Good evening. This is Masaomi Gomi, Head of Investor Relations for Coca-Cola Bottlers Japan Holdings. Thank you for joining us today for our third-quarter 2025 earnings presentation for analysts and investors. Today we have our President, Calin Dragan, and CFO, Bjorn Ivar Ulgenes. We are also joined by Executive Officer and President of the Retail Company, Alex Gonzalez, Executive Officer, President of the Food Service Company and Chief Business Strategy Officer, Maki Kado, Executive Officer, Chief Supply Chain Officer and Chief Sustainability Officer, Andrew Ferrett. Following prepared remarks, we will be happy to take questions. Simultaneous interpretation in both Japanese and English is being provided for both today's call and the Q&A. Before we begin, let me remind you that today's presentation contains forward-looking statements and should be considered together with cautionary statements contained in our presentation. With that, I'd like to turn the call over to Calin Dragan. Calin, please. Good evening, everyone. This is Calin Dragan, and thank you for joining our earnings call. Before I share details of our financial results, this time we are announcing earnings about one week earlier than before and compared to any other major company in the domestic beverage industry. This progress reflects our efforts to standardize and streamline our operations through process re-engineering and digitalization. It shows that our transformation initiatives are delivering positive results in this area as well. Now, let's move on to the financial results. First, I would like to explain the positive trend in our current performance improvement. Please turn to slide three. Over the past four years, we achieved a robust increase in business income of YTD 39 billion. We highly value this and are very satisfied with this trend of profit growth. Now, looking back in 2021, under the severe business environment, our business income was at a loss of approximately YTD 15 billion. Since then, we focused on profitability-driven commercial activities and transformation of our business, achieving significant results and remarkable performance improvement. Regarding price revisions, one measure for improving our profitability, we have implemented eight revisions since 2022, driven by our strong commitment to enhancing profitability. As a result, this year's business income is expected to reach YTD 24 billion following this upward revision. This YTD 24 billion business income includes the impact of significant cost increases due to external factors not in our control, such as forex and commodities. If we were to exclude this impact, the adjusted business income would exceed YTD 50 billion, reaching the highest level in the history of our company. Overall, business restructuring has led to this very strong performance. We achieved this business growth together with our customers and partners. In our customer satisfaction survey conducted by Advantage, we are recognized as the most highly valued partner within the consumer goods industry and the domestic beverage industry, which includes many local and global companies. This demonstrates that we have built a solid growth foundation and a great partnership. Our achievement of improved performance based on this robust growth foundation proves the correctness of our strategic direction and gives us great confidence in achieving our upcoming strategic business plan, Vision 2030. Slide four details the largest shareholder return program in our company history, announced in Vision 2030. Alongside ambitious growth in business income, we plan to significantly accelerate the pace of expanding shareholder returns in line with our Vision 2030. The YTD 150 billion plan for share buybacks announced in Vision 2030 represents approximately 35% of our market capitalization. We are pleased to note that this represents one of the largest buyback amounts relative to market capitalization in the Japan market. Our company has thus created a positive cycle linking improved performance with enhanced shareholder returns, and this announcement is consistent with that approach. Now, let's turn to today's highlights. Please take a look at slide five. I'm very pleased to share another set of strong results with you all. This year, third quarter delivered financial results that demonstrate the steady success of our ongoing initiatives. The third quarter year-to-date business income reached YTD 24.5 billion, 1.7 times higher than last year, exceeding the plan that had been revised upwards in August. This strong performance was the solid result of profitability-focused commercial activities and cost savings achieved through transformation and other measures during the peak demand third quarter delivering above plan. Sales volume also stayed strong in the third quarter, exceeding the growth rate of the overall market. Based on this strong performance, we have decided to further raise our full-year business income forecast once again. We are now targeting YTD 24 billion in business income for the full year. This is double of the last year results and 20% above our original plan. Along with this upward revision, we are enhancing shareholder returns in line with our shareholder value enhancement policy outlined in Vision 2030. Further details will be provided later, but as part of the initiatives, we will implement the cancellation of treasury shares equivalent to 6.5% of the total share issues and increase the year-on-year dividend by 10% compared to the initial plan. Additionally, as previously announced, we will continue to share buyback programs starting in November, targeting YTD 30 billion to further enhance shareholder value. Now, our CFO, Bjorn Ivar Ulgenes, will walk you through our financial results in more detail. Thank you, Calin. Good evening, everyone. This is Bjorn. Slide seven shows the P&L statement for the third quarter year-to-date. Revenue continued to grow, and business income gained momentum, resulting in a larger profit increase. Revenue increased by 1% year-on-year. This was driven by higher wholesale revenue per case after price revisions, despite lower sales volume and weaker channel mix. Gross profit increased by YTD 2.4 billion year-on-year, driven by the benefit of price revisions despite being affected by deteriorating channel mix and rising costs due to external factors. Business income rose by YTD 9.8 billion year-on-year, driven by higher revenues and cost savings from our transformation initiatives. The third quarter profit increase was the largest among the year's quarters, accelerating the trend of quarterly profit growth. The next slide explains the main factors behind this change in business income. Operating income and net income decreased year-on-year due to the recording of an impairment loss of YTD 88.1 billion in the vending business during the second quarter, as previously explained. Now, please turn to slide eight for factors behind the change in business income. Starting from the left, we can see the impact of volume, price, and mix. These reflect changes in marginal profit from our commercial activities, contributing a positive YTD 6.9 billion year-on-year. The main factors were a negative impact of YTD 6.3 billion from volume, including channel mix, and a positive impact of YTD 15.1 billion from unit price, and a negative impact of YTD 1.9 billion from other factors. Although lower volume and an unfavorable channel mix affected results due to changing consumption trends, improved wholesale revenue per case from price revisions made a strong positive contribution. Transformation benefits totaled YTD 4.6 billion. This is mainly driven by strong results from vending transformation and improved efficiency in our supply chain network. In particular, the vending transformation is progressing ahead of our original plan. Marketing expenses increased by YTD 1.2 billion compared to the previous year. This increase reflected strengthening activities in the third quarter to capture peak season demand and secure shelf space ahead of price revisions in October. However, spending remained below the initial plan, thanks to careful investments based on return on investments and market conditions. Manufacturing costs fell by YTD 1.7 billion compared to the previous year. This was the result of cost-saving measures implemented at our production sites and through more efficient procurement processes. Other costs increased by YTD 700 million year-on-year. This was mainly due to higher outsource fees, logistics costs, and vehicle and facility expenses, despite reduced personnel costs. This figure also reflects special factors, including lower depreciation expenses following the impairment loss of the vending business. Commodity and utility costs increased by YTD 1.5 billion. Market conditions and exchange rate impacts accounted for YTD 1.4 billion of this increase, while higher energy costs added a further YTD 100 million. Next is slide nine, outlining sales volume performance by channel and category. Third quarter year-to-date sales volume was impacted by past price revisions, the cycling impact of last year's strong Ayataka renewal, and the temporary surge in demand following the non-chitroff emergency notice. However, contributions from strengthening core categories, expanded sales force base, and effective marketing helped limit the decline to 1%, outperforming the overall market. Wholesale revenue per case achieved a double-digit yen improvement year-on-year across all channels, reflecting the impact of price revisions. Supermarket sales volume decreased by 4%, primarily due to lower volumes of tea beverages and large PET water bottles, influenced by price changes and the cycling of last year's performance. At drugstores and discounters, growth in medium-sized PET coffee bottles helped limit the volume decline to 1%. At convenience stores, volume decreased by 5%, but profit rose thanks to a profit-focused strategy that included optimization of promotions. In vending, market conditions remained tough, with volume down 5%. However, price revisions continued to have a positive impact, improving wholesale revenue per case by YTD 98. In retail and food service, volume increased by 6%, supporting new customer acquisitions and stronger sales in the sparkling category. Online volume grew by 17%, driven by growth in the tea category and the launch of channel exclusive products. By category, sparkling grew 3%, driven by contributions from Coca-Cola and Coca-Cola Zero. Tea volume held was flat year-on-year, supported by Ayataka solid sales after last year's successful renewal and the strong performance of Kochakan. Sports drinks and water saw a decline due to factors including price revisions and cycling of the non-chitroff emergency notice. Coffee volume remained at last year's levels, supported by contributions from medium-sized PET bottles despite tough competition. Slide 10 shows market share and retail price trends. Profitability-focused sales activities helped us grow our value share and maintain price premiums. Market share increased by 0.1 points in the total channel value share and by 0.4 points in volume share. We are very pleased that we achieved both higher volume share and positive value share growth even while implementing price revisions. Vending volume share increased by 0.3 points, even as the overall market continued to shrink. The strong growth in volume share compared to value share reflects the impact of product mix, while our wholesale revenue per case is showing solid improvement, as mentioned earlier. In the OTC channel, share declined due to lower volume and changes in channel and package mix. However, profitability is improving steadily here as well, supported by higher wholesale revenue per case. Our retail prices maintain a premium relative to the industry average. We have applied price revisions with discipline, and retail prices for both small and large PET bottles have improved compared to last year. Now, on the next slide, Alex will explain the status of our commercial activities. Alex, over to you. Good evening. This is Alex. Slide 12 covers the status of our commercial activities. In the third quarter, we continued to execute our profitability-focused commercial strategy while also building a stronger foundation for future growth. We are proud that our sales volume outperformed the overall market growth rate during the third quarter peak demand period while focusing on profitability. Our targeted summer sales initiatives helped boost volume. By focusing on our core categories and leveraging marketing that connected with drinking occasions, along with effective digital promotions, we maximized in-store exposure. We also offset last year's cycling effect of the Ayataka renewal by introducing new products like Ayataka Koi Ryokucha, which was a key point. In addition, we expanded sales opportunities by rolling out packaging tailored to consumer needs and by executing growth strategies aligned with each channel, which supported volumes. Our efforts to build a foundation for further profit growth also moved forward steadily. Price revisions, which are key to profit growth, are progressing smoothly. We're maintaining the approved shipment prices achieved through previous revisions, and these are contributing to improved profitability as planned. We have also been preparing for the price revisions that began in October. Looking ahead, we aim to implement further price revisions for our green tea products' market-suggested retail price by up to YTD 20 per bottle by the first quarter of next year. Tea leaf prices have continued to rise since the second half of this year and are expected to reach a level of three to five times from last year. We expect this trend to significantly impact the entire industry. We see this action as a necessary response to cost increases within the Coca-Cola system. From the perspective of both growth investment and cost control, we made appropriate marketing investments during the third quarter peak season while keeping annual sales promotions expenses below plan. We also focused on strengthening our growth foundation through customer engagement and vending transformation, further reinforcing the foundation for future expansion. As Calin explained earlier, our commercial capabilities are highly valued by our customers and represent a key strength of our company. Moving forward, we will continue to enhance our market execution capabilities on this solid foundation of engagement and pursue further growth. Slide 13 covers our third quarter marketing activities. To strengthen our core brand, we launched the Cochilou campaign, encouraging consumers to enjoy Coca-Cola with chicken through joint promotions that leverage our strong partnership with McDonald's. We also partnered with Star Wars, releasing limited edition products and boosting in-store visibility, using the campaign as a hook to successfully attract a wide range of consumers. As for new products, we introduced Fanta Amazu Pie Lemon and brought Fanta Fruit Punch, an iconic Fanta flavor from the 1980s and 1990s, for a limited time to strengthen the sparkling beverage category. As part of our experiential marketing, we ran a campaign where customers could enter a code found inside their bottle cap for a chance to win tickets to Coca-Cola CrossFest 2025. We also rolled out vending machines across Japan, set two degrees colder than usual to capture demand during the intense summer heat. Next are highlights of our fourth quarter marketing activities. Coca-Cola launched its winter campaign in October, featuring promotions with exclusive Coca-Cola gifts to boost brand engagement. Georgia will also run gift campaigns, including invitations to live concerts by our brand ambassador, Adam. As for new products, this month we have launched Coca-Cola Crafty Grape Mix Tea from the popular Coca-Cola series. In November, we will release Fanta Golden Apple, a flavor loved across generations and highly requested by consumers. As part of our experiential marketing, we will partner with Japan's national baseball team, Samurai Japan, for a campaign on the KOCON app. Users will have the chance to win tickets to the WBSC Premier 12 tournament as well as original Samurai Japan merchandise. Additionally, for the consistently strong Ayataka brand, we will also launch a winter campaign to further boost engagement and sales. Now, for the further future outlook, I'll hand back to Bjorn. Thank you, Alex. This is Bjorn again. From here, we will cover the revised full-year earnings forecast for 2025 and the expansion of shareholder returns. Please turn to slide 16. This is our second upward revision of the full-year earnings forecast this year. Business income has been revised upward once again, showing robust progress in our core performance. This revision reflects the fact that year-to-date business income exceeded the plan, supported by profitability-focused commercial activities and transformation benefits. As a result, we are raising the full-year business income target to YTD 24 billion, which is 20% above the initial plan and double the previous year's figure. Regarding sales volume and revenue, the previous revision was made prior to the peak demand period, so detailed updates were not provided. This time, we are revising our plans based on the latest market conditions. In the fourth quarter, we will focus on achieving the revised full-year business income target of YTD 24 billion while continuing to strengthen our foundation for profit growth beyond 2026. This includes implementing price revisions in October, making mid- to long-term marketing investments, and driving further transformation. As Alex mentioned, we are also preparing additional price revisions for green tea products in the first quarter of 2026. Our October sales volume showed mid-single-digit growth, maintaining a strong trend. We will leverage this momentum to achieve our full-year business income target of YTD 24 billion. Slide 17 shows the revised full-year 2025 profit and loss plan following the upward revision. Full-year revenue is now projected at YTD 887.9 billion, a 0.5% decrease year-on-year. While we expect the positive effects of price revisions as planned, revenue will be impacted by volume declines and channel mix. Reflecting the current market environment, sales volumes are expected to decrease by 1.4% year-on-year. Full-year business income is targeted at YTD 24 billion, double the previous year's figures, driven by profitability-focused commercial activities and transformation benefits. This represents an even more ambitious target and is a YTD 4 billion upward revision from the initial plan. Key factors affecting business income will be explained on the next slide. The main factors contributing to lower operating income and net income remain largely the same as in the previous revision. Such as the impairment loss of the vending business recorded in the second quarter. However, this time, we have newly factored in the additional impact from the revised timing on fixed asset sales. Slide 18 explains the factors behind the change in business income under the revised plan. For the fiscal year 2025, we are targeting a significant increase of YTD 12 billion in business income compared to last year. This growth will be driven by profitability-focused commercial activities and cost savings from transformation. On the left side, under volume price mix, we expect a positive impact of YTD 8.7 billion, driven by increased profit from improved wholesale revenue per case following price revisions. This also reflects the impact of volume declines and channel mix trends in the current market environment. Transformation-led cost savings aim to contribute YTD 6.7 billion to profits. Transformation benefits have exceeded expectations. Initiatives in other areas are also progressing smoothly. This represents an additional YTD 1.5 billion benefit compared to the initial plan. Marketing expenses are expected to rise by YTD 800 million as we optimize spending in line with marketing market conditions. However, this still represents an improvement of YTD 3.7 billion compared to the initial plan. Manufacturing efficiency has progressed beyond expectations. Cost-saving measures at our manufacturing sites and in procurement are delivering results, contributing YTD 1.3 billion in profits. Other costs are projected to increase by YTD 2.6 billion as we continue to make strategic investments for future profit growth. This figure also includes factors such as the approximate YTD 5 billion reduction in depreciation expenses from the vending business impairment in the second quarter and the profit impact associated with changes in Coca-Cola Japan's marketing methods. Commodity and utility costs are expected to worsen by YTD 1.3 billion due to the impact of higher raw material prices. These are the main factors affecting business income in the revised plan. On the next slide, Maki will explain the expansion of shareholder returns. Maki, please. Hello, this is Maki Kado. Please turn to slide 19. From here, I will provide the explanations. Along with the upward revision of our full-year earnings forecast, we have also decided to enhance shareholder returns in line with the shareholder value enhancement policy outlined in Vision 2030. As new additional measures, we are announcing the cancellation of treasury shares and an upward revision of the dividend forecast. First, regarding the cancellation of treasury shares, we will cancel 12 million shares in November, equivalent to 6.5% of total shares outstanding. This represents nearly all of the treasury stock acquired over the past year. We believe that appropriately canceling treasury shares is an important action that enhances shareholder value. While our Vision 2030 plan calls for cumulative share buyback totaling YTD 150 billion, we will continue to cancel acquired treasury shares at appropriate times going forward. Next, regarding the upward revision of dividend forecast, we have raised the year-end dividend per share by 10% from the initial plan, revising the full-year dividend forecast for 2025 to YTD 60 per share, representing a YTD 7 increase from last year. We will also continue our share buyback program. The YTD 30 billion share buyback announced last November was completed yesterday as planned, and another YTD 30 billion buyback will begin this November. By implementing this comprehensive shareholder return program, we aim to further enhance shareholder value. Regarding shareholder returns, over the past two years, we have significantly accelerated efforts to strengthen shareholder returns. This includes our comprehensive shareholder returns announced in November last year and our largest-ever shareholder return program included in Vision 2030 this August. We see it as a major achievement that improved performance and has enabled us to expand shareholder returns, creating a positive cycle. We will continue to build on this positive momentum going forward. Finally, let me summarize today's presentation. Please turn to slide 20. This year, we have pursued both profit growth and strengthening foundations for sustainable profit growth, positioning the year as a year to achieve both profit growth and strengthening foundations. I am very pleased to share this strong update with you today. We have achieved business income growth that exceeded the upward revision announced in August. As a result, we are announcing our second upward revision of the business income plan this year. Furthermore, we have decided to enhance shareholder returns based on these improved results. I firmly believe this success reflects our ongoing profit-focused activities, even in a challenging environment, and our commitment to the shareholder value enhancement policy outlined in Vision 2030. We will maintain this positive momentum through the fourth quarter and beyond, working to achieve our full-year business income target of YTD 24 billion, double of last year's result. At the same time, we will diligently strengthen our foundation for future growth, including preparations for further price revisions on green tea products to ensure a strong start in 2026. Next year marks the launch of our ambitious Vision 2030. Building on our solid business momentum and strong track record, we will continue to commit to further improvement performance and expand shareholder returns. We will also keep driving our key initiatives with a mid- to long-term perspective. This concludes today's presentation. Thank you very much for your attention. With that, I will hand it over to Gomi-san for the Q&A session. Thank you, Kado-san. This Q&A session is for analysts and investors. For members of the media, please refrain from asking questions at this time, as we will have a separate session later today. Due to interpretation, please ask only one question at a time. Now, I would like to start the Q&A session. Operator, please begin. If you'd like to ask a question, please press #7. Please note that pressing #7 again will cancel your question. You can always press #7 at any time during the session to join the queue. The person who would like to ask a question, please wait for your name to be called. We have received requests for questions, and we would like to begin the Q&A session. We will now call the name of the person who will be asking the first question. Please tell us your company name and your name before asking the question. We will now unmute the first person. From UBS Securities, this is Ihara-san. Please go ahead. Thank you very much for the presentation. This is Ihara from UBS Securities. I have two questions I would like to ask. First question is about the third-quarter performance. I want to know more details. I thought the profitability, you might be struggling a little bit more, a little bit more, so I was very surprised for the really strong performance. Looking at the third quarter, it seemed that the volume, it's negative for the third quarter, actually. If you go into the details and manufacturing costs, maybe that is really showing a strong impact. What is the background of seeing a drop in the manufacturing cost? It seems that that is one of the drivers for the good Q3 performance. Thank you, Ihara-san. The third-quarter profit, you thought that it would be very tough, but it actually seems that we're enjoying lots of profit in the manufacturing side. What is the background? Deon-san, would you like to answer this question? Thank you, Ihara-san, for the question. We are, as you heard from the prepared remarks, extremely pleased with the Q3 performance, where we are, as we also heard, outperforming the market. When it comes to the details behind it, I think it's very important to see we had, if you look at the waterfall that we provided, a very balanced and, I think, very strong performance delivery across all the levers of the business. First and foremost, we're growing commercial profits, which is important. We continue to drive transformation, savings in the business, again pushing, changing how we work and investing in future digitization. You also mentioned the manufacturing costs, which, of course, helps, which also includes procurement benefits that we have implemented in the quarter, and also how we utilize the utilities, for instance, inside manufacturing. Overall, very pleased with the quarter and the overall performance of our profit delivery. Thank you. Thank you. I want to focus on the manufacturing costs, actually. More details there will be helpful. Looking at the full-year number, the manufacturing cost reduction, there was a certain number, but is this like a one-time thing, or are you going to expect more savings in the manufacturing area next fiscal year? Ihara-san, thank you very much for the additional question. You are wondering about Q4, and if you calculate backwards from the full-year number, it seems that Q4 will be a little bit shy in the numbers. You're wondering about the background for that. Deon-san, do you want to answer again? Thank you, Ihara-san. You're on again. Manufacturing cost, remember, is a function of several things. One is the volume that supply chain is producing and putting through our network. Secondly, you have the impacts of how they utilize the resources, as I said earlier, for instance, water and energy. Then you have the procurement part. You always see variations in manufacturing costs going up and down, basically daily, weekly, monthly, and quarterly. However, when it comes to transformations, the supply chain is really pushing forward. As you heard in my earlier parts of the prepared remarks, supply chain is the second driver of our transformation savings year to date, and it will continue to be so as we go into the future. We're very pleased, as we said earlier, with the transformation efforts. You will see these continue to flow through into the P&L, including manufacturing, but also vending and back office, as we have talked about earlier. Thank you for that. Thank you very much for the answer. If I could move on to my second question. The price revision from October, I want to know more details. In the third quarter, looking at the revenue per case, compared to the second quarter, I think the impact is smaller. In the fourth quarter, looking at your plan, the revenue per case, it seems that it's getting deteriorated by like 3% or so. You mentioned that you have mid-single-digit growth in October, but I'm not really sure if that is the case. I'm just wondering what is going to be the situation after October, after you fully kick in the price revision. Thank you very much. We have revised the price from October. I would like Alison to provide a little bit more detail on that. This is Alex. First and foremost, I think it's clear we evaluate the series of price revisions positively overall, contributing to profitability. The price revisions have been implemented as scheduled, starting October 1. It's too early to evaluate as they have been implemented. I think it's important we're strategically raising the shipment prices in consideration of the market conditions, with implementation expected to be mostly completed within this year. I think also just want to reiterate what I also said in the prepared remarks, looking ahead, we aim to implement additional price increases of up to YTD 20 per bottle for green tea products by the first quarter of 2026. The increasing costs are putting pressure on the beverage industry, making it urgent for the industry to secure profitability. This decision to implement additional price revisions proves again that we at CCBJH, we walk the talk, and we lead the industry towards more rational pricing in order to shape healthier industry dynamics. Ihara-san, that was the answer? Thank you. Fully understood. Thank you. Operator, we'd like to move on to the next question. I'm going to unmute the next person. Next person is Morita-san from Nomura Securities. Hi, this is Morita from Nomura Securities. I have two questions. First is about the tea leaves cost. With regard to this cost increase, is this more to do with the low cost that CCJC should bear? Am I understanding it right? If the inflation happens for the tea leaves, it means that the cost is going up, as in you are going to pay more to the CCJC, or are you paying more to the outsiders? Thank you, Morita-san, for your question. If we see further increase in tea leaves costs, I would like to ask Deon-san to take this question. Thank you, Morita-san. First and foremost, yes, we're seeing market movements in the cost of green tea leaves, which are quite significant. You also heard Alex and Maki in the prepared remarks underscoring the opportunity for the industry to take price across, as we have done now in October, and also for specifically the green tea business. We believe this is something that's going to hit the industry overall. Again, it's a great opportunity to look at pricing. We're not seeing any changes in the incidence model you're referring to with CCJC, but as we take up price in the market, a percentage of that will naturally go to CCJC. Overall, very confident with the price increases we're pulling through and looking forward to see it happening in the marketplace. Thank you. Going forward, is there any potential that you will see this instance-based model will change over time? Thank you for your question. Your question is, is there any possibility that the Coca-Cola Bottlers Japan Holdings will revise the pricing for the instance pricing model? Deon-san, would you like to answer this question? Thank you, Morita-san. There are no indications of anything like that happening. We are on an incidence-based pricing model with the Coca-Cola Company, as we have spoken about many times, and we do not expect any changes to that. The answer is no. Thank you very much. My second question is, you are going to stock up YTD 1 billion on a BI, so it's wonderful. I was just understanding that SG&A is going to be reduced by YTD 18.1 billion. When it comes to this reduction of YTD 18.1 billion in the SG&A, what are the factors behind it? Thank you, Morita-san, for your question. Within our revision on the BI, your question is how we reduce the SG&A to that tune of YTD 18.1 billion. Deon-san, would you like to answer this question, please? Thank you, Morita-san. In our P&L management, first and foremost, very happy again to report the second increase in our profit target for this year. When you look at the overall SG&A for our business, I think it's very important to look at it from many angles. One, we continue the transformation efforts across the board in our business. I mentioned that both in the prepared remarks and in the prior question from Ihara-san. That is impacting everything that we do in this business, as we said, across the three business units and in the functions that I referred to. Secondly, we are also doing heavy cost control, again, across the business units and the different functions. Overall, by doing that, we are able to deliver good cost trajectories while we improve the commercial profit in our business. Therefore, we're able to deliver the strong results you saw in Q3, and we continue or plan to continue that into the full year. Thank you. The mock-up image was shaken up. What are the breakdown? Is this going to be a marketing or any other item? What are the plan and what are the planned items inside that reduction plan? Thank you, Morita-san, for your follow-up question. Your question is about the specific items that we are looking to reduce the cost. Deon-san, would you like to follow up, please? Thank you, Morita-san. There are many elements coming into it, and I think you will appreciate that I can't give you all of the details there in our management accounts. Think of it as overall in the enterprise, as I said earlier, we're cutting back and using return on investments, as we said earlier, as a measure for all our spend. Secondly, as I said, we're focusing on optimization. That includes people cost, for instance, and other budgetary elements. We also have the effect of the depreciation that is reduced from the vending impairment you remember we posted in Q2. Overall, a very, very strong budget and cost control regime that we have in the company gives us a very good trajectory on the cost management standpoint. Thank you. Thank you very much. Thank you very much, Morita-san. Operator, please put through to the next question. I'll unmute the next speaker. Next, we have Miyake-san from Morgan Stanley MUFG. Please go ahead. Thank you very much. This is Miyake from Morgan Stanley. Maybe overlapping with the previous questions, but let me ask my question. Up to Q3, BI progress Q3 YTD versus your initial plan. How you can compare, how much is the upside compared to the initial plan? When you announced your first half result, from the initial plan, you said that most of the items in your financial reporting are almost in line with the initial plan. That's what you said at the end of Q2. You mentioned the effect from vending transformations and so on. From Q2 to Q3, why you were able to accelerate the performance, or how did you accelerate our performance versus initial plan? Thank you very much, Miyake-san, for your question. As for the upward revision you announced this time, from Q2 to Q3, how you were able to accelerate the change, positive change. That was the question that led to another upward revision. Deon-san, please take this question. Thank you, Miyake-san. As we said in the prepared remarks, we are extremely pleased with our Q3 performance. When we announced, back as you said, in Q2 our performance, we were still ahead of the, or entering into our peak season, which is the summer period. During the summer period, as you can see from the Q3 performance, and as I also said earlier, we delivered a very, very balanced and strong profit improvement across all the levers that we can control in the business. We had good commercial growth in the period, even though at certain points there were some weather challenges, etc., and cycling of the Nankai trough as of last year that you all remember. We continued the transformation. We managed our marketing spend, and we also started flowing through, as you know, the impact of the depreciation of the vending and all the other cost measures we're doing. Therefore, we accelerated into Q3, which, as I said, we're very pleased with. Thank you. Thank you very much. You mentioned the depreciation of vending business and the payment to the Coca-Cola Japan company, included others. You also mentioned the DME or depreciation. What are the major changes from Q2 to Q3 that led to the upward revision this time? Thank you for your additional questions. From Q2- Q3, transformation, DME, what exactly have changed from Q2- Q3? Deon-san, please take this question. Miyake-san, I'll probably repeat some of the items that I answered to your first question because they're very, very much linked. Inside the cost part that I mentioned leading to the excellent performance in Q3, we continued the transformation and accelerated it. You saw that also flowing through very nicely in Q3 and the full year. We are also seeing other cost measures that I referenced earlier, both to Ihara-san, Morita-san, and yourself, therefore coming out of the strong cost control. Overall, we're also seeing the benefits, then, as I said, of the depreciation flowing through. Overall, that delivers very, very strong performance for the quarter. Thank you. I may. [Foreign Language] I'm sorry, Miyake-san, if I may continue with a little bit of stressing a little bit more, if I may, on the tones of the questions today. I am Calin Dragan, trying to add here just a bit of nuance. My colleagues here are trying to answer about almost 10 questions since the beginning of the call, all related to our performance. I cannot say anything else other than we are extremely pleased with our performance over the quarter three and as well year to date. As I said earlier, I am a bit surprised about the tone of the questions that are coming. It's referring to the start of, and the reason why I put it at the beginning of the deck today, the first two slides, and primarily the first slide, which reminds everyone the transformation and the swing in performance of this company. By now, I was expecting that it's going to drive way more confidence in what we are doing. We are coming out of 9 or 10 successive quarters of over-delivering our performance. We are producing a swing of almost YTD 40 billion in performance over 36 months or 40 months or so in total. Pretty much we were discussing this in the meetings, in the same forum here with all of us. Meaning after three or four years of over-delivering quarter over quarter, I am a little bit surprised about the tone of the question and the misbelief in the performance. I'm sorry to say that bluntly at this moment in time. I was thinking that by now, after we led about eight waves of price increases, and every time there were concerns, oh, is it going to be able to do another one? I always answer, I don't know, but we are going to drive it. We drove it eight times so far, and we always over-delivered. What I'm trying to say here, I think it is a moment of a reset in evaluation of Coca-Cola Bottlers Japan Holdings performance. It is quarter after quarter delivery, leading industry in initiatives like digitalization, like transformations, cost savings. If you measure our cost savings in one company compared with the entire beverage industry, I think you would be really surprised about the outcomes that will come there. If you measure our performance in terms of pricing in the market over the last years and the moments when we took price, I think you understand as well that we are leading the industry. Of course, in the circumstances in which we are operating exclusively in Japan, and we are not an integrated company like all the other players in the Japan industry, I think the performance needs to be evaluated in a way more positive way and should be less surprised when Coca-Cola Bottlers Japan Holdings delivers performance, especially in a very big quarter like quarter three. The numbers that you are seeing are significant because we are generating a lot of our profitability in quarter three every year historically. That is why probably a billion up or down shouldn't be that much of a surprise. I hope that I'm not going to shock you with my very bold statements today. I apologize if I do that. I'm very happy to take questions if something of what I said is not clear. If everything is okay, I'm happy to continue to take questions and answers on topics that you might be interested in. Thank you so much. [Foreign Language] Thank you very much. As Coca-Cola Bottlers Japan Holdings, you said that you were able to deliver a very strong result by Q3 YTD, and you were able to deliver very strong profits even after price division. I'd like to understand why, or exactly why. That is why we are repeating the similar questions. My second question is also referring to the price divisions, and you said that you are thinking about the ninth wave by the end of Q1. Why are you considering another price increase? Of course, other beverage companies are increasing their prices as well. When we look at other channels except from CVS or vending, I've observed your Ayataka prices are relatively lower priced than your suggested price. I understand that price divisions, if there is a justification, is a good thing for the industry. It seems I'd like to understand what is the right approach because when I look at the actual selling prices in the market, it may not be fully reflected. What are the premises needed for another price hike? As for green tea price divisions that were mentioned in the prepared remarks, what is the situation now? Yeah, Cassandra, Alex here. Probably repeating myself. Price revisions, we see it as one of the key levers in driving overall contribution to profitable growth. I think when you step back and look why price increases, the fact is the cost of doing business, the cost of commodities. We need to see the Japanese yen to the dollar exchange rate depreciation, and with U.S. dollar denominated commodities, it's natural that the cost, not only for CCBJH, for the industry in general, is pressed for price increases to help offset commodities. What we're doing here is we are essentially driving price increases to capture the value from the market and creating that value to consumers and customers. That's what we will continue to be doing. We are growing our consumer base. We are delivering on our profitability targets, sustained quarter over quarter. We are working to continue to earn the right to price by creating and adding that value to consumers. That is at the essence of what we need to do to win in the long term in Japan. You continue to observe how the October wave eight will be responded or reacted in the market. You continue to look at the market reaction of wave X and make the final decision about wave nine. Understood. Thank you. Our scheduled time has already passed, but we still have some people waiting in the queue. I'd like to put through the next question. Okay, I will unmute the next person. Pakistan from Mizuho Securities. Thank you. I would like to ask a question about the gross profit. For the third quarter, July to September, it's almost flat. Accumulative is minus 0.3% drop, and the gross profit rate is about YTD 200 billion increase. Mostly it's the S&GA drop and the channel mix decline. I think this will continue for the future. This gross profit improvement, how are you planning to improve the gross profit? The inflation is continuing and the price hike or price revision is continuing, but the gross profit rate estimate for the future, I would like to ask your estimate for the gross profit. Thank you for your question. The plans for the future for the gross profit and beyond, I'd like to answer this question. Thank you for the question. Overall, remember for the Q3 that we delivered a very strong profit overall, including the commercial profit, which is, of course, heavily impacted by the gross profit. Inside gross profit, there are many parts that we can influence directly when it comes to improvement. One is the element you heard us talking about ad nauseam, which is pricing. We are now executing our eighth price increase, and the gross margins, of course, include the effects of the prior seven ones. That is the major determinant. The other parts that we are also impacting, again, the controllable elements, is how we execute in the marketplace. You have seen us running the business in three business units or three segments, which is a major ability to focus and deliver targeted activities to our customers and our consumers. Therefore, how we balance the mix between the business units and the subchannels is also an important way to improve gross margin. Overall, you also have what we call revenue growth management, which is a very, very important part for any consumer goods company. It includes pure pricing increases, but it's also about how you manage, for instance, terms and conditions with your customers. Overall, going forward, we will continue, just as you heard Calin mention earlier, we are continuing to drive price in the industry. We are continuing to execute revenue growth management. We are continuing to have BU and channel-focused execution and brand programs, and we will continue the transformation. Hopefully that gave you some comfort how we will work on it. Thank you. Thank you. The mixed improvement, you are going to. The gross profit margin is going to be improved, and that is how we are paying attention to. In the future, if we can confirm that in some of the opportunities, I'd like to know that. Thank you. Thank you for your question. Thank you. Operator, please move on to the next question. We will unmute the next person. This is Igarashi-san from Daiwa Securities. Go ahead. Thank you very much. This is Igarashi from Daiwa Securities. Thank you for the opportunity. I would like to ask about the sales trend from October on. I want to check once again, actually. From October, you have revised the price. It's executed. On the other hand, the sales has an up as a downward revision. I'm just wondering about the sales, like volume, etc., from October on. The upside potential, downside risk, which is going to be stronger in the fourth quarter? Are you going to invest strongly for the following year as well? This is another question. Thank you very much for the question. The sales trend after October is one of the questions. I would like to ask Alex Gonzalez to answer, please. Alex here. October, although it's preliminary, sales figures October. Volumes is in the mid single digits. Although it's very preliminary, we have preliminary indication that we're outpacing the market. We will continue to observe and monitor the trends as the retail prices in the market are materialized. We continue to increase our wholesale price in an agile way and monitor and flex all the muscles behind our revenue growth management algorithm. Thank you very much for the answer. November and December, is it going to be negative? Is that your plan? Thank you for the additional question. November and December, our volume, is it negative or not? Alex Gonzalez, please. At this point, the numbers that we have reflected in the guidance is our best estimate of what the quarter four figures will do, and we will continue to monitor the situation as it progresses. Hi. Okay, understood. Thank you. That's it from me. We would like to move on to the next question. Next question will be the last question. I will unmute the next person. Sumoge-san, we are from BofA Securities. Hi, this is Sumoge speaking. I hope I'm audible. Yes, you are. Please go ahead with your question. I would like to look into more to the midterm vision. You mentioned about YTD 50 to YTD 55 billion as a target for 2028. Sorry, you are very intermittent in the sound. Can you repeat that? I would like to question about how your vision about the midterm plan. In 2028 target, you mentioned about YTD 50 to YTD 55 billion, right? Every year, you have to stock up YTD 10 billion and above. In the previous quarter, you mentioned about the business unit separation, right? You have a vending, OTC, and food service. You mentioned about how you're going to execute separately in the segment, but what is your vision in each segment? For example, OTC and food service, they have a high profitability. Are you going to hike the pricing there? Are you going to improve the profitability in the vending because they have a lower profitability? What would be the approach going forward in each segment in midterm? Maybe the projection of each profitability in three segments. Thank you, Sumoge-san, for your question. Your question is about the growth trajectory and the forecast of three segments going forward. Bjorn, would you like to take this question, please? Thank you, Sumoge-san. Very good. A more long-term question. Very happy to answer that. First and foremost, we are very confident that we can deliver these targets, whether it's the 2028 that we revised up or the 2030. You can see that confidence coming through in the revisions we have done for this year. Going into more specifics of your question, yes, overall, the performance will be driven by first the three business units or segments, as we also call them. Secondly, they will be supported by transformation initiatives in supply chain and back office. If we take or step back, if you remember what we spoke about in our update in August, no, sorry, late July, we said the different business units have different job tickets. OTC clearly will be delivering top-line growth and profit growth, and that is by far our biggest channel and segment. The pricing you heard about in the prepared remarks and the comments by Alex Gonzalez earlier are paramount inside that. Food Service remains a growth engine both for top-line and for profitability. You also heard in the prepared remarks that we're doing exceedingly well in this business unit, capturing new customers while driving profitability and pricing. Vending, the higher focus will be on profitability because, as you also mentioned, the profitability or relative profitability there is lower than the other segments. Overall, all of them, coming back to my question about supply chain and back office, will support through efficiency programs, digital programs, etc., to improve the overall profitability for the company. That's why we're saying with confidence, we believe in our plan, and we're executing it right on the mark on how we envision it. Thank you. Thank you very much. With regard to the vending business, I would like to dig a little bit deeper here. I know the marginal profit is really high in here, but I know the volumes are kind of struggling in here in this business segment, and you don't really expect it to jump so easily. If the volume goes down, maybe you can think about the price hike or reducing the fixed costs to secure the profitability. Is that the kind of idea that you have with the vending business right now? Thank you for the follow-up question. Your question is about more detail about the vending business. We have a high GP in vending business, but what are our forecasts on how we are going to generate the profit in vending business? Bjorn, would you like to take this question, please? Love to take it. Thank you, Sumoge-san. You kind of answered your question, so I'll try to just say it a little bit different words. Yes, the marginal profit is the highest in vending, but also it has the highest operating costs given the nature of this retail business. When it comes to balancing volume and profitable growth, we will balance definitely how we execute in vending, which you have heard about in earlier investment calls. We have said we're getting more and more data-driven. It's a key element on how we're going to improve vending performance overall and by machine. We're also focusing a lot on operating efficiencies in vending, again, with the nature of the retail business. Pricing, as you also mentioned, will, of course, play a part in that retail landscape. In the end, you summarized it well. It's a balance of initiatives that we are in control of that we will execute across the board for vending. Looking forward to the next steps. Thank you. Thank you very much for your answer. Thank you, Sumoge-san, for your question. Sorry for running over time. I would like to now close the Q&A session for today. Today's materials will be posted on our website. If there is any follow-up question that you would like to ask, please get in touch with the IR team. Thank you very much for your participation.