Thank you for your participation in our financial result announcement while you have a busy schedule. While the US tariff policy, which was a significant headwind this fiscal year, are beginning to stabilize, the global business environment remains uncertain.

Price competition continues to be severe due to the continued aggressive stance to export by Chinese manufacturers. Furthermore, geopolitical and macroeconomic uncertainties remain high, including US-China tensions, policy friction over green products, and concern about a global economic slowdown.

Against this challenging external environment, our results for third quarter year-to-date in FY2025 showed a YoY decrease in both net sales and profit. However, thanks to the success of our initiatives, including the launch of new models, our earnings have bottomed out and are showing a gradual recovery trend.

Net sales were 1,976.5 billion yen, decreasing 1% YoY. Operating profit decreased 70% YoY to 31.6 billion yen, and the OP margin decreased 3.7 points YoY to 1.6%.

Ordinary profit was 32.6 billion yen. While we recorded a net loss of 9.2 billion yen for the first half, mainly due to factors recorded in the second quarter such as the valuation loss on the US environmental credit following changes in US environmental regulation and losses associated with the withdrawal from a joint venture engine plant in China, the net loss for the third quarter YTD in FY2025 improved to 4.5 billion yen.

Sales volume stood at 589,000, down by 6% YoY. Please turn to page 4.

In this slide, you can see the factors behind the YoY changes in operating profit for third quarter year-to-date in FY25. In terms of volume mix, the impact of decreased wholesale volume due to the discontinuation of multiple models in North America, Australia, New Zealand, and other regions was offset by our net revenue strategies, resulting in an overall increase of 11.5 billion yen in operating profit.

Sales expenses lowered operating profit by 15.4 billion yen overall, as an increase in incentives to address intensifying market competition was partially offset by a reduction in advertising expenses. Regarding procurement and shipping costs, the negative impact from higher material costs due to inflation and increased factory expenses through new model launches was largely offset by our procurement and cost reduction activities and improvements in shipping costs.

Additionally, R&D expenses showed a favorable impact, partly due to timing differences in spending. FX had an unfavorable impact of 36.1 billion yen, mainly due to yen appreciation against currencies such as the US dollar and Australian dollars, and yen depreciation against the Thai baht on a YoY basis.

The US tariff payments were a negative factor of 37.3 billion yen. Please turn to page 5.

In this slide, you can see the factors behind the YoY changes in operating profit for third quarter in FY25. Overall, despite the impact of US tariffs, we achieved a slight YoY increase in profit.

Regarding volume mix and price and others, although there was an impact from the discontinuation of some models, contributions from the emerging effects of new models and our price improvement initiatives in various countries led to a favorable impact of 10.5 billion yen overall. Sales expenses reduced operating profit by 4.5 billion yen overall.

While we effectively increased incentive spending in North America, as well as in ASEAN, Europe, and other regions, this was partially offset by a reduction in advertising expenses. Procurement and shipping costs had a favorable impact of 1 billion yen, mainly because the negative impact from higher material costs due to inflation was offset by our procurement cost reduction activities.

R&D expenses had a favorable impact of 2.3 billion yen, while other items, including FX impact on the supplier procurement, had an unfavorable impact of 1.6 billion yen. FX had a favorable impact of 2.3 billion yen as the yen trended weaker YoY against major currencies such as the US dollars.

Please turn to page 6. I would like to explain our retail sales performance.

Global retail sales decreased by 6% YoY. This was primarily due to a decline in retail sales volume in regions other than Japan, Latin America, and the Middle East and Africa.

Next, I will explain the situation by region. Please turn to page 7.

First, I will explain the ASEAN and Oceania regions. Total demand in major ASEAN countries weakened in Indonesia, Philippines, and Vietnam due to factors such as natural disasters, while in Thailand it increased due to last-minute demand ahead of the expiration of the EV 3.0 incentive program.

Under these circumstances, our unit sales and market share declined in Thailand, affected by intense price competition before the program's expiration, and also fell slightly in the Philippines due to credit tightening for small cars. As a result, although the situation for the third quarter YTD remained challenging, in the third quarter alone, the effects of our new models materialized in Indonesia and Vietnam, and our sales for ASEAN as a whole turned positive YoY.

A recovery trend is now visible. In Oceania, while automotive demand in Australia saw only a slight increase YoY, New Zealand was on a recovery trend against the backdrop of lower interest rates and slowing inflation.

In New Zealand, our sales measures proved successful, and sales surpassed the previous year's level. However, in Australia, we couldn't fully offset the impact of discontinued models, resulting in a decrease.

This led to a decline in sales volume for the region as a whole. Please turn to page 8.

Next is Latin America, the Middle East and Africa. In Latin America, although some markets continue to face deterioration due to intensifying price competition, our sales have remained strong overall, increasing by 14% YoY, supported by solid sales of the new L200 Triton and the new Outlander Sport.

Going forward, we aim for further sales expansion with the launch of the Destinator. In the Middle East, automobile demand in major countries has generally remained robust.

While our sales have been partially impacted by price competition, they have remained stable overall, maintaining the same level as the previous year. We'll continue to strengthen our focus on the core SUV segment and further enhance collaboration with distributors in each country for the launch of the Destinator.

Please turn to page 9. Here is Japan, North America, and Europe.

In Japan, while total demand was generally flat year-over-year, we struggled somewhat through the third quarter, partly due to the impact of model changeovers, but the Delica Mini launched in October supported our sales and brought them back to the previous year's level. In the fourth quarter, in addition to solid sales of the Delica Mini, deliveries of the new Delica D:5, which has received orders significantly exceeding our plan, will begin in earnest.

Driven by the effect of these new models, we will further accelerate our sales expansion. In the US market, total demand saw a slight increase.

This was driven by pull-forward purchases in anticipation of price hikes from additional tariffs, in addition to the confusion surrounding the end of EV tax credits. On the other hand, our sales fell below the previous year's level.

This was due to factors including discontinued models and our cautious approach to sales activities in response to the additional tariffs. We will continue to promote the achievement of our plans through flexible responses that capture changes in the market environment.

In Europe, while total demand saw a slight increase year-over-year, our sales volume decreased. This was affected by model changeovers in key countries, and we were unable to fully recover with our new models.

Next, Mr. Kato will explain the full-year outlook for FY2025.

Kato-san, please.

Please turn to page 11. Our forecast for FY25 is as is shown in this slide.

Amid a challenging external environment, we have been implementing multifaceted measures to rebuild our business. Recently, an increase in sales volume driven by the launch of new models has begun to materialize, particularly since last December, and we are now moving onto a recovery track.

However, in some regions, we have yet to see signs of improvement in the sales environment. Based on the trend business environment and recent performance, we have decided to slightly revise our forecasts for retail and wholesale volume and net sales to align them with the actual situation.

Nevertheless, we will maintain the full-year profit plan, as we believe it is achievable through our ongoing cost reduction efforts and in light of the current foreign exchange situation. Additionally, the dividend per share will be maintained at 10 yen, in line with the initial plan.

Please turn to page 12. This slide explains the factors behind the year-over-year change in our operating profit forecast.

Please note that in this presentation, the impact of US tariffs is shown as the direct payment amount only, and other items have been revised accordingly. First, in terms of volume, mix and price, etc., we see a total improvement of 38.9 billion yen, driven by the effect of new models and our continued price improvement efforts.

Next, sales expenses. We are increasing sales incentives in Australia, New Zealand, North America, and ASEAN to address intensified competition, as well as in Europe in line with our plans.

On the other hand, while we are controlling advertising expenses globally, which will partially offset the increase in sales incentives, we anticipate a negative factor of 25.3 billion yen. Regarding procurement cost and shipping cost, we expect to partially absorb cost increases from inflation and enhance product competitiveness through material cost reduction activities and improved expense efficiency at our plants.

However, overall we anticipate a negative cost impact of 13.7 billion yen. R&D expenses are expected to show a year-over-year improvement, partly due to more efficient expense management.

Other items are expected to be a positive factor of 7.4 billion yen, due to improvements in areas such as after-sales parts, labor costs, and other general expenses. Regarding FX, due to the depreciation of the US and Australian dollars, in addition to the appreciation of the Thai baht, our cost currency, this is a negative factor of 37.3 billion yen.

The amount of US tariff payments is estimated to be 45.2 billion yen for the full year. Please turn to page 13.

We have revised our full-year retail sales volume forecast, as shown in the slide, in light of current demand trends and the sales results to date. Primarily, we have lowered our retail sales volume forecast in Australia, New Zealand, North America, and Europe.

Although the sales environment remains challenging, our sales momentum is steadily strengthening on a recovery trend, driven by the full-scale effect of new models. Going forward, we will continue to make steady efforts to solidify this upward trend.

Next, we'd like to present our recent business highlights. Please turn to page 15.

The Destinator was first launched in Indonesia last July, followed by its rollout in the Philippines in November and Vietnam in December. In all these countries, orders have exceeded our plans, indicating a very strong start, especially in Vietnam, where they are more than 3 times our initial plan.

With the strong support from many customers, we have been able to make a very good start in ASEAN. Going forward, we will expand its rollout to other ASEAN countries, in addition to South Asia, Latin America, Middle East, and Africa, ultimately planning to launch it in about 70 countries.

We will strive to expand sales in each country while continuing to thoroughly meet our customers' expectations. Please turn to page 16.

In the Japan market, we have successively updated and launched Delica Mini and Delica D:5 as the new Delica series. Since their launch, both models have been very well received by a great number of customers, marking a very good start.

This Delica series consists of models that have been thoroughly refined to embody the braveness and uniqueness of our Mitsubishi Motors-ness. We believe that these distinctive products will provide a strong boost to our future sales expansion and market share growth.

Going forward, we will continue to further enhance our presence in the domestic market by delivering unique value to our customers that cannot be found elsewhere. Please turn to page 17.

This graph shows our sales performance in ASEAN. The sales environment in ASEAN remains challenging, and the outlook continues to be uncertain.

However, driven by the launch of new models, the situation has steadily bottomed out, and we are beginning to see the signs of recovery. Particularly in Vietnam, a strong recovery is reflected in the numbers, as the single-month sales in December reached a record high, and we achieved number one market share in the ICE category for the first time.

Going forward, we anticipate that the competitive environment will remain tough due to an increase in new entrants, including Chinese OEMs. Amid this environment, rather than focusing on price competition, we will deliver the unique value of Mitsubishi Motors-ness by strengthening our attractive product lineup to meet customer expectations and consistently providing meticulous services.

Through these efforts, we will continue to steadily enhance our presence in ASEAN. This concludes my explanation.

This fiscal year, the business environment has faced extremely strong headwinds, including US tariffs. This was compounded by the discontinuation of sales for some models, and as a result, our business performance has remained challenging.

However, the effects of new models launched in the second half of last year began to materialize noticeably from December, showing the signs of recovery, and we believe we are now moving past the bottom of our performance. We will work to solidify this trend, first by securing profitability to close out this fiscal year on a strong note, and then connect this to our transformation and growth from the next fiscal year onwards.

Thank you for your attention.