Henry Fan
Investor Relations Director

Hello, everyone, and welcome to OBOOK Holdings First Half 2026 Earnings Conference Call. OBOOK Holdings operates under the OwlTing Group brand. So throughout today’s call, we will refer to the company as OwlTing. This call is prerecorded.

I’m Henry Fan, Investor Relations Director, and I will be your host today. Joining me are our Founder and Chief Executive Officer, Darren Wang; and our Chief Financial Officer, Winnie Lin.

Before we begin, I would like to remind everyone that today’s discussion contains forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations. For a more detailed discussion of these risks and uncertainties, please refer to our filings with the U.S. Securities and Exchange Commission.

Over the past several years, we have invested in the regulatory, banking, compliance, settlement and technology infrastructure required to support global stablecoin-enabled payments. During the first half of 2026, we begin moving from infrastructure build-out and client onboarding into live production and transaction processing. As a result, our first half financial results capture only the early stage of these commercializations, while our more recent operating data reflect a meaningful different level of activity following period end.

I think that distinction is particularly important when evaluating the company today. The first half largely reflect the cost base and infrastructure required to prepare the platform to commercialize. The operating data we are seeing more recently begin to show what happened is that infrastructure is increasingly utilized by enterprise customers. So as investors evaluate our progress from here, we believe there are several