SK Telecom Co Ltd (SKM) 2025 Q3 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. (Operator Instructions)

早安，晚上好。感謝各位參加SK Telecom財報電話會議。（操作說明）

Now, we will begin the presentation on SK Telecom's third quarter of fiscal year 2025 earnings results.

現在，我們將開始介紹SK Telecom 2025財年第三季的獲利情況。

Good morning. I am Chung Hee Jun, IRO of SK Telecom. Let us begin the earnings conference call for Q3 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.

早安.我是SK Telecom的IRO（工業關係主任）鄭熙俊。讓我們開始2025年第三季財報電話會議。今天，我們將首先就財務和業務亮點進行匯報，然後進行問答環節。請注意，所有前瞻性陳述均可能因市場和管理狀況等各種因素而改變。

Let me now present our CFO.

現在讓我來介紹一下我們的財務長。

Good morning. This is Kim Yang Seop, CFO of SK Telecom. The third quarter of 2025 was the period where we renew our mobile business by implementing the Accountability and Commitment Program to overcome the cybersecurity incident and reassess company-wide AI capabilities, thereby renew our goals and determination for the future.

早安.這是SK Telecom的財務長金陽燮。2025 年第三季度，我們將透過實施問責和承諾計劃來重振我們的行動業務，以克服網路安全事件，並重新評估公司範圍內的 AI 能力，從而重振我們未來的目標和決心。

In this quarter, the Accountability and Commitment Program has had a significant financial impact. The consolidated revenue posted KRW3.9781 trillion, 11% to 12.2% decline year on year. The [annual] revenue fell by approximately KRW547.7 billion year on year due to 50% discount in August for all customers with the customer appreciation package and a series of team membership discounts.

本季度，問責與承諾計畫產生了顯著的財務影響。合併營收為3.9781兆韓元，年減11%至12.2%。由於 8 月所有客戶均可享 50% 的折扣（客戶答謝禮包）以及一系列團隊成員折扣，[年度]收入年減約 5,477 億韓元。

The significant sales decline led to 90.9% year-on-year drop in operating income to KRW48.4 billion. The net income turned negative due to the penalties from the cybersecurity incident. Given the unprecedented deterioration in the financial performance, the company inevitably decided not to declare dividends for the third quarter. While the financial impact of the incident continues to weigh on the result, we are fully committed to restoring stability and resuming dividend payments going forward.

銷售額大幅下滑導致營業收入年減 90.9%，至 484 億韓元。由於網路安全事件的處罰，淨收入變成負值。鑑於財務業績出現前所未有的惡化，公司不得不決定不發放第三季股利。儘管事件的財務影響仍在持續影響業績，但我們完全致力於恢復穩定並恢復派發股息。

Now, let me report on business updates. The fixed and mobile businesses are showing gradual recovery from the cybersecurity incident. The number of 5G subscribers increased by approximately 240,000 QonQ to 17.26 million; and broadband and IPTV subscribers also recorded positive net additions.

現在，讓我報告一下業務最新進展。固定和行動業務正逐步從網路安全事件中恢復過來。5G 用戶數量較上季增加約 24 萬，達到 1,726 萬；寬頻和 IPTV 用戶數量也實現了正淨成長。

As part of our mobile business innovation, the company recently launched Air, a digital communication service exclusively for unlocked devices, designed with an emphasis on simplicity and practicality based upon in-depth analysis of the needs of the customers in their 20s and 30s, this service is expected to play a key role in broadening our mobile's customer base.

作為我們行動業務創新的一部分，該公司最近推出了 Air，一項專為解鎖設備設計的數位通訊服務。該服務以 20 多歲和 30 多歲客戶的需求為深入分析，注重簡潔性和實用性，預計該服務將在擴大我們行動客戶群方面發揮關鍵作用。

The AI business is bringing together previously distributed AI capabilities under one structure. Functions and organizations including AI DC, A. Biz for enterprises, A. Service for B2C, and global AI partnerships and investment, and AI R&D are being reorganized into the AI CIC, establishing a more cohesive and efficient business structure.

人工智慧業務正在將以前分散的人工智慧能力整合到一個架構下。包括 AI DC、面向企業的 A. Biz、面向 B2C 的 A. Service、全球 AI 合作夥伴關係和投資以及 AI 研發在內的職能和組織正在重組為 AI CIC，以建立一個更具凝聚力和效率的業務結構。

Revenue from the AI business achieved of 35.7% year-on-year increase in revenue, further expanding the foundation for achieving its mid- to long-term goals. Driven by the acquisition of the Pangyo Data Center and the award of the GPU Leasing Report Program, AI DC revenue posted KRW149.8 billion, up 53.8% year on year.

人工智慧業務的營收年增 35.7%，進一步擴大了實現其中長期目標的基礎。受收購板橋資料中心和取得 GPU 租賃報告計畫的推動，AI DC 營收達到 1,498 億韓元，年增 53.8%。

The company continues to expand the scale and profitability of its data center operations. The Ulsan AI Data Center, poised to be a key driver of data center revenue growth, held its groundbreaking ceremony in late August and is now under full construction. In addition, the company recently signed a memorandum of understanding with OpenAI to jointly build an AI data center dedicated for OpenAI in Korea's southwest region, positioning itself to capture new opportunities in the rapidly evolving AI infrastructure market.

該公司持續擴大資料中心營運規模，提高獲利能力。蔚山人工智慧資料中心有望成為資料中心收入成長的關鍵驅動力，該中心於 8 月下旬舉行了奠基儀式，目前正在全面建設中。此外，該公司最近與 OpenAI 簽署了一份諒解備忘錄，將在韓國西南部地區共同建造一個專用於 OpenAI 的人工智慧資料中心，從而在快速發展的人工智慧基礎設施市場中抓住新的機會。

The AIX revenue posted KRW55.7 billion, up 3.1% year on year. Officially launched in late June, A. Biz, an AI agent designed for enterprise use has received a positive initial feedback as a workplace AI tool that helps employees focus more on their core tasks. In this quarter, the service was rolled out to about 10 SK Group affiliates, including the company and is planned to be expanded to a total of 25 affiliates by the end of this year.

AIX營收達557億韓元，年增3.1%。A. Biz 是一款專為企業設計的 AI 代理，於 6 月下旬正式推出。作為一款職場 AI 工具，它幫助員工更專注於核心任務，並已獲得正面的初步回饋。本季度，該服務已推廣至包括本公司在內的約 10 家 SK 集團附屬公司，並計劃在今年年底前擴展到總共 25 家附屬公司。

Through its latest upgrade this quarter, A. has integrated cutting-edge AL LLM, such as A.X 4.0 and GPT-5, while introducing a new AI message feature that alerts users to potential spam or phishing text. In addition, with its recent integration into T MAP in September, A. is now accessible to a broader base of users. Allowing more people to experience the service firsthand.

透過本季的最新升級，A. 整合了尖端的 AL LLM，例如 A.X 4.0 和 GPT-5，同時引入了新的 AI 訊息功能，可提醒用戶注意潛在的垃圾郵件或網路釣魚簡訊。此外，隨著 A. 於 9 月併入 T MAP，現在更廣泛的用戶群體可以使用它。讓更多人能夠親身體驗這項服務。

Building on its long-standing expertise in LLM, the SK Telecom Consortium was selected in August as a core team for the proprietary AI Foundation Model project led by the Ministry of Science and ICT. Through the project, the company aims to further strengthen its AI competitiveness, pursue new business opportunities, and contribute to the development of sovereign AI.

憑藉其在LLM領域的長期專業知識，SK Telecom Consortium於8月被選為由科學和資訊通信技術部牽頭的專有AI基礎模型專案的核心團隊。透過該項目，該公司旨在進一步增強其人工智慧競爭力，尋求新的商機，並為自主人工智慧的發展做出貢獻。

The past six months has been the most challenging period for SK Telecom since its founding. The entire organization has been fully mobilized to respond to the cybersecurity incident. While it served as an opportunity to emerge as a stronger and more secure company, it also led to the loss of many customers and continued financial impact.

過去六個月是SK Telecom自成立以來最具挑戰性的時期。整個組織已全面動員起來應對此網路安全事件。雖然這為公司提供了一個發展成為更強大、更安全的企業的機會，但也導致了許多客戶的流失和持續的財務影響。

To move beyond this crisis toward a recovery and renewed growth, the company has set a clear goal of driving continuous innovation in information security. We will strengthen execution across key areas such as increased security investment, adoption of next-generation technologies, and enhancement of external verification systems.

為了擺脫這場危機，實現復甦和重新成長，該公司製定了一個明確的目標，推動資訊安全領域的持續創新。我們將加強在關鍵領域的執行力度，例如增加安全投資、採用下一代技術以及加強外部驗證系統。

In the telecom business, we will place customer trust restoration at the highest priority and focus on reinforcing our core competitiveness to reclaim our position as Korea's leading telecom company. At the same time, in the AI business, we will focus on delivering tangible results.

在電信業務方面，我們將把恢復客戶信任放在首位，並專注於加強我們的核心競爭力，以重新奪回我們作為韓國領先電信公司的地位。同時，在人工智慧業務方面，我們將專注於取得實際成果。

SK Telecom is determined to turn this crisis into an opportunity for renewed growth and to emerge as a stronger, more resilient company. We sincerely ask for the warm encouragement and continued support of our investors and analysts as we embark on this new beginning. Thank you.

SK Telecom決心將這場危機轉化為重新發展的契機，並成為更強大、更有韌性的公司。在我們開啟這段新旅程之際，我們衷心請求各位投資人和分析師給予我們熱情鼓勵和持續支持。謝謝。

Now, we'll begin the Q&A.

現在，我們將開始問答環節。

(Operator Instructions) [Jamie Nan], NH Investment and Securities.

（操作說明）[Jamie Nan]，NH 投資和證券。

This is Ahn Ji-hoon from NH Securities. I have two questions. First question is about dividend. During the presentation, you have said that you will not declare the dividend for the third quarter, which is regrettable. And I'd like to hear about your focus on the fourth quarter dividend. And it might be a bit too early to discuss about the 2026 dividend policy. Can you give us a heads up as to the dividend of the 2026 will return to the level of '24?

這位是NH證券的安智勳。我有兩個問題。第一個問題是關於股息的。在報告中，您曾表示不會派發第三季股息，令人遺憾。我想聽聽您對第四季股息的關注。現在討論 2026 年的股利政策可能還為時過早。能否提前告知我們2026年的股利是否會恢復到2024年的水準？

The second question is about the performance. The third quarter's poor performance is something to be expected, and I'd like to ask you about the fourth quarter outlook, because the free offering of the 50-gigabyte data and the discount is still ongoing, so there could be the potential for the tariffs down selling. So I'd like to hear about your 4Q performance outlook.

第二個問題是關於表現的。第三季業績不佳在意料之中，我想問您對第四季的展望，因為免費贈送 50 GB 數據和折扣活動仍在進行中，所以可能會出現降價促銷的情況。所以我想聽聽您對第四季業績的展望。

Thank you for this question. I'd like to respond to your second question first, the impact of the incidents on the third quarter performance. The financial impact from the cybersecurity incidents in Q3 was mostly reflected on the revenue side, more by revenue decline, about KRW500 billion, QoQ, nearly all attributable to the incident. The largest factor was the 50% discount on August tariffs offered to all customers as part of the customer appreciation package, while immense membership benefits also contributed to the revenue decline.

謝謝你的提問。我想先回答你的第二個問題，就是這些事件對第三季業績的影響。第三季網路安全事件造成的財務影響主要體現在收入方面，營收季減約 5,000 億韓元，幾乎全部歸因於該事件。最大的因素是，作為客戶答謝計畫的一部分，所有客戶在 8 月享受了 50% 的資費折扣，而豐厚的會員福利也導致了收入下降。

On the cost side, KRW134.8 billion of fines imposed by the Personal Information Protection Commission, was recognized as a non-operating expense in Q3. As the customer appreciation package, such as additional data and the membership benefits, will continue through the year-end, so some decline in mobile revenue is expected to persist in Q4, but the impact should be significantly smaller than in Q3.

在成本方面，個人資訊保護委員會處以的 1,348 億韓元罰款在第三季被確認為非經營性支出。由於客戶回饋計劃（例如額外流量和會員福利）將持續到年底，因此預計第四季度行動收入仍將出現一定程度的下降，但其影響應該比第三季小得多。

That said, Q4 typically involves concentrated spending activities, so a cautious approach is warranted regarding operating profits. While it is too early to provide detailed guidance for fiscal year '26 before finalizing management plans, the company aims to drive a steady recovery in mobile revenue through restored customer trust, while maximizing cost efficiency to return to pre-incident operating profit levels.

也就是說，第四季通常是支出活動集中的時期，因此對於營業利潤應採取謹慎的態度。雖然在最終確定管理計劃之前，現在提供 2026 財年的詳細指導還為時過早，但該公司旨在透過恢復客戶信任來推動行動收入的穩步復甦，同時最大限度地提高成本效益，以恢復到事件發生前的營業利潤水平。

The company's AI business, including AI DC, continues to show solid growth momentum, which is expected to contribute to a turnaround in overall performance, for the details on FY26 guidance will be provided once management plans are finalized. So let me respond to the question about dividends for the whole year, FY25 and FY26.

該公司的人工智慧業務（包括人工智慧資料中心）繼續展現出強勁的成長勢頭，預計這將有助於整體業績的扭轉，有關 2026 財年業績指引的詳細資訊將在管理計劃最終確定後公佈。那麼，讓我來回答關於2025財年和2026財年全年股利的問題。

As mentioned earlier, following a resolution by the Board, the company has decided not to declare a dividend for the third quarter. This was an unavoidable decision, taking into account the financial impact of the cybersecurity incident, cash flow condition, and overall financial stability. We ask for your kind understanding.

如前所述，經董事會決議，公司決定不派發第三季股利。考慮到網路安全事件的財務影響、現金流狀況和整體財務穩定性，這是一個不可避免的決定。請您諒解。

As for the Q4 dividend, it is difficult to make any definitive statement at this time, but the Board will review the matter once the full-year performance and cash flow are finalized, taking into consideration the company's growth and investment capacity, financial structure, and overall capital allocation balance.

至於第四季度股息，目前很難做出任何確切的聲明，但董事會將在全年業績和現金流最終確定後，考慮到公司的成長和投資能力、財務結構和整體資本配置平衡，對此事進行審查。

As the impact of the cybersecurity incidents will be mostly reflected in 2025, the operations are expected to normalize from 2026, and all the operation improvement measures will be fully implemented. And we will make every effort to restore the dividend to the pre-incidence level in line with improved performance.

由於網路安全事件的影響將在 2025 年主要顯現，預計營運將從 2026 年開始恢復正常，所有營運改善措施都將全面實施。我們將盡一切努力，隨著業績的改善，將股息恢復到疫情前的水平。

Heejin Lim, Citi.

Heejin Lim，花旗銀行。

I have two questions. First is that this is the first earnings call after the incidents and implementation of the rectification measures. So the question is that, how much of the customers that you have lost in the previous quarter you have regained in this quarter, and what are your plans to win back the customer? And I'd like to learn about your marketing plan.

我有兩個問題。首先，這是事件發生後以及採取整改措施後的首次獲利電話會議。所以問題是，你在上個季度失去的客戶中，本季重新獲得了多少？你有什麼計畫贏回這些客戶？我想了解你們的行銷計劃。

The second question is about the Air that was mentioned during the earlier presentation. So it seems that Air is a smart service that is offered at an affordable pricing range. So I'd like to understand its implications on the top line and our approach.

第二個問題與先前報告中提到的空氣有關。由此看來，Air 是一項價格實惠的智慧服務。所以我想了解它對公司營收和我們方法的影響。

Thank you for this question, and this question will be answered by the marketing strategy team.

感謝您的提問，這個問題將由行銷策略團隊解答。

After the contract cancellation fee waiver period ended on July 14, the company focused on rebuilding customer trust to reverse the market trend. Through these efforts, the customer churn was successfully contained in August and September, resulting in a net neutral balance between additions and loss.

7月14日合約取消費用豁免期結束後，該公司專注於重建客戶信任以扭轉市場趨勢。透過這些努力，8 月和 9 月的客戶流失得到了有效控制，實現了新增客戶與流失客戶的淨平衡。

Going forward, rather than focusing on numerical recovery of the customer churn, which could overheat the market, the company plans to pursue qualitative recovery centered on strengthening fundamental competitiveness and improving customer and revenue quality.

展望未來，該公司計劃不再專注於客戶流失數量的恢復（這可能會使市場過熱），而是追求以增強基本競爭力、提高客戶和收入品質為中心的品質恢復。

Through granular customer analytics, we provide optimized products, subscription methods, rate plans, and value-add services tailored to customer needs across different distribution channels. The recently launched Air service is a prime example designed to meet diverse customer demands. The company will continue to enhance customer satisfaction by offering segment-optimized products and services while strengthening its overall competitiveness in the market.

我們透過精細的客戶分析，提供針對不同通路客戶需求量身打造的最佳化產品、訂閱方式、費率方案和加值服務。最近推出的航空服務就是一個典型的例子，旨在滿足多樣化的客戶需求。公司將繼續透過提供針對特定細分市場的優化產品和服務來提高客戶滿意度，同時增強其在市場上的整體競爭力。

So let me respond to your second question about Air. On October 13, the company officially launched Air, a digital communication service designed exclusively for unlocked devices. Air is a service designed exclusively for unlocked devices. Air represents SK Telecom's new initiative to respond to the shift in mobile usage patterns among customers in the 20s and 30s towards sim-only and fully digital experiences. It allows customers to complete all service procedures directly through the app without visiting offline stores.

那麼讓我來回答你關於空氣的第二個問題。10月13日，該公司正式推出Air，一項專為解鎖設備設計的數位通訊服務。Air 是專為已解鎖裝置設計的服務。Air 是 SK Telecom 為因應 20 多歲和 30 多歲客戶行動使用模式轉向純 SIM 卡和完全數位化體驗而推出的新舉措。它允許客戶直接透過應用程式完成所有服務流程，而無需前往線下門市。

The service offers six simple rate plans focused on the most commonly used data tiers. While it does not support T-work, T-membership, fixed mobile bundles, or family discounts, it provides only the essential features at more affordable prices. While existing T-Service cater to customers seeking a wide range of benefits such as family bundle discounts or device subsidies, Air is designed for unlocked device users who value digital convenience and practical benefits.

本服務提供六種簡單的資費套餐，主要針對最常用的數據流量等級。雖然它不支援 T-work、T-membership、固定行動套餐或家庭折扣，但它只提供基本功能，價格更實惠。現有的 T-Service 服務是針對尋求各種優惠（例如家庭套餐折扣或設備補貼）的客戶，而 Air 服務則專為重視數位便利性和實用性優惠的無鎖設備用戶而設計。

Through the launch of Air, the company expects to meet the needs of a wider customer base and broaden its marketing reach. By offering a new telecom service for unlocked device users, Air is expected to gradually expand the overall wireless subscriber base and continue to top-line growth. In terms of its price, it will be in the same range as the T Direct Plan, so its impact on our pool will be minimal.

透過推出 Air，該公司希望滿足更廣泛客戶群的需求，並擴大其市場覆蓋範圍。透過為解鎖設備用戶提供新的電信服務，Air有望逐步擴大其無線用戶總數，並持續實現營收成長。就價格而言，它將與 T Direct 計劃處於同一水平，因此它對我們資金池的影響將是最小的。

Sohyun Park, UBS.

Sohyun Park，瑞銀集團。

Two questions I have. The first question is about the Ulsan AIDC. So this is something that you are working together with AWS. And I understand that the groundbreaking ceremony was held sometime at the end of August. So I'd like to understand the progress of the Ulsan AIDC project and when do you foresee the completion of this construction and the beginning of the operation. And if you have any additional plans to add other data center facilities, please do share.

我有兩個問題。第一個問題是關於蔚山AIDC的。所以這是你們與AWS合作的計畫。據我了解，奠基儀式是在八月底舉行的。因此，我想了解蔚山AIDC專案的進度，以及您預計該專案何時竣工並開始營運。如果您有增設其他資料中心設施的計劃，請務必分享。

The second question is about A. Service that you have recently surpassed the 10 million subscriber landmark and now was able to secure a quite sizable user base. So I'd like to understand if you have any plan to actually charge the service.

第二個問題是關於 A. 您最近突破 1000 萬訂閱用戶里程碑並已獲得相當可觀的用戶群的服務。所以我想了解你們是否有計劃對這項服務收費。

So thank you for this question. First question will be answered by the AI DC development team. And the second question will be answered by the AI Growth Strategy team.

謝謝你的提問。第一個問題將由人工智慧資料中心開發團隊回答。第二個問題將由人工智慧成長策略團隊回答。

So let me respond to you about the progress of the Ulsan AIDC project. Ulsan AIDC started its operation on September 1. Construction of the Ulsan AI Data Center began on September 1 and is progressing smoothly according to the plan. The revenue from the Ulsan AI Data Center will follow a ramp-up structure and increasing in proportion to re-utilization.

那麼，讓我來向您報告蔚山AIDC計畫的進展。蔚山AIDC於9月1日開始營運。蔚山人工智慧資料中心於9月1日動工建設，目前正按計畫順利進行。蔚山人工智慧資料中心的收入將遵循逐步成長的模式，並隨著再利用率的提高而成比例增長。

The profit generation is expected from '27 and expected to grow steadily thereafter. The Ulsan AI Data Center will also serve as a key reference case marking SK Telecom's successful attraction over global big tech partners to Korea, and will act as an important catalyst for future expansion of the company's AI data center business. In addition, the company is in active discussions with global investment firms and other major technology companies considering AI data center projects in Korea and across the broader APAC region, exploring various forms of collaboration.

預計從 2027 年開始產生利潤，此後將穩定成長。蔚山人工智慧資料中心也將成為SK Telecom成功吸引全球大型科技合作夥伴落腳韓國的重要參考案例，並將成為該公司未來拓展人工智慧資料中心業務的重要催化劑。此外，該公司正積極與全球投資公司和其他主要科技公司就韓國及更廣泛的亞太地區的人工智慧資料中心計畫進行洽談，探索各種形式的合作。

Next, I'd like to discuss our data center expansion plan. As mentioned in the previous earnings call, the company aims to achieve KRW1 trillion level revenue by operating a cumulative 300-megawatt or more of data-centric capacity by 2030. To this end, we are currently pursuing the construction of an additional AI data center in Kuro, Seoul, and the design work has just begun.

接下來，我想討論一下我們的資料中心擴建計畫。正如先前的財報電話會議中所提到的，該公司計劃在 2030 年之前營運累計 300 兆瓦或以上的資料中心容量，從而實現 1 兆韓元的收入水準。為此，我們目前正在首爾九老區建造一座新的人工智慧資料中心，設計工作才剛開始。

Given that this location represents the last valuable site in Seoul with secured power capacity for data center development, it offers ample land to accommodate large-scale facilities. We anticipate a strong demand for the project. We will provide further details to the market as the project progresses and plans become more concrete.

鑑於該地點是首爾最後一塊擁有可靠電力容量、適合資料中心開發的有價值地塊，它提供了充足的土地來容納大型設施。我們預計該項目將有強勁的需求。隨著專案進展和​​計劃的逐步完善，我們將向市場提供更多細節。

This is the Head of AI Business Strategy, Kim Jihoon. Let me respond to your second question of the plan to charge the A. Service. As of the end of September, the cumulative subscriber for A. has surpassed 10,560,000. That is the growth of 8.3% versus the end of June. When we include the other A. function users outside of the A. app, which mainly refers to the phone and the BGV, then the total MAU exceeded 10 million as well.

這位是人工智慧業務策略負責人金智勳。讓我來回答你關於 A 服務收費計劃的第二個問題。截至 9 月底，A 的累計用戶數已超過 10,560,000。與 6 月底相比，成長了 8.3%。當我們把 A 應用程式以外的其他 A 功能用戶（主要指手機和背景虛擬設備）也算進去時，總月活躍用戶數也超過了 1000 萬。

So we were able to achieve this performance within two years from the official launch. The achievement meaning that subscriber over 10 million and the AU exceeding 10 million. That is thanks to the continuous service sophistication and active expansion into the external platform. Last June, we have launched note and briefing. In August, we offered 4.0 update and the agentic workflow function has been added, and this has garnered a strong response from the users. In September, A. is made available in T MAP and contributed further to the increase in AU.

因此，我們在正式發布後的兩年內就實現了這一業績。這項成就意味著訂閱用戶超過 1,000 萬，澳洲用戶超過 1,000 萬。這得益於服務的不斷改進和向外部平台的積極拓展。去年六月，我們推出了簡報和簡報服務。8 月份，我們推出了 4.0 版本更新，並添加了代理工作流程功能，這得到了用戶的強烈反響。9 月份，A. 在 T MAP 中推出，進一步促進了 AU 的成長。

The B2C paid model will be reviewed or under review, and that will most likely in the form of the subscription or the bundled products centering around A. color services, and our target launching period is the first half of 2026. Until that time that we will continue to focus on improving the usability of A.'s core services and expand customer base.

B2C 付費模式將會進行審查或正在審查中，很可能以訂閱或捆綁產品的形式圍繞 A. 色彩服務展開，我們的目標推出時間是 2026 年上半年。在此之前，我們將繼續專注於提升 A. 核心服務的易用性並擴大客戶群。

So regarding the B2B profit model including the A.'s agentic workflow, that will be implemented into the TMAP, and we expect the revenue generation from the fourth quarter, and that will be the beginning, and we expect a gradual expansion of the revenue.

因此，關於包括 A 的代理工作流程在內的 B2B 利潤模式，我們將在 TMAP 中實施，我們預計從第四季度開始產生收入，這將是一個開始，我們預計收入將逐步擴大。

There are one people waiting in the question queue.

目前有一人在排隊等候提問。

Hong-sik Kim, Hana Securities.

金洪植，韓亞證券。

This is Kim Hong-sik from Hana Securities. I will have to ask some difficult questions. And you have started the quarterly dividend payout, but this quarter you have decided not to declare the dividend. And from the perspective of the investors who have been waiting for this cash flow from the dividend, we are at a loss and would like to understand more visibility into the future. According to the business report, there are some companies that are showing higher degree of the visibility or the productivity when it comes to the dividend.

這位是韓亞證券的金洪植。我必須問一些棘手的問題。你們已經開始按季度派發股息，但本季你們決定不派發股息。而對於一直等待股利現金流的投資人來說，我們感到困惑，並希望對未來有更清楚的了解。根據這份商業報告，有些公司在分紅方面表現出更高的可見度或效率。

So in that line, I'd like to ask the company, do you have any plan for the future dividend? And if so, please share. So if you are not able to provide any dividend for the third quarter, I believe that there should be some sufficient response going forward. So please specify them.

因此，我想問貴公司，你們對未來的分紅有什麼計畫嗎？如果喜歡，請分享。因此，如果您無法在第三季派發任何股息，我相信未來應該會有一些適當的應對措施。所以請具體說明。

At this point, this is the lead at high time that you need to revisit the plan to provide dividend on a quarterly basis, because you have made the disclaimer or announcement some time ago, but you are not able to provide this quarterly dividend for this quarter. So this is extremely regrettable situation, I have to say.

目前，您是時候重新審視按季度派發股息的計劃了，因為您之前已經發布了免責聲明或公告，但您無法在本季度派發股息。不得不說，這種情況令人極為遺憾。

And the second question is that according to the report that the ground or the basis of providing the dividend is the 50% of the consolidated net income. And it is our existing understanding is that it is adjusted consolidated net income, but it turns out that decision to waiver the third quarter dividend is based upon not adjusted, but the net income of this quarter.

第二個問題是，根據報告，派發股利的依據或基礎是合併淨收入的 50%。我們目前的理解是，這是調整後的合併淨收入，但事實證明，放棄第三季股利的決定是基於本季的淨收入，而不是調整後的淨收入。

So does that suggest that in case of any future incidents that might involve the significant one-time expenses, then there will be some wavering of the dividend for the particular quarter? So please share with us your dividend profile.

那麼，這是否意味著，如果未來發生任何可能涉及重大一次性支出的事件，那麼該季度的股息將會有所調整？所以請與我們分享您的股息狀況。

So let me respond to your question. This is the CFO. So as you might understand and appreciate that we have been providing the stable provision of the dividend based upon the strong performance, but due to this unforeseeable incident that we're not able to provide the dividend for this quarter as a CFO, this is an extremely unsettling situation and I'd like to extend my sincere apology to the investors.

讓我來回答你的問題。這是首席財務官。因此，您可能已經理解並讚賞我們一直以來基於強勁的業績表現而穩定派發股息，但由於這一無法預料的事件，我們無法在本季度派發股息。身為財務長，我對此深感不安，並謹向投資人致以誠摯的歉意。

So we take your question and the feedback with great heart and try to figure out the best way forward. And I'd like to give you this commitment as a CFO that we will make every effort to normalize our business environment, and this is something that I will share the commitment to you on behalf of every single employee of SK Telecom.

因此，我們非常重視您的問題和回饋，並努力找出最佳的解決之道。身為財務官，我向大家承諾，我們將盡一切努力使我們的業務環境正常化，這也是我代表SK Telecom的每一位員工向大家做出的承諾。

Let me respond to your question about the 50% of the adjusted consolidated net income. So in relation to our shareholder return policy, the company-classified items such as operating revenue and operating expenses, which arise from its principal business activities as recurring income or loss items. And conversely, non-operating income and expenses that are not directly related to the operating activities are categorized as non-recurring items.

讓我來回答您關於調整後合併淨收入的 50% 的問題。因此，就我們的股東回報政策而言，公司分類項目，如營業收入和營業費用，均源自於其主要業務活動，屬於經常性收入或虧損項目。反之，與經營活動沒有直接關係的非經營性收入和支出被歸類為非經常性項目。

The administrative fine imposed by the AI DC this year is classified as a non-recurring item. The customer appreciation packages and the sim card replacement cost are directly associated with the company's core business activities and, therefore, are not regarded as one-off or non-recurring items.

今年AI DC處以的行政罰款屬於非經常性項目。客戶答謝禮包和 SIM 卡更換費用與公司的核心業務活動直接相關，因此不被視為一次性或非經常性項目。

The company's shareholder return policy, which is returning 50% of adjusted consolidated net income, represent a symbolic lower bound. This threshold expresses our commitment to provide dividends at a higher level than the minimum target, and historically, our dividend-payer ratio has remained above this level.

該公司股東回報政策規定，返還調整後合併淨收入的 50%，代表了一個象徵性的下限。這項門檻體現了我們致力於提供高於最低目標水準的股利的承諾，而且從歷史上看，我們的股利支付率一直高於這一水準。

For additional inquiry, please contact our IR organization and we will make sure that you get the full response.

如有任何疑問，請聯絡我們的投資者關係部門，我們將確保您獲得完整的答案。

This concludes the Q3 '25 earnings call. If you have any further questions, please contact us. Thank you.

2025年第三季財報電話會議到此結束。如果您還有其他疑問，請與我們聯絡。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.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。