Now we'd like to start the conference call on the financial results announcement for the fiscal year 2024 of Sumitomo Chemical. Thank you very much for your attendance today. Today, Senior Managing Executive Officer Sasaki will give you the financial results for fiscal 2024 and outlook for fiscal 2025. After that, Executive Officer and General Manager Yamauchi of the Accounting Department will join us and help the Q&A session. We plan to conclude this meeting by 5:50 P.M. Japan time. Over to you, Mr. Sasaki. Thank you very much. My name is Sasaki of Sumitomo Chemical. Thank you very much for taking the time out of your busy schedule to participate in our conference call. I would like to thank all the investors and analysts for your continued support and understanding of our business. I would like to take this opportunity to express our deep appreciation to all of you. Now I will present our financial results for the fiscal year 2024. First, please go to page four of the material. Before I go into the details, first, I would like to give you the summary of the financial year 2024 financial results. Core operating income for fiscal 2024 was JPY 140.5 billion. Back in fiscal 2023, the company incurred a core operating loss of JPY 149.0 billion. Compared to that, we achieved a V-shaped recovery in a year with an improvement of approximately JPY 290.0 billion over the previous year. In the forecast announced in February this year, we expected the core operating income to reach JPY 200 million. Thus, actual operating income result indicates an improvement of more than JPY 40 billion over the previous forecast. Some gains on the sale of businesses have been postponed to the year 2025, but we had already factored this in a risk buffer, so the gain has been roughly in line with our expectations. Thus, the increase in profit over the forecast means an improvement of actual performance of the business. As you can see in the graph on the left-hand side, looking at the current status of the business, the profit and loss shown in the blue bars is steadily improving quarter- after- quarter, steadily. The ROIC result was 2.2%, which is not at all a satisfactory level, but still a significant improvement year- on- year. Now I will explain the details of the financial results. Please go to page five. Consolidated results for fiscal year 2024 are as follows: Sales revenue totaled JPY 2,606.3 billion, an increase of JPY 159.4 billion year- on- year. operating income, as mentioned earlier, was JPY 140.5 billion, an improvement of JPY 289.6 billion year- on- year. Below that, non-recurring items, including impairment losses of JPY 26.3 billion and restructuring costs of JPY 23.6 billion, were offset by the recognition of JPY 86.1 billion of our share of the gain on debt forgiveness of Petro Rabigh as a non-recurring item, and a gain of JPY 14.3 billion on the sale of fixed assets, including dormitories and company housing. As a result, the company recorded a total gain of JPY 52.5 billion on non-recurring items. In the previous fiscal year, we posted a total of JPY 269.4 billion in impairment losses in areas such as Sumitomo Pharma's patent rights and goodwill, essential chemicals-related facilities at our Chiba plant, and other assets. Loss totaled JPY 339.8 billion, including JPY 48.4 billion of restructuring costs on the reorganization of Sumitomo Pharma's North American subsidiaries. In fiscal 2024, non-recurring items improved by JPY 392.3 billion compared to the previous year. In fiscal 2024, operating income was JPY 193.0 billion, a significant improvement of JPY 681.9 billion from the previous year. Finance expenses amounted to JPY 134.9 billion, a deterioration of JPY 161.0 billion from the previous fiscal year, mainly due to the impact of losses related to the waiver of loans to Petro Rabigh. Out of this, foreign exchange losses amounted to JPY 10.9 billion due to the appreciation of the yen from the end of the previous fiscal year to the end of the current fiscal year, and worsened by JPY 43.4 billion compared to the previous fiscal year. Income tax expense was JPY 15.4 billion, an increase of JPY 12.7 billion from the previous year. As a result, net income attributable to owners of the parent was JPY 38.6 billion, a JPY 350.4 billion improvement from the previous year. Regarding exchange rates and naphtha prices, which affect our business results, yen weakened to JPY 152.62 to the dollar, and the naphtha price increased to JPY 75,800 per kiloliter, higher than the previous year. Next, I will explain the sales revenue by segment. Please refer to page six. First, I will explain on the sales revenue. Sales revenue for the entire company increased JPY 159.4 billion from the previous year, and all segments reported an increase in revenue. The following is a factor-by-factor analysis of the year-on-year change in sales revenue. Increase by JPY 18.0 billion is due to sales price. This is mainly due to higher selling prices in the essential and green materials segment resulting from higher naphtha prices. Increase of JPY 85.6 billion is due to volume. In essential and green, sales decreased due to restructuring of aluminum and other businesses, but increase in shipment volume of other segments compensated for the decrease. Conversion of overseas subsidiary sales revenue into the yen was a factor in the increase of JPY 55.8 billion. Please refer to core operating income by segment. Please go to page seven. Core operating income and loss for the entire company improved significantly by JPY 289.6 billion year- on- year. The following is a factor-by-factor analysis for the entire company. First of all, on the price, there was a JPY 30.0 billion increase. This was mainly due to higher methionine prices in agro and life solution and higher MMA and petrochemicals prices in essential and green materials. Increase by JPY 122.5 billion is due to the cost. SG&A expenses decreased significantly due to the progress in reorganization and streamlining at Sumitomo Pharma's North American subsidiaries. The volume difference and other factors resulted in a positive JPY 137.1 billion. In Agro and Life Solution, shipment of Indiflam with higher gross margin increase, and shipment increased due to a reduction in the impact of inventory backlogs in distribution. In ICT and Mobility segment, shipment of touchscreen panels increased, and shipment of photoresists and high-purity chemicals increased due to a recovery trend in the semiconductor demand. At Sumitomo Pharma, shipment increased due to the sales expansion of three key products. In Others and Adjustments, there was a significant improvement due to the recording of gains from the sale of shares in the diagnostic radiopharmaceuticals of Nihon Medi-Physics and Sumitomo Bakelite. Next, I will explain the consolidated balance sheet. Please refer to page eight. Total assets as of the 31st of March 2025 amounted to JPY 3, 439.8 billion, a decrease of JPY 495.0 billion from the end of the previous period. The decrease is mainly because of the waiver of long-term loans receivable from Petro Rabigh, included in others under non-current assets, and the sale of shares of Roivant by Sumitomo Pharma. Interest-bearing debt totaled JPY 1, 286.1 billion, a decrease of JPY 277.4 billion from the end of the previous fiscal year, thanks to cash generation through short-term improvement measures. Total equity amounted to JPY 1, 74.4 billion, a decrease of JPY 90.0 billion from the end of the previous fiscal year. Next, I will explain consolidated cash flow. Please refer to page nine. Cash flow from operating activities was positive JPY 233.0 billion, an increase of JPY 284.3 billion from the previous year. This was mainly due to an improvement in income before income taxes. Cash flow from investing activities was positive JPY 85.2 billion, a decrease of JPY 197.5 billion from the previous year. In fiscal 2024, income increased due to the sale of shares of Roivant held by Sumitomo Pharma, proceeds from the sale of shares in affiliates and cross-shareholding, and the sale of fixed assets such as dormitories and company housing. Free cash flow was positive JPY 318.3 billion, a JPY 481.8 billion improvement from the negative JPY 163.6 billion in the previous fiscal year. Cash flow from financing activities was JPY -300.8 billion due to repayment of debt and increase in expenses by JPY 350 billion. Next, I'd like to explain our full year forecast for fiscal 2025. Please refer to page 11. Please look at page 11. This page shows a summary of the financial forecast for fiscal year 2025. We expect core operating income for FY 2025 to be JPY 150 billion, an increase of about JPY 10 billion compared to FY 2024. As shown on the left-hand side and in the color of blue bar graphs, these are the underlying profit excluding sales gains on business divestitures. Albeit some negative impact from stronger yen, we aim to achieve JPY 100 billion of underlying profit excluding sales gains on business divestitures driven by a significant improvement due to the recovery of shipment volumes in each segment and a reduction in equity method losses due to the reduction in our equity stake in Petro Rabigh. Although we expect the sale of Sumitomo Pharma's agent business in FY 2025, capital gains on business dispositions are expected to decrease slightly compared to FY 2024. We will steadily accumulate growth to achieve the core operating income of JPY 200 billion for FY 2027, as outlined in our midterm plan. Please look at page 12. I will now explain the business environment surrounding us. First, regarding the economic situation at the top, the outlook for the global economy is facing increasing downside risks amid growing uncertainty over trade friction and policy management. Here, the weather symbols show our perception of the business environment for our major business fields in the usual format. For crop protection at the top, overseas distribution inventory backlog is gradually being resolved, but price competition is expected to continue. For methionine, the market price is expected to fall after a pause in last year's market rise. For this space, mobile-related materials are performing well. For semiconductors, demand is gradually recovering. For petrochemical and raw materials markets, low margins are expected to continue. So much for the business environment. Now, please turn to the next page. This page shows the impact of the U.S. tariff policy. At the top, we are describing the overseas sales scale. Actually, on page 39 of today's materials, you will find the overseas sales data, and it's about 16% or so, or about JPY 400 billion. That is mainly from Sumitomo Pharma. As to the impact coming from the tariffs, we believe that it can be broadly divided into two parts. First, there is a direct impact, which is an increase in tariff costs due to the procurement of raw materials from outside the United States at our U.S. basis, and an indirect impact due to the inclusion of the United States in the supply chain and macro factors such as the global economic recession. Direct impact and indirect impact. Let us look at the direct impact first. As to pharmaceuticals, at this moment, they are currently not subject to reciprocal tariffs by country, and item-specific tariffs have not yet been decided. However, even if a 25% level tariff is imposed, we expect the impact to be minimal as the amount subject to tariffs is small. We expect a certain degree of impact on businesses other than pharmaceuticals, but we believe that we can limit the impact by taking measures such as fast-making efforts to pass on the increase in prices, shipping as much inventory as possible to the United States during the 90-day tariff grace period, and optimizing our global production and sales system. As for the latter indirect impact, it is difficult to predict its impact due to the high level of uncertainty at this time. Therefore, we have not factored that in the forecast. That said, we believe that shipments were brought forward to FY 2024 mainly in the ICT and mobility business, so only that impact is factored in. The impact, we believe, is about JPY 10 billion on core operating income, which is included in the forecast. Now, let's move on to the full year performance forecast for FY 2025 on page 14. Sales revenue is expected to decrease by JPY 266.3 billion year on year to JPY 2.34 trillion. Core operating income is expected to increase by JPY 9.5 billion year- on- year to JPY 150 billion. Operating income is expected to decrease by JPY 88 billion year- on- year to JPY 105 billion. Net income attributable to owners of the parent is expected to increase by JPY 1.4 billion year- on- year to JPY 40 billion. We expect revenue to decrease but profit to increase. As stated here, we are assuming a strong yen and raw material prices for the exchange rate and naphtha prices. Sales revenue and core operating income will be explained in the slides on the following slides. Regarding items below core operating income, first, in FY 2024, as part of Petro Rabigh's financial restructuring plan, we waived our credit claims to Petro Rabigh and recorded our non-recurring gains of JPY 86.1 billion as our share of the debt forgiveness gain generated by Petro Rabigh. On the other hand, due to our debt waiver, we recorded a financial loss of JPY 109.8 billion, which is below operating income. In FY 2025, there is no such impact. Therefore, compared to the previous year, there will be a large decrease in operating income, but net income will be at roughly the same level year- on- year. As for the dividend forecast for this fiscal year, as stated here, we expect interim dividend of JPY 6 per share and uptime dividend of JPY 6 per share, making annual dividend JPY 12 per share. This means that we expect a dividend increase by JPY 3 compared to the previous fiscal year. Next, on page 15, I will explain the segment revenue. We expect overall revenue for FY 2025 to be JPY 2.34 trillion, a decrease of JPY 266.3 billion compared to FY 2024. By segment, we expect a decrease in revenue in all segments. Analyzing by factors on all company bases, the sales price variance is expected to be negative by JPY 12.5 billion. The volume variance is expected to be negative by JPY 230.3 billion. The difference in sales revenue of overseas subsidiaries on the yen basis is expected to be negative by JPY 23.4 billion. The volume variance is significantly negative. This is due to periodic plant maintenance at Petro Rabigh in essential and grain materials. The fact that the sales of the subsidiaries are no longer consolidated due to the sale of these businesses in FY 2024. Next, page 16. We expect core operating income to be JPY 150 billion, an increase of JPY 9.5 billion from FY 2024. We expect Agro and Life Solutions and Advanced Medical Solutions to be on par with the previous year, ICT and mobility solutions to decrease, and essential and grain materials and Sumitomo Pharma to increase. Analyzing the company-wide results by factor, we expect the price variance to be JPY -6.5 billion compared to FY 2024, the cost variance to be an improvement of JPY 12.5 billion, and the volume variance, including the increase or decrease in equity method investment profit, to be an improvement of JPY 3.5 billion. Regarding price variance, the terms of trade will improve in essential and grain materials due to the penetration of price increases and an increase in market prices for some products. However, the decline in the market price of methionine in Agro and Life, the decline in sales prices of display-related materials in ICT and mobility, and the large impact of drug price revisions at Sumitomo Pharma are expected to result in a negative result for the company as a whole. Regarding cost variance, there will be an increase in depreciation expenses in advanced medical due to the operation of a new plant. However, as various rationalization measures will continue to be implemented in other segments, we expect a positive result for the company as a whole. Regarding the volume variance, including increase or decrease in the equity method investment profit, we expect an improvement in the equity method investment profit of Petro Rabigh and an expansion of sales of three key products in North America at Sumitomo Pharma. However, due to the impact of early shipments due to the U.S. tariff policy, a decrease in gains from the sale of businesses, and a decrease in the profit associated with affiliated companies due to the sale of business, it is expected to remain only slightly positive. Next, I will explain the consolidated cash flow forecast. Cash flow from operating activities is expected to be JPY 160 billion, a decrease of JPY 73 billion compared to FY 2024. Cash flow from investing activities is expected to be JPY- 40 billion, a decrease of JPY 125.2 billion compared to FY 2024. FY 2024, we received income from the sale of Roivant shares and Sumitomo Bakelite shares, and we proceeded with the sale of Croda Holdings as well. Here, we are talking about significantly big amounts. We plan to sell businesses and sell strategically held shares in FY 2025 as well, but income is expected to be lower than FY 2024. As a result, we expect free cash flow to be positive, JPY 120 billion. We also expect the balance of interest-bearing debt at the end of fiscal year 2025 to be JPY 1.19 trillion. That is a decrease. This concludes my explanation of our financial results. We would now like to take your questions. Now, we'd like to start the Q&A session. Those of you who have a question, first of all, please press asterisk N1 of your telephone. When your request is accepted, you will hear the audio message of confirmation. We will call your name and start your question. If you wish to cancel your request, please press asterisk N2. We would like to limit the number of questions per person to two questions per questionnaire. I would like to call the first person to ask a question, Mr. Watabe from Morgan Stanley MUFG Securities, please. Thank you. This is Watabe from Morgan Stanley. Congratulations on the V-shaped recovery. Thank you very much. I have two questions. First of all, the overall financial result. When you made the announcement about the MITA management plan in March, you indicated some image and JPY 120 billion-JPY 130 billion as the actual performance result, and JPY 30 billion-JPY 40 billion will come from the sale of the business. You changed this to JPY 100 billion. Is it because of the impact of exchange rate? Maybe not so different from the previous announcement regarding the exchange rate. Maybe the impact is because of the tariff policy. How big do you think is the impact based upon your actual results? Last year, how much was the gain from the sale of business? Probably more than JPY 60 billion. Could you please give us a more specific indication about the sale of business and the impact of the tariff policy of the United States? Thank you very much for your questions. The comparison between fiscal 2024 and 2025 is the point of your question. In fiscal 2024, sale of business in fiscal 2024 was on the amount of JPY 60 billion. There are some slight changes, but the general roughly JPY 60 billion. That is the number that we have on the closed. In fiscal 2025, our plan is to conduct the sale of business up to JPY 50 billion. In terms of the actual business performance, JPY 80 billion in fiscal 2024 and JPY 100 billion in fiscal 2025. That is the general trend we see. On the 4th of March, we gave you the presentation. The image that we indicated on that occasion was that as for fiscal 2024, the total is about JPY 100 billion, but the actual performance result was JPY 40 billion. The total of the JPY 60 billion has not been changed. It is reflected and embedded in the total. The increase from JPY 40 billion- JPY 80 billion is what we foresee. We took some factors as the risk factors, but they did not emerge as the risk. Starting from 2025, there are some projects over 2024 which have been front-loaded or postponed and that's seen in 2025. 2024, 2025, the difference between these two years will be about JPY 10 billion. As for the actual performance, their target was on the 4th of March, we indicated our target of JPY 40 billion, but it has increased up to JPY 80 billion now. For each segment, it increased, particularly the ICT and mobility. There are some other projects that have been front-loaded. As was mentioned in your question, because of this factor, it will be lower in 2025. Looking at 2025, on the 4th of March, when we explained our plan, the JPY 150 to the dollar was the exchange rate assumption. We reviewed the business based upon the exchange rate of JPY 145 to the dollar. Core operating income, the impact, the one yen difference in exchange rate is equivalent to JPY 20 billion or so. That is the reason behind these numbers. Yes, the gain of sales of a business is the JPY 45 billion in the Sumitomo Pharma area. That is the main portion. Nothing more than that. There are some, but they are not big. Altogether, JPY 50 billion. Essential and grain materials, JPY 48.3 billion improvement is what you mentioned. Your equity stake in Petro Rabigh is down. Do you see the benefit or the positive impact of this on the lower equity holding? How about the projects other than Petro Rabigh? When will this 15% holding be reflected on your numbers going forward? Yes, in the essential and grain materials segment, that's the area of your question. First of all, on the 4th of March, we also explained about this point. The equity holding ratio will be reduced, and the impact of that is the point of question. The equity method loss will be decreased. About JPY 40 billion is our projection, and no change to that. 22.5% on the sale. When is it going to take place? That's another question. Initially, we expected that to happen in June, but it seems to be delayed. In Saudi Arabia, we need to negotiate with the regulator in Saudi Arabia, which is taking time. That is the current status. We hope to realize this in the not-so-distant future. Right now, it is difficult to tell you exactly when this will be materialized. EGM, Essential Grain and Materials, the OVC positive factors on the E like this. I mentioned about this earlier a little, but we would like to make our business on the E less dependent or susceptible to the changes of the market conditions. We also pay attention to the exchange rate as well. We have also streamlined our operations in the past years. Altogether, JPY 48.5 billion improvement is what we expect to see. Related to that point, even with a delay, more than JPY 40 billion, that will remain unchanged. Am I correct? No major change to that number. That is what we would like to stress. Thank you very much. Thank you. Next question is from Yamada-san from Mizuho Securities. Here is Yamada of Mizuho Securities. Thank you. On page 16, segment core income, Agro and Life Solutions, the volume variance, ICT and mobility, and the volume variance. I would like to ask questions about them. The sales of the new pharmaceutical products is increasing, but the variance is not that big. Is it because of FX included here? The JPY 2 billion when the FX moves by JPY 1, but that is for the four companies. These Agro and Life and ICT mobility are two big segments. Other than these, are there any other factors involved? Thank you. Agro and Life Solutions. Overseas, the crop protection products, the shipments, the big increase in shipments is factored in. Meanwhile, the yen is getting stronger, and there is an impact coming from that. For agribusiness, as you know, there will be some impact coming from FX. JPY 152 becoming JPY 145 per dollar will bring a big impact. Net net, we have come to this number shown on this page. As to ICT and mobility solutions, compared to Agro and Life Solutions, the impact coming from the stronger yen is stronger. That is reflected here. Also, the tariff impact is included to some extent. The shipment increase, sales increase is expected. Because of those outside factors, that is very negative. The JPY 11- billion. Thank you. Agro and Life, the convergent impact is main. The JPY 2 billion per annum impact, about 25%-30%, comes from Agro and Life. ICT and mobility is an export business. Maybe the other half of that JPY 2 billion impact. Yes. We usually say the following. Basically, these two segments are the main segments for ICT and mobility solutions, accounting for 70% of the impact, and the remainder is for Agro and Life. That is the image that you can have. Thank you. ICT and mobility negative numbers. Without FX convergence, year- on- year, the volume or other variances are almost zero. You can say that in FY 2025, it will be slightly positive without the FX because we have incorporated increase in shipments. That is compensated by the outside factors. Without FX, then the positive results. The second question, the congratulations. Thank you very much for increase in dividend. About JPY 45 billion of net losses. You are engaged in the structural reform, and the dividend is to be increased this time because you for your shareholders. That also means that for this fiscal year, big restructuring or the which involves the large non-debt line numbers, that will come to its end. Is that right? The numbers and the risks are incorporated in a plan. As to non-recurring numbers, we still have some EGM-related matters to work on. The domestic petrochemical restructuring in that context, there are things that we can do or we cannot do. These factors are factored in to some extent. We do not want to bring these activities forward to the future. We would like to do as much work as possible during FY 2025, and that is for non-recurring items. Thank you. Thank you very much. Let us move on to the next speaker from SMBC Nikko Securities, Mr. Miyamoto. Over to you. Thank you. This is Miyamoto from SMBC Nikko. I would like to ask you two questions. First is about ICT mobility. From the third quarter to fourth quarter, the volume of the shipment of products and also could you please explain the current status? For example, polarizing film for the mobile and for automobiles, touch sensors, and the semiconductor chemicals and photoresist. If I could have these numbers, I appreciate it very much. As Mr. Watabe mentioned earlier, 2024 and 2025, the difference between these two years was JPY 10 billion, meaning that the amount about JPY 5 billion was front-loaded from 2025- 2024. How much of that is related to ICT and mobility solutions? Thank you very much for your questions. First of all, ICT and mobility solutions and the current condition of the business. First of all, with regards to display business, TV application, large-sized displays. The TV set shipment peaked in 2020 and then steadily declining since then. As for large-sized displays, we streamlined the operation in the past few years. We tried to shift from a large-sized to mid to small size and also switch to the mobile displays. As for TV application, we do not expect much growth. That is one point. As for mid to small-sized displays, for smartphone application and others, we have been shifting to OLED displays. We are focusing upon this business, and we believe it is going to grow steadily. In fiscal 2025, first half and second half, we are not disclosing our forecast for 2025 divided into first half and second half because of the ambiguity related to the U.S. tariff policy. We generally expect the growth in 2025. As for automotive application, the number of units used for the automobiles is increasing, and we expect growth in this area as well. Probably you talked about the other companies. Generally speaking, from 2024- 2025, we expect some increase in the business. Semiconductor materials business was another point you raised. We expect a gradual recovery of the business. AI-related advanced leading-edge processes and the resist for those, and also semiconductor chemicals. These businesses are increasing and growing. For legacy applications, KRF or, when I say the advanced, it is ARF. As for legacy application, recovery is somewhat lagging behind. Gradually, we also expect the growth of legacy application in 2025 as well. That means steady recovery of the market will be realized. Based upon that, the business is expected to grow. That is our observation. The shipment, the accelerated and front-loaded. Comparing 2024, 2025, the size of that and the shift was about JPY 10 billion, mainly in ICT and mobility. That is what we are saying, 80% of that. Just the image. Please, you think that the 80% will come from that segment. The positive increase in 2024 and the minus or the reduction in 2025, how big is it? This is just the image. I cannot give you specifics, but 50-50 or are there any differences between these two years? Just the image. In my personal view, probably a 50-50 split is the image. In 2025, we expect some growth in the business. That may mean the negative repercussion in 2025 may be lower or limited, but this is just the image. Roughly, the difference is about JPY 10 billion between these two years. Understood. Thank you very much. Second question is about Agro and Life Solution in 2025. The expected growth in the export shipment is expected. Which products, for example, Indiflam, will be the leading company or the leading product? Or Or do you have any idea about the products to be shipped more? Compared to the plan, the revenue of Agro and Life Solution decreased from the projection. However, you achieved better profit than the plan. Could you please elaborate on this point more? Thank you. First of all, the items that will increase, as you mentioned, Indiflam, it was launched in Brazil three years ago. This year marks the fourth year since its launch in Brazil. We expect solid growth of Indiflam. In India, this year, we hope to get the approval in India this year. We also expect growth in the shipment to India. These are the main focus points. As for biorational, from 2024- 2025, we expect growth of biorational. Of course, it depends upon the economic conditions of the markets and also impact of tariff policy may be felt. As for biorationals, we have production facility capability in the United States. That may give us a business opportunity in a sense. That is how we look at this business. As for Agro and Life Solution business, generally, we expect a positive trend. Another point you mentioned was that the profit increased, but the revenue was down. That is another point of your question. Methionine, related to methionine, price will come down. That is what we expect. As for methionine, unprofitable regions or the areas, we are trying to reduce such business, which is the unprofitable part of the methionine, unprofitable, and at the same time, price is coming down in some regions. We are paying attention to that. Methionine is a bulk product, and the impact on the sales is significant. That consideration is also included in our observation. The revenue in 2024 was JPY 10 billion lower than the original plan, but the cooperating profit was higher by JPY 2 billion than the plan. Could you explain on that? I think it is because of the product mix or the high-margin products increase. Please understand this as the difference in the product mix. Understood. Thank you very much. Thank you. We have already passed the time to close this meeting. I see some of the people who want to ask questions. With that, we would like to close this briefing session. Sasaki is going to make the last remarks. I'm sorry, my answers, I might not have been able to answer many questions. Sorry that I answered questions from only three people. FY 2024, we could achieve our targets, or rather, had we exceeded our targets? FY 2025, there's uncertainty, the visibility is not good. This year's forecast, and on March 4, we announced midterm plan. FY 2027, targets are set, and we will make further efforts in terms of sales expansion and rationalization to achieve those FY 2027 targets. Thank you very much for your continuous support. Thank you for joining us today. With that, we conclude our conference call. Thank you very much for your participation.