Thank you very much for attending our briefing today. We'd now like to start Yamaha Motor Company's third quarter of fiscal year 2025 earnings presentation. Before going on into the presentation, I'd like to introduce the presenter, Executive Officer and Chief General Manager of Corporate Planning and Finance Center, Mitsuru Hashimoto. First, he will make an earnings presentation, and then he will go into detail by business segment, and then after that, we will have a Q&A session for the media and then for analysts and investors. The presentation materials are available on our corporate website, so we now would like to start the presentation. I am Hashimoto from Yamaha Motor. Thank you very much for attending this presentation despite your very busy schedules. I would also like to take this opportunity to thank you for your continued understanding and support to our daily business operations. Now allow me to start my presentation. First, some key points. Please refer to page four. Our third quarter performance maintained the trend from the first half of the year. In terms of revenue, it is in line with the previous year, but operating income declined. In terms of revenue, in our core business, we have seen steady performance, especially in our Motorcycle business. In the third quarter alone, we have achieved an increase in revenue and profit. However, on operating income, we have booked impairment losses on fixed assets in the OLP business, which we have been incorporated as risks. We have also seen the US tariff impact becoming apparent, and we have seen a decline in operating income. As for our business result forecast for the fiscal year 2025, it remains unchanged. Business conditions are still challenging, but through rigorous management of costs, we will continue to promote select and focused initiatives to seek mid- to long-term growth. Next, unit sales and inventory levels. Please refer to page five. On the left-hand side table, you will be able to see the total demand and unit sales for our main products compared with the previous year. Yamaha's Motorcycle business in Indonesia, Thailand, and the Philippines have exceeded market demand and remained strong. In the latest three months, in India, the performance was better than last year, and in Brazil, it was comparable to the previous year. So sales and main markets are on a steady recovery track. Outboard motors, Yamaha's sales in North America, especially in the mid- to small Horsepower range, were quite steady. In Europe, in all Horsepower ranges, it was better than the previous year. Inventory levels, currently, the retail is moving very steadily in Brazil, India, and the Philippines, and therefore the inventory levels are rather tight. But we will be looking closely on the supply and demand trend in each region so that we can control inventory levels appropriately and maintain stable supply. Next, business results. Please refer to page six. In the third quarter, our revenue compared to the previous year was 97% at JPY 1,910.3 billion. Operating income, 56% against the previous year at JPY 112.4 billion. Operating income ratio compared to the previous year - 4.3 points at 5.9%. Net income attributable to owners of parent compared to the previous year, 32% at JPY 43.4 billion. EPS, 32% against the previous year at 44.65 JPY. The effective exchange rate we used was JPY 148 against the USD and JPY 166 against the EUR. Next, our operating income factors. Please refer to page seven. As you can see, sales effect was minus JPY 14.6 billion, but if you look at the breakdown, scale effects was minus JPY 12 billion, Financial Services plus JPY 1 billion. Pricing, which is price increase plus rebates, was plus JPY 38.9 billion, and others minus JPY 42.4 billion. The net cost impact was minus JPY 8.5 billion. Looking at the breakdown, cost reductions plus JPY 14.7 billion, but with cost increases minus JPY 23.3 billion. With an increase in R&D expenses minus JPY 22.4 billion, with an increase in SG&A expenses minus JPY 17.6 billion. Equity method investment gain and loss and others minus JPY 10.8 billion. Exchange rate impact was minus JPY 11.3 billion, and tariff effects minus JPY 3.4 billion. Next, our mid- to long-term initiatives for growth. Please refer to page eight. Our company is holding exhibits at the Japan Mobility Show 2025, which is now being held at Tokyo Big Sight. The Yamaha booth has as its theme, "Feel, Move," and we have 16 total models, including six world premiere models, which are being showcased for the first time. electrification, hydrogen, and other multi-pathway initiatives are introduced through our concept models. We will continue to strengthen competitiveness in our core business segments through strategic investments by promoting new value creation. Next, details by business segment. The third quarter revenue and operating income. Please refer to page 10. The businesses of Motorcycle, Marine products, OLV, Robotics, Financial Services, and others marked lower revenue and lower income. SPV business revenue declined, and its operating loss was reduced compared to the previous year. The core business, MC business, and Marine Business. The Motorcycle business maintained the unit sales and revenue on par with the previous year. While the currencies of emerging economies are on the path of recovery, the operating profit of MC business declined due to deteriorating model mix and cost increase caused by the inflationary impact. On the other hand, in the third quarter alone, MC business achieved an increase in revenue and operating income, securing stable profits even under difficult business conditions, and it will continue to support the sustainable growth of the company as a whole. Next, Marine Business. Revenue and operating income exceeded the previous year's result with the strong outboard motor sales in Europe and the US, but due to the lower sales of motor vehicles, revenue declined. In the fourth quarter, we will work to secure stable profits by Implementing countermeasures against the tariffs and by prioritizing our activities. Now, let me introduce a new Motorcycle. Please refer to page 12. In October, we launched the Motorcycle, a Supersport model, YZF-R9 ABS in Japan. It embodies the strongest track performance in the middle class to offer both the biggest excitement and the familiarity it caters to riders regardless of their driving skills and the stage they are in. Next, motor vehicle and let me introduce another new product. Please refer to page 13. The new product, CrossWave, is the biggest in size in the industry with the Multifunctional capability to be launched next year in the US. Four people can get on board, and it has large storage space and a stable deck. Accessories for fishing can be installed. It's great not only for cruising but also for fishing with comfort. We aim to win customers with this product in the PWC fishing category that is gaining popularity today. Next, SPV business and Robotics business. Please refer to page 14. In the SPV business, domestic sales of electric assisted bicycles and e-kits increased, but its revenue decreased due to withdrawal from the finished bicycle business in some of its overseas markets last year and other optimization measures of sales areas. On the other hand, operating income increased due to rebound from inventory valuation reductions of last year and the reduction in SG&A expenses. Following the acquisition of Panasonic's e-kit subsidiary, its business was integrated in the newly established company, Yamaha Motor E-Bike Systems, and it began its full-scale operations in August. In the SPV business, through selection and concentration, we aim to further improve profitability and competitiveness. Next, in the Robotics business, the sales of semiconductor manufacturing back-end process manufacturing equipment for generative AI and advanced packaging increased, but sales of mounters fell below that of the previous year. As a result, its revenue remained at the same level as the previous year. As for its operating income, the marginal profit ratio improved as a result of sales measures aiming for profitability, but due to the increase in the allocation of company-wide expenses as well as SG&A expenses, operating income declined. Lastly, OLP business and Financial Services business. Please refer to page 15. In the OLP business, unit sales of RV and LSM declined, and R&D and SG&A expenses increased, and an impairment loss on fixed assets, which had been factored in as a risk, was recorded. As a result, both revenue and operating income decreased. We will continue to review our cost structure and improve asset efficiency. Next, in the Financial Services business, despite an increase in sales finance receivables, revenue remained nearly the same as the previous year due to the impact of foreign exchange rates, and operating income decreased as the valuation gain on interest rate swaps recorded in the previous term turned into a valuation loss this time. And this concludes the explanation for each business segment. The third quarter was largely in line with the plan, and we will continue to operate steadily according to the plan for the remaining three months so that we can maintain a stable revenue base and ensure sound business operations. And that concludes the fiscal 2025 December results announcement. Thank you very much for your attention. And that concludes the announcement of the third quarter results in December 2025. Thank you very much for your attention.