Thank you very much for joining our first-quarter financial results briefing for FY2026, despite your very busy schedule. I will begin by explaining the highlights of the results.

Please turn to page 3 of the earnings presentation material as indicated at the bottom right. Turning first to our financial results.

Underlying operating cash flow for the first quarter of FY2026 was ¥341.2 billion, while consolidated net income was ¥298.5 billion. Both achieved 27% progress rate against our full-year guidance, marking a solid start in excess of the normal Q1 progress rate, as we steadily accumulated adjusted consolidated net income, even though significant profit contributions are expected from Q2 onward.

At this point, we are maintaining our full-year forecast. However, as the FX and certain commodity prices remained more favorable than our initial assumptions, we will carefully assess the potential for an upward revision to our guidance in Q2.

Turning next to progress on Corporate Strategy 2027. Our plan for profit growth of ¥400 billion through the enhance, reshape, and create initiatives continues to make steady progress.

Our cash flow allocation plan is also broadly on track in light of our recent solid performance and advancement in selecting projects from our investment pipeline. We will remain firmly committed to achieving an ROE of 12% or higher in FY2027, the numerical target set out in Corporate Strategy 2027, and will steadily implement the necessary measures.

As one of the measures to achieve an ROE of 12% or higher, we do not rule out capital adjustments through share buybacks, and intend to respond flexibly after carefully assessing factors, including potential upside to future earnings and the recent impact of the weaker yen on our capital. Next, I would like to elaborate on the progress of the profit growth plan I mentioned earlier.

Please turn to page 4. Since the beginning of this fiscal year, we have already begun generating profits from several projects.

First, initiatives to stabilize production at LNG Canada are progressing smoothly, while the integration of the salmon farming business acquired last fiscal year is also proceeding broadly in line with the plan, with both businesses making steady earnings contributions. In addition, we completed the acquisition of all shares in the US shale gas business in July, and the profit contribution will kick in from Q2.

We will continue to advance our value creation framework, leveraging our integrated strength as its engine, while steadily strengthening the earnings base of our existing businesses and creating new business opportunities. This concludes my presentation.

Next, Mr. Shimazu, our CFO, will provide an overview of the financial results.

I am Shimazu, CFO. I would like to brief you on the overview of our financial results.

Please refer to page 5 on the bottom right. For the first quarter of FY2026, underlying operating cash flow was ¥341.2 billion, an increase of ¥90.8 billion year-on-year.

Consolidated net income was ¥298.5 billion, increase of ¥95.4 billion year-on-year. The year-on-year increases in both figures were primarily driven by higher market prices in Australian steelmaking coal and copper businesses, as well as an increase in transactions accompanying the start of production at LNG Canada.

Progress against our full-year earnings forecast is on track at 27% for both underlying operating cash flow and consolidated net income. In particular, adjusted consolidated net income remained solid across multiple groups, notably in Mineral Resources, where the progress rate stands at 33%, significantly exceeding the standard run rate.

Next, please turn to page 6 on the bottom right for supplementary details regarding the impact of the Middle East situation. At the beginning of the fiscal year, we assumed the turmoil would continue through the first half of FY2026.

However, there is an increasing possibility that it will be more prolonged than initially expected. On the other hand, the materialized impact on each business during Q1 was generally limited, and it does not constitute a major downward pressure on our earnings at this point.

Even if we conservatively assume the current situation continues until the end of the fiscal year, the impact on earnings is expected to be largely remain within our initial assumptions, and we have kept our contingency buffers unchanged. The positive impact on profits from higher oil prices is not included in this estimation, and we will carefully examine the room for upward revision to our earnings forecast heading into the second quarter.

Next, I will explain our cash flow allocation and financial leverage. Please refer to page 7 on the bottom right.

Regarding cash-ins for Q1 of FY2026, in addition to an underlying operating cash flow of ¥0.3 trillion, divestitures amounted to ¥0.2 trillion, mainly due to the redemption of preferred shares by Chiyoda Corporation. As for cash-outs, we executed ¥0.1 trillion in investments centered on sustaining CAPEX.

In July, we completed our capital contribution to the US shale gas business, meaning growth investments are also being steadily executed. Both underlying operating cash flow and divestitures remain largely on track with our Corporate Strategy 2027, and we continue to rigorously screen and prioritize our investment opportunities.

We will continue our efforts to strengthen cash-ins and utilize leverage, and the additional allocation capacity will be flexibly deployed toward growth investments and shareholder returns, as we pursue both growth and efficiency. For earnings by segment, please refer to the details provided on pages 8 to 10 on the bottom right.

Finally, please turn to page 11 on the bottom right. In response to strong interest regarding our capital recycling, we have compiled a list of major track records starting from our previous Mid-Term Corporate Strategy 2024.

Under Corporate Strategy 2027, we are continuously reviewing our ownership strategy for each business. Currently, for underperforming investments, we plan to exit approximately 30 companies representing an invested capital of about ¥350 billion.

We will continue to closely scrutinize our remaining businesses and strive to further improve capital efficiency through capital recycling. This concludes my explanation.