Everyone, now I would like to present to you the result of the first nine months of the fiscal year ending March 31st, 2026, and in addition to the report on the result of this term, the executive summary of the term. The Americas and EMEA showed a positive result, but the China's market environment is still affecting the sales performance.

The sales was 98.4% and operating profit 72.3%, and the quarterly profit was 79% of the same period last year. It is due to the decline of the China's demand for the minimum principle, minimum necessity principle under the government leadership.

As a result, on the local currency basis, the China sales was 81% of last year. Operating income was affected by the Americas additional tariff, and also sales, sales also affected the gross profit.

As a result of the performance and based on that, we will make a downward revision of the forecast to 500,000 for sales and 62 billion for operating profit. That means 10 billion down from the previous forecast for sales and 14 billion yen down from the previous disclosed forecast.

It is due to the decline of the test volume in China and the adjustment of the inventory at the distributors, and also the medical robot business and the delay of the major tender in India. Slide eight, please.

The financial highlight. The result of the sales and operating profit is as just explained.

There was the forex impact. The US dollar is for the Japanese yen appreciation, and euro yen depreciation, and Chinese yuan yen depreciation.

That has the impact of 900 million on sales. The forex impact is affecting the operating profit.

For the quarterly profit, the 2 billion yen for the forex impact. There's a positive impact of the foreign exchange impact, but basically the quarterly profit is almost on the plan.

We had the life science pivot showing the positive impact. Slide nine.

Sales analysis by business field. In the diagnostic business field, the urinalysis showed a growth, but the hematology, hemostasis, and immunology had a decline in sales.

As I mentioned, this is due to the Chinese government policy to control the medical expenditure, and there was the temporary factor in Japan. The medical robot business, it is affected by the Japanese hospitals severe situation financially.

As a result, it's 70.3% of last year. This is the breakdown of net sales by destination and the product type.

Specific details of each region will be presented later. Americas and EMEA showed a steady growth.

On the third quarter single period basis, both two regions achieved a positive growth from the last year. China is 80% of last year, and Japan was 85.8% of last year.

AP region, Asia Pacific region achieved 4.1% increase, but it was still behind the expectation due to the delay of the major tender deal in India. The third quarter, it's increased by 3.8% except for China, it's a steady progress.

Now slide 11, please. This is for Americas details.

North America and Latin America showed a steady grass, growth, and the 9.4%, almost double-digit growth. It's 5.8% for North America, and Latin America positive 5.3% increase.

The Latin America in total progressed by 18.9% increase. The progress of installation of instrument made a steady progress, both in hematology and urinalysis field.

Amyloid beta reagent also showed a steady growth. In the hematology and hemostasis business, we launched the new model and the instrument sales started showing progress.

To follow the instrument increasing, hemostasis, we are also expecting the increase in the reagent sales. The next slide, slide 12, is the EMEA region's detail.

This region showed a steady growth. In Saudi Arabia, Turkey, and Middle East are partly affected, and on the it shows a double-digit growth of 12%.

Italy shows the 12.7%, and and Germany, where our HQ is located, the increases by 19%. The hemostasis showed a steady progress.

There was the major deal in Germany with 40 units of instrument sales, and in East Europe, in Hungary and Czech, the instrument sales also drove the performance, and we are expecting the increase of the recurring reagent sales. Some country was behind our expectation.

We sell and install instrument, but Siemens is showing selling the reagent at a cheaper price than it should be, we will take some actions against their move. Slide 13, China's detail.

As you all know, the government of China is leading the policy to control the medical expenditure, we are taking actions against that. The distributor is adjusting their inventory level, and as a result, the sales was affected.

In the hemostasis business, the local knockdown production is showing a steady growth, but in total, the distributor's inventory adjustment is affecting the sales. For the reagent sales, in the hemostasis field, the D-dimer and other parameters are affected by the minimum necessary policy by the government.

As shown at the right bottom, the number of hematology testing itself is remains stable, there is no major change in the trend. Slide 14 has the details of the China and its outlook for China.

Compared to the last period of last year same period, the fourth quarter's shortfall will be the largest. It's the impact of the government principle of minimum necessity that will have the nationwide impact, and also we cannot expect the inventory's distributors major deal.

These factors will remain in the first half of the next fiscal year, but it will be back on the flat basis in the second half of the year next year. As shown at the right bottom, the number of patients are increasing in China because of the aging of the society, the number of hospitals and beds are increasing, and outpatient are also increasing.

The demand for the health care in China itself is will show the steady growth. The government started the health care spending control several years ago, and and this is the necessary step to change the business practices in China.

The immediate, right now and immediate future, the situation will be severe for China, but after the next year, fiscal year and on, we will see the new opportunity and we will present the strategy in our MT next midterm plan. Slide 15 is the Asia Pacific details.

The major tender deal in India was delayed, but other regions showed a steady progress and it achieved the increase in sales. There are several major deals in India, the several hundreds of instrument in one deal or in some cases, the thousands of instrument are expected to be included in the tender.

In hemostasis, in Malaysia, there was a steady growth, and other field also showed a steady growth in the agent sales. Medical robots, four units were installed so far, and it will lead to the increase of the consumables.

Slide 16, there was the hematology instrument renewal campaign last year, a double crash, but CN-700 and HISCL mid-scale change, and also procalcitonin, the parameter for the the sepsis are showing the steady growth. Medical robotic business is affected by the severe hospital financial situation in Japan, but we are expecting the uplift due to the government subsidy.

Now, 96 units are increased and globally we have installed 100 units of hinotori system. Slide 17, the breakdown of operating profit.

The gross profit change due to the decline of sales, and also the cost ratio increase were major factor. The R&D expenses and other expenses are controlled.

The forex impact was 2.68 billion yen. Starting with the hemostasis field regarding three growth strategies.

We will fully utilize our branding to allow us to obtain a major tender project. The touch-free concept introduced in XR series is also realized in a hemostasis area on CN-9000, where we expect to see further expansion.

Also the performance of a high-end products are introduced into the compact version like you see on the right-hand side of picture. We started to launch this product in Japan, and the CN-700 is going to be also expanded into the global market.

Also along with the expansion of the installation, we can also see further expansion of reagent business to see improvement in profitability. Please turn to page 20.

This is about the immunochemistry field. As you can see on the left, last year in December from December 1st to 4th in San Diego in the United States, there was the international conference held about Alzheimer's diseases where we made a presentation.

Immunoassay presented using blood samples regarding MTBR-tau243 was first presented for the first time in the world, and we have gained a lot of expectation from our drug discovery partners as well. Amyloid beta and p-tau217, in addition to them, now p-tau205 or tau243 are being developed right now, which is considered to contribute to tau disease drugs.

As you can see on the right-hand side, we have also announced the alliance of the sales with Fujirebio Holdings. The Fujirebio, who has an abundant product lineup, and Sysmex, we also offer the global sales network.

First, we want to expand the business into Brazil and South-Central US and Middle East. We will also collaborate, reinforce them, and also setting up the guideline.

Using HISCL series to be further expanding into the advanced countries, we want to further promote the business in global market. Next slide.

This is the progress in emerging markets. India was already mentioned as of Q3, where we're making this progress so far.

From this fiscal year, we started the local production. Hematology equipment produced over there also in line with the local production guideline, accomplishing Class 1 level, which is 50% or higher localization level.

It was also received IVD-D CE mark, we can expect further expansion in the government-related procurement. The large lab center upgrade deal, which is considered to be the top five player in Brazil market, we were able to successfully gaining this business despite the strong competitor.

I guess this is demonstrating our strong branding in the high-end market. In Malaysia, the reference lab, which is positioned as a priority customer by other player, they decided to adopt our product.

The sales revenue is going to be around low over 100 million yen per year. It's not just equipment renewal, and also we can also address their challenges to improve the productivity and reduce the number of total inspections.

Next slide, please, on page 22. Medical robotics business in Japan, like I said, we're exposed to quite difficult situations so far, and so we are continuously seeing the weaker appetite for investment.

On the actual field or the medical field, there is a solid need for such surgery robotics, and so we are trying to implement flexible sales scheme, and also trying to utilize the subsidies for reinforcing the university functions, we want to leverage on them so we can further expand the business. In Asia Pacific area, we are seeing increasing number of cases in Asia market, we are preparing to support the introduction more into those countries.

Europe, we're currently applied for the regulatory application, and we are trying to build the most optimal market model for Europe. Please turn to page 24.

Full-year forecast numbers. As I mentioned, executive summary in 2020 for March 2026, the sales will be 500 billion, the operating profit with 62 billion, and a net income to 41 billion yen.

That's how it's been revised. Please turn to page 25.

Because of the slowdown and due to the minimum principle in China, and we also factored in the major impact on the inventory adjustment, we are expecting a big drop of 8.6 billion yen in China for the sales. In Japan, due to medical robotics business, we see a negative 3 billion yen impact.

We have factored in the risks at the maximum. Also we had some FX positive impact in total.

We're looking at to reach 500 billion yen. For operating profit, we saw the drop in the gross profit due to the sales decline in different location, which was 8.5 billion yen, which is the largest.

Also the product mix impact, we were looking at the impact of negative 7.5 billion yen, the total 62 billion yen for the OP. As I mentioned, in China, year-on-year comparison, in Q4 we will see the largest drop.

That is what's expected. Including inventory adjustment and the impact of such environmental changes will continue to stay through the first half next year, but it's going to stay flat for the second half, and so then eventually start recovering.

Please turn to page 26. The first nine-month results, and also according to the revision for the full year and looking at the fourth-quarter forecast, there is an impact of the cost of sales, which I will explain the next slide 27.

It's a little tricky, it's a complicated page. Looking at Q3 alone, the cost ratio is 49.4% compared to last year.

It's a difference of 3.7 percentage points. From second quarter, it's going to be worsened by 3.1 percentage points due to the FX and product mix change.

For this fiscal year, the China impact, US additional tariff impact. Based on them, and for the Q4 alone, that cost ratio is going to be 50.8% compared to last year.

It's by 2.4 percentage points, and therefore from the Q3 it's going to up by 1.4 percentage points. It seems like the cost ratio is going to go up due to the increase in the instrument sales, and also China impact is affecting this forecast.

Please go to page 28. This is for your reference.

These are the sales by different business and field and destination just for your reference, especially Americas, EMEA, and Asia Pacific are expected to stay strong. Please go to slide 30.

Please move on to the next page. These are the key points in the next midterm management plan.

As you can see, this midterm management plan is starting next year, and we are currently drafting this plan. Next month in March, we will be able to explain the main part of the midterm plan.

Let me just briefly touch on the key points today. The speed of change in the environment has been getting faster, running healthcare business and geopolitical issues and economic security-related issues, there's been increasing uncertainties that we see.

If we are able to capture such new needs driven by such changes happening in the market, that should give us much more business opportunities by developing new market. Data and AI will be utilized as the core for the digital strategy, and so we can try to solve the social issues which are felt in medical field, and we also want to realize growth of the company at the same time.

The new product, to be introduced in a timely manner, which are accommodating the market needs, so that way we can meet the customer expectations. The current midterm period especially, we were focusing a lot on life science business.

We will continue this focus in the next midterm plan, and so we can reshuffle our business portfolio to accomplish both growth and profitability. Capital efficiency will be also another theme to be covered.

The investment priority to be clear about the use of the excessive capital, including the dividend policy and such capital strategy to be put together. The share buybacks is also considered in a positive manner as one of the major to improve the shareholder value.

We will also cover that as part of our midterm plan to be explained next month. That is all from me.

Thank you for your attention.