Good afternoon. This is Murakami from Kakaku.com.

Thank you very much for joining us today. I would like to jump right into the financial results for the third quarter of the fiscal year ending March 2026.

Please turn to page 1 for the executive summary. As a reminder, our full-year consolidated guidance remains at 92 billion yen in revenue and 28 billion yen in operating income, that is, higher revenue with lower profit.

We have prioritized expanding our investment in Kyujin Box to drive top-line growth above recent historical levels. While we view this fiscal year as an investment phase, we expect operating income to be slightly lower than the previous year.

Now, for the third quarter summary: consolidated revenue reached 24 billion yen, up 18.2% year-over-year, bringing the cumulative total to 68.9 billion yen. Operating profit was 7.3 billion yen, down 9.2% year-over-year, with a cumulative total of 21.1 billion yen.

Performance is progressing generally in line with our plan. Since the fourth quarter is the peak season for Kyujin Box, we intend to invest as planned and grow the top line significantly.

Kakaku.com: while Shopping expanded, the Finance category saw a decline, resulting in a slight decrease in both revenue and profit for the segment. Tabelog: online reservations remained strong during the year-end party season, leading to double-digit growth in both revenue and profit.

Kyujin Box: as a result of branding investments, the segment reported increased revenue, but decreased profit, in line with our plan. We have also agreed to acquire the engage business from en-japan inc.

as a subsidiary. Starting in April, we plan to strengthen our HR business with these two recruitment media platforms.

Incubation: this segment saw growth driven primarily by [L-Plus?] which joined the group in April, and Time Design.

Next, our consolidated financial results for the third quarter. Revenue was 24.03 billion yen, up 18.2% year-on-year.

Progress toward the full-year forecast was 74.9%. Operating profit was 7.29 billion yen, down 9.2% year-on-year, a progress rate of 75.5%.

Profit before tax, profit attributable to owners of the parent, and EPS are as indicated. Page 4 shows the revenue and profit for each segment.

Kakaku.com: revenue was 5.97 billion yen, down 1.1% year-on-year. Segment income was 3.168 billion yen, down 0.1% year-on-year.

Tabelog: revenue was 10.743 billion yen, up 19.8% year-on-year. Segment income was 6.168 billion yen, up 26.2% year-on-year.

Kyujin Box: revenue was 4.797 billion yen, up 39.5% year-on-year. Segment income was -501 million yen.

Incubation: revenue was 2.52 billion yen, up 33.9% year-on-year. Segment profit was 829 million yen, up 122.1% year-on-year.

Regarding the adjustments of segment income, or indirect expenses, these increased slightly. This was due to M&A advisory fees for projects considered, including those not realized, company-wide AI investments, and stock option expenses for employees.

Please refer to pages 5 and 6 for the analysis of changes in operating profit and the trend of major expenses. Our CFO Mr.

Kasuya will now provide details on each segment.

Hello, this is Kasuya. I will now walk through the performance by segment.

First, page 8, the Kakaku.com business. For the third quarter, revenue was 5.97 billion yen, down 1.1% year-over-year, and segment income was 3.168 billion yen, down 0.1% year-over-year.

Both were slight decreases. In Shopping, replacement demand for PCs remained strong following the end of support for Windows 10 in October 2025, resulting in a 4.9% increase in revenue.

However, personal finance revenue decreased 7.3% year-over-year. Online banks have been curbing their mortgage marketing activities due to the current rising interest rate.

Because this decline in Finance outweighed the gains in Shopping, the segment overall saw a decrease in revenue. While this trend is likely to continue, we expect full-year performance to progress according to our initial plan.

Moving on to Tabelog on page 9. Third quarter revenue was 10.743 billion yen, up 19.8% year-over-year, and segment profit was 6.168 billion yen, up 26.2% year-over-year.

As we entered the peak season, online reservation revenue maintained a high growth rate of 29.5% year-over-year. In the fourth quarter, we plan to invest in promotions to expand our share in regional cities for future growth, which may cause a temporary decline in profit margins.

However, we are on track to achieve our full-year targets. Next, we have key KPIs for Tabelog.

The number of fee-paying restaurants for both promotion and reservations continued to grow. Total online reservations exceeded 37 million, a record high.

Inbound reservations were particularly strong, reaching over 10,000 people per day during the peak month of December. Regarding Kyujin Box on page 11, third quarter revenue was 4.797 billion yen, up 39.5% year-over-year.

Despite a seasonal lull and intensified competition, growth remained robust. Segment loss was 501 million yen as we continue strategic branding investments.

We plan to concentrate these investments in the fourth quarter to align with the market's peak season. While the loss may expand in the fourth quarter, revenue growth is exceeding our plan, we expect full-year profit to align with initial targets.

Next, we have key KPIs for Kyujin Box. Monthly visits and active accounts continue to see double-digit growth.

A new TV commercial launched in January has already shown positive effects on current traffic growth. Finally, on page 13, the Incubation business.

Third quarter revenue was 2.52 billion yen, up 33.9% year-over-year, and segment profit exceeded 800 million yen, a significant increase over last year. The addition of [L-Plus?]

and the strong performance of Time Design drove this growth. We expect full-year results to be roughly in line with our initial plan.

This concludes our explanation of the results for the third quarter of the fiscal year ending March 2026.