Welcome to the announcement of financial results for fiscal 2025 by Bridgestone Corporation. Thank you very much for taking the time out of your busy schedule to join us. First, I will introduce the speakers. Global CEO and Representative Executive Officer, Yasuhiro Morita. Executive Vice President, Representative Executive Officer, Bridgestone East CEO, Nobuyuki Tamura. Global CFO, Global Finance, Naoki Hishinuma. These are the three speakers. First of all, Global CEO and Representative Executive Officer, Yasuhiro Morita, will give you the presentation first. I'm Morita, Global CEO. Thank you very much for taking the time to join us today despite your busy schedules. First, I will provide an overview of our full year results for fiscal 2025 and our business plan for fiscal 2026. Amidst a rapidly changing business environment, including the impact of U.S. tariffs, we positioned fiscal 2025 as the year of emergency and crisis management. Following the 24 MBP roadmap, we focused upon defensive activities such as business rebuilding and business cost reductions, concentrating our efforts on strengthening our fundamentals. We position fiscal 2026 as a crucial year for transitioning to growth with quality, building upon the foundations established thus far and intensifying our offensive activities. We will rapidly advance our progress, ensuring the reliable execution of key planned initiatives to evolve the entire group into a group-oriented organization. Our aim is to reclaim the position of world's number one by our 100th Anniversary in 2031. I will now explain the full year results for fiscal year 2025. By swiftly responding to changes in the business environment, such as the impact of U.S. tariffs, and focusing upon global optimization and reinforcing our business quality, consolidated global revenue reached JPY 4,429.5 billion, with Adjusted Operating Profit at JPY 493.7 billion. This represents a year-on-year increase of 2% or JPY 10.4 billion. Profit attributable to owners of parent reached JPY 327.3 billion, an increase of 15% or approximately JPY 42 billion year-on-year. This growth was driven by the increasing Adjusted Operating Profit, combined with reversal effect of uncertain tax positions. Dividend is projected to be JPY 230 per share, representing an increase of JPY 20 compared to the previous year. The impact of U.S. tariffs reduced profit by approximately JPY 25 billion. However, through a combination of measures, including optimizing supply chain management, we were largely able to minimize this effect. Business rebuilding were largely completed as planned. Business cost reduction activities also generated effects of approximately JPY 72 billion in fiscal 2025, contributing to improved profitability. Next, a summary by major region. First, North America. Due to sluggish demand, sales declined by 3%, but the Adjusted Operating Profit margin improved by 1.5 percentage points year-on-year to 11%, resulting in increased profits. This was driven by rebuilding and reorganizing effects, including optimizing truck and bus tire production bases and fixed costs, alongside steady progress in the PS multi-brand strategy and the TB Tire Solutions business. Next, South America. Profit, it declined year-on-year, barely achieving breakeven. This was due to the expansion of low-end imports and adverse impact of lower conversion cost efficiency caused by decreased exports to North America. We will continue our efforts to improve profitability. In Europe, the Adjusted Operating Profit margin reached 5.5%, an improvement of over 2 percentage points from the previous year. We achieved profit growth alongside strengthening our business foundations. This was driven by cost optimization through business rebuilding, primarily in the truck and bus tire segment, improved profitability in the retail business, and enhanced product competitiveness in passenger tires. In Asia, Oceania, India, and China, revenue decreased by 2% due to regional currency effects and the impact of sales strategies prioritizing profitability for TB tires. However, Adjusted Operating Profit reached 11.5%, maintaining a robust business structure through a rebuilding of the tire operations and the steady growth of the Indian business.... Regarding business rebuilding, we have tackled challenges head-on and made steady progress throughout the 21st and the 24th MBPs. During stage 2, implemented in 2024 through 2025, we advanced the rebuilding of our tire operations in the U.S. and Europe, diversified product business and in-house manufacturing businesses, alongside streamlining our operational structure in Japan and Asia. This phase was largely completed as planned. We will now transition into a growth phase while maintaining the robust business structure strengthened through these initiatives. Next, I will explain fiscal 2026 business plan. First, regarding our management policy, as I mentioned at the outset, this year marks a crucial transition from business rebuilding to a stage of growth with quality. If we rush, act hastily, or pursue unrealistic, unrealistic growth, we will risk undermining the robust business foundation we have built. Therefore, the entire group will carefully align the pace of this transition. We will establish a solid growth foundation within this year and united as one company striving towards regaining the position of world's number one by our 100th Anniversary in 2031. Our key growth priorities will center on three pillars: delivering attractive and competitive products and manufacturing excellence, by strengthening our global portfolio, our core competitive advantage, and enhancing our brand power. Through this, we will achieve growth with quality. I will now outline our approach to each key challenge. First, attractive and competitive products and manufacturing. As a rubber and tire manufacturer, this is naturally our most vital element and occupies a central position in our growth strategy. Building upon our robust technological capabilities, we will achieve growth by focusing on strengthening product appeal and manufacturing prowess through continuous new product launches, while also enhancing our distribution channels. In fiscal year 2026, we plan to launch over 25 new passenger tire products globally, approximately double the average of recent years, to expand sales. For truck and bus tires, we will also plan to launch over 10 new products. Alongside the continuous development of an attractive product portfolio, strengthening our manufacturing capabilities through productivity enhancement measures, such as BCMA, will be key to future growth and competitiveness. Achieving these goals necessitates further strengthening our global technological foundation. We are preparing to introduce a new executive structure, effective March 24, whereby four of the seven executive officers will be technical specialists. Chief Innovation Officer, responsible for materials and advanced technology development, Chief Product Officer, responsible for product development, and the Chief Manufacturing Officer, responsible for manufacturing. These three executive officers will report directly to the global CEO, together with the West CTO, who oversees the technology centers in Akron, U.S. and Rome for Europe. These four executive officers will solidify our global technological foundation. Business responsibility will remain under the dual executive structure of the East CEO and West CEO. Together with myself, all seven executives will unite to lead the Bridgestone Group. Regarding resources, we plan to increase resource allocation in a disciplined manner, with both R&D expenditure and CapEx exceeding the levels of the past two years. Next, portfolio management. In line with the direction set out in the 24MBP, we are advancing improvements to our earnings base through portfolio strengthening for each business, product, and segment. We will maintain this direction in the 2026 business plan as well. This chart shows the profit growth rate for the 2026 business plan, with fiscal 2023 set as 100. By business, we are transforming from a single product sales to solution-based business. By product portfolio, we are further strengthening our traditionally robust TB business foundation. By segment, we are making steady progress in significantly improving the profitability of our European operations and achieving solid profit growth in Asia and India, which are driving group growth. This year, we will continue to advance the strengthening of our business portfolio in line with the 2024 MBP, steadily executing our plans to establish a growth structure underpinned by quality.... The third pillar, reinforcement of brand power, will be promoted globally with a focus on motor sports activities. In the United States, an important market for our business, we are continuing to strengthen our activities as the exclusive tire supplier for the Firestone brand in the traditional IndyCar series, which boasts an average audience of over 1 million viewers per race. In Japan, we will continue to actively promote activities such as Super GT. Furthermore, from the latter half of this year, we will be returning to the FIA World Championship for the first time in 15 years since F1, and to participate in Formula E as a sole tire supplier. Based on the premise of supplying safe and reliable racing tires, even under extreme conditions, we will work together with our employees, customers, and partners to develop tires with a low environmental impact and optimize our supply chain, thereby promoting sustainable racing activities and enhancing our brand power. Based upon the above, guidance for the fiscal year 2026 projects increased revenue and profit, with sales revenue of JPY 4.5 trillion, Adjusted Operating Profit of JPY 515 billion, and net profit of JPY 340 billion. We will focus upon growth, particularly in the replacement tire segment, while steadily realizing the effects of ongoing business cost reductions, enhanced productivity improvement activities, and business rebuilding. The impact of U.S. tariffs is projected to reduce profits by approximately JPY 55 billion for the full year. While some effects cannot be directly offset, we will strive to achieve the planned increase in revenue and profit through global supply chain optimization and group-wide cost reduction activities. Regarding dividends, as planned in the 24MBP, we will increase the amount by JPY 10 per share compared to fiscal 2025, amounting to JPY 125 per share after the stock split. In fiscal 2026, we will continue to place great importance on maintaining harmony with all of our stakeholders. Guided by our mission of serving society with superior quality, we will continue to contribute to all stakeholders, employees, shareholders, customers, partners, and suppliers, and local communities and the society through sustainable growth. I sincerely ask for your continued support throughout this year. This concludes my presentation. Thank you very much for your kind attention. Next, Global CFO, the person in charge of global finance, Naoki Hishinuma, will talk about the business, the results of the FY 2025, and the financial guidance in FY 2026, and as well as the capital allocation. I am Hishinuma, in charge of finance. I will mainly explain the financial figures. FY 2025 full year consolidated results: revenue, JPY 449.5 billion, Adjusted OP, JPY 493.7 billion, and profit attributable to owners of the parent at JPY 37.3 billion. Excluding FX impact, revenue and profit increased year-on-year, and adjusted OPM improved by 0.4 points to 11.1%. Against November plan, we achieved increase in both revenue and profit, and met our targets. ROIC improved by 0.2 points year-on-year to 8.3%. In addition to the increase in Adjusted OP, improvement in the cash conversion cycle through leaner product inventory also contributed to ROIC improvement. I will explain the breakdown of adjustment items later. Analysis of Adjusted OP versus previous year. We offset profit declines from higher raw material costs and unrealized inventory through price and mix improvements, and largely offset U.S. tariff impacts through various measures. Through business rebuilding and global business cost reduction, we strengthened our business quality and delivered year-on-year profit growth despite yen appreciation headwinds. Results by segment. All segments achieved a higher profit and profitability. In Japan, revenue increased due to expanded replacement tire sales domestically and steady performance of ultra large OR. With higher sales volume and improvements in price and mix, the profit increased and profitability improved by 0.4 points. Americas. In North America, through expanded replacement TB tire sales and improvement in business quality through business rebuilding, profit increased year-on-year with better margin. In Latin America, the segment finished in the black overall. In Brazil, although performance improved year-on-year in the second half now through rebuilding and operational improvements, the business environment remains tough. In EMEA, performance continued to improve, driven by expanded sales of premium tires, mainly HRD, in the replacement PS market in Europe, along with a steady progress in business rebuilding. Results by product. For PS and LT tires, although expansion of premium tires, such as HRD, and the product mix improvement continued throughout the year, profit declined year-on-year due to the cyber incident in North America and the struggles in Latin America. For TB tires, replacement tire sales in North America remained steady, and the effects of a production-based reorganization, mainly in North America and Europe, materialized and resulting in year-on-year profits and big margin improvements. In specialties, the tire sales of both the large OR remained steady and B2B solutions expanded, profit declined due to lower AG sales and timing impacts and from raw material index price adjustments for OR. We continue to secure high profitability exceeding 20%, supporting overall consolidated performance. In the diversified products business, we continued steady improvements, although this year included a one-time gain from asset sales, and the profit increases year-on-year and even excluding this effect. Next, results by business portfolio. Given a tough situation and the tire business secured an adjusted OPM of slightly less than 13%, the solution business, which is a growth business, achieved increase in revenue, profit, and profitability. In particular, commercial B2B solutions achieved a profit margin exceeding 11%. Adjustment items. For the full year, adjustment items resulted in a loss of JPY 112.5 billion. Key breakdown is as shown. We've recorded the business rebuilding related expenses mainly in Europe, North America, and Latin America, and have largely completed the business rebuilding as planned. Balance Sheet and cash flow status. Total assets increased slightly now from the end of the previous year to JPY 5,747.7 billion, partly due to FX impact. Inventories of raw goods and finished products are decreased from the previous year year-end through continued and thorough lean inventory management. Free cash flow was an inflow of JPY 435.5 billion. While executing growth investments, we improved operating cash flow now through tighter working capital management, delivering JPY 141.7 billion year-on-year increase in cash inflow. Regarding the capital policy announced in February, we completed the planned share buyback and debt financing as scheduled. All acquired shares have been fully canceled. Next, FY 2026 guidance. For FY 2026 guidance, revenue JPY 4.5 trillion, up 2% year-on-year, on Adjusted OP JPY 515 billion, up 4% year-on-year. We expect adjusted OPM to improve by 0.3 points year-on-year to 11.4%. While continuing to strengthen our business quality, we will shift toward growth with quality. Next, I will explain the analysis of Adjusted OP for FY 2026 versus previous year. We expect year-on-year profit growth by offsetting inflation and U.S. tariff cost increase through improved raw material price and mix spreads, business rebuilding returns, and the business cost reduction, and growth with quality. Regarding operating expenses, beyond inflation-driven cost increases, we will strategically allocate resources, including, for brand enhancement, to accelerate growth now from FY 2027 onward. Next, guidance by segment. We aim for higher revenue, profit, and profitability across all segments. In our second home market, APIC, we plan higher revenue and profit through expanded replacement tire sales in Thailand, Indonesia, and India. In the Americas segment, we will accelerate replacement tire growth, deliver year-on-year revenue and profit growth, and lift the margin by 0.6 points to the 10% range. In the EMEA segment, we've planned continued profit and margin improvement following last year by steadily capturing business rebuilding effects in Europe and continuing to strengthen business quality and expanding replacement PS tire sales and mix. We plan a 2-point margin improvement... while we in the plan increases in the revenue and profit for FY 2026, and I will also explain the comparison with FY 2026 targets in the 24MBP. Revenue fell short due to environmental changes, such as reduced demand and increased raw and imports. 13% Adjusted OPM and the 10% ROIC targets were not met now due to internal and external factors, including U.S. tariffs, inflation, Latin America, and a deterioration in a diversified product business. Even under such circumstances, we continue to thoroughly implement the business cost reduction and business rebuilding to strengthen our business quality. Regarding shareholder returns, we expect to implement dividends as planned, in line with the target level of 250 JPY per share. In response now to changes in the business environment and the revision to our initial CapEx plan to achieve our desired midterm BS, we will execute new share buyback flexibly, JPY 150 billion in FY 2026, and JPY 450 billion in total over the three-year period from FY 2024. Finally, the financial strategy and shareholder returns. Capital allocation overview. Our sources of capital allocation, in addition to cash inflows from a strengthened earning power, where we utilize cash reserves and borrowings, planning approximately JPY 2.4 trillion over the three-year period from 2024 to 2026 under the 24MBP. Regarding allocation, while prioritizing sustainable growth and corporate value enhancement now through growth investments, there is no change in to our capital allocation policy of maintaining an appropriate now financial strength and enhancing the shareholder returns. Although the 24MBP initially assumed JPY 1.4 trillion in growth investments, we have disciplined our investment selection in response to the changes in the business environment. As a result, surplus cash now has been allocated now to shareholder returns and capital policy in accordance with our capital allocation policy. There is no change now to our now target cash reserves of approximately 1.5 months of monthly sales. This is the capital policy supporting sustainable corporate value enhancement. We believe in expanding the ROIC walk and the spread, and the equity spread now through balance sheet management enhances the corporate value, and we will therefore improve our capital structure now to achieve both the soundness and efficiency centered on what is Bridgestone like? There is no change to our policy of now setting our desired midterm equity ratio at around 55% and steadily and gradually moving toward it. While maintaining a steady capital efficiency improvement and considering further growth investment opportunities, we have decided on a JPY 150 billion share buyback and disciplined debt financing. We will steadily and gradually move toward our desired BS. Finally, regarding dividends. There is no change to our policy of targeting a consolidated dividend payout ratio of around 50% and pursuing stable and continuous dividend increases now to enhance shareholder returns and maintain appropriate capital levels. The annual dividend for FY 2025 is to JPY 30 per share, as announced last November, an increase of JPY 20 year-on-year. For FY 2026, JPY 125 per share, an increase of JPY 10 year-on-year on a post-stock split basis. On a pre-split basis, to JPY 50 per share, an increase of now JPY 20 year-on-year, in line with the FY 2026 plan in the 24MBP. We will continue striving for stable and continuous dividend increase and further enhance shareholder returns. That concludes my explanation. Thank you very much for your kind attention. That was a presentation made by Morita and Hishinuma about the performance of our fiscal 2025, as well as the plan for 2026. Now we'd like to start the Q&A session. As for Q&A session, first of all, the nominated and certain analysts from securities companies, so we would like to receive questions from them first, and then we will open the floor for the questions from media. Now, from Citigroup Securities, Yoshida-san, Mr. Yoshida, over to you. Thank you very much. This is Yoshida from Citigroup Securities. One question is related to your growth strategy. So to become the number one, world's number one, to regain the position of world's number one, what would you like to do? In 2026, you mentioned that you're going to increase the number of new products. I understood that. Firestone revitalization, India, what is your idea for these fronts? The share buyback amount has been reduced, so meaning that you are going to allocate more to the growth strategy, so towards the growth... you're going to so seize more for the, growth expansion. What would you like to do, for the future going forward? So this is my question. Thank you very much for your question. As for our growth strategy, at the core, well, we, we are manufacturer, so product and manufacturing are our focus. When it comes to manufacturing excellence, it has many different assets, but to produce good products at a lower cost, that is the gist of what we do. As for products, we have the, Dantotsu technology, and yeah, we would like to deliver the higher, the quality products to the consumers. We have a technological capability to enable that, and we are going to enhance our technologies going forward. But when it comes to manufacturing capabilities, recently, including Firestone, multi-brand is our approach. From a premium to the lower end of the product lineup, we are encompassing all these layers. And without these approaches, we are not able to achieve our growth. So cost competitiveness is the key and our focus in augmenting our product lineup. When it comes to cost competitiveness, earlier, our technological response and the renewed management structure focusing upon technology, materials, and development, and production, manufacturing. So these are our three focus points. We need to work on them all, otherwise, we are not able to achieve growth. The covering all the three areas as one, all the materials development and the production, of course even today we are working across all these the areas, but we need to enhance this collaboration. The materials and the product development and the manufacturing, we they assigned the executive officers or the officers in charge of these three and place them directly under me, so that the they will be able to produce something good at the lower cost, at the speedy fashion. That is the intention of our review of the executive structure. Good products have to be produced at the number one cost of competitiveness. We still have room for further improvement. When it comes to investment, R&D, CapEx, how to produce good products at the lower cost, we would like to focus upon that point more, so that we can enhance our competitiveness. As a result, thanks to that, for the markets that we have not been able to enter into, and will be open up for us, and, yeah, we hope to enter into those markets as well. As for regions, North America will be the core and the center of our growth going forward. From the midterm perspective, India and Global South region. Gradually, we would like to, well, enter into these markets. Roadmap through 2031, we are working on creating such roadmap, and in that exercise, market and segments are to be identified for us to compete in a competitive fashion and execute our plans. So that is the idea behind the efforts to create the plan. About the follow-up question, revitalization of Firestone. From the middle of last year, you started working on that, and what is the achievement so far? Yes, particularly since the second half of last year, revitalization of Firestone in North America has been our focus, and we have been able to grow the business. I refrain from giving you the specific numbers, but the growth over last year, particularly it has been visible since the latter half of last year and the next year. Well, we would like to keep this going, and the premium growth for Firestone is the core focus. Likewise, for Firestone, we hope to grow the business. What we did last year has actually generated results in the second half, which will be continuing in this fiscal year as well. Thank you very much. Mr. Yoshida, thank you very much. Next, Morgan Stanley MUFG Securities, Mr. Kakiuchi, please. Morgan Stanley, I'm Kakiuchi. Thank you. This year's guidance difference, referring to the slide number 26. This year's plan, operating expense -JPY 71 billion. In your explanation, inflation and resource allocation towards the 20, FY 2027. So having an intention to achieve in the growth, and I can understand that, but at the same time, we're building and cost reductions despite those and efforts, but then you will have the operating expenses and the increase. So could you give me the breakdown of the JPY 71 billion? Thank you. This year's plan, I will explain more in details. ... and my, Mr. Hishinuma will explain about an operating expenses. For JPY 97 billion-JPY 515 billion is a targeted profit increase. As a single item, the biggest one is the volume, the JPY 35 billion. Volume growth, production volume to be increased, that's the center of our growth. So that's incorporated in our plan. And price and mix combined is JPY 36 billion. While the price is increased and the volume not to be increased as well, so the growth with quality. Given the situation of having the shifting toward a favorable situation, we, you know, try to increase both the price and the volume, so we have the strong will to attain this given target. The necessary sales expenses are incorporated as well. Of course, we have to factor in the inflation, but with a strong will, now we came up with the plan. That's the grand policy. Mr. Hishinuma, could you explain about the details of the operating expenses? As pointed out, operating expense now toward next year in the - 71. As Morita said, for growth, strategic expenses are largely included. I hope you can understand this. And as for the substance, brand enhancement, IT for productivity improvement, and it's a necessary investment to be made, that's included as well. In addition to that, the volume is expected to increase, so the variables to be increased as well. In addition, in FY 2025, we dispose asset partially, and we've got then a reversal to some extent. That causes this operating expense increase. But the biggest factor is in inflation. So the rebuilding, there will be the major contributor for offsetting the increase. So the volume increase lead the variable cost increase, and we allocate in a higher resource now for the future growth. I hope this answers to your question. Understood. Your guidance, Mr. Hishinuma, has been in a position consistently, but then the Mr. Morita, as CEO, and you are, for you, it's the first time now for you to come up with the plan. So is there any the difference in the structuring the guidance? Thank you. As for the guidance, I discussed with the my the predecessor, Mr. Ishibashi, and then by the summer last year, we formulated the the basic plan. So due to the change of leadership, that does not cause a change of the plan. In MVP, we will shift now towards the phase of the growth with the quality. So we will make sure to achieve and the growth in volume as well as on the price and mix. But having said that, the operating expenses, we've got rebuilding activities. So we intended to squeeze a bit, but in order for us to attain a volume growth and brand enhancement, there are necessary resources now to be allocated. And additional follow-up, as for the processing and fees, so it works negatively for... Even though we see some the positive effect out of the rebuilding. Oh, excuse me, the correction, this is a plan. The conventional material and the product in the development, the simple and the volume growth will not be helpful for the processing and the fee decrease. Because we are under inflationary environment, and unless now we increase in investment, you know, we can't produce a high quality product. So under the new organizational structure, material development, manufacturing, each technology level to be increased, and those three are combined to make an overall design. That's the finding on our side. So with that, based on the finding, we then launched a new organizational structure effective from March this year. Thank you very much. Thank you very much, Mr. Kakiuchi. Next, from Mizuho Securities, Mr. Sakaguchi, over to you. Thank you. This is Sakaguchi from Mizuho Securities. Thank you very much. And I'd like to ask you one question. Well, capital, the policy in your explanation, well, you strike a balance with the growth strategy, and I'd like to make one confirmation. Dividend will be JPY 250 before a stock split, meaning that you are going to achieve the MVP target. But when it comes to payout ratio, 46%, which is lower than 50% target, and the JPY 150 billion of share buyback. But with the mid-term, the equity ratio of 55%, so I know that this has a longer time horizon, but to look at the lending and thinking about the profitability, and you could do more. And until the August 31st, that is the time you set for share buyback. So the additional activities is also the possibilities. I yeah, I'm mainly talking about the growth strategy and the investment, but are they going to make some difference when it comes to capital allocation? Could you please explain more on this point? Yes, Hishinuma will respond. So JPY 150 billion of a share buyback program that will be conducted and by striking balance with the growth strategy. And, 55% equity ratio for midterm perspective, that is the target we have not changed. But by maintaining this trend, we are going to keep the balance with the growth investment. And with that in mind, we set these numbers. And, as I explained, last year, when it comes to the liquidity, we are going to manage and keep it for the 1.5 months equivalent. So that is the way we are going to manage the cash and liquidity. So by allocating the resources to the growth investment, if we have the excess cash and liquidity, then additionally, we may consider increasing the return to the shareholders or we use it for the share buyback. And the August 31st due date, so the buyback will be completed, and we are going to cancel that shares. We do not have any particular specific plan by then, but as I mentioned earlier, we are going to make investment for the growth and the growth investment, and still that gives us a remainder of the cash and liquidity, then we are going to return it to the shareholders. That is our basic sense. Thank you very much. And when it comes to dividend, 50% is just the indicator, and so until then, you are going to continuously increase the dividend payout amount. Am I correct? Yes, and as you mentioned, this time, and, this is 46% lower than our target, but last year in fiscal 2025, 2026, the JPY 450 billion total has been used for share buyback programs. And basically, we regard it as investment, not just the return to the shareholders, but investment to enhance corporate value by enhancing EPS, which is beneficial for the shareholders as well. So that's our thinking. And looking at the total last year, well, the total, the shareholder return is not something that we focus upon, but it was JPY 138 billion, and therefore, this year, it's going to be JPY 90 billion for the total shareholder return. We need to look at that as compared to the growth investment, and we try to maintain the good balance, and this is the idea for the capital policy and dividend payout. No major change to your policy, I understood. Thank you very much. Mr. Sakaguchi, thank you very much. Now, we would like to entertain questions from the press. Nikkei Shimbun, Takahashi-san, please. I'm Takahashi from Nikkei Shimbun. Yes, we can hear you. Thank you. Slide 14. 2026, U.S. tariff impact, JPY 55 billion. Previous year, it's been significantly increased. So based on the assumption of having a whole impact on a full year basis, is that the, the... How should I read it? And business and cost reduction, you will now try to mitigate any impact. Now, to what extent is it, is it not possible? So could you give me a sense of the magnitude? US tariff. As you correctly understand, next year there will be a period doubled. So rather than having a higher and a lower tariff level, but the duration will be longer. And business cost reduction, there are the various initiatives included. So I would like to refrain from now talking about the impact by each item. But key is a productivity improvement, cost reduction, and digital IT utilized productivity improvement, as well as an improvement in efficiency. Through that, we aim at achieving cost reduction. And as for business rebuilding- ... there will be additional benefit generated. So one benchmark is on a JPY 25 billion. So this year and next year, additional effect is estimated at JPY 25 billion. So through our the corporate effort, we are now trying to offset as much as we can. Thank you very much. Miss Takahashi, thank you very much. Next, from Toyo Keizai, Mr. Hata, please. Thank you very much. This is Hata from Toyo Keizai. Can you hear me? Yes. Thank you very much. On page 11, about the CapEx, I'd like to ask you, so JPY 410 billion for this year, so the, you're going to spend more for CapEx. And specifically, where would you like to spend this money? And where would you like to invest in? And the, going forward, do you intend to keep this high level of CapEx, considering the cost of competitiveness enhancement, are you going to invest more? Yes, I'd like to give you the, big picture direction, and Hishinuma will give you details. As for this amount, production capacity increase is not our intention, but rather than that, we would like to increase the type of products that will give us a more premium and higher performance, or something that's going to be difficult to produce. That requires the renewal of the production facility or the equipment, so these are CapEx items are included. For the rebuilding direction, we spend money on retail business. In order to grow them, we included some the investment in this category. Yeah, the factory productivity and the enhancement of the premiumness of the products and the retail business enhancement. So these are the ideas included in the CapEx items. If you have any additional comments. Yes, as our Global CEO mentioned, well, main items included here are, for example, highly profitable. Well, the mining. We call this MasterCore, but they are also large-sized tires for mining applications. Well, the CapEx for such a production is the main point of a CapEx increase. And in the U.S., mainly over the retail, the stores and the store investment, store enhancement. And another item is HRD, High Rim Diameter, and the conversion investment, so to speak, to introduce more High Rim Diameter products is the another focus. And IT investment is also included as a big portion of this amount. So these are the breakdown of the CapEx amount. Thank you very much. And the originally, are there any focus region? You mentioned about the retail stores in the U.S. Is that the focus? Yes, and the half of the profit is generated in the U.S. So relatively, resource allocation, well, the is also spent on the EMEA, proportionally larger in the U.S. And for MasterCore and the OR items, investment in Japan accounts for a larger portion. Understood. Clearly. Thank you very much. Hata-san, thank you very much. Next, Diamond. Mr. Yamamoto, please. I'm Yamamoto from Diamond. Can you hear me? Yes, we can hear you. Thank you. On March 24, new effective, new executive structure, that's my question. The three technology CIO, CPO, and CMO will be assigned. I was able to understand the logic, but the vice president and the managing and the executive officer, and the position will be abolished. I think that's a reflection of the new, the CEO's idea. So the decision-making issue so far, migrating into the new organizational structure, and what is the aim and purpose? Thank you. VP or the managing executive officer positions will be abolished, but major idea is in within the global company's chief officer should lead the business. G-EXCO, the Global Executive Committee is the highest decision-making body, and key members are chief officers. There are the difference in the responsibility assigned, but the title difference now does not make the difference. So now that is the reason why we assign the chief officers. The responsibility will not change significantly, but now for the easier to understand manner, we renamed it as the chief officers. And business matrix is CEO, Mr. Tamura, and West CEO, Scott- ... will have strong business responsibility. And horizontally, that we have more detailed the breakdowns in terms of the function, CAO, CSO. Within the function, I was in overseeing the business activities. And at the bottom left, CLO and the CSO, those will be my direct report. So the three pillars of the technology, inclusive of a portfolio management, business management, four pillars combined. So actually, there are seven pillars in total. We've got more the flattish organizations for prompt decision-making. That's the intent of the organizational design. Thank you. Thank you very much. In my understanding, the former Ishibashi CEO's leadership, it was a very strong leadership exercised by him. But with the new, president or CEO, the leadership style, is there any change, or what sort of a leadership style would you plan to demonstrate? If there's any clear direction in mind, please share with me. Thank you. The due to the rebuilding and activities, we passed through the painful phase, and now we are stepping into the growth phase. So from Ishibashi to Morita, rather than the change in the leadership, but due to the change of the corporate phases, leadership style should be changed accordingly. Globally, for the better the business, and then we can adapt in the bottom-up approach. But then at the same time, now there are some struggling business. For those areas, a strong leadership may be required. Within the company, no major change, but depending on the phase of the company, I myself will change the style of the leadership as well as and all the chief officers, and they will unite together in proceeding in that direction. So, and thank you very much for adding clarity. Thank you very much, Mr. Yamamoto. Next, Mrs. Sasaki from Japan Rubber Weekly. Please go ahead. Thank you very much. This is Sasaki from Japan Rubber Weekly. Can you hear me? Yes. Thank you very much for the presentation. I'd like to ask you, the Adjusted Operating Profit ups and downs, the AE for fiscal 2025, 2026, page 26. Well, the JPY 3.34 billion for the material, but the 2025, looking at the ups and downs, well, the -JPY 26 billion for the materials. So this is quite different from the previous year. So significant increase in the, could you please explain about this, the item pushing up the Adjusted Operating Profi t? Yes, Mr. Hishinuma will respond. So the changes of the raw materials and its impact on the operating profit. In 2025, mainly natural rubber compared to the previous year, natural rubber prices were higher in the market. So natural rubber, there was a negative factor for the business results back then. But in fiscal 2026, well, the market has, and the prices have stabilized, and it is turning positive to our business. So that is the major difference between 2025 through 2026. Understood. Thank you. And as for EUDR, it was postponed. And, are there any impact of the postponement of EUDR on your business? Well, in that sense, the, at the base of this, major change is, the changes of the pricing in the market, and partly it is because of, EUDR, but the majority of the impact is, because of the price changes in the market. Understood. Thank you very much. Mr. Sasaki, thank you very much. Now, the time is up, so we would like to conclude the Q&A session. With this, Bridgestone FY 2025, the earnings result briefing concluded. Thank you very much for your kind participation. The meeting is adjourned.