Thank you very much for joining today's financial results briefing for AIRMAN CORPORATION. My name is Goichi Sato. I am the Representative Director and President of the company. I appreciate your time today. I hope you will stay with me for this brief presentation. For the sake of today's explanation, I will refer to the fiscal year ended March 2025 as the previous fiscal year, the fiscal year ended March 2026 as the current fiscal year, and the fiscal year ending March 2027 as the next fiscal year. Let me begin with an overview of the current fiscal year. In the current fiscal year, we achieved record highs in both net sales and profit. In terms of growth, overseas sales, led mainly by North America, expanded, offsetting weakness in the domestic market. At the same time, amid rising raw material prices and changes in the external environment, we continue to take steps to ensure profitability. As for cash flow, operating cash flow declined temporarily, mainly due to an increase in inventories to respond to demand in North America. We regard this as a strategic investment to meet expanding demand and steadily capture sales opportunities. For the next fiscal year, while we expect higher net sales, we are also factoring in the impact of tariffs, raw material prices, and other factors. Based on an assumed exchange rate of JPY 150 to the U.S. dollar, we expect profit to decline. That said, profit in the previous fiscal year was also lifted in part by foreign exchange gains, and our forecast should be viewed with that in mind. With that as background, today I will discuss the financial results for the current fiscal year, the outlook for the next fiscal year, and our Medium-Term Vision in that order. Consolidated net sales were JPY 55.6 billion, an increase of 2.3% from the previous fiscal year. This was mainly because overseas sales growth offset the decline in domestic sales. Operating profit, which I will explain in more detail on page eight, increased 11.2% from the previous fiscal year to JPY 7.1 billion. Ordinary profit increased 17.4% to JPY 8.0 billion, mainly due to the recording of foreign exchange gains and other factors. Profit attributable to owners of parent also increased 17.4% to JPY 5.5 billion. All items exceeded our full-year earnings forecast and all reached record highs. I will explain net sales by region and by segment. In the construction machinery business, overseas sales offset the decline in Japan, and net sales increased 1.0% from the previous fiscal year to JPY 44.5 billion. By region, sales in North America increased 22.5% to JPY 12.7 billion, as compressors grew significantly and generators, which had been temporarily weak, recovered. In Asia, by contrast, both compressors and generators remained sluggish, and sales declined 18.6% to JPY 4.8 billion. In the Middle East, both products performed steadily, and sales increased 15.8% to JPY 3.3 billion. However, due to the situation in the Middle East, shipments to the region are currently suspended. We will continue to monitor developments and respond appropriately. In Japan, although generators expanded, compressors struggled to gain momentum, and sales declined 3.6% to JPY 19.6 billion. In the industrial machinery business, net sales increased 8.1% to JPY 11.0 billion, supported by stable OEM supply and higher sales of parts and services. As a result, driven by growth in overseas sales, the overseas sales ratio was 44.8%. I will now provide a summary by major product. For engine-driven compressors, demand in Japan remained firm in construction, sales struggled due to delays in construction plans caused by labor shortages and rising material costs. Overseas sales increased, led mainly by North America. In terms of market share, our domestic share declined slightly to 88.3%. Overseas, we increased our share, especially in North America, where it rose by seven percentage points from the previous fiscal year to 23%. For engine generators, domestic shipments increased and market share expanded as negotiations to expand sales to rental companies progressed steadily. Overseas, sales struggled in Asia, including China, recovered and increased in North America after a period of weakness caused by inventory adjustments among rental companies. Overall, our overseas market share remained largely flat. For scissor lifts, demand remained weak, we expanded sales mainly to rental companies. Net sales were flat while market share increased. For motor-driven compressors, capital investment demand remained solid, and OEM supply to KOBELCO COMPRESSORS CORPORATION increased. As a result, sales remained firm, although expanding market share remains a challenge. For parts and services, we steadily captured demand, supported by the strengthening of our service structure, including an increase in maintenance personnel. As a result, sales increased. As for performance trends, all items are progressing smoothly and exceed the levels set out in the Medium-Term Vision. Operating profit increased mainly due to higher sales, higher selling prices, and improved operating rates. On the other hand, rising raw material prices, U.S. tariffs, and higher selling, general, and administrative expenses reduced profit. As a result, operating profit increased by JPY 720 million from the previous fiscal year to JPY 7.18 billion. I will explain the impact of rising raw material prices and changes in selling prices on operating profit. Since the fiscal year ended March 2021, rising raw material prices have had a cumulative negative impact of approximately JPY 4.7 billion on profit. In response, we have been working to pass these increases on to selling prices, absorbing approximately JPY 3.5 billion in total. As a result, we have made some progress in absorbing cost increases, the impact of higher costs remains. Going forward, we will continue to pursue price pass-through in stages while taking market conditions into account, we will work to improve our profitability. I will explain consolidated cash flow. Operating cash flow was negative JPY 2.37 billion. The main reasons were the buildup of inventories to meet demand in North America and an earlier cash outflow due to changes in payment timing under legal revisions, as we paid purchase amounts earlier than before. Cash flow from investing was negative JPY 1.47 billion, mainly reflecting capital expenditures related to production and development. Financing cash flow was negative JPY 3.38 billion due to share repurchases and dividend payments. In short, we are increasing working capital to capture demand in North America while also making investments and returning capital to shareholders in line with our Medium-Term Vision. I will discuss our earnings outlook for the next fiscal year. We expect net sales to increase from the current fiscal year to JPY 58.5 billion. This reflects our continued efforts to expand overseas sales of construction machinery, especially in North America, as well as to strengthen our sales and service systems for domestic industrial machinery. On the profit side, however, we expect operating profit to decline to JPY 5.63 billion. The main reason is that we are factoring in the impact of the external environment, including rising raw material prices and U.S. tariffs. Given the potential impact of the unstable situation in the Middle East on production materials, we have adopted conservative assumptions. In response, we will continue to pursue price pass-through and cost reduction efforts. At the same time, we will expand recurring revenue streams such as parts and services and work to improve profitability. We will also continue to build inventories to reliably capture sales opportunities amid expanding demand in North America. Our assumed exchange rate is JPY 150 per U.S. dollar, and the sensitivity of ordinary profit to foreign exchange is approximately JPY 136 million per JPY 1 movement against the U.S. dollar. Based on these assumptions, we will carefully account for the impact of the external environment while steadily implementing measures to drive growth. I will now explain the expected changes in operating profit for the next fiscal year. As positive factors, we expect a degree of profit improvement from higher sales and price revisions. We will also continue to pursue cost reduction efforts. On the other hand, cost increases caused by the external environment, including higher raw material prices, are expected to have a significant negative impact on profit. Tariffs and increases in personnel expenses and other costs are expected to weigh on overall profits. In response to these expected changes, we will continue to promote price pass-through and cost reduction efforts and will work to improve profitability. I will explain the progress of Medium-Term Vision 2027, our medium-term management plan. The basic policy of Medium-Term Vision 2027 is to position this period as a time of reform for our next stage of growth. We have identified the overseas construction machinery channel and the domestic industrial machinery channel as future core growth areas, and we will implement reforms, including changes to our organizational structure. Through further growth from fiscal 2028 onward, we aim to achieve consolidated net sales of JPY 70.0 billion in fiscal 2030. First, I will explain the progress of our overseas strategy. In North America, engine-driven compressors grew significantly, supported by expanded business with major nationwide rental companies, and engine generators are also on a recovery trend. In Southeast Asia, market uncertainty and intensifying price competition remain challenges to growth. We are currently working to strengthen our business foundation by developing our distributor network in Indonesia and other markets. In Oceania, we are building a foundation for medium-term growth through initiatives such as the rollout of a second brand. As a result of these initiatives, overseas sales increased 4.8% from the previous fiscal year to JPY 24.9 billion, and the overseas sales ratio was 44.8%. Next, I will explain our progress in strengthening our business in the domestic industrial machinery market. Net sales increased 8.1% from the previous fiscal year to JPY 11.0 billion, reflecting the penetration of price pass-through for motor-driven compressors, as well as steady sales of manual hand push-type scissor lifters and compressor air ends. While market conditions remain solid, we are facing challenges in securing customers and expanding market share. In light of this situation, in April 2026, we made the Industrial Machinery Sales Department independent. Through this change, we will strengthen our sales and service systems, advance customer management, and work to recover lost ground. I will now explain our new business initiatives. In December 2025, we began sales of generators for reefer containers. In recent years, demand has been expanding for refrigerated and frozen containers used in temperature-controlled transport, commonly known as reefer containers. This product provides stable power to these containers, and with its launch, the company seeks to enter the cold-chain industry as a new business field. Sales are handled by Itochu Metals Corporation, which holds one of the world's leading market shares in the sales of refrigeration units for reefer containers. Replacement demand in Japan is 500 units per year, while demand in North America is more than 10 times that level. We will first build a track record in Japan and then consider overseas expansion. Next, I will explain our progress against the numerical targets of the Medium-Term Vision 2027. First, regarding net sales for each business, which are key performance indicators, overseas construction machinery and domestic industrial machinery both progressed above the levels set in our earnings forecast. Domestic construction machinery, however, fell short of the target, as sales of some products struggled due to factors such as delays in construction plans. As a result, both consolidated net sales and operating profit achieved their targets, with overseas performance offsetting the shortfall in Japan. Operating profit also improved in terms of profitability, supported by price pass-through, higher sales, and improved operating rates. On the other hand, in domestic industrial machinery, while sales are expanding, challenges remain in increasing market share and securing customers. Going forward, we will work to resolve these issues by strengthening our sales and service systems through the Industrial Machinery Sales Department’s independence. I will now explain the progress of our investment plan. In line with our medium-term vision, the company is undertaking renewal and efficiency investments to address the aging of the former headquarters plant. At the same time, we are investing to expand production capacity and strengthen development capabilities in response to growth in overseas construction machinery and domestic industrial machinery. Capital expenditures in the current fiscal year were slightly below plan, mainly due to delays in the investment schedule related to the aging of the former headquarters plant. At present, in response to growing demand in North America, we are considering a review of capital expenditures to increase production capacity. If there are any revisions to the medium-term vision, including the investment plan, we will disclose them in a timely and appropriate manner. Next, I will explain our shareholder return policy and capital efficiency. The company has a policy to implement shareholder returns totaling approximately JPY 10.0 billion over three years, with a total payout ratio of 70%. Under this policy, we will implement stable dividends and flexible share repurchases, taking into account our financial position and the balance with growth investments. For the current fiscal year, we plan to pay a year-end dividend of JPY 52 per share, bringing the annual dividend to JPY 72 per share, which represents an increase from the previous fiscal year. For the next fiscal year, we plan to maintain the dividend at the current level while remaining flexible in response to the external environment and performance trends. From a capital efficiency perspective, we have set our cost of capital at 9% and our ROE target at 12%. Going forward, we will continue to improve capital efficiency by securing profitability above our cost of capital. Finally, I will discuss our topics. To promote Medium-Term Vision 2027, the company has been reviewing its organizational structure since April 2026. Specifically, in the Overseas Marketing Department, we have made the Overseas Sales Division independent to speed up decision-making and concentrate resources. In the domestic industrial machinery field, we have also made the Industrial Machinery Sales Department independent. By enhancing the specialization of our sales and service functions, we aim to expand our market share. Through these initiatives, we are strengthening our ability to respond to growth areas and building the organizational structure needed to achieve the medium-term vision. This concludes today's financial results briefing. Although uncertainty remains in the external environment, the company will work to achieve sustainable growth by both capturing growth opportunities, especially in North America, and improving profitability through price pass-through and the strengthening of parts and services. We sincerely ask for your continued understanding and support. Thank you very much for your attention.