Shinhan Financial Group Co Ltd

Hello. Happy New Year. I am Park Cheol-ho, in charge of the IR part. Thank you to all of you who attended the annual performance announcement of Shinhan Financial Group in 2025. Today's performance announcement includes the newly appointed Group CFO Jang Jung-won, Group CRO Na Eun-pa, Shinhan Bank CFO Kang Yong-hong Group, Shinhan Card CFO Lee Jung-bin Group, Shinhan Investment CFO Lee Jae-sung Group participated. And last October, the Group AX Digital Department, which was newly launched, also participated. And as before, the Group CSO Go Seok-heon Department and Shinhan Life CFO Joo Sung-hwan Group participated, so I hope that many of you who participated today Thank you for your interest and participation. Today's performance announcement will be held after the group CFO's presentation on the annual performance announcement in 2025. Then, we will have a Q&A time with the participants. Then, we will have a presentation on Jang Jung-hoon's performance.

Hello, my name is Jang Jung-hoon and I am the CFO of Shinang Financial. We will do our best to communicate with the market about the continuous efforts and consistent promotion of the group's sustainable value acquisition. From now on, I will explain the annual business performance of 2025. This is the highlight of the second page of the business performance. As of the end of 2025, Despite the increase in the exchange rate, the Group CET-1 ratio was managed within the planned range of the Group RWA and was set at 13.33%. The Group's board of directors agreed on a well-managed capital ratio of 570 won per share and 310 won per share. With the approval of the Board of Directors, the amount of the total share price of 25 years will be 2.5 trillion won, and the total share price will be 50.2%, which is the goal of 50%. Meanwhile, the Board of Directors has also agreed to acquire 5.5 trillion won of their own stocks, including 2.5 trillion won of their own stocks, which will be acquired in January, and 7.5 trillion won of their own stocks, which will be purchased by July. The short-term net profit of the year in 2025 was 4.9716 trillion won, which increased by 11.7% compared to the previous year, based on top-line growth and well-controlled cost factors. Group's R&D and ROTC have recorded 9.1% and 10.3% improvement of 0.7% each year compared to the previous year. The next page is the direction of the capital policy in 2026. As I mentioned earlier, the Party's Secretary of State recently considered the reform of the tax reform bill, and according to the resolution of the addition of 570 won of cash payment and 310 won of additional payment, the total amount of cash payment increased by 14.9% compared to the previous year, and the payment tendency was recorded at 25.1%. Through this, the individual shareholders who invested in our company will be able to receive a separate tax benefit according to their own conditions. For reference, the fundamental cash payment standard is that you will be able to receive the corresponding cash payment when you apply until February 13, as there is a Lunar New Year holiday on February 20. On the other hand, the amount of money paid by the government will also be approved by the Executive Directorate and will be used as a payment resource. In addition to the speedy self-sufficiency policy to continuously improve the value of the stock, we will also prepare for the upgrade of the value of the value of the company as we have achieved 50% of the target share of the stock in a very early stage. In the process, we will listen to the market's opinions and actively communicate with them by sharing our relatives' opinions. This is the 4-page capital. The Group CETON ratio is managed at a stable level, with a 22BP drop compared to the previous year due to an increase in RWA and a decrease in short-term interest rates. Group RWA increased by 5.1 trillion won compared to the previous year due to an increase of exchange rate increase, but it increased by 10.9 trillion won and 3.2% compared to the previous year and was well managed within the planned range. In the future, we will do our best to provide enough funds needed for local and local governments, and to maintain a stable capital ratio through internal efficiency and strategic resource distribution. Please refer to the data on the 5-page asset fund. 6. Group Profit Group's annual short-term profit grew in terms of business profits, and despite over-wage recognition such as ELS, the cost factors were well controlled, and 4.9716 billion won, which was improved by 11.7% compared to last year, was applied. In the middle of the quarter, there was a 64.1% decrease in the interest on the stock market due to the recent rise in market interest rates and the increase in the rate of return, such as the expansion of hopeful retirement. I will explain the details of each item in detail from the next page. This is the interest interest on page 7. The group's interest rate has increased by 2.6% compared to the previous year due to proper asset growth and cost efficiency. The bank loan has increased by 4.4% compared to the previous year. The business sector has increased by 5.0% and 6.9 trillion won per year based on policy funds, The corporate sector has increased by 3.9% and increased by 7.1%. Please refer to page 28 for more details. Bank NIM has recorded a 1.56% decrease in EBP compared to the year-on-year decline in debt asset profits, reflecting the movement of the market interest. This is the next page. Group's interest rate has grown 14.4% year-on-year, with growth of 14.4% year-on-year. Interest rate has grown 7.6% year-on-year, with growth of 7.6% year-on-year, with growth of 7.6% year-on-year. In terms of the interest on the stock market, the interest on the stock market has recently increased rapidly, and the interest on the stock market has decreased by 53% compared to the previous quarter, but it has increased by 13.5% compared to the previous year. The interest on the insurance sector has also increased by 7.4% compared to the previous year, and it is expected to show stable levels of interest in the future through large-scale CSM management. Next, the 9-page review and the cost of payment. The review of the group increased by 4.7% compared to the previous year, as the cost of human resources increased in the process of cost-efficiency optimization, such as hope retirement of major group companies, but the increase in business profits added to the reduction of general management costs, and the annual business profit margin recorded 41.5%, still maintaining a stable level. Even though the annual loss cost has increased, reflecting the difficult real-world competition, the loss cost of real estate PF, which has been recognized as conservative and preemptive, has decreased by a large margin and decreased by 4.1% compared to last year. As a result, the annual loss cost was also recorded at 45BP, which was improved by 4BP compared to last year. In the quarter, the loss cost was reduced by the overall self-sustaining management efforts of the group, but it increased by 15.7% due to seasonal influences such as the adjustment of the RC price. Next is the self-sustaining index of the 9-page group. The group's NPL coverage ratio has been improved by 1.89% compared to the previous year, with the group's overall active trading policy including the launch of the bad bank and the loss of large-hand cash and fixed-in-line goddess balance at the same time, but compared to the previous year, the fixed-in-line assets related to Sintaxa's book-sale business have increased and decreased by 16.89% compared to the previous year, recording 125.98%. The repayment rate of banks and cards is gradually improving. With the increase in credit risk of companies due to the delay in recovery, the difficulties of low-income customers are also continuing, so it is thought that conservative asset sustainability management will be necessary along with the supply of funds to low-income countries in the future. Please refer to the details of the group's loss absorption capacity and the market price in the next page. Next is the 12-page group summit of overseas business profits. Despite the increase in loan and payment costs, the top-line has grown with interest rates centered on debt, and has increased by 2.1% compared to the previous year. The credit card has decreased by 16.7% compared to the previous year, due to efforts to improve the cost structure, such as hope retirement, while the pressure continues in terms of payment and loan costs. With the rise of the capital market, the stock exchange rate has been expanded, and the interest rate has increased significantly, and the profit of self-sales has also improved, and the speed of recovery is increasing. In addition, we are looking forward to additional performance improvements through the promotion of the recently approved launch business. Shinhan Capital's pressure on the payment side and the loss side continued for a year, and it was delayed compared to the previous year. Groups such as Card and Capital and other goddess-professional financial companies are continuing to improve their fundamentals through asset rebalancing and various self-improvement efforts, and are looking forward to recovering their profitability gradually. Despite the uncertainty of domestic and foreign business profits, the group's overseas business profits have shown differentiated results, including 1 trillion won, which is the first in the history of private finance, based on major countries such as Japan and Vietnam, and is gradually increasing the share of group profits. Next is page 13, the outlook for 2026. The GDP growth rate is expected to rebound from 1.0% to 1.8% this year, and there will be a slight recovery in the year, but it still seems to be at the level of potential growth rate. In order to prevent the rise in the price of real estate and the weakening of the stock market, It is expected that this financial environment will be favorable for maintaining the bank's ranking margin, but it is expected that it will have a negative effect on the management of liquidity. In the case of the exchange rate, it is expected that the policy uncertainty of the U.S. government will weaken the trust in dollar assets, and that it will continue to fall from 1,400 won to 1,400 won, based on the rich dollar mobility, such as foreign investment funds and 경상수지 흑자. Finally, I will talk about the real estate market. This year, it is expected that market polarization will continue in Seoul and the metropolitan areas, and government policies aimed at strengthening the government's policy framework to convert real estate funds into productive finance will be strengthened. In the end, it is expected that the company loan growth at the center of Judam University will be limited this year, while the competitive competition for productive finance will be strengthened. The next page is the direction of financial management in 2026. First, based on stable capital ratio management, we will try to maintain more than 50% of the share price per share, while the ROE will reach the middle of 9%, and in 2027, we will be able to exceed 10% of the ROE, which is the goal of the company's financial planning. In the case of commercial profits, we will expand the area of non-profit interests and seek additional opportunities in the expansion of productive finance. In addition, we will implement cost structure efficiency and cut-off efforts at the same time to manage the commercial profit margin at a level similar to the present, and we expect that the cost-saving rate will be stabilized for the year-on-year basis based on the asset sustainability management strategy that has been differentiated since the beginning. Next, from page 15 to page 16 is an explanation of digital sustainable business activity performance. From page 17 to page 19 is the performance of the company's corporate value management plan. Looking back on 2025, we have achieved a goal of 50% of the stock market share, while maintaining the CETON ratio at a stable level through robust financial fundamentals and risk management capabilities. The number of self-subsidized shares is decreasing towards the target of 4.5 billion shares, and ROE and ROTCE, which still have a lot of room for improvement, are also rising at a rapid pace. There have been major changes in the current laws and regulations, and as the efforts of various stakeholders to promote capital markets and increase corporate value have continued, Shinhan Financial Group will also seek new opportunities for profit by actively interacting with the market to activate the Korean capital market and promote productive finance. Based on this, we will upgrade the current value-of-sum plan to the ROE stock center that is sustainable. From the next 20 pages, we have listed the financial status of each group and the total profit, operation, and delivery status, so please refer to them. This concludes the presentation. Thank you for listening.

Yes, then we will have a Q&A session with you from now on. We will take questions. If you have any questions, please raise your hand while you are on Zoom. Please ask a question. Yes, if you have any questions, please raise your hand at the zoom function. Yes, Mr. Jung Joon-suk of NH Investment. Yes, please ask a question.

Hello, I'm Jung Joon-seop from NH Yeojin Kwon. Thank you for your question. I'd like to ask you a question related to Juju Hanam. If you look at page 4 of this IR document, it seems that you are planning to pay 740 won per quarter for 26 years. Then, the total amount paid for 26 years is probably 10% more than 25 years. Yes, thank you for the question. Please wait a moment while we prepare for the answer.

Thank you for your question, Mr. Jeong. You asked about the ratio of self-employment and cash payment. As you said, the cash payment is increasing by more than 10% based on our DPS. The reason is that, as I mentioned earlier, in order to achieve 10% of ROE, we established a plan to increase our short-term profit plan to at least 10% of CAGR in 2026 and 2027. This will allow us to increase our policy to 10% or more. As you said, we will think about the amount of money to be deposited. As we promised, we will continue to expand the amount of money to be deposited. Starting in 2026, we will consider the amount of money to be deposited, including the area of separation tax. We will carefully check the direction of the regulations. Even if we do this, the payout ratio itself is not 25% or 27%. It will probably lead to progressive payout ratio improvements. As we agreed this morning, we believe that we will be able to do more self-sufficient projects similar to last year or larger than that. We achieved 50% of our initial goal, but we are not obsessed with our goal. We are thinking about how to take this direction of 50% to the future, and when we report the performance of the corporate value system, we will be able to report this part in general. Thank you for your answer.

We will take the next question. The next question is from Jung Tae-joon of the Future Asset Authority. Please ask the question.

Hello, I'm Jeong Tae-joon from Miraset. Thank you for the question. When you asked us earlier, you told us that the net profit will increase by 10% by the year 2027. I think it would be helpful if you could give us a clearer guidance in terms of net profit margin, interest rate growth rate, interest rate cost, and interest interest rate. Thank you.

Please wait a moment while we prepare an answer to that question.

I think it would be good to look at page 14 again and talk about it. Assuming that the interest rate does not fall, if we maintain a growth rate of 4% to 5% for RWA, we predict that there will be some potential in the growth area. If we assume that the NIM will be maintained, we believe that it will be possible to grow at least 5% of interest. Of course, as I said, the interest rate is variable in terms of macro, so we will take a closer look at it. As for the VISA part, we have a lot of brokerage ARMs, and we have a lot of revenue from capital market players, and we have a lot of revenue from IB and WM, so we are expecting minimum high single digit, and we are expecting growth above WD. If you look closely at the cost-benefit part, we are continuing to have a significant efficiency. In terms of GDP growth rate, or rather, in terms of 4% to 5% of the price increase rate, we believe that we will be able to defend ourselves in this area. In terms of the short-term income, we are improving a lot, including the 여전업. Especially in 2027, we expect that the normalization of non-bank accounts will occur perfectly, so we expect dramatic improvements in the middle-term income. We expect that the balance of profit will be a little bigger in 2027 than in 2026. If you calculate it like that, I think you can express it with the actual modeling that increases the short-term profit by more than 10%.

Yes, I hope that was a sufficient answer. I'll take the next question. If you have a question, please raise your hand in the Zoom. There is no one waiting right now. If you have a question, please raise your hand. Yes, this is Won Jae-yong from HSBC. I'd like to ask a question.

Thank you for making good results in a difficult environment. I'd like to ask you one thing. In the case of DPS, this year, you calculated about 2,590 won in 2025. In 2026, it was 2,960 won, which is about 14% of growth. You announced 7 billion won of your own capital. I think you raised the cash balance a lot more than I thought, so if we think of a total of 50% of the total share, I think the self-subsidized interest rate may not be that big. Is there a special reason why you increased the cash balance so much? I'd like to ask you about that.

Yes, thank you for your question. Please wait a moment while preparing your answer.

Yes, I will answer. It's similar to what I said earlier. As I said, we are reviewing the current corporate value system. Considering the US model, Singapore, and Japan models, we think that the ROE is low and the Japanese case with a high dividend tendency is more suitable for us. Regarding this, as I said earlier, even if we consider 50%, uh uh uh uh As I said, we have a plan to reduce the number of self-employed workers to less than last year, and we think it will actually work. So, as I said before, we didn't increase the number of self-employed workers too much, but rather, rather than based on the DPS standard, In the beginning, when we created the value-added stock market, we said that we would gradually expand the scale of the cash balance, but it seems that we have improved the balance plan in conjunction with the increase in interest rates. The dividend payout ratio for this year is about 25.1%. I think it would be good if you think that this is a plan that does not have a drastic trend or is not realized.

I hope the answer has been fully realized.

I will take the next question. I would like to ask a simple question about the loss of sales. Thank you for your question. Please wait a moment while we prepare the answer.

I will answer the question from the CFO of the bank, and I will explain a little bit about the increase in the profit of the overall business.

Hello, I am the CFO of the bank, Kang Yong-hong. You asked me a question related to the gross profit, and I will answer it briefly. Currently, 6.38 billion won of gross profit related to LTV Damap has been reported and added. Uh, uh, uh. I asked for advice on the actual additional amount. Based on the advice of the Ministry of Justice, we have already applied 184.6 billion won, which is about 50% of the expected upper limit, to the previous year's settlement. There is a slight difference in the rate of application for each account, but Shinhan Bank established it a little more conservatively. uh uh uh uh uh We are looking forward to the end of this project. That's all I have to say.

In addition, if you look at the sales of SONIC on the 6th page, as you know, last year, there was a loss of 2 billion won in ELS. This year, the amount of 184.6 billion won has been collectively accumulated, which is almost the same as last year's issue. There are about 6 billion won of bad bank deposits in the group, so this part is reflected here. Nevertheless, we have increased 3.35 billion won by YOY. The reason is the loss of foreign investment, the loss of the profit and loss of the profit and loss of the foreign investment, the loss of the foreign investment, the loss of the foreign investment, the loss of the foreign investment, the loss of the foreign investment, the loss of the foreign investment, the loss of the foreign investment, the loss of the foreign investment, the loss of the foreign investment, the loss of the foreign investment, In addition, the capital and the stock market have increased by 2.2 billion won, which is the total amount of capital and the stock market. So, the capital and the stock market have increased by 2.2 billion won, which is the total amount of capital and the stock market. So, the capital and the stock market have increased by 2.2 billion won, which is the total amount of capital and the stock market. So, the capital and the stock market have increased by 2.2 billion won, which is the total amount of capital and the stock market.

So, the capital and the stock market have increased by 2.2 billion won, which is the total amount of capital and the stock market. The next question is from Goldman Sachs' Park Shin-young.

Hello, I'm Park Shin-young from Goldman Sachs. First of all, congratulations on achieving the initial total share price. However, in order to achieve more than 50% of the total share price, the company's profitability should be improved. So, in the case of other actions announced earlier, you mentioned that ROE can be promoted by 11 to 12% in the medium term, but can we expect a similar level? And in order to reach this level, I think it will be of great help if you point out whether the profitability of banks or specific self-employed companies should be based. Thank you.

Yes, thank you for your question. Please wait a moment while we are waiting for your answer.

Yes, I will answer. We set a target level based on ROE, self-sufficiency rate, and self-sufficiency rate. We achieved 50% self-sufficiency rate. There are three variables. One is that we have already achieved the target that we were hesitating to achieve. The second is that there is an issue regarding the need of individual investors to respond to the need of non-contractors and non-contractors. The third is that the PBR has risen to about 0.75% so far. If the PBR is higher than 0.8%, we will try to change the policy of self-reliance and self-reliance. I think there was a trigger event for these things. But first of all, I think we have achieved the level of the absolute goal. As Park Shin-young said, the task left to us is to achieve 10% of the basic physical strength and ROE. First of all, I would like to say that we do not have to be obsessed with the goal of 50 percent. Of course, considering the growth potential of our company and the overall situation, we can say that we will be able to do it resiliently by looking at the ROE and CETON proportions. As you just asked, if you want to do ROE, you have to increase the CAGR by more than 10%, but where does it come from? If the bank thinks that there is an increase of 2 to 3 billion won as an anchor, The second is about non-banking companies. In the end, our focus is on strengthening the competitiveness of non-banking companies whose ROE is less than 10%. So, first of all, what is expected to be the most profitable is the Shinhwan Securities, which has a brokerage arm. It seems that Shinhwan Securities' profit will be greatly improved. Until last year, we have been working on normalizing overseas alternative investments and real estate PFs. This year, there are probably more issues for other competitors, but we are carefully predicting that there will be enough hand-in-hand improvements, including issues related to the integration of various public-private institutions and PDs. The second one is a female-owned business such as Card and Capital. The female-owned business has suffered a lot for 25 years, but I think that this part will pass some of the low points and show that it is financially superior in this area. In this female-owned business, if there is an unparalleled loss, In order to improve the basic physical strength, we are trying to make an effort to improve the basic physical strength. Rather than raising the absolute value of profit and loss, we are trying to keep the sustainability in mind and continue to grind the basic physical strength. The third is LIFE. LIFE is about 7.6 trillion won, which is the source of our profit. Even if the duration of LIFE is long, let's say 10 years, 7.6 billion won of insurance profit will be generated. If we look at the cost and investment profit, it will not be reduced dramatically. So, in general, there were some self-reliance in the past, such as Shin-Tak or such a large scale, but regarding this part, we have been finishing it for 25 years with a lot of uncertainty and certainty. To sum up, even if the trend from the bank to the current direction is a bit off, the profit will continue to increase. If the stock market and the life of Yeojeonup's profit normalize to some extent, we expect that the trend of our profit improvement will be much greater than that of the other competitors. The last thing I want to say is, are we going to go from 11% to 12%? I think we should look at the macro situation at that time. First of all, we will have to do ROE 10% by 2027. In addition, from then on, the balance of capital and profit will be about 4% to 5%, so if we take the profit increase rate higher than the increase in capital, I think it's still possible in the medium term. Yes, I hope we have received sufficient answers.

Next question is from Kang Seung-gun from KB Securities.

Thank you for your question. A few minutes ago, the CFO mentioned the performance improvement of non-bank subsidiaries. I agree with the stable progress of Shinhan Life. I also agree with the performance improvement of Shinhan Investment. If you look at the quarter, there is a slight drop in Life. As for new investment securities, it has been a very small gain compared to the 2nd and 3rd quarter. If you could explain the reason for the significant change in the investment securities and LIFE in the 4th quarter, we will be able to have a little more conviction about next year.

Thank you. Please wait a moment while we prepare for questions and answers.

I'll let the CFO of LIFE answer this question first, and then the CFO of Junko will answer it. Thank you for the good question. I'm Ju Seong-hwan, CFO of LIFE.

There was a special factor this quarter. The most special factor was the increase in the interest rate of our 2-year interest rate. This was the biggest factor because we had about 80 billion won. And in the fourth quarter, we had our honorary position. And then the health checkup, usually the fourth quarter is a quarter where a lot of insurance money is spent depending on the increase in health checkups. So considering this, it came out like this, and this is temporary in the future, so it is expected to come out stably from the next quarter. That's all.

Thank you for your question. As you can see, in the fourth quarter, there are a lot of cases where the security forces are involved. uh uh uh uh uh I think we haven't been able to make much profit compared to the third quarter. However, this is a situation where we are making enough profit this year, so I think we can contribute to it to some extent, as our CFO said.

I'd like to share with you a little bit about the tax on insurance in LIFE. According to the increase in the 1.1% rate of tax on insurance, there is a lot of debt on the 2-year tax for the entire group. So, you can see that there is an additional cost of about 4.5 billion won for the entire group. But among them, LIFE, which is a subsidiary of Lee Hyun-beom, has been affected by FBOCI's national debt, so you can see that these parts have been affected by LIFE's loss factor of nearly 8 billion won. Yes, I hope we have received enough answers.

I will now take the next question. There is no one who is waiting right now. We will wait a little bit and take questions. If you have any questions, please raise your hand on Zoom. There is no one who is asking questions right now. If you have any additional questions, please contact IRPAT. Thank you for your question. Can you hear me?

Yes, I can hear you well. Thank you for the question. I'd like to ask you a quick question. You proposed a growth rate of 4-5% for RWA. What is the actual annual loan growth rate for RWA in the next 26 years? Thank you.

Please wait a moment while we prepare the answer to the question.

Our bank loan is about 4% to 5%. However, the growth rate of RWA is 4% to 5%. Based on the introduction of Basel 3, the stock value is also reflected by 1% in a certain part. You can think of it as a number that is reflected by 1% in a certain part. Since we are divided into these areas such as venture capital, the annual loan growth rate will not grow much because of this. I think the loan growth rate of the bank and the growth rate of RWA will be similar. Thank you for your answer. I have another question.

I'd like to ask you a question.

Hello, thank you for the question. I have a question related to the stock market policy. We are now able to pay off the debt due to the separation tax, and we can pay off the debt through the bond payment without tax. I'm wondering what kind of standard you are using for these two options. In terms of profit and loss, I would like to ask you to tell us the criteria and the plan for when and how you are going to pay off the debt. You have achieved a lot in terms of value-up, and you have achieved 50%. I heard that you want to continue to improve your business without any ceilings. I would appreciate it if you could tell us when you can communicate more specifically.

Please wait a moment while we prepare the answer.

Yes, regarding the first question, as you said, we are currently in the second round of the general election, so of course, it is difficult to get a non-cash dividend within this year. So, if you think about this year's scheduling, we will make sure that the first, second, and third quarter of the quarter dividend will receive a separate tax on the dividend income. From the point of view of the settlement, it is possible to pay interest from the point of view of the settlement. It will be in February and March next year. From then on, it is possible to pay interest, so if you look at it after 26 years, the third quarter will be separated and the fourth quarter will be paid interest. I believe that it is necessary to take advantage of this part in a tactical way. I think it is necessary to take advantage of this part in a tactical way. I think it is necessary to take advantage of this part in a tactical way. I think it is necessary to take advantage of this part in a tactical way. I think it is necessary to take advantage of this part in a tactical way. It's been 27 years, right? There's a high possibility that this will probably go to the 감액배당 in 2027. The reason is that we can return this to you as a tax return. As I've said before, we're going to look at the situation of various regulatory changes, such as the gold tax and various regulatory authorities. Anyway, we're going to think about that kind of tactical thinking. I'll talk about it when the company's value-added plan is completed. As you said, Value Hub said it wouldn't be obsessed with 50% and applied it in a flexible way. I think it will be improved in 2026 and 2027. That's what I think at the moment. Anyway, if we fundamentally fix the value program, this part can also be fixed according to the changes in the methodology. I think it would be good to keep this in mind. Of course, the point of view is that Maxlo was this year, but we also need enough discussion from the board and the management team, so we are working hard in the first half of the year. Anyway, I will communicate with you as soon as possible. Thank you for your answer.

We are running out of time, so I don't think there are any additional questions. If you have any additional questions, please ask them in the IR part. Then, I would like to conclude the annual management performance announcement of Shinhan Community Group in 2025. Thank you.