Good afternoon. This is Jung-hyuk Kim, CFO of HD Hyundai Marine Solution.

Thank you for joining our 2025 fourth-quarter earnings call this afternoon. Joining me today are Chang-oh Kim, Senior Vice President in charge of AM Solution, and Sang-min, Senior Vice President responsible for Retrofit and Digital Solution.

I'll now walk you through our consolidated financial results for the fourth quarter of 2025. Please refer to the presentation materials available on our website.

First, let me turn to page 4, the 2025 annual performance summary. In 2025, HD Hyundai Marine Solution delivered record-high revenue of 1.98 trillion Korean won, driven by solid growth in our core business.

Of this, core business revenue reached 1.2 trillion, accounting for 60.5% of total revenue. As growth continued to be led by our high-margin core business, operating profit increased by 28.9% year-on-year to 350.1 billion Korean won.

As a result, operating margin reached 17.7% company-wide and 29.2% for the core business. Next, let me move on to page 5, which shows our three-year revenue and operating profit trend.

In particular, overall margin expansion in 2025 continued to be driven by the core business, while profitability in Retrofit and Digital Solution also improved meaningfully compared to the prior year. For Retrofit, the profit contribution from the FSU project completed in the first half was reflected in the results.

For Digital Solution, revenue growth and the inclusion of the DT AM business supported a more favorable profit mix. Next, let me turn to page 6, the 2025 fourth-quarter performance summary.

In the fourth quarter, consolidated revenue reached 516.2 billion, up 0.6% quarter-on-quarter and 11.4% year-on-year. Operating profit amounted to 90.5 billion, down 3.3% quarter-on-quarter, but up 37.3% year-on-year, with an operating margin of 17.5%.

As discussed in the third quarter, we surpassed 500 billion in quarterly revenue and 90 billion in operating profit for the first time, marking a step up in the overall scale of quarterly performance. In the fourth quarter, this higher earnings level was maintained, further demonstrating the strengthening of our underlying profit base.

In addition, compared to the fourth quarter of 2024, earnings volatility related to year-end non-recurring costs has been noticeably reduced. I'll go into further details on the next page.

Next, turning to page 7, which outlines performance by business segment. In the fourth quarter of 2025, total consolidated revenue amounted to 516.2 billion, of which core business revenue was 319.1 billion and bunkering revenue was 197.1 billion.

Both AM Solution and Digital Solution delivered record-high quarterly revenue for four consecutive quarters, while Retrofit also recorded growth in the fourth quarter as revenue from large-scale project completions was recognized. Core business was resulting in 5.9% quarter-on-quarter and 12.8% year-on-year growth.

Overall, these results indicate that the expanded scale of the core business has been maintained on a stable basis. Meanwhile, bunkering revenue amounted to 197.1 billion, down 7% quarter-on-quarter, but up 9.1% year-on-year.

Despite an approximately 20% increase in bunkering supply volume in 2025 compared to 2024, revenue growth for the year was limited to around 11%, reflecting the impact of lower oil prices. Looking ahead to 2026, while oil prices are expected to remain weak, we plan to pursue stable growth in the bunkering business by diversifying our supply pipeline through alternative fuels such as methanol and biofuel alongside continued volume expansion.

Moving on to page 8, which breaks down revenue across the core business segments. Total core business revenue in the fourth quarter of 2025 amounted to 319.1 billion, with AM Solution generating 244.6 billion, Retrofit 47.7 billion, and Digital Solution 26.8 billion.

AM Solution maintained its growth momentum on both a quarter-on-quarter and year-on-year basis despite lower bulk-type revenue. Retrofit recorded 42.4% quarter-on-quarter growth, reflecting continued revenue recognition from second-generation retrofit projects such as reliquefaction and EPLO, as well as remaining first-generation projects including BWTS and scrubbers.

Digital Solution continued to deliver consecutive record-high revenue, supported by the commercialization of shaft generator and defense vessel control systems, along with contribution from DT AM. More detailed discussions on each segment will be provided shortly by the respective business heads.

Page 9 provides an overview of operating profit. In the fourth quarter of 2025, operating profit reached 90.5 billion, with an operating margin of 17.5% on a consolidated basis and 28.4% for the core business.

For AM Solution, while quarterly margins showed some variation due to changes in product and service mix, overall profitability across the business remained solid, supporting a stable earnings trend. For Retrofit, operating profit and margin strengthened in the fourth quarter as cost savings realized upon completion of reliquefaction projects were reflected in earnings.

For Digital Solution, margins continued to improve on the back of revenue growth, with ongoing enhancement of the profit structure as the business scales up. Next, turning to page 10, I will briefly explain non-operating items and net profit.

In the fourth quarter of 2025, non-operating income totaled 7.2 billion, consisting of 4 billion in net interest income, 3.8 billion in foreign exchange gains, and 0.6 billion in other losses. Corporate income tax expense amounted to 24.2 billion, resulting in net profit of 73.5 billion for the quarter.

Next, on page 11, I will briefly review our financial ratios. As of the end of 2025, our debt-to-equity ratio stood at 54.3%, and we held net cash of 564.7 billion Korean won.

I will now move on to dividends. To date, we have paid a cumulative dividend of 2,100 Korean won per share through three quarterly dividends.

The year-end dividend for 2025 has been set at 1,850 Korean won per share. Including this, total dividends for the year amount to 3,950 Korean won per share, representing a payout ratio of 69%.

The record date for the year-end dividend is February 27. With that, I will hand the presentation over to our business heads, who will walk you through key revenue items and market trends for the fourth quarter.

Good morning. This is Chang-oh Kim, Senior Vice President in charge of AM Solutions.

I will now explain the AM Solutions result for the fourth quarter of 2025. In the fourth quarter, AM Solutions recorded revenue of KRW 244.6 billion, representing 15.8% growth year-on-year.

Despite very limited bulk order sales during the quarter, revenue remained at a level similar to the previous quarter. This indicates that AM business has reached a higher revenue level.

The two-stroke engine segment continued to lead growth, with the highest quarterly sales in every quarter of 2025. The non-engine segment, which had seen slower growth earlier in the year, shows some recovery in the fourth quarter.

The ASP index, which measures average revenue per vessel for AM Solutions, increased from 100 in 2021 to 218 in 2025. This indicates that revenue generated per vessel has continued to rise over time.

This trend is driven by changes in our sales mix, including a higher share of dual-fuel engine and an expansion in the service scope per vessel. In 2025, 12% of vessels with engine-related sales were dual-fuel, based on vessel count.

As deliveries of new dual-fuel vessels increase, we expect this share to continue rising. As of year-end 2025, cumulative LTSA order intake reached USD 604 million.

All 16 vessels with contract renewals through 2025 have completed renewals. In addition, all 54 vessels with contracts up for renewal in 2026 are expected to continue under LTSA.

One noteworthy point in this quarter is that LTSA contributed approximately USD 21 million in revenue, bringing its share to around 18% of engine-related revenue. This reflects the fact that major overhaul cycles for early LTSA vessels are now beginning to come due.

As these maintenance cycles continue, LTSA contribution is expected to remain solid and build gradually over time. For the non-engine segment, one of our approaches to address slower growth is to conduct health checks on vessels calling at major ports, such as Korea, Singapore, and Rotterdam, and to develop inquiries based on the findings.

Since September 2025, we have completed more than 140 health checks, and around 60 of these have led to actual orders. Through this approach, the non-engine segment has generated approximately USD 1.5 million in orders to date.

This approach has also been positively received by customers from a service perspective. We plan to continue these efforts and build on them step by step as part of our work to further enhance the full potential of the AM business.

Lastly, for the onshore power plant segment, some projects that were originally scheduled for revenue recognition in 2025 were deferred to 2026 due to delays in advance payments. The deferred revenue amounts to approximately KRW 10 billion.

The advance payments have now been fully received, and the revenue is expected to be recognized towards the end of the first quarter or in the early part of the second quarter of 2026. Thank you.

Good afternoon. This is Sang-min, Senior Vice President in charge of Green Retrofit and Digital Solution Sales.

I will begin with an update on the Retrofit business. In the fourth quarter, Retrofit recorded revenue of 47.7 billion Korean won, representing 42.4% growth quarter-on-quarter.

On a full-year basis, revenue increased by around 5% compared to 2024, showing a modest recovery in overall performance. In the fourth quarter, four reliquefaction projects, one of the key items within our gas solution portfolio, completed their gas trials, and the retrofit work was finalized.

As a result, these projects made a meaningful contribution to both revenue and operating profit. Based on our project management capabilities, cost savings generated upon project completion have consistently translated into profit.

The reliquefaction projects completed this quarter also delivered solid margins after completion. During the quarter, we secured one additional reliquefaction order.

Including this, the current reliquefaction order backlog stands at three vessels. Of these, two vessels are expected to proceed in the second half of 2026 and one vessel in the first half of 2027.

In addition, one FSU project included in the backlog is expected to begin full revenue recognition from the second half of 2026. In 2025, EPLO secured orders for a total of 98 vessels.

Of these, installation was completed on eight vessels in the fourth quarter. In 2026, around 60 projects are scheduled for execution.

EPLO typically has a relatively short delivery time of about six months, and as a result, a portion of the 2026 orders may be recognized as revenue within the same year. Based on this, we plan to further support revenue growth in 2026 through short-lead-time project orders.

During our third-quarter earnings call, we noted that the gas solution market environment was favorable. That assessment remains unchanged.

At present, we are concentrating our resources on gas-related projects, with several projects under discussion and making steady progress. In addition, to strengthen our coverage of Northern European shipowners, we plan to establish an office in Oslo in the second half of 2026.

Against this backdrop, we will continue to focus on securing meaningful large-scale project orders. Next, I will move on to Digital Solution.

In the fourth quarter, Digital Solution recorded revenue of 26.8 billion Korean won. On a full-year basis, revenue reached 91.9 billion Korean won, representing approximately 30% year-on-year growth.

In the fourth quarter, shaft generator was the largest contributor to revenue. A total of three vessels were recognized, with revenue of around 7 billion Korean won.

As of the end of fourth quarter, Digital Solution's order backlog stood at 150 million United States dollars. For shaft generator, we previously mentioned during the third-quarter call that demand has been expanding, particularly from container shipping companies.

In the fourth quarter, we secured new orders for 11 vessels, including six container ships. The current shaft generator order backlog totals 50 vessels.

Among them, 20 vessels are scheduled to be recognized as revenue in 2026. In addition, market outlooks point to an increase in LNG carrier newbuilding orders in 2026.

If LNG carrier ordering accelerates, we expect demand for our shaft generator solutions to expand further as well. In addition, as previously mentioned, Digital Solution is one of the areas that can benefit most directly from defense vessel demand.

As of the end of the fourth quarter, the order backlog for defense control systems within Digital Solution stands at nine vessels. At the same time, discussions regarding additional supply are actively ongoing.

Based on this progress, we aim to share more concrete developments in the special-purpose vessel segment in the first quarter. Lastly, I would like to briefly share our outlook for 2026.

For Green Retrofit, we expect the overall business trend in 2026 to remain broadly in line with 2025. Large-scale carbon solutions, including dual-fuel retrofits, are currently awaiting the adoption of the IMO mid-term measures.

In the meantime, we continue to diversify our decarbonization solutions and strengthen cost competitiveness to be well prepared for market expansion going forward. For Digital Solution, supported by a solid newbuilding market, the full-scale commercialization of shaft generator, and the expansion of digital aftermarket, we expect growth to accelerate compared to 2025.

In 2026 as well, we will continue to focus on delivering meaningful results. Thank you.

As previously disclosed in early January, we have provided our revenue outlook for 2026 at 2.33 trillion Korean won. In 2026, we plan to continue growth led by our core businesses, both in scale and in quality.

With this, I will conclude our presentation on the fourth-quarter 2025 results. We'll now be happy to take your questions.

Thank you.