Thank you very much for your time today. I'm Takahashi, CEO of Resonac Holdings Corporation. I explained the progress of Resonac's vision and our initiatives for future growth. Today, I will talk about these five points. Let me start with Resonac's vision. In 2022, we announced a long-term vision. We have been advancing key strategies shown there, particularly promoting the structure reforms through selection and focus. To strengthen our business's earning power, we shifted to capital efficient management, exiting and restructuring unprofitable businesses while executing our strategies through aggressive investment in growing semiconductor field, co-creation, innovation, and talent and cultural transformation. Through these ongoing efforts, we have steadily built our foundation to achieve the improved profitability and enhanced growth potential. Based on the portfolio reforms we have advanced so far, we determined to position semiconductor and electronic materials at the heart of our business. Going forward, we'll shift our focus from a phase centered on structure reform to phase 2, where we realize growth as concrete results, aiming to become a global top-tier functional material company. Our vision is to achieve an EBITDA margin of 20% and a multiple of 15x with Semiconductor and Electronic Materials segment, accounting for over 50% of our business structure within total sales exceeding JPY 1 trillion. Our purpose is to change societies through the power of chemistry. As we transition to phase 2, we have updated the vision we set in 2022, incorporating social demands and discussion from both top-down and bottom-up perspectives. We aim to co-create to realize a more sustainable planet and a society where people can live happier lives, endeavoring to become a global top-tier functional materials company. Starting from our three materialities, we reviewed our previously stated "say and do" initiatives to realize growth. We reshape, expand, and support growth by optimizing the business portfolio to improve capital efficiency, strengthening growth through co-creation and innovation, and establishing a sustainable growth foundation through co-creation culture. Next, I'll explain our initiatives to shape our growth trajectory through optimizing business portfolio. Resonac handles a wide range of functional materials, from chemicals to semiconductors and electronic materials. We enhance the functions required in various aspects of daily life and the industry. Through co-creation, we connect them to new value, such as enhanced mobility performance and the evolution of advanced semiconductors. That is Resonac's strength. The chemical segment stably supplies products that support social infrastructure while advancing carbon neutrality through initiatives including promoting chemical recycling of plastics. In the future, we'll enhance our plastic chemical recycling capacity and expand the purity and supply capacity of circular chemical raw materials. The Innovation Material segment serves as a platform for our technologies by unleashing required functions of materials. Our business model combined the group's broad range of materials technologies to create high value-added products for growth areas such as advanced semiconductors. The Innovation Materials product portfolio not only generates profits on its own, but also creates further value by expanding into growth areas through technological collaboration and functional provision within the group. The Mobility segment aims to enhance the value it provides by advancing three mobility functions of acceleration, handling, and braking through the power of chemistry. Through collaboration with automotive manufacturers, including OEMs during the development stage, we are evolving into solution-driven business model, securely capturing needs such as downsizing, lightweighting, and eco-compliant. In the Semiconductor and Electronic Material segment, we provide value beyond individual materials based on our deep insight into chemistry and semiconductor devices. We offer solution-based proposals that combine a wide range of materials technologies to meet the increasingly sophisticated and complex requirement of advanced semiconductors. By leveraging our co-creation platforms and the verification environment, we have established a system that enables us to quickly grasp the latest technological trends and significantly enhance the precision and speed of material development in the advanced semiconductor packaging field. The expansion of Generative AI is expected to drive substantial growth in both the number and performance of AI servers. With this, semiconductor packaging is becoming larger and increasing memory stock count, demanding higher performance of back-end materials. Against that background, we anticipate our AI-related back-end materials will achieve high growth with a CAGR of 25%-50%, which will serve as a major growth driver for our company. I'll talk about our efforts to expand our growth by leveraging the strengths and the structure of our semiconductor materials. We believe our strengths in the semiconductor materials lie in our deep customer process insight, rapid validation and proposals, proactive market intelligence, and agility. Centers on co-creation, I'll explain specifically how we connect these strengths to the growth of our semiconductor materials business and accelerate and expand it. We have broad dialogue channels, not only with our direct customers, but also across the entire supply chain, including material manufacturers in other fields, manufacturing equipment makers, and even end users. As a material manufacturer, we have a global leading back-end evaluation platform, enabling us to conduct verification at the same level as our customers from material development to the implementation stage. Through technical dialogues in each region, we have a mechanism to quickly detect and share market changes and continuously generate co-creation, both inside and outside the company. Through these initiatives, Resonac continued to be selected as a trusted partner, leading the development and implementation verification of advanced semiconductor materials. Resonac globally offers a wide range of semiconductor materials from front-end to back-end processes. Leveraging the world-class packaging evaluation capabilities, we can make proposals based on the results from implementation and reliability evaluations. This structure enables us to offer materials proposals that proactively develop next generation materials, starting from the stage where a package structure is conceived, and this is the unique strength of our company. Generative AI is driving a major shift in the semiconductor market towards AI-driven growth. In order to quickly grasp these changes and engage directly and deeply with companies working on the development of advanced semiconductors for AI, we established US-JOINT in the United States and are currently working with 12 partner companies to validate challenges related to advanced semiconductor back-end materials. Our research and development center is scheduled to begin full-scale operations in the first half of this year. This framework allows us to grasp the latest market needs in real time and establish a system that can accelerate the materials and process R&D. To accelerate the co-creation in the field of advanced packaging, last year, we established JOINT3, which brings together 27 companies, including equipment and design tool manufacturers. Here, we will create a prototype environment for organic interposers at the panel level and promote the development of suitable materials, equipment, and design tools. By obtaining verification results that are close to the actual structure, we will accelerate the development of participating companies. By providing a forum for co-creation that goes beyond the research stage and looks ahead to mass production, we are strongly supporting the realization of advanced semiconductor packaging innovation. As a chemical manufacturer, Resonac holds numerous patents in the semiconductor packaging field, and this accumulated knowledge is a major strength of our company. Combining this knowledge with AI and MI, which stands for materials informatics, we are now able to accelerate R&D from material exploration to design verification in a seamless manner. Furthermore, not only computer science experts, but also on-site semiconductor researchers and developers themselves are actively working to utilize AI and MI. As a result, improvements in the development speed and the results are already beginning to become visible. Next is supporting our growth initiatives, fostering a culture of co-creation and employee happiness. Over the past few years, Resonac has undergone major transformations in both its business and organization. The next stage we are focusing on is enhancing the happiness of each and every employee through putting our purpose and values into practice. By expanding our work style that values physical and mental health, connections with colleagues, growth, and sense of accomplishments, we will embody a co-creation culture leading to sustainable productivity and corporate value improvement. Since the integration, the CEO and CHRO have worked together to implement measures to improve engagement and strengthened the penetration of our purpose and values. As a result, our scores have steadily improved, and we have been able to raise them to a certain level. On the other hand, the score level has stabilized recently, and we recognized that new initiatives are required to move forward to the next stage of growth. To improve engagement, we are promoting initiatives that encourage autonomy and co-creation through learning, dialogue, and challenge. Specifically, we have expanded opportunities to directly hear the voices of each employee through Moyamoya Meetings led by the CEO and CHRO, as well as on-site dialogue sessions. Also, we support challenges and growth by hosting the Global Award AHA! to recognize examples of co-creation and a learning fest to encourage independent learning. These efforts are steadily spreading positive changes in awareness and behavior By putting our purpose and values into practice, we have been able to foster a co-creation culture. Going forward, we will take this step further and further strengthen our investment in human capital. Through skill-based position management, flattened organizational hierarchies, and project-based work style, we will create an environment where colleagues can connect with each other, grow together, and respond quickly to an increasingly complex external environment, thereby driving business growth. As a result, employee engagement and happiness will increase, ultimately leading to the human capital ROI or enhanced added value productivity. Finally, I would like to talk about our capital strategy to support sustainable growth. We aim to maximize corporate value by thoroughly balancing growth investment, shareholder returns, and financial soundness. First, I will explain our business portfolio transformation. Resonac has been reviewing and reshaping its business portfolio from the investor's perspective in order to reduce the conglomerate discount and improve capital efficiency. Three factors for judgments are fitness for our company strategy, profitability and capital efficiency, and whether we are the best owner. These efforts are not temporary, but will be continually reviewed in response to changes in environment with an aim of realizing an optimum business portfolio. Our vision for the portfolio is to place the Semiconductor and Electronic Materials business at the core of growth and expand them through focused investment. In particular, we will capture demand for semiconductors driven by the development of AI, and achieve continuous cash generation through sustained growth in advanced semiconductor-related products. At the same time, in the graphite electrode business, we will steadily improve profitability and reduce net interest-bearing debt by promoting the realization of strategic options and steadily proceeding with the partial spinoff of the petrochemical business. Through these efforts, we will simultaneously enhance our cash generation capabilities, improve profitability, and optimize our financial leverage, leading to improved multiples for our corporate valuation. We are promoting a capital policy that aims to achieve an ROIC of 10% over the medium to long term. We will allocate more than half of our operating cash flow to growth segments, focusing particularly on the semiconductor materials business in order to significantly strengthen our profitability. Regarding shareholder returns, we will place emphasis on TSR, and we also consider stability in dividends. We aim to further increase our share price by achieving a stable EBITDA margin of 20% and EBITDA multiple of 15x. This concludes my presentation. The numbers we have posted are signposts, but our eyes are fixed on something far beyond that. Without fear of change, we will co-create and change society with the power of chemistry. Please see for yourself the trajectory of growth that marks Resonac's second chapter. Thank you for your attention. Thank you, Mr. Takahashi. Next, Mr. Somemiya, floor is yours. Good evening, everyone. I'm Hideki Somemiya, CFO of Resonac Holdings. I would like to express my sincere gratitude for your continued understanding and support for the company. Following Takahashi's presentation, I now talk about the financial results for FY 2025 ended December, forecast for FY 2026, and a summary of the last four years as CFO. As I cover extensive content, please bear with me if I may speak a bit fast. Please turn to page two, today's key takeaways. I have three main points to share with you. First, core operating profit in the Semiconductor and Electronic Materials segment reached a record high both on the quarterly and annual basis. In October-December quarter, strong demand for products targeting advanced semiconductors such as AI, coupled with sustained smartphone demand, led to the segment record high profit for the second consecutive quarter. This also marked the record high annual segment profit, achieving the remarkable 47% growth in profit growth. Second, core operating profit increased year-on-year. Compared to the previous year, strong performance in the Semiconductor and Electronic Materials segment more than offset the weakness in the chemicals segment, leading to a profit growth. Third, we expect core operating profit of JPY 140 billion in 2026. The Semiconductor and Electronic Materials segment is expected to maintain its robustness, primarily driven by products for advanced semiconductors such as AI. The effects of the rationalization measures implemented in the graphite electrode business in 2025 are expected to fully materialize, leading the chemical segment to return to profitability. 2025 consolidated financial statement. Please turn to page four. This slide shows the consolidated results for FY 2025 ended December compared to the previous year. First, revenue was JPY 1,347.1 billion, while the Semiconductor and Electronic Materials segment increased sales, Chemicals and the Crasus Chemical segment and others decreased. As a result, the company-wide revenue decreased by JPY 44.4 billion. Operating profit increased by JPY 17 billion year-on-year to JPY 109.1 billion. Non-recurring items showed a significant loss of JPY 62.5 billion. It recorded a gain on the sale of the former headquarter and London buildings in the previous year. Impairment losses related to business divestiture were recorded this year. Consequently, IFRS-based operating profit was JPY 46.7 billion, down JPY 42.4 billion year-on-year. Profit attributable to owners of the parent was JPY 29 billion, down JPY 44.5 billion, as non-recurring items recorded significant losses year-on-year, as mentioned earlier. EBITDA was JPY 203.4 billion. EBITDA margin was 15.1%, up 1.4 points year-on-year. EBITDA margin excluding Crasus Chemical, which is under consideration for the partial spin-off, was 18.4%. This is a breakdown of core operating profit changes between JPY 109.1 billion this year and JPY 92.1 billion in the previous year by factor. Breaking down this increase of JPY 17 billion, sales volume was plus JPY 18.3 billion due to strong Semiconductor and Electronic Materials and others. Sales price was negative at JPY 30.7 billion. This was due to the impact of lower selling prices caused by the weak graphite electrode market conditions, as well as the impact of lower naphtha prices year-on-year, which led to lower selling prices in the Crasus Chemical segment. Variable and fixed cost was plus JPY 23.2 billion, despite fixed cost increases such as labor cost and higher raw material cost, which pushed down profit. Crasus Chemical segment saw an increase in profit due to lower naphtha price year-on-year. Others were +6.1 billion JPY. This was due to the impact of the hard disk media business in the Semiconductor and Electronic Materials segment that cleared the high-cost inventory in the previous year and increased revenue by overseas sales companies. Breakdown of segment core operating profit changes are described on page six and seven. Please refer to them later. Page eight shows information by segment. Here, we show revenue, core operating profit, and the EBITDA margin by segment compared to the previous year. As a notable year-on-year change, revenue in Semiconductor and Electronic Materials increased 14%, and the core operating profit was record high, 108.4 billion JPY, serving as a key driver. On the other hand, all other segments showed declines in both revenue and profit, particularly the Chemical segment, saw a significant drop in revenue and fell into the red due to the sluggish graphite electrode market. Page nine shows the quarterly performance by segment. Regarding the Semiconductor and Electronic Materials segment in the latest October-December quarter, strong volume growth in products for advanced semiconductors such as AI, combined with continued robust demand for smartphones, which has been sustained since July-September quarter, resulted in record highs, both revenues and core operating profit, for the second consecutive quarter. EBITDA margin also achieved 33.1%. From page 10 to 14, segment summaries are shown. On page 10, for Semiconductor and Electronic Materials, revenue was up 14% year-on-year to 506.3 billion JPY. Core operating profit was up 34.6 billion JPY, or 47% year-on-year, to reach 108.4 billion JPY. The primary drivers of this revenue and profit growth were semiconductor back-end materials, which saw increased sales volume for advanced semiconductors such as AI, and device solutions where revenue for hard disk media increased due to the recovery in data center demand. In this year, the proportion of AI-related products in back-end semiconductor material sales grew steadily throughout the year, growing from around 10% in the previous year to 20%. The segment's EBITDA margin also improved significantly, from 25.9% to 30.2%, achieving the target level of 30%. Page 11 shows Mobility. Revenue decreased 11% year-on-year to 178.4 billion JPY. Core operating profit decreased 1.9 billion JPY to 4.4 billion JPY. Most of the decrease in revenue was due to the divestiture of secondary battery packaging materials and food packaging materials, as well as a decline in demand from certain domestic customers. Page 12 shows Innovation Enabling Materials. Revenue was down 5% year-on-year to 92.2 billion JPY. Core operating profit was down 0.9 billion JPY year-on-year to 10.4 billion JPY. Both revenue and profit decreased due to lower demand for certain products affected by the sluggish automobile market. Despite lower revenue and profit year-on-year, margin was sustained and EBITDA margin cleared the target level of 15% for two consecutive years in this segment. Page 13 shows Chemicals. Revenue was down 14% year-on-year to 174.4 billion JPY. Core operating profit was down 7.2 billion JPY to a loss of 5.5 billion JPY. The major cause of the revenue and the profit decline was graphite business, which suffered a reduced sales volume and price due to the sluggish graphite electrode market. Page 14 shows Crasus Chemical. Revenue was down 9% year-on-year to 300.3 billion JPY. Core operating profit was down 3.9 billion JPY to 4.7 billion JPY. Revenue decreased due to lower selling prices following the drop in naphtha prices, and the profit decreased due to lower sales and deterioration in inventory valuation differences. That's all for the segment information. Page 15 shows major items below core operating profit and the breakdown of the non-recurring items on the left, and the financial income and the cost, and the equity earnings on the right compared to the previous year. First, the non-recurring items on the left deteriorated JPY 59.4 billion year-on-year. In the previous year, gains on the fixed assets, including the sale of the former headquarters, land and buildings, contributed significantly to the positive. But in this year, due to the absence of such large-scale asset sales, the result worsened markedly. Furthermore, this year recorded the impairment losses related to business divestiture and losses on business restructuring, and that led to the significant weaker result year-on-year. A major part of impairment loss in this year is related to the business divestiture of FIAMM Energy Technology, the lead-acid battery company, and automotive molded parts business. Financial income and cost on the right show minus JPY 10.9 billion, almost flat year-on-year. Equity in earnings increased JPY 2.5 billion year-on-year, partly due to the negative impact of temporary cost settlement in the previous year. Page 16 shows consolidated balance sheet. First, regarding assets on the left, total assets at the end of the fiscal year were JPY 2 trillion, 106.7 billion, down JPY 65.9 billion year-on-year. This is primarily due to the decrease in cash and cash equivalent with redemption of corporate bonds. While assets held for sale increased, this was due to the divestiture of the automotive molded parts, which led to transfer from trade receivables and inventories. Total liabilities were JPY 1 trillion, 379.1 billion, down JPY 101.5 billion year-on-year. This was mainly due to the decrease in interest-bearing liabilities. Total equity was JPY 727.6 billion, up JPY 35.6 billion year-on-year. This was mainly due to an increase in retained earnings due to recognition of net income for this year. Let me talk about the major indicators below. net D/E ratio increased slightly from 0.74 at the end of the previous year to 0.83 times. This was due to the early repayment of JPY 137.5 billion of subordinated loans, which are recognized as 50% equity by Japan Credit Rating Agency at the end of April through regular senior loans. We continue to strive for net D/E ratio below one time as our target to improve our financial position. Finally, ratio of equity attributable to owners of the parent to total assets equivalent to equity ratio improved from the end of the previous year to 33.2%. Next, let me explain 2026 performance forecast. Please turn to page 18, 2026 consolidated forecast summary. For currency, we assume JPY 150 to a dollar. Revenue will be JPY 1 trillion, 310 billion. Core operating profit will be JPY 140 billion. Non-recurring items will be down significantly year-on-year to minus JPY 35 billion. IFRS-based operating profit will be JPY 105 billion. Profit attributable to owners of the parent will be up JPY 48 billion year-on-year to JPY 77 billion. Key financial indicators include an EBITDA margin of 17.9% and the EBITDA margin excluding the Crasus Chemical Olefins and Derivatives business will be 21.6%, exceeding the target of 20%. EPS basic earnings per share will be JPY 425, and the dividend will be JPY 65, the same as in 2025. Slide 19 is highlights of consolidated forecast. Despite the drop of overall revenue due to the impact of business transfers of FIAMM Energy Technology in lead-acid battery and automotive molded parts business, Semiconductor and Electronic Materials revenue will grow as the segment captures continuously brisk AI-related demand. Core operating profit increases driven by strong Semiconductor and Electronic Materials segment, earning most of the core operating profit in fiscal 2026 again. As the graphite business is expected to return to profitability, chemical segment profit will rise. In FY 2026, overall core operating profit is expected to increase JPY 30.9 billion. Pages 20 and 21, our forecast summary by segment. Please turn to page 20. Mainly with growth of materials for AI, revenue of Semiconductor and Electronic Materials expected to increase 13% year-on-year to JPY 570 billion. Despite higher fixed costs such as depreciation, core operating profit is expected to grow 18% year-on-year to JPY 128 billion. In Mobility segment, revenue forecast is JPY 144 billion, down 19% year-on-year. Core operating profit forecast is JPY 3 billion, down JPY 1.4 billion year-on-year. Most of the decreases are due to the divestiture of the automotive molded parts business in Japan and Thailand planned for Q2 of 2026, as well as the weaker demand from certain domestic customers. As for Innovation Enabling Materials, revenue forecast is JPY 90 billion, slightly down year-on-year. Core operating profit, JPY 9 billion, down JPY 1.4 billion year-on-year due to the lower revenue and higher fixed costs. Please turn to page 21. Chemicals revenue forecast is JPY 190 billion, up 9% year-on-year. Core operating profit forecast, JPY 8 billion, up JPY 13.5 billion year-on-year, turning profitable. Most of the growth is from graphite electrode business. In addition to the growth in sales volume, effects of rationalization measures implemented in 2025 are factored in. Crasus Chemical revenue forecast is JPY 280 billion, down 7% year-on-year. Core operating profit is JPY 7 billion, up JPY 2.3 billion year-on-year. As large scale maintenance is scheduled in first half of 2026, lower sales volume will lead to lower revenue. With improvements of product market conditions and inventory valuation differences, core operating profit is expected to rise. Partial spin-off is planned for Crasus Chemical within 2026, after which the business is expected to become discontinued operations. The forecast assumes consolidation on the full year basis. In others and adjustments, both revenue and core operating profit are expected to come down due to the divestiture of FIAMM Energy Technology. Page 22 shows 2026 first half and second half forecast by segment. In the first half, due mainly to Lunar New Year impact, demand for some products in Semiconductor and Electronic Materials will decline. Because of the planned shutdown maintenance of Crasus Chemical, chemicals revenue forecast is JPY 615 billion, core operating profit JPY 53 billion. In the second half, demand for smartphone increases with usual seasonality and AI-related product sales will grow. The revenue forecast is JPY 695 billion, core operating profit JPY 87 billion. Page 23 shows 2026 consolidated forecast and financial indicators. Looking at the debt level indicators at the end of December 2026, adjusted net D/E ratio forecast is 0.81 times, below the target of one. Lower net debt and EBITDA growth lead to net debt/EBITDA multiple improvement to 2.9 times. Page 24 is looking back and for further growth. It summarizes past four years since the effective integration and the policies to realize further growth. Please turn to page 25. This is the market environment and our key actions in the past four years since 2022. We underwent structural reforms for troubled businesses. For Mobility business that was in red for a long time and hard disk business that saw rapid drop in its performance, we executed drastic actions, including site closures and enabled turnaround. More recently, the market deterioration led to the loss of graphite electrode business. Through the closures of multiple sites and workforce reduction, we turned it around from 2026. Growth businesses such as Semiconductor and Electronic Materials, we continue necessary investments even during the down cycle in 2023. One of the reasons why we are currently benefiting from the growth of the AI semiconductor is because we have been making preparations with our eyes on the future. Next, let me explain key financial indicators. Page 26 shows our target in long-term vision and the results of each year. Profitability indicators have not yet reached the target level, but we are making steady progress. During the down cycle in 2023, EBITDA margin dropped to single-digit level. But gradually it improved and reached 15.1% in 2025, getting closer to 20% target. Without the Olefins and Derivatives, it has improved to 18.4%. Earnings per share or EPS target is JPY 500, but 2025 result was JPY 160, much lower. This is due to the higher non-recurring losses as we proceed with portfolio reforms. Although we use the actual EPS as one of the indicators to make it easier to show the profit growth of the recurring business, adjusted EPS excluding non-recurring items are shown this time. Especially because of the profit growth as numerator, 2025 ROIC was 6.2%. We are gradually approaching 10% medium-to-long-term target. As for debt level, net D/E ratio has been improving through the repayment of the borrowings, stably keeping it under the target of one. In 2024, net debt EBITDA target of three times or lower was added as a new target. 2025 result was 3.5 times. Good progress is being made toward the target. We will continue to reduce the interest-bearing debt liabilities to ensure our ability to take necessary actions in a timely manner in the future. Page 27, the profitability indicators and target levels going forward. We are committed to achieve current targets shown here. Let me explain how we intend to achieve each one. With portfolio reforms, specifically the partial spin-off of the petrochemical business, the growth of Semiconductor and Electronic Materials, we are nearing 20% EBITDA margin. We believe 20% level should be secured stably in order to grow and make necessary investments. We are committed to manage the business to sustain 20%, even when the Semiconductor and Electronic Materials demand drops temporarily. In addition to clearing the EBITDA margin target, we aim to end costly impairment loss by wrapping up the major phase of portfolio reforms to achieve JPY 500 EPS target. Finally, 10% ROIC is a target set to become a globally competitive company. We aim to achieve this by boldly concentrating resources in high profitability areas. Page 28 is the percentage change of the Semiconductor and Electronic Materials segment. Through the business growth and exits from the non-core businesses, revenue contribution from the segment reached about 40% in 2025. We will increase the percentage to 50% or more, and through the profitability improvement of each segment, we aim to stably achieve 20% EBITDA margin. By lowering the non-recurring losses that incur in the process of the portfolio reforms, we will promptly realize a profit structure in which the business growth leads directly to net income and EPS growth. Page 29 is the progress toward the partial spin-off of Crasus Chemical. Crasus Chemical is currently our wholly-owned subsidiary in petrochemical business. We are steadily advancing to execute the partial spin-off and listing within 2026. These are three key milestones to be cleared. We'll make sure that we would clear that one by one. Page 30 is our valuation. In 2025, Semiconductor and Electronic Materials segment reached a record high revenue and profitability, and EBITDA margin exceeded 30%. Our share price rose to EV/EBITDA multiple of 11 times range. We believe there's room for further upside for our share price. The slide compares us against two U.S. semiconductor materials manufacturer as benchmark. As shown, Semiconductor and Electronic Materials segments revenue and profitability are comparable to these companies. Especially in AI and advanced semiconductors, we are proud to say that our presence exceeds competitors and our year-on-year revenue growth is much higher. We are still very much undervalued in comparison. If the enterprise value of this segment is valued at par or higher than the competitors, the company-wide valuation will be much higher than the current level. In order to obtain the valuation comparable to these global peers, we will build on the profit growth of advanced areas and establish business portfolio centering on Semiconductor and Electronic Materials. The last page 31 is our policy on spending cash. This page shows the capital allocation and return policy. In summary, we maintain our current policy. To continue to win in advanced semiconductors, including for AI, proactive CapEx is indispensable. In capital allocation, top priority is growth investments, followed by debt repayment and dividend payment. As for shareholder return policy, we remain committed to maintaining a consistent track record and emphasizing the total shareholder return, or TSR, including the gain from higher share price. Page 32 and onwards are appendix for your reference. Thank you very much for your attention.