Thank you for joining us today. Allow me to walk through our Q1 through Q3 FY2025 financial results and the full-year earnings forecast.

Please note that I will not read the materials word for word, instead we will focus upon some takeaways while providing some supplementary information. With slide 4, which shows the results in our KPI.

Order intake was ¥5,029.1 billion. This is an increase of 13% YoY, and a record cumulative high through Q3.

Looking at the individual segments, order intake increased significantly in Energy Systems, particularly in GTCC. Although not shown on slide 4, our order backlog exceeded ¥12 trillion, an increase of approximately ¥2 trillion from the end of the previous fiscal year.

Revenue increased 9% to ¥3,329.2— 26.9 billion. Business profit increased 26% to ¥301.2 billion and was up YoY in all segments except Energy, which booked some one-time expenses in Q2.

Net income increased 23% to ¥210.9 billion, which was also a record high through Q3. Top right side, free cash flow was positive ¥167.6 billion.

Left bottom, the interest-bearing debt decreased to ¥573.9 billion. Please refer to table near the bottom of page 7.

¥167.6 billion in free cash flow included ¥256.7 billion in operating cash flow. This is mainly due to the increased profit as well as effort to secure advanced payments in GTCC against the backdrop of strong demand for gas turbines.

Slide 8 shows the balance sheet. Please note that assets and liabilities related to Mitsubishi Logisnext are included in assets and liabilities held for sale.

Total assets was ¥7,393 billion, up ¥734.1 billion from the end of the previous fiscal year. Excluding an impact of ¥240 billion from foreign currency rate fluctuations, the increase was ¥490 billion.

The reclassification of the ML items make the balance sheet a little difficult to parse, but excluding this reclassification, the asset side of working capital increased by about ¥350 billion, but on the liability side, GTCC's booking of the advances received has increased by about ¥300 billion, so that net is a billion, it can increase by about ¥60 billion. Balance of interest-bearing debt was ¥573.9 billion, and the net interest-bearing debt was -¥112.7 billion.

Slide 9 shows a waterfall chart illustrating YoY changes in business profit. Changes in revenue and margin improvement served to increase business profit by ¥110 billion.

We starting from ¥240 billion, but we're looking at the improvement, we will see the increase by ¥110 billion. We see as a result of the steady execution of our extensive backlog and the provision of after-sales services in each segment.

At the beginning of the fiscal year, we had planned for this factor to add ¥130 billion YoY to business profit in the full year, and the progress we have seen through Q3 gives us confidence in this figure. The -¥22 billion from the changes in one-time expenses represent the difference between the -¥10 billion booked in the previous fiscal year and the -¥32 billion recorded in Q2 of the current fiscal year.

The both expenses were all from the projects in the thermal power businesses. On the topic of foreign exchange rates, the average rate for the revenue recognition was ¥152 to a dollar during the previous fiscal year and ¥148 to a dollar in the current fiscal year, so that yen has appreciated slightly.

The updates on the each segment's portion on the slide 11 and afterwards. Entering Energy Systems, order intake increased significantly in GTCC, nuclear power.

Orders for GTCC were driven by strong demand for electricity in North America, Asia, and Japan. Although profit increased as we steadily executed projects and provided after-sales services, profit for the segment, as I said, as a whole, decreased due to the booking of ¥30 billion in one-time expenses in steam power.

On the top left of the slide, we show you the full-year outlook. On the back of strong order intake in GTCC, nuclear power, and steam power, we have increased the full-year order intake forecast from ¥3.2 trillion to ¥3.6 trillion.

Next, going to slide 12. This is Plants & Infrastructure Systems.

Order intake, revenue, and business profit all increased year-over-year. Although orders for metals machinery and machinery systems declined due to a high base effect from large projects booked in the previous fiscal year, overall order intake increased mainly due to the signing of a contract for a fertilizer plant in Turkmenistan in the engineering business.

Business profit increased significantly due to steady progress in metals machinery projects and improved profitability in machinery systems and commercial ships. We have increased the full-year order intake forecast from ¥900 billion to ¥1.1 trillion.

This reflects the booking of the large fertilizer plant. We have also increased the forecast for business profit from ¥70 billion to ¥80 billion based on steady progress in engineering and metals machinery.

Slide 13. In Logistics, Thermal & Drive Systems, HVAC units sold continued to decline due to stagnation in the China real estate market.

Revenue increased in engines reflecting strong demand for data centers, while total segment revenue decreased. Higher business profit in engines and turbochargers offset declines in HVAC, resulting in an increase in overall segment business profit.

Slide 14. In Aircraft, Defense & Space, order intake declined in defense due to a high base effect from the booking of several large projects in the previous fiscal year.

However, revenue and business profit increased due to steady execution of the backlog. Revenue and business profit also increased in commercial aviation due to an increase in the number of Boeing 787 unit deliveries and various profitability improvement initiatives.

Next, allow me to speak about the full-year earnings forecast. This is slide 16.

We have increased the full-year order intake forecast by ¥600 billion to ¥6.7 trillion. We raised the business profit forecast by ¥20 billion to ¥410 billion, and the new target for net income is ¥260 billion.

The exchange rate assumption for the fourth quarter is ¥150 to the dollar, and foreign exchange exposure on a business profit basis is $900 million. In terms of free cash flow, we have changed the target to ¥200 billion.

From page 17 to page 20 is the by-segment order intake, revenue, and profit. This will be quantitative, please read this after today's briefing.

From 21 onwards, we have some additional information. Page 22, this is the number of gas turbines order intake.

Up to the third quarter, we have 31 units, and the backlog is 75 units. Going to page 23.

On the top left, by-segment order backlog is shown. Energy Systems, ¥6.5 trillion, out of which GTCC is about ¥5 trillion.

Plants & Infrastructure Systems, ¥2 trillion. Aircraft, Defense & Space is around ¥3.5 trillion.

I have gone through my presentation. To summarize, our results in the third quarter continued to see strong trends, and going forward, as previously discussed, we are seeing progress in winning new orders, which is a source of future profit growth, while steadily converting our sizable backlog into higher profits.

We will drill deep in each of businesses with the aim of achieving our medium-term target for 2024. This concludes my presentation.