The presentation material has been uploaded on the Yamaha Motors corporate website. I am Hashimoto from Yamaha Motor.

Thank you very much for attending the Yamaha Motor earnings presentation today, despite your very busy schedules. I would like to take this opportunity to express our sincere appreciation for your continued support and understanding for our business operations.

Now, I would like to present our business results. First, starting with the key points.

Please refer to page 4. The 2026 results compared to the same period of the previous year, we have seen an increase in revenue and profit across our business, especially in motorcycle business.

We have seen an increase in sales, which led to growth in revenue. The U.S.

and the rising raw material prices have had an impact, however, with increasing sales and appropriate cost. Also, as we have presented in the February presentation, the structural reforms in the United States are going as scheduled.

The future outlook for reciprocal tariffs have been ruled unconstitutional, and our products have been exempted from the steel aluminum where expecting an induction inflicted impact. The raw material prices are on the increase, and also the uncertainties around unclear outlook situation will continue.

Therefore, however, we have maintained our full-year plan. We will not change it, and we will continue to strive to achieve the plan.

There is raw material prices as well as procurement and reduction, so that we can minimize the impact. The structural reform has been carried out at accelerated pace in order to improve our profitability.

The Middle East situation has had an impact in manufacturing and procurement, however, with the collaboration with our suppliers and also view of allocation among key sites. We believe that this only has a very limited impact currently, and we will continue our measurements, and we will closely monitor the impact on our business performance.

Next, unit sales and inventory. Please refer to page 5.

The table on the left shows the core products total demand and units sold. We have seen a strong wholesale shipments.

Last year, the shipments was down in Vietnam, but now the plan operations has normalized and sales is recovering steadily. India, the leveling provincial tax has been delayed, able affecting demand and retail sales in Krishna Motors in North America, on in Europe, the sales has been same unit sales as the previous.

Looking at the right-hand graph, market inventory is compared with the appropriate level. Where market sales is trending well, the inventory level is slightly below the appropriate level, however, we do not want to miss this opportunity.

Therefore, we would like to catch up the production of our product. Next, the overall business results.

Please refer to page 6. First, quarter of 2026 revenue versus the previous year was 117% at 730.1 billion yen.

Operating income against the previous year was 144% at 62.6 billion yen. Operating income plus 1.6 points from the previous year was 8.6%.

Net income attributable to owners of parent against the previous year was 135% at 41.3 billion yen. EPS versus the previous year was 135% at 42 yen and 52 cents.

The actual exchange rate was 157 yen. Moving on to factors behind changes in the operating income, please refer to page 7.

You can see sales effects was plus 24.1 billion. Looking at the breakdown, scale effects plus 18.7 billion, financial services plus 2.9 billion, price increase effects and rebates too for the pricing was plus 7.1 billion and other SWAS 4.6 billion.

Net cost impact plus 6.8 billion. Freight cost reduction plus 4.3 billion and cost raises plus 11.1 billion.

Also our expenses reduction plus 900 million. SDNA expenses reduction caused plus 1.9 billion.

Equity method investment gain and loss and others plus 1.8 billion. Exchange rate effects plus 12.3 billion and tariff effects minus 15.1 billion.

Next, performance by business. Please find details on cycle, robotics and financial services.

Motorcycle, robotics, financial services achieved increases in both revenue and operating income. Marine business operating revenue growth while operating loss remain at the same level as the previous year.

Other businesses record lower revenue but higher profit while reported revenue and profit. The previous year, although profit declined.

Let me walk you through the details of each business. First, motorcycle.

Revenue increased in the U.S. market and operating income increased by 20%, supported by 30% expense control and positive effects from the weaker...

From the second quarter onward, we will continue working to strengthen our competitiveness by responding to the weaker... Next, marine products.

Revenue increased and sales remain solid in Europe and North America. Although we have reduced R&D and SG&A expenses, operating income declined year on year due to higher costs resulting from the U.S.

tariffs. The impact of tariffs is expected to ease from the second quarter onward.

We will work to secure profits by maintaining solid sales performance. Let me introduce our new motorcycle model.

Please take a look at page 11. The scooter on this page is Fazzio, a class 2 moped launched in April in Japan.

It has long enjoyed strong popularity in Indonesia in addition to unique and clean design, Fazzio, Yamaha's first domestic model featuring the power assist function that kicks in during initial acceleration. As a domestic model, it is a highly attractive model in terms of functionality as well.

Through the launch of this model, we aim to create new demand in the domestic business and drive future sales growth. Let me now discuss robotics business, please turn to page 12.

Driven by strong sales, surface mounters, particularly in China, our key market, we recorded higher revenue operating income also increased due to higher sales and tighter expense control. Next, in financial services, revenue increased as a result of growth in outstanding receivables.

Operating income also increased mainly because no valuation losses were recorded this period in interest rate swaps, which had negative impact results on the previous year's outcome. Last, SPV and OLV business on page 13.

First on SPV business, although R&D expenses and other costs increased, revenue rose thanks to higher unit sales. Operating loss remained at the same level as the previous year.

As for OLV business, sales of ATV increased due to lower sales of Rovers, revenue remained roughly the same as the previous year. In addition, increased R&D expenses and tariff-related impact pushed down operating income.

We will further push the structural reforms in the United States to strengthen our earning structure. This concludes our presentation on the financial results for the first quarter of the fiscal year ending December.