Thank you very much for attending the presentation of the summary of financial results for the third quarter 2025 and fiscal 2025 guidance by Bridgestone. Members to be introduced: Representative Executive Officer, Global CEO Shu Ishibashi. Global CAO, Global CSO Yasuhiro Morita. Global CFO, Global Financial Division Head Naoki Hishinuma. So we have three presenters. I would like to at this juncture hand it over happily to Mr. Shu Ishibashi, who is the Global CEO and Representative Executive Officer, to give you the summary of financial results for the third quarter 2025 as well as fiscal 2025 guidance. Good afternoon to everyone. I am Ishibashi, Global CEO. I will now explain our nine-month results for the third quarter and fiscal 2025 guidance. On a cumulative basis, through the third quarter, adjusted operating profit increased year on year, excluding foreign exchange effects. Both revenue and profit increased. Net income decreased year on year due to the recognition of JPY 76.6 billion in adjustment items, including the second stage of rebuilding expenses. The business environment remains challenging. Raw material impacts are trending towards reduced profits. The impact of U.S. tariffs, which is minor in the first half, has expanded since the beginning of the second half. We are countering these factors through a combination of various measures, including improving selling prices and product mix, and continuing to strengthen our premium focus. Meanwhile, the U.S. economic slowdown has become apparent, significantly impacting us through slower improvement in our U.S. equity retail operations, a substantial decline in sales of truck and bus tires for new vehicles in North America, a resulting decrease in exports from Brazil to North America. Under these circumstances, we are further accelerating the activities promoted as part of our actions in, quote, the era of emergency and crisis management, end quote. Steady global business cost reduction activities have generated cumulative effects of approximately JPY 52 billion compared to the previous year, strengthening the second stage of rebuilding measures, considering additional measures. Through these efforts, we believe we are achieving tangible results in reinforcing our business quality. Furthermore, starting in the second half of this fiscal year, we are gradually initiating gross fixed quality for replacement tires. Based on a premium focus, we are building and executing strategies across the BBGF, which stands for the best, better, good, and fighting categories, tailored to each such category. We are also intensifying efforts to revitalize Firestone Tires in North America, our most critical market. In the third quarter, we expanded sales of aftermarket passenger car tires in key markets such as North American Firestone brand, Europe, and Japan, and also achieved expanded sales of truck and bus tires in North America and Japan. Furthermore, the volume increase effect and the resulting improvement in conversion costs generated an increase in profit of approximately JPY 6 billion in the third quarter alone, steadily contributing to growth. Furthermore, adjusted operating profit for commercial B2B solutions, which we position as a gross market, increased 144% year on year, driving gross fixed quality. We will now explain the details by area of management priority. North American operations recorded year-on-year profit growth. The premium tire business secured an adjusted operating margin of approximately 15%. Notably, the truck and bus tire business has a solid foundation, achieving year-over-year sales growth in the aftermarket tire segment, particularly for the Firestone brand, while also expanding sales and increasing market share in retreads. We anticipate a significant improvement in profitability for the full year. In passenger car tires, the effects of rebuilding the U.S. consumer tire business and the multi-brand strategy are becoming apparent, achieving increased sales and market share for the Firestone brand in the aftermarket. Concurrently, improvements were made in the U.S. equity retail business through increased sales of major brands, continuous enhancement of customer satisfaction, and the launch of new-style retail outlets. This resulted in year-on-year profit growth and an adjusted operating margin exceeding 7%. We will continue these activities throughout the full year to further improve profitability. However, as explained earlier, the slowdown in the improvement of the retail business due to the economic downturn in the U.S. and the negative impact on earnings from the decline in sales of truck and bus tires for new vehicles in North America. Furthermore, the cyber incident which occurred in North America from August to September will also be a factor in the decline in earnings. In Latin America, we promoted business rebuilding and achieved year-on-year profit growth. We have renewed our management structure and are advancing operational improvements across the entire value chain, from retail and sales to production at the actual sites or the gembutsu gemba. The rebuilding of the Brazilian business is also progressing as planned, with profitability continuing to improve since the first quarter. However, the impact of reduced exports of truck and bus tires to North America due to the U.S. e conomic slowdown has been significant, and unfortunately, achieving profitability in the fourth quarter alone, as we had aimed for, now appears challenging. We will continue to improve operations under the new management structure, the One Latin Team. Our European operations, which faced many challenges, are undergoing transformation of the shape and achieved year-on-year growth in both sales and profits. In the premium tire business, we secured an adjusted operating profit margin of 6%, with both the trucking bus tire business in areas of rebuilding and the retail business achieving year-on-year profit growth. In the trucking bus business, profitability was achieved across the entire portfolio, including new car tires, aftermarket tires, and retreads. We will drive growth by introducing new products featuring enlightened and strengthening our fleet business. In the retail business, we will continue to improve operations at Genbutsu-Genba and expect to achieve profitability for the full year. For aftermarket passenger car tires, overall sales expanded significantly year-on-year by 105%, with high rim diameter tires growing by 113%, leading to increased market share. We will continue to lead gross fixed quality in Europe. We believe that the European business will complete the business rebuilding in 2025 and that the foundation for accelerating gross fixed quality from the second half of 2026 is taking shape. The Asia- Pacific, India, and China business saw a year-on-year decline in profit, partly due to foreign exchange impacts. However, excluding the effects of exchange rate fluctuations, including those of local currencies, it achieved solid profit growth. Furthermore, the adjusted operating profit remained at around 11%, continuing to strengthen and improve business quality. By major region, the Indian consumer goods market, a gross market, continues to increase profits and gain market share. We are strengthening DANTOTSU products, expanding the family channel, and enhancing collaborations with strategic partners, and will continue to pursue gross fixed quality going forward. In Thailand, where rebuilding is being promoted, the effects are being shown with increased sales and market share in consumer goods. In Asia, while the market environment currently faces intense competition from low-cost Chinese tires, we will further strengthen our foundation. This will be achieved by implementing the BBGF strategy, primarily in Thailand and Indonesia, where we historically maintain high market share and by enhancing our family channel. For the full fiscal year, we anticipate securing solid sales and performance at Bridgestone's second home market. The specialty tire and solutions business saw a decline in profit due to a time lag in the pricing scheme reflecting raw material prices and exchange rate indices, the rise and fall of those. However, it maintained a high profitable structure with an adjusted operating profit margin exceeding 20%. Furthermore, in mining and aircraft tires, positioned as gross markets, we are steadily expanding and strengthening our B2B solutions. For the full year, we expect to maintain a high profit structure with over 20% margins, even with a significant profit decline and loss-making businesses in the agricultural tires. Next, I will explain to you the financial results by business portfolio. The premium tire business secured an adjusted operating profit margin of just under 14% despite challenging conditions. The solutions business, a gross business, achieved a significant profit increase with adjusted operating profit up 155% year-on-year and a profit margin also growing by 2.7 percentage points over the previous year. With this segment, commercial B2B solutions achieved a profit margin exceeding 11%, representing a margin increase of over 3 percentage points year-on-year. The retail business also saw a substantial increase in adjusted operating profit, reaching 163% of the previous year's level, achieving continuous improvement in profitability. On the other hand, the diversified products business faces deep challenges, and we will accelerate its rebuilding efforts. Finally, I will explain to you about our full-year guidance. Taking into account changes since the first half results announced in August, we have unfortunately revised adjusted operating profit downwards by JPY 15 billion from the initial February guidance of JPY 505 billion to JPY 490 billion. Net profit of JPY 253 billion and the dividend paid per share of JPY 230 remains unchanged from the initial forecast. I will now explain the factors behind this downward revision. First, regarding the direct impact of U.S. tariffs, the effect on adjusted operating profit remains unchanged from August at JPY 25 billion. While the full impact will be felt in the fourth quarter, we are strengthening business quality through intensified global cost reduction activities and implementing additional business rebuilding measures, the second stage of such. Furthermore, as previously explained, starting the second half, we are initiating gross fixed quality in our consumer, passenger, and truck and bus tire business and commercial B2B solutions to improve profitability. Even in August, we anticipated deviations from the initial plan due to factors beyond tariff impacts, such as deteriorating performance in Latin American operations and diversified businesses. However, we expected to offset these through a combination of various measures, which are progressing as planned in the November forecast. Significant changes since August, however, have had major negative impacts on full-year performance. These include a substantial decline in sales of TBR tires in North America due to the U.S. Economic slowdown, a corresponding decrease in exports from Brazil to North America, and a slowdown in the significant improvement initially anticipated for the U.S. equity business. Additionally, the impact of the cyber incident in North America, though solved by mid-September, also contributed to the profit decline. Due to these two changes of factors since August, we unfortunately decided to revise downward adjusted operating profit by JPY 15 billion. This is an overall revised 2025 guidance. Adjusted operating profit is JPY 490 billion, securing year-on-year growth. Adjusted operating profit margin over 11%, ROIC around 9% level, ROE expected to be around 7% due to a negative impact from approximately JPY 100 billion in adjustments, including rebuilding costs. Net income and dividends are expected to be in line with the initial guidance, and we will continue to strengthen shareholders' returns. For fiscal 2025, we believe we have established a certain level of foundation for the gross fixed quality. However, regarding adjusted operating profit, unfortunately, it fell short of the guidance, resulting in the performance outlook that leaves challenges unresolved. Looking ahead to growth from fiscal 2026 onwards, we will thoroughly strengthen our business quality, continue to solidify our foundation, and lay the groundwork. For fiscal 2026, with a significant rejuvenation of the top management, we will shift to growth with quality as the final year of the 24 MBP, continuing our evolution into a strong Bridgestone. Winning in the turbulent business situation, we sincerely appreciate and ask for your continued understanding and support. Thank you very much for your attention. Thank you very much. That was Mr. Ishibashi on the summary of financial results through the third quarter and fiscal 2025 guidance. To follow, I would like to call upon Global CFO and Executive Director of Global Finance, Naoki Hishinuma, to present financial results for the third quarter fiscal 2025. Being in charge of finance, I am Hishinuma. Here's my agenda today. Now, I will begin by explaining the consolidated business and financial performance for the third quarter fiscal year 2025. These are the cumulative consolidated results through the third quarter fiscal 2025. Revenue: JPY 3,234.9 billion, a 1% decrease year-on-year. Adjusted operating profit was JPY 368.4 billion, a 4% increase. The adjusted operating margin was 11.4%, an improvement of 0.6 percentage points year-on-year. Excluding foreign exchange effects, we achieved both revenue growth and profit growth. Profit attributable to owners of the parent was JPY 203.5 billion. While steadily advancing the second stage of rebuilding to reinforce business quality and recording approximately JPY 77 billion in related expenses as adjustment items, net income decreased year-on-year due to factors including the recording of approximately JPY 63 billion in gains on sales of fixed assets in the prior year. We will explain the factors affecting the year-on-year change in adjusted operating profit. Cost increases due to rising raw material prices, primarily natural rubber, and inflation, along with the impact of unrealized inventory and gains included in others, were offset by improvements in selling prices and product mix. Steady progress in business rebuilding came to improve business quality and the effects of global business cost reductions. This resulted in a year-on-year increase in profit. Furthermore, in the third quarter, sales volume also increased and conversion costs improved in line with the volume increase. We are gradually starting to see gross fixed quality starting with replacement tires. Performance by segment. In the Japan segment, domestic replacement tire sales exceeded the prior year, leading to increased revenue. However, due to factors such as the timing difference in the exchange rate and raw material index-linked price adjustments in the mining tire business, profit decreased year-on-year. Excluding the impact of exchange rates, the segment achieved most increased revenue and profit. In Asia- Pacific, India, and China, regressed lean expense management and rebuilding initiatives drove profitability improvements. Excluding currency effects within the region, profits increased year-on-year. In the Americas, the truck and bus tire business and the retail business in North America contributed to increased profits and improved profitability. In Europe, the Middle East, and Africa, expanded sales of passenger replacement tires, particularly high rim diameter tires, contributed to increased profits and improved profitability. In both regions, business cost reductions and reinforced business quality through rebuilding initiatives supported performance. Now, I will explain the performance by product category. For passenger car and light truck tires, particularly improved year-on-year through the continued expansion of premium tires such as high rim diameter tires and improvement in the product mix. For truck and bus tires, sales of aftermarket tires in North America remained strong, and the effects of business rebuilding gradually materialized, leading to increased profits compared to the prior year and significant improvements in profitability year-on-year. Specialty tires saw steady sales of mining tires and expanded B2B solutions. However, due to the timing effect of exchange rate and raw material index-linked price adjustments, as well as reduced profits in the agricultural machinery tire business, profits decreased year-on-year. Nevertheless, profitability remained high at 20.6 percentage points, maintaining a high profit structure. The diversified products business segment will be explained on the following page. The diversified products business achieved year-on-year profit growth through fixed cost reductions and asset streamlining. However, the challenging business environment persists due to continued weak demand for construction and agricultural machinery. The sports and cycle business recorded a cumulative loss. However, within the cycle business segment, we are working to improve performance by expanding sales and reducing fixed costs, resulting in a narrowing curve of the losses. The Americas diversified products business continues to face a challenge in business and environment, but improved profitability in the new vehicle business led to increased profits compared to the prior year and improved profit margins. Next is adjustment items for the cumulative third quarter. Rebuilding-related expenses totaled JPY 76.6 billion, with the main breakdown as shown. Continuing from the first half, we recorded business rebuilding-related expenses primarily in North America, Latin America, and Europe. Financial statements and cash flow status. The total asset decreased to JPY 5,488.5 billion compared to the end of the previous fiscal year, partly due to the impact of yen appreciation. The cash and cash equivalent ratio relative to monthly sales decreased by 0.4 months compared to the end of the previous fiscal year. We are promoting lean management towards our target of 1.5 months of monthly sales. Finished products. For finished products, we continue to rigorously implement lean inventory management, resulting in a decrease compared to the same period last year, excluding the impact of the exchange rate. Free cash flow resulted in the inflow of JPY 243.7 billion. While steadily executing gross investment, we improved operating cash flow through enhanced working capital management, achieving a JPY 97.8 billion increase in cash flow compared to the previous year. Regarding the capital policy announced in February, we are steadily advancing share buybacks and leveraging debts. For share buybacks, process stands at approximately 86% as of the end of October, proceeding according to the plan. Next, I will explain fiscal 2025 guidance. As explained earlier, we revised consolidated earnings guidance for the full fiscal 2025 as shown on the slide. We expect revenue to increase by 1% compared to the February guidance, reaching JPY 4.36 trillion. Unfortunately, we anticipate adjusted operating profit to be lower than planned at JPY 490 billion, though we plan to secure a year-on-year increase. Net income remains unchanged from the guidance at JPY 253 billion. The dividend per share also remained unchanged from the previous forecast of JPY 230 for the full year. I will now explain the factor affecting the revision in adjusted operating profit. The impact of rising raw material prices was offset by selling prices and product mix. Regarding tariff impacts, we were countering them with various measures. We expect to achieve year-on-year profit growth by realizing gross fixed quality, strengthening business rebuilding efforts, and generating effects from steady global business cost reductions. Now, for the segments as revised for 2025 guidance. In the Americas segment, although profit forecast has been lowered from the February guidance due to the apparent slowdown in the U.S. economy and the impact of cyber incidents, we continue to plan for year-on-year profit growth. In Europe, profit forecasts have been raised from the February guidance, driven by increased sales of premium tires, particularly HL tires, and steady progress in business rebuilding. Finally, we will explain the stock split. At the Board of Directors meeting today, we resolved to implement a 2-for-1 stock split. This aims to create a more accessible investment environment for investors and encouraging the expansion of the investor base. The record date is December 31, 2025, and the effective date will be January 1, 2026. Please note that the year-end dividend forecast remains unchanged at JPY 150 per share, as it is based on the number of shares prior to the split. This concludes my explanation. Thank you very much for your attention. Thank you very much. That was Mr. Hishinuma on financial results for the third quarter of fiscal 2025. Moving on to questions and answers from Jiji Press. Yasuda-san, please. Yasuda from Jiji Press. I hope you can hear me and you are speaking. Thank you. The actual performance of the four-year guidance. You referred to the slowdown of the North American macroeconomy with a substantial impact. Background factors as well as a prospect going forward. I would like to get your views further. Thank you. First of all, in our retail operations, it is affected by consumer confidence. This is a leading factor, which seems to be aggravating faster than others. The consumer trend is getting more and more reserved. That, of course, is linked to the selling prices as well. Anyway, it is getting weaker. Retail operations that we have in the U.S., customer satisfaction survey and all that points to the improvement of the confidence and mood. We started the fiscal year with a higher level target. In comparison with that, this duration of the market's economy, it's such that the improvement, yes, but not as much as we had aimed for in the beginning of the fiscal year. As regards the truck and bus tire business, the OEM truck assemblers, there are quite a few of them in the U.S. As you are aware, their respective performances, they have been trending down. That's happening sharply and quite rapidly since August that the total number of trucks assembled started to decrease. Our share actually has been rising. However, the total market variable of the truck market, because of the decreased assemblies, is affecting us negatively. Because of the rising trend of our own market share in that particular market share segment, we have not been hurt any more than what we reported to you. The leading index that we have in that regard, and not to mention the U.S.-China bilateral relations, we cannot take our eyes off of that. The situation remains to be quite volatile. Into next year, truck assemblies, the overall trends will continue to be severe. However, the consumer trend, as we expect into next year, would be possibly changed for the better because of various government initiatives. That's it. Thank you very much. Thank you, Mr. Yasuda, for that question. From Nihon Keizai Shimbun, Mr. Takahashi, please. Thank you. I am Takahashi of Nihon Keizai Shimbun. I would like to ask you about the currency or the exchange rate. This time, you had given JPY 148 or JPY 147 as a forecast. I think JPY 145 or EUR 150 were what you had, but you had actually revised this and the impact on your performance as a result. Under the Takaichi administration, I think there is a further advance of the depreciation of yen. What is your forecast? CFO Mr. Hishinuma will respond to this question. The impact of the exchange rate is that weakening of yen does actually work as a positive factor for our results, maybe about JPY 2 billion or JPY 900 million for Europe. These are the impacts from the exchange rates. As we move towards the end of the term, we are reviewing this, and the impact towards the end of the year is if there is more of the depreciation of the yen, there could be some negative impact. Basically, those are the impacts that we see from the exchange rate. As for the exchange rate forecast for next year and so on, the basic trend is that reflecting the difference in the interest rate. I believe that it will probably proceed as is, but the present level of the depreciation of yen. I think maybe there will be a further advance in the weakening of the yen as compared to what we had anticipated. I think we are now discussing as to how we could project this. Those are under discussion at present right now. Would this respond to your question? Thank you very much. Thank you, Mr. Takahashi. From Diamond, Yamamoto-san, please. Yamamoto from Diamond Magazine speaking. Thank you. I have a question of Mr. Morita, Global CSO. Starting in the second half of the fiscal year 2025, gross fixed quality has been upheld. At the same time, JPY 15 billion downward adjustments in the adjusted operating profit. We understand because of the deterioration of the North America macroeconomy, there are reasons for that. What is your prospect for the economy going forward after you are going to be succeeding Mr. Ishibashi as the next global CEO? Thank you for your question. JPY 15 billion downward adjustment, yes. In the final quarter, we were expecting a very dynamic recovery. However, it is not as though that actually is going to happen. That is the major factor in the background, meaning that it is not as though in respect, in contrast with the first nine months period, the remaining three months period, that we will get weaker. That is not the change that is there. However, just that the macroeconomic, the performance recovery that we had contemplated in the final quarter alone would not happen. Now, as to gross fixed quality, it is not just the pursuit of the volume, just for the sake of volume enhancement. The quality, the gross fixed quality is very important. That we will be better, even more appreciated by those customers who will purchase our tires. Quality aspect is very important. Mindful of the downward adjustment, yes, still we do consider that we will continue to have just the same strong force of gross, particularly North American, the after the market, not to mention the truck and bus market. The third quarter results were quite good. We continue to carry forward with the same momentum to the end of the fiscal year, which will go into the next fiscal year as well. Thank you. Thank you very much. Thank you, Mr. Yamamoto. From Toyo Keizai, Hata-sama. Thank you. Hata of Toyo Keizai, can you hear me? Thank you for this opportunity for 2026 year forecast. I believe that there are quite a bit of rebuilding in place. What would be some of the impacts from the U.S. slowdown, et cetera, to your plan? I believe that you are able to expand your profit. What is the most recent forecast? As for the guidance for 2026, we are now having a discussion. This will be the last year of the 24 MBP. We will be moving towards the target for this 24 MBP. We are now trying to see what kind of impact there. When we had formulated the 24 MBP, we did not anticipate the Trump tariffs or the major transformation in Latin America. Therefore, while we counter those difficulties, we hope to be able to overcome them. As in the second half of this year, we would like to implement gross fixed quality, especially for the replacement tires for the passenger and truck tires. There are, we are seeing some new developments. We hope to be able to come close to what we had anticipated and forecasted. We will make efforts. In February next year, Mr. Morita will provide you with the performance results and also the prospect for next year. Please wait until then. Thank you very much. Thank you very much. Thank you, Mr. Hata. From here on, we would like to move on to the questions from the analysts. We have already chosen the people to ask the questions. In view of time, I would like to ask you to only ask one question per person. First, from BOA Securities, Mr. Sakamaki. Thank you. I am Sakamaki. Can you hear me? Thank you. I would like to ask this one question. For the third quarter, what do you think was your actual operating profit as compared to what you had looked at? For the fourth quarter, when you look at the variations, the operating cost seems to be a major impact factor. There may be some buffer there, although you are not concerned that much. I think you had declined a little bit or actually revised it downwards a little bit. Maybe when it comes to the end, it may not have been as bad. Mr. Ishibashi mentioned the aim to fulfill the target for the MPP. What kind of result can we expect? I think that prices are being reflected well and are going as impact as planned. Are you just being conservative in sort of lowering your figures, or what is your anticipation? Does it really have an impact for the next quarter as well? The result for the third quarter, we felt that there would be a lot of different tariffs, and we wanted to counter those tariffs. While doing that within our organization, I believe that there was a positive result. I think we did well under those situations. However, as mentioned here, there are a lot of headwinds. In the fourth quarter, as we move towards the fourth quarter, or actually we are already feeling it from the third quarter, I think those headwinds will be stronger. OE tyre situation for the truck and buses, or the retail in the retail business, the number of decline in the customer count are already being seen. For the cyber incident, there is an increase significantly of the back orders. The reason for that is the production had stopped. Although the retail or the sales continued, production had to be suspended. Therefore, there is increase in the back order. There is a loss on the part of the business, which actually happened. Right now, we have not been able to fulfill or cover all the back orders. As we move towards the fourth quarter, this will continue. It is not that we have a good buffer and anticipating this lower number. JPY 555 billion is something that we are really looking at. We really wanted to achieve this. We are very unhappy about this. Including the passenger and for the TB, there are many, many good things that are happening. There are growths, and the retails are being improving. For the passenger and TB replacement, we are seeing improvement. There are many, many improvements seen, but Latin America or diversified products and the impact of the cyber incident and the truck and bus OE in North America, they are actually sort of dragging us down. We are calmly trying to evaluate this situation. I think we need to be accountable. As a result, we had come up with the numbers that you see here. We still have a month and a half. For the tires, snow tires maybe in Japan and in European countries, we hope to be able to do much better. People are actually working hard towards that end. Maybe HRD in Europe will do a better job. We are making efforts continuously to be closer to the JPY 505 billion. For the time being, maybe JPY 490 billion is something that we can be committing ourselves to as we become accountable. Based on this, we will formulate our budget. Next year is the last year of the 24 MBP. There are various targets that we had set. As mentioned at the very beginning, there is the impact of the tariffs by Trump and also the impact of the Latin America situation, which were not actually incorporated in the 24 MBP. We do have various very positive activities, initiatives that many people are making efforts on. We hope to be able to pursue them so that we can create a budget that will sort of match or become as close to as possible with what we had anticipated. Much effort is being made. We will decide on next year's budget in December. Mr. Morita will announce them in February, along with all the plans, solid plans that we have. I hope you will be able to wait for the announcement then. Thank you. Understand. Thank you very much. Thank you, Mr. Sakamaki. Moving on, I would like to call upon Mr. Yoshida from Citigroup Global Markets Japan Inc. Over to you. Excuse me, excuse me. Could you repeat from the top? Very sorry. We could not catch the top of your question. Excuse me. For the North American segment, the third quarter profits were good. Would you analyze that? I am sure you already covered the positive and negative factors. Would you like to sort them all out once again? As to the final quarter, in contrast, it seems that you are thinking that it is going to decline either year on year or on the Q- on- Q. What about the sustainability of this momentum in North America? I ask this because there are both the pluses and minuses. Would you sort out what's really going on in North America? Okay. Mr. Hishinuma? Okay. The third quarter. Three months basis, what has changed year on year? JPY 23 billion increase in profits year on year. Big factors. Selling prices and product mix improved. Volume and expense control as well. These are on the year on year basis, the positive factors which led to the high strong performance in the third quarter. In contrast, for the final quarter outlook is that year on year negative is the cost that we project. Big factors once again. First of all, it has to do with the expense situations. What I'm trying to say is that on the four-year basis, the expense situations will turn out to be better year on year. However, for the three months base, the final quarter alone, because of the timing of the staggered, it is going to be a negative factor. Also, the tariffs. Negative impact will be bigger in the final quarter in Q4 than what it was in Q3. Basically, the negatives can be counted back. It is It is the overall situation. I hope I answered adequately. Yes, you did. That means that where you start the next fiscal year would be that the level of the final quarter and the tariff impact. I suppose that that is the level of the platform that you will start from for the next fiscal year. Your tariff factor and the business plans are being worked on. However, whatever happens in the current fiscal year will be counted back, meaning that simply put, it's the expense control where because of the timing factor, we will not be able to control the tariff matter in the final quarter. I think there is a page describing tariff situations in the presentation deck. Straightforward impact, JPY 500 million in the first half, JPY 7 billion going to JPY 17.5 billion from the billion order in the final quarter. As you can see, it's Q4. There are the various other factors there that 17.5, the number that we have to keep in mind is important in order to mitigate those impacts. We are thinking about the further refinement of the sourcing plans. Setting aside the sourcing plans that we execute, if at the same currency, the final quarter direct impact will be expected to affect us as we move into the next fiscal year, be it the sourcing plans next year and other plans as well, how we can collectively counter back the negative thrust and the blowing towards us. I hope that makes sense. Yes, it does. Thank you very much. Thank you. Thank you. Thank you, Mr. Yoshida. Next, from Morgan Stanley MUFG Securities, Mr. Kakiuchi. Thank you. I am Kakiuchi of Morgan Stanley. In North America, I would like to ask you about the price situation for TBR and for passenger, what the US situation is, and what is the overall situation for your industry? Also, the production locally in your case may be serving as a positive factor. What is the price increase for the imported tires? What is the general trend? What is your position vis-à-vis the overall market situation? As for the United States and North America, there are various litigations going on at present regarding price. For various price, we have been asked not to make any public comments or comments in public. Therefore, I am not able to comment on that. When we look at the market situation objectively, there is a major brand and the other brands levels. In some area, there is price increases, and that is true. In imported products, there are increasing prices. For the major brands, there are certain amount of price increases. Unfortunately, I am not able to comment anything more specific or concrete regarding this matter. Thank you very much. Regarding passenger and TBR, if you separate them, what do you think is the competitive situation for yourself, which is even more competitive? At present, we have Firestone Brand, and I have actually disclosed some information in the third quarter, in the first, second, and the third quarters. We have been able to increase the rate. Firestone revitalization, I think information sheet will be able to show you that. Here you will see that this is for the passenger tires. You see that there for the high rim diameter, it was 195, 105, and 107 as we go towards the quarters. As a result of that, there is an increase here, growth here. When you look at your competitors, the tires with the same level as Firestone are having difficulties. We have the Bridgestone as well as Firestone tire value, and we have been able to indicate the value and show the indicator of the tires that we have. For TB, Firestone brand is growing. It may not be as much as 113, but for the Firestone, for the TB, it is growing. We can effectively utilize the Firestone brand, and we can actually appeal the value. I think we have been able to do well in order to meet the demand of the market. Does this answer your question? Yes. Thank you. As we move towards the next year, I guess that Firestone brand will have a good impact in terms of value volume. The increase in the volume in the third quarter will have good impact on the productivity improvements in the third quarter. The fact that there is an increase in the third quarter is an extremely welcoming factor for us. There is cost, price, and the volume balance that we are looking into. If this works out well, I think we can move on to the next stage. Does this answer your question? Thank you very much. Thank you very much, Mr. Kakiuchi. It is approaching the scheduled closing time. The next is going to be the final question. Mr. Sakaguchi from Mizuho Securities, please. Sakaguchi from Mizuho Securities, thank you. Adjusted operating profit, JPY 15 billion worth of downward adjustments. The revision that you identified, three factors at play. Would you be able to quantify the magnitude for the 3 H? At the same time, North America and the trucking business and the retail equity operations, you talked about the worsening goal from the overall market economic conditions, the requirements to embark on additional measures. That is the cost that you contemplate, but that would be accompanied by the cost to be incurred. First of all, the JPY 15 billion, the three factors at play: cyber incident, the insurance matters. Due to various constraints, I cannot disclose some of the factors. However, of the three, the biggest is the retail equity retail operations, because we had looked for substantial improvements of other situations. The results are better than what it was last year. Yes, however, it was not as much as we had anticipated. Of the JPY 15 billion downward adjustments, I'd say that about one half of that comes from not as robust improvements of the individual operations. The other two, the truck and bus operations and cyber incident. Speaking of truck and bus, the market demand year on year is less by 23%. That is a sizable impact throughout the industry. As I said earlier, we do have the increase in the share among the truck companies and truck manufacturers and assemblers. Our impact is less than what others are feeling in the industry at large. Next year, obviously, we will definitely defend and preserve our share in that particular segment of the market, meaning that our position will continue to be strong, meaning that our stance is not going to be eroding. We will continue to support flexibly how the truck assemblers operate next year. In the aftermarket, we are generating profits. That being the recovered, the improved situations. Although it's been more harsh in the past couple of years, the truck and bus business is quite strong for us in the North America national fleet, retread, and key brands. We do have the suite of the DANTOTSU strong products. In sync with the macroeconomic trend, we will focus on the magnitude of recovery that our major customers will be able to accomplish in line with the movement of the macroeconomy. Now, the U.S. West in the LA area, the volume which is transported across country in North America is getting smaller. We have to watch for that. Firestone brand increasing in volume, that's sitting through dealership. Mid to smaller the fleet companies, how they will operate into next year. Also, obviously, they recognize the value of the Firestone brand, which is good. That is the reason why we have been able to further improve our share position. Therefore, in sync with the national fleet, the relationships with smaller fleet operators, those who are operating in the local supermarkets, it is very important. If the U.S. macroeconomy continues to be strong and improve, then not only national fleet, but also the smaller fleets, we will have the recovered positions. The sensitivity will be quite strong, particularly for those fleets. At the same time, 220 equity stores that we have catering to the needs of North American customers, those indices and the conditions will be followed quite closely. Basically, our action will stay the same. As macroeconomic conditions improve, there will be an opportunity for us to try a more aggressive stance. As to the cyber incident, there was one-off factor next year. We certainly assume that that's not going to be repeated. For the first two factors, the outlook is as I described. Thank you very much. Accepted. It's not as though you're going to incur any further expenses, but rather with the continuation of the same initiatives, you will be able to capture the opportunity to maximize your gains. Right. Truck and bus tires, we have already closed down the Laveran plant, which used to produce truck and bus tires. From the standpoint of total optimization, how we can continue to produce the high-end products with the controllable adequate costs. In doing that, we will be able to better take advantage of our strong position in the market. Thank you very much indeed. One more month for you, Mr. Ishibashi, and these inhospitable external conditions. I am sure that you would continue to do your utmost until the very final day. Thank you very much for the long-lasting relationship. Next time, it is going to be Mr. Morita. I feel urged to say thank you to you. Thank you very much, Mr. Ishibashi. Thank you very much for this relationship and your support. Through December 31, 2025, I commit to you to fulfill my responsibility. Please continue to support me till the end of the calendar year. Thank you. Thank you. Mr. Sakaguchi, thank you. Ladies and gentlemen, this is the end of our presentation today. The time is up. Thank you very much for attending today's presentation of the fiscal results for third quarter 2025 and fiscal 2025 guidance. We much appreciated the EU participation. The presentation is now adjourned. Thank you. Thank you.