Operator: [Foreign language]
[Translator]: Good morning and good evening. Thank you all for joining this conference call. Now we will begin the conference of the Q3 of fiscal year 2026 earnings results by KT. We would like to have welcoming remarks from KT IR. Then the CFO will present earnings result and entertain your questions. This conference will start with a presentation followed by a Q&A session. If you have a question, please press star one, that is star and one on your phone during the Q&A. Now we would like to turn the conference over to KT IR.
Kim Seon-wook: [Foreign language]
[Translator]: Good afternoon. I am KT's IRO Kim Seon-wook. Let's commence KT's 2026 Q3 earnings presentation.
Kim Seon-wook: [Foreign language]
[Translator]: Please be reminded that today's presentation includes K-IFRS financial estimates and operating results, which has not yet been reviewed by an outside auditor. We therefore cannot ensure accuracy nor completeness of financial and business data aside from the historical actuals. Do note that these figures may change in the future.
Kim Seon-wook: [Foreign language]
[Translator]: With that said, I now give the floor to CFO Min Hye-byung for his opening remarks and presentation on the 2026 Q3 earnings results.
Min Hye-byung: [Foreign language]
[Translator]: Good afternoon. I am KT's CFO, Min Hye-byung.
Min Hye-byung: [Foreign language]
[Translator]: In Q3 of 2026, we were able to affirm the recovery trajectory of our core telecom business while expanding B2B order wins, anchoring on the data centers as we fortified the foundation for mid to longer-term turnaround.
Min Hye-byung: [Foreign language]
[Translator]: Mobile business has shown clear recovery with a gradual uptrend in monthly subscriber count and ARPU following the end of the customer appreciation program. In B2B, on order wins around AIDC business, cumulative value of order intake expanded by more than 20%, strengthening the basis for future revenue growth.
Min Hye-byung: [Foreign language]
[Translator]: In terms of the group portfolio, we have maintained solid growth across core businesses, including data centers, cloud, real estate, and content. By driving both capital efficiency and growth potentials of each business, we will continue to expand profit contributions from across the group of companies.
Min Hye-byung: [Foreign language]
[Translator]: We decided on DPS of KRW 600 per share for Q3, and the record date is set at 12 November. We also completed treasury share buyback amounting to KRW 250 billion back in September, as per the communications made at the start of the year. We will continue to implement shareholder return policy without any friction and will strive to enhance corporate value.
Min Hye-byung: [Foreign language]
[Translator]: We are also fully implementing AX platform company strategy. Under the AIDC 1 gigawatt plan, we announced the opening timeline for six sites and the launching of the Token Factory, driving tangible execution and results of the AX strategy. AX revenue in Q3 on a cumulative basis thus posted 11.9% year-over-year growth, and our target is to drive more than a twofold growth by 2028 from the 2025 baseline.
Min Hye-byung: [Foreign language]
[Translator]: Now, before moving on to the financials, I will turn it over to the heads of each business who will run through segment performance and plans.
Park Hyun-jin: [Foreign language]
[Translator]: Hello, I am the Head of Customer Division, Park Hyun-jin.
Park Hyun-jin: [Foreign language]
[Translator]: KT's priority in B2C business is to regain customer trust while strengthening our core business competitiveness. Thus, we have focused on innovating AX-driven customer experience.
Park Hyun-jin: [Foreign language]
[Translator]: First, under the priority of winning back customers' trust, we strengthened the system for customer protection. We operated one-stop resolution center, identifying customer inconveniences preemptively and responding quickly with a solution. As a result, complaint of customer harm declined 60% in Q3 versus the first quarter.
Park Hyun-jin: [Foreign language]
[Translator]: Second, we are sustaining quality-driven growth of the core businesses underpinned by stronger competitiveness of fixed and mobile products that cater to customer needs. In mobile, we sequentially released Choice Double plan, designed to meet wide variety of patterns of content usage, and Google AI subscription. After the customer appreciation program ended in August, ARPU has shown gradual recovery.
Park Hyun-jin: [Foreign language]
[Translator]: For the media business, on the back of revamping of Modeun G rate plan for Genie TV and the release of a new set-top box, Genie TV A2, we strengthened AI-driven content experience. As a result, VOD usage by Modeun G subscribers went up meaningfully compared to usage volume of the general users.
Park Hyun-jin: [Foreign language]
[Translator]: Lastly, we are expanding AI adoption across customer touchpoints. At the end of September, we embedded conversational AI agent in the My KT app on the customer-facing layer. By expanding generative AI-based services inside the customer service centers, we are enhancing both convenience and operational efficiency.
Park Hyun-jin: [Foreign language]
[Translator]: AI will be brought into the entire customer journey, spanning from product search, recommendations, sign-up, and use. Through such approach, we will endeavor to deliver hyper-personalized experience and drive profitability.
Kim Bong-kyun: [Foreign language]
[Translator]: Hello, I am the Head of KT Enterprise, Kim Bong-kyun.
Kim Bong-kyun: [Foreign language]
[Translator]: During-
Kim Bong-kyun: [Foreign language]
[Translator]: During Q3, we built stronger foundation for the growth of the B2B AX business by expanding meaningful references in AX across key industries, including finance, defense, and the public sector. We won major AX projects such as Woori Bank's Agentic AICC and Intelligent National Defense Platform project. Through the collaboration with KT Cloud, we are building upon the order pipeline for AI data centers. As a result, B2B order volume up to Q3 on a cumulative basis increased more than 20% year-over-year, well establishing the pipeline towards growth.
Kim Bong-kyun: [Foreign language]
[Translator]: We are also speeding up efforts to beef up KT's competitiveness in AI infrastructure. Based on actual demand, KT Group's plan is to supply more than 1 gigawatt AIDC capacity by 2031. For the metropolitan region, development will be focused on sites where electricity and relevant permits have already been secured. For the regions outside metropolitan area, we will first work on identifying tenant demand, which will be followed by concrete business plan. As part of such efforts, we will also expand new submarine cables and build ultra-low latency interconnection between AIDC in order to gain an upper hand in providing AI connectivity at the national level, mainly focusing on the coverage segments of North America and Asia.
Kim Bong-kyun: [Foreign language]
[Translator]: We are also developing sector-specific standardized models by combining telecommunications with AI capabilities to solve customers' key problems. Standardized model is designed in a way for one to choose and assemble AX service and data and infrastructure that one needs, just like assembling blocks, in order to fit customer requirements. We set up such model for the healthcare vertical in collaboration with Yonsei University Health System, Seoul Asan Hospital, and SNU Hospital, and plan to expand into insurance and public sector going forward.
Kim Bong-kyun: [Foreign language]
[Translator]: During Q4, we will drive tangible results from the order pipeline secured this year and widely deploy proven AX references and the standardized models across key industries so as to prepare for a full-fledged growth of the company's B2B AX business.
Park Sang-won: [Foreign language]
[Translator]: Hello, I am Park Sang-won, Head of KT's AX Business Division.
Park Sang-won: [Foreign language]
[Translator]: The AI market recently is undergoing a paradigm shift from AI that is well-built to using AI to create value. In step with such changes, we defined trust, efficiency, and execution as key conditions under which we will quickly bring it into the real business settings.
Park Sang-won: [Foreign language]
[Translator]: At the center of efficiency and execution lies Agentic On, the next-generation AX platform. Upon the foundation of Agentic On, we scaled up AICC into Agentic AICC. Through such efforts, we strengthened executional capabilities for the core businesses while enhancing efficiency through platform-centric business implementation. We already introduced this to the banking sector, and the adoption is being expanded across the financial sector, including credit cards, insurance, and securities companies, as well as to other sectors, including manufacturing, services, distribution, public, and defense.
Park Sang-won: [Foreign language]
[Translator]: In line with the national AI policy, we are also pushing ahead with AI for All, offering Ieum service connecting AI to everyday settings. We are laying the basis so that everyone, not just the businesses, can use AI with confidence and without feeling burdened and experience the value in the daily settings.
Park Sang-won: [Foreign language]
[Translator]: Token Factory, launched end of October, together with Agentic On, are the core engines of KT's AX business. We plan to achieve both trust and efficiency by embedding more than 500 AI models, which is by far the biggest scale domestically, optimizing token usage and cost with security guardrails in place.
Park Sang-won: [Foreign language]
[Translator]: In 2027, we will focus on 2 directions in order to translate AX foundation solidified over the years into a fully-fledged business growth and earnings driver.
Park Sang-won: [Foreign language]
[Translator]: First, leveraging Agentic On, designed to be modular and assembly-based, we will more quickly expand customized AX business. Taking the pre-made set of the industry's standardized models, customers can reduce time in assembling required functions like blocks, and by offering services fitting customer needs, we will accelerate AX adoption.
Park Sang-won: [Foreign language]
[Translator]: Second, by leveraging Managed AX, we will scale into operations and upgrade businesses post the implementation phase. In operations, by creating follow-on business opportunities, we will secure a virtuous cycle and cement our position as customers' AX partner, being at the side of the customer along their AX journey.
Park Sang-won: [Foreign language]
[Translator]: KT, based on trust, efficiency, and execution, will be at the forefront of making Korea a nation that best utilizes AI. In 2027, we will enhance customer value, translate it into growth and earnings, and make the leap together with customers.
Min Hye-byung: [Foreign language]
[Translator]: Let me now move on to the financial results for Q3 2026. Operating revenue was down 1.8% year-on-year, reporting KRW 6 trillion 997.5 billion, while operating profit was down 6.1% year-on-year, reporting KRW 505.3 billion.
Min Hye-byung: [Foreign language]
[Translator]: Operating profit fell due to the ending of the customer appreciation program in July and one-time base effect from last year's property development profit. Similar to last year, the outcome of the collective bargaining is also reflected in the Q3 figures. Net income declined 17.5% year-on-year to KRW 367.3 billion, and EBITDA came down 5% year-on-year, reporting KRW 1 trillion 428.3 billion.
Min Hye-byung: [Foreign language]
[Translator]: For your reference, excluding NCP impact, which was a one-off gain from real estate development last year, operating profit increased 3.5% year-on-year, while net income fell 7.1% year-over-year.
Min Hye-byung: [Foreign language]
[Translator]: Next is on CAPEX.
Min Hye-byung: [Foreign language]
[Translator]: Total CAPEX by KT and its group subsidiaries until Q3 of 2026 on a cumulative basis was KRW 1 trillion 599.1 billion. KT standalone CAPEX reported KRW 1 trillion 228.2 billion, while core subsidiaries CAPEX spend recorded KRW 370.9 billion. Moving on to the breakdown of performance by each business segment.
Min Hye-byung: [Foreign language]
[Translator]: On the back of subscriber churns during the waiver period for early contract cancellation and on the impact of customer appreciation program, wireless service revenue fell 3.9% year-over-year, reaching KRW 1 trillion 666.8 billion.
Min Hye-byung: [Foreign language]
[Translator]: On the release of flagship handset models and higher adoption of premium rate plans, including the Choice Double plan, wireless revenue since August is showing a gradual trend of recovery. 5G subscriber count is also uptrending persistently, with penetration reaching 83.5% end of Q3. Next is fixed line.
Min Hye-byung: [Foreign language]
[Translator]: Broadband revenue was flat year-over-year, but we saw sustained uptrend in GiGA Internet subscriber count and value-added service usage volume. For the media business, despite rise in IPTV subscriber count, advertisement and PPV revenue fell, which drove media revenue down by 2.4% year-over-year. Next is on B2B services.
Min Hye-byung: [Foreign language]
[Translator]: Underpinned by dedicated line services, enterprise internet and data revenue expanded, but due to the end of the system infrastructure project last year, B2B service revenue dipped marginally by 0.7% year-over-year.
Min Hye-byung: [Foreign language]
[Translator]: AX revenue expanded 9.8% year-on-year due to continuation of steep uptrend in data center business and rise in large-scale AI and cloud projects for the financial sector. Next is on the performances of our major subsidiaries.
Min Hye-byung: [Foreign language]
[Translator]: KT Cloud has seen 7.7% year-over-year expansion following the growth in public cloud business in the midst of an uptrend in utilization rate of the Gasan Data Center. KT Estate reported 39.1% year-over-year growth, driven by the growth of hotel business and expanded revenue from development projects in Dunsan, Daejeon.
Min Hye-byung: [Foreign language]
[Translator]: Content business reported 12.1% year-over-year growth, powered by growth from KT Studio Genie and KT Millie's Library. KT Studio Genie is expected to achieve highest non-captive revenue since the establishment of the company, based on the commercial success of original titles "New Recruit 4" and "A Dream for You," and global OTT sales expansion.
Min Hye-byung: [Foreign language]
[Translator]: All in all, on balanced growth of core businesses including data centers, cloud, real estate, and content business, profit contribution from the subsidiaries rose significantly versus last year on the basis that excludes one-off development profit booked last year.
Min Hye-byung: [Foreign language]
[Translator]: Now, this brings me to the end of the Q3 2026 earnings of KT. In looking back during the quarter, we affirmed the recovery trend from our core telecom business as well as the foundation for growth for B2B and the group's portfolio of businesses.
Min Hye-byung: [Foreign language]
[Translator]: While quickly normalizing profitability of the core businesses, we will translate order wins and AX business opportunity into tangible revenue and profit drivers as well as cash flow, and further strengthen growth prospects of the group portfolio.
Min Hye-byung: [Foreign language]
[Translator]: We will also endeavor to ensure implementation of the corporate enhancement plan, which we committed to the market, and will also strive to deliver shareholder returns in line with market expectations. We look forward to your continued interest and support from the investors and analysts.
Min Hye-byung: [Foreign language]
[Translator]: For more details, please refer to the materials that we have previously circulated. We would now like to begin the Q&A session, and we would also like to ask that you limit your questions to two per person.
Operator: [Foreign language]
[Translator]: Now Q&A session will begin. Please press star 1, that is star and 1, if you have any questions. Questions will be taken according to the order you have pressed the number star 1. For cancellation, please press star 2, that is star and 2 on your phone.
Operator: [Foreign language]
[Translator]: The first question will be provided by Junseop Kim from KB Securities. Please go ahead with your question.
Joonsop Kim: [Foreign language]
[Translator]: Thank you. I am Kim Junseop from KB Securities. I would like to ask you two questions. First, with regards to the earnings presentation that was made by your subsidiary KTCS, I now see that the AX is starting to impact your KT's cost base. I would like to know how you assess it based on the KT parent level. I would assume that there will be different line items such as the customer service activation and network operation related costs. Would like to know whether in 2027 all of these different line items will have impact on your bottom line, the P&L. That's the first question. The second question relates to Token Factory. You've mentioned this during the Investors Day that you have started the Token Factory business from end of October.
Joonsop Kim: I believe that we can really look forward to added value that is generated from token generation rather than simply brokering the usage of the tokens. Going forward from an outside investor's perspective, when we are making assessment, would it be right for us to focus on the amount of token usage for the inference purposes, or should we focus more on additional revenue opportunities by bringing together the token aspect with your telecom and cloud, vis-a-vis your telecom and cloud customers? We would like to understand as to where we should be emphasizing, where we should be focusing on when we are making the assessment.
Min Hye-byung: [Foreign language]
[Translator]: Thank you very much, Mr. Kim, for your question. You have posed two questions. With regards to the first question, the AX business having an impact on our cost, it will be the head of our C division, the Customer Division, Park Hyun-jin, will respond to that question. Regards to the Token Factory, we would like to have Park Sang-won, who is the head of the AX business, to respond.
Park Hyun-jin: [Foreign language]
[Translator]: Thank you. Taking your question, I am Park Hyun-jin. With the adoption of AI across all of the businesses that we are engaging in, from the perspective of the customer, it will provide them with more convenient experience. From the company's perspective, we will be able to reduce the number of headcount that would have required for handling certain business as we shift to automatization, which will help the companies to gain efficiency improvements. For example, if you look at the AI customer service, number of AI human agents, when there are similar types of queries that the service center receives, the rate at which the AI handles those questions and inquiries have gone up, and that will help in terms of efficiency gains vis-a-vis the number of customer service headcount.
Park Hyun-jin: [Foreign language]
[Translator]: Under our fixed line business, for activation, to provide activation services, there would be cases where our personnel would have to actually visit the houses of our subscribers. In order to make that visit, there will be a programming of scheduling. There has to be a scheduling program. When we bring AI into it and make that process more automated, the number of visits that individual technician can actually do would have increased actually from past maybe 6.5 to 7 visits per day to 8 visits per day.
Park Hyun-jin: [Foreign language]
[Translator]: Aside from those areas, we have also adopted AX into network operations as well as across all of our business flows. Next year, we will be able to provide you with more quantifiable impact.
Park Sang-won: [Foreign language]
[Translator]: Responding to your question on Token Factory, if you look at the framework of the Token Factory business that we are engaged in, it is made up of two aspects. We make use of our own GPUs, providing locally hosted model, providing the inference service our own. The second aspect is partnering up with global providers like OpenRouter and actually providing their routing services in the provision of those third-party outside models. So, we employ both approaches of generating or producing ourselves as well as routing or intermediating that workload.
Park Sang-won: [Foreign language]
[Translator]: Especially, we have a structure whereby we are able to serve more than 500 models. The key strength that we have is the fact that we can generate the token ourselves as well as intermediate. We are the only company who would have that competitive edge.
Park Sang-won: [Foreign language]
[Translator]: Especially the fact that we are able to perform the inference workload by using our locally hosted models, that really distinguishes us from others, and that also opens up an opportunity in terms of the sovereign AI as well. Going forward, as we expand on the GPU infrastructure or GPU resources, I believe that from a longer-term perspective, we can grow into a hub whereby we will be able to engage in both token generation as well as distribution.
Park Sang-won: [Foreign language]
[Translator]: Also, we will grow both aspects of this business, meaning using our own GPU resources as well as intermediating and routing the external models. We will try to strive towards a well-balanced growth between the two. Especially as a telecom company, we have highly precise billing capabilities, and when we bring that into Token Factory, we believe that we will be able to generate synergies with our existing business, upon which we will be able to further expand on the synergy-based revenues.
Kim Seon-wook: [Foreign language]
[Translator]: Next question, please.
Operator: [Foreign language]
[Translator]: The following question will be presented by Hoejae Kim from Daishin Securities. Please go ahead with your question.
Hoejae Kim: [Foreign language]
[Translator]: Well, thank you for taking my question. I am Kim Hoe-jae from Daishin Securities. I have two questions that I would like to ask you. If we look at your Q3 earnings, your B2C business and earnings have underperformed. We would like to know what your outlook is going forward. How should we understand the growth direction going forward? Second question relates to your dividend. Previously, you have communicated that at minimum you will be paying out KRW 2,400 per share. Can you provide some color as to what the Q4 dividend would look like, as well as your next year's upcoming shareholder return approach?
Min Hye-byung: [Foreign language]
[Translator]: Thank you, Mr. Kim Hoe-jae, for those questions. First question relating to our next year's outlook on the basis of the B2C performance that we have posted in Q3. That question will be taken by Head of the Customer Division, Park Hyun-jin. Second question on shareholder return, I myself, the CFO, will respond.
Min Hye-byung: [Foreign language]
[Translator]: Yes, this is the CFO first responding to your dividend question and next year's performance outlook. As we have communicated on 12 May, for this year, we have set our dividend level at KRW 2,400 at minimum DPS.
Min Hye-byung: [Foreign language]
[Translator]: In terms of the year-end dividend, the final decision will be made by the BOD based upon the annual net profit that we book. We are fully aware of the level of market expectation with regards to the company's dividend payout.
Min Hye-byung: [Foreign language]
[Translator]: As I have mentioned in my opening presentation, in the remainder of the time until the end of the year, we are going to focus on regaining and recovering our core telecom business, expanding on the performance of the AX business, and also implementing efficient cost spending, thereby focusing on improving the bottom line of the company. Supported by the improvements in the performance, we will make sure that we continue on with the track record of a progressive dividend payout policy.
Min Hye-byung: [Foreign language]
[Translator]: With regards to the outlook for 2027 and the shareholder return plan going forward, I understand that it is the timing for you to have that interest. As I have mentioned in my Q3 earnings opening presentation, we are seeing a recovery in terms of the turnaround from our core telco business, and we are also seeing expanded order pipeline being built from our B2B business as well as the AX business. Underpinned by the recovery of the core business as well as growth from the AX business, we will make sure and we will strive towards achieving those performances next year.
Min Hye-byung: [Foreign language]
[Translator]: Also to provide a bit more color on shareholder return, we are committed to consistently implementing the shareholder return plan that we had previously communicated, and we are well aware of the market expectations, and we will strive to honor that commitment. Under the value-up plan, we have committed that we will do share repurchases or treasury share buyback in the amount of KRW 1 trillion by 2028 on a cumulative basis. Under the value-up plan that we have previously communicated, we have also included different approaches in terms of monetizing the non-core assets, and we are currently actively looking into those prospects as well.
[Translator]: Through the recovery of our core telco business and also gaining more visibility in terms of the growth from our other businesses, we will translate that into earnings and be able to secure the sources for future investment. Through those efforts, we will be striving and endeavoring our utmost to make sure that we achieve the ROE target of 9% to 10% by 2028.
Park Hyun-jin: [Foreign language]
[Translator]: Responding to a question on our B2C business, as you will appreciate, the telecom market itself is actually quite saturated, including the mobile, the internet, and the TV market. All of the three telcos are facing certain challenges in growing their businesses.
Park Hyun-jin: [Foreign language]
[Translator]: Especially if you look at KT, the biggest revenue contribution comes from our wireless business. If you look at our mobile business in the first quarter, we have seen a decline in the subscriber count. Due to the implementation of the customer appreciation program, the performance was quite sluggish up until the Q3. Although we are seeing improving signals from August and September, I would have to say on a year-over-year basis, it would not be easy for us to outperform the performance of the previous year.
Park Hyun-jin: [Foreign language]
[Translator]: Also, in terms of the telecom business itself, it is important to have a profit-centric approach when you are operating a telco business. Looking at the wireless business, one of the positive aspects is that the handset replacement cycle has become much lengthened, which means that it is going to push down on the subscriber acquisition cost. Both for the wireless, internet, and TV business as well, it is important to have a strong focus on ensuring profitability, ensuring the bottom line of those businesses, and that will be the approach that we will continue to take.
Kim Seon-wook: [Foreign language]
[Translator]: Next question, please.
Operator: [Foreign language]
[Translator]: The following question will be presented by Jeongchan Kim from Korea Investment & Securities. Please go ahead with your question.
Jeongchan Kim: [Foreign language]
[Translator]: Thank you for taking my question. We have seen that your order intake has uptrended quite steeply. I would like to understand how that breaks down between your data center business as well as non-data center business. If you could share with us what the outlook is for next year, that would also be appreciated. The first question that I had asked was that there was quite a bit of investment pressure with regards to the AIDC investment for securing the needed power around mostly that we have seen in the United States.
[Translator]: I would like to understand that you have shared with us that your target is to expand the capacity to 1 gigawatt by 2031. What are your investment plans with respect to this investment? Can you provide us with an update as to whether you have secured the sites and whether you have the appropriate strategies in place?
Min Hye-byung: [Foreign language]
Kim Bong-kyun: [Foreign language]
[Translator]: Yes, responding to your question. Thank you very much for the question. On the data centers, we would like to have our Head of Enterprise, Kim Bong-kyun, to respond to the question. You have also asked about the specific breakdown of our B2B order pipeline, which we will address. Responding to the data center related question, we have mentioned that we will have 1 gigawatt capacity additions by 2031. Right now, the capacity that we have is 152 megawatt, and we will be adding 1 more gigawatt to it. As we have previously communicated, it will be based upon the real or the actual demand.
Kim Bong-kyun: [Foreign language]
[Translator]: In terms of the capacity pipeline that we have already secured, it amounts to 911 megawatts across 20 sites. As a backup, we have 500 megawatts across 10 sites.
Kim Bong-kyun: [Foreign language]
[Translator]: Out of that 900 mega, which I mentioned is the main capacity, 200 megawatt, we have already made the decision. In the remaining of the 2 months until the end of the year, we will make decision on 60 megawatts more.
Kim Bong-kyun: [Foreign language]
[Translator]: If you look at the mix of that 1 gigawatt, 80% would be the leased and 20% would be our owned data centers. In consideration of the debt ratio of the company, we will decide on the best way for financing or funding for that investment.
Kim Bong-kyun: [Foreign language]
[Translator]: Responding to the question about the amount of order value that we have secured on a year-over-year basis, on a cumulative basis, that is, the order value that we have secured had grown by about 20%. As of the end of the year, we think that that growth percentage will go up further.
Kim Bong-kyun: [Foreign language]
[Translator]: If you look at the specifics of these order intake, we were able to secure the big projects across both telecom and the AX domain. The significance of this growth is not just simply in the fact that we were able to grow the volume, but we were able to diversify across different customer segments and business domains.
Kim Bong-kyun: [Foreign language]
[Translator]: Although the size is not that significant in terms of the AX reference, I believe that we were able to drive some meaningful performance, which really forms the basis of our future of our AX growth strategy.
Kim Bong-kyun: [Foreign language]
[Translator]: In terms of the type of customer segments, we were able to drive meaningful results across six different customer segments, including manufacturing, public, healthcare, distribution, national defense, and finance. We will continue to focus on these customer segments in the future as well.
Kim Bong-kyun: [Foreign language]
[Translator]: We believe that such order pipeline will sequentially translate into revenue and revenue generation. For next year, I can assure you that we should really look forward to what will come next year.
Kim Seon-wook: [Foreign language]
[Translator]: Next question, please.
Operator: [Foreign language]
[Translator]: Currently, there are no participants with questions. Please press star 1, star and 1 to give your question.
Kim Seon-wook: [Foreign language]
Operator: [Foreign language]
[Translator]: There are no questions in the queue right now.
Kim Seon-wook: [Foreign language]
[Translator]: With no further questions in the queue, we would now like to close the Q&A session. Thank you very much for your interest and your questions, and thank you for joining us despite your very busy schedules. Once again, this brings us to the end of KT's earnings presentation for the Q3 of 2026. Thank you.
