Hello, this is Yoshida from Daiwa Securities Group. Thank you very much for taking the time out of your busy schedule to join our conference call today.

I will now explain the financial results for the first quarter of the fiscal year 2026, which we announced today, based on the presentation materials posted on our website. Please turn to page 4.

First, I will provide a summary of our consolidated financial results. The percentage changes and figures are compared to the fourth quarter of fiscal year 2025.

In the first quarter of fiscal year 2026, we achieved profit growth across all divisions, with ROE reaching 12 12.7%. Net operating revenue was ¥220.3 billion, up 11.4%.

Ordinary income was ¥88 billion, up 31.4%. Profit attributable to owners of the parent was ¥56.4 billion, up 13.2%.

The Wealth Management Division, in addition to brisk client activity, saw its portfolio-based proposals gain traction, resulting in record-high asset-based revenue of ¥35.8 billion. The trend of net asset inflows continues.

Furthermore, not only asset-based revenue, but also flow-based revenue expanded. In the Asset Management Division, against the backdrop of continued net inflows and favorable market conditions, ordinary income at Securities Asset Management reached a record high of ¥15.7 billion.

In Global Markets, client flows expanded against the backdrop of a strong market environment, and equity revenues increased significantly. Global Investment Banking saw an increase in earnings driven by contributions from several large-scale deals.

Please turn to page 8. Base income, the KPI for stable earnings set forth in the mid-term management plan, reached ¥62.8 billion, an increase of 83.8% compared to the same period last year.

We are progressing at a pace that significantly exceeds the final-year target of ¥150 billion set in the medium-term management plan, and we are making steady progress in building an earnings base that is less susceptible to external conditions. Please turn to page 11.

I will now explain the income statement. Commission received totaled ¥143.4 billion, an increase of 9.3%.

Breakdown of commission received can be found on page 24. Brokerage commission was ¥34.9 billion, up 9.4%.

Underwriting and secondary offering commissions were ¥17 billion, up 86.4%. Distribution commission were ¥9.2 billion, up 20%.

M&A-related commissions were ¥12.5 billion, down 27.9%. Please turn to page 12.

SG&A totaled ¥142.8 billion, up 3.3%. Trading-related expenses increased due to higher commission payments.

Personnel expenses rose due to wage increases and, primarily in Japan, an increase in performance-based bonuses. Please turn to page 14.

Total ordinary income from overseas operations reached ¥13.1 billion, up 90%, setting a new record high. By region: In Europe, the M&A business was sluggish due to geopolitical risks.

In Asia and Oceania, ordinary increased driven by equity revenue, reaching a record-high level. In the Americas, ordinary income rose significantly due to an expansion in equity revenues.

Next, I will explain the results by segment. Please turn to page 15.

First, the Wealth Management Division. Net operating revenue was ¥88.2 billion, up 8.8%.

Ordinary income was ¥37.2 billion, up 12.4%. In addition to favorable market conditions, the widespread adoption of Total Asset Consulting allowed us to capture a broad range of clients' asset management needs and translate them into results.

Looking at results by product, trading volume in equities expanded. Driven particularly by foreign stocks, revenue increased by ¥900 million.

In the fixed income segment as well, by capturing investment needs amid rising interest rates, revenue increased by ¥800 million. Furthermore, wrap account services continue to grow as a solution for inflation hedging and medium- to long-term asset management needs, resulting in an ¥1.1 billion increase in wrap-related revenue, which reached a new all-time high.

The fixed cost coverage ratio based on asset-based revenue rose to 150 125.7%, while the total expense coverage ratio improved to 77.3%. Detailed data is provided on page 28, please refer to it later.

Please turn to page 16. This page shows the status of product offerings and sales amounts for the domestic Wealth Management Division.

The wrap account service performed steadily, with contract value reaching ¥357.7 billion and a net increase of ¥237.6 billion, bringing the total contracted AUM to a record high of ¥6,765 billion. Next, please turn to page 17.

This is the status of Daiwa Next Bank. Net interest income was ¥13 billion, up 16.2%, and ordinary income was ¥7.2 billion, up 15.8%.

Deposit acquisition progressed through collaboration with Daiwa Securities, and the deposit balance expanded to ¥5.3 trillion. Daiwa Next Bank continues to steadily fulfill its gateway function for the shift from savings to investment.

In addition, the increase in the policy rate widened the interest margin, resulting in higher revenues and income. Please turn to page 18, the Asset Management Division.

First, Securities Asset Management. Net operating revenues were ¥21.2 billion, up 7.8%, and ordinary income was ¥15.7 billion, up 37.6%.

AUM of publicly offered investment trusts managed by Daiwa Asset Management surpassed ¥43 trillion, a record high. Assets under investment advisory contracts, including those related to the alliance with Japan Post Insurance, continues to expand steadily, further strengthening the revenue base.

Please turn to page 19 for Real Estate Asset Management. Net operating revenues were ¥13.3 billion, up 47.2%, and ordinary income was ¥9.8 billion, up 2.2%.

AUM in Real Estate Asset Management surpassed ¥1.8 trillion, achieving the FY2030 target ahead of schedule. Gains on property sales at Daiwa Securities Realty and income from managed REITs contributed to the increase in both revenues and income.

Please turn to page 20 for Alternative Asset Management. Net operating revenues were ¥6.3 billion, and ordinary income was ¥4.8 billion.

Capital gains were recorded due to the exit from certain portfolio investments, among other factors. On page 21: Finally, I will explain the Global Markets and Investment Banking Division.

In Global Markets, net operating revenues were ¥53.8 billion, up 4.9%, and ordinary income was ¥18.1 billion, up 2.3%. In Equities, client order flows from both institutional investors and wealth management clients remained solid in both Japanese and foreign equities.

Despite elevated market volatility, we captured order flows effectively and, combined with successful that position management, secured a high level of revenues. In FICC, order flows in both domestic and foreign bonds declined from the previous quarter's high level, but remained solid overall.

Turning to page 22: Global Investment Banking recorded net operating revenues of ¥22.6 billion, down 6.1%, and ordinary income of ¥3.2 billion, up 52.5%. This concludes my explanation of the financial results for the Q1 of FY2026.

Just to add some comments: This first quarter's revenue and income both reached historically high levels. As said, we do not view these results as simply the product of a favorable market environment.

Against the backdrop of rising inflation and the growing asset-building needs, we continue to see a strong structural shift of funds into the financial and capital markets, including the needs to respond to the corporate governance. That we believe our ability to steadily translate this shift to tangible outcomes reflects the group's steadfast effort and disciplined execution of this strategies.

The Total Asset Consulting in the Wealth Management Division is not merely a method of selling investment products, but rather to identify the customer's pain points and the needs and broadening the range of a solution across investment management, asset succession, real estate, and corporate transactions. Continuing this effort has, as a result, led to growth in both balance-based revenues and flow revenues.

In the Asset Management Division, the accumulated AUM has contributed to higher profitability, further demonstrating the strength of our stock-type business model. In Global Markets and Investment Banking as well, we have accurately captured the structural changes, such as progress in capital market reforms and shifting client needs, and have steadily captured revenue opportunities.

This fiscal year, the final year of our mid-term management plan, is positioned as a year to further drive these achievements. The first quarter marks a good start towards that goal.

Regarding the current market environment, uncertainty continues to linger. Even so, the wealth management is tracking at roughly the same pace as the first quarter average.

In the meantime, Global Markets is off to a start below the high first quarter average, though we continue to see solid client flows. In addition, today we completed the process of making [Aozora Bank?]

our 100% subsidiary. We believe this represents an important step forward in advancing our growth strategy centered on wealth management.

Going forward, we will continue to respond to our clients' diverse needs, contribute to the development of the financial and the capital markets, and pursue sustainable growth in corporate value. We thank you for your continued support.

That's all from myself.