Thank you very much for coming to the first half of fiscal year 2026 earnings presentation for Yamaha Motor. Before going on into the presentation, I'd like to introduce the presenters for the day. President and CEO, and Representative Director Motofumi Shitara. Executive Officer Mitsuru Hashimoto. After the business results presentation, we will have an explanation about each business segment, then we will have separate Q&A Zoom sessions for the media, and then for analysts and investors. The presentation material has been uploaded onto the Yamaha Motor corporate site. We'd now like to move on into the presentation. I am Shitara from Yamaha Motor. Thank you very much for attending the business results presentation for Yamaha Motor, despite your very busy schedules. First, I would like to express my heartfelt sympathy to those who have been affected by the recent Kumamoto earthquake. I sincerely hope for the recovery from the disaster, as well as a return to daily life for all those who have been affected. The effect of the earthquake on our company is being checked right now, and any matter to be disclosed will be done so swiftly. I'd like to move on into the presentation of our business results. First, some key points. Please refer to page four. The first half results following the first quarter, especially in motorcycle businesses, the shipments were strong, and that led to higher revenue. Higher unit sales and cost reduction, as well as the favorable foreign exchange situation, has led to increased operating profit. The sales and operating profit, net income, all have hit new records for the first half of the year. In the U.S., the structural reform is progressing as planned. In response to unprofitable businesses, we have formulated a structural reform plan for our OLV business, and the details will be explained later. Based on the first half results and second half outlook, we have revised our full year forecast upward. The situation in the Middle East has caused raw material prices to rise. Associated with the OLV business reform, we have one-time costs which have been incorporated, but we will maintain strong sales, offset higher costs by appropriate price pass-throughs, and continue cost reduction efforts and aim for a record high for the full year operating profit. Concerning dividends, there are no changes from our initial plan, and we aim to conduct flexible share buybacks. Next, unit sales and inventory. Please refer to page five. On the left-hand chart, you see the main product, total demand and unit sales versus the previous year. Motorcycles. Continuing from the first quarter in ASEAN, India, and other major markets, we have seen strong wholesale shipments. The wholesale shipments in many areas have exceeded demand. Indonesia, we have prioritized optimizing supply globally. Domestic shipment has remained flat, but retail has exceeded demand. Outboard motors in North America and Europe, the wholesale shipment was flat versus the previous year. Surface mounters. In the major market, which is China, we have seen orders grow, and we have seen shipments increase year-over-year. The right-hand side graph looks at a comparison between the market inventory versus the optimum level. Right now, we are seeing strong sales, and in addition to that, we are reducing inventory. Therefore, we are rather lower than the optimum level. We will review the appropriate inventory levels so that we can further improve our cash conversion cycle. Next is the business results overall. Please refer to page six. Up to the second quarter of fiscal year 2026, revenue was 117% versus the previous year at JPY 1,498 billion. Operating profit, 189% versus the previous year at JPY 158.5 billion. Operating profit ratio, +4 percentage points versus the previous year at 10.6%. Profit attributable to owners of parent was 215% versus the previous year at JPY 113.9 billion. Earnings per share was 215% versus the previous year at JPY 117.37. The rates used was JPY 158 against the dollar and JPY 185 against the euro. Next, looking at the operating profit factors. As you can see on page seven, Sales effect, positive JPY 65.7 billion. Looking at the breakdown, scale effects, positive JPY 29 billion. Financial services, positive JPY 4.9 billion. Price increase and rebates, which comprises pricing, positive JPY 21.2 billion. Others, positive JPY 10.6 billion. The net cost impact, negative JPY 19.6 billion. Looking at the breakdown, cost reduction, positive JPY 9.1 billion. Cost raises, negative JPY 28.7 billion. Also, with R&D expense reduction, we have a positive JPY 7.3 billion. SG&A expenses reduction, positive JPY 5.2 billion. Equity method investment gain and loss and others, positive JPY 5.5 billion. Exchange effects, positive JPY 30.3 billion. Tariff effects, negative JPY 20 billion. Next, looking at the ROV business structural reform. Please refer to page eight. As measures to improve profitability for ROV business, which had some issues with product competitiveness, we will discontinue in-house production. At the same time, we will optimize human resource allocation and improve production and development, as well as optimize procurement so that we can strengthen our business foundation. With the discontinuation of ROV production, the management resources that have been freed up will be focused in the areas where we can leverage strengths with these ATV and golf cars. ATV, especially for sports type and high-end models, we will further improve our competitiveness and profitability. For golf cars, we will enhance product strength and services so that we can solidify the foundation for earnings. As for our ROV business, we will shift toward a collaborative model with business partners for co-development and OEM supply so that we can seek efficiency. We will maintain our product lineup so that we can continue to develop our multi-product strategy in North America. Through this, in 2027, we will drastically improve our profit, and in 2028, we aim for a single-year profitability. Now, the cost for structural reform of JPY 12 billion has been included in our revised outlook for the year. Next is our multi-product strategy for the North American market. Please refer to page nine. We are an exceptional company which has a wide variety of product lineup for outdoor leisure, and we have our multi-product strategy in the North American market. In the North American market, there are many multi-dealers which handles a variety of categories and brands. Our multi-product strategy allows us to offer a one-stop access to a broad product lineup. Through utilizing our strength that other companies and manufacturers do not have, we will enhance our corporate value. The effect is with the multiple products, we can attract new customers and enhance our market share, and through cross-selling, we can increase the number of purchased items and total spending per customers, as well as enhance our brand recognition. With this strategy in the North American market, we will increase sales of power sports and marine products overall. Next is the revised forecast for fiscal year 2026. Please refer to page 10. As we've said earlier, we have revised our business outlook upward. Revenue, we expect an increase by continual sales growth in all businesses. Operating profit, in terms of cost, due to the Middle East situation, we are looking at a raw material cost increase and a one-time cost for structural reform. Based on this, to continue to reduce expenses as well as including the Forex effect, we will aim for an increased profit. Revenue, 114% versus the previous year at JPY 2,900 billion. Operating profit, 206% against the previous year, JPY 260 billion. Operating profit ratio, up four percentage point at 9%. Profit attributable to owner of parent, JPY 170 billion. The EPS, JPY 175.16. The exchange rate we based this on for the second whole year is JPY 159 against the USD, JPY 182 against the EUR. For revenue, operating profit, and EPS, we are expecting them all to hit a record high. Next is the operating profit factors. Please refer to page 11. As you can see, compared to the previous year, sales effect, positive JPY 133.9 billion. Net cost impact, negative JPY 55.9 billion. R&D expense increase, negative JPY 1.8 billion. SG&A expense reduction causing a positive JPY 14.4 billion. In equity method investment gain and loss and others. Positive JPY 8.3 billion in exchange rate effects, JPY 45.9 billion tariff effects, also including the refund of reciprocal tariff, we are looking at a negative JPY 11.2 billion. Next is our return to our shareholders. Please refer to page 12. For fiscal 2026, as we've been announcing, we are looking at an interim dividend of JPY 25 per share and an annual dividend of JPY 50 per share. We will aim for a continuous and stable dividend payment, we will aim for a total payout ratio of 40% or more. We will continue to increase our corporate value and continue to provide return to shareholders. That is all from myself. Thank you very much. My name is Hashimoto. From myself, I will present the details by business segment. By business segment, these are the revenue and operating profit numbers. Please take a look at page 14. For the motorcycle, marine products, robotics, and financial services businesses, revenue and profit were up. For the OLV business, revenue was increased, operating losses were reduced. On other products, there was revenue down, but operating losses were narrowed, the SPV business revenue was up, but operating losses increased. Next, this is the whole year revised forecast by business. Please see page 15. Excluding OLV and other products' businesses, revenue is up year-on-year, operating profit is also forecasted to rise. In the OLV business, one-time expenses related to structural reforms will occur, so revenue and profit are down. On other products business, revenue is down, but operating losses are narrowed year-on-year. Here are more details by each business. Please look at page 16. First, one of our core businesses, the motorcycle business. The graph on the left, the upper one, shows the first half year main regions total demand versus Yamaha Motor shipments year-on-year. Below that is the fiscal year revised forecast year-on-year comparison. The graph on the right shows revenues by region. In the first half year in India, ASEAN, and mainly in emerging markets, our wholesale shipments exceeded demand, resulting in an increase in revenue. In terms of operating profit, due to the Middle Eastern situation, we were impacted by the rise in raw material prices. However, in addition to the rise in sales volume, we were able to implement costs pass-through, as well as receive favorable benefit from Forex, resulting in an increase in profit. In the second half-year, robust demand continues in India and ASEAN countries, driving shipments growth, and our annual sales is expected to exceed our original forecast with an increase in our revenue level. For our operating profit, we expect that the raw material price rises will continue. However, with price pass-throughs as well as expenses reductions, we expect our profit to increase. This is a new motorcycle product that I'd like to introduce to you. Please see page 17. You're seeing here a scooter. This is planned to be launched in August in Japan. It is a light motorcycle class sports scooter, the Aerox ABS. The development concept is the closest scooter to a super sport motorcycle. It gives a manual-like sporty handling quality. In addition, there are convenient features and equipment for day-to-day use. It has high practical value as well as being very rider-friendly. For customer segments who are looking for a super sport model, we are offering a broad range of options. By doing so, we create new demand, and we will aim to expand Kando experiences. Next, the core business, the marine business. Please see page 18. In the first half-year, in our outboard motor main market, the United States, the demand slightly slowed. Yamaha Motor sales also saw the same trend. On the other hand, in non-U.S. regions, particularly in Asia, there was a growth in sales. Therefore, the total sales volumes increased and revenue rose. In terms of operating profit, with the increase in sales and expenses reductions, as well as foreign exchange favorability, we saw an increase in profit. From the second half-year onward, with the increase in the sales volume of outboard motors, our revenue is expected to rise. In terms of operating profit, although we continue to be impacted by U.S. tariffs, with the rise in sales volume, as well as the reduction in R&D, as well as SG&A costs and foreign exchange rates, we will shoot for increased profit. Next, the robotics business. Please see page 19. For Yamaha Motor, our main market is China, which is where we'll focus, where we have the good sales of surface mounters, and we've seen an increase in our revenue level. In terms of operating profit, in addition to the increase in sales, continued expenses control has resulted in a rise in profit. In the second half-year, in addition to the increase in sales of surface mounters, semiconductor back-end equipment shipment will progress, which will aid us in fulfilling our pending orders, and we expect a rise in revenue and profit. Next, the financial services business. Revenue was increased as a result of the higher receivables balance. In terms of operating profit, in addition to the improved interest rate margins, the absence of last year's interest rate swap valuation losses have resulted in an increase in profit. From the second half-year onward, we expect the same trends to continue. We are forecasting an increase in revenue and profit for the year. Finally, the SPV and OLV businesses. Please see page 20. First, the SPV business. As a result of the increase in sales volume of e-Kits, we saw a rise in revenue. However, due to procurement costs as well as increases in R&D costs, the operating losses increased. Going forward, we will increase sales volume and therefore revenue focused around e-Kits, and with expenses reduction, we expect to narrow our operating losses. In the OLV business, with the increase in ATV sales, revenue rose. In terms of operating profit, although there was continued impact of tariffs, reduction of SG&A costs, as well as the favorable foreign exchange rates narrowed our loss level. In the second half-year, solid ATV sales are expected to continue. On the other hand, in addition to the reduction in ROV sales, the impact of tariffs, as well as the one-time expenses related to structural reforms of JPY 12 billion, by including that in our outlook, we expect revenue and profit to reduce. That concludes the fiscal year 2026 first half earnings presentation. Thank you for your attention. That concludes the fiscal year 2026 first half-year earnings presentation. For those of you who have been watching on YouTube live, thank you for joining us