Hello, everybody, and thank you very much today for attending Terumo's financial results for the third quarter of the fiscal year, ending March 31st, 2026. Today, before proceeding, I would just like to give an overview, and Mr. Hagimoto-san, CFO of Terumo, will give an explanation, followed by time for question and answer, making a total of 45 minutes for today. For this webinar, there is simultaneous interpreting available via the Zoom, where you may listen to English or Japanese in either direction. Please do use the globe button at the bottom to choose English or Japanese. The materials displayed on screen will be English only. If you require English disclosure materials, please refer to Terumo's webpage. If there are any problems during the, we will let you know by email if there are any problems with connection throughout. Also, there is just one disclaimer before beginning. All of the explanation that we're about to give is based on current results, and all of these, they are based on assumptions using information available to us at the time. Accordingly, it should be noted that actual results may differ from those forecasts or predictions, projections due to various factors. So with that, I would like to hand over to CFO, Mr. Hagimoto, for a overview of the financial results. Thank you. Hello, this is Hagimoto, CFO of Terumo. Let me walk you through the highlights of our financial results. Thank you very much for your participation today. So this is the highlights of our financial results for the third quarter of the fiscal year ending March 2026. First of all, the highlights: strong earnings results exceeding guidance. So for revenue, with the highest ever results, both for the quarter and the third quarter year to date, we had strong sales led by North America, with 9% growth, excluding the FX impact. In particular, revenue reached record highs, both for the quarter. In particular, demand growth in North America remained strong, resulting in a year-on-year increase of 9%, excluding FX impact. With regard to profits, operating profit, adjusted operating profit and profit for the year all reached record highs on a Q3 year-to-year basis. Although we recorded certain one-time expenses from the first half of the fiscal year, our globally implemented pricing measures and appropriate cost control enabled us to deliver results that exceeded the pace assumed in our 2025 guidance, fiscal 2025 guidance. Please note that starting from this quarter, the consolidated results include the Leverkusen Plant and OrganOx, both of which were acquisitions announced earlier in this fiscal year. Next slide, please. So moving on to our P&L performance, revenue reached a record high of JPY 831.6 billion on a Q3 year-to-date basis. The expansion of global demand continued with the Cardiac and Vascular Company and the Blood and Cell Technologies Company serving as the main drivers. Operating profit and adjusted operating profit also achieved growth exceeding that of revenue, reaching record highs of JPY 144.9 billion and JPY 173.5 billion, respectively. While the tariff impact began to materialize partway through the second quarter and continued to affect results in the third quarter as anticipated, we were able to offset these impacts through ongoing pricing measures and disciplined cost control, resulting in progress that exceeded our performance forecast. On a standalone quarter Q3 basis, the operating profit margin declined. This was mainly due to the recognition of one-time expenses in the second half of the year, as explained during our second quarter earnings announcement. Next slide, please. So this is the year-on-year OP variance analysis for quarter three. I will explain the Q3 year-to-date results on the next page. However, there are two major movements to highlight for Q3. The first is the impact of tariffs. In this chart, the tariff impact is included within gross margin and pricing, and as a breakdown of the gross margin effect, the tariff impact amounted to a negative JPY 4.2 billion. At the same time, pricing measures contributed a positive JPY 3.5 billion, partially offsetting the negative impact from tariffs. The second point is the recognition of profit and loss from newly acquired businesses. The Leverkusen plant recorded a loss of JPY 1.6 billion, while OrganOx contributed a profit of JPY 0.5 billion. Regarding the Leverkusen plant, we will take a disciplined and cautious approach to capital expenditures for production line preparations and proceed step by step as the certainty of customer contracts increases. Next, and this slide shows the quarter three to year-to-date OP variance analysis. Overall revenue growth, driven by the continued expansion of demand, made a significant contribution. The GP increment by sales increase was driven primarily by overseas TIS, mainly in North America, as well as global blood solutions, particularly in the plasma business. With regard to the gross margin, pricing, pricing measures in the Cardiac and Vascular Company made a significant positive contribution to profit. However, as the impact of tariffs became more pronounced, this positive effect was partially offset. So while the negative effect from tariffs increased in quarter three, on a year-to-date basis, the positive effect from pricing more than offset the tariff impact. SG&As increased due to business expansion and remained largely in line with our assumptions. R&D expenses decreased slightly year-on-year. This was due not only to the impact of impairment losses on capitalized R&D recorded last year, but also to a review of R&D priorities and a disciplined focus on selected themes. Going forward, we will continue to invest in priority areas. As for foreign exchange, the impact was negative, both on a flow and stock basis, compared with the previous year. Next slide, please. I will now explain the performance by company. First, let me start with C&V, the Cardiac and Vascular Company. Revenue increased 8% on a local currency basis, with strong performance continuing globally, particularly in North America. By business segment, growth was driven by TAS and Terumo Neuro contributing to revenue growth for the company overall. TIS was primarily driven by North America, with solid performance continuing across all product categories. Volume growth contributed more significantly than pricing measures. In Terumo Neuro, strong growth continued in both China and Japan. The profit margin improved to 26%, supported by various initiatives, including pricing measures, profitability improvement, and a review of unprofitable regions. However, due to negative impact from foreign exchange on a stock basis, the profit margin for Q3 on a three-month basis declined year-on-year. Next slide, please. Medical Care Solutions Company. And growth is in pharmaceutical solutions, which drove both revenue and profit growth for the company overall. This was led by domestic CDMO business, as well as the strong performance of projects overseas. On the other hand, revenue declined in the Hospital Care Solutions and Life Care Solutions businesses. In Hospital Care, revenue decreased due to the impact of a business transfer in Q1 of the previous year, as well as supply issue affecting a product. This supply issue has now been resolved, and the business is on the recovery trend. In addition, pricing measure implemented since April are progressing steadily. With regards to profit, earnings increased, supported by the efficiencies of pricing measure and disciplined cost control. Regarding the acquisition of the Leverkusen plant announcement in May, in May last year, this has been included in our consolidated result starting from Q3. On this page, figures are presented excluding the acquisition impact to illustrate trends in the existing businesses. Performance, including the Leverkusen plant, is shown in the bottom right of the slide. As mentioned briefly in the profit variance analysis section, the P&L impact related to this acquisition in Q3 had no impact on revenue, while the impact on profit was - JPY 1.6 billion. We are currently working on production line startup and production transfer. Since the acquisition was announced, we have received a significant number of inquiries from pharmaceutical companies overseas, particularly in Europe and the United States, and are actually promoting the business to secure a new project. Next slide, please. Revenue increased significantly, driven by strong growth in plasma innovations within Global Blood Solutions. As the rollout of the Rika to existing consumers has already been completed, our focus in the plasma businesses will shift toward acquiring new customers going forward. In addition, our core business continued to perform well, supported by the successful award of a tender for the whole blood collection system in Asia during Q3. The global therapy innovation revenue increased as demand for cell collection associated with cell and gene therapy expanded, particularly in North America. Profit increased driven by improved profitability, resulting from expanded sales of Rika, as well as ongoing disciplined cost control. We have implemented production adjustment related to Rika from Q3. However, due to efficient operation in production lines, the impact has been smaller than initially anticipated, and profit margin has improved. Looking ahead to the next fiscal year, production adjustment may be implemented as needed, but we expect the impact on P&L to limit it. Next slide. Following the completion of its acquisition as a wholly owned subsidiary on October 29th, 2025, OrganOx has been included in our consolidated results starting from this Q3 earnings announcement. Results from November and December are consolidated, with Q3 revenue of JPY 2.9 billion and adjusted operating profits of JPY 0.5 billion. To illustrate—this illustrates the growth trends, we are also disclosing Q3 year-to-date performance on year-on-year basis. Revenue increased by 50% year-on-year, and the profit margin improved significantly from 13% - 21%. This was driven by increase in number of liver transplant procedures, as well as expansion of OrganOx customer base. Looking ahead, the market for organ preservation using normothermic machine perfusion, or NMP, is expected to continue expanding. Next slide, please. In the Americas, demand continued to expand, and we achieved double-digit growth on local currency basis. All companies delivered strong growth with TIS Pharmaceutical Solutions and Global Blood Solutions serving as key drivers and leading global revenue growth. In Europe, TIS and Terumo Neuro continued to deliver stable growth. In addition, strong performance of projects product drove a significant increase in revenue in the pharmaceutical solution business. In Japan, the CDMO business performed well, with pharmaceutical solution contributing to revenue growth, with C&V Terumo Neuro continuing to achieve double-digit growth. In China, revenue increased as Terumo Neuro continued to grow, supported by expanded market access resulting from VBP in Asia. Strong performance of TIS drove revenue growth and C&V. Next slide. With less than two months remaining until March, the full year outlook for the fiscal year is now coming into view. What I would like to reiterate is that our business, based on our existing operation, is steadily progressing toward the achievement of GS 2026 in the next fiscal year, supported by strength of our underlying fundamentals. In the current fiscal year, we are, we recorded acquisition-related costs and other one-time expenses. The main item of one-time expenses that can be reasonably anticipated at this point are outlined on page 18 of this presentation. These initiatives reflect our commitment to improving profitability as we work toward achieving GS 2026. These structural reform, we believe, are necessary. These measures include initiatives to optimize our workforce overseas, which are expected to result in annualized cost saving of approximately JPY 3 billion from the next fiscal year. We position all of these costs as strategic investment aimed at supporting future growth. We continuously review our business portfolio and conduct strategy reviews to drive growth. While the business environment is constantly evolving, we will actively manage these changes to achieve final year of GS 2026. That concludes my presentation. Thank you very much for your attention. We will be getting into Q&A. Please raise your Zoom virtual hand if you have any question. If you want to cancel your question, you can again click on Zoom button for the Raise Hand button. But we wanted to make sure we give more people to ask question. Please limit your question into two questions at any given time. And Otaka-san will be joining from the head of the management, as a part of the management team, joined with Hagimoto. Kotani-san from Mizuho, you will be the first person to ask. So this is Kotani from Mizuho Securities. Can you hear me okay? Yes. So on 18, page 18, you were talking about the amortization. It says JPY 2.6 billion, and I think at the beginning of the period, it was JPY 4 billion. And if I look at the related costs in quarter three, I think you originally said these were supposed to amortize in the first part of the fiscal year. So that amount seems to have well, has been brought ahead to the fourth quarter for the amortization fees, and so it looks to me for next year, I think the goodwill for next year also taken into consideration. So, I'm just looking at the valuation of inventory's changed, and the goodwill costs seem to be lower over the long period, seem to be slightly down from what was originally planned. But it seems to me that those costs seem to have swelled slightly. Kotani-san, thank you very much for your question. So as your understanding is correct, this is pre-PPA, and this, these were, these amortization costs for the current fiscal year are JPY 4 billion, and they had been shared provisionally, tentatively. But for the final amortization depreciation expenses, we used an external organization to reevaluate these, and the result of that external evaluation was that the we had previously expected them, so they are below our initial expectations. And it says at the bottom of here, the inventory, step up of inventories. This was when we made the purchase, these were reevaluated. The costs were reevaluated under the IFRS rules. So the inventory period, they've been distributed across the inventory period, so there's no impact on cash flow, but on the PL, they, they have to be recorded on the... So they are JPY 4 billion and JPY 7 billion for next year. But, you know, they will not, however, be from... Okay, thank you. So for these, in these two years, these fees will occur, but after that, there will be very lower goodwill fees. So it will be in the black in term, will be getting closer to being in the black in terms of amortization? Yes. We had expected it to be JPY 9 billion, but it was actually JPY 65 billion in terms of those amortization fees that came with the purchase of OrganOx, but we expect that to be lower than previously predicted. And secondly, a final question. I just wanted to ask about the Rika. The share of Rika, I think, probably will be about JPY 50 billion of total revenues, and I think there are some supply chain issues. But if we look at this now, I think it'll be about JPY 30 billion-JPY 40 billion in terms of the portion of revenue. So is this the effect of deploying Rika later has had some effect, I think. So could you give me this JPY 50 billion that you had previously predicted for Rika, why is that late? Why is that late to come online? Also, I think Haemonetics, a competitor product is also delayed in deployment. So could you just let me know on that front? Thank you. So for Rika, the revenues for Rika are, we haven't disclosed those at present. But when it comes to the, there was some late deployment. There wasn't any late deployment of Rika. So as I explained last time, it has been extremely efficiently utilized, and so it's lower than our initial assumption for the portion of Rika of net sales, but there is no particular... No, there is no delay in the deployment of Rika. And we are currently improving the product and deploying promotions to increase customer inquiries, acquire customer take-up. So there's nothing particular to add regarding Rika, but it is proceeding on plan steadily. So the... Comparatively, it is not a particularly large-scale customer in question at where we are expanding our promotions, and so we are looking forward to further developments, and so this is one pillar of our growth pillars, one of our main growth pillars, and the development is proceeding as planned. Thank you very much. Thank you very much. The next question will be Tokumoto-san from SMBC Nikko Securities. Yes, this is Tokumoto speaking. I hope you can hear me. Yes, yes, we do. Okay. Thank you. My first question goes back to slide 12, about your projection beyond the on and beyond next financial year. And there are some... You are also reducing some cost, you know, also saving some labor cost, personnel cost. But can you just once again share any project that you are planning to implement for the next financial year? I mean, passing the prices over to customers, you talked about, you know, that will be implemented, but inflation is not going away. I think, you know, can you talk about is this becoming more difficult? You also talk about profit improvements overseas, but can you share any other projects locally or in any other regions that you can share? Well, thank you very much for your question. Let me pick up your question about price point and our programs overseas. My colleague, Hagimoto-san, COO, may jump in if necessary, but let me just start off. First, on pricing point, we are just passing the prices based on the inflation, based on our terms in agreements. We will continue to do that as we've been doing already and go beyond next financial year. We are also getting some impact from customs, and so we are actually putting surcharges as the types of the impact of the tariffs. So we will continue to work on those pricing initiatives beyond next financial year. You also asked me about the restructuring in overseas. We have in Q4, page 18, slide 18, as it shows on the QA, we are planning to have JPY 1 billion in one-time cost for project reduction severance of the people. This is one-time cost in FY 2026, and we are expecting the positive impact to continue beyond FY 2026. Well, let me just add one comment. We, within FY 2025, we are running several different projects, and you know, we are also have some positive impacts from pricing initiatives. We, of course, are managing that. But the price programs, I cannot share, disclose any specific numbers, but market is going inflation, and we are increasing prices based on if not higher than inflation. So we will be passing the prices because we are delivering added values. As a company, we are just looking at having more values added so that we can increase the prices faster than the inflation. We will continue to do that. And on the other hand, there were kind of reduction on negatives, like restructuring projects. These are the initiatives that we are running for this year, as well as last year, as one-time costs. But our programs in FY 2026, the very final year of GS 2026, we are making sure there's not going to be negative ripple effects at the end of the year in FY 2025 and FY 2026. So all those negatives that we need to deal with, we need to consume, including the one-time negative cost, we wanted to have them just done it all at once. Oh, okay. Well, thank you. I just want to clarify about restructuring JPY 5 billion in overseas, and this is some number that we didn't see in Q4, but you just add it as you have made the decisions to implement? Well, the... We've been talking all through about the necessity to go through restructuring cost, but we have more precise numbers, so we decided to post it here. Okay, understood. So I think, Germany, Leverkusen, you know, you also mentioned about that, but, can you just share about what kind of approaches you are getting? There's going to be some time before the production lines go up running, but after negotiation, it would be the timing in which you will be starting to recognize revenue from that plant. I think that's one of the assessment points for assessing value for your stock. So can you talk a little more about the recognition of the Leverkusen plant? Well, we do have signed a NDA with them. We are discussing, you know, with multiple different potential customers for PS business. As you can see on this slide, in this financial year, we are just a mid-20s two-digit growth. This growth is substantially very good. We are getting a good reputation for stable supply, reliability. For revenue, is that going to be profitable? We would like to share those perspective and deliver those targets in the next midterm plans. Ah, okay. Understood. Thank you very much. That is all. Next, Citigroup, Yamaguchi-san, please, from Citigroup Shoken, Citigroup Securities. Ah, yes. Can you hear me? This is Yamaguchi from Citigroup. Well, for quarter three, we look at quarter three alone, the gross profit ratio seems slightly down, but the product mix, are the tariffs the biggest impact on this, on the product mix, or? Yes. So on the right-hand side, are you referring to our gross profit? Well, OrganOx, the purchase of OrganOx has also had an impact, but the weakening yen in quarter three has also had an impact as well. So it's 1. This has affected the gross profit rate by 1 point, I believe. But the tariffs, I think these 3 impacts have been impacting the gross profit rate, ratio. Also, sorry, the CFO was just talking about these one-off costs. So for next, it says OrganOx. You've already explained that, but apart from other impacts for these one-off costs, these next in next year, do you think there will be any other significant one-off costs or one-off losses? Yes, I think your understanding is largely correct. Of course, in the balance sheet, including the balance sheet, we, having made all the necessary investments, we believe that this is what we can expect to harvest. But we do want to improve profitability. Initiatives for improving profitability will be implemented in this period. So for 2026, financial 2026 as the final year of GS 2026, we hope to end in a clean manner. That's all from me. Thank you. The next question is Yoshihara-san from UBS Securities. I'm Yoshihara from UBS Securities. Thank you. Well, thank you. I too wanted to ask a question about Rika. And in the second half, you were planning to do production adjustment, but the impact was not that big, if I understood correctly. But your customers, if we are hearing their, your customers' comment, market was soft, market share also shifted quite a bit. It seems like you are also getting some headwinds, and production also, you know, you mentioned about production may be adjusted next year. But I know this will be very difficult for you to make a comment about your customer, but can you share a little more details about this Rika business and how you see it's going to go? Also, you talked about the acq uisition of new customers, and when this business has just started, you were looking into potentially a very big customers who are not them, not your customer back then. But you also talked about having approaches—approaching to small to mid-size customers. Have something got changed in terms of the target customer base? Can you talk about that, please? Well, thank you very much for your question. So CSL or any other competitors may make some comments, but we will refrain from make any comments about what's represented by the competitors. But we are just competing, making some progress so we can compete with CSL. And in next financial year, we are expecting to see we are not expecting a shrinking revenue from innovation. So we are expecting very stable revenue source. And your question about expansions of customer base, I'm sorry, maybe this was not clear to in our explanations. But our approach to big potential customers, nothing has changed. So it will be incremental on top of it, in to expand our opportunities working with small to medium-sized customers as well, on top. Well, thank you very much. My second question is not directly related maybe to your financial performances, but your fundamental, I think, is quite doing well. But you are also having some challenging time over the last one year. Can you share examples of contentious discussions you may be having within the top management team? If there's none, that's, that's also fine, but are you also looking into because there could be an option for you to buy back some of your shares back. Can you just talk about that as an option? Well, thank you for your question. I will refrain from any comment about share buyback in this meeting, but we are not happy with the stock price of today. That's how we see it, also. And how can we, including OrganOx, right? Or, you know... So we wanted to send the message that people will hopefully be understanding that we are making investment for the better future. So we will continue to run those programs in the future as well. And we, the share prices are decided with many different factors. There's no single answer, no solution, one bullet to increase the share prices. But I think we can maybe send our message more clearly, loudly, so that we get to have a chance to explain why and what we are doing. So, this is actually a big topic within our top management meeting because we are, you know, we will be performing well, we will be hitting the target in the GS 2026, but we'll also need to do a good job communicating with the people in the marketplace. Okay, thank you very much. Next, Morgan Stanley MUFG Securities, Hayashi-san, please. So hello, this is Morgan Stanley, Hayashi. Can you hear me okay? Yes, we can hear you fine. Thank you very much. So my first question is regarding TBCT, and I believe that from your data, I have calculated that in the third quarter, the net sales, apart from FX impact, are about 20% up in terms of revenues. And I think with the Rika production adjustment, with that in mind, in quarter three, that has been taken into account. But your production lines, is what I'm talking about, are able to absorb that negative impact or are able to manage that negative impact, you were saying. So I just would like to hear some more details about that. What kind of response, what kind of effect that's had on, h ow are you going to absorb that drop in? I think that you have already taken into account the production adjustments, but the Leverkusen plant could—I think revenues could go up, possibly. Could you give me some color on that, please? First of all, so thanks in terms of net sales versus revenues, first of all. The Rika has contributed significantly to the increase in revenues, but for the other elements, for other products, Toraymyxin, those are also having favorable sales. Particularly in Asia, we have secured a tender in Asia, which has contributed greatly to increased profits, increased revenues. And the effect of those increased revenues and the production as adjustment in terms of yield and improving production, yield and production, I think will bear out positively in our operating profit from now. But I think in November, in your explanation in November, you were saying that the quality was too high, and there were, on the business side, you were talking more about the business side. I feel it's slightly different. There's a bit of a disparity with what you explained in November. What in November, what were you predicting? And this time, now, why is the minus lower? Is it to do with Rika? Good morning. Yes, so let me add into that. So regarding the, y ou're referring to the consumables for the Rika business. Well, the net sales and the forecasts, if those come down, then the inventory level, I think, will—we don't need to create that beyond need, so we would do some production adjustment. However, of course, for the actual distribution of the accumulation of inventories, that does bring down, you know, profits. But in terms of activities to increase productivity, then the production cost, if we're able to bring that down, so that's why we didn't have such a big minus in our revenues this time. That would be the- Right. So the net sales for Rika has gone to plan, but the margin, has any negative impact on the margin has been brought down to a minimum. Is that correct? Yes. Well, what fluctuates is the, if we look at the PSI, then these, to keep the stock at a certain level, we have adjusted production. So overall, the structural impact is, has been absorbed as offset by our higher production efficiency and production adjustment. Thank you. Understood. Okay, my second question is to do with OrganOx, and I think there are three companies involved in OrganOx. In the third quarter, then the JPY 2.9 billion sales, that is, is that in line with your initial predictions, your forecasts? I think for the full year, JPY 9 billion a year is what you were predicting, and in quarter four, I think that has—I think, are you on target in terms of the pace for OrganOx's results? Yes, well, thank you. In November and December, those two months have passed. Compared to the previous year, it is a very high level of growth on a year-on-year basis. But in the, what we were initially expecting, in quarter three, we have gone perhaps beyond that slightly. But sorry, it's gone down compared to our prediction due to a slowdown in donors, available donors, but the demand remains extremely strong for OrganOx. So I think, it is, the growth trend is on target, and it was a slight depression in quarter three due to a lack of donors. In quarter four, it'll go back to the original trajectory. Is that what you're expecting? Yes, that is our prediction. It will return to the expected trajectory for quarter four. Thank you. Next, question is Tony Ren from Macquarie. Hi, can you guys hear me? Yes, we can hear you well. Okay, perfect. Yeah, so, my question is also about the OrganOx on slide number 10. So, you know, based on the data on this slide, I calculated that the revenue increased about 46%, but the adjusted operating profit increased about 136%, so more than doubled. Did you do any cost improvement over there? Did you try to reduce any cost in manufacturing, you know, SG&A or or R&D related expenses there? So, thank you very much for your question. This is a result of the OrganOx organic growth. We did not do any specific approaches at this point in time. This was all activities that was already planned by OrganOx prior to our acquisition. What we do believe is that, as we mentioned earlier, OrganOx's business structure is a very highly profitable structure, and as the revenue grows, there is room for profit improvement. What we want to also materialize is that the overall capabilities that Terumo as a group has. By combining those kind of, you know, the skill sets or the manufacturing capabilities of OrganOx, some of the technologies that we have with Terumo, we do hope that we can also accelerate this kind of growth in the profitability. Okay, so it is a matter of growing the revenue base and therefore able to cover the fixed cost? Yes, exactly. Okay, perfect. Yeah, my second one, very quickly, just wanna go back to the CSL, your customer CSL situation, right? I mean, obviously, we know that they had a lot of changes this week. Are you foreseeing any future impact because of the changes at your largest blood plasma customer in the U.S.? Obviously, we cannot comment on CSL's specific situation, but from our point of view, we do believe that the demand for Rika and the disposables, that's sort of our revenue stream, is not significantly impacted. Our understanding is that we will continue to provide the Rika disposables to CSL. There may be some discussions about the volume in the future, but at this point in time, we do not see significant changes in our projections. Okay. Very well. Yeah, thank you very much. So next, Nomura Securities, Mori on the line, please. Mori-san. This is Mori from Nomura Securities. Can you hear me? Thank you very much. Well, there are two questions I'd like to confirm. First is regarding the Rika. So the profitability of this compared, and the growth trajectory, I would like to know whether that'll change or not, but... This is regarding the projections. There is no change to our projections, and our initial projections have not been changed for Rika's growth trajectory. Secondly, in your explanation, you talked about achieving GS 2026. You made several references to that, but what items need to be achieved for GS 2026 to be achieved? What are the criteria for achievement in order to fulfill GS 2026? Thank you very much for the question. So we have our financial objectives, three financial objectives. These were announced in December 2021, which were to get, you know, double-digit growth in revenues in the late teens, you know, double digits. Secondly, would be the profitability rate, 20% operating profit ratio, which. And the third is ROIC, 10% ROIC. T hat is the, excluding the impact of M&A, but I think for ROIC of 10%, we want to achieve that as another key pillar. And so it's not that if one of those is okay, all three of these financial objectives needs to be achieved for us to deem that GS 2026 has been achieved. Right, so within segments and the profits within each separate segment, if you want to, GS 2026 needs to be achieved across segments, is that correct? Yes, depending on the business segment, then there are some variations, but we have a all-company financial targets as an overall, which need to be achieved for us to declare GS 2026 to be, achieved. Next question goes to Saito-san from JP Morgan Securities. Oh, I'm sorry about that. My name is Saito from JP Morgan Securities. I hope you can hear me okay. Yes, I do. Okay, thank you. Sorry about that. So just wanting to talk about the slide you analyzed, the operating profit, ups and downs. I wanted to ask some detailed questions on the price and the expected price, revenue. You talked about customs tariffs and prices in details, but the other things, the other include the impact from inflation that you discussed back in Q2. You talked about some COGS impact, negative impact because of inflation. So I would say majority of the impact was coming from M&A transaction. Just wanted to see if there are all those details included in this analysis. Well, thank you for the question. Depreciation, COGS from depreciation on M&A is adjusted values. So that's JPY 5,591, and JPY 4,139 actually includes the M&A adjustment. So that's not counted in that JPY 103, which is about the impact from revenue increase. Revenue increase is also getting impact on tariffs, inflation, product mix, are all encompassed within that JPY 103. Okay. Thank you. You also mentioned about product mix. Is there any specific business that you saw quite a big change in product mix? Especially for life care and pharmaceutical solutions, the factories are, you know, using Japanese factories. Are the margin structures a change or not change? Can you just add a little more comment about those? Oh, on your question about life care, there's not much of a big change on profitability structure. For pharmaceutical, the revenue is growing, and as it goes up, we can just absorb fixed costs as a leverage. And, so, that would be the part in which we are seeing the, positive impact. Well, the other... this might be way too much in details, but on the plasma business is expected to grow, then the revenue, if you look at JPY 103, the impact will count it on driving that JPY 103 up higher. So, if you look at the business structure as a whole, you know, that, mix, mix impact will be negative. So there's that kind of structural details. Okay. Thank you very much. That is all from me. Thank you. We will end Q&A there, as that is the end of the allotted time. That marks the end of today's presentation. Thank you very much for your participation here. We close the event.