I will present the consolidated financial results of Panasonic Holdings Corporation for fiscal 2026 ended March 31st, 2026, and the forecast for the fiscal year ending March 2027. We are presenting our financial results and forecast based on the new reportable segments starting from this earnings briefing following the new group structure as of January. First, the highlights. Sales and profit decreased year-on-year. Sales decreased overall despite higher sales of Connect, Electric Works, and Energy and Industry due to lower sales of HVAC and CC and Smart Life, as well as the deconsolidation of Automotive. Adjusted operating profit decreased overall despite increased profit of Connect, Electric Works, HVAC and CC, and Industry due to lower profit resulting from one-time expenses related to past in-vehicle manufacturing process issues of Energy and the Automotive deconsolidation. Operating profit and net profit decreased due to recording the restructuring expenses for the group management reform. Operating cash flow decreased year-on-year due to the non-recurrence of monetization of IRA tax credit through transferable method in FY 2025 and restructuring expenses. As for the FY 2027 forecast, overall sales are expected to decrease due mainly to the impact of deconsolidation and the effect of exchange rates, while sales in real terms are to increase in all segments. AOP in all segments is to increase due mainly to higher sales of AI infrastructure related businesses and the effect of restructuring. Overall AOP is expected to increase even after factoring in a negative impact of JPY 30 billion, reflecting risks from deteriorating situation in the Middle East and the further memory price hikes. Annual dividends for FY 2026 are determined at JPY 40 per share and forecasted to be JPY 54 for FY 2027, up JPY 14. Now the details. Sales decreased year-on-year by 5% to JPY 8,048.7 billion, while sales excluding Automotive were up by 3%. AOP decreased to JPY 447.4 billion, while AOP excluding Automotive increased year-on-year. OP decreased to JPY 236.4 billion, and net profit decreased to JPY 189.5 billion. This slide shows results by segment. Next few slides describe the analysis of year-on-year comparison for sales and AOP. First, sales analysis by segment. Overall sales decreased despite higher sales of Connect, Electric Works, Energy and Industry due to lower sales of HVAC and CC and Smart Life and the Automotive deconsolidation. The major factors by segment are shown on this slide. This is AOP analysis by segment. AOP decreased overall despite increased profit in Connect, Electric Works, HVAC and CC, and Industry due to lower profit in Energy and Smart Life and the automotive deconsolidation. In Energy, AOP decreased overall due mainly to significantly lower profit in in-vehicle, reflecting the impact of the U.S. tariffs and the recording of one-time expenses related to past manufacturing process issues. This despite increased profit in industrial consumer, driven by higher sales of Energy Storage System for data centers. In Smart Life, AOP decreased due largely to restructuring expenses related to strengthening of the TV business partnership. Next, OP analysis by sector. From the left, increased sales in real terms, positive JPY 65 billion. Fixed costs, negative JPY 13 billion. This includes positive JPY 45 billion from restructuring. Raw materials and logistics prices, negative JPY 9 billion. Effect of price revisions and rationalization, positive JPY 45 billion. Blue Yonder, JPY -10.3 billion due to an increase in strategic investments. Exchange rates, -JPY 2 billion, mainly seen in Energy and Industry. The automotive deconsolidation, JPY -24.5 billion. U.S. tariffs, JPY -31 billion. Recording of one-time expenses related to past manufacturing process issues, JPY -40 billion. As a result, AOP was down JPY 19.8 billion. OP decreased by JPY 190.1 billion due mainly to restructuring and portfolio management related expenses in other income and losses totaling JPY 170.3 billion. An update on progress with the group management reform. The structural reform in FY 2026 was implemented as originally planned, and the scale of personnel optimization exceeded the original plan of 10,000 employees, ultimately reaching 12,000. Restructuring expenses in FY 2026 amounted to JPY 174.5 billion, while the positive effect was JPY 45 billion. The Group-wide effect of the restructuring for the two years covering FY 2026 and FY 2027 is expected to be JPY 145 billion. Status of cash flows and cash positions. On the left, operating cash flow for FY 2026 decreased to JPY 624.3 billion year-over-year due to the non-recurrence of monetization of IRA tax credit through transferable method in FY 2025 and restructuring expenses. On the right, net cash was outflow of JPY 756.7 billion. Next, forecast for FY 2027. This is the consolidated forecast for FY 2027. Overall sales are expected to decrease to JPY 7.6 trillion, AOP is expected to increase to JPY 600 billion. OP is to increase to JPY 550 billion, net profit is to increase to JPY 420 billion from an increase in AOP and the non-recurrence of restructuring expenses recorded in FY 2026. EPS JPY 179.89, ROE 8%, EBITDA JPY 1 trillion. This is the forecast by segment. A negative impact of JPY 30 billion is factored in other elimination and adjustments, reflecting risks from situation in the Middle East and the further price hikes of memories. Next few slides show major factors. This shows the FY 2027 outlook for changes in demand by segment. Please note that certain uncertainties, such as the Middle East situation, have not been fully reflected and we'll continue to monitor the developments carefully. Positive changes in demand are written in blue and negative changes in red. The major changes we anticipate by segment are as follows. For Connect, we expect a demand growth for supply chain management software, avionics, and factory automation. At the same time, we are closely monitoring the potential impact of the memory shortages on the aircraft and PC supply chains. In Vehicle of Energy, EV demand in U.S. is expected to remain at broadly similar level to the FY 2026, while demand from our customers is expected to exceed the FY 2026 level. For Industrial and Consumer of Energy, demand for distributed power supply system is expected to continue to expand significantly. For Industry, demand for information communication applications such as GenAI is expected to expand. Shows the year-on-year increase and decrease factors of sales forecast. Sales are expected to increase in all segments. Major factors by segments are shown. In particular, significant sales increase is expected in Energy, driven by higher sales of in-vehicle at our North American factories, supported by the recovery in customers' production volume, as well as continued sales expansion of the Energy Storage System for data centers. This shows the year-on-year increase and decrease factor of forecast. AOP is expected to increase in all segments. In particular, Energy and Smart Life will drive overall increase in profit. For Energy, AOP in Vehicle is expected to rise significantly due to the higher sales in North America and absence of one-time expenses recorded in FY 2026 related to the past manufacturing process issue. In addition, much higher profit in Panasonic Industry is expected with higher rate of Energy Storage System for data centers. For Smart Life, AOP is expected to grow due to largely at the absence of one-time restructuring expenses. This shows the year-on-year increase/decrease factors of operating profit. From the left, higher sales in real terms expected to become a positive factor of JPY 120 billion. Fixed costs will be positive factor of JPY 60 billion due to the effect of restructuring of JPY 100 billion, despite the increase in strategic investment and the impact of the inflation. The net impact of raw materials, logistic prices, mainly from the price hikes in copper-based memory, will be a negative factor of JPY 125 billion. The effect of the price revisions and rationalization will be a positive JPY 124.9 billion. The Blue Yonder AOP is expected to grow by JPY 2.7 billion. FX impact will be a negative of JPY 40 billion, mainly seen in Energy and Industry. The absence of one-time restructuring expenses recorded in FY 2026 is expected to become the positive factor of JPY 40 billion. The more negative impact of JPY 30 billion is factored in, reflecting risks for deteriorating situation in Middle East and further memory price hikes. Taking all these factors into account, AOP is expected to increase by JPY 152.6 billion. Operating profit is expected to increase by JPY 313.6 billion due to a JPY 161 billion improvement in other income and loss, mainly reflecting the absence of the restructuring expenses. Here is some supplementary explanation regarding the impact of the situation in the Middle East and further memory price hikes. As for the potential impact on us from the deteriorating Middle Eastern situation, we mainly assume the price hikes in raw materials such as resins, as well as the decline in sales in Middle East. Furthermore, rising memory prices have been seen due to the supply shortages. Accordingly, that we have factored in JPY 30 billion impact at the Group level. While uncertainties will persist for the foreseeable future, we remain committed to closely monitor the situation to achieve the target of JPY 600 billion AOP. This shows the outlook of each individual business, starting with the in-vehicle of Energy. On the left is, the line graph shows the sales volume trend in in-vehicle batteries in gigawatt hour at our factories in North America, and bar graph shows the EV sales trend in U.S. Following the termination of the IRA Section 30D tax credit for EV purchases at the end of September last year, the situation of the EV market in U.S. has deteriorated. However, North American operation in 26 achieved higher shipment volume year on year. In 27 outlook, we expect gradual market recovery compared with the 26 and increase in demand for battery production, driven by our strategic customers' market share gains in U.S. Therefore, we forecast full year battery sales volume of 46 gigawatt hour in FY 2027. Uncertainty continues. We will continue to expand our business in line with the market trend and customer demand. Next is our outlook on Energy Storage System for data centers in Industrial and Consumer and of Energy. The graph on the left shows the sales outlook. We previously targeted the sale of JPY 800 billion in FY 2029. In light of demand exceeding our early expectations, we will bring forward the JPY 800 billion sales target by one year to FY 2028. We are also raising our target to JPY 950 billion in FY 2029, approximately 3 times the level of 2026. In response to the rapidly growing demand, we are quickly proceeding with the preparations to expand production capacity. For cell production, we have completed the conversion of the in-vehicle battery production lines in Japan, and shipments for data center applications began in April 2026. We have also decided to allocate the in-vehicle production line for data center applications at the Kansas factory and to expand our production capacity going forward. For Capacitor Backup Units, we, which use our new modularized super capacitors developed through the collaboration between Panasonic Energy and Panasonic Industry, we plan to start the mass production in FY 2027. By simultaneously achieving the high level of both production capacity expansion and the development of new solutions, we will maintain our leading market position and drive further business growth. Next is our outlook for GenAI related businesses in Industry. We previously, Industry's AI related business disclosures focused on the AI semiconductor related areas such as GPUs and ASICs. However, as the business opportunities that leverage the expertise are rapidly expanding, we'll broaden the scope of the disclosure to include the infrastructure area supporting the evolution of AI, such as servers, storage, as well as edge area, where the advancement in AI technology extend into applications such as ADAS and robotics. As shown on the left, we will target the sales of JPY 430 billion in FY 2029 under this new scope, roughly doubling the FY 2026 level. In terms of the production capacity expansion to support growth for electronic materials, we will construct a new facility in Ayutthaya plant in Thailand, While simultaneously expanding the production lines at Suzhou and Guangzhou plants in China. In addition to for conductive polymer capacitors, we will continue to expand the capacity at multiple sites in Japan overseas. For the AI related business of Panasonic Energy and Industry, we'll provide a detailed strategic update at the Investor Day on June eighth. Here is the summary of the progress made in our group portfolio management initiatives. Following the announcement of housing solutions and Ficosa, the transactions relating to those businesses have been completed. We have also announced the share transfer of the power tools business of Electric Works and the security system business of Connect since Q4. Today, we announced the share transfer of the automotive motor and automotive cooling fan motor business of Industry. We'll continue to steadily conduct the portfolio management going forward. Finally, our shareholder return. We decided to pay 40 JPY per share dividend for FY 2026. No change from August 29. As for FY 2027, our forecast is 54 JPY per share, 14 JPY up. The payout ratio of 30% relative to the net profit. We will distribute a stable and continuous dividend. We aim to achieve the enhanced corporate value through business growth and profit increase. Thank you for your attention. We now have our CEO, Kusumi, to explain the Group growth strategy. Hello, everyone. This is Kusumi speaking. Thank you for taking time out of your busy schedule to join us on this online briefing. CFO Waniko just reported on last fiscal year's results and the forecast for this fiscal year, especially with regards to the devices area. I will now give the details of the Panasonic Group's growth strategy. First, I'd like to go over the Group management reforms implemented last fiscal year. First, the fixed cost structure reform last May. Recognizing the need to review the fixed cost structure for the entire Group, we announced our goal to achieve a JPY 122 billion reduction in FY 2027 compared to FY 2025. Currently, we expect to exceed that target and achieve a JPY 145 billion reduction. As part of the group structure, we dissolved the former Panasonic Corporation and reestablished three new business companies, Panasonic Electric Works, Panasonic HVAC and CC, and the new Panasonic Corporation for Consumer Electronics. We consolidated and streamlined our headquarters, sales divisions, and indirect functions and consolidated our sites. The personnel optimization has resulted in a reduction of 12,000 people globally. We have completed the direction setting for businesses with issues, namely those with no foreseeable growth and a ROIC below the cost of capital, as well as those requiring careful consideration of business sites. Regarding PIDC industrial devices and the electromechanical control businesses, we have completed the reconstruction process through delivering the structural reform results and material cost reduction. There's a plan to transfer our automotive motor and automotive cooling fan motor businesses as well. In the kitchen appliances businesses, we will thoroughly pursue global standard cost structure by shifting mass production development to China, optimizing development resources in Japan, reviewing standards and criteria that do not contribute to customer experience value, and actively utilizing Chinese components. In the TV business, we have established a prospect for risk reduction through collaborations with other companies overseas. Through these, we are to eliminate businesses with issues by the end of FY 2027. The HVAC business to be reconstructed will strengthen the cost base for air conditioners and compressors in Asia through structural reforms and site optimization. In particular, we will improve profitability in the commercial air conditioning by reducing development costs through partnerships and focusing on specific areas. The consumer electronics business will strengthen the competitiveness by pursuing global standard costs and becoming asset-light through collaborations while enhancing the brand and sales channels based on our core technologies that allow many customers to perceive the difference, creating a cycle in differentiated areas where we will strengthen products and advertising for higher profitability. Panasonic Housing Solutions completed the share transfer to YKK at the end of March. Through a full lineup of building materials and synergies, we aim to achieve growth that was not possible so far. We will continue to implement measures to improve the group. Having strengthened our earnings base through last year's group management reforms, we now enter a growth phase. In 1932, our founder, Konosuke Matsushita, stated, "Only when spiritual stability and an inexhaustible supply of material goods are combined can happiness in life be stable. This is what I have come to understand as the true mission of Matsushita," and declared the realization of an ideal society where both material and spiritual abundance prevails as our true mission for the next 250 years. Let me describe how our group can contribute to prosperous society in 2032, the 100th anniversary of that Meichi revelation. The Panasonic Group continues to evolve, supporting the development of society and industry by solving social challenges that change with times. In particular, towards 2032, we aim to solve 2 challenges: efficient use of energy and alleviating the frontline labor shortage by supporting AI infrastructure and social operations. This slide shows the steps of revenue growth or profit growth until 2030 through our efforts to address these 2 challenges. First, in phase 1, for the 3 years leading up to FY 2029, the business supporting AI infrastructure in the devices area will expand significantly in those sales and profits, driving the group's growth. In addition to growth of other businesses as shown last year, we will increase AOP by more than JPY 150 billion from FY 2027 and will certainly achieve our target of exceeding JPY 750 billion. During this period, the solutions area will transform its business model to further contribute to the evolution of our customers' operations, and this area will be the core of revenue growth in phase 2 from FY 2030 onwards. The devices area and the Smart Life area centered on the consumer electronics business will continue to grow sustainably through technological innovation and strengthen competitiveness in phase 2 and beyond. At the briefing in February 2025, we explained power supplies for data centers as part of our solutions area. Given the continuous technological advancements in devices in line with the evolution of AI server technology are the key, we have re-positioned them within the devices area now. Let me explain the overview and initiatives of our business supporting AI infrastructure in the devices area. Our business supporting AI infrastructure in the devices area is focused on the rapidly growing AI data center market. Our group contributes by addressing the need for high-speed GPU ASIC peripheral circuits and boards, Which constitute the brain of AI processing, and by providing backup and peak power reduction around the power supply, which constitutes the heart of the system. In the future, we will expand our contributions to edge computing areas such as AI-driven autonomous driving and robotics. Here you can see the growth roadmap for the devices area. Key industry players such as hyperscalers and AI semiconductor manufacturers are rapidly increasing the capabilities of data centers and the GPUs and ASICs that support them to meet the rapidly growing demand for generative AI. In response to this evolution, the area surrounding the GPU ASIC, the brain of the server, requires further speed and stable operation, along with reduced power loss and absorption of power load fluctuations. Our group is paving the way to meet these demands through advancements in substrate materials and capacitors. In the power supply area, which can be considered the heart of the server, there is a need to achieve both higher levels of power efficiency and stable operation in response to the increasing power load and fluctuations per server rack. Through advancements in battery cells, as well as advancements in devices unique to our group that fuse battery and capacitor technologies, we will continue to support the power supply systems of ever-evolving AI servers. Our group has the development capabilities to propose and realize products that don't yet exist in the market by advancing materials and process technologies in line with the five-year visions of our customers, including hyperscalers and AI processor semiconductor manufacturers. Furthermore, by building production and supply system that can flexibly respond to customer requests, we will ensure a stable supply and continue to support the evolution of AI servers and data centers. In devices and systems supporting AI infrastructure, we aim to achieve JPY 1.4 trillion in sales and JPY 290 billion AOP in FY 2029 and try to grow further in FY 2030 and onwards. Already, our customers have shown us the future demand forecast, we are very much likely to win the orders, especially the power supply for DC, our data centers. We are getting the strong demand from the customers and our award win rate, that is the agreements to proceed with the development orders, and the secured have reached 80% of the sales. From FY 2027-2029, we plan to invest about JPY 500 billion in total for businesses supporting AI infrastructure in advancing devices and systems and expanding production. Next is the businesses supporting social operations in solution area. First of all, the business model transformation in solution area. Phase one is during the 3 years up to fiscal 2029, and we mentioned that we would transform our business models, and this means that we will shift from the hardware-centric to service-centric value proposition. In response to the challenges such as labor shortages resulting rising labor costs, environmental issues and regulations, and soaring energy costs, we will support the operations of various clients and the public institutions through the service and engineering so that we can realize always-on energy and labor-saving solutions. Conventionally, we have had the good evaluation from many customers in wide-ranging industries, especially in the area of hardware. The machines in the field are the machines installed and in operation. We call this MIF. By expanding the size of the MIF, we have been accumulating the customer base of the maintenance for Panasonic Group by having the high MIF and also services and engineering, we have a high potential to widen the services that we provide to our customers, especially by using the AI and digital technology, we can broaden our service offering from co-consulting, maintenance, hardware, and services. About the hardware plus service value proposition, I'd like to show you one example. In the area of the showcase and freezers, those are not provided only to the supermarkets, but together with the remote monitoring, control, and analysis solution, we are providing the products and services so that key customers' operations can keep running. For the in-flight entertainment for the aircraft, it's not just replaying the movie and the music. We can play the role to deepen the touch point between the airlines and passengers so that we can provide the personalized experience to improve the customer satisfaction. In 50 locations globally, we have integrated maintenance services covering the third-party equipments so that the airlines can provide a comfortable air travel. In building management system, we have a very wide-ranging services of the lighting, central monitoring, security, disaster management, and maintenance services. In water treatment, water supply, and drainage, we provide the facility management, upkeep, maintenance after construction, not just the design and the construction. We will accelerate the introduction of the connected equipment so that we can realize the always-on energy-saving, labor-saving value proposition. In the area of the solution, what we can offer is to upgrade customers' operations. The energy costs are rising, and the environmental regulation is becoming more stringent. In addition to the labor shortage on site, the customers are looking for the total value, not just equipment value. We have to include the improved efficiency of the operation and the labor saving and energy saving and environmental countermeasures. We have to make sure that the interruption of the operation lead to the economic loss or loss of credibility, and the tolerance for the downtime is becoming more smaller, so the preventive maintenance becomes important. In the wide-ranging areas, we would like to utilize the current high level of the MIF and provide the operational support and modification, system linkage, and integration so that we can widen the area of contributions to the customers. Especially since we have a high market share, we will have a very wide-ranging access to the customer's gemba or front line. We have accumulated a very rich know-how in the facilities operation. We would like to further deepen our understanding about the customer's operation and to broaden our services and to enhance the services and the engineering so that this will lead to the higher revenue growth. Based on what I explained, I would like to talk about the financial discipline for the three years up to FY 2029. As for the growth investments and shareholder returns up to FY 2029, those will come from the funds generated from our businesses. Our three-year cumulative operating cash flow is expected to be JPY 2.2 trillion or more, and JPY 500 billion strategic investment for the businesses supporting AI infrastructure and also growth investment for solution area. Consolidated dividend payout ratio is around 30%. The financial discipline is the net debt to EBITDA ratio. Of around 1 time that is a similar level of liabilities to the cash generation capability. Panasonic Group will continue to solve the issues of the society and to support the development of the industry as the social challenges changes. In 2032, we would like to continue to support the air infrastructure and social operation and accelerate our contribution. From Kyodo Agency, Higashi-san, please. Thank you. Higashi from Kyodo Agency. Can you hear me? Yes. Thank you. I only have one question. Investment in ECU of approximately JPY 500 billion BBU. Does this include the startup of new plants? First of all, JPY 500 billion, the majority of this would be for battery investment. New factory construction is not part of the plan. Does that answer your question? Yes. Thank you. Thank you. We'll take the next question from Nikkei. Misumi-san, please. Thank you. I am Misumi from Nikkei. Thank you very much. I have two questions. First, this time the structural reform, the direction setting is now complete mostly. Our initial forecast is to transfer some of the businesses to other partners. Expected more projects like that. Now it seems that you have overcome some of the businesses with issues. I think that the frontline people worked very hard. If that is the case, how do you continue to do so? Misumi-san, thank you. Your question. Probably, I think that the sale of some of the businesses to other companies were expected on your part, especially consumer electronics. Maybe you had expected something like that. The consumer electronics is a driver for our brand. It's very important. At the same time, since the past, this consumer electronics in China and Japan, we have had a separate operation, and our capability to compete in China was something that we gained. In the new structure, we decided to fully leverage and utilize what we learned in China. Under the new leadership, we are accelerating that. This is a little bit different from other companies. We would like to fully utilize resources in China and the capability that we gained in China. Once again, we want to do so. By doing that, including the kitchen appliance, I think we have set the good direction. I hope that answers your question. Yes. Thank you. My second question. This time, growth strategy is announced. This medium term, it's not the medium-term management plan, I understand. This time, many people expected the medium-term management plan, but this is the growth strategy rather than the medium-term plan. Could you explain why that is the case? Thank you. Well, in the past, every three years, I think we had the rolling plans. After three years, I think that the situations in the society and technology changes so significantly. Therefore, internally, to have a rolling plan rather than having such a three-year plan, we decided to change that to do so every year. Considering only the three years in the future, and should we try to set up the strategies. Rather than that would be like a hockey stick type. After three years, we can achieve this much. That would be how you can make a plan. Rather than that approach, we'd like to look at further in the future and think about what we want to change. We think that we need to change the way of thinking. On top of that, of course, if the modification is necessary every year, we would do so. Toward the target after one year, for example, if something is not doing well, we will make the changes and adjustments. 3 years in the future and 6 years in the future, that is not something that we are showing this time. In the solution area, for example, there are various not just KGIs, but the KPIs that we will be considering. That type of planning or to make the strategies more sharpened, that is something that we need to focus upon. Based on that, rather than calling it a medium-term business plan, we decided to announce the group growth strategy. I see. Thank you very much. Thank you. Next. From Toyo Keizai, Yamashita-san, please. Thank you. This will be my very first time to ask you questions. My name is Yamashita from Toyo Keizai. I have two questions. First, on AI-related businesses, which are to be the pillar of growth going forward. Yes, there is a big expectation that demand will grow, but once the demand plateaus or flattens, what happens then? On page 18, you're showing the cash allocation. Where would you be investing business-wise going forward? Including the AI-related business for overall portfolio balance, what is your thought? Thank you. Regarding our thinking on investments, I hope that Waniko-san can add more comments later. First of all, for the next 3 years, no major investments was our original expectation. We are now receiving inquiries for big demand in terms of production capacity, including the capacitors and batteries and panels. We need to make investments in all those areas, so we want to leverage this opportunity, and that is the reason why we have set JPY 500 billion new strategy investment. For other types of growth strategies, we will be making investments within the framework for the other businesses. We will be making investments within the earnings made, but for this strategic investments for holdings, we are making this capital allocation as the holdings company for this JPY 500 billion. Anything to add? Yes, JPY 500 billion, as Kusumi-san said, majority is related to battery, especially BDU-related expansion. Conventionally, in-vehicle batteries had been the main scope of investment for energy, but there is a major shift taking place on where the focus is, and we need to build the expansion capacity to support that. Rather than new plants, rather we are going to be making the best of the existing lines now that the demand is shifting. You asked what happens if that part of the business slows down. Of course, we will be making investments, keeping a close eye on how the market and business grows. Today, we are seeing rapid expansion increase in demand. We are changing the targets upward every time we make announcements. If we see a change in this trend, of course, we will be revisiting our allocation. I see. Thank you. My next question is on Blue Yonder, you covered in your presentation. Strategic investments are still proceeding. When would this phase change to the profit reaping stage? What is your current prospect or any update on this? Thank you. For Blue Yonder, yes, we're talking about large investment. Sales profits, when we can recover through sales and profit cannot be explained. We have always talked about the possibility of listing the share. Now we are seeing SaaS disruption, as people call it. Payout period and the distribution, the cognitive connection is highly appreciated, and that is growing. We are looking at all these different factors to see what will be the best way to recover our investment. Anything to add, Waniko-san? Thank you. Just a little bit of additional comments. Conventionally, regarding the strategic investment, including cognitive solutions, SaaS-based product transition has been the driver FY 2026 or FY 2027. Was the time frame that we had in mind for the strategic investment. Now, we announced the full year forecast, and you might feel that the strategic investment size has not been reduced much from the earlier prospects. This is because various incentives and packages are being provided so as to accelerate the user corporation's adoption. We felt that for the deployment of cognitive solutions, we should be making more investments to facilitate that. That is the reason why the strategic investment doesn't appear to be reduced much for this fiscal year compared to the previous year. Does that answer your question? Yes. Thank you. That is all the questions I had. Thank you. We have many hands, and we would like to take questions from as many people as possible. We would like to limit the number of the questions to one question per person. Nikkan Kogyo Shimbun, Ono-san, please. Can you hear me? Yes. Ono speaking from Nikkan Kogyo Shimbun. Today, you announced this group's growth strategy. In the solution area in coming 3 years, you're going to consolidate, and you want to be profitable from FY 2030. As one of the indicators, you talked about MIF, M-I-F, and you talked about your strategies. About these machines in the field, I think, in the comprehensive equipments, I think that the MIF-based management is talked about. If you focus too much on that, it would lead to the price competition and profitability goes down. How do you, what do you think of that, in the solution area? What kind of MIF do you have in your mind? Well, this time, we mentioned MIF, machine, in the field. In the comprehensive copy machine, for each machine, there are consumables, and there is maintenance services. That's how the companies are managing the business. In showcase and also the professional air conditioner, they need to work in the nonstop way. They shouldn't stop. In addition, energy saving and various rationalization, for example, in the supermarket, they want to save labor, and there is a very strong need for that. It's not just consumables, but this when it is used for the professional services, professional operations, the importance of services become more than the past. One per equipment, how much profit can you raise? For example, in the case of freezer and also HVAC, there could be some differences of course, conceptually, services and engineering. In the case of a copy machine, after certain years, you would be replacing them. In our business, we can expand the scope of businesses starting with those machines in the field. I think that the concept or basis is the MIF that we can use for this type of business. I see. You already have a MIF or high level of MIF, and you want to add services on top of that? Yes. When they become connected equipments, the range of the services and how the customers use them, our understanding will improve. Through that, we would like to help customers in the wide-ranging ways. I see. For example, say that you understand the needs of the customers in the connected equipments, then, when the competitor offers the cheaper hardware, your customer probably will continue to choose yours, comprehensively, together with the services. That's what you try to achieve? Yes. If that's the case, we would be very happy. Thank you. Next. From NHK, Terada-san, please. Terada from NHK Osaka. Can you hear me? Yes. Thank you. For the growth strategy You did talk about where you intend to make profit, but could you elaborate, especially regarding the Smart Life area? You did not talk much. You said that you are going to strengthen products and advertising. What do you mean by that? The key to the growth is, as I said, AI infrastructure and for FY 2030 beyond, things that would support the social operation, meaning, services and engineering. In February of last year, we talked about different areas, devices, solutions, and Smart Life. Today, from the perspective of growth, I focused on devices and solutions, how to grow these two areas. There are many things, but mainly, challenges to be solved would be efficient use of energy and alleviating the frontline labor shortage, both in devices and solutions areas. In the meantime, in the Smart Life area, as I mentioned earlier, this is an area that is very difficult to differentiate ourselves or you might think that it is difficult. There are products that can be easily differentiated while others are hard to be differentiated. When customers say this is good enough, for those types of products, of course, cost competitiveness would be the key. For those types of products, as we've been saying, we'll be pursuing the global cost, the global standard cost, leveraging the supply chain in China so as to be cost competitive in addition. You might be one of the users, the nanoe dryer, hair dryer, which uses the nanoe technology, to make your hair more beautiful with evidence. I think many people are already experiencing that difference by using our hair dryer or hair blower. We do have the core technology for that. The same goes for the front loaded type drum type washing machines. Here again, we do have the core technology. With these technologies, we can have customers feel and experience for themselves the difference. For nanoe hair dryer, the net promoter score is high. With advertisement, you know, we want to communicate the benefits directly and through SNS, that would expand more rapidly and NPS is elevated. If we can have more Panasonic products with higher NPSs, then that will enhance our brand capability and that will relate it to the service quality as well. Through these efforts, we want people to really feel for themselves, the high quality and high reliability that Panasonic brand products can offer. That is how we are positioning our consumer electronics products. This is nothing new, and that is the reason why we didn't talk about that today. Does that answer your question? Yes. Thank you. Thank you. We have many hands raised, but we are getting close to the end time for the questions from media. We will take just one more question from mass media. From Nikkei Business, we have Iwato-san. Please ask one question. Iwato of Nikkei Business. Hope you can hear me. Yes. This time, structural reform, you have exceeded the expectations in terms of results. So is this irreversible? How should we interpret this? 'Cause I think that the culture to continue making the improvements, do you think that you have already built such culture? Is there a kind of a system that they would not deteriorate from here? You can just continue to improve? Yes. Thank you. Personnel optimization. Several times in the past, for the individual business, I have experienced, and I wanted to do this never again. This time, after, well, operating companies, trying to do many things and, that led to the higher headcount, I think. Headcount control is something that we have to do. At the same time, of course, if we become too busy, we feel that we have to increase the headcount. Unlike the past, Panasonic Group, for example, the AI utilization is something that we can do on the daily basis so that we can improve operational efficiency. We like to accelerate that. We would not go back to the past, and operational efficiency can be improved. Process itself at the headquarters and at PEC and operating companies, we will continue to work on them. That's something that we will do at the group-wide level so that we will not go back to the past. That kind of culture, that is to say that, to make this easier for us to achieve and to be more creative and to improve the efficiency, that type of culture is something that we need to create at the same time. Thank you. Thank you. This concludes accepting questions from the journalists. We'll now take questions from investors and analysts. Again, only in Japanese, only on the Japanese channel. From Goldman Sachs, Harada-san, please. Harada-san, can you hear our voice? We'll move to another questioner. From BofA, Hirakawa-san, please. Please start your questions. Thank you. Hirakawa from BofA. I have a question on a sales plan raised from JPY 800 billion-JPY 950 billion for data centers. I think this could be supported with the current expansion plan 3 times. You said that you will be making investment decisions looking at the future demand as of today. You said looking 5 years ahead. You said 80% award received for FY 2029. What about beyond that? Thank you. For your first question, Waniko would respond. First, three times cell supply capacity in Japan. Maybe that would be good enough not to require Kansas plant expansion. I think that's what you indicated. Line transition could be done more speedily, and therefore, we have a better agility to shift the lines here in Japan than at Kansas. Plants in Japan, as we have been explaining, although the business is slowing down in vehicle batteries for other car OEMs, are in mind. We can't continue to use the current capacity as is in Japan. For the time being, it will be used, but in the latter half, we'll be using the capacity in Kansas as well. In other words, we are going to have to change the focus, the shift in Japan and elsewhere. As for future prospects, there is a upside taking place, and we would be responding to this upside in Kansas and therefore we'll continue with the current plan. A follow-up question. The Kansas capacity expansion, how far into the future do you have in mind? Do you mean about the capacity? Capacity-wise? Yes. We're still considering that. What is the fraction of Kansas capacity to be transitioned cannot be responded, but a certain percentage of the capacity at Kansas will have to be transitioned for data center applications. We are still considering what's the right fraction of that. Thank you. My second question is on restructuring reform overall. When you embarked on this last year, Kusumi-san said Panasonic could not grow for the last 30 years, and you wanted to change that during your generation, and you set a JPY 145 billion fixed cost reduction, which you have achieved. In the solutions area, there's still things that you need to work on, and whether you can achieve the AOP of JPY 75 billion for this fiscal year is still a challenge. What you were envisioning a year ago, how much of that has been achieved, do you think, Kusumi-san? To what extent do you plan to enhance the growth through the current reform in solutions during your leadership? Thank you for your question. First, my thoughts and my aspiration. I can't be the one to decide whether I can fulfill that or I can accomplish that during my tenure. JPY 750 billion, with solutions, devices, and Smart Life, we want to achieve that through these areas. For Smart Life, true competition is getting more fierce, and competitors are going through many changes. For Panasonic Group, how are we to achieve these targets in this environment? One example would be refrigerators within the kitchen appliance business, which continued to be tough until recently. Products for Japanese market can now be deployed, starting FY 2027 on the global cost basis this fiscal year. Should this be achieved, then we know what the results would be. We want to increase the market share with that. By accumulating those different instances, we can achieve our target to be more competitive in Chinese markets. What we did proved to be very effective, and the capability of our Chinese employees are getting better as well. Under the new leadership team, under Toyoshima-san, I think they are really going to fulfill this mission. I am rather confident of that. In other businesses, in terms of structure within the Holdings company, the operational company, business company CEOs are coming together for better communication, for better communication amongst different businesses. It is based on that we have come up with this solutions strategy. So the leaders of the three business companies said that, "Yes, this is the right way forward." I think we are moving in the right direction. Does that answer your question? JPY 750 billion to be fulfilled. Yes, I take it that, yes, that's your commitment. Thank you. Let's move on to the next question. UBS Securities, Yasui-san. Go ahead. Thank you. First question is about the BDU. I have a question. Two questions, actually, about the fourth quarter. Q on Q sales is flat. The profit is slightly down, I think. Why did the sales not grow so much and the profit declined? Could you explain the reasons? Also, Kusumi-san, on page 11, you mentioned that the award rate or win rate is 80%. Could you explain the meaning of that? Because 80% market share, I think, is what you used to say. Based on that, the market share award, you already won the award, so how do you forecast your business results based on that? Second question is the Middle East risk, and also you included that to some extent. Housing related, I think that there has been many news talking about some delays. You have many products for the residential area. Due to the shortage of the naphtha, if there is a delay, would there be a impact on your business? Do you think that you can manage? If you can talk about that. About the BDU, Waniko-san can respond. Yes. About the BBU, I would like to make some comments. As for Q4, sales profit are mostly flat, I think. I think your correct understanding about the BBU. If you look at each quarter, there are differences of the situation of the customers and also the development cost on our part. Each quarter, there could be some fluctuations. In the medium to long term, we expect the growth. It doesn't mean that there is a negative impact. Within the certain range, we would grow, but Q4 happens to be flat. Second question about the win rate or award win rate. It's not talking about the share, market share, but out of the sales, how much of the orders have been secured or firm from the customer. 80% of the total sales have been already secured. That's what it means by the win rate, award win rate. What about the risks? Middle Eastern risk, I would like to make a comment. Yes. Middle Eastern risk in the presentation we mentioned on one of the pages. Right now, there are a lot of uncertainties and what kind of impacts do we expect? We are currently discussing potential risks. There are 3 things that we can mention. The unit price of the raw materials increasing, the Middle East business slowing down somewhat. I think that would happen for sure. In the worst cases, the production could be impacted. That is something that, until, we have not yet reached, for example, suspension of production. How to deal with the first one, then second one. The first one, I think that the rationalization on our part, and of course, there is a limitation to that. So, we would like to offset that with pricing. Also, the exposure of the Middle East is not so big as a group. About JPY 100 billion, so that could slow down. Because of the environment, that is inevitable. We try to offset that with other regions. Those are the direct impact. Ultimately, the impacts will be on the customers and also on the market as a whole. These are the secondary impacts that we cannot really foresee at this moment. We'd like to watch the situation and try to respond. About JPY 30 billion that is included. This is a very rough number. The first half impact probably is around that level at maximum. We want to minimize that in the group management. Thank you. If I may add a little bit. I think you mentioned naphtha in your question. Naphtha, when there is the disruption of the naphtha supply, our consumer products are made of plastic. Electronics devices, we use a lot of solvents. Now, right now, in the case of solvents, alternative solvents or alternative materials is something that we are pursuing and trying to procure. The resin, using the, based upon the naphtha, we try not to depend on the Middle East and alternative source is something that we are proactively trying to find. If it is disrupted completely, it's going to be bigger than JPY 30 billion yen level. If I may ask the follow-up question. Earlier, you talked about the BBU business and the OPQ 3 and Q4 profit level margin has come down. When you consider the future profit margin, is it close to the Q3 level or Q4 level? Another thing is about the market share. Conventionally, BBU market share, I think you said 80%. This time, there is a demand that is brought forward. What about the market share? This year, next year, what kind of level of the market share do you expect? About the BBU Q3, Q4, yes, I would like to respond. At Q3, I think we were at the higher level of the range. If you ask us the question, Q4 was a little bit low. I think the future level will be closer to Q4 in FY 2027. About the market share, the hyperscalers, each one, how much market share or manufacturers share? 70%-80% is the number that we mentioned. This is about the distributed BBU. It's not the centralized BBU. This is for the distributed BBU. I won't mention the names, but the hyperscalers, a certain hyperscaler, what would be the market share? The first vendor is 70%, the second is 20%, and the remaining 10%. That's how they procure. First vendor position, how do you try to continue to be a first vendor? In that sense, we are getting the inquiries from them. That's the current situation. Thank you very much. Thank you. Next. From Citigroup Global Markets Japan, Fujiwara-san, please. We have many people requesting to ask questions, so we have to limit to one question per person. Thank you. Fujiwara from Citigroup Global Markets Japan. Can you hear me? Yes. One question, I understand. The growth strategy. AI infrastructure, JPY 130 billion between FY 2027 and 2029. AOP on the adjusted operating profit, JPY 150 billion or higher. Amongst this JPY 150 billion, it appears that non-AI infrastructure related would amount to only about JPY 20 billion, about 5% growth in 2 years. What is the growth rate for those areas? Last year, 1 year ago, you said the operating margin of 10% or higher, ROI of 10% or higher. Are you still retaining these targets? Thank you. First, the overall picture. JPY 150 billion profit increase, BBU or generative AI, JPY 130 billion. The rest may appear not to be growing at all. That was what you indicated in the first part of your question. We do expect others to grow as well. The way they grow in solutions area, there are 3 business areas, so they are all to improve the profitability. BBU, not as much as BBU or devices area, but they are to grow. Smart Life, again, not as high as solutions area, but steady improvement. Maybe the total sum may not add up. Yes, you're right. For each segment, what they are reporting are added, it will be over JPY 750 billion. I did refer to the situations in the Middle East and other uncertainties, and so this will be the minimum requirement that we want to achieve. Towards the second half of your question about AOP 10%, ROE 10%. Yes, we remain unchanged that we will continue to pursue those. Now we're talking about JPY 500 billion investment. ROE 10%, yes, we want to stably realize that. There are many uncertainties, and there'll be various investments made over the 3-year period. ROE level itself, whether to target that would benefit us in terms of risk management has been revisited. We decided to focus rather on JPY 750 billion. We will continue to target that. That remains unchanged. I see. Thank you. Thank you. Let's move on to the next question. Nomura Securities, Okazaki-san. Thank you. Okazaki of Nomura Securities. JPY 500 billion investment you mentioned. Originally, for the data center, you would utilize the existing plants. In comparison to the in-vehicle batteries, I think that the smaller investment would be sufficient. What kind of investment opportunities arose to come up with this JPY 500 billion strategic investment? Rather than increasing the sales, I think it's something else. Is this related to the potential M&As? We are not considering the M&A. A part of the investments, non-cell or modules and BBU assembly, is also part of the investments. The majority is for cells. Modification of the facilities and equipments and also, the capacitors and the substrates materials are included in that number. No plans for the M&As. Thank you. Thank you. Next. From Mizuho, Yasuo Nakane, please. Thank you. Nakane from Mizuho. One question. In-vehicle batteries on a gigawatt basis, I think the results were better than expected. Sales were not bad either. AOP level seems to be not very exciting. To the extent possible, can you explain factors behind the changes in AOP. The expanded sales benefit and JPY 20 billion and more fixed cost at Kansas, at Suminoe and other factories, including auto workforce, they'll be more shifted to the industrial use as well. Can you give us those details? In addition, when can you expect to turn profitable excluding the IRA tax credit effect? Initially, you were talking about this fiscal year, and now you're talking about next fiscal year. What is your current view? What would be needed to become profitable? Thank you for your questions. FY 2027 is what you mean by this fiscal year, right? 46 gigawatt, yes, that was considered to be rather high. As for the profit, as was shown in the waterfall chart, JPY 52.9 billion for in-vehicle. That's the profit increasing factor. There was one-time expenses of JPY 40 billion in the previous fiscal year, so there is a reversal of that. There is the IRA tax credit increase with the production change. As you said, for next fiscal year, Kansas plants which started to ramp up in FY 2026, we are going to see more impact in terms of the fixed cost as well, as you have correctly indicated. This is the final picture that we have currently. Can we turn profits excluding the IRA tax benefit? For FY 2026, the results were not very exciting because of the one-time expenses of JPY 40 billion being recorded. For FY 2027 beyond, that will be a non-recurrent portion. We are hoping that we can achieve what we are envisioning. I see. Thank you. Thank you. We are sorry, we are getting close to the ending time. We will take just one more question from SMBC Securities, Katsura-san. Go ahead. Thank you. Katsura speaking. One question. In-vehicle automotive batteries, I would like to clarify one point. BBU expectation is rising. About the in-vehicle, the JPY 40 billion one-time number, I think it was a kind of a surprise. In the past, there were some missing targets. I would like to once again ask you to explain that. Why? This guidance compared to three months ago, maybe it's the same. The gigawatt hour is a bit at higher level. As for sales, the raw material cost is increasing. Together with that, the selling prices and also the FX, there are some upside from that. At the same time, as for the profit improvement, it looks small. In-vehicle batteries, how you approach and also to apply it for the industry, what would be the timeframe, if you can talk about that? Thank you. Thank you for your question. I myself, yes, JPY 40 billion, when I saw that, I was surprised. What has been happening is that it is not something that is burning or combustion or anything like that. We made this provision so that we can prepare for that. This is just one time. It would not happen. As for the forecast, those are not different from 3 months ago about the sales and so forth. The forecast, you mean the FY 2027 North American business? Yes. Well, concerning that, the trend is unchanged. 46 gigawatt hour is what we mentioned. The market is improving. Year on year, it probably appears to be stronger, but this is due to the recovery of the market as a whole, and also the customer as a strategic partner. Their request has been coming in. Based on that, we make our plans. Once again, we would like to explain that. Also, the share increase on the part of the customers, and also the adjustment of PSI, and including that we came up with this number of the 46 gigawatt hour. Okay, thank you very much. Thank you. We have come to an end for the scheduled time. With this, we conclude our online briefing on the financial results for the fiscal year ending March 2025 or 2026.