SK Telecom Co Ltd (SKM) 2025 Q1 法說會逐字稿

Good morning, and good evening. Thank you all for joining the conference call for the SK Telecom earnings results. This conference will start with a presentation followed by a Q&A session. (Operator Instructions) Now we will begin the presentation on SK Telecom's First Quarter of Fiscal Year 2025 Earnings Results.

早安，晚上好。感謝大家參加 SK Telecom 收益結果電話會議。本次會議將以演講開始，然後是問答環節。（操作員指示）現在我們將開始介紹 SK Telecom 2025 財年第一季的收益結果。

Good afternoon. I am Hee Jun Chung, IRO of SK Telecom. Let us begin the earnings conference call for the first quarter of 2025. Today, we will first deliver a presentation on the financial and business highlights, followed by a Q&A session. Please note that all forward-looking statements are subject to change depending on various factors such as market and management situations.

午安.我是 SK Telecom 的 IRO Hee Jun Chung。讓我們開始2025年第一季的收益電話會議。今天，我們將首先介紹財務和業務亮點，然後進行問答環節。請注意，所有前瞻性陳述都可能根據市場和管理情況等各種因素而變化。

Let me now present our CFO.

現在讓我來介紹一下我們的財務長。

Good afternoon. This is Yang-Seob Kim, CFO of SK Telecom. Before I start the earnings presentation, I understand that there are great concerns among investors regarding the cybersecurity incident that happened last month.

午安.我是 SK Telecom 財務長 Yang-Seob Kim。在我開始財報之前，我了解到投資人對上個月發生的網路安全事件非常擔憂。

A joint public-private investigation team is currently looking into possible causes and scope of the incident, and SK Telecom is doing its utmost to protect our customers from any damage or loss related to the recent incident.

目前，公私聯合調查小組正在調查事件的可能原因和影響範圍，SK Telecom 正在盡最大努力保護我們的客戶免受與最近事件相關的任何損害或損失。

Immediately after detecting data leak, systems suspected of malware infection were isolated. Also, an enhanced fraud detection system is running at its maximum level to block suspicious authentication attempts.

在偵測到資料外洩後，立即隔離了疑似感染惡意軟體的系統。此外，增強型詐欺偵測系統正在最高層級運行，以阻止可疑的身份驗證嘗試。

As of now, all the eligible SK Telecom customers have enrolled in USIM protection service. The dual layers of the FDS and USIM protection service bear the same effect of USIM replacement. Starting from today, the upgraded USIM protection service will be applied sequentially to provide protection during roaming as well.

截至目前，所有符合資格的 SK Telecom 客戶均已註冊 USIM 保護服務。FDS和USIM的雙層保護服務，具有與更換USIM相同的效果。從今天開始，升級後的USIM保護服務將陸續上線，在漫遊時也能提供保護。

We are also looking for various ways to address the situation, including securing as many USIM chips as possible in the short span of time, along with the suspension of new subscriber sign-ups. We will keep the investors updated on matters related to the incident.

我們也在尋找各種方法來解決這種情況，包括在短時間內確保盡可能多的 USIM 晶片，以及暫停新用戶註冊。我們將及時向投資者通報與該事件相關的情況。

Let me now report on the consolidated financial results for the first quarter of 2025. Consolidated revenue reported KRW 4,453.7 billion, down 0.5% year over year due to the sale of certain subsidiaries. Operating income posted KRW 567.4 billion, up 13.8% year over year. Profitability improved, thanks to the decline in marketing and depreciation costs as the 5G market matures. Net income posted KRW 361.6 billion, down 0.1% year over year.

現在，我來報告 2025 年第一季的綜合財務表現。綜合營收為 4,4537 億韓元，由於出售部分子公司，年減 0.5%。營業收入達5,674億韓元，年增13.8%。隨著5G市場逐漸成熟，行銷和折舊成本下降，獲利能力也得到改善。淨收入為3616億韓元，年減0.1%。

Next, let me report on business highlights. Fixed and mobile business saw a continued increase in 5G and broadband subscribers. AI business revenue grew 15.6% year over year, maintaining a growth momentum. AIDC business posted KRW 102 billion of revenue in the first quarter, up 11.1% year over year.

下面我報告一下業務亮點。固定和行動業務5G、寬頻用戶數持續成長。AI業務營收年增15.6%，維持成長動能。AIDC業務第一季營收達1,020億韓元，較去年同期成長11.1%。

It is firmly established as a successful business with more than KRW 100 billion of quarterly revenue. In the short term, we will quickly increase data center utilization rates while generating additional profit through services such as GPU as a Service.

該公司季度營收超過 1,000 億韓元，已確立其作為成功企業的地位。短期內，我們將快速提高資料中心的使用率，同時透過 GPU 即服務等服務創造額外利潤。

In the mid to long run, we will prepare for hyperscale AI DC business. AIX revenue was KRW 45.2 billion, up 27.2% year over year. Along with the steady growth of AI cloud revenue, AI B2B business has contributed to earnings, thanks to the virtual consultation services and AI marketing services for financial institutions. A.Biz is conducting a beta test and is scheduled for an official launch in the first half of the year after further improving functionality.

中長期來看，我們會佈置超大規模AI DC業務。AIX營收為452億韓元，年增27.2%。伴隨AI雲收入的穩定成長，AI B2B業務也為獲利做出貢獻，主要得益於為金融機構提供的虛擬諮詢服務和AI行銷服務。A.Biz 目前正在進行 Beta 測試，並計劃在進一步完善功能後於今年上半年正式上線。

In addition, we are determined to demonstrate business feasibility of Agentic AI within this year. A. has strengthened the profit base with the cumulative subscribers surpassing 9 million in the first quarter. It is focusing on enhancing user convenience by adding Google Gemini and Liner Pro to the multi-LLM agent. Aster has completed an open data service in the US and is preparing for an official launch in the second half of the year.

此外，我們決心在今年內證明 Agentic AI 的商業可行性。A.第一季累計用戶突破900萬，鞏固了獲利基礎。它致力於透過將 Google Gemini 和 Liner Pro 添加到多 LLM 代理程式來提高用戶的便利性。Aster已在美國完成開放資料服務，準備下半年正式上線。

Let me now turn to shareholder returns. The Board of Directors resolved to set the first quarter DPS at KRW 831 with the record date of May 31. As a result of the amendments to the articles of incorporation approved at the AGM in March, the record date for quarterly cash dividends is designated after the dividend amount is determined in an effort to enhance predictability of cash dividends.

現在讓我來談談股東回報。董事會決議將第一季每股股息定為831韓元，記錄日期為5月31日。根據3月股東大會批准的公司章程修正案，季度現金分紅的記錄日在分紅金額確定後指定，以提高現金分紅的可預測性。

In light of the recent cybersecurity incident, SK Telecom will conduct a thorough and comprehensive review of the business management and further strengthen fundamental competitiveness. Customers are the foundation of the company and customer value enhancement is ultimately linked to corporate value and shareholder value enhancement. We will mobilize all the resources within the company for customer protection so that we can regain and uphold the trust of our customers and shareholders have placed in us for over 40 years.

有鑑於最近發生的網路安全事件，SK電訊將對業務管理進行徹底、全面的審查，進一步加強根本競爭力。客戶是企業的根本，顧客價值的提升最終與企業價值和股東價值的提升掛鉤。我們將調動公司內部的一切資源來保護客戶，以便重新贏得並維護客戶和股東40多年來對我們的信任。

Now more than ever, we ask for your continued support and encouragement. Thank you.

現在，我們比以往任何時候都更需要您繼續給予支持和鼓勵。謝謝。

Now Q&A session will begin. (Operator Instructions)

現在開始問答環節。（操作員指示）

Joonsop Kim, KB Securities.

Joonsop Kim，KB證券。

I'm Kim Joonsop from KB Securities. I have two questions related to the recent cybersecurity incident. The first one is about customers switching to another mobile operators. I understand that the number of customers switching to other MNO operators has been increasing more than the historical level. So I'd like to understand the company's position and response measures.

我是 KB 證券的 Kim Joonsop。我有兩個與最近網路安全事件有關的問題。第一個是關於客戶轉換到另一家行動電信商。據我了解，轉向其他 MNO 營運商的客戶數量一直在增長，超過了歷史水平。所以我想了解公司的立場和應對措施。

Secondly, you have recently decided to suspend new subscriber sign-ups related to the recent cybersecurity incident. I'd like to understand for how long the suspension will be maintained? And what will be potential impact of this decision on your revenue? And if you can answer these questions, it will help us understand the current situation.Thank you.

其次，您最近決定暫停與最近的網路安全事件相關的新用戶註冊。我想了解暫停將持續多久？這個決定會對您的收入產生什麼潛在影響？如果您能回答這些問題，將有助於我們了解當前的情況。謝謝。

Thank you for your questions. And as for your two questions, Mr. Hoon Ji Kim, Head of Marketing Strategy, will answer them.

感謝您的提問。至於您的兩個問題，行銷策略主管 Hoon Ji Kim 先生將為您解答。

I am Hoon Ji Kim , Head of Marketing Strategy. In the beginning of this cybersecurity incident, it is true, yes, that there were some inconveniences and confusion due to the surge in customers demanding USIM replacements or enrolling in USIM protection service. And in this process, there was an increase in the number of customers who are switching to other networks.

我是行銷策略主管 Hoon Ji Kim。在這次網路安全事件初期，由於要求更換 USIM 卡或註冊 USIM 保護服務的客戶數量激增，確實造成了一些不便和混亂。在此過程中，轉換到其他網路的客戶數量有所增加。

We will understand that the customer base is the most valuable asset of SK Telecom and a foundation for medium- to long-term profit generation. Therefore, it will be inevitable that we have to bear some expenses to regain the trust of our customers and lock them in.

我們將明白客戶群是 SK 電訊最寶貴的資產，也是中長期獲利的基礎。因此，我們不可避免地需要承擔一些費用來重新贏得客戶的信任並留住他們。

Currently, we are doing everything we can for customer protection and market stability, and we will continue to closely monitor the market situation and respond accordingly.

目前，我們正在盡一切努力保護客戶和穩定市場，並將繼續密切關注市場狀況並做出相應反應。

Moving on to your second question. Against the backdrop of the recent cybersecurity incident in accordance with the administrative guidance by the Ministry of Science and ICT, we have suspended new subscriber sign-ups from May 5.

繼續回答你的第二個問題。鑑於最近發生的網路安全事件，根據科學技術資訊通訊部行政指導，我們已從 5 月 5 日起暫停新用戶註冊。

As of now, it has not been decided whether and when we will be able to resume new sign-ups. However, the recent suspension was made to secure enough supply of USIMs for affected customers. And we have already 100% of eligible customers enrolled in the USIM protection service. And now the USIM protection service has been upgraded to provide protection for roaming customers.

截至目前，我們尚未決定是否以及何時能夠恢復新註冊。然而，最近的暫停是為了確保為受影響的客戶提供足夠的 USIM 供應。而我們已經有 100% 的合格客戶註冊了 USIM 保護服務。現在USIM保護服務已經升級，可以為漫遊客戶提供保護。

And starting from mid-May, we believe that we will be able to get a stable supply of USIM, and we have introduced the USIM reset function and have simplified the process for USIM replacement. So we will be able to handle the demand for USIM and eSIM replacement going forward smoothly. And then we will discuss when we will resume the new sign-up together with the relevant government ministries on this matter.

並且從5月中旬開始，我們相信將能夠獲得穩定的USIM供應，並且我們引入了USIM重置功能並簡化了USIM更換的流程。因此我們將能夠順利滿足未來 USIM 和 eSIM 更換的需求。然後我們會和相關政府部門一起討論何時恢復新註冊。

Upon your question on potential impact of this decision on our revenue will very much depend on for how long we will have to suspend new subscriber sign-ups. And so we are doing our best to stabilize the market as quickly as possible. And we will voluntarily disclose to the investors and to the market when we finally decide to resume new sign-ups.

關於您提出的這項決定對我們的收入的潛在影響的問題，很大程度上取決於我們將暫停新用戶註冊多長時間。因此，我們正在盡最大努力盡快穩定市場。當我們最終決定恢復新註冊時，我們將主動向投資者和市場揭露。

Seung Woong Lee, Yuanta Securities.

元大證券的 Seung Woong Lee。

I am Seung Woong Lee from Yuanta Securities. I'd like to ask some questions that are rather follow-up questions to the previous questions. In short, I'd like to understand the overall financial impact of the recent cybersecurity incident on your earnings performance.

我是元大證券的李承雄。我想問一些與前面的問題類似的後續問題。簡而言之，我想了解最近的網路安全事件對您的獲利表現的整體財務影響。

I know that a lot of the factors have not been finalized. So there's a lot of uncertainty, but if you can guide us and provide us with some color on what factors and what situations and what factors that we need to consider as investors to understand potential financial impact.

我知道很多因素尚未最終確定。因此存在許多不確定性，但如果您能指導我們並向我們提供一些信息，說明作為投資者我們需要考慮哪些因素、哪些情況以及哪些因素來了解潛在的財務影響。

And moving on to your first quarter dividend amount, you decided to maintain it to the same level as the previous quarter. I'd like to understand if the recent incident will have any impact on your shareholder return policy. Thank you.

談到第一季的股息金額，您決定將其維持在與上一季相同的水平。我想了解最近發生的事件是否會對你們的股東回報政策產生任何影響。謝謝。

Thank you for your questions. I would first like to address your question on the overall financial impact of the recent incident on our performance.

感謝您的提問。首先，我想回答您關於最近事件對我們業績的整體財務影響的問題。

I understand that the investors would like to very much know the potential impact -- financial impact of the recent cybersecurity incident on our earnings performance. But at this point in time, we don't really have any specific details to share with you.

我知道投資者非常想知道最近的網路安全事件對我們的獲利表現的潛在影響——財務影響。但目前，我們還沒有任何具體細節可以與大家分享。

But what I can do is to cover some of the related areas and potential measures that may have some financial impact, and then I'll be able to provide you with more details as progress is made regarding the investigations and also market situations.

但我可以做的是涵蓋一些可能產生一些財務影響的相關領域和潛在措施，然後隨著調查和市場狀況的進展，我將能夠為您提供更多細節。

First of all, as for USIM replacement, we are working based on the assumption that all 24 million customers may want to get their USIM replaced. So we're accelerating the shipments of USIMs as much as possible, and we're also developing financial plans accordingly.

首先，對於 USIM 更換，我們是基於這樣的假設：所有 2,400 萬客戶都可能希望更換他們的 USIM。因此，我們正在盡可能加快 USIM 的出貨量，同時也制定相應的財務計畫。

And regarding any potential negative impact on our revenue, this may be expected due to some mobile carrier change or suspension of new subscriber sign-ups, but the size of such impact is dependent on future telco switch trends and when we will be able to resume new subscriber sign-ups. So please understand that we will not be able to offer any specific numbers at this point.

至於對我們的收入的任何潛在負面影響，這可能是由於一些行動營運商的變更或暫停新用戶註冊而造成的，但這種影響的大小取決於未來電信營運商的轉換趨勢以及我們何時能夠恢復新用戶註冊。因此請理解我們目前無法提供任何具體的數字。

Also additional potential costs such as administrative penalties may be considered, but whether such costs would be incurred is again dependent on so many factors, including the results of the ongoing joint investigation led by the Ministry of Finance and IT and investigation by the Personal Information Protection Commission and potential amounts are also difficult to estimate at this point in time.

另外，還可能會考慮行政處罰等額外的潛在成本，但是否產生這些成本又取決於許多因素，包括財政部和資訊科技部正在進行的聯合調查以及個人資訊保護委員會的調查結果，而且目前也很難估計潛在金額。

Negative financial impact due to the recent cybersecurity incident may be inevitable. However, we believe that it is crucial for us to put in all the available resources as quickly as possible to stabilize the market and regain trust from our customers. And this will be the best way in the long run to minimize any potential losses and recover our corporate value.

最近的網路安全事件造成的負面財務影響可能是不可避免的。然而，我們認為，我們必須盡快投入所有可用資源來穩定市場並重新贏得客戶的信任。從長遠來看，這是最大限度減少潛在損失、恢復公司價值的最佳方式。

Moving on to your question on potential change to our shareholder return policy. We understand that market participants would like to know whether there will be any change to our shareholder return policy due to the recent incident.

接下來回答您關於我們股東回報政策可能改變的問題。我們理解市場參與者希望了解，由於最近的事件，我們的股東回報政策是否會有任何改變。

Certain levels of financial impact would be inevitable related to the recent incident, but it is rather too early to estimate any potential financial impact with any certainty. So what I can say is that our basic principle of maintaining stable dividends for shareholder returns remains the same.

最近的事件不可避免地會造成一定程度的財務影響，但現在就準確估計任何潛在的財務影響還為時過早。因此我可以說的是，我們維持穩定股利以回報股東的基本原則保持不變。

Soo-Jin Kim, Mirae Asset Securities.

Soo-Jin Kim，未來資產證券公司。

Thank you for the opportunity to ask questions because questions were already asked regarding the recent cybersecurity incident, I'd like to ask a question on your business situations and plans. For your AIDC business, it recorded a double-digit growth rate on a year-over-year basis. So I'd like to understand your future AIDC operation and expansion plans. And if you can give us some color on the profitability of AIDC business, it would be great. Thank you.

感謝您給我這個提問的機會，因為關於最近的網路安全事件已經有人提問了，我想就您的業務狀況和計劃提問。就您的 AIDC 業務而言，其同比增長率達到了兩位數。所以我想了解您未來的AIDC營運和擴展計劃。如果您能向我們介紹 AIDC 業務的獲利能力，那就太好了。謝謝。

Thank you for your questions. As for your questions, Mr. Mr. Hyunwoo, Head of AIDC Development, will address them.

感謝您的提問。至於您的問題，AIDC 發展部負責人 Hyunwoo 先生將為您解答。

I'm Hyunwoo, Head of AIDC Development. As for your question on our medium- to long-term AIDC or DC business execution plan, as of now, we are operating 8 data centers, including the Yangju data center, which recently opened in February.

我是 Hyunwoo，AIDC 開發主管。關於您問到的我們中長期AIDC或DC業務實施計劃，目前我們經營8個資料中心，包括2月新開通的楊州資料中心。

Furthermore, we are working on a project to build a hyperscale AI data center in regional headquarters or in regional hubs in close cooperation with the global big tech, and our target is to open hyperscale AI data centers by 2027. And when we have more detail today, we will communicate them with the market.

此外，我們正與全球大型科技公司密切合作，在區域總部或區域樞紐建設超大規模人工智慧資料中心，我們的目標是到2027年開放超大規模人工智慧資料中心。當我們今天獲得更多細節時，我們會與市場溝通。

In addition, we already have put in place plans to establish new data centers in the sole metropolitan area. So we have a pipeline until 2030 for capacity expansion, and we will continue to increase our data center operational capacity gradually.

此外，我們已經制定了在唯一的大都市區建立新資料中心的計劃。因此，我們在 2030 年之前都有擴容計劃，並且我們將繼續逐步提高資料中心的營運能力。

Furthermore, with the full-fledged opening of the AI era, we understand that the existing co-location-based data center business model is quickly switching to a new AI data center business model, and we expect the new types of demand in the market will continue to emerge. So we are working to proactively establish our new data center business models to respond to these demands.

此外，隨著人工智慧時代的全面開啟，我們了解到現有的基於主機託管的資料中心業務模式正在快速轉換為新的人工智慧資料中心業務模式，我們預計市場中新型的需求將不斷湧現。因此，我們正在積極建立新的資料中心業務模式來滿足這些需求。

To give you more details. We already launched the subscription-based GPU as a service at the end of last year so that customers can quickly get access to AI data centers with high-performance GPUs. And as I mentioned earlier, we are cooperating with a global big tech company so that we can establish we as first hyperscale AI data center.

為您提供更多詳細資訊。我們在去年底就推出了訂閱式的GPU即服務，讓客戶快速獲得配備高效能GPU的AI資料中心。正如我之前提到的，我們正在與一家全球大型科技公司合作，以便建立第一個超大規模人工智慧資料中心。

In addition, we are building and developing new business models, including a modular AI data center business model where those who need quick access to low capacity AI data center can utilize as well as the dedicated AI data center business model where customers who want to possess their own AI data centers can receive a tailored turnkey projects.

此外，我們正在建立和開發新的商業模式，包括模組化AI資料中心商業模式，需要快速存取低容量AI資料中心的客戶可以利用該模式，以及專用AI資料中心商業模式，希望擁有自己的AI資料中心的客戶可以獲得量身定制的交鑰匙專案。

So in summary, we will continue to supply AI data center in order to meet changing needs in the market while establishing the AI infrastructure domain as a foundational business for SK Telecom.

總而言之，我們將繼續提供 AI 資料中心，以滿足市場不斷變化的需求，同時將 AI 基礎設施領域確立為 SK Telecom 的基礎業務。

Moving on to your second question on the profitability of our data center business in terms of EBITDA margin, I would first like to mention that our data center business is classified as B2B business for SK Broadband, and for this reason, it will -- it's difficult to separate the anteculate EBITDA margin for data center business only in consideration of allocation of indirect costs and expenses. However, what I can say is that AI or data center business EBITDA margin is slightly higher than the consolidated EBITDA margin of SK Broadband.

回到您關於資料中心業務盈利能力的第二個問題，就 EBITDA 利潤率而言，我首先要說的是，我們的資料中心業務被歸類為 SK Broadband 的 B2B 業務，因此，在考慮間接成本和費用的分配時，很難將資料中心業務的預計 EBITDA 利潤率單獨分開。不過，我可以說的是，AI 或資料中心業務的 EBITDA 利潤率略高於 SK Broadband 的合併 EBITDA 利潤率。

Thank you. Now we would like to conclude the earnings conference call for SK Telecom. If there are any additional questions, please contact the IR team. Thank you.

謝謝。現在我們想結束 SK Telecom 的收益電話會議。如果有任何其他問題，請聯絡 IR 團隊。謝謝。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。