I am Jin Hagimoto, CFO of Terumo. Let me begin with an overview of our financial results for the first quarter of the fiscal year ending March 2027.

We achieved record-high revenue for the quarter, reaching ¥311.8 billion, supported by a favorable business environment. Demand remained strong globally, particularly in the Americas, resulting in 9% year-on-year growth on a local currency basis.

On the profit side, in addition to solid revenue growth, earnings benefited from a US tariff refund and one-time income, resulting in a significant increase. Even excluding these temporary positive factors, strong business performance enabled us to achieve record-high quarterly profit.

In light of this performance, we are revising our full-year guidance upward from the forecast announced in May. While our revenue outlook and earnings from business operations remain unchanged, we have incorporated the impact of the US tariff refund and one-time income, resulting in higher profit guidance.

Next, please. Moving on to our P&L performance.

Revenue increased 20% year-on-year to ¥311.8 billion. Continued business expansion drove 9% growth on a local currency basis, and favorable foreign exchange effects further supported revenue growth, resulting in higher revenue across all companies.

TIS in the C&V Company and Global Blood Solutions in the TBCT Company were the key growth drivers, while our other major businesses also performed solidly. Operating profit reached ¥89.5 billion, up 60% year-on-year.

In addition to profit growth driven by higher revenue, profit was supported by ¥13 billion in income related to a US tariff refund and ¥20 billion in one-time settlement proceeds. Adjusted operating profit also increased 35% year-on-year to ¥79.6 billion.

Next, please. Now I will explain the OP variance analysis for Q1.

The GP increment by sales increase was driven primarily by TIS and Global Blood Solutions, as well as growth in the Terumo Organ Technologies business. With regard to the gross margin and pricing, pricing measures contributed positively to profit.

In addition, we recorded the refund of US tariff paid in the previous year. While tariff paid in the current fiscal year had a negative impact of ¥4.7 billion in Q1, the tariff refund of ¥13 billion resulted in a significant net positive impact.

SG&A increased in line with business expansion. R&D expenses also increased year-on-year, as we continue to invest in development to support future growth.

As for the forex impact, the flow impact was significantly positive, while the stock impact was negative. Let me now explain results by company.

Starting with the C&V, the Cardiac and Vascular Company. Revenue increased 7% on a local currency basis.

TIS continued to lead growth, with strong demand across all product categories, particularly in North America. In the Neuro business, growth was driven by the cerebral aneurysm treatment segment, led by WEB, with strong performance particularly in China, Japan, and Europe.

The Cardiovascular business also performed well, supported by both pricing measures and continued solid demand globally. In the Aortic business, revenue was impacted by the voluntary recall of certain RelayPro thoracic stent-graft system products.

However, strong performance from other product categories helped absorb the impact, resulting in revenue growth for the business overall. On the profit side, in addition to higher sales, profitability improved through pricing measures.

Profitability was also supported by the tariff refund, resulting in a profit margin of 32%. Next, please.

Next is TMCS, Medical Care Solutions Company. TMCS delivered a solid start to the year, with both revenue and profit growth.

Hospital Care Solutions and Pharmaceutical Solutions were the main growth drivers. In Hospital Care Solutions, revenue increased, supported by the positive impact of reimbursement price revisions in Japan, as well as the solid performance of our core product portfolio.

In Pharmaceuticals, growth was driven by domestic CDMO business and strong sales of PLAJEX overseas. On the profit side, higher sales and improved profitability from pricing measures contributed.

Profit also benefited from the large tariff refund, resulting in a profit margin of 13%. This includes the impact of upfront Leverkusen plant investment acquired last year.

Excluding this impact, the profit margin was 16%. As for the Leverkusen plant, preparations are progressing toward the start of operations in 2027.

We continue to receive strong interest, particularly from pharmaceutical companies in Europe and the US, and are making steady progress in building a foundation for our global CDMO business. Next, please.

Next is TBCT, Blood and Cell Technologies Company. For revenue in Global Blood Solutions, blood collection-related products such as Trima and the Reveos automated blood processing system performed well, and Plasma Innovations also grew.

In Global Therapy Innovations as well, strong performance continued, primarily in North America, resulting in revenue growth. Profit-wise, in addition to the contribution of the core products such as Trima and Reveos, the tariff refund and improved profitability of core products also contributed, resulting in higher profit.

As a result, the profit margin was 18%. Next slide, please.

Next, I will explain the Organ Technologies business. We have included and disclosed this business in our consolidated results since the Q3 of last year.

Q1 revenue was ¥6.2 billion, up 39% year-on-year, continuing high growth. The organ preservation market utilizing NMP continues to expand, and backed by the increase in liver transplant volumes and the expansion of the customer base, we expect to outperform the market growth going forward.

On the profit side, as we recorded one-time costs associated with optimizing the production system for Metra, the Q1 profit margin was 15%. Please note that, however, there is no change to the full-year profit margin target of 20%.

These are the revenue results by region. In the Americas, backed by expanding demand, all companies continued to grow.

In particular, TIS, Cardiovascular, and Hospital Care Solutions drove the growth, and Organ Technologies contributed to the growth. In Europe, Neuro continued stable growth, and PLAJEX in Pharmaceutical Solutions drove revenue growth.

Global Blood Solutions also performed well, with double-digit growth. In Japan, Neuro and Hospital Care Solutions contributed to revenue growth.

In China, TIS and Neuro performed solidly. However, TMCS was affected by the slow market growth.

In Asia, TIS and Cardiovascular were the major driver to drive the growth. Next, I will explain the revision of our guidance.

This time, we leave the revenue outlook unchanged at ¥1.239 trillion, and revise the profit items upward, reflecting only the impact of the US tariff refund and the receipt of settlement proceeds. Reflecting the ¥13 billion impact associated with the refund of the US tariff paid in the previous year, we revise adjusted OP upward to ¥274.5 billion.

In addition, by reflecting the ¥20 billion in settlement proceeds as other income, we revise the OP upward to ¥257.5 billion. As a result, we expect a full-year adjusted OP margin of 22.2% and an OP margin of 20.8%.

There is no change to the revenue outlook in the guidance by company. We have revised the profit guidance upward, centered on C&V, which had a large impact from the US tariff refund.

That concludes the overview of the first quarter results and the revision of the full-year guidance. For FY26, we expect record highs in both revenue and profit.

We will continue to work steadily toward achieving the financial targets of GS26. This concludes my explanation.

Thank you very much for your kind attention.