Yes, this is Nishida. Thank you for taking the time out of your busy schedule to join us today.

Before I begin the presentation, I would like to first provide an update on the impact of the earthquake that hit Kumamoto Prefecture on July 28th. No injuries or casualties have been reported within our group, and damage to our facilities for production and sales has been minor.

At present, no material impact on our business activities or financial performance has been identified. I will now present our results for the first quarter of FY2026 and our outlook for the first half.

Page 1 shows our FX assumptions and the actual results. The yen is currently trading at a weaker level than assumed at the outset of the fiscal year.

The OP sensitivity to FX is also indicated here, and 1 yen depreciation against the U.S. dollar would uplift the OP by approximately 500 million yen.

Page 2 provides an overview of our Q1 results. In the first quarter, net sales increased by 27.8 billion yen year-on-year to 333 billion yen, and operating profit grew by 4.3 billion yen year-on-year to 25.5 billion yen.

As indicated by the blue stars, net sales, OP, and ordinary profit all reached record highs. Profit attributable to owners of the parent decreased slightly due to the recognition of extraordinary losses.

Page 3 shows first quarter net sales and OP by segment. In the first quarter, three segments recorded increases in both net sales and operating profit, with HPP and UIEP reaching record highs.

For Housing, net sales and OP were down in Q1, which was broadly in line with our plan. We began the fiscal year with a policy of, in principle, passing through the higher raw material costs stemming from the deteriorating situation in the Middle East, and the effort is making good progress.

We also believe that customers and distributors tried to secure inventory, resulting in some sales being brought forward from Q2 and beyond. Although we do not disclose quarterly profit plans, group-wide net sales and OP both exceeded our business plan for the first quarter.

Perovskite solar cell product shipments commenced as planned. The two projects indicated represent our track record to date.

A breakdown of the other segment is as shown. I will explain the performance of each segment in more details later.

Page 4 illustrates market trends and our second quarter outlook. Global auto production was down year-on-year as we had expected in Q1.

In the second quarter, it is expected to fall below both our assumption and the prior year level. Smartphone shipments fell below our assumption in Q1.

They are expected to decline further in Q2 and to be significantly below both our assumption and the prior year level. The upper right chart shows customer traffic in the Housing business.

Although inquiries increased, overall customer traffic has remained below the prior year level, and we expect this trend to continue in the second quarter and beyond. Despite some signs of recovery in new housing starts from the dip in FY2025, we expect a gradual downward trend to continue.

Domestic naphtha prices rose sharply in Q1, but are expected to moderate somewhat in the second quarter. Page 5 presents our outlook for the first half.

Group-wide net sales are projected to reach a record high of 690.5 billion yen, up by 60.7 billion yen year-on-year. OP is projected to grow by 2.6 billion yen year-on-year to 48 billion yen.

Reflecting the Q1 results, we are revising up our initial forecast for net sales and OP in UIEP and for the whole group. Regarding constraints on the procurement of raw materials and components resulting from the Middle East conflict, we do not anticipate any material issue during the first half.

Page 6 shows our first half outlook by quarter and segment. In Q1, we observed efforts to secure inventory by the customers and distributors, bringing forward some future sales, particularly in HPP and UIEP.

We were able to meet this demand despite constraints on the procurement of raw materials and components. In Q2, we expect a certain degree of demand adjustment and a pullback following the first quarter increase.

Accordingly, group-wide OP was up by 4.3 billion yen year-on-year in Q1, while it is projected to decrease by 1.7 billion yen year-on-year in Q2. Page 7 provides an analysis of the factors underlying our first half outlook.

As shown on the left, we project net sales to grow by 60.7 billion yen year-on-year. On the right is a waterfall chart for OP.

In April, we estimated that the surging raw material prices resulting from the Middle East conflict would have an impact of roughly 14 billion yen. The actual impact was broadly in line with our estimate, but we were able to maintain the spread by promptly passing on the cost increases through higher prices.

The volume and product mix is expected to have a positive impact of 7.2 billion yen year-on-year. Despite some adjustments expected in Q2, the first half performance would be broadly in line with our plan.

Overall, reflecting the FX impact and fixed costs being kept below plan, OP is projected to go up by 2.6 billion yen year-on-year to 48 billion yen, an upward revision of 1.6 billion yen from our initial plan. Page 8 illustrates our first half forecast and shareholder returns.

As explained, we project net sales of 690.5 billion yen and operating profit of 48 billion yen. Ordinary profit is projected to increase by 0.3 billion yen year-on-year to 49.3 billion yen, and we are revising up our guidance accordingly.

The net profit guidance remains unchanged from the plan announced in April. As planned, we will pay an interim dividend of 40 yen per share.

Now, page 9, from here onward, I will explain the results by segment. First, the first half forecast and analysis for the HPP company.

On the left bar graph, net sales are projected at 255.2 billion yen, up 31.7 billion yen year-on-year. On the right is the analysis of year-on-year change for OP.

Covering greater than anticipated raw material price surges with improved selling prices and cost reductions, we project OP of 30.2 billion yen, up 1.8 billion yen, in line with plans. Moving to page 10, overview of the three strategic fields.

First, electronics. In the LCD field, smartphone demand fell below expectations, but large display demand remained firm.

In the non-LCD field, driven by robust demand centered on semiconductors, binder resins for MLCCs and [cell-for?] process materials grew steadily.

In the middle, the mobility field. Impacted by the automotive market stagnation, in HPP, including design interlayer films, was slightly sluggish.

Interlayer films for head-up displays remained firm, projected to exceed 100% year-on-year in first half on a sales volume basis. Meanwhile, for aeronautical components, aircraft demand is recovering and growth in new fields like drones and air mobility remains steady.

On the right, in industrial, we continue focusing on acquiring new orders like sensors and care materials and expanding sales of labor-saving and environmentally friendly products. Note that we believe a certain portion of demand in this field was brought forward.

Page 11, first half forecast and analysis for the Housing company. On the left, net sales are forecast at 276.7 billion yen, up 18.1 billion yen YoY.

On the right is OP. Although OP drops in the housing mainly due to fewer houses sold, growth in renovation and residential will drive overall first half sales, and profit increases to 16.5 billion yen in line with plans.

Moving on to page 12, top left shows new housing orders. In the first quarter, both the number and value of orders progressed largely in line with plans.

We will work to increase housing units through expanding sales of new products, expecting to achieve first half plans. For orders by construction type, as shown in the middle, we expect increases in both order value and units for both detached housing and apartment buildings.

Top right details the consolidation of construction management functions of three group companies in Hokkaido into a new company released early this month. This aims to level construction workload fluctuations, share know-how, and train technicians.

Bottom left, renovation orders grew steadily, mainly on the back of periodic diagnosis. In the middle, for the real estate, [Townhouse?]

, which has been consolidated from FY2025 fourth quarter, contributed to sales and profit. Bottom right, town and community development sales progressed steadily, mainly in the Tokyo area.

Page 13, first half forecast and analysis for the UIEP company. On the left, net sales are forecast at 121.5 billion yen, up 9.4 billion yen year-on-year.

On the right is OP analysis. In the first quarter, sales were brought forward mainly for piping materials, significantly boosting sales volumes and mix.

We firmly secured margins against raw material price surges. We revised the forecast upward, projecting first half OP of 10 billion yen, up 1.9 billion yen.

Moving to page 14, the three strategic fields. Top left, in the pipe systems, as mentioned, we brought forward first quarter sales and anticipated demand adjustment from second quarter.

Plant piping demand remains strong in South Korea and China. Top right, in building and infrastructures composite materials, FFU railroad sleepers are progressing smoothly, expanding adoption in Europe.

Bottom left, in infrastructure renovation, domestic pipeline renewal steadily captured renewal demand from nationwide surveys. Bottom right shows KPIs for priority measures.

Prioritized products grew steadily. Overseas sales also expanded.

Growth of growth-driving business is as shown. Page 15, finally, the Medical business.

Net sales are forecast at 45.7 billion yen, up 1.4 billion yen year-on-year. On the right is OP.

Thanks to ongoing profitability improvement measures since last year, fixed cost control is progressing. Despite sluggishness in some markets, supported by forex gains, we expect OP of 4.8 billion yen, up 300 million yen, in line with plans.

Page 16, overview by business. Top left, in the diagnostics Japan, despite weak market conditions overall, we focus on expanding market share by promoting sales.

Top right, diagnostics overseas expect sales growth through expanding sales via stronger alliances in Europe and the U.S. and launching new products.

In China, the diabetes segment grew, contributing to sales expansion. Bottom left, despite timing differences in order receipt for pharmaceuticals and fine chemicals and drug development solutions, sales are expected to stay on par with last year.

Bottom right shows net sales of infectious disease testing kits. Trends in both first quarter and first half are largely in line with expectation.

This concludes my explanation. Thank you very much.