We will now begin the LIXIL Corporation, the first quarter for fiscal year 2026 ending in March 2027 financial results briefing. This information session is conducted via live internet streaming. Materials for this briefing are available on our website under information for shareholders and investors. Please refer to the materials. Let me introduce today's presenter, Kinya Seto, Director, Representative Executive Officer, President, and CEO. Thank you. Next, Mariko Fujita, Director, Senior Managing Executive Officer and CFO. Thank you. Next, Aya Kawai, Managing Executive Officer and Head of the IR Department. Thank you very much. I am Kobayashi from the IR Department, and I will be your moderator today. Thank you very much. Now, I will explain today's agenda. First, our CFO, Fujita, will give us an overview of our financial results. Following this, we will have a Q&A session. During the Q&A session, CEO Seto will also join to answer your questions. This briefing session will be ended at 3:40 P.M. Now, we'd like to ask Fujita-san to start explanation. Hello, everyone. At the beginning of this meeting, I'd like to express our condolences on behalf of the company to the victims of the Kumamoto earthquake. We will work together with business partners and with our employees to support the reconstruction of the affected area. Let me begin with the earnings result. Today I would like to focus on the full year forecast mainly. First of all, the Q1 results will be introduced. Revenues increased and earnings declined. The LHT aluminum price increase and the renovation ratio has declined overall. That is the reason why we ended with lower earnings. Regarding aluminum price, please refer to the right-hand side. Next, I would like to talk about the forecast. After consideration, we have remained with no change in terms of full- year forecast. From the second quarter, cost impact will be full-fledged, and the price provisions will gradually take effect from Q3 onward. There is a lag in terms of the impact. Therefore, for the full year forecast, we believe that original plan can be achieved overall. For Q1 and Q2, cost increase will occur, and with less earnings. In the second half, we believe that recovery can be achieved. There's no change in terms of dividend forecast as well. Next, I would like to talk about the impact of the recent situation in the Middle East and our countermeasures. First of all, in terms of manufacturing supply, cost inflation, as well as supply concerns existed. However, the price provisions have been made, the cost reductions have been made, and hedging have been implemented in order to implement countermeasures. In terms of product lead times, in the recent past, there is no concern in terms of supply and delivery. Please look at the chart below. It is clear to see that against the plan at the beginning of the fiscal year, additional measures have been implemented, in terms of price provisions as well as cost measures. Therefore, in March 2027, we have maintained the forecast of JPY 45 billion. Next, I would like to talk about the supply side impact of petroleum-based materials. Aluminum as well as copper are subject to supply shortages, leading to a price increase, cost increase. However, with price revision, we will gradually implement measures in terms of price revisions. In July and August and October, depending on the type of business, timing will differ, but revision will be made accordingly. For Q1, there was some supply concerns, therefore, the new housings was prioritized and renovation rate came down. The subsidy details have been delayed, which has had an impact on the renovation. Going forward, cost increase of new housing is likely to become higher. Therefore, this will have an impact on new housing, and we believe that this will require close monitoring going forward. At the risk of repeating myself, I'd like to emphasize that regarding cost increase for the fiscal year, price revision and other cost reduction will offset the impact. For the new housing demand, we have to monitor this on a long-term basis. Next, let me talk about the highlight of Q1. Regarding revenues, we ended JPY 379.2 billion core earnings, JPY 1.7 billion. In terms of profit for the quarter, JPY -3.5 billion. Here are the details. As you can see, in terms of SG&A, there was increase. This is mainly because of the foreign exchange impact. This is the business results by segment. LWT in Japan and international businesses. Businesses core earnings remaining flat, LHT, as I mentioned at the outset, due to the soaring raw material costs, CE declined. For Living, due to foreign exchange impact and higher material costs, CE declined. Consolidated financial position. Here, the equity ratio, which was about 35% last year and this year 33.8%. Factors for this, as you see at the bottom notes, this was due to the surplus funds utilized for the short-term investment, therefore, net interest bearing debt increased temporarily, but in the next quarter, in the second quarter, this is expected to be improved. Next, cash flow status and cash balance. Because of the slight increase in working capital and also the short-term investment of the cash reserves, as I mentioned earlier, due to this, investing cash flow worsened for us one time. Similarly, this is expected to improve in the second quarter. Free cash flow recorded as negative. This concludes my presentation on the financial results. Thank you very much. Fujita-san, thank you very much. Now, we would like to open the floor for Q&A session. If you have a question, please press the raise hand button displayed at the bottom of the screen. The host will call on those who raise their hands utilizing this function in order. Please utilize Zoom's audio and camera functions to ask your questions directly via voice. In order to allow more people to ask questions, we ask that you limit your questions to two per person at one time. If you wish to ask a further question, please raise your hand again. If you accidentally press the raise hand button, press the same button again. You will be able to cancel it. If you have any questions, please utilize the raise hand button. The first question. Nomura Securities, Fukushima-san, please. When the confirmation screen comes on, please click the panelists button. Next to audio on and video can be turned on at your will. Please proceed. This is Fukushima of Nomura Securities. I have two questions. Regarding cost increase, I have a question. You said rationalization as well as price efficiency will be the measures that you will have implementing. Regarding these two points, please elaborate further. Regarding price increase, August for LWT aluminum will be from October. This has been announced. In terms of price increase by your company, how does it compare with your peers? Are there any differences? In terms of price revision timing, do you think that this could lead to a change in the market share as occurred in the past? How do you compare against your peers in this regard? Please elaborate. Second is regarding rationalization. You have released recently, Nabari plant will be closed by the end of this fiscal year. Therefore, the impact is likely to be manifest from next fiscal year onward. My question is regarding the rationalization impact this year. What are included this fiscal year and beyond next fiscal year? What are you expecting in terms of amount, in terms of rationalization, as well as the production structure that you will maintain? I will respond to the first part, and the second part will be responded to by Kawai-san. Comparison against our peers. In terms of the metal products. At the same timing, it is likely that we'll have price revisions by the same margin for sash and exterior. There is no significant time lag amongst our in the industry. Regarding housing, TOTO has not announced its price increase yet, but for other manufacturers, price revisions have already been announced. We have to watch how TOTO is going to respond, and this may have an impact going forward. Regarding housing facilities, profit optimization is pursued and I don't think that competition is going to be preceding what is going to be conducted by LIXIL. Overall, I think each manufacturer will pursue their own initiatives in terms of price revision so to secure margins. In terms of the housing equipment, there is likely to be a time lag. This is not because of competitive intention. The preparedness of the companies, as well as the prior price revisions will have an impact. Overall, each of the companies impacted by the Middle East situation, they may have reduced orders. This will also have an impact as well. Intentions will differ from company to company. It is not competitive dynamics that is coming to play. In terms of possibilities, TOTO has not made an announcement yet, we don't really know for certain. I would like to respond to the second question. My name is Kawai of IR. I'd like to talk about the Nabari plant. You mentioned that additional measures and as a part of rationalization, Nabari was mentioned. Regarding the Nabari plant closure is something that has been decided from the past. It is not being impacted by the Middle East situation. I want to emphasize that point. Regarding the Nabari plant closure was announced in June of this year. In terms of the actual timing, up until March of next fiscal year, is the timing of closure that has been announced. Therefore, the impact will be brought about from the next fiscal year. Just because we close this plant, it isn't as if the impact is going to be very significant. I will not give actual numbers, but it is not a significant rationalization that is expected this fiscal year, nor is it expected for next fiscal year either. It's not just structural reform. In terms of rationalization that is mentioned here, the logistics expense has to be reduced as well. This is a major theme that we are tackling. As you know very well, there is some changes in terms of logistics-related laws. This is likely to be an important cost factor. In terms of dealing with these legal changes that we have to proceed measures so that the effectiveness can be maximized. In other words, we will try to consolidate cargo as much as possible. For the logistics customers will be consulted so that we can consolidate more. We will also try to integrate the timing of placing orders in a front-loaded manner as much as possible. Furthermore, this type of impact in various contexts, we will be changing the process by utilizing AI. Even without reducing people, we can replace outsourced work by AI, whether it be accounting or business operations. On our part, we have been planning to do so. We want to front-load such efforts because there have been so much price increases. That is the reason why these measures will be essential for us. In terms of rationalization, I would like to also add the following. For what we are expecting to do in the future, we cannot announce what is not being disclosed. That is the reason why further details cannot be divulged at this time. Thank you very much. That's very clear. Thank you very much for your questions, Fukushima-san. Next person to ask a question is from Goldman Sachs Securities, Okada-san. Please click yourself as a panelist when you see the change in the screen. Next, please turn on the audio, and if you like, please turn on your video, please. Thank you very much. I have two questions. First question is for at the end of the first quarter, the full-year forecast and against which the progress is 3.8%, which seems to be very low. Going forward, you will carry out the price revisions and rationalization efforts you are going to achieve the full-year targets. Having said that, this progress rate at the end of the first quarter seems to be very low. What do you think about the risk for not achieving this full-year target? For us as investors, what do we need to monitor carefully going forward? Impact of cost increase, including petrochemical products and aluminum and fuels, including over JPY 25 billion, or in the high over JPY 20 billion. The coppers, we used to be increasing in prices, but we believe that in total, JPY 30 billion is going to be the impact of a cost increase. At least from April through June, we had to address the situation without having any offsetting benefits. Regarding the increase of the petrochemical costs affecting the inventory as well as the timing of the price revisions, therefore, such timing will come from June onward. During the first quarter, aluminum are part of the petrochemical, and the second quarter, petrochemical and aluminum products will give us the full impact. The price revisions in LI, particularly in order to, in principle, responding to the increase in the coppers, we will just respond to it starting from October for the Living. Regarding the housing equipment, the petrochemicals have the impact. We are not able to ready to increase the prices starting from the second quarter. Considering this, from July through September, there will be about JPY 30 billion or so will be the impact of the price increases. That will be offset by the price revisions. In the third quarter and fourth quarter, that means that we needed to overshoot what we are assuming now. For this fiscal year, JPY 45 billion core earnings slated for the full year and out over JPY 30 billion cost increase has to be covered and offset by the price revisions. In the first half and the second half, having the big imbalance situation is something that is not avoidable. According to our calculation, what we are estimating to have a certain level of sales, if that is realized, this target of revenue itself is not very aggressive. We believe that we can cover that. What can be the changes from now on? Perhaps I assume there are two factors. One is inflation. Not only in Japan but in other areas, inflation is progressing. The interest rates have kept unchanged, going forward, interest rate may be hiked and the mortgage will be increasing, that may dampen the intent of purchasing, therefore the market may be cooled down. The second risk is about commodities, particularly aluminum prices may fluctuate ups and downs. In cases where there will be a sharp increase in aluminum prices, in the second quarter, aluminum prices will increase to JPY 3,500-JPY 3,600. Now currently, the price is down to JPY 3,200. Commodity price risk is limited. Suppose that aluminum will fluctuate most and aluminum and copper's prices will fluctuate. Coppers, we have been able to address flexibly by increasing our prices. Aluminum, we have a little concern. However, considering the stabilization of the price of the aluminum so far, we think that we will be able to perform in line with our assumptions. Thank you very much. Second question about LWT international business. India, Middle East, and Africa revenue 16% increase from a year earlier. On page 18, regarding the analysis of the operating profit ups and downs, a JPY -1 billion from a year earlier, and a margin 16.5% a year earlier down to 8.9%. I can read the explanatory text in the earnings call materials, but if you can provide us more details, please do so. The Middle and the near East area business is damaged quite significantly. India, Dubai, and other Gulf countries, Saudi Arabia, and Northern Africa. Or Africa as a whole. These are the four major regions split equally in this area, IMEA. Of course, in GCC country areas, centering on Dubai, demand is down significantly. For Saudi Arabia, the momentum has been lost. Why have we been able to maintain the business flat here? Because we have the local inventory and manufacturing, therefore, we have been selected by customers, although the volume is down. By increasing the shares, we are able to maintain the business level as a whole. Why profitability is suffering? In Gulf, GCC, which port and which road and infrastructure are being utilized as available ones. We need to move around our inventory or goods to and from ports. Once reaching the port, we had to wait for some time at the port, or there are unconventional quarters that are being occurred during the first quarter. As a result of these, given the current level of revenue, we were not able to enjoy the expected level of profitability. On the contrary, with the share in the market increasing and once the infrastructure is recovered, we believe that we will be able to enjoy more the profitability improvement in the region as a positive note. In the negative notes, long term, the one quarter of business there, Gulf, situation may deteriorate further. Having said that, Saudi Arabia, which has been growing, India as well as Africa, particularly northern part of Africa, grew significantly. We are producing in Algeria locally. In that sense, we have a strong point in the region. That means that we would utilize such strengths in the region to recover the weakening business in the Gulf GCC. We have stayed a strong sentiment about the Middle East. Thank you very much for your question, Okada-san. We will proceed to the next question, SMBC Nikko Securities, Kawashima-san. When the confirmation screen comes on, please click to participate as a panelist. Please set the audio on and video is at your will. This is Kawashima of Nikko Securities. I also have two questions. First question is overseas LWT -related. There is an increase in revenues, but profit is flat. Depending on the regions, the factors may differ. But inflation cost increase explanation is given on page 11. It is quite prevalent. What about price revisions overseas? It is not catching up. By catching up, do you think it can be covered or is it going to be recovered with different factors? Revenue is increasing, but the profit is not growing. Why is this the case and how do you intend to recover from this situation? The second question is regarding Japanese renovation market. You said that this is slow. Please elaborate on the mechanism of why this is slow. Generally speaking, the housing market is subject to supply insecurity and therefore I think there have been prioritization placed on new housing. Can you have revenue increase? Did you encounter any advantage in renovation as well? It seems that both is declining. Compared to the past, it seems that the renovation is weaker. In the first quarter, looking at the current situation of your peers, you could have enjoyed more advantages. Is it because renovation is not proceeding well? Is there any structural issues? Why is this the case? Regarding the overseas market. From April to June, the profitability declined. This was explained to Okada-san previously. In the Middle East, it is extreme case. In Europe as well as in Asia, similar situation is occurring. Freight is increasing very significantly. We have to go through the Cape of Good Hope for delivery, which is leading to increasing costs. In terms of fuel, increase is also having an impact and copper price increase is also having an impact as well. Regarding LI for overseas market, the price revision is around July. Therefore, from April to June, profitability-wise, it was a difficult timeframe for us. In terms of July, September, there should be some recovery. For the price revisions to take root for LI, there is going to be bias toward the second half. LI, LWT and Living and LHT. In this area, I would say that LI is most balanced from first, second to third quarter. In responding to Kawashima-san's question, I would like to say that price revision timing is July. That means that there is a deterioration in April to June timeframe. To your second question. This is quite complex issue that I would like to elaborate. It so happens that it is not our issue. House makers are also involved in renovation and also builders are involved in the renovation business. It seems that prioritization is placed on new housing. This situation is still continuing to a certain extent. There are some shortages. There is also shortage of manpower as well. Against this backdrop, they have to build houses. That is the reason why new housings have been prioritized for the April to June. You might wonder why we cannot capture more business. In terms of bathrooms as well as kitchens and toilets, we are receiving orders 5x, 6x the usual when other companies are unable to supply. This was a challenge for us because against this backdrop, other companies transfer orders or there could be some orders because of uncertainty for the future. If we accept such orders, it could be canceled or it could be deferred in some cases. We have responded 100% or 120%, 130%, but even we receive orders, this irrational situation could beset us in the time from May and June as a result of this. For toilets, Kawashima-san, you know very well, we can build an inventory more than 100% level. We have been able to do that. For bathrooms as well as kitchens, the distribution inventory cannot be built up. We have to take it to the actual site, which means that the order has been placed, and if we accept the orders, they will defer delivery or even cancel in certain cases. Ultimately, the orders which are plentiful have not been covered. Even though we have received many orders, we have not been able to deliver the same amount. This is an industry issue that was besetting us. Demand is not increasing when levelized. It is increasing orders because everyone was uncertain. Whether this is going to have an impact on the future demand, that is not necessarily the case. I think it will converge to the actual demand. For window renovation, there are special circumstances. This is the first year that the system has changed. Everything was decided as the new system in June. There was delay in the months of April and May in terms of window renovation. The visible numbers and what is occurring are in a disconnect situation. Thank you. Thank you very much for your questions, Kawashima-san. Please limit the number of questions you ask at once to two per person. From CLSA Securities, Mochizuki-san, the floor is yours. Please click yourself as a panelist when you see the change of the screen. This is Mochizuki of CLSA speaking. Thank you very much. I have two questions. My first question is a simple one. For this fiscal year, aluminum and copper alloy prices. Based upon the current assumptions, what is going to be the mean average purchase price for these? That is my first question. In addition to that, there may have been request for price increase from your suppliers, of course. What portion, how much of them is included in this forecast? Do you have a very tough forecast or not really or very weak forecast for that? Regarding aluminum prices, we have kept our forecast unchanged at the very last of this presentation, JPY 3,600 at one time, but the price of aluminum has declined down to about JPY 3,200. That is the level of price of aluminum we are using as assumption for the full year term targets. The copper alloy and LME copper is not something that we are purchasing. Regarding more details, I would like to respond to you later separately. What it used to be increasing as a price and based upon which we made our plan for the year, we do not believe that there will be significant impact onto the domestic business. Regarding international markets, what is increased in cost prices, that will be passed on to the selling prices. That is the basic policy. We do not believe that there will be a significant impact on the entire corporate business-wide. Honestly speaking, the prices are increasing, but aluminum, $3,600, and we thought that it could reach $4,000. That was the assumptions from the market. In reality, what is happening is there is a shortage of supply of aluminum in Europe, but there is excess supply in Asia. The price has been down to $3,200. What will happen from now on? Well, Emirates, it has resumed its production of aluminum. For aluminum, the places where bombs have been dropped and the resumption of the operation is quite early. We do not think that the situation regarding aluminum will be uncontrollable. For aluminum, we are increasing our prices based upon the conservative take or view on the aluminum prices. We will not have an uncontrollable situation. Copper, suppose that the situation of the war is changing or IT demand is changing, of course there will be an increase. Regarding the increase, the cost with a little lower resistance, we believe that we were successful in increasing our prices in July as well. We do not think that these are going to constitute a great big factor for concern for us. As Okada-san asked a question earlier, the biggest concern is how the entire demand is going to change. What about the request for increase of suppliers' prices? That has been already done. Petrochemical suppliers increase of price have been already settled, and aluminum and copper. These are based on the commodity price in the market. Once the market price is increased, we needed to accept that increase for our purchase. Understood. Thank you very much. Regarding my second question in LWT, could you please tell us about the trend of revenue? Americas and Europe. Because mortgage interest rates are staying at the high level, rather, there is a higher risk of increasing mortgage rate. It's a macroeconomic situation. What about the business environment for you compared to three months ago? Do you think that there hasn't been any significant change, or do you need to be more careful and conservative regarding Americas and Europe? Your take is appreciated. As a consensus, yes. The situation continues to be worse than expected for Americas, there hasn't been no change, signs of a recovery in Americas. In Europe, it depends on the country. Situation differs from a country to another. In a nutshell, it's better than Americas. To some extent it is stabilized, but not great recovery as we expected. In Europe, there can be a great recovery as a catalyst. That is being expected. For Europe, perhaps the biggest potential catalyst can be the change in the war situation in Ukraine. Understood. Thank you very much. That was helpful. Thank you very much, Mochizuki-san, for your question. We'll proceed to the next question. Daiwa Securities, Teraoka-san. When the confirmation screen comes on, please click the panelist button and proceed. Teraoka-san, please click on the participant as panelist button. Please turn the audio on. Sorry to keep you waiting. I'm sorry. I had some issues. Thank you very much for the explanation. I have two questions. In the explanation material, please refer to page two regarding price revision. Let me see if I understand this. In terms of the LWT and LHT, 12%-13% increase in price has been implemented, domestic revenues is around JPY 500 billion. 12%-13% price increase with additional measures, JPY 21 billion of price revision impact seems small overall. On a net basis, how is this calculated? Please elaborate. Why don't you go ahead? Yes. Let me explain this point and then ask Seto-san to weigh in as well. In terms of price revision for this fiscal year is shown here. LHT is from October. It is as if from October there will be a vertical impact all of a sudden. That's the reason why the price revision impact looks small, especially for LHT. Regarding LWT and LKT as well as vanity will be from August. It is preceding October, but the impact will be manifest from second half onward. Even with the more than 10% price revision, the impact will be reflected in the numbers that are presented here. At any rate, that we do have long-term contracts as well. Against this backdrop, LI is a vertical price increase similar to that. Meant to LHT, LWT is more gradual in terms of price revision being reflected according to history. In terms of profitability for this year rather than this fiscal year, I think we can have higher expectations for the next fiscal year. Teraoka-san, as you have already mentioned, the beneficial impact will be manifest increasingly next year. In terms of simple calculation for domestic revenues is around JPY 1 trillion. That means that 10% increase in price will have an impact of JPY 100 billion. In reality, this amount is not reached, I believe. How can I understand this to be the case? There are also reasons relating to negotiations, we cannot elaborate in terms of details. For all products, it isn't as if we can have a price increase of That is not across the board, though, that is how it should be understood. In the past, we said 10%, it isn't as if a price increase of 10% is actually being achieved. It is all subject to negotiation. I want to refrain from making further comments on this. I'm just imagining that it should be more than JPY 21 billion. With the full implementation on annual basis, a significant number can be expected. For this to run its course fully, we have to take into consideration long-term contracts as well. The contractual term must be taken into consideration as well. That is the reason why it's difficult to respond. Understood. Second question is regarding material price. Now, let me try to understand this. In the beginning plan, you have mentioned JPY -24.4 billion and increased by 2 x. You said that this is going to further increase previously. In the past three months, JPY 49.2 billion. Why is it increasing so much? Aluminum prices are coming down. Why is it double the level? Please give further details. Seto-san, you mentioned that the cost increase is more than JPY 30 billion. Against that, how does it compare to JPY 49.2 billion? How should I understand the relationship between the two? JPY -24.4 billion, this is domestic business, hardly any copper is included. JPY 5 billion or so increase is regarding copper. In terms of copper, it's difficult to segment in terms of time frame. With the increase in inclusion of copper should exceed JPY 30 billion. What I'm trying to say in cost increases, petroleum, fuel, aluminum, altogether, that's JPY 24 billion. This is comparing against the beginning of the fiscal year. In aluminum at the time of April, there's no change. In June, $3,750 was reached compared to the beginning of the fiscal year. It isn't as if major improvements has been made. It declined and then improved thereafter from the beginning of the fiscal year. In terms of the breakdown of the numbers, I think Kawai-san can give you more details. Basically, this is petrochemical and aluminum as well as fuel, all inclusive, in terms of contributes. JPY 24.4 billion for three months. Is that the additional JPY 24.4 billion and JPY 6 billion of copper together will add up to this number? This JPY 36 billion is a calculation that we have to make once again with Kawai-san. This is going to be dealt with in the price revisions of July, August, and October. Do you think cost increase can be expected so suddenly? At the time of April, for petroleum products, not everything was disclosed and it hadn't been realized. It had been realized from June, from June to- there's JPY 24 billion in terms of plus alpha. At that time, we were expecting some JPY 24 billion. We expected JPY 20 billion or so. How far we can realize price revision was not clarified yet. Ultimately, we evaluated the number, and based on that, we implement the price increase. It's not a JPY 24.4 billion increase in three months. In the three months, measures have been formulated, and ultimately, we have increased the price. Understood. Thank you very much. Teraoka-san, thank you very much for your question. Next question is from Morgan Stanley MUFG Securities, Yagi-san. When you see the confirmation screen, please click yourself as a panelist. Please turn on your audio, and if you like, please turn on your video. Thank you very much for your presentation. My name is Yagi. I am from Morgan Stanley MUFG Securities. I have also two questions. My first question is related to Teraoka-san's question. As a follow-up, JPY 49.2 billion that you disclosed on page two, compared to the beginning of the year plan, the material prices. Could you please break down by factors? Please give us the breakdown of JPY 49.2 billion. Based upon that, once again, I'd like to ask you, regarding the current price increase, is reflecting what cost increase that was recorded at which point in time? Fuel, aluminum prices may increase further, and there may be some portions of the increase which cannot be covered by the price increase. With the vice versa when the cost is declining. Could you please give us your take on the material prices and also cost increase and the price increase? We have data by material, but we don't have the data by business. Are we going to present those numbers separately? Well, Ms. Kawai? We have data by material type, so we will share with you those data. Roughly speaking, for LWTJ, cost increase is mainly due to the petrochemical products increasing product price. LHT, aluminum is the main and some is from petrochemical. LI, there is a little bit of petrochemical, but most of it is copper. Explaining the price increases and materials by product, that is it. Other than that, there is an increase of the cost related to fuel and fuel efficiency. Fuel, of course, aluminum, which consumes a lot of energy, and for transportation costs to bring things to Japan, it depends on the region from where you are bringing products to Japan. Are we able to provide those numbers by types? I believe that there may be some data available. What else did you ask? At which time point cost increase is reflected on your price revisions. Well, at which point in time? Back in May, we decided to increase our prices, and the range of our price increase was determined in May. For LI, we considered even before that regarding price increase from May through June, considering the future projections, and we decided the range of price increase. In that sense, there may be some overshooting and undershooting. Adding all these up, as a result, as regards to price revision, the copper, aluminum price increase continued since April and the petrochemical cost increase since June onwards. For that, we are responding by increasing prices in July, August, and October. We have been able to address respectively to those increases in the cost. For aluminum and copper prices, vertically increasing suddenly and continues to be at a plateau. That is about the prices. Petrochemical starting to increase in price from June, and then it stays at a plateau now. Regarding price revisions of us. In July, for international business, a July price increase was almost a sudden vertical ramp-up, but it depends on the customers, therefore, there is a gradual increase. In August, LWT Japan's price increase for all customers and for all types of products will be realized by the end of this calendar year, December or January. For LHT, we will start increasing prices from October, and then we will be able to fully implement the price increase by the end of the calendar year. The overall price increase benefits is gradually increasing in a triangular shape. As related to Teraoka-san's question earlier, as a result, the greatest benefits of price revision to secure operating profit to reach the appropriate or reasonable level is next April. Kawai-san? Regarding the cost increase breakdown, JPY 24.8 billion as the beginning of the term plan. I believe we gave you the assumptions and regarding the additional numbers, I would like to supplement. JPY -24.4 billion, a bout 65% of it is for domestic Japan business. Petrochemical materials and other materials price increase account for 65% and 35% is due to aluminum price increase compared to the beginning of the term. These were included in our plan, but it used to be JPY 190 billion. 35% includes the incremental portion and the remainder 10% is due to logistics and fuel cost increase. By segment, through the individual interviews, we would like to respond to you, but for the entire domestic Japan business, that is the roughly split of the breakdown. Thank you very much. Understood. My second question is about Americas. Operating profit situation in Americas during the first quarter. Red ink number is shrinking, but still you are making the losses during the first quarter. What is the background for this continuing losses? From the second quarter onward, you are going to reach the break-even point. If the demand continues to be slump, do you think that there is a risk of us continuing a sluggish loss-making situation? Or even with that, do you think that we'll be able to turn into the black ink, or you'll be able to hit the break-even point even if such a sluggish demand continues? Could you please give us your view on the current status in Americas? Yes. How much a decline in demand are we going to see in Americas for this year? We are considering a price increase in Americas towards the latter half of this year. Starting from September onward towards the peak season, we are going to see the recovery in the profitability. I said price increase, but rather than price increase, but with customers, relatively profitable mix of products will be asked with the customers. That will be kicking in. Towards the end of this fiscal year, we will become more bullish. In the past, we have continued to say that we are going to turn into the black ink, but we haven't been able to do so. About 10% in total of our personnel has been reduced in headcounts. Currently, we believe that we have the lean operation, which can allow us to reach the break-even point. Revenue was still weak during the first quarter. While you are making loss, yes, that is true. Also mix shift is not completely down through. Starting from September onward, there will be a change in the mix of revenue. That is the more bigger factor. Of course, towards the Christmas season in Americas, there will be a peak in demand. It really matter for us how much we are able to make money when it comes to the break-even point to be reached towards the end of the fiscal year. Thank you very much. Yagi-san, thank you very much for your questions. We have responded to all the questions that have been posed so far. Thank you very much for the many questions we have received. Sorry about that. Citigroup Securities. Please click the panelist button when the confirmation screen comes on. Citigroup Securities. My name is Miki. I just have one question. Domestically, major price increase has been implemented regarding price increase. Did you have the surge in demand prior to the price increase in April to June or from July to September? Do you think there's going to be a price increase? Because the price increase is very large, there should be a surge in demand before the price increase, which will fall off after the price revision. Is that going to happen? Yes, there will be some. In terms of water related, other than toilets, for the bathroom as well as the kitchen. In the distribution phase, they cannot build up inventory, but it does occur in July for toilets. We could have a surge and a backlash around the timeframe of August. This is the type of business where you can have such a surge before the price increase. For exterior products, there could be some surge. Generally speaking, in terms of volume, regardless of whether there is a surge before demand, a price increase, before and after price increase, if you look at the two or three months, it turns out to be the same. It's just that the profit manifestation will be delayed. That is how this plan has been formulated. I would also like to have a follow-up question. The price increase is very large, and if other peers follow suit, the share should not change. In terms of the housing demand as well as the renovation demand could decline, what is your outlook? What are your thoughts? In terms of inflation occurring, there is a possibility that demand could decline, and we cannot negate that. Renovation is such that compared to new housing, it is stable in terms of business. I don't think there's going to be a significant decline. That is not the case, but it is a possibility that we have to be concerned about. Thank you very much. Thank you very much for your questions, Miki-san. Time is almost up, this is going to be our last question. From Mizuho Securities, Nakagawa-san. If you see the confirmation screen, please click yourself as the panelist. This is Nakagawa speaking from Mizuho Securities. I have a quick question. Domestic LWT. It's the renovation final demand. What is the current status? During the first quarter for new housing, which has been prioritized, therefore, there has been some reservation of the purchasing, postponing of purchase may have been seen, but showroom room visitors traffic. What is your view on the renovation market forecast? Overall, for everything, the renovation as well as new housing, the duration of the construction work is being extended. As a result, thinning out and the demand and also the visitor traffic to our showroom have been weaker to what we saw last year. On the other hand, we are resolving the out-of-stock situation. Considering that, how we are going to see the changes towards the end of the year. We need to closely monitor the change. Thank you. Understood. Nakagawa-san, thank you very much for your question. We have responded to all the questions that has been posed so far. Thank you very much for the many questions. The time has come to bring this QA session to a close. If you have additional questions, please put forth your questions to the IR department. With this, we would like to conclude the earnings call for LIXIL Corporation Q1 financial results for the fiscal year ending March 31st, 2027. Thank you very much for your participation today.