Good afternoon, everybody. Now, we'll hold an earnings presentation for the third quarter, fiscal year ending in March 2026 for SCREEN Holdings.

Let me introduce you the presenters for today: Masato Goto, SCREEN Holdings Company, Limited, President, Member of the Board, Chief Executive Officer; Yoichi Kondo, Executive Vice President, Member of the Board, Chief Financial Officer. Today, in addition to CEO and CFO, we have three executive officers attending this event: Manabu Ishimura, Managing Executive Officer, Head of Financial Strategy Division; and Akihiko Miyagawa, Senior Executive Officer, Head of Corporate Strategy Division; and Chiho Otobe, Executive Officer, Head of Corporate Communications Department, Corporate Strategy Division.

Now, we'd like to invite Executive Vice President Kondo to give a presentation about the consolidated business results and forecast. Now, the microphone is yours.

Now, let me give you the presentation about the third consolidated business results and forecast. Sales ¥425.3 billion, and operating income ¥77.4 billion, OP margin 18.2%.

That is the sales and the profits both decreased year-on-year, but it is in line with expectation. In SPE, sales and the profits both fell year-on-year, but we now receiving the very strong inquiry.

The [performance?] has now bottomed out and entered into recovery phase.

In FT, it is performing very strongly, and we could have the strong sales and the profits growth over the previous year because of the strong sales of OLED. The full-year outlook remains unchanged, but the large-scale project of sales from China is now shifted to the next year.

With that, we still maintain the full-year forecast. This is the third-quarter accumulated consolidated earnings, it was ¥425.3 billion, and operating income ¥77.4 billion, that is -¥23.1 billion, and ordinary income ¥78.8 billion, -¥23.4 billion, net income ¥54.9 billion, -¥14.5 billion.

This is the sales by the destination: Japan 14%, Taiwan 19%, China 39%, Korea 8%, Asian other countries 7%, North America 8%, Europe 5%. This is sales by segment: SPE 79.7%, GA 9.1%, FT 8.2%, PE 2.2%, and others 1.1%.

This is the consolidated earnings by segment. First SPE, the third-quarter cumulative is ¥338.6 billion, operating profit ¥78.3 billion, that is OP margin of the 23.1%.

On the right side, you can find a comment: sales and profits both fell, and foundry application remains solid, while logic sales declined. Order intake is strong, we are now entering into the recovery phase.

In GA, ¥39.5 billion of sales and operating income ¥1.9 billion. That is sales grew, whilst profits fell.

Sales rose, but offset by the impact of the US tariff. Next FT, ¥35.8 billion of sales, OP income ¥7.3 billion, and sales and profits both grew.

Equipment sales and OP margin grew significantly, mainly driven by OLED. PE, ¥8.9 billion of sales, and operating income is -¥0.5 billion, and sales and profits both fell, with recovery expected in the fourth quarter because of the strong inquiry we are now receiving, we can maintain profit.

This is the balance sheet. Total asset is ¥677 billion, and net asset is ¥443.2 billion, and equity ratio achieved 65.4%, and that is the ¥180 billion level.

This is the cash flow, and we have the interim corporate tax payment. For the third quarter, operating cash flow was 1.6 billion, used 5.1 billion in investments.

The free cash flow is ¥4.5 billion. The financing cash flow decreased, but we had interim dividend payment of ¥11.6 billion, the...

40.5 billion cumulative operating cash flow. We had the free cash flow of the ¥23 billion.

This is the R&D expenses, CAPEX, and depreciation and amortization. They have been in line with our expectation, there is no change in the figures.

The ¥38 billion of the R&D and ¥28 billion of the CAPEX, depreciation and amortization ¥15 billion. Mainly for the SPE, we have been in line with expectation.

This is analysis of operating income growth in 2020—so this is a comparison between the third quarter in FY2025 and FY2026. In year ending March 2025, it was ¥100.6 billion.

-14.1 billion due to sales and capacity utilization.

It went to ¥77.4 billion. There's the -¥11.8 billion impact of the fixed cost, and increasing the profitability by ¥2.6 billion, and so for this third quarter, it is ¥77.4 billion.

The sales decline mainly by the SPE, but we have the improvement of profitability mainly with SPE and FT, and fixed costs increased mainly by the growth investment attributable SPE, and exchange rate has an impact from the GA. This is the business forecast.

You can find the change from the October, there's no big change. The forecast is ¥621 billion for the net sales, and ¥117 billion for the operating income, and net income is ¥88 billion.

SPE ¥502 billion, and ¥121 billion of the operating income, and OP margin 24.1%; GA ¥53 billion of sales, OP income ¥2.5 billion, OP margin 4.7%; FT ¥46 billion, and OP income ¥8 billion, and OP margin 17.4%; and PE ¥15 billion, and ¥1 billion of income, and OP margin 6.7%. This is analysis of operating income growth forecast against the actual from the year ending March 2025.

We had the +¥2 billion from the sales and capacity utilization, and no change with the profitability, but there's a negative impact of the fixed cost at -¥19.5 billion, and another ¥1 billion an exchange rate negative impact. Profitability mainly improved with FT, and fixed cost mainly with SPE, we made a growth investment, which had an impact on fixed cost.

Exchange rate...

It was 152.78 yen per dollar and 163.05 yen per euro.

This time, it is 145 yen per dollar and 170 yen per euro. This is about the dividend outlook.

There is no change, let me repeat: the expected year-end dividend is ¥157, and we carried out the interim dividend payment, annual dividend will be ¥280, and the payout ratio is about 30%. We'd like to make the further effort to make the better return for the investors.

That's all from me. Thank you very much.

Thank you, President, Vice President. Now, Goto is going to explain about the business environment.

Mr. Goto, please.

Goto is going to explain the business environment and the full-year outlook.

The full-year outlook, the summary. SPE, as was explained earlier, the pending sales projects have been shifted to the next fiscal year, taking the cautious attitude.

On the other hand, a strong demand centered on foundries and memory makers, particularly for HBM, came in. Therefore, that offset the impact, and allowing us to maintain the full-year forecast.

As for FT, the good performance buoyed by the active display OLED investments and the new businesses in advanced packaging, and we are on track, and the next fiscal year onward, further growth is expected. The last December, we made an announcement: we are going to establish a new R&D site in US called ATCA.

We continue implementing the growth investments. That's the current situation.

SPE, the business overview, market trends, and outlook, and WFE. The calendar year 2025, the growth expected to land at a mid-single-digit range, that it's around $115 billion.

As for calendar year 2026, with the variability by region and application, then that the overall performance is going to be quite strong, and... AI-related business...

...is expected to grow, low double-digit growth is expected. Investment trends by application: as for foundry, the leading-edge nodes, 2-nano or 3-nano, are going to be strengthened, and investment is going to drive the WFE growth.

As for logic, it's a gradually recovery trend. Memory, as market in it is said in the market, DRAM-centered memory shortage is going on, and memory suppliers is trying to strengthen, and so the a steady investment recovery is expected.

As for NAND, for server, demand is getting robust, and then, it's also expected to recover. Image devices: memories for server investment, it's a bit biased, and so the memory for devices is not the recover recovered, because of that, investment is rather delayed.

Power devices and others, gradually, the market is recovering. Advanced packaging: originally, centering on Asia, investment was quite active, but not only Asia, but the investment in North America is emerging.

As for Chinese market, emerging, not only the emerging customers, existing foundries are continuous continuing the investment, and so the market situation is turning around. SPE, the composition of equipment sales by application and post-sales: the Q3 cumulative this fiscal year, the Q Q3 cumulative ¥338.6 billion, and driven by the foundry.

Foundry sales accounts for 51%, logic 5%, flash 3%, and DRAM 13%, imaging device 1%, and power device and 2%, and others 5%, and the post-sales is 21%. The quarter-to-quarter quarter-on-quarter, the sales to foundries increased, and year-on-year, sales to foundries and DRAM remain solid.

Post-sales, the remains stable, 21%, as you can see. SPE, composition of sales by destination: as for this, the trend hasn't changed that's very much in the the Q3 cumulative.

China, for China, declined a little bit, and for Taiwan, increased; for Japan, that 12%. The comparison with the same time, same quarter last year, the composition is a bit different.

However, the China and Taiwan, the mainstream, no change. SPE, composition of sales by application forecast, that ¥502 billion, and the foundry is driving, and mainly nearly 50%, 48% for foundry, and followed by DRAM, and logic, and flash.

This is the composition. As for post-sales, full-year estimate, 19%, a little less than 20%, maintaining that level is the current prospect.

SPE, composition by sales by destination forecast: again, that at the moment, that China accounts for 39%, nearly 40%; that for Taiwan, 26%; for Japan, 11%; and others, as you can see here, this is our estimate. Year-on-year, the Taiwan is going to ex- increase significantly in our expectation.

GA, sales trends and forecast: the it device and recurring business remain stable. As for profit, the we were affected by US tariff policies, efforts are underway to enhance profitability through operational efficiency and the price pass-through.

Recurring business accounts for half of our business half of our sales. This is the current trend of GA.

FT, as I mentioned earlier, the centering on OLED display equipment investment is quite robust, sales increased. Half of that sales is new investment for OLED, and then the 25% of existing LCD, and the remainings are the post-sales.

For the time being, display the equipment investment are expected to continue, and so display is on the trend of a recovery as well. That's the current situation.

Next, PE: the market recovery is delayed and struggling, and but centering on the Korea and China, the gradual recovery is seen in the third quarter. It was very severe situation, but in the Q4, the equipment sales are on the recovery trend.

The post-sales accounts for the half of our sales, and the post-sales is getting the base, and also the product market is recovering, it's getting the turning around to the positive side. The next about the stock split notice: as for this, Tokyo Stock Exchange and the policy guideline and instructs us to the lower the minimum investment, and for more liquidity.

We may the split into two, but in order to improve the the situation more or better, we decided to split to in the ratio of one share into two shares. The March 16 is the date of a public notice and the record date, and March 31 is the record date, and a split into two shares.

The method of a split is written here: 95.3 million shares will be doubled, and along with that, we are going to amend the articles of incorporation. The total number of authorized shares before stock split is 360 million shares.

This will be a 720 million shares. We are going to amend the articles of incorporation.

As for the schedule, the date of a public notice of record date is March 16, 2026. Record date is—effective date is April 1, 2026.

Activities related to ESG: along with our policies, we have been taking these ESG initiatives as planned. Topics for today is we were chosen as the Clarivate Top 100 Global Innovator for 2026.

Each ESG-related initiatives are announced in our home page, please refer to our home page for the details about our ESG initiatives. This is a group news, and we make publication about this news on our website, please find details in the website, especially about our development site in the United States, with Clarivate Top 100 Global Innovator.

About all these, you can find details. If you have any further questions, please come back to us.

That's all for me. Thank you very much.

Thank you very much, Mr. Goto.

Now, let's move into the Q&A session. First, Mr.

Yoshida from CLSA Securities.

Yes, this is Yoshida. Thank you for the opportunity.

About the forecast of WFE market for 2026: so logic, foundry, DRAM, about by major application, I want to have your kind comment. Also, if you have any information about China, please let us know.

In 2026 forecast, AI-related inquiry has been increasing. This will continue to lead the market growth.

AI-related foundry will enhance their capital investment, and also the enhancement of the capacity for DRAM, which is in shortage. These two will lead the market.

Also in China, our customers in China, mainly in foundry, are now planning the active investment. We can expect the growth equivalent to the average of the WFE market.

When you see your competition, do you think that growth of the WFE would be more accelerated in 2027 than in 2026? Do you have any comment about the expectation in 2027?

We just started 2026, it's hard to make the comment about the next year. As you mentioned, the trend is that following the 2026, we also continue to see the growth into 2027.

So '26 and '27, these two years will see the increase of the capital investment. At this moment, we cannot talk about the specific figures about '27, but this is a kind of overall trend we expect in the market.

Thank you very much. My next question, maybe it's a bit early to ask this, but as for the next year's performance, I have a question.

This time, the DRAM to China sales will be shifted to next year. Excluding this point, WFE growth of your business in next year, can achieve the expected growth?

Or do you expect any kind of movement which is different from the overall trend in the industry or market? Please let us know.

Our forecast about the next fiscal year, as you mentioned, we expect for the CAPEX in the area where we have the strength. We have the confidence that we can achieve the growth aligned with the market growth.

About the strength we have, which is unique to us, we have various ideas, but please let me refrain from mentioning these specifics. When the right time comes, let me make announcement about this.

That's all from me.

Thank you very much.

Thank you, Mr. Yoshida.

Then Mr. Nakamura from Goldman Sachs, please.

Thank you for appointment. Thank you.

First point, SPE OP margin: in the Q3, OP margin 24% level. In Q4, you plan the SPE sales is quite high, and the OP margin is around the 26%.

How you consider the OP margin, the size of the sales, and also the product mix? SPE OP margin: as you guessed, we are expecting the very close to the figure that you mentioned.

Top line goes up, along with that, the factory operation ratio, utilization, will also go up. Therefore, the same if the bigger volume, as we have shown before, we going to have a similar OP margin.

Basically, as you mentioned, we would expect a similar number that you mentioned. In a different questions, the Q3 to Q4, the nearly ¥40 billion increase, but the operating income is an increase of ¥13 billion.

If we consider the marginal cost ratio, then that seems to be a bit lower. How do you think?

Is it a good or not? I think there are several the way of considering.

The current business situation is considered, we set in that level. The second question, SPE, the current inquiries and order situation: at the end of last year, there might be some changes in my understanding.

The quarterly order intake, if you can give me a hint of that level, and together with that, the specific project now shifting to the next fiscal year, the recording of the sales, what is the probability of the would you like to explain that?

As for the order intake, details are not disclosed, and I cannot give you the specific number. The market itself is turning to the positive side, and therefore, it's in the recovery trend.

Mr. Kondo mentioned earlier, it's the V-shape recovery, significant recovery is expected.

Project which was shifted to the next fiscal year, that we set the sales in the next fiscal year that taking the cautious attitude, we expect to record in the sales in the next fiscal year. Thank you very much.

Thank you very much, Mr. Nakamura.

Next, Mr. Shimamoto from Okasan Securities.

Thank you for this opportunity. I am Shimamoto from Okasan Securities.

My first question is about the sales which is shifted to the next fiscal year, the project in China. I heard that the scale of the business about ¥20 billion.

All of this will be shifted into the next fiscal year. First, let me confirm this scale of the business.

Next question, the foundry or FT, which is bigger to offset this shift to the next fiscal year? I want to know the business composition in the second half of the fiscal year.

The one shifted into the next fiscal year, the scale is as you mentioned. They are offset by the logic, memory, and many other types of businesses, because we are receiving the very strong inquiries.

We are making effort to increase the sales in each application. Possibility is that this project or sales shifted into the next fiscal year, is there any possibility this will be realized within this fiscal year about this project in China?

We have the business of the sales of equipment and installation. We are now going to have a contract with a customer separating these two.

Actual documentation and also the upfront payment, we have to decide whether or not to return the upfront payment received with the original contract. Involving the auditors, we are now taking necessary steps.

The attorneys Lunar New Year and also the situation of the customer's side, we decided to take this business to be shifted into the next fiscal year. Things have been carried out without any delay.

Thank you very much. China's growth of WFE in 2026: so the average figure was given to us, so that is the lower double-digit, maybe 12% to 13% growth, is the image we now have.

The growth in China, would you give us a breakdown of this growth in China? From the existing foundry may lead this growth.

The growth of this foundry maybe exceed the average. How about the growth from the memory?

If you have any breakdown of the growth in China, please let us know.

Market in China, in 2026, rather than the emerging customers, we think that the existing foundries will lead the market. Also the memory customers are making investment.

These two will be the main players in leading the growth of China market.

Thank you very much. That's all from me.

Thank you, Mr. Shimamoto.

Mr. Yasui of UBS, please.

I am Yasui of UBS Securities. The first question, that at the end of last year, they are at the IR Day, the back-end process equipment seems to be coming up.

The WFE, the lower 10%, the back-end process and how much would it increase, '26 and '27, probably '27? Would you give us just an image?

This is the first question. The back-end process market, according to the trend, '27, we are going to have a increase instead of a '26, as a trend.

Instead of this fiscal year, next fiscal year, the back-end process product group are expected to increase. The equipment for the back-end process, this fiscal year is the higher the single digit, and next fiscal year, double digit.

So '26 to the '27, the market is expected to grow. We are preparing ourselves and the also addressing this demand increase.

Thank you very much. As a follow-up question: according to our company's search, but the back-end process, advanced packaging seems to be in shortage.

I think that's bigger demand. As you explained earlier, the back-end process investment comes out, and then the front-end process investment would come later.

What is the bottleneck of back-end process that affects the front-end process market? The back-end process, the impact how much would be given to the front-end process?

There might be some impact, but the back-end process would give a big impact on the front-end process, I don't think it's much. Then, increase volume-wise, it's still in the transition period.

From this fiscal year to the next fiscal year, we don't have any concerns. After the FY2027 onward, the market may change significantly.

We keep monitoring the market situation.

Thank you very much.

Thank you very much, Mr. Yasui.

Next, Mr. Yoshioka from Nomura Securities.

This is Yoshioka from Nomura Securities.

Yes, we can hear you.

I have two questions. First one is about the WFE market in 2026.

This week, WFE companies in United States announced that they expect 23% growth in this year. To your eyes, how you see this expectation of the more than 20% growth?

Do you expect this level of upside? Or when you take a realistic view, you see some bottleneck so that the achieving the more than 20% growth becomes difficult?

About this announce or expectation of achieving more than 20% growth, I want to have your kind comment. The growth of the market: as we explained at the beginning of today's presentation about in 2026, we expect the lower single digit or more than 10% growth.

How do you compare this to the more than 20% growth expected by the other players? If market grows very smoothly, I think we can expect more than 20% growth.

Second point about the profitability from now on, especially for the year ending in March 2027: I want to have your kind comment on your idea about profitability. When I see the second half of this fiscal year, OP margin is 25.5% for the SPE business, and next year's SPE profitability, I think this figure can be the standard.

Also the factors affect this will have the impact on profitability, except for the sales growth. The customer or region mix, or SPE changes, or cost increase, I think there are various factors which have impact on profitability.

Toward the next fiscal year, which factor should be paid attention to when we think about the profitability?

About profitability: so 25% of OP margin can be achieved. Of course, there are the upside and downside factors, including risk factors, and raw materials prices are getting higher, and from now on, we may expect some restrictions from the geopolitical situations, which result in a cost increase, which have the negative impact on the profitability.

At this moment, as for the production plan for the next fiscal year, we are being prepared. If there's no big change in the environment, I think we can achieve the expected results.

In order to answer your expectation, we are going to announce the plan or forecast for the next fiscal year.

Thank you very much for your answer.

Thank you. Next, Mr.

Wadaki from Morgan Stanley MUFG Securities. Wadaki-san, please, Mr.

Wadaki, please unmute. Mr.

Wadaki, are you speaking? We cannot hear you.

We would like to move on to the next person first. Mr.

Hirakawa of BofA Securities, please. Please unmute.

I have one question. This fiscal year's performance plan: FT is increasing, and then it's included as a buffer for entire business.

SPE has some risk which cannot be offset, that's why it's included. This is the first question.

The second question is related to the first one, and let me continue. The SPE, the inventory that you recognize the sales based on the installation, and then the inventory hasn't increased from the Q2 to Q3, and then can you achieve the target of SPE?

I'm not convinced. Sales probability, how you think about it?

Would you explain that? That's all.

The first part, it was difficult to hear. The FT, the upside is not added on the OP income, but which seems to be absorbed in the expenses of corporate, and so it seems like you created a sort of a buffer.

Because SPE the expected sales was not achieved, that this could be used as a buffer. How to prepare the numbers, that I would ask you to guess by yourself.

The SPE, the shift, the part will be offset by SPE. The OP income, we are not worried, but net sales part, it might have some shortage, but probably okay.

Thank you very much.

Thank you very much, Mr. Hirakawa.

Mr. Wadaki, would you unmute and speak?

I'm very sorry, but we still cannot hear Mr. Wadaki.

Let me move on to the next person, Mr. Yamamoto from Mizuho Securities.

This is Yamamoto from Mizuho Securities. Can you hear me?

Yes. About the project which is shifted to the next fiscal year, I have a question to Mr.

Kondo. Sales accounting is important for you.

You already collected cash. If I don't know whether you may cancel it or not, but already the cash is collected.

Is there any idea to cancel this? Or because the shipment is already made, you think that the accounting the sales is more important?

Or is there any idea to give up accounting or sales because on the cash basis, you secured the profit? To our eyes, the operating profit or extra-operating profit, or without any appeal, you may have the change in the BS.

How are you going to handle the accounting of this project which is shifted to next fiscal year?

About this delayed project, based on the contract, we already delivered the equipment to the customer's warehouse, risk is now transferred. There was no way to cancel this contract.

In order to account the sales from this project, we are now working with the customers and auditors. The bottleneck is the installation, or completion of the installation, without which we cannot account the sales, even if the equipment is in the hands of the customers and risk is on their side, because this is accounting rule.

We have to follow the steps. This is not about whether we place importance on the sales accounting or not.

We have to execute the contract with customers, that's why we are in negotiation with the customers. Now the customers agreed to have the separate contract for the delivery and installation of the equipment, and we are now working on the documentation of these contracts, which includes the part of the repayment of the money, but we are taking the necessary steps to proceed.

The contract with the customers and actual process for executing it will proceed, and after the auditors' work, when time comes, we'll account the sales. There's no more than that.

If the installation does not go smoothly or as planned, is there possibility you may receive the repayment about that part? This means that this pending case will continue.

As for the equipment, we can have the accounting of the sales.

If the installation is not carried out as you expect, what happens?

In that case, the installation cannot be accounted as a sales, we have to talk about the repayment.

We understood. Thank you very much.

To Jefferies, Nakanomyo, please. Can you hear me okay?

Yes. Thank you.

I have two questions, and sorry to repeat the question, but the Q4, ¥160 billion SPE, the installation basis, the shipment was made, and the visibility is a very high. Am I understanding correctly?

I think it's okay to understand that way. From a Q3 to Q4, logic and China seem to increase in comparison with the Q3.

As our explanation, foundry and HBM are going to offset, and in comparison to Q3 and Q4, the logic and China are going to increase. China, among the customers of China, there are some customers who are doing the foundry business, and that's why we used the term of a foundry.

The logic is which company customer? There, as for the specific customer, we cannot talk about the name.

I hope you will understand. Sorry.

The second question, advanced packaging: previously, the 20 the '26, the higher single digit, and in '27, the lower the double digit. Then what is the current situation, Nakanomyo-san?

As I told you, this fiscal year, FY2025, the higher single digit, and the '26 is the lower the double digit.

The higher single digit in the '25, what kind of products?

As for this, already we launched Levina, Lemotia, that product is covering the sales.

Cleaning instead of a cleaning equipment? Those products are the main one.

Yes, partially, that we have a sales of a cleaning equipment, but for back-end process products, these two products are the strong-selling, but it's the products that we would like to sell strongly. Then, that is the business size of the back-end process market.

The equipment market, '27 and '26, and how much it is expected to increase in the back-end process? The back-end process, the cleaning equipment, how much it would increase?

Depending on the progress of the back-end process, how much cleaning equipment will be used, it's very difficult to give you the figures. As you mentioned, as the cleaning equipment is very important in the packaging area, the term of a cleaning equipment in the back-end are expected to increase.

Therefore, we are talking about that this area is expected to increase, and then so our packaging business will expand. This is our expectation.

The specific outlook will be announced at the right timing, but at the moment, this is just the overview, overall direction.

Thank you very much.

Thank you very much, Mr. Nakanomyo.

This is Wadaki. Can you hear me?

Yes, we can hear you now.

Sorry for the trouble. I have two questions.

Far, about the year ending in March 2027, you said you expect recovery in the second half, but you change your expectation, and you'll be very busy from the first half?

Yes. About the second question: so you mentioned the lower double digit, expected the 30% to 40%, because the SEMI's market growth expectation is the 20%.

After that, on the next day, part suppliers—the name was not given, but from the part supplier, there's a comment that much more growth can be expected. I think the growth will be much greater than 20%.

Do you think that 30% growth can be expected because of the current situation? What do you think of the situation right now?

From the market, there's a talk about much larger figures. The supplier of the clean room has to see the availability of the clean room as a supplier, including ourselves.

How much the actual growth will be, have to wait another 1 or 2 month, so that when we come up with the guideline for the next year, would like to see more specifics. You are seeing the very strong demand, but you want to avoid mentioning the specifics?

I do not say it's a very strange figures, but when I come up with the guidelines, would like to announce it to you. Thank you very much.

Wadaki-san, thank you very much.

SMBC Nikko, Mr. Hanaya, please.

I am Hanaya. Can you hear me?

Yes.

The simple confirmation that China's... Deferred project?

In my understanding, the profitability seems to be quite high. Has this been offset by another project with similar OP income and margin, or is there any change in the costs?

I would like to confirm this part.

It's coming from the mix. In that case, not comparable.

Second-half projects, even if the low OP margin one is coming in, it can offset. Not only for that, cost reduction, the efforts produced the results.

I hope you will understand in that way that the project which is shifted to the next fiscal year, the OP margin was high.

Thank you. That's all for me.

Thank you very much, Mr. Hanaya.

There's no more investors with questions, it's a bit too early than scheduled, but let us close this earnings call for today. Thank you very much for your participation despite your very busy schedule.