated financial performance of our holding company, EcoPro, on page 10. In Q4 2025, EcoPro's consolidated revenue reached 733.6 billion won, a 24% decrease QoQ.

Operating profit recorded 66.2 billion won, down 56% compared to the previous quarter. However, the Q3 results include the top-line and bottom-line expansion effects from the acquisition of stakes in Indonesia's Green Eco Nickel and the ESG smelter.

When adjusted for these effects, Q4 revenue remained flat compared to Q3, while operating profit showed a significant improvement. The primary driver behind the improvement in Q4 consolidated operating profit was the earnings turnaround of our subsidiaries, specifically the lithium and precursor businesses, which recorded losses in the tens of billions of won in Q3, swung to a profit in Q4, contributing significantly to the improvement of EcoPro's consolidated bottom line.

Regarding our future guidance, we anticipate the earnings momentum to persist as the aforementioned rise in metal prices is proving accretive to margins across our entire value chain. We project that the earnings momentum of our lithium and precursors subsidiaries, which swung to a profit in Q4, will further accelerate in 2026.

In addition, the four IMIP smelters in Indonesia, where investments were completed last year, are expected to deliver an annual profit contribution exceeding 200 billion won. On page 11, I will provide a brief overview of the segmental performance of EcoPro's in-house businesses and unlisted subsidiaries.

As the Indonesian smelters we invested in commenced sequential operations throughout 2025, the revenue from our in-house businesses, indicated in blue on the left graph, has shown a steady upward trend. As 2026 represents the first full fiscal year in which all four previously invested smelters will be operational from day one, we anticipate their earnings contribution to significantly drive our top-line and operating profit.

Our lithium business, the largest contributor among our unlisted subsidiaries, posted top-line growth and a turnaround to profitability in Q4. With lithium prices surging in early 2026, we anticipate robust revenue expansion and significant operating profit realization for the segment throughout the year.

On page 11, rather 12, I will provide an overview of our consolidated financial position. As of year-end 2025, total assets increased 12% QoQ to 9.8439 trillion won.

Total liabilities rose 16% QoQ to 5.29 trillion won, while total equity recorded 4.54 trillion won, up 7.8% QoQ. In addition to the consolidated financial statements, the debt-to-equity ratios of each subsidiary are being maintained at a stable level in the low 100% range.

Furthermore, cash and cash equivalents surged 111% QoQ to 1.1866 trillion won, driven by the 800 billion PRS transaction involving EcoPro BM shares during Q4. Consequently, we have secured ample financial liquidity.

Regarding the RCPS issued by EcoPro MATERIALS during 2025 and aforementioned PRS, the stock prices of EcoPro MATERIALS and EcoPro BM as of year-end 2025 were lower than the prices at the time of the transactions. Consequently, a derivative liability of approximately 300 billion won was recognized based on accounting valuations, leading to an increase in liabilities on the consolidated financial statements and a negative impact on net income.

However, following the sharp recovery in stock prices earlier this year, we expect the reversal effect to generate a positive impact in Q1 2026, provided current price levels are sustained. Notably, regarding the PRS transactions, a significant portion has already been settled at higher price levels.

Lastly, I would like to provide an update on the strategic roadmap for solid-state batteries, which has recently gained significant market traction. Solid-state batteries, or SSBs, are next-generation solutions expected to gain significant market penetration in emerging use cases like robotics owing to their enhanced safety and high energy density.

We have preemptively developed core advanced material technologies for SSBs through long-term collaborations with our partners. First, regarding cathodes for SSBs, these batteries are based on NCM chemistry, a segment where EcoPro BM and EcoPro MATERIALS possess global top-tier technological leadership, particularly in high-nickel applications.

We are continuously advancing our material capabilities to maximize SSB cell performance through particle design for enhanced durability, uniform coating technologies to mitigate interfacial resistance, and advanced methods to improve contact resistance. Next is solid electrolytes, the key component of SSBs.

EcoPro BM commenced the development of sulfide-based solid electrolytes in 2021, securing proprietary process technology, and is currently operating a pilot plant with an annual capacity of 40 tons. The product has already completed quality validation with our partners.

Furthermore, we plan to internalize the production of lithium sulfide, a key intermediate material, through EcoPro INNOVATION and EcoPro AP. By establishing a continuous production system where INNOVATION synthesizes lithium sulfide using hydrogen sulfide produced in-house by AP and supplies it to BM, we aim to secure both material synergies and cost competitiveness.

Finally, regarding lithium metal anodes for SSBs, lithium metal is a next-generation core material exclusively applicable to solid-state batteries, offering a theoretical energy density approximately 10 times higher than conventional graphite or silicon-based anodes. EcoPro INNOVATION is co-developing world-class ultra-thin lithium metal anodes with Canada's Hydro-Québec.

We anticipate this ultra-thin lithium foil technology will be a game changer, driving performance breakthroughs in SSBs. In summary, EcoPro aims to secure long-term growth engines to lead the SSB era by establishing a comprehensive full value chain for next-generation solid-state materials with our closed-loop system.

Please refer to the appendix for further details, and we will now proceed to the Q&A session. 이상으로 발표를 마치고 2026년 사업 전망에 대해 말씀드리겠습니다.

That concludes our presentation. We will now move on to our 2026 business outlook.

에코프로 경영관리실장 조장훈입니다. 에코프로 지주사의 2026년 사업 전망에 대해 말씀드리겠습니다.

Hello, this is Jang-hoon Cho, Head of Business Management at EcoPro. I would now like to provide an outlook into the 2026 business for EcoPro holding company.

우선 지난 2025년 4분기 실적을 통해 확인된 긍정적인 신호들에 대해 먼저 말씀드리고 넘어가야 할 것 같습니다. 지난 3분기까지는 인도네시아 제련소 투자 관련 이익이 실적의 상당 부분을 담당했다면, 이번 4분기부터는 이러한 요인이 없음에도 불구하고 자회사들의 실질적인 이익이 회복세로 돌아섰다는 점이 매우 고무적입니다.

First, I believe it is necessary to address the positive signals confirmed through the results for Q4 2025. Until Q3, a substantial portion of the earnings was attributable to gains related to the investment in the Indonesian smelter, but from Q4, it is highly encouraging that even in the absence of such one-off factors, the subsidiaries' underlying earnings fundamentals has returned to a recovery trajectory.

구체적으로 말씀드리면 리튬 사업을 영위하는 에코프로이노베이션은 판매량 증가와 리튬 시세의 상승 그리고 재고평가손실의 환입 효과가 더해지며 긴 적자 기간을 지나 4분기 흑자 전환에 성공했습니다. 전구체 사업인 에코프로머티리얼즈 역시 4분기에 흑자로 돌아섰으며, 지주사 자체적으로도 메탈 트레이딩 수익이 증가하며 근원적인 수익 구조가 개선되고 있습니다.

More specifically, EcoPro INNOVATION, which operates the lithium business, achieved a return to profitability in Q4 after a prolonged period of losses, driven by increased sales volume, a rise in lithium prices, and the additional effect of reversals of inventory evaluation losses. EcoPro MATERIALS, which is engaged in the precursor business, also turned profitable in Q4, while at the holding company level, higher metal trading profits have contributed to an improvement in the company's core earning structure.

이러한 회복세를 바탕으로 2026년은 본격적인 성장세 진입의 해가 될 것으로 전망합니다. 가장 큰 동력은 인도네시아 사업의 성과 가시화입니다.

지난해 인수를 마무리한 니켈 제련소 그린에코니켈이 올해 1월부터 연결 실적으로 반영될 예정이며, 그린에코니켈을 포함한 IMIP 내 4개 제련소 모두 램프업을 마치고 본격 가동에 들어갔습니다. Building on this recovery momentum, 2026 is expected to mark the beginning of a full-fledged growth phase.

The most significant growth driver will be the increasing visibility of performance from the Indonesian operations. The nickel smelter Green Eco Nickel, whose acquisition was completed last year, is scheduled to be consolidated into the financial statements starting from January this year, and all four smelters within the IMIP complex, including GEN, have completed ramp-up and entered full-scale operation.

이는 지주사의 지분법 이익 증가뿐만 아니라 메탈 트레이딩 물량 확대로 이어져 안정적인 캐시카우 역할을 할 것입니다. 또한 지난 4분기 PRS를 통해 확보한 8,000억 원 규모의 자금을 바탕으로 올해는 에코프로가 주도하는 2단계 IGIP 투자가 본격화됩니다.

이 프로젝트는 향후 우리 그룹의 원가 경쟁력을 기타 경쟁사 대비 우위로 만들어 줄 핵심 기반이 될 것입니다. This will not only lead to an increase in equity-method gains at the holding company level, but also expand metal trading volumes, serving as a stable cash cow.

In addition, backed by approximately 800 billion Korean won in funding secured through the PRS in Q4, phase two of the IGIP investment led by EcoPro is set to move into full-scale execution this year. This project will serve as a critical foundation for establishing the group's cost competitiveness at a level superior to that of other industry peers.

다음으로 비용 구조의 현실화입니다. 지난 4분기부터 그룹 전반적으로 생산설비 등의 내용연수를 기존 10년에서 실제 사용 기간을 고려하여 현실화하였으며, 이는 동종 업계와 유사한 수준인 15년입니다.

이로 인한 감가상각비 감소 효과가 2026년에는 연간 기준으로 온전히 반영되면서 고정비 부담을 크게 낮추게 될 것입니다. 더불어 메탈 가격이 바닥을 다지고 상승세로 전환됨에 따라 원료 투입 시차에 따른 래깅 효과와 판가·원가 스프레드 확대가 예상되어 수익성 개선 폭은 더욱 커질 것으로 보입니다.

Next is the optimization of our cost structure. Beginning in Q4, the group adjusted the useful lives of production facilities and other assets from the previously applied 10 years to a more realistic estimate based on actual usage, aligning them with the industry standard of 15 years.

As the resulting reduction in depreciation expense is expected to be fully reflected on an annual basis in 2026, this will significantly lower fixed cost burden. In addition, as metal prices appear to have bottomed out and are shifting into an upward trend, we expect a favorable lag effect arising from input timing, along with an expansion of selling price to cost spread, which should further amplify the improvement in profitability.

마지막으로 시장 대응력 강화입니다. 미국 전기차 시장의 불확실성이 여전하지만, 당사는

ESS 시장의 가파른 성장에 주목하고 있습니다. AI 데이터 센터 확장에 따른 전력 수요 급증으로 ESS용 배터리 소재 수요가 늘어나고 있으며, 이에 맞춰 자회사들의 포트폴리오를 유연하게 확대하고 있습니다.

또한 에코프로머티리얼즈와 이노베이션의 외부 고객사 판매 비중을 지속적으로 늘려 캡티브 의존도를 낮추고 매출처를 다변화하는 작업도 올해 더욱 속도를 낼 것입니다.

Finally, we are strengthening market responsiveness. While uncertainty in the US electric vehicle market persists, the company is focusing on the rapid growth of the energy storage system, ESS, market.

As power demand surged due to the expansion of AI data centers, demand for battery materials used in ESS applications is increasing, and in response, the subsidiaries are flexibly expanding their product portfolios. In addition to efforts to diversify revenue streams will accelerate this year by continuously increasing the proportion of sales to external customers at EcoPro MATERIALS and EcoPro INNOVATION, reducing dependence on captive demand and broadening our customer base.

종합해 보자면

2026년은 메탈 가격 안정화와 인도네시아 밸류체인의 본격 가동, 그리고 운영 효율화와 시장 대응력 강화가 맞물리며 상반기보다는 하반기로 갈수록 실적 성장세가 뚜렷해지는 상저하고의 흐름을 보일 것으로 전망합니다. 어려운 대외 환경 속에서도 에코프로는 흔들리지 않고 내실 있는 성장을 증명해 보이겠습니다.

감사합니다.

In summary, 2026 is expected to exhibit a back-loaded earnings growth trend, with performance momentum becoming increasingly visible in the second half of the year as metal prices stabilize, the Indonesian value chain enters full-scale operation, and operational efficiency improvements and enhanced market responsiveness take effect comprehensively. Even amid a challenging external environment, EcoPro will remain steadfast and demonstrate sustainable and solid growth.

Thank you. 에코프로머티리얼즈 경영전략담당 이성준입니다.

에코프로머티리얼즈의

2026년 사업 전망에 대해 말씀드리겠습니다. 올해 에코프로머티리얼즈는 전구체 본업의 뚜렷한 회복세와 함께 제련 사업의 성과가 온전히 반영되며 외형과 내실을 동시에 다지는 원년이 될 것으로 전망합니다.

Hello, I am Sung-jun Lee, Head of Management Strategy at EcoPro MATERIALS. Allow me to walk you through the EcoPro MATERIALS 2026 business outlook.

This year, EcoPro MATERIALS, supported by a clear recovery in its core precursor business and the full-year consolidation of performance from the smelting business, is expected to mark the base year in which both scale and profitability are strengthened. 먼저 전구체 사업을 말씀드리자면, 당사는 복수의 신규 프로젝트 진입을 통해 전구체 사업의 유의미한 턴어라운드를 기대하고 있습니다.

특히

2026년부터 강화되는 미국의 탈중국 규제인 FEOC 조항은 올해 당사에게 큰 기회 요인으로 작용할 것으로 전망합니다. 셀 업체들이 AMPC 세액 공제를 받으려면 배터리 생산 소재 원가 중 직접 재료비 60% 이상 탈중국 밸류체인을 구성해야 하며, 이 비율은 매년 5%씩 상향될 예정입니다.

전구체는 배터리 원재료의 약 30%를 차지하는 핵심 소재로 당사와 같은 비중국 전구체 채택이 필수인 상황입니다.

Turning first to the precursor business, the company expects a meaningful turnaround driven by entry into multiple new projects. In particular, the FEOC provisions, which will strengthen US' move away from China as regulations starting in 2026, it's expected to present a significant opportunity for us this year.

To qualify for the AMPC tax credits, cell manufacturers are required to source more than 60% of the direct material cost of battery production from non-China value chains, with this threshold set to increase by 5 percentage points annually. As precursors are critical materials that account for approximately 30% of total battery raw material, the adoption of non-China precursors, such as those supplied by us, has effectively become indispensable.

그 결과 현재 논의 중인

2, 3개의 신규 프로젝트들이 올해 중 가시화 단계에 접어들었으며, 26년에는 순차적으로 공급량 증대와 매출 실적에 직접적으로 기여할 것으로 전망합니다. 또한 최근에는 중국의 배터리 소재 수출과 관련한 증치세 환급이 올해 4월부터 축소되는 것으로 결정되었으며, 내년의 경우 환급이 전면 폐지될 예정입니다.

이에 따라 중국이 우위를 점하고 있는 글로벌 전구체 시장에서 당사의 경쟁력이 더욱 강화될 것으로 기대합니다.

As a result, two to three new projects currently under discussion have entered the visibility stage this year and are expected to contribute directly to the increase of supply volume and revenue on a sequential basis starting in 2026. In addition, China has recently decided to reduce VAT export rebates on battery materials beginning from April this year, with a full elimination of such rebates planned for next year.

Against this backdrop, our competitiveness is expected to be further strengthened in the global precursor market, where Chinese players have historically held a dominant position. 다음으로 제련 사업에 대해 말씀드리겠습니다.

에코프로머티리얼즈는 지난

9월 인도네시아 MHP 제련소인 그린에코니켈 인수를 성공적으로 마무리하였으며, 2026년 올해에는 해당 법인의 실적이 1월부터 100% 연결 재무제표에 반영됩니다. 이전에도 말씀드린 바와 같이 그린에코니켈은 니켈 MHP 기준 연산 2만 톤의 생산 능력을 보유하고 있습니다.

해당 법인은 매출액 4,000억 원 이상, 연간 1,000억 원 이상의 매출과 손익 구조를 예상하고 있으며, 최근 메탈 가격 상승은 이 이상의 추가적인 기여를 이끌 수 있을 것으로 전망합니다.

Next, turning to the smelting business, EcoPro MATERIALS successfully completed the acquisition of Green Eco Nickel, an Indonesian MHP smelter, in September of last year, and in 2026, the entity's results will be 100% consolidated into the financial statements from January. As previously mentioned, Green Eco Nickel has an annual production capacity of 20,000 tons of nickel on an MHP basis.

The entity is expected to generate annual revenue of more than 400 billion Korean won, with operating profit exceeding 100 billion Korean won on an annual basis, and the recent uptrend in metal prices is expected to drive an additional upside beyond these estimates. 제련사가 자회사로 편입됨에 따라 연결 손익이 대폭 개선됨은 물론 본사 차원에서도 저가 원료인

MHP를 안정적으로 조달받게 되어 전구체 제조원가 경쟁력이 한층 강화될 것으로 보고 있습니다. 이상 요약해 보면 올해는 2026년 전구체 판매량의 큰 폭 성장과 제련소 사업의 연결 실적 반영이 맞물리며 외형 성장과 수익성 개선을 동시에 달성하는 한 해가 될 것으로 전망하고 있습니다.

감사합니다.

With the smelter incorporated as a subsidiary, consolidated earnings are expected to improve significantly. At the same time, at the parent company level, stable procurement of low-cost MHP as a raw material will further enhance manufacturing cost competitiveness in precursor manufacturing.

In summary, this year is expected to be one in which a sharp increase of precursor sales volume is expected in 2026 and the consolidation of smelting business results come together, enabling us to achieve both top-line growth and profitability improvement simultaneously. Thank you.

에코프로에이치엔 경영지원담당 김순주입니다. 에코프로에이치엔의

2026년 사업 전망에 대해 말씀드리겠습니다. 올해 에코프로에이치엔은 환경 사업의 수요 회복세를 통한 실적 개선을 전망하고 있습니다.

먼저 반도체 전방 고객사의 투자 회복에 따라서 온실가스 저감 설비와 케미컬 필터 판매량 확대를 계획하고 있습니다.

Hello, my name is Sun-joo Kim, Head of Management Support at EcoPro HN. I would like to outline EcoPro HN's business outlook for 2026.

In 2026, EcoPro HN expects an improvement in operating performance driven by a recovery in demand across its environmental business. First, we plan to expand sales volume of greenhouse gas reduction systems and chemical filters, supported by a rebound in capital expenditures from our downstream semiconductor customers.

당사의 사업은 반도체 팹 건설이나 가동률에 따라서 공급 시기가 유동적이며, 보통 투자 계획부터 실제 공급까지 최소

6개월에서 1년 정도의 시차가 발생합니다. 지난 23년부터 24년까지 반도체 업계의 감산 기조가 이어지면서 그 여파로 인해서 2025년에는 일시적인 공급 공백이 있었습니다.

하지만 지난해 하반기부터는 업황이 완연히 회복되고 있고, 주요 고객사도 가동 일정을 1년 가까이 앞당기며 투자를 서두르고 있습니다. 이 가속화된 흐름이 올해 실적에 반영되면서 성장세를 보여드릴 수 있을 것으로 기대하고 있습니다.

Our business is characterized by flexible supply timing that depends on semiconductor fab construction schedules and utilization rates, with a typical lead time of approximately six months to one year from customers' investment decision to actual delivery. As the semiconductor industry maintained a production curtailment stance from 2023 through 2024, this resulted in temporary supply gap in 2025.

However, industry conditions have clearly recovered since the second half of the year, and the major customers are accelerating investments by advancing their ramp-up schedules by nearly a year. As this accelerated momentum is reflected into our 2026 results, we expect to be able to demonstrate a growth trajectory.

또한 미세먼지 저감 사업 부문에서는

LNG 발전소의 신규 수주를 확보하여 중장기적으로 매출 성장 발판을 마련하는 것을 계획하고 있습니다. 국내에서는 정부의 전력수급기본계획에 따라 LNG 복합화력발전소의 건설이 예정되어 있으며, 해외에서도 LNG 발전소에 대한 수요가 확대되고 있습니다.

당사는 이 시장을 선제적으로 공략해 점유율을 높일 계획이며, 이를 통해 그동안 다소 부진했던 미세먼지 저감 사업의 매출 기여도를 끌어올려 전체 실적 성장에 도움이 되도록 할 예정입니다.

In addition, with the fine particulate matter reduction business segment, we plan to secure new orders from LNG power plants to establish a foundation for mid-to-long-term revenue growth. Domestically, the construction of LNG combined thermal power plants is planned according to the government's basic plan for power supply and demand, while the overseas demand for LNG power plants is also expanding.

We intend to proactively target these newly emerging markets to increase market share. Through such efforts, we aim to enhance the revenue contribution of the fine dust reduction business, which has been relatively sluggish to date, and support overall earnings growth.

더불어 당사는 안정적인 주주 가치 제고를 위해서 지속적인 배당 정책을 유지하고, 기업의 내재 가치와 미래 성장성을 시장과 더욱 투명하게 소통하기 위해 밸류업 공시를 상반기 내 실행할 계획입니다. 이를 통해 신뢰받는 주주 친화적 기업으로 자리매김하도록 하겠습니다.

In addition, to enhance shareholder value in a stable and sustainable manner, the company will maintain its consistent dividend policy and plans to implement a value-up disclosure within the first half of the year to communicate its intrinsic corporate value and future growth potential more transparently to the market. Through these initiatives, we aim to establish ourselves over the long term as a trusted, shareholder-friendly company.

결론적으로

2026년은 주요 전방 산업의 회복과 함께 당사의 핵심 환경 사업이 다시 한번 도약하는 해가 될 것입니다. 말씀드린 사항들을 적극적으로 준비해서 작년보다 개선된 실적과 더욱 분명한 성과를 만들어 낼 수 있도록 최선을 다하겠습니다.

감사합니다.

In conclusion, 2026 will be a year in which our core environmental businesses make another leap forward alongside the recovery of key end markets. We will proactively prepare for the initiatives outlined and make every effort to deliver improved performance and more tangible results compared to the previous year.

Thank you. 이상으로 사업 전망 설명을 마치고 질의응답 시간을 갖겠습니다.

질문을 받기에 앞서 사전에 접수된 질문에 대해 먼저 답변드리고 질의응답을 진행하도록 하겠습니다. 먼저 첫 번째 사전 질문은 에코프로 지주사와 머티리얼즈의

4분기 분기 순이익 적자 사유에 대해서 문의주셨습니다. 에코프로 측에서 설명드리겠습니다.

에코프로 경영관리실장 조장훈입니다. 지주사와 머티리얼즈의 분기 순손실 내용에 대해 말씀드리겠습니다.

Hello, I am Jang-hoon Cho, Head of Management Control at EcoPro. I will now move on to the details behind the quarterly net losses at the holding company and EcoPro MATERIALS.

먼저 에코프로머티리얼즈에 대해 설명드리면 이번

4분기 영업외손실을 인식하면서 당기순이익이 적자로 전환되었고, 이는 지주사의 연결 손익에도 영향을 미치게 되었습니다. 해당 손실은 그린에코니켈 제련소와 기존 중국 고객 간의 장기 판매 확정 계약에 따라 자산을 인식해 왔으나, 중국 지분 조정 과정에서 계약 물량이 일부 감소하게 되면서 그 감액분을 영업외손실로 반영한 데 따른 것이며, 약 880억 원 가량의 규모입니다.

First, with respect to EcoPro MATERIALS, the company reduced non-operating losses in the fourth quarter, which resulted in a swing to net loss for the period, and in turn impacted the holding company's consolidated earnings. This loss arose from an impairment recognized on assets that had previously been recorded based on long-term firm sales agreement between Green Eco Nickel smelter and an existing Chinese customer.

During the process of adjusting the Chinese equity stake, the contracted sales volume was partially reduced, and the corresponding reduction in asset value was recognized as non-operating loss. The amount of this loss was approximately 88 billion

Korean won. 다만 이번 계약 변경이 그린에코니켈의 케파나 전체 판매량에 영향을 주는 것은 아닙니다.

특정 고객에게 배정되었던 우선 물량만 줄어든 것으로, 해당 물량은 충분히 다른 매출처를 통해 판매가 가능합니다. 따라서 이번 손실은 일시적으로 발생한 현금 유출이 없는 비용으로 이해해 주시면 될 것 같습니다.

이상입니다.

However, this contract modification does not affect Green Eco Nickel's production capacity or its total sales volume. It merely reduced the priority allocation previously designated for a specific customer, and the corresponding volume can be readily sold to other customers.

Accordingly, this loss should be understood as one-off non-cash expense with no associated cash outflow. 다음으로 지주사에는 두 가지 유형의 파생상품 관련 평가손실이 반영되었습니다.

첫 번째는 지난해

10월 체결한 PRS 계약에서 발생한 평가손실입니다. 본 계약은 에코프로비엠 주가가 상승할 경우 계약 상대방으로부터 매도차익을 반환받고, 반대로 주가가 하락하면 매도차손을 보전해 주는 구조입니다.

Next, there were two types of valuation losses related to derivatives which were recognized at the holding company level. The first relates to a valuation loss arising from PRS contract entered into October as of last year.

Under this contract, if the share price of EcoPro BM rises, the counterparty returns the capital gains from the sale, whereas if the share price declines, the contract structure provides compensation for the losses. 작년

12월 말 기준 BM 주가는 14만 원대로 계약 단가인 17만 2,600원을 하회하였기 때문에 약 1,160억 원 규모의 평가손실이 인식되었습니다. 다만 현재 주가는 계약 단가를 크게 상회하는 수준이므로 만약 이 수준이 유지된다면 다음 분기에는 상당한 규모의 평가이익이 다시 계상될 수도 있습니다.

As of end of December last year, BM's share price stood in the range of 140,000 Korean won, below the contractual unit price of 172,600 Korean won, resulting in the recognition of valuation loss of approximately 116 billion Korean won. However, the current share price is trading well above the contractual unit price.

Therefore, if this level is maintained, a substantial valuation gain could be recognized again in the following quarter. 두 번째는 에코프로머티리얼즈

RCPS와 관련한 평가손실입니다. 지주사는 RCPS 투자자와 차액 정산 약정을 맺고 있으며, 작년 말 기준 머티리얼즈 주가가 기준가액인 7만 5,974원을 하회함에 따라서 약 1,800억 원의 평가손실이 발생했습니다.

이 역시 향후 머티리얼즈 주가가 상승할 경우 평가이익이 발생할 수 있습니다.

The second relates to valuation loss associated with EcoPro MATERIALS RCPS. The holding company has entered into a cash-settled price difference agreement with the RCPS investors, and as of the end of last year, EcoPro MATERIALS' share price was below the reference price of 75,974 Korean won, resulting in a valuation loss of approximately 180 billion Korean won.

Likewise, if the share price of EcoPro MATERIALS rises going forward, this could give rise to a corresponding valuation gain. 정리하면 말씀드린 두 가지 평가손실 모두 현금 유출이 동반되지 않는 회계상의 손실이며, 향후 주가 흐름에 따라 평가이익으로 전환될 가능성이 있다는 점을 이해해 주시면 좋겠습니다.

이상입니다. In summary, both of the valuation losses just discussed are accounting losses that do not involve any cash outflow, and please note that they have the potential to reverse into valuation gains depending on the future share price movements.

두 번째 사전 질문은 최근 메탈 시세의 상승이 당사의 인도네시아 제련소 이익에 미치는 영향에 대해서 문의주셨습니다. 해당 질문은 에코프로 측에서 답변드리겠습니다.

The second pre-submitted question asks about the impact of the recent increase in metal prices on the profitability of the company's Indonesian smelters. EcoPro will provide a response to this question.

에코프로 경영관리실장 조장훈입니다. 최근 메탈 가격 상승에 따른 인도네시아 제련소 손익 영향에 대해 답변드리겠습니다.

Hello, I am Chang-hwan Cho, Head of the Business Management at EcoPro. I will address the impact of the recent increase in metal prices on the earnings for our Indonesian smelters.

당사의 인도네시아 제련소는 현지의 풍부한 저가 니켈 원광을 기반으로 하고 있어 제련 원가는 일정 수준으로 고정되어 있는 반면, 판매 가격은

LME 니켈 시세에 연동되는 구조를 가지고 있습니다. 따라서 메탈 가격이 상승하면 판매가와 원가의 차이인 이익 스프레드가 확대되어 영업이익률이 개선되는 구조입니다.

Our Indonesian smelters are based on an abundant supply of low-cost nickel ore sourced locally, resulting in smelting costs that are largely fixed at a certain level, while selling prices are linked to LME nickel prices. Accordingly, when metal prices rise, the spread between selling prices and costs expands, leading to an improvement in our operating margins.

지난 실적 발표에서는 니켈 시세는

kg당 16불, 환율은 1,380원 기준으로 인도네시아 관련 영업이익 가이던스를 제시를 해 드렸었는데요. 최근 니켈 시세뿐만 아니라 부산물인 코발트 또한 쇼티지 상황에 놓여 있어 가격이 지속적으로 상승하고 있습니다.

현재 수준의 메탈 시세와 환율 기준으로는 기존 가이던스 대비 20% 이상의 영업이익 업사이드를 예상하고 있습니다. 1단계 IMIP에서는 연평균 2,200억 원 이상, 2단계 IGIP는 현재 투자 초기여서 변수는 많겠지만 연평균 4,000억 원 정도 되지 않을까 추정하고 있습니다.

감사합니다.

At the previous earnings call, we provided operating profit guidance for the Indonesian operations based on a nickel price of $16 per kilogram and an exchange rate of 1,380 Korean won against the US dollar. Since then, not only have nickel prices risen, but cobalt, a key byproduct, has also entered into a supply shortage, driving prices higher on a sustained basis.

Based on current metal prices and exchange rate levels, we expect operating profit upside of more than 20% compared to the previous guidance. For phase one, IMIP, we now estimate average annual operating profit of over 220 billion Korean won, while for phase two, IGIP, although the project is still in its early investment stage with multiple variables to be considered, we estimate average annual operating profit of approximately 400 billion Korean won.

Thank you. 세 번째 사전 질문은 에코프로머티리얼즈의 지난해와 올해의 내·외판 비중 및 판매량 가이던스에 대하여 문의주셨습니다.

에코프로머티리얼즈에서 답변드리겠습니다. The third pre-submitted question concerns EcoPro MATERIALS' domestic and overseas sales mix for last year and this year, as well as this year's sales volume guidance.

EcoPro MATERIALS will provide the response. 에코프로머티리얼즈 경영전략담당 이성준입니다.

질의 주신

2026년 외부 판매 비중 전망과 판매량 가이던스에 대해 답변드리겠습니다.

Hello, I am Sung-jun Lee, Head of Management Strategy at EcoPro MATERIALS. I will address the question regarding the outlook for the external sales mix in 2026 and the sales volume guidance.

먼저 외부 판매 비중에 대해 말씀드리면 지난해인

2025년 기준 당사의 외부 판매 비중은 약 35%를 35% 수준을 기록하였으며, 올해의 경우 외부 판매 비중을 약 70% 수준까지 확대하는 것을 목표하고 있습니다. 이러한 비중 확대의 근거로는 앞서 사업 전망에 말씀드렸던 현재 논의 중인 신규 프로젝트들의 진행 상황을 긍정적으로 평가하고 있다는 점입니다.

올해는 캡티브만이 아닌 외부 매출이 전체 매출을 견인하는 중요한 축이 될 것으로 기대하고 있습니다.

First, with regards to external sales mix, as of 2025, the company's external sales accounted for approximately 35% of total sales. For this year, we are targeting an expansion of the external sales ratio to approximately 70%.

This planned increase is underpinned by our positive assessment of the progress of the new projects currently under discussion, as outlined earlier in our business outlook. This year, we expect external sales beyond captive demand to become a key driver of our overall sales growth.

그리고 올해 판매량 가이던스는 지난해의 기저 효과와 더불어 방금 말씀드렸던 신규 프로젝트 진입으로 지난해 대비 약

90% 정도의 수준의 전구체 판매량 성장을 예상하고 있고, 이에 따른 유의미한 가동률 개선도 함께 전망하고 있습니다. 감사합니다.

As for this year's sales volume guidance, taking into account the base effect from last year as well as entry into new projects mentioned earlier, we expect precursor sales volume to increase by approximately 90% YoY, accompanied by a meaningful improvement in utilization rates as well. Thank you.

마지막 사전 질문은 에코프로에이치엔에 대한 질문입니다. 반도체 업황과의 연관성을 감안한 올해 예상 매출 가이던스와 해외 고객사 매출 확대에 대한 계획에 대해 문의주셨습니다.

에코프로에이치엔에서 답변드리겠습니다. The final pre-submitted question concerns EcoPro HN, specifically this year's revenue guidance in light of the semiconductor industry landscape, as well as the current status and plans for expanding sales to overseas customers.

EcoPro HN will provide the response. 에코프로에이치엔 경영관리팀장 최진형입니다.

먼저 올해 에코프로에이치엔의 예상 매출에 대해 말씀드리겠습니다. Hello, I am Jinyoung Choi, team leader of the Management Support team at EcoPro HN.

First, I will cover EcoPro HN's sales outlook for this year. 최근 데이터 센터 투자가 늘어나면서 메모리 반도체 생산이 빠르게 확대되고 있습니다.

주요 고객사들의 가동률이 올라가고 신규 라인 증설도 활발히 진행되고 있어서 이에 따라 필터 교체 수요가 늘고 있으며 신규 설치 일정도 앞당겨지고 있습니다. 당사는 독보적인 기술력과 수행 레퍼런스를 보유하고 있기 때문에 케미칼 필터 사업에서 이전보다 더 큰 규모의 수주를 확보할 것으로 기대하고 있습니다.

As data center investments continue to increase, memory semiconductor production is expanding rapidly. Utilization rates at major customers are rising and new line expansions are being actively carried out, which is driving higher demand for filter replacements and accelerating new installation schedules.

Given our differentiated technological capabilities and extensive execution track record, we expect to secure larger-scale orders than in the past in the chemical filter business. 온실가스 저감 사업도 전방 고객사의 신규 라인 가동 시점이

28년에서 27년으로 1년 앞당겨지면서 기존 라인은 올해 안에 설치와 시운전을 마칠 계획이며, 특히 26년 하반기부터는 기존 대비 1.5배 큰 신규 수주를 통해 매출을 일으킬 수 있을 것으로 예상하고 있습니다. 결론적으로 반도체 관련 두 사업 모두 매출 인식 시점이 빨라지고 있고, 앞으로 몇 년간 안정적인 매출 성장이 이어질 것으로 예상되고 있습니다.

올해 조기 수주 확보를 통해 전년 대비 약 50% 이상의 성장을 예상하고 있습니다.

In the greenhouse gas reduction business, the startup timing of new production lines at downstream customers has been brought forward by one year from 2028 to 2027. Accordingly, installation and commissioning of the existing lines are scheduled to be completed within this year.

In particular, beginning in the second half of 2026, we expect to generate revenue from new orders approximately 1.5 times larger than in the past. In conclusion, for both semiconductor-related business, revenue recognition timelines are accelerating, and we expect stable revenue growth to continue over the next several years.

For this year, driven by early order intake, we are projecting YoY revenue growth of more than 50%. 그리고 이어서 에코프로에이치엔의 해외 고객사향 매출 확대에 대해 말씀드리겠습니다.

Now I will turn to EcoPro HN's plan to expand sales to overseas customers. 반도체 케미칼 필터와 온실가스 저감 사업이 고객사들의 생산 거점 확보 전략에 따라 해외로 확장되고 있습니다.

그중 아시아와 미국에 투자를 집중하면서 해당 사이트들의 생산 라인 확장도 빨라지고 있는 상황입니다. 당사가 기존에 수주하여 현재 진행 중인 미국 라인은 올해 안에 마무리될 예정이며, 올해 상반기 중에

27년 납품 물량을 추가적으로 수주할 것으로 예상하고 있습니다. 이외에 유럽 시장 진출도 착실히 준비하고 있습니다.

현재 해외 협력사와 함께 영업을 추진하고 있고, 기술 소개를 마치고 현장 테스트 단계를 협의 중에 있습니다. 테스트 이후에는 실제 수주에 이어질 것으로 기대하고 있습니다.

Both the semiconductor chemical filter and greenhouse gas reduction businesses are expanding overseas in line with the customers' strategy to secure global production bases. In particular, customers are concentrating investments in Asia and the United States, which is accelerating production line expansions at those sites.

The US production lines that were previously secured from us are currently in progress and are scheduled to be completed within this year. We expect to secure additional orders in the first half of this year for delivery scheduled in 2027.

In parallel, we are steadily preparing for entry into the European market. We are currently pursuing sales activities jointly with overseas partners and have completed technical briefings and are in discussions regarding on-site testing phases.

Following successful testing, we expect these efforts to convert into actual orders. 미세먼지 저감 사업은 LNG 발전 HRSG 분야 환경설비에 집중하고 있습니다.

특히 대만은 원전 폐쇄 이후로 LNG 발전 의존도가 매우 높아진 상황이어서 이에 따른 관련 설비의 수요가 크게 늘어날 것으로 전망하고 있습니다. 당사의 기술력과 수주 레퍼런스를 바탕으로 1분기 내에 추가 수주를 예상하고 있습니다.

이상입니다. In the fine particulate matter abatement business, we are focusing on environmental facilities for LNG power plant HRSGs.

In particular, Taiwan has seen a sharp increase in the reliance of LNG power generation following the phase-out of nuclear power, and demand for related environmental equipment is expected to rise significantly as a result. Leveraging our technological capabilities and proven order execution track record, we expect to secure additional orders within the first quarter.

Thank you. 이상으로 사전 질의응답을 마치고 현장 질의응답 시간을 갖겠습니다.

now we have finished the answering for the pre-submitted questions, and we will now open the floor for live Q&A. 지금부터 질의응답을 시작하겠습니다.

질문을 하실 분은 전화기 버튼에 별표와

If there are no further questions, we would now like to close the earnings call presentation. Thank you very much for everyone for participating.

Thank you.