Korea Electric Power Corporation

Good morning and good evening. First of all, thank you all for joining this conference call. And now we're back in the conference of the fiscal year 2025 second quarter earnings results by Capco. This conference will start with a presentation followed by a divisional Q&A session. If you have a question, please press asterisk one on your phone during the Q&A. Now we shall commence the presentation on the fiscal year 2025 second quarter earnings results by Capco.

Hello, I'm Lee Jung-taek, the financial director of Korea Power Corporation. Thank you for attending Korea Power's 2nd quarter performance announcement IR Conference Call. Today's conference call is scheduled to be held in Gugyeongmun Byunghaeng, and we will first receive a brief performance announcement and then answer questions. The performance data to be announced today is the IFRS connection standard, All comparisons are for the sake of the previous year's motivation, as there is no separate mention. In addition, among the contents of the performance announcement meeting, the business plan and goals that can be mentioned, and the estimated fiscal season are the goals or prospects at the current point of view, so please note that there are uncertainties and investment risk factors. From now on, I will explain the 2nd quarter profit-raising interest rate in Korean and then explain the same content in English.

Good afternoon. I am Lee Jeong-taek, head of finance and IR team at Korea Electric Power Corporation. We sincerely thank you all for joining us for KEPCO's Q2 2025 earnings conference call, despite your busy schedule. Today's conference call will be conducted in both Korean and English, and after a brief earnings presentation, we will proceed to a Q&A session. The figures presented today are based on IFRS consolidated preliminary figures, and all comparisons are made year-over-year unless otherwise stated. Please also note that any business plans, targets, and estimated financial data mentioned during the call reflect our current outlook and are subject to uncertainty and investment risk. We will now present the Q2 2025 profit and loss details first in Korean and then provide the same contents in English.

Hello. I am Yang Seong-hee, Director of IR. First, let's look at the sales income. In the second quarter of 2025, the joint sales profit was recorded at 5.889.5 trillion won. If we look at the details, the sales revenue increased by 5.5% and was recorded at 46.741 trillion won. The net sales profit increased by 5.9% and was recorded at 44.1575 trillion won. The other profits, such as overseas business profits, were recorded at 2.1%, which was reduced by 2.166 trillion won. Expenditure cost and sales cost decreased by 2.3% to 40.2846 trillion won. Total fuel cost decreased by 14.6% to 9.325 billion won. Purchase strategy cost increased by 1.1% to 17.3578 trillion won. Pricing cost increased by 4% to 5.8785 trillion won. Good afternoon. This is Yang Si-young, General Manager of the IR team.

Let us begin by reviewing the operating profit. The consolidated operating profit for the first half of 2025 was 5 trillion won and 889.5 billion won. If you look into the details, revenue was 46 trillion and 174.1 billion won, up by 5.5%. Of this, electricity sales revenue accounted for 44 trillion and 157.5 billion won, up by 5.9% and other revenue including overseas business income posted 2 trillion and 16.6 billion won down by 2.1%. Cost of sales and SG&A expenses totaled 40 trillion and 284.6 billion won down by 2.3%. Of this, fuel cost is 9 trillion and 325.2 billion won down by 14.6%, and power purchase cost is $17,357.8 billion, up by 1.1%, affected by fuel price changes. Depreciation expenses came to $5,878,000,000, increased by 4.0%. Among non-operating items, interest expense amounted to $2,211.3 billion, down by 72.8 billion won from the same period last year. Based on the factors mentioned, the first half 2025 consolidated operating profit was 889.5 billion won, and net profit for the period was 3,538.1 billion won. Hello. I'm Um Tae-seok, and I'm in charge of the IR.

Next, I'd like to talk about the interest rates. First, I would like to talk about the performance and prospects of power sales. In the first half of the year, the power sales decreased by 268.4 terawatt-hours in total, with a decline of 268.4 terawatt-hours in sales and a decrease of 0.05% compared to the previous year. In 2025, we expect that the sales will decrease rapidly due to the impact of the low economic growth rate and the decline of the manufacturing industry. Next, I would like to talk about the temperature of fuel prices and S&P. 2025년 상반기 연료 가격은 유연탄을 호주탄 기준으로 톤당 약 103.1달러, LNG는 JKM 기준 톤당 약 105만원을 기록하였습니다. 또한 S&P는 약 118.9원 per kWh를 기록하였습니다.

Good afternoon, this is Umtae Self, Senior IR Manager of the IR team. I will now go over the key points of interest. First on electricity sales, performance, and outlook. Electricity sales volume in the first half reached 268.4 kWh, down 0.05% YY due to reduced industrial sales on the back of sluggish exports. For the full year of 2025, we project sales to go down slightly due to the impact of downward adjustment of the economic growth rate and downturn in the manufacturing sector. Next, I'll let me cover the fuel price by type and the S&P trend. In the first half of 2025, the posthumous coil price based on Australian coil was around $103.1 per ton, while LMG based on JKM was approximately $1.05 million per ton. Additionally, the system marginal price, or SMP, was around $118.91 per kilowatt hour.

If we look at the power mix of the power group 4, in the first half of 2025, the amount of power will increase due to the increase in the input and use rate of new power plants. In the case of coal, the amount of power will decrease due to the decrease in the use rate of coal. The amount of power will decrease rapidly due to the decrease in the amount of equipment and the increase in the amount of base power. In the year 2025, the amount of power will decrease, the amount of coal will remain, and the amount of LNG will decrease rapidly. In 2025, we are looking at 80% in the first half of the year, 40% in the second half of the year, and 20% in the second half of the year. Let me tell you about the cost of RPS. In the first half of 2025, the cost of RPS was recorded as 1.950.9 billion won per unit and 2.760 billion won per unit. Lastly, it is the situation of fundraising.

Looking at the generation mix of KEPCO subsidiaries, the generation mix for nuclear went up due to the introduction of a new nuclear power plant and the increase of utilization rate. As for coil, generation mix is down from lower utilization while LNG also is slightly down from decreased capacity and increase of baseload generation. For the full year of 2025, we expect that the nuclear generation will go down, and coal is expected to be maintained, while LNG mix is expected to go down slightly. Expected utilization rate by generation source for 2025 are for nuclear, it's at the mid-80% range, COIL in the upper 40% range, and LNG at the mid-20% range. I will now touch upon the RPS cost. In the first half of 2025, RPS costs were 1 trillion and 958.9 billion won on a consolidated basis, and 2 trillion and 176 billion won on a separate basis. Finally, to go over the funding status, as of the first half of 2025, borrowings have stood at 131.9 trillion won on a consolidated basis and 86.5 trillion won on a separate basis. And now we will proceed to a Q&A session. Since we will conduct a session with consecutive interpretation into English as well as Korean, we would like to ask all the participants to state your questions and answers simply and clearly. We will now receive questions.

Then we will now begin the Q&A session. If you have any questions, please press the star and number button on the call button. If you wish to cancel the question you have requested, Now Q&A session will begin.

Please press asterisk 1 if you have any question. For cancellation, please press asterisk 2 on your phone. The first question will be given by Sung Jong-hwa from LS Securities. Please go ahead.

Yes, hello. I'm Seungjong from LX. Thank you for the question. I only have one question. Recently, LG Science said that it will purchase the exchange rate directly from June this year, and SK Advanced applied for it in March. Overall, there is a feeling that large companies do not buy from the same company, but buy directly from the exchange rate. Recently, as the price of industrial products rose, from the fourth quarter of last year, How do you predict the basic reaction or situation of these situations in the future, and what is the impact of this part, and what is the solution to solve it? In the future, I would like to ask you to answer about the basic impact and the solution to raise the cost of living in the future, whether it should be a part of the general price or a part of the general price, or whether it should be a part of the general price.

Thank you very much for giving me this opportunity to ask a question. I am from LS Security. I would like to ask just one question. This is true for LG Chemical starting from this June. They have announced that they will be purchasing directly from the KPX and also this is also true for SK as well that they're going to directly purchase the power from the power exchange. So there seems to be this trend that the companies are going to directly purchase the power from the power exchange. Recently, the industrial tariffs have come up and starting from the fourth quarter of last year, the sales unit price of the industrial power has actually exceeded that of the commercial power. In this situation, what is your view on the future direction? And what kind of impact would this have on your company? And going forward, in order to freeze or lower the industrial power prices, would it be possible for you to actually raise the unit price of the commercial power prices? So what kind of basic directions do you have about this situation and potential solutions for this issue?

First of all, I would like to tell you about the content and response plan related to power direct purchase. As you said, LG Chemical Co., Ltd. has signed a direct purchase contract with us from June. Therefore, in the case of this customer, our sales and sales costs will be deducted separately from the sales and sales costs. As a result, our sales and sales costs may be affected. We know that there are a few more companies that have applied for this power purchase directly, but we cannot tell you the current information. Therefore, in order to stabilize the power market of these companies, in order to prevent the system from being abused by the customers of this direct purchase system, we agreed to improve the system of direct purchase system between the industrial department and the power purchase exchange. In summary, the direct purchase of power has been extended to 1 to 3 years. So let me first take the question about the direct power purchase from the power exchange.

As you have already mentioned, LG Chemicals' Yeosu plant has announced that they will be directly purchasing the power from the power exchange. And this announcement came in June. Therefore, in the case of this customer, they will now be excluded from our sales as well as from our cost of sales as well. And the power exchange will be doing the settlement. And so this will have an impact on our sales volume as well as on our cost of sales. And we do understand there is a couple more companies that have applied for this direct purchase from the power exchange, but we're not in a position to disclose who those companies are at this point. And in order to stabilize the corporate power market, in order to prevent any abuse of the current system by the direct purchasers, we have actually agreed with the Korea Power Exchange to improve upon the direct power purchase system And the key to this agreement is that the mandatory transaction period of the direct purchasers will be extended from one year to three years, and the sales operator currently bears the burden for the other welfare costs and the DR settlement, and this will be actually imposed. In this manner, the system will be improved.

It is necessary to increase the amount of additional funds for the recovery of the accumulated deficit. However, due to the increase in the amount of funds focused on the industry, it is limited to adjust the additional amount of funds for the industry. We are reviewing the increase in the amount of funds for the division of the industry. In order to

address the accumulated deficit as well as improve the financial soundness of the company. Yes, we are in a situation where we do need to raise the tariffs additionally. However, the tariff increases up until now has largely concentrated on the industrial tariffs, and so at this point there is limited room to engage in additional tariff adjustment for the industrial power. For the other non-industrial sectors, we are reviewing the potential increase of tariffs. And in order to ease the burden on the industrial sector, as well as in consideration of the various external factors, we will be engaging in close consultation with the government on ways in which to undertake the tariff adjustment.

The following question is by Moon Kyung-won from Merit Securities.

Please go ahead. There was a report saying that we are preparing to enter the U.S. original market. If we are going to advance, if we are going to do it regardless of whether we actually do it or not, I'm curious about what we need to prepare before that. There is a change of organization in the Department of Foreign Original Business Development, or there is an issue that we need to solve in terms of human resources, or If you make progress without such preparation, can you make progress right away? Please explain this part. Second, in July, especially in August, it seems that the S&P is maintained at a lower level than expected. Despite the maturity, the S&P is lower than the second quarter and third quarter than the previous quarter. Thank you very much for giving me this opportunity to ask my question.

So I have two questions. My first question has to do with some of the media reports that came out recently. According to these media reports, it is stated that KEPCO is preparing to enter into the nuclear power market of the United States. And if we assume that KEPCO is indeed going to enter into this U.S. market, regardless of whether this is true or not at this point, I would like to ask what kind of preparation has been made by KEPCO in order to do so. So, for instance, you need to set up your organization in order to prepare to enter into the overseas nuclear power market, or you need to perhaps prepare for the possible licensing-related issues, or Is it the case that you don't need to make any further preparations and you can immediately enter into the U.S. market? Which of the two is your situation? That is my first question. And my second question has to do with the S&P. Especially starting from July as well into the month of August, S&P is being maintained at a lower level than had initially been expected despite the fact that we're now in the high season. Compared to previous quarter, S&P is maintained at a lower level. And what is KEPCO's view of the causes of this more-than-expected S&P? And what is your S&P-related outlook till the year end?

First let me take your question about our possible entry into the U.S.

nuclear power market. Recently the United States has announced that by 2050 they will increase the nuclear power capacity from the current 100 gigawatts to 400 gigawatts, in short a fourfold increase from the current capacity. Now this policy by the United States to expand their nuclear power generation from the point of view of global nuclear power expansion is indeed positive news. And as such, Kefco is taking an interest in the potential entry into the U.S. market, and we are taking a positive view and engaging in a review of the overall circumstances, but we're not in a situation to disclose any specific details, so we'd like to ask for your understanding on this one.

Yes, I'll answer the second question. You asked about the reason why S&P is lower than expected in August and the outlook for the end of the year. The demand has risen a lot due to the unexpected storm in July. S&P is predicting the demand at the power exchange. Due to vacation and weather, the exchange is assuming that the actual demand is decreasing compared to the predicted demand in August. In addition, It is estimated that some of the restrictions have been changed at the exchange. This is something that should be checked at the exchange. And in the case of the prospect of the end of the year, it is difficult for us to tell you the exact prospects depending on the price of goods, fuel, and the operation of the exchange.

Let me take a second question about why the S&P levels in the month of August was lower than expected. This was because in the month of July, due to unexpected heat waves, there was much higher demand than had been initially expected. S&P is actually conducted by the power exchange. They predict the demand and they calculate the S&P And due to the impact of the summer vacations and the weather situation, what the Power Exchange had initially anticipated about the demand in August was actually different from the actual numbers. In short, there was less demand in the month of August than had been anticipated by the KPX. And also, added to that, we do believe that the KPX had changed to a certain extent, the curtailment method, and this also serves as another factor.

다음 질문 받겠습니다.

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다음으로 질문해 주실 분은 미래세증권의 류재현님입니다. 질문해 주십시오.

The following question is by 류재현 from Mirai Assets Securities. Please go ahead.

First of all, I think you mentioned the power mix earlier, but I would like to ask you to tell me the operating rate of the second half of the year. Then, if there is a difference in burden compared to last year, I hope you can tell me. Lastly, as you can see, you said that there is no room to raise industrial costs, but if so, are you planning to raise the cost of housing or other costs? How do you see the possibility? In addition to this, I would appreciate it if you could tell me how the car registration system will proceed.

Thank you very much for giving me this opportunity to ask my question. So I have four questions. First, talk about the generation mix, but can you also give us your outlook for the utilization rate for the second half of this year? And actually, the next question has to do with the progressive tariff system. Compared to last year, is there any significant difference? If there is, can you elaborate on that? And finally, during one of your comments, you said that there was little room to raise the industrial tariffs. If that is the case, then is there any possibility of raising the tariffs for the residential area or other sectors? And also, is there any possibility of introducing a differentiated tariff system as well?

Yes, I will answer the question. So this is an outlet for the utilization rate.

In the case of nuclear, our outlet is mid 80% level and for coil is the upper 40% level. And utilization for LNG is the mid-20% range.

Okay. First let me take your question about the progressive tariff system.

So introducing this current system is something that we have done since 2019. So for the month of July up until the month of August we have actually expanded the progressive tariff intervals in order to ease the public's burden on the tariff payment.

And this system has been in place since 2019 and we do not believe that the impact has grown any larger since last year. Since we are focusing on industry-specific payments, it is necessary to have additional payment for industry-specific payments. However, it is not necessary to have additional payment for specific types of payments, And your next question was about the industrial tariffs.

or the fact that we have mentioned that there was little room to engage in additional hikes of the industrial tariffs and whether we had any plans for raising the tariffs in other sectors. Well, it is true that because the tariff increases up until now have been concentrated largely in the industrial segment that there is little room to engage in additional tariff increases there. But we also recognize the fact that we need to raise the tariffs in other segments However, in terms of specifically which sector will be targeted for tariff increases, the level of the tariff increases and the timing is something that has not been specifically decided as of yet. We will be continuously persuading the government on the need to do so, and we will closely work with the government in order to make sure that tariff adjustment can come through.

Currently, the government is planning to introduce a regional fund-raising plan for Do-Som, and we are planning to introduce a regional fund-raising plan through research areas and government negotiations. We plan to introduce a fund-raising plan by the beginning of 2016 and prepare a detailed implementation plan, and in the first half of next year, we plan to negotiate with the government and gather opinions from those concerned, Next, about the possibility of introducing a regional-based tariff system.

Currently, in keeping with the government plan to introduce a tariff system that is differentiated by the regions, we are currently in research and study, and through further consultations with the government, we are designing the possible introduction of a regionally differentiated tariff system. So our target is to introduce this system by early 2026, and we will be working to come up with a detailed plan for the implementation. And by the first half of next year, we intend to gather the opinions of relevant stakeholders and we're targeting introducing the system within the year 2026. We will receive the next question.

Currently, there are no participants to question.

Please press asterisk 1 to give your question.

다음으로 질문해 주실 분은 대신 증권의 허민호 님입니다. 질문해 주십시오.

The following question is by 허민호 from 대신 시큐리티스. Please go ahead.

네 안녕하세요. 몇 가지 세 가지 정도 질문들이 나왔는데요. 1분기에 이어서 원자력 관련되는 정산 단가가 상승 추세가 이어지고 있는 것 같은데요. I would like to ask if there is a reason why the net worth is completely related. Next, what was the number of net worth control in the first half of the second quarter, and what will happen in the future? Please tell me. And you said that regional wholesale rates have been introduced since 2026. Are wholesale rates implemented at the same time, or are wholesale rates So I have three questions.

It seems as if in the first quarter, the sediment unit price related to the nuclear is on a rising trend. So I'd like to ask, what was the drivers behind this rise in the sediment unit price of nuclear? And also, can you elaborate on what the adjusted coefficient for the coal-fired power plant and other segments in the first half of the year? And then moving on to the regional wholesale and retail tariff system that you have mentioned earlier. You plan on introducing this system starting from 2026. Is this going to be a simultaneous introduction of both wholesale and retail tariff system, or is it going to be only wholesale tariff system that will be introduced first? Because there seems to be different media reports related to this. And my final question has to do with the RPS cost. What was the reference unified on a consolidated basis as well as on a separate basis?

And also, can you elaborate what the cost was related to the EPS as well? Yes.

Let me take your question about the rise of the sediment unit price of the nuclear power segment. So this is something that we will be actually getting back to later on. And moving on to the next question is about the adjusted coefficient for the nuclear and the coal fire. the power plant, the thermal power generation, the adjusted coefficient has not been changed in the first quarter and the second quarter. With regards to the future outlook, we will be reassessing it at a level that allows us to maintain financial health and balance. We will be consulting with the government in order to come up with an appropriate coefficient.

Yes, I will talk about the regional automatic bonds. The 26-year introduction of the regional electronic bonds that I just explained is related to the 소매 . The information about the 소매 is in the system agreement so that it can be entered in 25 years before the 26-year period as part of the power exchange.

Yes. Let me take your question about the regionally differentiated tariff system. So the tariff system that we are aiming to introduce by 2026 is actually the retail tariff system. And as for the wholesale tariff system, this is something that is led by TTX, and we understand that the American preparation is to introduce this system within 2025.

Let me get your question about the RPF.

In the case of the consolidated financial statements, the RPS-related cost comes to $1 trillion and $168.3 billion. And on a separate basis, the number is $1 trillion and $197.7 billion. And also, regarding the cost related to greenhouse gas, This is already something that is reflected in the power purchase cost, and it is already settled, so there is nothing that is reflected in our financial statements related to this item.

다음 질문 받겠습니다.

Well, now let's see the next question.

다음으로 질문해 주실 분은 시티그룹의 에어마님입니다. 질문해 주십시오.

The following question is by Airma from Citigroup. Please go ahead.

Thank you for taking up my questions. So I just have more questions about the fuel price outlook for the full year 2025. Can you please give some color about the coal and energy and oil price in the second half of the year? Thank you.

Yes, thank you for the question. I would like to talk about fuel prices. Let me answer your question. Our company does not provide any outlook in terms of the fuel price.

다음 질문 받겠습니다.

So now we'll take the next question.

현재 질문을 요청하고 계신 분은 없습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 1번을 눌러주십시오.

Currently, there are no participants' questions. Please press asterisk 1 to give your question.

다시 한번 말씀드리겠습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 1번을 눌러주십시오.

Once again, give your question. Please press asterisk 1.

다음으로 질문해 주실 분은 유진 투자증권의 황성현 님입니다. 질문해 주십시오.

The following question is by 황성현 from Eugene Investment Securities.

Please go ahead.

I'm sorry, but I can't hear you well, so I'd appreciate it if you could do it again.

I'd like to ask you about the payment policy. The government's payment policy has changed a lot in the last seven years. Of course, I am not in a situation where I can do it myself, but I would like to share with you some of the changes or stances that have been made recently in the government on the delivery of patients.

Yes, I have a question on your dividend policy. Of course, given your current performance, I don't think you're in a very good position to pay out dividends. However, from your positioning, do you sense any change in the government's stance about KEPCO possibly paying out dividends going into the future?

Yes, thank you for the question. As you well know, our mid-term government is aiming to pay out dividends at 40 percent. We don't have any specific information on the part of non-governmental information. However, we will try our best to change the direction in which the stock market can be restored by considering the financial situation of our company and the investment needed for the consolidation of the power network.

Let me get your question about the dividends. As you are probably well aware, in the mid to long term, the government's targets for dividends as it relates to KEDCO is a 40% payout, dividend payout ratio. When the new administration took office, we have not been separately notified either by the MOE Ministry of Economy and Finance or the government side about any possible changes to the Capco's dividend payout ratio. However, going forward, in consideration of our financial situation as well as our need to make investments in order to expand our power grid, we will be considering our dividend payout ratio in the direction that will allow for the enhancement of shareholder value.

Thank you.

We will receive the next question.

현재 질문을 요청하고 계신 분은 없습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 1번을 눌러주십시오.

Currently there are no participants' questions. Please press asterisk 1 to give your question.

다음으로 질문해 주실 분은 유진투자증권의 황성현님입니다. 질문해 주십시오.

The following question is by Hwang Sung-yeon from Eugene Investment Securities. Please go ahead.

16% of the last year's share is 16% in the government. I wonder if the number is meaningful or how it was decided. Secondly, recently, the role of Hwansu-won is getting bigger. In the city hall, the appearance of Hwansu-won is a little bit like a rumor. I wonder if you can see it.

Yes. I have a question about last year's dividend payout ratio. Last year, the dividend payout ratio was 16%. I'd like to know how that figure has been decided. And my second question has to do with KHMP's role. It seems that recently the role of KHMP is expanding, and we would like to know what TEPCO's views or position on the potential role of KHMP is.

Yes.

With regards to last year's dividend payout ratio of 16%, actually it is the Ministry of Economy and Finance that is the lead ministry in deciding the dividend payout ratio of Kefco. And so we do not actually have, we're not in the know of how exactly that figure came about. But during the consultations with that ministry, we did put in a request that our financial situation as well as our future investments need to be taken into consideration in setting the dividend payout ratio. And as relating to your second question about a potential IPO of H&P, we have not officially engaged in any review of this possibility.

다음 질문 받겠습니다.

We now receive the next question.

현재 질문을 요청하고 계신 분은 없습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 1번을 눌러주십시오.

Currently there are no participants' questions. Please press asterisk 1 to give a question.

다음으로 질문해 주실 분은 LS증권의 성정화 님입니다. 질문해 주십시오.

The following question is by from LS Securities.

Please go ahead. In spite of that, the share price is only about 16% of the share price, but if we are stable now, we have a meaningful amount of profit, but considering the cumulative value, the share price of the past level is the same, so this is adjusted to the normal number and adjust the share price ratio to the share price ratio. It is difficult to make a share in earnest. I have further questions about the dividends.

So maybe this is a question that is difficult to answer but I'll ask this question anyway. In the case of last year, Compared to your consolidated net income, your separate-based net income share was exceptionally low. Despite that being so, the dividend payout ratio that was determined was only 16%. So although we are seeing in recent days a meaningful profit that is coming out of KEPCO, but on the other hand, if we take into consideration your accumulated losses, it is, I believe, challenging for the company to pay out the dividend payout. that you have paid out in the past. And so if that's the case, is it possible for you to adjust the settlement coefficient so that the ratio between the consolidated basis net profit and the separate basis net profit can be adjusted and dividends possibly be paid out in that manner? What is your view on this?

Let me answer your question.

So in the case of the adjusted coefficient, it is based on cost assessment and also based on our regulations and policy. So it is unrelated to dividend payout ratio.

Let me add to that.

In the cost assessment committee, they take into consideration the fuel cost as well as the fixed cost in coming up with these calculations. So this is something that is determined unrelated to dividend policy. Now we'll see the next question.

Currently there are no participants' questions.

Please press asterisk 1 to give your question.

다시 한번 말씀드리겠습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 1번을 눌러주십시오.

Once again, if you have a question, please press asterisk and 1.

질문이 더 이상 없으신 관계로 이상으로 질의응답을 마치겠습니다. 추가로 궁금하신 점은 IR팀으로 문의 부탁드립니다. 바쁘신 중에도 참석해 주신 분들께 감사드리며 한국전력공사의 2025년 2분기 실적 발표는 이것으로 마치겠습니다. 고맙습니다.

If there are no further questions, we will now end the Q&A session. For any additional inquiries, please contact our IR department. This concludes the first quarter year 2025 second quarter earnings results by Capco. Thank you for your participation.