Good afternoon. We will now begin Samsung C&T's earnings announcement for second quarter of 2026. Today's speakers will be our Executive Vice President, Byung-oh Kang, who is the CFO and Head of Corporate Strategy Office. Executive Vice President Taegyu Kang, Head of IR and Finance Team. Executive Vice President Sunkyo o Han, Head of E&C Group, Corporate Management Division. Executive Vice President Yong nam Jo, Head of T&I Group, Management Support Team. Vice President Sang wook Ahn, who is the Head of Fashion Group, Business Administration, and Vice President Sang hun Lee, who is the Head of Resort Group, Corporate Management and Support Team. Today's presentation will be delivered in the order of overall business performance of Q2 2026, performance by business group, key business updates, followed by a Q&A session. Starting from this quarter, we will be providing English interpretation.
This material contains forward-looking statements, so please be advised that the company's actual performance may differ, depending on changes in future business, environment, and strategy. Now, the Head of IR and Finance Team, Taegyu Kang, will give a presentation on our earnings of second quarter 2026 and key business updates.
Good afternoon. In Q2, to go over our enterprise level corporate earnings, Samsung C&T reported sales of KRW 11.995 trillion, operating profit of KRW 1.032 trillion, representing an operating margin of 8.6%. Driven by ramp-up of E&C's Hi-Tech projects and continued strength in T&I's trading business, sales and operating profit increased by KRW 1.529 trillion and KRW 312 billion respectively, compared to the previous quarter. Compared to the previous same period last year, sales increased by KRW 1.973 trillion, and OP increased by KRW 279 billion, extending our solid earnings momentum.
In Q2, non-operating loss amounted to KRW 11 billion, while financial profit and equity method gain totaled KRW 34 billion and KRW 22 billion respectively, resulting in profit of pre-tax KRW 1.077 trillion and net profit of KRW 916 billion. In Q2, if we look at each of our business groups, Q2 E&C recorded sales of KRW 3.988 trillion, operating profit of KRW 202 billion. Both sales and operating profit increased QoQ, driven by the ramp-up of Hi-Tech P4 finishing works and P5 structural frame construction, as well as the robust progress across overseas plant projects we secured last year. Operating margin also improved from 3.2% in Q1 to 5.1% in Q2.
In Q2, E&C secured new orders totaling KRW 5.448 trillion including the KRW 0.8 trillion for the Anyang Stadium redevelopment, KRW 0.7 trillion for the Daechi Ssangyong 1st, KRW 0.5 trillion for the Xi'an Fab in China, KRW 0.5 trillion for the National AI Computing Center, KRW 0.3 trillion for the Malaysia Data Center, KRW 0.3 trillion for Giheung NRD-K II, KRW 0.3 trillion for the Pyeongtaek P5 Fab 2. Cumulatively, new orders in first half reached KRW 10.448 trillion, bringing the order backlog to KRW 34.244 trillion. Regarding housing construction rights, we secured KRW 4 trillion in Q2 2026 alone, including the KRW 2.1 trillion for the Apgujeong District 4, KRW 0.8 trillion for Gaepo Wooseong 4th, KRW 0.7 trillion for the Bangbae Sinsamho, and KRW 0.4 trillion for the Sinbanpo 19th and 25th. Accordingly, we are targeting KRW 13 trillion in annual housing construction rights this year.
We expect sales and operating profit growth to continue in Q3 as the construction of Hi-Tech projects gain momentum, and we anticipate earnings growth to accelerate further in the second half of this year. For new orders, we will continue to secure high-quality projects by capturing global energy demand and leveraging the competitiveness of our residential brands with the aim of achieving our annual order and sales guidance. Next is the T&I. In Q2, T&I recorded sales of KRW 4.703 trillion and operating profit of KRW 142 billion. Earnings improved QoQ, thanks to continued robust trading, driven by timely action in response to rising chemical and fertilizer prices, increased sales of high-margin steel products, and an increase in nickel prices.
Looking towards Q3, earnings are expected to moderate QoQ due to lower trading volume stemming from a downturn in market conditions for major commodities and the adoption of EU steel import quotas. However, on a full year basis, we will strive to diversify chemicals, fertilizer, and non-ferrous metal markets and expand sales of high-margin steel products. In our solar PV development business, gains from asset disposals totaled approximately $32 million in first half, and we have a pipeline of 15.5 GW. We forecast that our development pipeline will reach approximately 20 GW by the end of this year. In Q2, looking at our Fashion Group, Fashion recorded sales of KRW 593 billion and operating profit of KRW 54 billion. Amid improved consumer sentiment, sales growth continued, driven by our core and newly launched brands.
Profitability also improved to an operating margin of 9.1% as we increased the proportion of full price sales through more disciplined discount management. In Q3, growth may moderate somewhat compared to first half, given the possibility of weaker consumer sentiment. However, on a full year basis, we will pursue earnings improvement by further strengthening the competitiveness of our products and brands. Next is our Resort Group. In Q2, Resort reported sales of KRW 206 billion, operating profit of KRW 0.4 billion. Earnings declined YoY due to a decrease in park visitors amid dispersed leisure demand, as well as the completion of a large-scale landscape project. While the dispersion of leisure demand is expected to continue in Q3, we will sustain our efforts to boost visitor numbers, such as capturing peak season demand by strengthening Caribbean Bay competitiveness and offering seasonal content. Next is the F&B.
In Q2, F&B recorded sales of KRW 886 billion, operating profit of KRW 48 billion. Earnings increased YoY, driven by higher meal counts attributable to newly secured food service operations and growth in food distribution business. In Q3, we will aim for YoY earnings improvement through new orders, focusing on profitability and enhanced operational efficiency. Also, on a full year basis, F&B will continue to maintain solid growth momentum. Next is a look at our bio businesses. In Q2, Samsung Biologics recorded sales of KRW 1.226 trillion, operating profit of KRW 480 billion, representing an OP margin of 47.3%. Biologics sustained YoY earnings growth trajectory driven by full capacity operations at P1 through P4, and favorable foreign exchange effects. In Q2, Samsung Epis Holdings recorded sales of KRW 393 billion, operating profit of KRW 6 billion, with earnings declining YoY, mainly due to changes in the timing of product supply.
Biologics expects to sustain annual sales growth through the gradual ramp-up of P5 and the Rockville campus in the U.S., with profitability projected to remain at prior year levels. Epis Holdings annual sales are expected to grow by more than 10% YOY, driven by the expanded sales of biosimilar products, but profitability is projected to remain at prior year levels due to impact of development costs for follow-on biosimilars and new drugs. I would like to go over some of our key business updates. In response to market changes, including the expansion of global AI investment, we're pursuing new business opportunities in energy and data centers. In the energy solutions business, we're diversifying our markets to address rising energy demand across countries and expanding business opportunities through early involvement.
In power generation and LNG, we continue to participate in projects in existing markets while making entry into new countries, including Southeast Asia and Europe. In PV and battery ESS, we are securing development and operational capabilities through a range of business models, including large-scale EPC execution to partnership-based equity investments, at the same time, we're expanding our markets to southwestern region of Korea, Australia, and North America. For large-scale nuclear power plants, we're addressing market expansion by adopting multiple technology models simultaneously under the Team Korea initiatives. For the Vietnam Nuclear Power Plant Unit 2, the selection of Team Korea's construction contractor is scheduled for 2027, and Romania's units 3 and 4, we're working with KHNP to pursue participation as a contractor in Q4 of 2026. In SMR, we're pursuing projects totaling 12.2 GW centered around five European countries.
With GVH, we are advancing projects totaling 11.7 GW in Sweden, Poland, Estonia, and Finland. With NuScale, we're preparing to participate in Romania's first-of-a-kind SMR project. In data centers, we are strengthening our competitiveness by diversifying our business models, including offering various solutions. Moreover, we are pursuing follow-on orders linked to the global cloud service provider, as well as additional orders in Korea and Southeast Asia. This year, we're working to expand our data center orders to over KRW 2 trillion, including KRW 0.3 trillion for the previously secured Malaysia Data Center, KRW 0.5 trillion for the Yongin Deokseong-ri IDC , and KRW 0.5 trillion for the National AI Computing Center. In bio and life science, we're continuing our efforts to identify new business opportunities through our CVC funds. We're aiming to establish a new Life Science Fund 3, sized at KRW 200 billion.
To date, we have established a cumulatively total of KRW 442 billion in funds, including Fund 1, which is KRW 170 billion, and Fund 2, which was KRW 72 billion. Through these funds, we are identifying global companies with next-generation technology and executing proactive investments for strategic partnerships. In May, we invested in Cartography Biosciences, which is a U.S.-based company with antigen target and drug discovery platform based on genomic data and AI technology. In addition, Biologics decided to acquire PolyPeptide, which is a company in Switzerland. This acquisition is significant in that it would allow Biologics to secure new technological capabilities in rapidly growing peptide sector centered on obesity and diabetes treatments, thereby expanding its CDMO business portfolio and securing manufacturing facilities and a business base in Europe in addition to the U.S. Lastly, I will briefly go over our financials.
As of end of Q2, our total assets stood at KRW 163.769 trillion, total equity at KRW 113.709 trillion, both increasing significantly from the end of previous quarter. Total debt decreased to KRW 3.087 trillion. As a result, the debt to equity ratio improved by 6 percentage points from 50% at the end of Q1 to 44%, and we maintained a stable financial structure with a current ratio of 150% and borrowing dependency ratio of 1.9%. That concludes the earnings announcement. We will now take your questions.
If you have any questions, please press the asterisk and number one on the phone button. To cancel the question, press the asterisk and number two. For the convenience of proceeding, please do not exceed two questions per time. The first question will be provided by Byung -hwa Han from Eugene Investment & Securities. Please go ahead with your question.
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Yes, I have two questions. First, congratulations on the earnings surprise. My first question is about the C&E business. I think if I remember correctly, this is probably the first time since 2024 second half that your C&E business group's OP margin is above 5%. During your presentation, you expected better business performance in the second half of this year. In terms of OP margin, would that mean that your OP margin in second half is likely to remain in the 5% range, or is there additional upside even at an OP margin level? Second question is about Biologics and the company PolyPeptide that it has announced that it will be acquiring. Can you give us a bit more information about the company PolyPeptide, for example, its revenue or earning sizes and its business outlook?
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To answer your first question, yes, correct. Our C&E OP margin in Q2 was 5.1%. This is an increase both on a QoQ and a YoY basis. Our main contributor to that higher operating profit margin would be the Hi-Tech business, especially with investments into P5 being resumed by the client. We are seeing its contribution on our P&L starting from Q2. We think that the contribution from the P5 and other Hi-Tech project works would start to show up even more strongly in Q3. To give you a guidance about our 2026 full year, we do expect it to exceed the original guidance that we had provided at the start of this year, both on revenue as well as operating profit. To give you a mid-to-long-term outlook, we expect this Hi-Tech investment cycle to go on for several years to come.
In addition to our Hi-Tech business, our residential as well as plant construction work is also expected to deliver strong performance. Overall, as a business group, we're expecting our earnings to sustain positively.
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To answer your second question, which was about more information about PolyPeptide, which is a company that Biologics announced it will be acquiring. As was announced during the press announcements, PolyPeptide is a global CDMO, a peptide company, and the investment Biologics, the acquisition, is expected to be KRW 2.7 trillion. To answer your question, PolyPeptide's revenue in 2025 was EUR 392 million and its profit was EUR 9 million. Because we've only announced the acquisition and the acquisition has not yet been closed, the deal has to go through. We're not at this point able to disclose further details, but we will be releasing and sharing with the market more details about the company's operation, including, for example, utilization and revenue updates.
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Currently, there are no participants with questions. Please press star one, star and one to give your question.
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The following question will be presented by Yushin Park from HSBC. Please go ahead with your question.
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I have two questions. First question is about the overseas nuclear power plant projects. There seems to be a delay than the originally announced time schedules. Can you give us a bit more detail about the nuclear power plant project pipeline? I think you've mentioned during the presentation Team Korea's efforts in Romania and Vietnam. Can you give us a bit more detail on that and where it stands? Also on a mid to long term basis, how much contribution do you expect these nuclear power plant projects to have in the revenue as well as OP margin of E&C and Samsung C&T as a whole? Second question is about the data center projects. Can you give us a bit more update of where you stand in terms of Korean data center projects, and can you give us a bit more color on your data center pipeline?
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While there has been some schedule adjustments relative to the market expectation due to factors including regulatory approval processes, we do expect that the current trajectory, growth trajectory will be maintained given the rising global power demand and also ongoing shifts towards carbon neutrality.
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Notably, competition for power procurement is intensifying among the global big tech companies, We are continuing to expand our nuclear project opportunities by leveraging our client networks and project pipelines.
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To take you through some of our large scale NPP and SMR pipelines. First, for the large scale NPP projects, we're pursuing opportunities through the Team Korea projects led by KEPCO and KHNP. These would be the Romania NPP units 3 and 4, the Vietnam NPP and the Saudi Arabian NPP, which we are actively pursuing. This involves not only the Korean standard model, but also various international reactor models.
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First, the Romanian nuclear power plant units 3 and 4 projects. These are CANDU pressurized heavy water reactor models. KHNP is currently pursuing the project order. Leveraging our experience in the tritium removal facility and refer project that we've done on the same site with KHNP, we are pursuing participation as KHNP's construction partner, and the contractor selection for this project is targeted for the end of this year.
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For the Vietnam NPP project, KEPCO is pursuing the export of the Korean standard APR1400 model, and we're preparing to participate as KEPCO's construction partner, leveraging our experience in the UAE NPP project. While the formal bidding schedule has not yet been announced, contractor selection is expected to happen sometime in early 2027.
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For the Saudi Arabian project, the U.S.-Saudi Arabia Nuclear Cooperation Agreement was signed on July 22nd. If Westinghouse AP1000 reactor model is adopted for this project, there's a possibility that the project will be executed by Team Korea, which is led by KEPCO and comprising of Samsung C&T and other domestic construction companies collaborating with Westinghouse. In this regard, we're supporting KEPCO's bidding activities as a key member of Team Korea and preparing to participate in the Saudi NPP project.
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In addition, Team Korea continues to identify new NPP project opportunities in the Asia-Pacific and North American regions. We plan to communicate progressively with the market as these projects gain visibility.
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To talk about our SMR businesses. In October of 2025, we entered into a strategic alliance framework agreement with GVH, which we believe is the most advanced technology company in commercializing SMR units. Building on this framework, we are expanding collaboration on SMR projects in several European markets, including Sweden, Estonia, and Poland.
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In Sweden, for example, the SMR project development is proceeding under the private developer Studsvik/Kärnfull, the project targets business development partner selection in August of 2026 and groundbreaking in 2031, completion is targeted for 2035.
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We've already signed a cooperation MOU with Kärnfull back in December of 2024. Building on the SMR EPC joint execution framework that we previously established with GVH, we plan to advance the FEED and main construction orders for this project.
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The Estonia SMR project is being developed under the supervision of Fermi Energia, with GVH being selected as a technology provider. For this project, main construction is scheduled to commence in 2032. Back in April of 2025, we signed a teaming agreement with the Estonian project owner and currently providing design services for a preliminary feasibility study. We plan to continue a close collaboration with both the owner and GVH to translate this work into a main construction order.
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For the Polish SMR project, which is under the supervision of OSGE, multiple GVH SMR projects are being developed, and the first unit is targeted for 2030. In December of 2025, we signed a business development cooperation MOU with SGE, and we plan to maintain close collaboration with both the project owner and GVH across the entire stage of the project.
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Next is the Romanian SMR project, where we have completed the FEED phase with NuScale in November of 2025. In February of this year, Romania State-Owned Nuclear Energy Company approved the execution of this project at its annual general meeting of shareholders.
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This Romanian project is currently considering commercially operating only one 77 MW module first to validate the performance before it goes ahead with constructing the remaining five modules. But even in that case, the impact to Samsung C&T's overall scope and scale of the project is not expected to change materially.
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Currently, the Romanian state-owned nuclear energy company, which is Nuclearelectrica, which is the project owner, is currently working on Pre-EPC works, including the environmental impact assessments and regulatory approval process, with targeting the project finalization of EPC contract around 2028. That said, there's a possibility that the project timeline may change depending on the outcomes of the feasibility study or the financial close. We will continue to closely monitor developments together with NuScale and Fluor.
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While we pursue these SMR projects, we are at the same time pursuing investments and enhanced cooperation with various Generation IV SMR technology providers. We are in detailed discussion in terms of investments or cooperation with the technology provider that we believe is the most advanced towards Generation IV SMR commercialization, and we plan to communicate further details with the market once these discussions are finalized.
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Your second question was about the Korean data center projects and pipelines.
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Regarding data centers, with the expansion of AI utilization, orders for both domestic and overseas hyperscaler data centers are expected to increase, and the project scale is expected to expand. First, in order to ensure business stability, we are focusing on the data center projects which have the power supply and regulatory approval risks resolved and tenants already confirmed.
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When it comes to data center projects, we are participating selectively by either looking into projects where we can participate in the early design phase through early involvement in the development stage, through investments or pre-construction service engagement, so that we are able to provide tangible value to the owner, such as CapEx or OpEx reduction, or where we can contribute to schedule acceleration or can leverage our technical capabilities through construction method improvements or alternative design proposals.
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The current data center projects that are in execution phase are three domestic projects and two projects overseas. The three domestic projects would be the Ansan IGIS Data Center, Yongin Deokseong Data Center, and the National AI Computing Center. There are two projects in Malaysia. All of this represents approximately KRW 2 trillion in total.
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Domestically, we are pursuing non-competitive orders through collaboration with major developers. Overseas, we're expanding business opportunities through the ongoing collaboration with a global cloud service provider.
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Notably, following our data center order from this global CSP company in Malaysia last year, we secured additional projects from the same client this year. This client has recognized our project management capabilities and is seeking to continue this partnership on its subsequent projects. Based on the client's market expansion strategy, we therefore plan to pursue new project orders in Malaysia, Thailand, India, and other markets.
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You've also asked about roughly what will be the construction cost per megawatt for a data center. It's actually very difficult to generalize it in that form because it would depend project by project, depending on the ground conditions or whether there is underground floors designed in, whether piling is required or not, and the detailed specification of each project.
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The following question will be presented by Steve Chung from CLSA Korea. Please go ahead with your question.
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My first question is to E&C. E&C, your orders appear to be around KRW 10 trillion currently, this year. Can you divide what size would be Hi-Tech orders in that KRW 10 trillion of orders that you are booking this year? Also, it seems your guidance for Hi-Tech, you are already exceeding that guidance by quite a large amount. What would you say would be your full-year guidance for Hi-Tech? I think back in 2023 was where your orders had exceeded around KRW 17 trillion. Do you think we are on track to similar numbers this year? Second question is to the trading business group. You gave us some margin numbers. Your margins appear to be improving in first half. What do you think your margin guidance would be in the second half? Can you give us some margin outlook on a full-year basis?
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Well, first to answer your question. Yes. Our orders in the first half was KRW 10 trillion, of that, Hi-Tech accounted for KRW 6.4 trillion.
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To give you a bit more color on our Hi-Tech business outlook this year. The Hi-Tech business, as you know, continues to benefit from the global semiconductor super cycle driven by the AI demand. Our clients are also currently undertaking unprecedented level of fab investments to expand production capacity, therefore we also anticipate substantial increase in orders.
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Currently, the Pyeongtaek P4 finishing works and P5 Fab 1 structural frame construction are currently underway. In the second half of this year, we expect P5 Fab 2 to commence structural framework construction. While the first phase finishing works for P5 Fab 1 is expected to begin within the year, with subsequent finishing work orders anticipated to be accelerated.
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Meanwhile, our client has confirmed an investment decision for the NRD K2, which is an R&D fab to be located at Giheung campus. There's also plans of pursuing construction of a new large-scale DRAM production line. At the Onyang campus, investments in expanding back-end processing lines are being planned. Additional orders are expected in the second half of this year.
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In addition to that, in the U.S., the Taylor project is under review for groundbreaking of a new fab in the second half. Samsung Display and Samsung Electro-Mechanics are also reviewing investments in new production lines as well.
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Given these continuation of clients' investments in both domestic and overseas production facilities, the orders for Hi-Tech in 2026 full year is expected to significantly exceed our annual guidance of KRW 6.8 trillion and setting an all-time high order size. Accordingly, we are reviewing an upward revision to our order guidance.
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To answer your second question, which was about the outlook of the trading business profitability. Looking at the 2026 environment, there are opportunities that are being created by changes in future industrial environment, but there's also the rise of protectionism and also geopolitical disputes and conflict. We do believe that it will be an environment where there is uncertainty, and that there will be difficulties continuing in the global business environment.
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That said, we are aiming to improve our profitability versus last year. We are trying to achieve this by expanding our existing value chain, by increasing our sourcing and sales channels, by expanding our markets, diversifying the products, as well as developing new business models that also accompany an investment element.
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Well, also working on this year's profitability, we're also continuing to develop a foundation for future growth. For example, by developing new promising areas such as biofuel.
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You've also asked about the current pipeline and profitability and earnings that we're expecting from the PV disposal projects. To give you an update, our disposal gain from PV projects in the first half was $31.7 billion. There has been some delays of existing milestones and new disposals. We do expect that disposal gains may probably decrease in Q3, but we will continue to develop new high-quality items and continue our disposal efforts to deliver on our full-year target.
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The following question will be presented by Simon Woo from Bank of America. Please go ahead with your question.
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I have two questions. First question is about the E&C business group. Today, we've talked a lot about the Hi-Tech business. It seems there is strong growth potential there. You're expecting to have some positive developments on the nuclear development business as well. But for our sakes, can you give us a comparison of last year's E&C revenue makeup of how much was residential, how much was Hi-Tech, how much was nuclear, and how much was data center last year breakdown so that we can compare that to this year's makeup? Do you expect going forward that the Hi-Tech related revenue will take up a significantly larger portion of your business revenue than before? I would appreciate if you could give us a bit more idea of when, timing-wise, your SMR related pipeline is expected to tangibly contribute to your revenue and bottom line.
I will ask you questions about financials and dividends.
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To answer your first question, we can give you a comparison of the revenue of each of our product lines last year versus this year.
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To give you our numbers last year, our revenue was KRW 14 trillion. Of that, our construction work was around KRW 8 trillion, including Hi-Tech. There was the housing, and there will be the civil engineering areas. Construction, including Hi-Tech, is expected to be larger this year. In residential and civil engineering, we think that it will be similar to last year.
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Your second question was about the nuclear projects and when they will start to contribute to our revenue. We already have the UAE nuclear project that is actually approaching the end completion phase. Right now it is not significantly contributing to our revenue. We have the pipeline of revenue of nuclear projects that we explained today. By nature, these large nuclear power plant projects are a source of a very long period of stable revenue because they are long-term projects, but they have to be approached from a mid-to-long-term perspective.
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In the case of the SMR projects, actually, they have the opportunity to improve the design and construction efficiency because we can take a modular and standardized approach to these projects. As the SMR market itself grows going forward, we expect that to be a source of significant growth, even in terms of profitability and margins. Based on our capabilities of designing SMR projects, we are able to participate in the early phase of these projects, for example, from the FEED stage. Where we can determine in advance the key construction costs, and also verify the project risks in advance so that we are able to secure profitability in the projects that we decide to participate in and gain an upper hand in terms of the EPC project.
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While it's difficult at this time to give you details about the size of revenue or operating profit contribution that we expect from these nuclear projects, we do expect that the contribution of these nuclear projects, including both the nuclear power plants and SMR, will increase in our overall revenue and operating profits in the mid-to-long term as the nuclear power plant and SMR markets continue to grow.
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The second question that I have was about the shareholder return. Can you give us a bit more color about how you plan to use your shareholder return pool? For example, will it mainly be used only for cash dividends to your shareholders, or do you have a policy as to set aside a certain portion of that pool for buybacks, for example, will you be using a mix of buybacks and cash? My question is in terms of timing, if one of the related companies, for example, Samsung Fire & Marine, decides to pay out dividends earlier than scheduled and you get money ahead, would you also be paying out immediately, earlier dividends to your shareholders?
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To answer your question, as you know, in February, we announced the shareholder return policy covering 2026 to 2028, under which we will be redistributing 60%-70% of the dividend income we see from our affiliates.
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Under this policy, if we receive dividend income from our affiliates, that will be redistributed to our shareholders 60%-70%. Under this current policy, we do not have plans of using that for share buybacks and cancellation.
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To answer your second question, yes, if we get more dividend income from our affiliates that we hold, of course, that will be added to the pool of funds that will be available for our dividend distribution.
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In terms of your questions about timing, if Samsung Electronics, not Samsung Fire & Marine Insurance pays out dividends. As you know, Samsung Electronics' dividend policy is that they do pay out a quarterly dividend. If they pay out quarterly dividends in Q2 and Q3, that will be received by Samsung C&T this year. That will be added to the distributable pool this year and paid out as dividend to our shareholders as year-end dividends next year. That said, if there is additional dividends that are announced by Samsung Electronics at the end of this year, actual cash receipt of that dividend would only happen next year at Samsung C&T level. In that case, that will be added to 2027 dividend income and therefore distributed in the following year.
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Currently, there are no participants with questions. Please press star one, star and one to give your question.
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Currently, there are no participants with questions. We will wait for a second until there is another question.
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The following question will be presented by Byung -hwa Han from Eugene Investment & Securities. Please go ahead with your question.
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A question that I have is about the investments that will be made to the U.S. Recently, there's been some press coverage about potential projects that would be benefiting from that government policy to invest in the U.S. The recent media report mentioned a gas-fired power plant in the U.S. of a project size of around $20 billion. Do you have plans of participating in that project?
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The project that you're mentioning is probably the Texas Encinal Combined Cycle Power Plant project, which was announced as being the first initiative under this investment framework that's currently being discussed between the Korean government and the U.S. Department of Commerce. Currently, we have not finalized whether we're participating in this project. Should we receive a request from the government, we will carefully review it and prepare to respond proactively when concrete participation opportunities do emerge.
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Currently, there are no participants with questions. Please press star one, star and one to give your question.
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Since there's no further questions, we will end the conference call here. Thank you very much.