I'm Hosotani, the CFO. First of all, I'd like to address what happened the other day, which was the earthquake that originated in Kumamoto Prefecture, and I'd like to extend my condolences to the people who were affected. We have been able to confirm the safety of our people. Regarding the operations of our facilities and so forth, we are currently in the midst of the confirmation process. We would like to extend our prayers for early recovery. Now, I'd like to explain the first quarter business results for the first three months ended June 30th, 2026. Page four shows the highlights for the first quarter of fiscal 2026. FX rates were JPY 158.5 to the US dollar, JPY 184.6 to the euro, and JPY 112.6 to the Australian dollar. Compared to the same period of the previous year, the Y en depreciated against the US dollar, the euro, and the Australian dollar. Net sales increased by 14.7% year-on-year to JPY 1,043.1 billion. Operating income increased by 8% to JPY 151.6 billion. The operating income ratio was 14.5%, down 0.9 percentage points year-on-year. Net income increased by 5.4% year-on-year to JPY 96.2 billion. Net sales reached a record high for a first quarter. Page five shows segment sales and profits for the first quarter of fiscal 2026. Net sales of Construction, Mining, and Utility Equipment increased by 14.4% year-on-year to JPY 966.9 billion. Segment profits increased by 6.4% to JPY 130.1 billion, and the segment profit ratio decreased by one percentage point to 13.5%. Sales of Retail Finance increased by 7.4% year-on-year to JPY 32.7 billion, and segment profits increased by 2.8% to JPY 9.6 billion. Sales of Industrial Machinery and Others increased by 21.7% year-on-year to JPY 52.9 billion, and segment profit increased by 25.1% to JPY 9 billion. I will explain the factors behind changes for each segment later. Page six shows sales by region for the Construction, Mining, and Utility Equipment segment in the first quarter of fiscal 2026. Sales of Construction, Mining, and Utility Equipment increased by 14.6% year-on-year to JPY 965 billion. Excluding FX impact, sales increased by 3.7% year-on-year. Details of changes by region will be explained on the following pages, divided into mining and construction equipment. Page seven shows sales by region for mining equipment within the Construction, Mining, and Utility Equipment segment for fiscal 2026 Q1. Sales of mining equipment increased by 13.8% year-on-year to JPY 462.4 billion. Excluding FX impact, sales increased by 2% year-on-year. In Asia, sales decreased significantly in Indonesia due to sluggish demand for coal. In Latin America, sales increased sharply due to solid demand for copper mines, and sales for oil sands in North America also increased, resulting in an overall increase in sales. Page eight shows sales by region for construction equipment within the Construction, Mining, and Utility Equipment segment for the first quarter of fiscal 2026. Sales of construction equipment increased by 15.3% year-on-year to JPY 502.6 billion. Excluding foreign exchange effects, sales increased by 5.3% year-on-year. While sales decreased in Japan due to a decline in public works, and in the Middle East affected by the situation in the region, overall sales increased as non-residential demands such as data centers and rental demand remained solid in North America, and demand expanded in Latin America, driven by public investment. Page nine shows the factor behind changes in sales and segment profit for the construction, mining, and utility equipment segment in the first quarter of fiscal 2026. Sales increased by JPY 122 billion year-on-year, driven by positive FX impacts from the weaker Yen, higher sales volume, and improved selling prices. Segment profit increased by JPY 7.9 billion year-on-year, as positive impacts from the weaker Yen, higher volume, and improved selling prices outweighed negative factors such as product mix changes and cost increases. The segment profit ratio decreased by one percentage point year-on-year to 13.5%. The tariff impact for Q1 of fiscal 2026, including refunds, was a negative impact of JPY 11.7 billion, included in production costs. Page 10 shows the situation for retail finance in the first quarter of fiscal 2026. Assets increased from the previous fiscal year-end due to an increase in new contracts and the impact of the weaker Yen. New contracts increased year-on-year, mainly due to higher finance penetration in North America, Europe, Oceania, and Africa. Sales and segment profit increased by JPY 2.3 billion and JPY 300 million year-on-year, respectively, primarily due to the weaker Yen and an expansion in assets. Page 11 shows sales and segment profit for the industrial machinery and other segment in the first quarter of fiscal 2026. Sales increased by 21.7% year-on-year to JPY 52.9 billion. Segment profit increased by 25.1% to JPY 9 billion. The segment profit ratio increased by 0.4 percentage points year-on-year to 17%. Both sales and segment profit increased overall, mainly due to higher sales of large presses for the automotive industry and increased maintenance sales of excimer lasers for the semiconductor industry. Page 12 shows the consolidated balance sheet and free cash flow. Total assets stood at JPY 6,782.6 billion, an increase of JPY 358.6 billion from the previous fiscal year-end, mainly due to increases in cash and deposits and inventories. Inventories were JPY 1,715.2 billion, up JPY 113.3 billion from the end of the previous fiscal year, partly affected by the weaker Yen. The shareholders' equity ratio fell by 2.9 percentage points from the end of the previous fiscal year to 51.8%. The net D/E ratio was 0.3. Free cash flow for the first quarter of fiscal 2026 was an outflow of JPY 1.6 billion. For the full year of fiscal 2026, free cash flow is projected to be an inflow of JPY 260 billion. This concludes my presentation. Next, Hishinuma, General Manager of Business Coordination Department, will explain the FY 2026 business results projection. This is Hishinuma. I will explain the projection for fiscal 2026 business results and the status of major markets. Page 14 outlines the projection for FY 2026. We have made upward revisions to the April 28th sales and profit projection, reflecting revised assumptions of the Middle East situation and U.S. tariffs, and the latest market outlook. The drop in demand in some regions resulting from the Middle East situation is expected to be less than anticipated, and also U.S. tariff rates were partially revised, thereby reducing the impact. Sales will increase by 4.1% year-on-year to JPY 4,302 billion, revised upward by JPY 184 billion from the April projection. Operating income will decrease by 2.2% to JPY 555 billion year-on-year, revised upward by JPY 47 billion from the April projection. Net income will decrease by 7.3% year-on-year to JPY 349 billion, revised upward by JPY 31 billion from the April projection. Demand projection has been partially revised. This will be explained later. Exchange rate from the second quarter will be JPY 150 to the US dollar, JPY 174 to the EUR, and JPY 106 to the AUD, unchanged from the April projection. Full year average rates are JPY 152.1 to the US dollar, JPY 176.6 to the EUR, and JPY 107.6 to the AUD. FY 2026 ROE is expected to be 10.1%. Cash dividend per share JPY 190, unchanged from the April projection. Consolidated payout ratio is projected to be 48.6%. Page 15 summarizes the Middle East situation and U.S. tariffs impact incorporated into the fiscal 2026 projection, along with the underlying assumptions. The impact of the situation in the Middle East. At this time, regarding the impact of the Strait of Hormuz blockade, we are using alternative shipping routes, although some delays are observed in local projects. Delivery is expected to continue, and the impact on sales is projected to be less than initially anticipated. Additionally, the impact of declining demand in certain African countries and Southeast Asia due to soaring crude oil prices remains limited at this time. On the cost front, there have been no significant changes from initial assumptions regarding the rising procurement costs of petroleum-based materials. However, due to factors not factored in the previous forecast, such as increased shipping costs from Japan and additional expenses associated with changes in shipping routes, the impact on cost increase is expected to exceed initial projections. We revised our Middle East-related sales decline projection to JPY 46.3 billion and a cost increase of +JPY 23.2 billion. Regarding the impact of U.S. tariffs, we have revised the tariff rate on steel and aluminum from 25% to 15%. We have also factored in the impact of the additional Section 301 tariffs that took effect in July. As a result, we have revised the impact of cost increase due to U.S. tariffs to +JPY 25.8 billion. Please note that these projections are estimates based on the current situation. As the impact amounts may fluctuate significantly depending on future developments, we will continue to closely monitor the situation. Page 16 represents the segment sales and profit projection. Construction, mining, and utility equipment is projected to increase by 4.3% year-on-year to JPY 3.97 trillion. Segment profit is expected to decrease by 2.1% to JPY 481 billion. Retail finance sales is projected to increase by 1.9% year-on-year to JPY 128.5 billion. Segment profit will decrease by 0.2% to JPY 36.5 billion. Industrial machinery and others sales will increase by 5.5% year-on-year to JPY 252 billion. Segment profit is expected to increase by 9.4% to JPY 41.5 billion. I will explain the factors contributing to the changes in each segment later. Page 17 shows projection for sales by region for the construction, mining, and utility equipment for FY 2026. Sales are projected to increase by 4.0% year-on-year to JPY 3,949.4 billion. Excluding the impact of foreign exchange rates, sales are expected to increase by 2.1% year-on-year. Details of gains and losses by region will be explained on the following pages, broken down by mining and construction equipment. Page 18 shows the mining projection for sales by region for FY 2026. Sales of mining equipment are projected to increase by 2.1% year-on-year to JPY 1,944.7 billion. A decline in sales in Asia due to sluggish coal demand and the Middle East due to regional situation will be offset by increases in sales in Latin America, where copper mining demand is strong, and in Africa, where gold mining demand is strong. Excluding the foreign exchange impact, sales are projected to be virtually unchanged at -0.3%. Page 19 shows the construction equipment projections for sale by region for fiscal 2026. Sales is projected to increase by 6.0% year-on-year to JPY 2.047 trillion. Excluding foreign exchange effects, sales are expected to rise by 4.5% year-on-year. Despite expected sales decline in the Middle East and Asia, due to the situation in the region, sales is projected to increase, supported by solid non-residential and rental demand in North America, public investment in Latin America and solid demand for medium-sized construction equipment for gold mining in Africa. Page 20 outlines the factors behind changes in sales and segment profit for construction, mining, and utility equipment. Sales are expected to increase by JPY 164.0 billion year-on-year, driven by the positive effects of the weaker Yen, higher sales volume, and improved selling prices. Segment profit is expected to decrease by JPY 10.1 billion year-on-year despite the positive effects of the weaker Yen, higher sales volume, and improved selling prices due to the negative impact of factors such as impact of higher tariffs and rising procurement costs. The segment profit ratio is projected to decline by 0.8 percentage points year-on-year to 12.1%. Page 21 presents the outlook for retail finance. Assets are projected to increase by JPY 46.4 billion compared to the end of the previous fiscal year, driven by growth in new contracts. New contracts will increase by JPY 63.3 billion year-on-year, driven by high utilization of financing in North America, Europe, Oceania, and Africa. Sales will increase by JPY 2.4 billion year-on-year, primarily due to the expansion of assets. Segment profit is expected to remain at the previous year's level, primarily due to higher costs. ROA is projected to decline by 0.1 percentage points year-on-year to 2.3%. Page 22 shows segment sales and profit projection for industrial machinery and others. Sales will increase by 5.5% year-on-year to JPY 252 billion, while segment profit is projected to rise by 9.4% year-on-year to JPY 41.5 billion. While automotive industry sales are expected to decline, primarily due to lower large press sales to the semiconductor industry are expected to increase due to customers' increased production. As a result, overall sales and profit are projected to rise. The segment profit ratio is projected to rise by 0.6 percentage points year-on-year to 16.5%. Starting on page 23, we will explain the demand trends and outlook for the seven major projects. The unit demand figures for the seven major projects include mining. The figures for FY 2026 first quarter are preliminary estimates from the company. Unit demand for FY 2026 Q1 appears to have increased by 12% year-on-year. Following the trend from the fourth quarter of the previous fiscal year, demand remained robust, and in the other regions category, demand growth was driven by Africa, supported by strong demand for gold mines, and Latin America, where demand for copper mines and public investment remained solid. Furthermore, while our demand forecast as of April had factored in a decline in demand in the Middle East and neighboring countries due to the situation in the region, demand in these areas is currently exceeding initial expectations. Taking these circumstances into account, we have revised our full year demand forecast for FY 2026 to a year-on-year range of 0% to +5%. Page 24 shows demand trends and forecasts for North America market. Demand volume for FY 2026 Q1 appears to have increased by 11% year-on-year. The demand from non-residential sectors such as data centers and the rental market remained robust. We have revised our full year demand forecast for FY 2026 from the April forecast to a range of 0% to +5% year-on-year. We expect non-residential and rental sectors centered on data centers to continue driving demand. Page 25 shows demand trends and forecasts for the European market. Demand for FY 2026 Q1 appears to have increased by +4% year-on-year. We have not revised the full year demand forecast at this time, but we will closely monitor future developments, including the impact of the ECB's interest rate hike in June on construction equipment demand. Page 26 shows demand trends and forecasts for the Asian market. Demand for the first quarter of fiscal year 2026 appears to have increased by 4% year-on-year. In Indonesia, while demand from the coal mining sector remains sluggish due to future uncertainty, demand from the agricultural sector, including food estate projects, have grown. Furthermore, regarding other Asian countries, we have anticipated that rising energy prices caused by the situation in the Middle East would trigger economic slowdowns and lead to a decline in construction equipment demand. The actual decline in demand has not been as significant as expected. In India, demand for construction equipment remains robust, supported by public works projects and economic growth. Taking these circumstances into account, we have revised our full year demand forecast for FY 2026 from the April projection to a range of 0% to -5% year-on-year. Page 27 shows demand trends and forecasts for the Japanese market. Demand volume for the first quarter of fiscal year 2026 appears to have decreased by 11% compared to the same period last year. Although we have not revised the full year demand forecast, the number of public works projects continues to fall below the last year's level. We will closely monitor future developments. Page 28 shows trends and forecasts for the prices of major minerals related to mining equipment demand. Copper prices remain high, supported by robust demand, while gold is currently undergoing a temporary correction and is expected to remain at high levels going forward. Fuel coal prices for both low-grade and high-grade coal are currently trending upward, partly due to soaring energy prices caused by the Middle East situation. We will continue to closely monitor developments. Page 29 shows the trends in demand for mining equipment. Unit demand for the first quarter of fiscal year 2026 appears to have decreased by 12% year-on-year. Overall demand fell significantly due to a sharp decline in demand for coal-related machinery in Indonesia. On the other hand, demand for copper mines in Chile and gold mines in Africa has remained robust, and overall demand for mining equipment is expected to exceed initial projections. Taking these circumstances into account, we have revised our full year FY 2026 demand forecast from April projection to a year-on-year decline of 5%-10%. Page 30 shows the sales forecast for the construction, mining, and utility equipment, including equipment parts and services. In the first quarter of FY 2026, parts sales increased by 18.4% year-on-year to JPY 286.5 billion. The aftermarket, including services, accounted for 54% of total sales, and total aftermarket sales, excluding the impact of foreign exchange rates, increased by 5% year-on-year. For fiscal year 2026, parts sales are projected to increase by 4.2% year-on-year to JPY 1,099.9 billion. The aftermarket segment, including parts, services, and other items, is expected to account for 52% of total sales, and aftermarket sales excluding foreign exchange effects are projected to increase by 2.9% year-on-year. I will explain the main topics. I am on page 43. Over many years, Komatsu has accumulated equipment operating data, construction data, and job site expertise through contracts, Smart Construction, and other solutions. Based on these assets, we have gradually advanced AI usage across regions and businesses, and we have now strengthened our organization to accelerate global AI adoption, launching full-scale deployment across the entire value chain from R&D and manufacturing to sales and service. Going forward, we will further accelerate these initiatives to drive operational transformation and customer value creation across our global value chain. Turning to page 44. Komatsu has begun deploying its Smart Construction digital job site management solution for Changi Airport Terminal 5 construction project, a major national infrastructure development in Singapore. By introducing advanced solutions, we enable real-time tracking of construction volume, smooth data sharing between machines, and project management utilizing construction data, contributing to improved job site efficiency and prompt decision-making. On page 45. Komatsu and the Atlassian Williams F1 team launched the Komatsu-Williams Engineering Academy in 2024 to nurture next-generation engineers. We have now launched the third term and will strengthen collaboration with Formula Student, a premier engineering competition for university students. I'm on page 46 now. Komatsu has issued green bonds through a public offering in the domestic market. Proceeds raised from this issuance are planned to be allocated towards expenditures related to the rebuilding of Komatsu's new headquarters building currently underway. From an environmental performance standpoint, the building adopts a design that reduces CO2 emissions, obtaining ZEB ready certification in April 2026. Relocation to the new headquarters building is scheduled for January 2027. That concludes my presentation. We would like to move on to the Q&A session. We would like to take the first question. Maekawa-san from Nomura, please. This is Maekawa from Nomura Securities. Thank you very much for the presentation. I have two questions. Regarding your demand outlook as well as your full year volume expectations, you have revised it up regarding this. In the last three months, what kind of changes were observed? Originally, the risk related to the Middle East was accounted for, and I think you were a little bit conservative in your sales and demand expectations. I guess the risks didn't materialize as much. Is that the case? Or for North America and Latin America, inclusive of mining, apparently first quarter progress was quite good. Is it the other areas where you were able to see base demand improvement? Can you share that with us first? This is Hishinuma speaking. Regarding the impact from the Middle East, as you rightly said, the impact wasn't as substantial. That has been accounted for. By geography, we talked about it in the presentation, but North America was solid due to demand from data centers, and rental demand was brisk as well. By geography, we talked about this in the presentation, but for North America, Q1 alone, demand increased, exceeding 10%. Other regions, there were a lot of regions that grew positively. There were some regions, like Japan, that went down substantially, but all in all, there were many regions that trended positively. For Asia, we were expecting some impact from the Middle Eastern circumstances. I wouldn't say it was zero, but for the Philippines as well as Malaysia, there were some regions that were affected by fuel or oil prices. However, there were some offsets that led to the updated guidance or results. For the mining business, it is hard to predict by demand. When we talk about the overall picture, we talk about trends in commodity prices, and also we look at CapEx plans by mining measures. We often explain in that regard. For when it comes to sales impact, it's about when the deliveries are going to materialize, and there are some timing changes. It's really hard to explain the mining business just based off demand. However, copper continues to be strong as we have been communicating from before. What was positive on sales actually came from gold in Africa. That positively affected our mining business as well as some middle-sized construction equipment that are utilized at gold mines. Thank you very much. I have two follow-up questions. For North America in Q1, apparently demand was quite strong, and I think sales grew as well. For the full year, the growth rates apparently is a little bit smaller, but was it by chance that Q1 was good for North America and for Asia? I might be looking at the wrong slide, but when you look at demand, you have been revising it up. For sales expectations, I think you have been revising it down instead. For Asia, are there some differences in how you view demand and sales? You were saying some regions performed well. Can you give us more flavor on North America as well as Asia? For North America, year-over-year, when you do the comparisons, as you could see on the screen, comparing against 2022 Q1 and benchmarking against that year, you could see how 2026 was, and we were at 103. In the previous year as well as the year before last, which was in 2024 and 2025, it was quite low. Percentage-wise, it trended high somewhat. However, it is true that the business continues to be brisk, so we are expecting a positive projection. For Asia, Indonesia accounts for a large part of sales. In Indonesia, coal demand continues to be sluggish. Therefore, we are expecting further deterioration, and that has led to these projections. I see. Thank you very much. My second follow-up question is about the impact on profits from a tariffs point of view. In Q1 this year, you were able to see some refunds coming from mutual tariffs. Did the JPY 30 billion all materialize in the first quarter? For refunds, I think it is going to be an absence, leading to a reactionary fall. For steel and aluminum, compared to your original expectations, it went down to JPY 88.3 billion instead. It is effective from June the 8th. Due to inventory impact, I guess the impact is not accounted for the full year. There should be some lower impact from steel and aluminum going forward for next fiscal year. The reactionary fall from JPY 30 billion, is it going to be mitigated for next fiscal year? I might be jumping to conclusion talking about next year, but can you talk about Q1 refunds as well as steel and aluminum impact for next fiscal year? Thank you. This is Hosotani, CFO. For tariffs, as of April, we were seeing JPY 30 billion for refunds. It is steadily underway right now, and in reality, for the refunds that have materialized in the U.S., the full amount received doesn't hit the P&L. Demand continues to be solid, and this time around, for Q1, approximately close to JPY 10 billion has already been refunded. That directly has affected the P&L. On the other hand, there has been some changes in tariff rates. For steel and aluminum tariffs, 25%, especially for Japan, has been reduced to 15%. This gain has been accounted for in the guidance. On the other hand, for the increases as of April, Section 232 at 10%. In the latter half of July, it was something that expired. When we were making the guidance in April, we weren't sure what was going to happen after Section 232. We assumed 10% tariff rates. Due to the announcements by the U.S., it was replaced by Section 301, and the 10% became 15% instead. That led to higher tariff costs. The impact is not material. That is what we are viewing. In our updated outlook, we have accounted for all of the impact we are expecting from tariffs. Thank you. If that is the case, for refunds, you are planning for JPY 30 billion, and that hasn't changed. In the Q1, it was JPY 10 billion, and for the second and third quarters, the remaining JPY 20 billion or more should accordingly hit your performance. For steel and aluminum, for that part, the 25% to 15%. For next fiscal year, is that going to be a positive impact? There are some parts that are at 25% for this fiscal year, right? Or is that not the case? Can you please confirm? This is Hosotani again. The first question was about refunds, but compared to the initial pace that we were assuming, actually the refunds are being carried out faster than expected. We are expecting JPY 30 billion for the full year. Also, on the other hand, for steel and aluminum, we were assuming 25% in April, which went down to 15%, and That inventory where we were assuming at 25%, we weren't really assuming that this inventory was going to be outstanding next fiscal year. No. Half of the impact for 25% is this year, and the other half is from next fiscal year. The fact that 25% went down to 15%, excuse me, let me correct myself. You mean the gain portion, when that's going to hit. Regarding how much is going to be carried over to next fiscal year, unfortunately, I'm not able to give you clear guidance at this moment. Thank you. I see. Thank you very much. Next question, please. UBS Securities, Sasaki-san, please. Can you hear me? My name is Sasaki from UBS Securities. We can hear you, yes. Again, I have two questions, if I may. First, they're both related to new plans. First is slide number 20 on page 20. You talk about the gains and losses in detail. Yes, you increased the volume, I understand that. But about the selling price and the expenditure. The selling price, it was JPY 689 billion initially, but it's JPY 646 billion. What's the reason for this difference? And also, the production cost difference. For the Middle East, the logistics will change, I do understand that. Still, it's an increase of JPY 3 billion. The cost has gone down by JPY 3 billion. In the earlier slide, you said the tariff cost is JPY 12 billion and the shipping cost increase in the Middle East is JPY 4.4 billion. Plus or minus, it seems that there is an additional JPY 3 billion to JPY 4 billion. I want you to explain about this. That's my first question, please. Hosotani here. About your question. You're asking about FY 2026 profit and the projection. A few months ago, in your basic plan on page 22, the selling price was JPY 68.9 billion, whereas this time it appears to be JPY 64.6 billion. It's down by JPY 4 billion. What's the reason for that? Also, the production cost, I think overall, it appears to be the reduction of JPY 3 billion. In the earlier page, on page 15, you talk about the tariff cost going down by JPY 12 billion and the Middle East cost will increase up JPY 4 billion. I think there should be more costs, plus or minus, on page 15, it seems that there are other reasons for the increase in cost. That's the intention of my question here. About the price. The change from April is about JPY 4 billion. In some of the regions, there has been a slight adjustment in the selling price. Depending on the region, there is a foreign exchange fluctuation, and in line with that, we have made adjustments in the selling price. As a result, this time, there is a slight drop in the selling price. That's the pricing. About the cost. Yes. We talked about the impact of tariffs, and this is all included. Other than that, what increases the cost? Against April, amongst the cost, the steel cost, the unit price has gone up vis-à-vis what we projected in April. There's a several billion JPY increase because of the increase in steel price. What regions are you talking about? Can you explain? In some of the regions. It's not one single country, so I really cannot respond. In multiple countries, that is happening, right? Yes. Price adjustment. We are making price adjustments as needed, observing the situation. Okay. The second question, about mining sales projection. That is my second question. The last time, compared to your initial plan, excluding FX, if you look at the sales trend, Asia seems initially to be about minus JPY 15 billion, but now it is JPY 36 billion. Why is Asia bad? In Latin America, you say copper is good, Africa, gold is good, but can you explain? Oceania too, compared to the initial plan, you have upward revisions in sales. What has driven you to make such upward revisions in sales, please? That was my second question. Hishinuma, about mining, especially in Asia, Indonesia. We continue to see a sluggish demand, and I do understand that the price is JPY 60, but the cost remains high. DSI has started at B50, so it is more than 50%, but it seems to be starting from September, so bio 50%. I think that this has an impact. We always talk about the idle rate. In March it was around 18%, I believe I said, but currently, the situation is quite bad. April, May, 20%, and also as July, again, it is around 19% for June. I think that given this high rate, it will not lead to introducing new machines, and we are being conservative in terms of the projection. For other regions, copper and gold, yes, compared to April, things are improving. As I said earlier, first, we have to look at the mineral prices, and it is steady. The resource companies, their Capital Expenditure again is solid, 2025, 2026, 2027, it is not going down. We do understand that it will be a risk. About our sales projection, again, we have to think about the delivery timing, and there will be some ups and downs in terms of the different regions. For this fiscal year, compared to our April projection, when we explained in April, compared to that, within this fiscal year, we believe that there are more machines that will be delivered within the fiscal year. Gold and copper, and in terms of region, Australia, Latin America, the sales have been upward revised because of this background. Thank you. Australia. What led you to the upward revision? Australia. Coal? I think it is coal. Yes. No. Is it met coal? Yes, it is met coal, not thermal coal. Thank you very much. Thank you for the question. Let's move on to the next one. Tanioka-san from SMBC Nikko, please. This is Tanioka from SMBC Nikko Securities. Thank you for taking my question. I have two questions. The first one being about this time for mining equipment and the upward revision. How much strength have you accounted for, or how conservative, or how achievable are the plans? In Latin America, excluding FX impact, I think it grew by 24% for Q1. If you exclude FX, the growth is likely to be only 6% from the original 2% for the year. For North America, it grew by 10% for Q1, but it was -1% for the year, but you only changed it to flat year-over-year. When you look at the growth in Q1 alone, the single-digit percentage growth you are expecting for the full year looks a little too conservative. For this upward revision that you did, have you accounted for the third and fourth quarters that conditions are going to stay strong, or have you only accounted for the strength you've seen in the first quarter? Can you share with us your views? This is Hishinuma speaking. Basically, typically, we do not do revisions in the first quarter, but we did it this time around because Q1 was quite strong, so we reflected that in our expectations. Of course, we have been reviewing. We do create full year expectations as well, and we have accounted for some impact. At this point in time, we look at the order fulfillment rates for mining, and we are currently at around 70%, 80%, and that has led to our current projections. To say a little more, for the deliveries that can be made during this fiscal year have been accounted for in our updates, and we are not yet at a time where we can exceed what we have set forth. Thank you. I see. My second question is regarding tariffs and passing on prices. increasing selling prices. You are not doing that for tariff increases. You do price increases inclusive of tariffs and not just for tariffs alone. I presume that Caterpillar is not as aggressive either. For price increases, is it easier to do? Because you're getting the refunds, have you been receiving requests from customers to cut your prices? Have you decided on a policy as to what you're going to do with the refunds you get? This is Hosotani speaking. Regarding tariffs, tariff costs and passing that on to selling prices is a practice we don't resort in. What we are doing when it comes to price improvement are through our regular price increases. Up until now, tariffs were irrelevant to our price increases, and this policy remains unchanged. Regarding the refunds of tariffs, in Q1, it proceeded quite rapidly, and for this fiscal year, as planned, we are expecting JPY 30 billion of refunds. This is irrelevant to our pricing strategy for customers, so this will be reallocated back to our costs and inventories. I see. Thank you. That's all from me. Thank you. The next questioner, please. Nikkei, Otake-san, please. This is Otake from Nikkei. Can you hear me? Yes. Thank you very much. I would like to ask you about pricing strategy. Yes, I heard about your explanation about the foreign exchange rate. Well, you've made some adjustments in the pricing in some regions, but your understanding of the competition about their pricing and price increase and going forward, do you have any change in your thinking as to raising your prices? Hosotani will respond. Price increase and our pricing policy. There are different factors that determine the pricing. For example, we look at each of the markets, and when we produce our products, there are different raw materials that we use. We look at the raw material cost and the inflation of the market and demand. The competition, of course, is something that we do make reference to, but we overall take into consideration different factors in determining our prices. This policy continues to be the case. We have not made any changes. In regards to tariffs, as I said, the cost increase due to tariff, this has not been passed on to our selling price. That has not been the strategy for us. We look at different aspects. It depends on the market, but we look into different factors in deciding when and how much to increase the price. Thank you for that explanation. Having heard that, you say that you incorporate different factors and the market environment is changing, but from your perspective, is it now easier to raise prices, or is it more difficult? What is the environment vis-à-vis price increase? The environment. Rather than talking about the environment, our way of thinking is that prices are we offer the value to our customers, and the price has to reflect that value that we offer, the products and service that we deliver. If the value of those products and services go up based on that, aligned with that, we would raise the price. That is our way of thinking. You're asking whether the environment is making it easier or less easy to raise prices. Rather than that, what's important is to look at whether or not our products and service value is increasing or not, because this is the trigger which determines whether or not we raise prices. Thank you. Thank you for the question. Unfortunately, we only have limited amount of time left, next person will be the last person. Adachi-san from Goldman Sachs, please. Hello, this is Adachi from Goldman Sachs. Thank you for taking my question. Can you hear me? Yes. The first question is about numbers and the second question about orders. Just wanted to confirm some numbers. When you look at our results and plan and the volume product mix, can you give me the details and the breakdown? And out of production costs, can you give me the breakdown between tariff impact and tariff refunds and the Middle Eastern impact as well? Thank you. This is Hosotani speaking. For Q1 results, do you need those numbers? For volume product mix results and expectations, and for cost, just the results from the first quarter is what I need. For volume and product mix, year-over-year, minus JPY 4.9 billion, the details were, first, for volume, sales has grown. Volume impact, there was a positive impact of, roughly speaking, JPY 5 billion. Plus JPY 5 billion out of the total minus JPY 4.9 billion. There was minus JPY 10 billion also as an item, first related to cost increases in the Middle East shipping. Compared to assumptions from April, it turned out to be higher. There were some cost increases there. The rest, there has been a mix difference year-over-year, area mix wise. Asia business was down. That led to more negative impact. That's a comparison year-over-year. Also, regarding tariffs too, right? Yes. The breakdown of costs, production costs. The breakdown of JPY 18.8 billion. Regarding tariffs, cost itself was about JPY 21 billion. On the other hand, for refunds, like I've repeatedly been saying, in Q1, it was a little bit over JPY 9 billion that was accounted for. In that net, costs were a little bit over JPY 10 billion. That's the impact in increase year-over-year. By the way, how about the inflation impact coming from the Middle Eastern circumstances or Middle East situation impact? Oil cost increased. However, in Q1, over the course of the three months of Q1, the impact was not that big, and it was only JPY several billions. Quickly, I'd like to ask you about the B/B ratio. Can I ask you the situation of K Limited and Komatsu Germany? For K Limited, Asia is a little challenging, but the B/B ratio looks good. I was wondering where you're getting the increase from and what are the destinations as well as the products. For Komatsu Germany, the PC series year-over-year, where it looks 50% worse, can you also walk me through the reasons why? This is Hishinuma speaking. For the B/B ratio, it's a six-month average that is being utilized for the numerator and the denominator. When we make shipments, it goes down, it's a little bit hard to track. For Komatsu Limited, Indonesia is performing poorly, from a demand point of view or orders point of view, shipments are proceeding whilst we're not receiving orders. That's leading to these results. For example, for mid-size dump trucks that we make in Ibaraki, if we're able to see an increase, we'll see better numbers. It's not just Indonesia. That impacts the B/B ratio, too. For Germany, on the other hand, the value is high, but on a unit basis or volume basis. Actually, orders have been building up quite nicely. The order backlog are at extraordinary levels. However, when we go through shipments, the numbers turn out to be looking like this. It's a difficult KPI to manage and communicate about. By the way, for Komatsu Limited and mid-size dump trucks, are they increasing because of the U.S. or Australia? Is that where they're shipped to? Actually, Africa, we've been seeing an increase there. When we see an increase towards those destinations, we see the numbers turn out to be this way for B/B. Thank you. Sorry, I exceeded the given time. Unfortunately, we have run out of time, we would like to end the Q&A session. This concludes Komatsu's fiscal 2026 Q1 results briefing. Thank you very much for joining today.