Now we've reached the hour, we would like to start AGC's fiscal '26 Q1 results briefing. I will be the MC today.

I'm Tamaki from Corporate Communications, Investor Relations. Would like to first introduce who is here on our side: Representative Director, Executive Vice President, CFO, Yoshio Takegawa; Executive Officer, GM of Finance and Control, Tomoyuki Shiokawa.

First, our CFO, Mr. Takegawa, will present Q1 fiscal '26 results, and then after, we would like to move on to Q&A.

We plan to end at 3:45 PM Japan time. Over to you, Mr.

Takegawa. I am Takegawa, the CFO.

Thank you for your time today. First, please look at page 3.

Page 3 shows the key points of Q1 fiscal '26 results and fiscal year '26 outlook.

In Q1 results, net sales increased by ¥38.4 billion, and operating profit grew by ¥12.6 billion year on year. Net sales increased thanks to the effects of yen depreciation, as well as higher shipments in essential chemicals, Southeast Asia, and pricing policy's effect in architectural glass in Europe.

Operating profit benefited not only from the aforementioned net sales growth factors, but also from profitability improvements in life science, and decline in natural gas prices in Europe. The full-year outlook remains unchanged from the announcement that we made in February.

We currently expect only a minimal impact from the Middle East developments. Please turn to page 6.

Here are the highlights of the financial results for Q1 fiscal '26. Net sales increased by ¥38.4 billion to ¥538.0 billion.

Net sales increase factors, such as the impact of yen depreciation, higher shipments in essential chemicals Southeast Asia, and pricing policies effect in architectural glass in Europe, outweighed decrease factors, including lower sales prices in essential chemicals Southeast Asia and lower shipments in architectural glass in Europe and Americas. Operating profit increased by ¥12.6 billion to ¥38.5 billion.

In addition to the factors mentioned earlier, profitability improvements in life science and decline in natural gas prices in Europe contributed to the result. Profit before tax increased by ¥18.0 billion to ¥35.0 billion.

Along with the improvement in operating profit, foreign exchange gains also contributed. Profit for the period attributable to owners of the parent increased by ¥16.2 billion to ¥22.8 billion.

Please look at page 7 next. This is the performance comparison by business segment.

Architectural glass, automotive, chemicals, and life science saw increases in both sales and profit, while electronics saw an increase in sales but a decrease in profit compared to the same period last year. Please turn to page 8.

Next is the chemical segment. Profit increased by ¥8.6 billion due to differences in sales volume, prices, and product mix.

Increased shipments in essential chemicals Southeast Asia, as well as pricing policies for architectural glass in Europe, drove the increase. The impact of raw material and fuel price differences was plus ¥2.0 billion.

Natural gas prices in Europe declined. Costs and others contributed a positive ¥2.0 billion.

Profitability in life science segment improved. As a result, OP increased by ¥12.6 billion to ¥38.5 billion.

Page 9 next. Next, the balance sheet.

Total assets amounted to ¥2.9955 trillion, an increase of ¥45.5 billion from the end of last year. Of this, ¥5.9 billion was attributable to foreign exchange fluctuations.

The D/E ratio is 0.41. Page 10, please.

This is the cash flow statement. Operating cash flow for the period was plus ¥42.6 billion, while investment cash flow was minus at ¥59.7 billion.

As a result, free cash flow was minus ¥17.1 billion. As discussed on the next page, although CAPEX decreased compared to the same period last year, we had payments for accounts payable, and thus a larger minus for investment cash flow.

Please turn to page 11. I will now explain our capital expenditures, depreciation expenses, and R&D expenses.

In Q1, CAPEX totaled ¥44.1 billion, a decrease of ¥5.5 billion Q-on-Q. Depreciation amounted to ¥48.1 billion, and R&D totaled ¥13.9 billion.

The major capital expenditure projects are as listed. Next, segment-by-segment breakdown.

Please turn to page 13. First, the architectural glass segment.

Net sales increased by ¥8.0 billion to ¥112.0 billion, and OP rose by ¥5.6 billion to ¥4.7 billion. In Asia, while shipments declined in Japan, they increased [unclear].

Sales prices in Southeast Asia fell. In Europe and Americas, shipments declined, but the yen depreciation and pricing policies in Europe contributed to the results.

OP was driven not only by the revenue growth factors mentioned earlier, but also by the fact that natural gas prices in Europe were lower than the same period of the previous year. The breakdown of OP was approximately 10% Asia, approximately 90% for Europe and Americas.

Please turn to page 14. Next is automotive segment.

Net sales increased by ¥8.9 billion to ¥137.6 billion, and operating profit rose by ¥1.0 billion to ¥8.6 billion. In addition to the revenue boost from the weaker yen, the product mix improved in Japan, Europe, and North America due to progress in functionality enhancements.

Although manufacturing costs increased, operating profit rose as the revenue growth factors mentioned earlier more than offset this increase. Page 15.

Next is electronics segment. Net sales increased by ¥3.6 billion to ¥90.3 billion, while OP decreased by ¥1.8 billion to ¥12.3 billion.

In the display, revenue increased by ¥2.3 billion due to higher sales prices for LCD glass substrates. In the electronic materials, while shipments of EUV mask blanks are in the process of recovering, revenue increased by ¥1.2 billion due to higher shipments of other semiconductor-related materials and optoelectronics materials.

As for operating profit for the electronic segment, as I just explained, revenue increased in both the display and electronic materials. However, profit decreased due to higher manufacturing costs and the negative impact of the weak yen for display.

The breakdown of the OP was approximately 30% for display and 70% for electronic materials. Page 16, please.

Next is the chemical segment. Net sales increased by ¥13.1 billion to ¥157.2 billion, and operating profit rose by ¥4.1 billion to ¥15.2 billion.

Integrated chemicals saw sales increase of ¥6.7 billion due to higher shipments of electronics-related products. In essential chemicals Southeast Asia, although sales prices for PVC and caustic soda declined, net sales increased by ¥7.2 billion due to higher shipments from capacity expansion in Thailand and the effect of yen depreciation.

Operating profit increased due to the sales growth factors mentioned, as well as improvements in manufacturing costs and one-time gains. Regarding the subsegment ratio to operating profit, integrated chemicals accounted for 80% and essential chemicals Southeast Asia for 20%.

Please look at page 17. Finally, the life science segment.

Net sales increased by ¥4.6 billion to ¥35.6 billion, and operating profit improved by ¥2.8 billion, resulting in a loss of ¥3.3 billion. Both small molecule and biopharmaceutical CDMO saw sales increases due to yen depreciation and growth in contact orders.

Operating profit improved as effects of fixed cost reduction measures, including the closure of the biopharmaceutical CDMO Colorado site, were realized. Furthermore, compared to the previous quarter, Q4, contact orders and productivity at the Copenhagen site, etc., showed improvement.

Please turn to page 18. Next, I will explain the performance of the strategic businesses.

Overall net sales for strategic businesses increased by ¥13.2 billion to ¥130.6 billion, and operating profit rose by ¥7.6 billion to ¥18.5 billion compared to the same period last year. Sales in all strategic businesses remained firm, with performance chemicals growth and life science improvement driving the increase in operating profit.

Operating profit from strategic businesses accounts for 48% of total consolidated operating profit. Please turn to page 20.

Next is the full-year outlook. First, I will explain the impact of Middle East developments.

In Q1, nat gas and crude oil prices increased. While preemptive production adjustments were made for certain raw materials, the overall impact on performance was minimal.

While the situation from Q2 onward is difficult to predict, we currently expect only limited impact on the full-year outlook. We will implement measures to ensure a stable supply regarding the procurement of raw materials and fuels, as well as manufacturing and sales.

The main anticipated impacts and countermeasures are summarized in the lower section. Possible risks include procurement risks and price increases for fuel and raw materials, as well as the risk of reduced sales volumes of PVC, caustic soda, etc., due to production adjustments, and lower shipments in automotive glass caused by reduced exports to the Middle East.

On the other hand, price adjustments in architectural glass and higher sales prices in chemicals are expected. As countermeasures, we will diversify procurement sources, reduce costs, adjust production levels appropriately, and optimize pricing.

Please turn to page 21. Regarding the full-year outlook, while the crude oil price assumption has been revised from $70 US a barrel to $100 US a barrel, the outlook remains unchanged from the announcement in February.

Please turn to page 22. We are maintaining our full-year outlook by segment.

Further details are provided on the following pages. Please turn to page 23.

First, architectural glass. In Asia, shipments are expected to increase due to a recovery in demand in Thailand and Indonesia.

While there's a possibility of rising costs due to higher fuel prices, we will continue efforts to adjust prices and improve productivity. In Europe and Americas, the economic downturn in Europe is expected to continue and the recovery in shipments is expected to be limited.

We will implement price adjustments and cost-cutting measures. Next, automotive.

Shipments are expected to decline due to automotive production volumes and a drop in exports to the Middle East. We will continue efforts to improve product mix and enhance productivity in response to the trend toward functionality enhancements.

We'll also implement price adjustments and in response to rising fuel costs. Please turn to page 24.

Next, electronics. In display, shipments of glass substrates for LCDs are expected to decline slightly.

We will continue to implement measures to improve profitability. Among electronic materials, shipments of semiconductor-related materials, such as EUV mask blanks, are expected to increase.

Shipments of optoelectronics materials are expected to remain at the same level as the previous quarter. Next, chemicals.

Integrated chemicals is expected to see an increase in shipments of products for the electronics application. Essential chemicals Southeast Asia is expected to see an increase in shipments as expanded facilities in Thailand have come into full operation.

In both segments, we anticipate rising prices for raw materials and fuel, as well as corresponding increases in selling prices. We will strive to secure raw materials that are not dependent on the Middle East.

Page 25, please. Next is life science.

Sales of small molecule pharmaceuticals and agrochemicals CDMO are expected to increase, driven by the start of operations at our newly expanded facilities. In the biopharmaceutical CDMO, we anticipate not only an increase in sales, but also an improvement in productivity.

The closure of our Colorado facility in the US is expected to significantly reduce our net loss. Page 26.

We are maintaining our full-year outlook for strategic businesses as well, projecting net sales of ¥560.0 billion, an increase of ¥58.5 billion from the previous fiscal year, and operating income of ¥80.0 billion, an increase of ¥21.3 billion from the previous fiscal year. Please turn to page 27.

We have not revised our forecast for capital expenditures, depreciation expenses, or R&D expenses. We plan to reduce capital expenditures by ¥61.3 billion year on year.

This will conclude my presentation. Thank you.

Thank you, Mr. Takegawa.

We would like to now move on to Q&A. We have received some questions beforehand, but we will be taking new questions if any.

Please tap on the Q&A button to forward your questions to us. Regarding the questions we have received beforehand, we would like to take them first.

The first one is about Q1 2026 and your results at the beginning of the year compared to your expectations by segment. Can you compare the current status of the segments and how it's different?

Mr. Takegawa will take that question.

For Q1 results, first regarding net sales, automotive and electronics beat, and for operating profit, electronics and chemicals beat our expectations. First regarding net sales, for automotive, due to product mix improvement and higher shipments for Japan, Europe, and North America, we were able to exceed expectations.

For electronics, for optoelectronics shipments in electronic components, there have been push-forward shipments, and semiconductor-related component shipments were greater than expected. That's for display.

For electronics, for OP, we had a higher impact on profits due to higher sales in electronic components. For chemicals, integrated chemicals, there was a revision of the consolidation, there was some one-off gains in association with that, and also apart from that, due to adjustments in how we close the books also had an impact.

That's all from me.

We would like to entertain the next question that was submitted beforehand. For 2026 Q2, your forecast and outlook, you did mention that the first half outlook remains unchanged, but from Q1 to Q2, can you please illustrate the segment trends in terms of profit?

Can you please give us your outlook as to how the segments will trend from Q1 to Q2? Again, Takegawa will respond.

For Q2 all in all, we anticipate a dip in profit as well as net sales. Now in terms of net sales, for chemicals, we will see an increase, but for automotive and electronics, we will see a dip.

For operating profit, for electronics and chemicals, we will see a dip in profit. Now the breakdown is as follows.

In terms of net sales, automotive, for Q2, we do have seasonality, there'll be a decline in shipments, this is the same trend year after year, so that is why we are seeing the dip. For electronics, for the electronic materials, again, this is a result of the semi shipment decline, which again is a seasonality factor.

Now moving on to display, for Q2 as well, in comparison to Q1, we will see a decline in shipments, and this is because of the product mix. Now for chemicals, for integrated chemicals, essentials Southeast Asia, for both, we will see an increase in shipments.

Now in regards to this operating profit, for electronics and chemicals, we will see a decline, and especially for electronics, net sales will decrease, and because of this decrease, profit will also decrease in accordance. Now for the chemicals, sales will increase, but for Q1, the integrated chemicals, which was the one-time off profit that we enjoyed, will disappear, and so that will impact us and as a result we will see a decline.

That's it.

Thank you. Moving on to the next question, let me read out the questions we received in advance.

You have revised that the crude oil market assumptions from $70 to $100 a barrel. However, the full-year sales and operating profit forecast per segment remain unchanged.

Can you qualitatively explain the direct and indirect negative impacts of higher crude oil prices on each segment, as well as countermeasures incorporated into the outlook? That's the question.

Mr. Takegawa will respond.

We have revised assumption for crude oil prices, and what's happening right now is prices of crude oil, ethylene, and propylene have been increasing, and mainly around architectural glass, chemicals, and automotive businesses. Costs have been increasing as well as there is a risk that there may be higher costs as well as production adjustments and demand declines.

We will ensure that we diversify procurement sources and make production adjustments, while also implementing cost reductions and price revisions for the affected segments. The assumption is that increased costs resulting from higher crude oil prices can be offset through productivity improvements, cost reduction measures, and price adjustments.

We do have a related question. This is about the impact of the Middle East situation.

The questioner believes that there'll be impact in glass as well as chemicals, architectural glass and chemicals, but apparently that is slightly different from the anticipation of the company.

The request is that can you elaborate on the impact of the Middle East situation by segment, and so if you could perhaps elaborate? Takegawa-san will respond to this question as well.

Chemicals and architectural glass, yes, there is some impact acknowledged. If we see a glitch in material procurement, then obviously that will impact, possibly, the production.

For the time being, we have secured enough materials. Especially for chemicals, for instance, Thailand is not dependent in the Middle East, we can secure the ethylene regardless of what is happening in the Middle East.

Natural gas ethylene has been secured within the country Thailand, there's no impact. Also in Indonesia as well, they are dependent on North America, not the Middle East, and so that is how they are procuring their raw materials.

Once again, there is no impact. Now in relation to fuel prices and material prices, the commodity prices will hike.

We are already seeing some spikes, which does mean that it is notable that price adjustments and pass-throughs are confirmed.

Next question is also related to the Middle East situation. In the presentation, you say that the impact on current expectations was limited.

What this means? Does it mean that there's negative impact, but you're going to make efforts to offset it, or is negative impact negligible to begin with?

Can you give us more nuance on what you're stating, so that we can understand the current status? Please go into detail and explain.

That's the question. Mr.

Takegawa will take that question once again.

Yes, there will be a certain level of negative impact. That's our view.

However, we believe that we are able to offset that negative impact through countermeasures. For raw materials, fuel costs, and sales volume, we expect negative impact of about ¥10.0 billion, respectively, for the full year.

That's what we're expecting. However, through pricing as well as cost reduction measures and other measures, we envision that we will be able to recover that negative impact.

That's all for me.

Thank you. Like to move on to the next question.

This is about the chemicals segment, for Q1 chemical business. Can you explain why there was this upside?

Cost, others was plus ¥6.8 billion, can you break this number down for us? Shiokawa-san from Finance will respond to this question.

Allow me to explain. We are improving our costs for production, and also amongst the chemical products for Q1, there were some that saw a rise in selling price.

When prices come down, we recalculated the inventory, but obviously when prices do hike, there are some adjustments made. Also tentative or one-time revenue or sales starting this fiscal year within AGC Group companies, for companies that have low contribution have been deconsolidated.

However, for this segment, we are applying the equity method depending on the contribution level, and especially for the chemical segment, double-digit early double-digit impact has tentatively been acknowledged. Next question.

With regards to assumptions for the full-year forecast for the chemical segment, can you talk about your outlook and the impact on changes of what you expect to chemicals, the chemicals market, cost push, and so forth? Regarding the market outlook right now, due to the impact from the Middle East, there is some level of uncertainty.

For ethylene and PVC market prices, we are assuming that March levels are going to continue. However, since last year, it has been declining, but in January and February, we have been seeing a bottoming-out process, and we expect the prices to stay at March levels.

For caustic soda, we haven't changed assumptions since February. We expect that the levels from February will be ongoing.

For cost increases associated with higher raw material and fuel prices, through price adjustments and diversification of procurement, we will be responding. Now moving on to the next question.

This is again for chemical segment, ethylene procurement status. Can you please explain the current situation?

I do believe we have received similar questions so far, but perhaps in more detail, where are you procuring from, i.e., regions or areas? Takegawa-san will respond.

For ethylene, which I briefly mentioned, the main regions would be Southeast Asia, essential chemicals. I'll start off with Thailand.

Within the country of Thailand, ethylene created from natural gases, we have a solid procurement. Another is Indonesia.

In the past, Indonesia did have a dependency upon the Middle East, but currently they are sourcing the material for ethylene from North America. For the time being, for both countries, we believe that we can stabilize our production.

Thank you.

Next question. For the new factory in Thailand and its utilization status, can you share that with us?

Takegawa-san will take that question as well.

For Q1, for the new factory in Thailand and its utilization, we did make some adjustments, although that impact is small. For the source of raw materials, it's not because we weren't able to obtain the source, it was more about making adjustments for the operation of the facilities.

That's the type of adjustments we were making. It's expected to be utilized at high rates from Q2 onward.

That's our assumption.

Next question. Q1 for chemical segment, operating profit has surged, and so can you explain the reasons why we saw this increase?

Takegawa-san, please. Versus last year, shipments have increased.

Why we saw an increase in profit, it's not just about increased shipments per se, but also, as Shiokawa just explained, we did have some one-time intake of profit as well. Some of that also we reviewed some of our consolidated companies, as well as adjustments in our financials.

At the same time, the cost cutting has progressed quite greatly in comparison to last year as well, all of these contributed to the improvement in profit.

Next question is about the life science segment. Please provide an update on the planned sale of the Colorado site in the US.

Mr. Takegawa will take the question again.

Regarding the planned sales of the Colorado site, ever since last year, we've been explaining that we are trying to close the sale as soon as possible in early '26, we are continuing negotiations. Regarding any fixed costs that may be outstanding, there are no more personnel expenses.

However, depreciation, fixed assets taxes, and administrative expenses still remain, those costs are still being incurred. Personnel costs was the greatest item, and that is gone, which has led to a substantial cost reduction.

Moving on to the next question. On page 17 of the presentation material, Q-on-Q, in comparison to Q4 of last year, the Copenhagen saw an increase in consignments, but European sales, in comparison to Q4 last year, I do not think there is an increase.

In actuality, what is the level of improvement? Can I interpret this as it does include productivity improvements as well?

Takegawa will respond.

For Copenhagen, for Q4 of last year, we do see an increase in consignments, and for European net sales, in comparison to Q4 of last year, there is not a major increase. Why?

Because there has been some increase because of Copenhagen, but for the biopharmaceuticals, we saw a dip, CDMO, that is. Copenhagen Q4 productivity was still low, but in Q1, we saw improvements, and we saw an increase in consignments as well, the contribution to profit is in the double-digit hundreds of millions.

The next question is about the electronics segment. For Q1 results in the electronic segment, sales, mainly due to electronic materials, declined by ¥5.1 billion Q-on-Q, yet profits increased by ¥700 million Q-on-Q.

Please explain why this is the case. Mr.

Takegawa will take the question.

For display, sales it decreased. Last year in Q4, there was special glass disposal costs that were absent this time around.

However, profits increased. For electronic materials, they recorded both lower sales and lower profits.

All in all, electronics revenue went down by ¥5.1 billion, but profits increased by ¥700 million. Now

moving on to the next question, again for electronic segment. Page 15 of the material, cost and others, in comparison to the same period last year, it is a plus.

Cost and others is Q-on-Q larger. Can you explain the backdrop to this or reasons?

It's -¥5.7 billion, I believe. Yes.

In other words, this increase in cost, can you explain why? Takegawa will respond.

Cost and others, this is because of production cost increase, but not just that, the impact of the weaker yen placed upon the displays. It's not just the cost deteriorated, but also we are impacted by the exchange rate.

Next question is about EUV mask blanks. How were inquiries from key customers?

That's the question. Mr.

Takegawa will take the question again.

Inquiries from key customers of EUV mask blanks, unfortunately, we are not able to speak to specific products or specific customers, unfortunately, I would like to withhold. Shipments for mask blanks overall were flattish compared to the previous term.

In relation to that, another question for semiconductor materials. A major CPU manufacturer, they are improving greatly their outlook.

EUV AGC's mask blanks, as well as slurries in relation to semiconductors and semiconductor all in all, how do you anticipate the impact? Takegawa, please.

For 2026 fiscal year, globally, the semiconductor-related shipments and products will continue to increase, and that is our expectation. Now in conjunction with this increase, our EUV mask blanks as well as slurries, in other words, semiconductor materials, in comparison to the previous year, they should increase as well.

The next question is about optoelectronics. Can you give us an update on demand trends?

Are there any changes? Takegawa-san will respond.

When we announced results in February, we communicated, but there are no major changes ever since. For shipments for the fiscal year in fiscal '26, we're expecting flattish trends compared to last year because we are in a transition period to further higher functionality.

Now

the next question pertains to CCL. What was the situation for Q1?

Then for the full-year outlook, how far are you or how far did you progress? For raw materials and fuel prices, they are on the increase.

Will you be impacted by this trend as well? Takegawa-san will respond.

Again, I cannot comment on individual products. However, for CCL as well, we do see steady demand.

For FY '26 as well, especially for high-speed communication markets, and especially the momentum in the AI server markets, we do believe that very strong demand will continue, which does mean that for us as well, we can anticipate a stronger shipments.

Thank you. The next question regarding displays.

On price trends for Q1 results, how did they trend? Can you give us direction for Q2 and beyond?

Mr. Takegawa will take the question again.

For displays, compared to Q4 last fiscal year, volume in the first quarter went up slightly. It was in low-single-digit percentage growth.

Prices were flattish compared to last fiscal year. There's no changes in our outlook for annual shipments at this moment.

Again for display, we have another question. Page 15 of the presentation material refers to sales price increase.

The question is when did you raise your prices, and Q-on-Q, are prices still on the rise? Takegawa-san will respond.

For display, for 2025 last year, that is, for the second half of 2025 vis-à-vis the first half, we saw an price increase in the first half of the single digits, and for Q4 and onwards onto Q1, the prices have been flat.

I mentioned that we're going to take new questions earlier, but at the bottom of the screen, there is a Q&A box. If there are people who are not able to see the Q&A box, if you go into the details section, you will be able to get to the Q&A box, please forward your questions into the Q&A box.

Moving back to the questions that we received in advance, for architectural glass, can you give us some trends on volume and prices by region for Q1, and can you also talk about profitability trends from Q2 and beyond? Mr.

Takegawa will take the question.

First, for Japan and Asia, volume in Japan went down, and for Asia, it went down slightly. For prices in Japan and Asia, prices went up slightly in Japan, and prices went slightly down in Asia.

As for Europe in Q1, volume was up by approximately 10% plus. For Southern America or Latin America, it was down by 10%.

For Europe, prices were down by several percentage points. For Americas, it went down by single-digit percentage points.

From Q2 onwards, due to the impact on the Middle East and rising fuel and material prices, there is a risk that costs may increase. However, by engaging in cost reductions and price adjustments and other countermeasures, we believe that impact on profitability is going to be limited.

There has been some surcharges since April onwards, and sales prices are expected to go up from that for Europe, that is. Moving on, with raw materials and fuel prices increasing, you mentioned price pass-through, but demand is not that strong.

If you pass through the prices, perhaps this will actually impede demand increase. Do you not have that worry or concern?

Takegawa-san, please.

As the question points, it is not that we are free of worries or concerns. Inflation deepening, as well as cost increases, obviously there will be some impact we can assume.

We will have to keep careful watch of the demand trends and come up with initiatives, including price pass-throughs as well. I would like to add that there are major regional differences, we will have to be very careful in understanding what is needed for each of the specific regions and undertake initiatives as necessary.

Next question is about the automotive business. Can you give us trends for Q1 with respect to volume and prices by region, as well as outlook from Q2 onwards?

Mr. Takegawa will take the question.

We would like to withhold the details with respect to volume and price trends by region, but for volume, we do refer to auto production numbers. For Q2 and beyond, due to the impact on the Middle East, there is a risk that fuel and material prices may increase, leading to higher costs.

By engaging in cost reduction as well as price adjustments and other countermeasures, we believe that the impact on profitability is going to be limited.

Thank you. We do have some additional questions uploaded, and for the subtle nuances because there are some overlapping questions, I believe, if you can please inquire the IR team.

Since we have approached the scheduled time, we would like to conclude the Q&A session. If you do have individual questions, please contact the liaison number.

I will call out the number: 3281-5096. That will be the contact number for any individual questions.

When you close the Zoom screen, you will jump to the survey screen, we encourage you to fill this in. This will help us to improve our sessions in the future.

On that note, we would like to conclude the 2026 Q1 performance call, and thank you very much for your attendance today.