Hello, thank you for watching this video. I'm Masaru Sugiyama, a CFO at RAKSUL. Today, I want to briefly go through our fiscal 2025 earnings announcement, as well as the budget for the next fiscal year. Here, at RAKSUL, we continue to expand as a platform for small businesses. Our aim is to become the end-to-end technology platform for small businesses. As you can see on the graph on the right, we continue to expand our user base. This is the RAKSUL IDs. We have exceeded 3.3 million users at this point. In terms of revenue, we're growing in various areas. Our quarterly revenue for Q4 was JPY 16.1 billion, yet another record-setting quarter. In summary, in terms of the year that ended, we've grown 21% in revenue, 26% in gross profit. EBITDA has reached JPY 6.09 billion, exceeding the guidance that we published in June. In terms of the fourth quarter, the highlight was the acceleration of organic growth rate in the procurement platform business to about 15.2%. Also, within the marketing platform business, we have achieved four-year profitability. Also, we had some one-time expenses in Q4, yet EBITDA for the quarter has grown about 53% within the quarter. In terms of the next 12 months, in terms of the fiscal year, July 2026, what I want to tell you is that we are investing in growth. I'll go through a slide later, but we think we're ready to invest into growth as a platform. So the revenue that we're shooting for is 21%-24% growth year over year. In terms of the organic growth, you can see around the bottom middle part of the document, whereas we grew 14% organically in revenue last year, we're going to be aiming for 16.6% to 19.8% growth in terms of revenue. Gross profit, roughly in line with that. On the other hand, in terms of EBITDA, we're not going to be going for a big margin expansion this year. Some of the margin expansion will be reinvested into marketing, reinvested into technology, and reinvested into Salesforce and additional services. So we will try to create a next angle, next curve in terms of growth while we reinvest some of the margin expansion back into our business. This is the track record for growth since going public. So far, we've grown 27% in revenue, higher growth rates in terms of profits. At this point, we have been aggressively acquiring companies in the peripheral area while utilizing leverage. However, our net debt to EBITDA ratio continues to be at around 0.26%. So there's plenty of room for further investment. This year, we're going to be picking up the growth rate a little further in terms of profits and gross profit. This is the Rule of 40-like summary of what we've done so far. In 2025, our gross profit growth was at 26%. Our EBITDA margin versus the gross profit was 28%. So in light of things like Rule of 40, we're exceeding 50% in that sense. This is the highlight of the financials for the year. This year, we'll be paying a dividend of JPY 3 per share as per guided in June. This is the revenue growth so far throughout the year. We have grown in all segments, and we are diversifying away from printing and solutions, while the printing business itself continues to grow plus 10 plus% throughout the quarters throughout the year, and in terms of our gross profit, we continue to expand our GP margin this year, so within the procurement platform business, we saw scale kicking in and also further internalization of manufacturing and things like digital printing and some of the novelty categories have contributed to higher gross profit margin, so we guided for 30-33% GP margin for the longer term in the procurement platform business. We're pretty much at the higher end at this point, and in terms of the marketing platform business, our exposure to software continues to expand as opposed to advertising agency business. So we're now revising our medium-term guidance here from 50%-60% to about 55%-65% in this business. And this is the trend of our EBITDA and also the J-GAAP operating profit. This year, we tried to find investment opportunity to grow as a platform throughout the year. So as opposed to the last couple of years where we invested more in the Q4, this year we invested throughout the year. So you're seeing a little less volatility in terms of quarterly profits. However, we have maintained a course of a good well-wide growth rate throughout every single quarter. And this is our cost structure. In the fourth quarter, we had about JPY 200 million of one-time expenses related mainly to our M&A activities. And also, this is the season where we are paying out bonuses, as well as we're hiring a lot of new Sales force. So this is a bit of a cost-heavy quarter. However, we continue to expand in terms of margins. And going into specific businesses, procurement platform business continued to grow very steady. So GP margin for the Q4 is up by about 1.7 percentage points versus the previous year. As I mentioned earlier, the larger scale internalization has factored into profitability. In terms of the organic growth rate for this business, Q3 was around 13% year over year. Q4 was around 15.2%. Multiple things like accelerating direct mail solutions, enterprise, and also generally improving customer acquisition trends across e-commerce businesses have contributed to better organic growth rate over the quarter. And this is where our user base is. We're at 3.3 million users. And this time, we have started providing per company analytics as well. So I'll go through that later. And this is our usual KPIs. In terms of our user base, the RAKSUL ID purchasing users have grown by about 37% this quarter. Organically, that represents an 8.2% growth. In terms of average revenue per order, we've grown by 2%. Average number of purchases per user have grown by about 4%, all combining to about 15% organic growth rate in the quarter. And this is the per company analysis we started from this quarter around. As we're building the RAKSUL Bank's business and as we focus more on the larger enterprises, instead of focusing on user activity by every single ID, which we still do, we're adding a new angle. We're looking at our customers by companies instead of every single ID. This is what it looks like. On the right, we have the cohort analysis. Depending on which year your company has registered on RAKSUL, we're splitting up the revenue by the year of registration. What you see on that graph on the right is basically that every year, the existing customers are purchasing more items from RAKSUL. So someone from department A refers to department B, or a customer buying one product starts to buy different products, perhaps with different employee IDs. But in terms of the company exposure to RAKSUL, every year, your business is growing with RAKSUL. The graph on the left shows average purchases per year by company in the bar graph. And also, the line graph basically shows how many services that we offer. We offer nine services under the RAKSUL umbrella. And within the nine services, this is the average number of services that each company is using. What you see here is a growing trend of average purchase amount per year, as well as we're seeing growth in number of services that companies are using. So once we acquire a new user, a company, we see a trend where companies are purchasing more different categories of products. And as a result, they're purchasing more in amounts from RAKSUL at the same time. And what you're seeing is that every year, the existing customers are driving a decent amount of revenue growth. And now focusing, turning our attention to some of the larger companies. As you've seen in the previous few quarters, RAKSUL Enterprise has been a big growth driver for RAKSUL. So including RAKSUL Enterprise, this RAKSUL service to larger companies represents about JPY 6.9 billion of revenue, around 12% of our total revenue. So this is a very important business to us, and this is a very high-growth part of our business. You're seeing very good user metrics. The graph on the left shows you the same average purchases per company for companies exceeding 500 employees, so every year, companies with more than 500 employees are purchasing around JPY 1 million worth of products from RAKSUL, and in terms of the net revenue retention rate, this is a staggering 130% in the last year. Even for the last several years, it's never been below 120%. A very good, a very healthy user metric that we're seeing from some of the larger customers, and the core of this larger customer strategy is our RAKSUL Enterprise, which is a semi-customized sales-led e-commerce activities for larger customers, and yet again, we have seen 100% year-over-year growth within this business line, and we continue to see both the user base growth and also the growth from existing user spend as well. Moving on to the marketing platform business here, basically what I want to say is that for the first time, despite investments, we have seen four-year profitability in terms of EBITDA for this business for the 12 months. Fourth quarter was a slight loss. This is partly due to one-time expenses. The profit structure, the cost structure for this business has improved significantly. From next year onwards, when you see revenue growth in this business, we can assure you that this will see profit growth at the same time as well. This is the key metrics for the marketing platform business. We continue to see sequential growth of the SaaS business and also the marketing business for SMEs. The advertising agency business continues to have a little bit of volatility. But with the introduction of artificial intelligence, we are now automating a lot of process of making proposals for medium enterprise companies. So the focus is changing a little bit, and there's going to be more synergy with existing RAKSUL user base as well. And this is a company that we acquired within the marketing platform business, Fusion. The company specializes in video creation for SMEs online. This company plays within the growing internet video advertising business, and this will be part of the marketing platform business. And this is the track record for M&A all over the company. This year, the past year that ended, we have acquired a total of six companies. And over the last two years, we have spent JPY 6 billion into acquisition. And the average EBITDA to EBITDA multiple is around four times range. And this is what our balance sheet looks like today: JPY 15.5 billion of cash and equivalents. And also, at the same time, roughly similar amount of debt on the other side, bringing us to a net debt of about JPY 1.57 billion. Despite the consecutive investments that we have seen, our cash generation continues to be very strong. So while we invest, we have been creating cash in our operating businesses as well. And this is a review on the capital allocation that we mentioned back in 2024. So this was a plan for capital allocation between 2024 to 2028, so basically five years. And so far, we have gone through two of the five years. And we're here, we're basically saying we're going to either earn or borrow about JPY 50 billion, and we're going to invest or return around JPY 50 billion as well. So far, what happened is that we have either financed or earned around JPY 20 billion in the last two years. In the meantime, we have invested around JPY 17 billion up until this point. So we are tracking relatively well against the capital allocation plan. We continue to see a lot of M&A opportunities around us. So we will continue to exploit. We will continue to shoot for the best acquisition deals, accelerating the platform's value. And this is the cash flow trend for the last few years. Since 2022, we have gone to our quality growth phase where we earn cash and also deploy as well. So that balance has been going well. And also, our EBITDA to operating cash flow conversion has been relatively steady. Basically, our EBITDA minus tax is operating cash flow. Highly cash-generative business and good deployment of capital has been going on as well. Now moving on to what we're thinking for Fiscal 2026. Here's the plan. Revenue-wise, we're going to grow by about 21%-24%. Gross profit-wise, we're going to grow 20%-24% as well. EBITDA JPY 7.2 billion-JPY 7.7 billion. You're seeing roughly similar range of growth between revenue to EBITDA line. Operating profit and below, the growth rate varies a little bit, but essentially same trend from EBITDA downwards as well. In terms of what we're looking at for the first quarter, operating gross profit growth, we're expecting around 18% for the procurement platform. We expect, as we invest into marketing, ID integration, coupons, cross-selling, we expect acceleration of growth towards the end of the year. In terms of marketing platform business, there's a bit of a volatility, but around 30% growth within the business. In terms of first quarter EBITDA, we're expecting roughly similar number to the year before, partly because we're going to be front-loading investments into the early parts of fiscal 2026. This is what our plan for this year compares against the medium-term plan that we provided back in 2023. We're expecting JPY 26-27 billion in this year's gross profit versus JPY 30 billion that we're expecting in 2027. We're tracking pretty well against this one. In terms of EBITDA, we're expecting JPY 7.2-7.7 billion versus JPY 10 billion in 2027. We think this is tracking well. This is a particular year where we invest. We believe that next year onwards, some of these investments will return to margin expansion. Hence, JPY 10 billion to us at this point sounds quite feasible. We're on a good track against this target number. And in terms of the initiatives for 2026, there's two things that's important to us. One is accelerating organic growth. Two is expanding the ecosystem. I'll go by one by one. In terms of accelerating organic growth, there are two things that we're seeing that warrants additional investments. One is that we have realized that our users are using more services from us every single year. The graph on the left shows you how corporate users and individual retail users are using our platform. So out of the nine services, the corporate users have grown every year in terms of the number of services that they use on RAKSUL platform. This warrants that adding new services, adding new features, integrating IDs are working in terms of encouraging users to purchase more from RAKSUL, especially for corporate users. The graph on the right is the same graph that I showed you earlier about the growth of the RAKSUL Enterprise. By employing sales force, by encouraging customization and providing guidance, we're unlocking greater value from our larger corporate user base. There are two things we're going to do to accelerate organic growth. One is to invest into user interface and campaigns and marketing to encourage cross-selling within the e-commerce relating to the graph on the left. The other one is investing into sales force. We're going to double the size of our sales force this year, whether it be RAKSUL Enterprise, direct mail, or some of the marketing businesses, we're going to be investing extensively into sales force personnel. The other focus for fiscal 2026 is launching new products in order to expand the ecosystem. There are a few services that we announced recently. One is RAKSUL Bank, which is coming out within this year. This is going to be the most frictionless digital banking experience for corporates in Japan. We're going to provide lowest transfer fees in the industry. We're going to provide 2% loyalty points back with debit cards. And also, future services we're still considering, but we're thinking about things like corporate credit cards and cash flow management solutions. And the other one is RAKSUL Business Mall, which we announced today. This is a general e-commerce site with 500,000 products offered. And we are going to become a go-to place for every procurement needs for small businesses. And the third one is something we announced yesterday, digital signage service. We have managed to network over 300,000 digital signage displays across Japan. We have made small investment into a geolocation company called Cross Locations. We can provide a very good visualization of how foot traffic data relates around digital signage. This is a very data-driven, first-time in the industry type of digital signage business that we're going to be launching. Lastly, in terms of our future direction and what our competitive edge are, this is what we think RAKSUL's competitive edge are. Our edge is business model, the size of the market, where we are positioned with small customers, our organization, technology, and also lastly, M&A and execution. Briefly going through the business model, we have the users on the left, millions of RAKSUL ID users who are using our services on a day-to-day basis. And we have a variety of products right in the middle. And then the supplier network basically provides a crucial and very defendable business to these small businesses. And basically, the value creation, how the value creation works is that with more services being offered, this warrants more transactions and improved productivity for our suppliers and improvement in quality, which leads to additional improvement and increase in number of users. This is the cycle that we have been revolving for the last 15 plus years. And this has been going around stronger than ever at this point. And in terms of the size of the market, we have been facing increasingly larger markets by expanding our businesses horizontally. In terms of transaction, we see the total addressable market around our business to be around JPY 7.9 trillion. This is expanding every year because we're expanding our product lineup. In terms of the software business, the same can be said. As we expanded from simple advertising agency business to marketing automation, digital advertising, we're facing a larger and larger market. In terms of additional services that our small customers, small business customers may use, there's plenty of businesses that serve day-to-day needs of SMEs. In terms of our dominance in the digital space and also the potential for time growth here, currently the e-commerce penetration of printing stays at around 6% here in Japan, whereas the same number is around 30%-50% in parts of Europe. We see, while it takes time, we see plenty of room for digital transformation within the markets that we're facing. And same can be said for a lot of other categories of products that we serve, where we have been seeing superior market capture over the last few years. And in terms of our customer base, we continue to have a very strong footing within the SMEs. And also what we've been finding out is that we also have a very strong footing as well in the medium to slightly larger companies as well. And how we fight in the market is through our strength in technology, operation, and also marketing. And technology continues to be a very important part of our core competence. Last time we published this slide, we talked about our focus being the user ID and payment integration. That is somewhat complete, although there are still work to be done. At this point, our focus in technology is to make sure that our financial platform comes out to be extremely good towards the end of this year. And in terms of M&As, we continue to review a lot of deals. We have multiple LOIs outstanding at this point. And acquisition activities for us, the focus is two things: buying products in the peripheries that also our small business customer base wants to purchase, and also vertical integration. And for the companies that we have acquired, we have successfully completed PMIs. This is an example for companies that we acquired in 2024. This is an index, and it's an EBITDA representing an EBITDA. So if we take EBITDA for the companies that we acquired in 2024, let's say it was 100 before our acquisition. Today, the same number is around 180. We've seen 80% increase in the EBITDA of the companies that we have acquired. This is mainly through organic growth and also unifying back office, improving marketing, improving productivity. Also, in addition to that, the companies that we have acquired have contributed to internalization of manufacturing and process for a lot of RAKSUL businesses. In addition to that, there's another 90% worth of profit contribution from the companies that we have acquired. Essentially, the companies that we acquired with a profit of 100 now contribute to about three times that to the group-wide profitability. In the longer term, this is what we want to be. This is a slide that we share every time. We want to become a platform that evolves around transaction, finance, and software. And what we feed into it is the data, our customer base, and also growing GMV in transaction. RAKSUL ID is at the very center of it, and our aim is to become an end-to-end technology platform for small businesses. And this is the continuation of how our profit growth is going to be driven by. And that's it. Thanks for watching this video. If you have any questions, please reach out to ir@raksul.com. We're happy to help you set up meetings. Any questions, please let us know.