Evening, everyone. Welcome to Nissan's full year financial results for fiscal year 2025. I'm Lavanya Wadgaonkar from Global Communications, and I'll be your host for today. Today's session is scheduled for 45 minutes. We have both on-site and live streaming happening at the same time. Let me start by introducing the speakers for today. Ivan Espinosa, Chief Executive Officer. George Leondis, the new Chief Financial Officer. Without much ado, I'll hand over to Ivan to start the session. Good afternoon, everyone. Thank you for joining us today. It has now been one year since we launched the Re:Nissan Plan, and during this period we have maintained a clear focus on execution, and the progress has been steady despite an operating environment that remains uncertain. This progress reflects the disciplined efforts of our employees and the continued support of our partners. Together, we have taken decisive actions and have begun to establish a more resilient operational and financial foundation for Nissan. Today, George will present our financial performance for fiscal 2025 and the outlook for this year, and then I will provide an update on the progress of Re:Nissan. George? Thank you, Ivan, good afternoon, everyone. I'm happy to meet you all in my new role as CFO for Nissan. Let me start with our sales performance. Nissan sold 3.15 million vehicles during the year. Unit sales declined by 5.8% for the full year with a decrease of 5.9% in the final quarter. This performance reflects a competitive, uncertain environment and an uneven market performance. Looking at our key markets. In China, sales declined by 6.3% YoY and 1.9% in the fourth quarter. The second half showed progress supported by launches of new energy vehicles. In Japan, unit sales were down 13.5% for the full year. The decline slowed in the final quarter with new vehicles such as Roox and LEAF attracting new customers. In North America, unit sales remained broadly stable over the year. Sales in the fourth quarter declined by 6% due to fewer fleet sales, while sales to individual consumers continued to deliver retail share growth in the U.S. In Europe, unit sales decreased by 9.7% for the full year and 11% for the fourth quarter. Rest of the world, unit sales declined by 8.1% for the full year. Turning to our financial performance for FY 2025, consolidated net revenue reached JPY 12 trillion. Against our initial assumption, we achieved a positive operating profit of JPY 58 billion, supported by strong contribution from Re:Nissan cost actions. One-time items, mainly manufacturing consolidation and impairment, resulted in a net loss of JPY 533 billion. On capital expenditure, the Re:Nissan actions have enabled us to prioritize our spending. This is reflected by CapEx reduced by 13.5% YoY and R&D spending by 9.1%. These reductions were made without significant cuts to R&D projects or programs. In the automotive business, net revenue is at JPY 10.7 trillion. We are reporting an operating loss of JPY 250 billion, including a tariff burden. Full year free cash flow was at JPY -481 billion. Automotive operating profit was positive without the impact of tariffs, and free cash flow turned positive in the second half to JPY 112 billion, supported by disciplined working capital management. At the end of the period, net cash importantly stood at JPY 1.17 trillion. Let me take you through the operating profit variance. Foreign exchange was a JPY 21.7 billion headwind, driven by volatility in emerging market currencies while the U.S. dollar was fairly flat YoY. Raw material costs increased by JPY 5 billion, reflecting rising prices for commodities including copper and aluminum. The total negative impact of U.S. tariffs on operating profit was 286 billion JPY. Sales performance was JPY -35 billion. While we saw improvement on our sales mix and volume recovery in key markets like the U.S., we increased selling expenses to support sales momentum. We more than compensated for inflation of JPY 95 billion through strong cost discipline. Monozukuri savings reached JPY 227 billion, supported by efficiencies across manufacturing, logistics, R&D, and purchasing. One-time benefits delivered a positive impact of JPY 148 billion, with lower compliance costs related to the U.S. and the U.K. emissions regulations, and we had reduced warranty estimates. Other items were JPY 55.6 billion positive as we lowered expenses in sales finance, remarketing, and G&A. Taking all this together, we delivered an operating profit of JPY 58 billion ahead of expectations. Excuse me. FY 2026 outlook. As Re:Nissan takes effect and demand evolves, we see improved performance this year. We expect our unit sales to rise by 4.7% to 3.3 million units. We expect the launch of new and refreshed models to drive higher sales and share across all key markets. This year, we anticipate a broad-based growth across all markets. To support this demand, we plan to increase production to 2.95 million units. For the profit outlook. Our full year revenue outlook is JPY 13 trillion, driven by higher unit sales. We expect profit of JPY 200 billion, representing an operating profit margin of 1.5%. Automotive operating profit and free cash flow are expected to be positive before tariffs. Net income, we are projecting to be positive JPY 20 billion. This assumes forex rates of JPY 150 to the dollar and JPY 175 to the euro. Allow me to walk you through operating profit outlook. Foreign exchange is a JPY -20 billion and rising raw material costs, including risks associated with aluminum and oil, are a further JPY -85 billion. U.S. tariff burden improves by JPY 30 billion, with Japan exports to the U.S. at 15% for the full year. The most significant profit improvement comes from Re:Nissan actions included in the improvement of JPY 340 billion in manufacturing costs. This includes both fixed and variable cost savings. We anticipate a negative impact of inflation at JPY 60 billion, one-time negative items amount to JPY 150 billion, as in FY 2025 one-time gains do not repeat again in FY 2026. Taking all of these factors together, we arrive at an operating profit outlook of JPY 200 billion. In closing, I'd like to say we are making steady progress with a clear, disciplined focus on execution and improving fundamentals as we identify cost reduction opportunities and we execute with discipline and with speed. Our priority in FY 2026 is to continue to deliver on our targets. I now will hand back to Ivan. Thank you, George. To summarize, our results reflect the challenging operating environment. We have worked steadily to manage it. In the U.S., we have put a strategic focus on pure retail sales with reduced reliance on fleet. Mexico remained resilient with solid demand throughout the year. In China, performance strengthened in the second half, supported by demand for new energy vehicles. Japan and Europe experienced weaker demand and faced challenges from model cycle timing. From a financial perspective, we are beginning to see clear signs of a turnaround. By the fourth quarter, fixed cost savings had reached JPY 200 billion and variable costs JPY 55 billion. Importantly, automotive free cash flow turned positive in the second half, driven by strong working capital inflows and capital discipline. Excluding tariff impact, our core automotive operating profit is recovering ahead of plan. At year-end, net cash stood at JPY 1.17 trillion. Looking ahead, the combination of improving demand for our products, continued cost savings, and financial discipline supports a more confident outlook. While external headwinds remain, demand for new models is expected to lift unit sales to 3.3 million. Operating profit and free cash flow are moving in the right direction, and core automotive profitability is set to improve further. Net cash is expected to remain above JPY 1 trillion at year-end. This reflects solid momentum as we enter the final year of Re:Nissan. Let me now turn to the progress of Re:Nissan. At its core, Re:Nissan focuses on 3 priorities: strengthening our cost structure, redefining our market and product strategy, and reinforcing our partnerships. We began with a clear and immediate focus on costs, taking actions to reduce our fixed cost base, improve efficiency, and restore financial discipline. As these actions have taken hold, we have shifted to growth, refining our market approach, aligning product cycles with demand, and accelerating the launch of new and refreshed models. At the same time, partnerships continue to play a critical role. I will now take you through the progress of each of these pillars. Turning to cost reduction, we set to deliver JPY 500 billion in savings from fixed and variable costs. On fixed costs, we are ahead of plan with JPY 200 billion in savings. This progress has built steadily, supported by disciplined execution, including the actions taken across our manufacturing footprint. I would like to sincerely thank everyone who has contributed to this achievement. Restructuring manufacturing is a central lever in reshaping our cost base. We are targeting a reduction in global production capacity by 1 million, supported by a consolidation of our footprint from 17 sites to 10 sites. We have already announced all seven site actions within 10 months, with consolidation of six to be completed this year. Within R&D, a key focus has been improving engineering efficiency with a target to reduce cost per hour by 20%. As with manufacturing, progress has been strong, with an 18% reduction delivered in 10 months. All this achieved while continuing to advance key programs without disruptions. On variable costs, we have identified more than 5,000 initiatives with the potential to deliver savings of JPY 270 billion. In FY 2025, we delivered JPY 55 billion, with further benefits to come as measures are embedded in new and refreshed models from FY 2026 onward. These actions span a broad range of areas, from technology to production innovation and smarter logistics. Let me summarize our cost actions. On manufacturing, all seven site actions announced within 10 months were made, and now we are on execution and production adjustments, and we'll continue to do so. On R&D, we improved efficiency and speed with 18% lower engineering cost per hour and shortened development timelines. Next, we will complete reductions and shift fully to a product family-driven strategy. On workforce expenses, we are on track with tighter SG&A discipline across functions and regions. In FY 2026, our focus remains on execution, cost discipline, and a smarter resource use. On the Re:Nissan, recovery and growth are progressing in parallel. Having focused on stabilization in the first half of the year, we have now moved into a growth phase. This is reflected in the rollout of a more targeted product portfolio aligned to the diverse needs of each market. In China, we launched the N7 early in the year, the Frontier Pro, followed by the Teana Huawei and N6 plug-in hybrid towards the end of the year. In Europe, we introduced the Qashqai e-POWER and Micra EV, while in Japan, the new Roox strengthened our presence in the mini vehicle segment. In the U.S., we launched the all-new Sentra and continued freshening key products like the Pathfinder SUV. In India, we introduced the Gravite to support both domestic demand and export potential. As we look at our momentum throughout FY 2025, what stands out is the increasing clarity in how our market and product strategy is taking shape. In the U.S., we are strengthening the quality of our business with sustained retail momentum and a deliberate shift towards higher value channels supporting product performance. In Japan, focus launches are building share. Our marketing actions have accelerated, and customer traffic is now picking up. In China, our approach is becoming more targeted, with new energy vehicles beginning to define a clearer position. Across our high-value strategic markets, we are reinforcing our presence. At the same time, we are improving how we run the business with tighter inventory management, a more selective channel strategy, and greater precision in marketing. This momentum carries into FY 2026. In Japan, we will introduce Kicks, Elgrand, and Murano, which will be imported from the U.S. In the U.S., we will launch the INFINITI QX65, followed by the Rogue with hybrid e-POWER technology. In China, we have introduced NX8, and within one year, launch models based on the Terrano and the Urvan SUV concepts. India will have the Datsun. China exports will start with the N7 and Frontier PRO, further strengthening our global product flow. Coming to the third pillar, we continue to build and scale our partnerships as a core enabler of innovation and growth. We are advancing AI-enabled autonomy, including real-world robotaxi testing with Wayve and Uber. In China, our collaboration with Huawei supports intelligent cockpit development. We continue to leverage our alliance with Renault and Mitsubishi Motors, capturing scale and complementary strengths across key markets. Before I close, let me step back to the direction we are setting. Re:Nissan is not only about recovery, it is about repositioning Nissan and building a strong foundation for what comes next. Our new vision of mobility intelligence for everyday life defines a new direction, guiding how we compete and how we grow. To date, that direction is already taking shape. We return to operating profit in FY 2025 and generated positive automotive free cash flow in the second half. As we enter the final year of Re:Nissan, our focus is consistent execution to deliver on our targets. With that momentum, we move from recovery to sustainability, building a more resilient and grounded business, and from sustainability to growth, translating that strength into performance as we bring mobility intelligence to everyday life into reality. Thank you very much for your attention. Thank you, Ivan. We will now open for Q&A. Please raise your hand if you have a question, and our team will come to you. To help manage the time, please keep two questions per person, and we will come back to you if there's more time left. Let me see. Okay. First row, please. BestCar. My name is Terasaki. Thank you for this opportunity. Espinosa-san, this is a question for you. The first one. It has been one year since you became a CEO. Espinosa-san, in the past one year, after leading the company, how did Nissan change in the past one year under your leadership? This is my first question. The second question is as follows. At Nissan, at NML, not only Japan, but Japan and globally, there are a lot of fans and stakeholders who are supporting Nissan. What kind of Nissan are you going to create? You said that you are going to take Nissan to the next phase. What kind of company will it be eventually? That's what I would like you to describe for the stakeholders across the world. Thank you. Thank you. Thank you for your question, Terasaki-san. What has changed and how has Nissan changed? I think there are several things that have changed in the way we operate. We became a lot more decisive. I think we have a much speedier working environment. The focus is also sharpened. We have common goals. We have an executive team that is very aligned and has aligned the whole organization behind one single objective. We have also, I think, in the past months, I think one big achievement, if I may, were the Q3 results. I think this was a milestone because we started to see progress of Re:Nissan Plan and the environment and the motivation of employees started to change as well. I think we have employees that feel more confident. I think we have employees that feel more empowered. Of course, there's still a lot to do, Terasaki-san. There's still a lot of further actions to implement. I think looking back in one year, the company has changed dramatically and we will continue doing so. I think we have shown our potential and we will continue growing this potential forward. Thank you for that question. In terms of what company do I want to create, I think we shared a lot on the vision event a few weeks ago. We want to keep building products and experiences that excite people and that make customers smile. This has always been the purpose of Nissan in reaching people's lives, and we will continue doing that. We want to create a company that is bringing smart technology to everyday lives in customers. We want customers to be delighted with simple solutions that solve their daily life issues and that make them happy while they experience our products and services. Inside Nissan, I would like to create an environment that is very open, that has a lot of trust in between employees and management, that is speedy, that is a company that is able of being nimble and quick, and is a company that is able of collaborating with external partners because this is what the environment is asking us to do. These are some of the thoughts that come through your question, Terasaki-san. Hope this answers your question. Thank you very much. Thank you. Next question. Can we go to the third row first? Thank you. I am from Yomiuri Shimbun. My name is Nakamura. I have two questions. The first question. In 2025 fiscal year in the financials, the net loss was JPY 533.1 billion earlier. In the timely disclosure, impairment was described as JPY 240 billion out of this number. This JPY 533 billion of net loss, within this, what is the restructuring expenses? How much is this? What is the total amount of restructuring expenses out of this net loss? What is the breakdown of the restructuring expenses? For fiscal year 2026, what is the projection on this front? What are the restructuring expenses that you have counted for 2026 fiscal year and what is the breakdown? This is my first question. The second question is as follows. This full year guidance for 2026, how much did you count the impact of Middle East? Did you count it in this projection for 2026? If it's included, how? This naphtha supply shortage, delay of vehicle transportation. How much did you count for 2026? How much did you count for the Middle East? These are my questions. I will answer the second question, and then I will let George elaborate on the first one. As for Middle East, what we see is so far is an impact of around 19,000 units in the first half. This is again assuming first half. It's very fluid, so the number is changing on a daily basis because we are looking at how we can make further deliveries by alternative routes that we have found. We want to continue delivering product to our customers in the Middle East in the amount possible. As well as, we are looking at reallocation of some of this product to other regions to minimize the impact. Financial impact that we have taken into account already inside the outlook is JPY 15 billion. This is inclusive of both this volume impact as well as material costs increases that may come. Again, this is an estimate for first half. This is what we have assumed into the outlook that we have explained a minute ago. For the first question, I will kindly ask George to help us. Yeah. Thanks, Steve, and thank you for the question. Yeah, clearly, the JPY 533 billion loss includes a large amount of extraordinary, non-recurring expenses, as you pointed out. I'd like to give a bit of detail about that. Before I go there, annually, we have a process and a policy to evaluate what we call our cash generating units across the world. All of our assets are reviewed methodically and within our policy, and we make certain projections and analysis. Based on that analysis and policy, we arrived at a impairment of assets around the world of around JPY 360 billion. JPY 360 billion is included in that net loss. On the other hand, in terms of Re:Nissan actions, so restructuring that we have been deciding and doing during the year. We booked in relation to Re:Nissan, around JPY 125 billion of cost, relating to those actions. There were some offsets in that number. We generated some positive gains from asset sales within that, the total number. I hope that clarifies the detail of your question. Thank you. Thank you. Next question, please. Go to the last row. Matsumoto, Nikkei Newspaper. Thank you for this opportunity. First question. This term's automotive business, free cash flow positive and operating profit. You said that free cash flow is slated to be positive, but how positive? What's the degree of positiveness? Tariff impact, how much will the tariff impact be? Will it be very close to breakeven or will it be a lot of profitability? Can you share with us the size of the profits or surplus? Breakeven volume in February 2025, 2.5 million. Uchida-san said that it will be dropped to that, but therein after cost has also been reduced. What about what is the breakeven volume for this current running term? What is your estimate of breakeven volume? In the midterm, how will the breakeven volume fare? Thank you. Okay. Just one clarification. Your first question is related to 2025 lending? 2026. Okay. The outlook. I will probably let George elaborate on that. As for the breakeven point, in Re:Nissan, we set a target of a capacity of 2.5 million cars outside of China. This is what we are working to achieve. And we are, as you heard during the presentation, on schedule, and we have announced all the sites that will be optimized in the manufacturing footprint. We will be consolidating six out of the seven sites within this year. This will put us in on track for the 2.5 million target that we set in the Re:Nissan Plan, which will help us deliver the targets that we have laid down for the future of business. Capacity will be running at around 80% by the end of fiscal year 2026 on those 2.5 million units. I hope this helps you understand what we're doing. We will continue, of course, optimizing because another site will be consolidated later on in 2027, which is Oppama, and we have been clear about that. This will further enhance the utilization rate forward. Yeah. Thank you. Thank you for the question. Matsumoto-san. George? Just in relation to the first question on free cash flow. As I said before, the important thing to emphasize is this, that in the second half of this fiscal, of FY 2025, the fiscal year we reported actual results, we were positive auto free cash flow in the second half. This is a big breakthrough for our business. I think that's something to note of significance. In relation to the projection into FY 2026, I can't speak to the exact number today. We're not releasing that number in as far as this projection goes. What I will say is this, that auto free cash flow in the projection of FY 2026 will be positive before tariffs. Okay. We are projecting a tariff of approximately, around JPY 250 billion next year. We have a task force behind that is trying to ameliorate that impact of tariffs by doing very strategic and tactical actions. We're working on many measures to try and bring that down. Of course, we are aiming to improve the profitability of our business, and we're trying to be very disciplined as far as our capital allocation into programs, into what we are doing in terms of our footprint into the future. We will continue to manage very strongly our working capital as we have been doing towards the second half of FY 2025. The final thing I'll say is this: To give you some confidence, what we're aiming to do towards the tail end of FY 2026 is to be automotive free cash flow after tariffs. I can't confirm that at the moment, but that's what we're seeing as a potential trajectory towards the end of FY 2026, and that will take us into a progression into FY 2027. I hope that clarifies to you where we're heading on automotive free cash flow. Thank you. Next question, please. It goes to the gentleman over there. Nippon. Nippon, NHK. My name is Hatanaka. Thank you for the opportunity. I have two questions. Starting with the Middle East situation impact. For example, it's a different industry, but in the food they have to replace or change their package for the snacks. Oil-derived products components, is it impacted? Is there a possibility that this will result in the design change of the vehicle? This is my first question. The next is about how to utilize Oppama plant. As of today, how many candidates do you have? Who are the potential candidates? Is there Japanese entities, non-Japanese entities? When are you going to make a final decision? Is there any progress that you can share with us as of this juncture? Thank you. Thank you. On Oppama, we are making progress. We will be announcing more information as it becomes available. Nothing specific to share today on that, unfortunately. Apologies for not answering your question. On the Middle East, oil-derived products, yes, we do see some increases on the costs. As I mentioned before, this is embedded into our plan, with the within the JPY 15 billion provision that we have put in. We, of course, continue monitoring the situation, trying to optimize as much as possible both the costs of materials, trying to find alternatives, and also focusing on the delivery of product. As we said, we have found alternative routes, and this is allowing us to continue delivering product to our customers in the Middle East. Yeah. Thank you. Thank you very much for the question, Hatanaka-san. Thank you. I'll take the question from the gentleman in front of. Yeah. Anoda. Toyo Keizai. My name is Hata. I have two questions, too. The first one is FY 2026 sales plan. What is the accuracy or the probability to achieve this number, 3.3 million units, which is a 150,000 units up? There are a lot of new products that you are counting on, after the last year, production or the sales plan has not been achieved, especially in China, Japan and Europe. Are you sure that you can boost the volume that you expect? I think this will be a key for the successful recovery of the performance. That's my first question for Espinosa-san. The next one is European operation, European business. U.K. Sunderland plant utilization rate is at 50%. I think you are struggling here. Chinese Chery, you're going to do a joint production with Chery, reducing of headcount. There are a lot of media reports. What are the facts here? The other day, you announced the long-term vision in Europe was not part of the lead markets. While there's a EU restriction, how are you going to position Europe in your global portfolio or global footprint? Thank you. Thank you for the question. Several questions in your questions, Hata-san. Let me try. As for the sales, we are confident to achieve these numbers for two reasons. One is the models that we are launching, but not only. I think it's important that we look at the momentum. You mentioned China, you mentioned Japan, and you mentioned Europe. In China, it's true that when you look at the whole calendar year 2025, our first half was slow. In the second half we achieved a growth YoY of 4.5%. In the first quarter of this calendar year, we achieved 7% growth YoY. These are factual numbers. This is what's happening on the back of a new product that we have launched. Also on the back on self of some more tactical approach to the market composition in China. We know NEVs and ICE are behaving differently depending on the region of the market, and we are making plans to address those singularities in China. Now, we remain very prudent because April was a slow month in terms of TIV in China as well. We're cautiously optimistic, but the momentum is building in China, as I explained a moment ago. Japan is a bit of a similar case. We are still coming out from this corporate news cycle that affected the company's reputation a lot, and affected a lot the trust of our customers in Nissan. This is what we're working to address. It's not only a matter of product, it's a matter of communication, and I'm hopeful that by customers, by seeing the progress that we have shown financially and the soundness of Re:Nissan improvements, they start trusting our company again. We will continue doing communications to customers. We will also address the distribution channel, make sure that the product is in the right places and in the right locations, and continue good communication in Japan, because it's working. We see the traffic improving. The traffic year-over-year is improving. We are at the same level as fiscal year 2024 now, so the sunk that we had in terms of traffic. It means that our communications and our marketing is working. We need to improve the trust of customers to actually close the purchase and get them behind the wheel of a Nissan. We will continue working on that. In Europe, we will be capitalizing on the new models because we launched a couple of very important models in the European market, namely the Qashqai with the third generation e-POWER. That came last summer, so we have not seen yet the full impact of the potential of Qashqai. We are also improving the availability of the product to improve the performance. We are also seeing improvement with the Micra EV that was also recently launched, and it's starting to pick up. Based on that, we see that those markets can recover. The U.S., you didn't mention, but the U.S., the strategy is working well. We, as I have repeatedly said, have focused on growing our pure retail performance, and we have 14 months in a row of growing this pure retail performance, so the strategy is working. We're moving to healthier channels that are more profitable, channels that are individual customers that stick more with the brand than fleets, and the channel that is also helping us financially because a lot of these customers utilize our sales finance products that then generate more profit for the company. This is what we are doing and the reason why we are confident. In 2024, I think it's important to give perspective. In 2024, we sold 3.34 million, so it's not so far. We are saying here we're gonna sell 3.3 million. We already, you know, 20 something months ago, we were selling that amount of car. It's not a crazy number. We have the product, and we have the measures in place to deliver. We will focus on that. As for your question on Europe, yes, we are consolidating from two lines to one line in Sunderland. We have announced that, and this is part of the Re:Nissan measures that we have put in place. We are looking at options. The plant is operating well, is a viable plant. The problem that we have with this location is the volume. If we can find a smart way of bringing more volume in, we might consider doing something. Nothing specific about any partner to announce today or any options, this is something that we would likely look into considering. As for a market, Europe meaning not being a lead market, I think we should demystify this point. The markets that are lead, their role is double. Their first role is, of course, we have to excel in those markets. The second role that these main markets have is to feed the rest of the markets. This doesn't mean that the rest of the markets are not important. What we're actually doing is removing the burden from these smaller markets, because today we are investing a lot of unique, you know, capital into these markets, that because of their size, these markets are not able of absorbing. What we're doing is making it easier for the market to grow and to be successful, to be profitable by putting these global product investments in the lead markets. These lead markets will feed the right product, the right competitive product to the other smaller markets. It doesn't mean that Europe is not important. We should not confuse this. Europe is very important, and Europe will be fed by the lead market. We will be continuing to work with our alliance partner, Renault. We have very good examples of what is working there. These are products that we have worked on together with them and are products that are successfully working in the market. This is what I can tell you about Europe. Thank you. Thank you for the question. Thank you. I think we have time for one or two questions, depending on. Let's go to the gentleman over there. The lady, yes. Kosaka of Kyodo News. I have two questions. Re:Nissan progress, headcount reduction. 20,000 headcount reduction is embedded in the plan, and recently you've announced a headcount reduction in Europe. Will we hear new announcements one after another? A related question, Oppama. There was a press report on local company accepting. What will be the number of employees to be transferred to such a local company? That's my first question. Secondly, domestic plant, Tochigi plant utilization rate, what are the measures you have in place to improve the utility rate of Tochigi? Thank you. Okay. Let me start with the last one. On Tochigi, we are consistently looking at how to allocate product and how to help the sites that will remain, the 10 sites that will remain in the industrial footprint to improve our capacity. As we mentioned earlier, we will be at the end of 2026, running at around 80% of our utilization ratio, and we will continue improving. Nothing to announce today, but we will continue optimizing the utilization rate by allocating further products into the different manufacturing sites that remain in the industrial system. As for the headcount or workforce reduction, what I can tell you is we are on track with what we have announced and what we have laid as a target. We don't give specifics on the numbers. We have this policy. What I can tell you is we continue working on this reduction with respect, with a lot of care and good, fair treatment to the people involved. As I have mentioned from the beginning, this is touching families, this is touching lives, and we continue having a people first policy. As such, bridging to your question on Oppama, what we are hoping is that as many employees as possible come to Kyushu, because we would love to keep our talented people working with Nissan. We do understand that for particular individual reasons, some of them are unable of doing that. This is why we have put in place a special program to identify companies and industries in the vicinity of Oppama that are requiring people with the competencies that our people have. We are, of course, making all the necessary actions to support this transition, trying to minimize the impact on the employees as much as possible. This is what I can tell you in that regard. Thank you for the question. I think we can take just one more question. Please come to the front row, please. Hello. Hans Greimel from Automotive News. Thank you for taking my question. Just a breakdown of the impairments, if you can, for this year and next year. Sorry, the just ended fiscal year and the current fiscal year to the fiscal year 2026. Can you break down maybe what the charges or impairments might be for electrification or EVs in particular? There's been a lot of discussion these days about companies rolling back EVs and taking charges for that. I believe Nissan has adjusted its plans for EV production in the United States. Perhaps you could confirm that plan to end EV production at the Canton plant and talk about how many, how much that might in cost in terms of impairments. Okay, maybe George you want to handle that? Yeah. Yeah. Thank you for the question. The impairments that I mentioned earlier were JPY 360 billion. There's a breakdown as far as regions are concerned. The regions that we assessed, you know, cash generating units for, were including a North American business, so, in particular the United States, which has plants. We have three plants in the U.S. and also we assessed the situation in Mexico as a result of some, you know, structural changes that we've seen with the tariff situation and the lower production volumes in Mexico. We also looked at Europe very closely. As was mentioned by Ivan, you know, we're looking at our options, you know, for Sunderland to boost the utilization. Obviously based on our methodology and in conjunction with our auditors, we assessed that we had to take a broad brush approach on the impairments. Basically, it includes all the regions that I mentioned, and it also includes our electrification projects inside those numbers as well. Today I won't be talking to the specific or the specificities of the electrification inside of that, but obviously it's been included in there. By and large, we feel comfortable that based on our analysis methodologies, we've taken most of that investment impairment in FY 2026. In FY 2025. Yeah, sorry, in FY 2025. Sorry, in FY 2025. Apologies. Thank you. That will be our last question. I took the liberty to go over time. Once again, thank you for joining us today. If you have any further questions, please feel free to get in touch with the Nissan communications team. We are here to help you. Have a good day.