We are starting the financial results briefing for March 2025 for Marui Group. You are able to download today's presentation and materials from our corporate site. Please look at the overview of performance. Today, we will spend the first 30 minutes for explanation of the presentation and then take your questions. Since we are explaining the future direction forward more in detail, some of the results information of businesses are included in the appendix. Today, we have Director, Senior Managing Executive Officer, and CFO Kato to explain the financial results overview and forecast for March 2026, followed by the Business Management Vision and Strategic Story 2031, which will be explained by President and Representative Director Aoi. In addition to these two members, we will have IR Manager Udaka here to answer your questions. This is what we cover today. First, I will pass the floor over to CFO Kato. Hi. I am Kato. I will explain the outline of the financial performance for fiscal year ended March 2026 and 2025 and the outlook of next fiscal year. There are three points, three KPIs. EPS was 143.2 yen, 10% increase. ROE, 10.6%, surpassed 10% in 34 years. ROIC was 3.8%. Consolidated operating income increased nine percent to JPY 44.5 billion, short JPY 500 million to the plan. Retailing profit increased by JPY 1.6 billion, JPY 100 million gap to the plan. Fintech increased profit by JPY 1.7 billion, short JPY 400 million to the plan. Net income recovered to pre-COVID level and JPY 26.6 billion increased by eight percent. These are three KPIs. EPS 143.2 yen, ROE higher than 10%, ROIC also surpassed WAC. Group total group transactions expanded steadily and reached a new record. Operating profit JPY 44.5 billion higher by JPY 3.5 billion year on year. Net income JPY 26.6 billion, JPY 1.9 billion increase. Retailing plus JPY 1.6 billion, fintech plus JPY 1.8 billion, total company plus JPY 200 million. The increase of profit by JPY 3.5 billion. This is the retailing. This is the gap of the operating income. Retailing tenant JPY 1.7 billion, event JPY 300 million increase, and interior work and related business progressed well, and retailing segment increased profit by JPY 1.6 billion. This is tenant revenue. Next is fintech. Operating profit, along with the expansion of the transaction income, increased, and we revisited the point program and suppressed the cost. Therefore, profit increased by JPY 1.7 billion. From the previous forecast, the income reduced by JPY 300 million due to reduction of the transaction, and we executed expense such as UX improvement. This is card credit transaction. The transaction value achieved a record high, amounted to JPY 1,151.7 billion. This is the merchant commission rate in the second half. The commission rate was 1.21% and has been stable. Installment and revolving commission, the year-on-year trend was 110%, and of JPY 59.6 billion of commission revenue, eight percent increase. This is co-creation investment, JPY 1.1 billion to startup, JPY 900 million to fund. Total of JPY 2 billion was invested, and JPY 3.1 billion contribution to the main business. IRR to startup companies was 10%, same as hurdle rate. This is non-operating and extraordinary. P&L operating profit increased by nine percent, JPY 3.5 billion increase year on year. Ordinary profit increased three percent. Measure factor, the increase of finance cost of JPY 1.8 billion and interest rate rise, impact was JPY 1.6 billion. Extraordinary profit. There were sale of shareholding and idle real estate, and all in all versus last year, it was plus JPY 4.9 billion. The net income increased by eight percent to JPY 26.6 billion. This is balance sheet and capital allocation. Balance sheet total asset, due to increase of the operating accounts receivable, it reached JPY 1.0534 trillion. Shareholders' equity ratio was 23.4%. Capital allocation, basic operating cash flow JPY 49.7 billion, and borrowing of JPY 8.2 billion was allocated, and JPY 57.9 billion was allocated to growth and shareholder return. JPY 19.9 billion to growth, JPY 18.5 billion to share buyback, and JPY 19.5 billion to dividend. Next is the outlook for next year. EPS is expected to increase eight percent to JPY 155, ROE to 11.2%, and ROIC to 3.9%, all of which are expected to exceed the previous year. We are aiming for the group's total transaction volume to exceed JPY 5 trillion, operating profit to increase 12% to JPY 50 billion, and net profit to increase 5% to JPY 28 billion. Ordinary profit forecast, while operating profit expected to increase by JPY 5.5 billion, non-operating income and expenses will be down JPY 3.3 billion from the previous year due to factors such as increased financial expenses caused by rising interest rate and ordinary profits to increase five percent to JPY 42 billion. Operating profit by segment, retail is to increase 28% to JPY 11 billion, and fintech is to go up by seven percent to JPY 47 billion. Here's a breakdown of profit increase in the retail segment. We expect a profit increase of JPY 2.4 billion, mainly due to the expansion of tenant income and events. Fintech, we expect an increase in profits of JPY 2.9 billion due to an increase in merchant fees and installment payment fees accompanying the expansion of transaction volume. The fiscal year ending March 2026 is going to be the final year of the current midterm plan. Let me recap on the current midterm plan. The current midterm plan started back in March 2022. We tried to improve the corporate values by impacting capital policies and business strategies. The impact was actually including supporting each individual interest and also innovation of the working style and organization. However, we were not able to incorporate the innovation in sustainable consumption and lifestyle. In capital policy, we completed optimization of shareholder equity and achieving our desired balance sheet. In order to improve capital efficiency and achieve long-term stable increase in dividend, we introduced DOE in the fiscal year ended March 2024. The dividend doubled compared to March 2023. This year, we had a dividend increase for 13 years in a row. Business strategies, basically everything, operating profit moved as planned, including measures for the retail which does not sell. The fintech saw delay in recovery from COVID, and we saw the slowness in adding Gold Card new members. We struggled in the new businesses while we made the investment in co-creation future investments. These are the major KPIs that midterm plan. We failed to accomplish the three KPIs, the EPS, ROE, ROIC. Operating profit, we fell short of the consolidated target level by JPY 10 billion due to the minus JPY 6 billion in fintech. This is the progress of major three KPIs. March 2025 KPI result, which is in the fourth year midterm plan, we basically accomplished the third year plan, one year behind. As an extension of current midterm plan, the final year targets for the midterm plan is going to be delayed by a couple of years. Considering this current situation, we have actually reset the targets starting from March 2026. To be able to have a restart of a new midterm plan to increase the corporate value. The new midterm plan will be explained by Aoi in the business management vision and strategic story. That is all from me. Thank you for your attention. Next, we want to invite the President Aoi to explain the vision. Hello, this is Aoi speaking. Let me explain our management vision and strategic story 2031. Thank you for your attention. Towards 2031, which marks our 100th anniversary since the founding of Marui Group, we have set out the management vision and strategic story. We will explain our business strategies and impact goals for retail and fintech at our IR Day on June 6th. Here is the digest, the summary. By shifting our business to support what we see, which is individual interests, we'll realize a vision of overcoming the dichotomy between impact and profit and achieve high growth and high returns. Trying to get to JPY 10 trillion, which is double the current level of transaction volume, we aim to accomplish high growth of over 12% per annum. We also set high return of TSR 12% or higher as a target so we can actually increase our corporate value with a price to book of three to four times. Let me go by these agenda items one by one today. First of all, the basically economy driven by Suki, the individual interests. Under deflationary economy, the consumers have increasingly been inclined to make cost-effective purchases to protect their livelihood. At the same time, companies have also been aggressively competing on cost to get a share of the limited market. Meanwhile, issues such as environment, various social issues, and people's happiness have been left outside of the scope of the economy. This situation has created a sense of stagnation in society, exhausted workers, and made young people feel anxious about the future. However, this situation is approaching a turning point as signs of escaping deflation are beginning to appear. However, to utilize the escape from deflation as an opportunity, we need a new economic vision that is not simply an extension of what we have done so far. We decided to picture new economic possibilities. That is an economy driven by Suki, the individual interests. In a deflationary economy, consumers were only concerned with cost-effectiveness, but in an economy driven by Suki, the individual interests, people enjoy balanced consumption, spending money boldly on things they like. Companies also grow by creating new markets instead of competing for limited market and competing on costs. In addition, people who are exhausted because they felt no meaning in their work are finding joy in their work, and young people who are anxious about their future are feeling hope. By transitioning to this new economy, we aim to be a business that goes beyond the dichotomy between impact and profit and achieve high growth and high returns. Based on this, this is a business that supports individual interests, Suki. Up until now, we have aimed to be a business that combines retail, fintech, and co-creation investments. Going forward, we'll shift to a business that supports what your interest is through events, goods, services, co-creation events, business development, and people, organization, and work styles with fintech at the core. This is the scope of the business that supports individual interest. You may imagine that the individual interest refers to entertainment. However, our definition includes pet, sports, and other likes or interests for individual person. We are to add Japan as the target of interest, such as Japanese food culture from foreigners. The size of the market will be JPY 60 trillion. Next is impact and strategy. I would like to cover these six items. First, through individual interest, the consumption will expand for someone, for society. The purpose of the business that supports interest is that through interest, the consumption will be for myself, to someone else, and to the society. The impact can exist in both places. The bridge is the card. Especially, we will increase the card with donation function. We already have HERALBONY Card where you can donate to the artists with disabilities, or Pet Card to donate to animal organizations, or YAMAP Card for mountain climbers, or the Utility Electricity Card for renewable energies, or others. The membership number is expanding. From March, Museum Card started, and there are passionate fans, and the number of members are increasing. Under deflationary economy, consumers have focused on value for money, and corporates have tried to attract customers through reward points. To the contrary, this scheme, the card that supports interest, is supported by the consumers who feel happy by donating and doing something for someone else. We want to pursue differentiating strategy. In future, we want to expand the membership of the card to support interest. Three million is the target for the year March 31st. In March 31st, the membership will likely surpass Gold Card. Next is financial empowerment to support interest. Marui Group has supported the self-realization of the younger generation through trust co-creation. Next, we will focus on interest. The scope or the target is our people who are irregular workers and whose income is variable. We have been issuing credit cards, but that was only in the area where Marui has stores. Self-employed, freelancers, startups, and foreigners living in Japan, they are having difficulty in receiving credit. Through financial empowerment, we are to support their work possibilities and also life through interest. In the regions where Marui does not have stores, we will solicit members through event, goods, and card, and we will create new units. EPOS Card has a 16% market share in three prefectures where Marui has stores. In other prefectures, our share is five percent. If we can increase the share in non-store existing prefectures, our potential will be nine million, which is higher than current membership of 7.9 million. Through Owner Card, we expect additional 10,000 members by March 31st. Through collaboration with Lancers, additional 20,000. Through GTN collaboration, additional 90,000 members. Next is the strategy to support realization. After the fixed-term lease has been introduced, we have been soliciting our card members through our own private brand. However, by withdrawal of the private brands, our contact point with the customers was lost. Therefore, we decided to develop a self-operating unit through card that supports the interest. To be more specific, the operational format is an integrated format of something like Yurakucho Marui 8th Floor Event, Goods, Card Center, all combined together. The feature of the new unit is the high capability to solicit new customers. The private brand has the ability to gather customers is 16 times. We intend to attract customers from abroad areas also to reach customers who never came to Marui stores. Goods sales has high customer basket size, and it is in a similar level as private brand. We can further increase the unit price by developing our own merchandising and raise the gross margin. New unit is very small, 40 tsubo, and it is compact, so it can be operated in the upper floor, such as 8th floor of Yurakucho Marui. Also, the rent is lower in upper floor. This has high capability to attract consumers and offer rare value. Another support strategy is digital transformation. Until now, we were aiming at enhancing the experience of the customers through digital means and established joint venture with Good Patch and started recruited experts and developed on agile manner. In the future, through Marui United, we will do agile development in-house. Chief Digital Transformation Officer Good Patch and CEO Tsuchiya San contributed in promoting professional human resources to participate, such as CTO. Going forward, through digital UX and new unit, we are to fuse the digital and real experience to develop loyal customers. The next is unleashing creativity through flow. We have focused on the concept of flow, which comprehensively captured the important business elements of ability, challenge, creativity, and happiness, and have been working to increase the job satisfaction of each employee and the vitality of the organization. Furthermore, analysis of the flow data revealed that the flow rate of employees who apply their interest to their work was remarkably high at 78%. Therefore, going forward, we will increase opportunities to utilize our interests in our work through competition that support those interests. By demonstrating their creativity, we will expand further business by utilizing intangible assets such as ideas, knowledge, and know-how. We will also aim to further increase our corporate value by increasing the intangible asset ratio to over 70%. This is business development through social entrepreneurship. There are two types of people who create innovation: entrepreneurs and intrapreneurs. Up until now, we have aimed to create innovation through co-investment with external entrepreneurs. Going forward, in addition to this, we'll also work to create businesses through in-house entrepreneurs. To this end, we advocate a working style known as social intrapreneurship, where you can change society without leaving your company. By disseminating this information widely, we hope to attract and encourage talented people from all over the world to thrive. Specifically, we'll set up a business production promotion office and advance business development by recruiting social intrapreneurs from both inside and outside the company through various employment arrangements. We also plan to establish a social intrapreneur development foundation with the aim of developing human resources in the medium to long term. We'll develop human resources by offering courses to university students, junior and senior high school students, and in the future, we'll utilize the graduates to develop our business furthermore. This is an area of exploration. In the exploration, we'll work on globalizing businesses that support individual interests. Based on the theme of Japan as an object of interest from the world's perspective, we'll advance business development by recruiting talented people from all over the world who love Japan. A summary of business strategies. Fintech. We aim to attract three million new members and expand transaction volume by JPY 4 trillion through one, two, and three. In retail, we aim to increase revenue by JPY 10 billion through number three. In future investment, we aim to contribute more than JPY 7 billion through four, five, and six. Next is risk. I'd like to explain the risk of rising interest rates. We expect financial expenses for the fiscal year ending March 2031 to increase by around JPY 10 billion just due to rising interest rates. To address this, we'll implement two measures. First, we'll be changing the installment and revolving fees. We will be informing our customers about this in the future, so the implementation date is still to be determined, but we plan to implement by the end of this fiscal year. As a result, we expect an increase in revenue of roughly JPY 12 billion in the final year. Regarding the procurement funding cost, we want to reduce interest rate by approximately 0.1% by shortening the average maturity from seven to four years. By strengthening dialogue with rating agencies, improving our ratings by one or two notches, aiming to improve interest rate by 0.1% to 0.2% or a combined improvement of approximately JPY 3 billion on an aggregated basis. Capital policy and shareholder returns. This is the balance sheet that we should aim for. When we break down the balance sheet for fiscal year ending March 31st by segment, the equity ratio for retail is expected to deviate from the target of 35%-50%. Therefore, we'll optimize our capital opposition by conducting share buybacks worth JPY 30 billion. After implementing capital optimization, we aim to achieve a consolidated capital ratio of 16%. The shareholder return policy. Our return on equity exceeded 10% this fiscal year, and we are aiming for 15% towards 2031. We will raise DOE from 8% to 10% starting this fiscal year. Capital allocation. We expect core operating cash flow over six years to be around JPY 350 billion. Gross investment will be JPY 90 billion in existing businesses. Future investment will include JPY 60 billion in digital transformation investment and business development. Also, allocating JPY 30 billion to share buybacks to optimize capital and shareholder returns will include JPY 150 billion in dividends and JPY 20 billion for flexible share buybacks for a total of JPY 170 billion. These next KPIs. Price to book is three to four times. To accomplish this, we aim for a return equity of 15% and PER of 25 or more. We aim to achieve an ROE of 15% or more by improving our profit margins, total asset turnover, and financial leverage across the entire company, including retail and fintech. We also aim to achieve a PER of 25x or more by achieving high growth in transaction volume of 12% or more and reducing beta through an increase in individual shareholders. Based on the above, we aim for high growth and high returns with EPS growth rate of nine percent or higher and TSR growth rate of 12% or more. That's all from me. Thank you very much for your attention. We would like to move on to Q&A session. The first person is Takahashi-san from Mizuho Securities. I'm Takahashi from Mizuho Securities. Thank you for the presentation. I have two questions. My first question is directed to Kato-san, and the second question is to the president, Aoi-san. Let me state those questions. First question to Kato-san. The financial strategy in MTP and ROE target 15%. The relationship between the two, six months ago, there were rough plans being presented, and at that time, ROE target was 17% to 20%. This time, you're seeing 15%. It is still high, but what is the background of this change? You may be looking at external environment and interest rate hikes. As a CFO, if you could explain about that. My second question is to Mr. Aoi this time. Looking at the press release, when it says three business integrated in fintech, I got an impression that you're going to become quite a general credit card company. Listening to the presentation, I understand that that is not the case, and I'm relieved. Before the current MTP started, the initiatives were implemented, and now those are bearing fruits. You talked about large stores being binding, and now you're talking about new events, fintech, and goods, and I think you're more agile in developing your business across Japan. Employees that supported and the relationship with the commercial facilities, I think you have been nurturing them until now. Out of various possibilities, what is the strategic or competitive advantage of this strategy? I cannot imagine about your peers, but how confident are you on the competitive advantage if you could talk a little bit more about that? This is Kato speaking. I will answer your first question. As you mentioned, in November last year, we said 17% to 20% of ROE will be our target. After that, we have scrutinized and reviewed, and interest rate rising, rising of the interest rate, the speed assumption is faster. Speed now is faster than our assumption, and it's possible that it will rise further. With that assumption this time, we're saying 15% or higher. We're saying higher than 15%. It's not that we have given up the target of 17%. We will continue to target, but for now, we set our guidance at 15%. Thank you. Thank you for your question. As you have asked in your question, we have retail credit card and three business integration, and then we're going to transfer our business in a major way to support individual interests. What is our competitive advantage? That is the essence of your question. As you have correctly pointed out, the biggest differentiator, competitive edge, is our people and the know-how that our human capital has. For example, event planning and operation. Our company's employees are very good at event planning and organization. This may be a personal view, but compared to private brand or merchandising, I feel that our staff is better at event planning and organization. In addition, product manufacturing, planning, production, to sales, we have been developing our expertise in that area. Together with event, we will sell merchandise. We can do both. On top of that, we have memberships of credit cards. We solicit members. Through a series of initiatives, we can solicit members. Event planning, selling of merchandise, and recruiting members. Those three will be integrated. The same staff will face consumers in these three areas. Having such a know-how is the biggest differentiator of our company. Another point is our stores and regarding nationwide deployment of stores. Large stores, minimum 3,000 tsubo stores, would be the guide. Kita-Senju is bigger than 10,000 tsubo. Our conventional stores have been big and asset-heavy, but new unit is very different, very light. As was explained just now, in the upper floors of the commercial facilities, the traffic can be generated by ourselves. The content is such that people will come to small space, and compared to ground floors or lower floors, the rent is economical. On top of that, we can gather consumers by ourselves, market ourselves. From the developer and commercial facilities perspective, they favor us. That is our position. The possibility to open new stores will increase dramatically. In regions where we could not open stores, for example, in Nagoya or Hiroshima or Sendai, in those areas, we can open new stores in a flexible manner since it is compact-sized stores. The efficiency of gathering members is 30 times. The floor area is compact, small, at low cost. Maximum impact can be achieved. We would like to bring this to success. Once we can expand this nationwide, existing stores' efficiency can be improved, and it makes it easier to improve efficiency. New unit nationwide deployment and existing store efficiency improvement, we can pursue both and contribute to each other. We want to realize that format. Thank you. Thank you so much. Next question. Kanamori-san from Okasan Securities. This is Kanamori from Okasan. Can you hear me okay? Yes, we can hear you. I have a couple of questions as well, mainly for Kato-san. And a bit too specific question. Fintech results. The final number of final charges on installment and revolving payments and the related assumptions. And the affiliate commission rates results. And your original forecast. Seems like there are some gaps in those numbers. The final charges on installment and revolving payments, the growth that you expected to be 7.7%, seems like you ended up almost in line with this. When it comes to growth of affiliate commission rates, originally you expected about 12% growth or so. The result slightly fell short. According to your explanation, since we saw the lowered commission rate, it has been stable. I think that's what you said. This lowered commission rate, did it affect the result to some level? What was the reason for this gap? I know the year already ended, but can you elaborate on this point? Understood. The transaction volume was not accomplished into target. That was due to overseas consumption usage. The travel and entertainment was slightly short. From the revised plan, the overseas usage showed a gap. The overseas usage, a relatively higher commission rate is charged. The rate-wise came out to be slightly lower because of not being utilized much. That affected the results from what we shared back in Q3, and we saw a weaker result for the commission rates compared to this number. Okay, based on that, on March 26th, this year's assumption. The balance for final charges on installment and revolving payments, you expect to see six percent growth. You expect to see a much stronger growth of these final charges, 8.6%. Earlier, I think President Aoi also mentioned in March 26th, sometime during this period, you are talking about raising the rates, right? The charges, financial charges. On page 32, you have fought for the flow charge. OP break changes. I think that was explained by Kato-san earlier. The interest rate hike portion. There's an increase of financial expenses. I think you mentioned that. At the same time, at some point during the year, you're going to raise that rate, and that raises your revenue. Is it included in the plan at this point in your forecast right now? I see. Thank you. As President Aoi mentioned, during this year, we plan to raise the rate, the charges, but we haven't announced yet. We're still deciding when to start. In this plan, we're just including the minimum number. Only one quarter worth, only three months' worth is included, worth JPY 1.5 billion. It's already included in financial charges on installment payments. It depends on timing. This number could have either a positive or a negative. Yeah, if we could start earlier than that, earlier than planned, then we can see an upside. Yes. Thank you. Thank you. Next question. Daiwa Securities, Shigeoka-san, please. I'm Shigeoka from Daiwa Securities. Thank you for the presentation. In the new medium-term plan, you have new initiatives, and those were interesting. I have two questions. First question, Marui's, regions where you don't have Marui stores through new operating unit, what is the potential of acquiring members? You have usual card and also interest support card. You have physical stores and online and events. What is the channel where you acquire new members? Do you have a ratio that you can share? The card that supports interest. If you can compare it with the conventional usual card. I'm mostly interested in the card that supports interest. Total card is 800,000, and 300,000 is coming from physical stores. The remainder, 200,000 people, is through services such as rent guarantee, and 300,000 is from online channel. The card that supports interest. Other than service, we do issue cards that support interest. So 60% out of the total cards are supporting cards. Just for supporting cards, interest supporting cards, is it mostly events and online? The ratio of event and online higher? Yes, that is right. The issuance at stores basically are actually issued through events. Issuance through events makes up most of the issuance. Event is the core. Related to events, customers became aware of the existence of the card, and event is a good opportunity to become a member. In regions where you do not have stores, by creating such events and opportunities, you can reach customers that you cannot reach currently. Right. Actually, when we do events at stores, that information is spread through social media. There is a compound effect. By deploying this scheme nationwide, we can acquire a large number of members. In addition to holding events, are you going to strengthen the digital media? Online channel will be a very important entry point. It depends on how you use it. As you say, by event information spreading, people who love those contents will find that information through social media and then sign up through online channel. We would like to also focus on that as well. Thank you. My second question. The installment and revolving commission increase. Page 87 of the slide, I think you have that information. JPY 12 billion in operating revenue. That is a guide that is shown here. If it contributes in full scale in FI2026, this is the amount of contribution. Is that the timeframe? Within FI2025, the timing is still under consideration. I understand that the scale is also under consideration. This is the image, the upper part, the operating revenue. This is the image for 2026. JPY 12 billion is for the fiscal year ending March 2031. I think it can reach JPY 10 billion. The balance or denominator, it will depend on the denominator. By 2030, it will be this large. From the beginning of the raise of the commission, the impact will be large. If we are to implement a commission increase, it will implement instantly across the board. From that time, this scale of increase of revenue can be expected. Also, the suppression of the funding rate, I think that will depend on the timing of refunding. Is the guide at 2030, or do you expect impact in the next two to three years? What is the timeframe? JPY 10 billion increase of financing cost. This is about year 2030. At that time, if these measures are working well, then we expect JPY 3 billion. This picture is assuming this will be realized in the year 2030. Gradually, you're going to shorten the tenure for the funding and proceed with the initiatives. That is correct. Thank you. Next question. From SNBC Nikko Securities, Kanamori-san. This is Kanamori from Nikko Securities, and I have a couple of questions as well. I want to also ask about the financial charges. You talked about JPY 1.5 billion for one quarter is factored in. Is this only for the new receivable? Would that be, I guess that is how you calculate it, right? You switch the charges only for new receivable. No, for the revolving payments, the whole amount is going to be switched to the new rate. For the installment payments, it's going to be starting from new receivables. I see. Revolving and installment payments should be separated maybe in asking you this question. Your installment, revolving payments balance, what is the remaining years for those receivables? For For the installment payments within one year, seven or eight months. On the revolving payments, roughly five years. I see. Thank you. Another question. About half a year ago, you mentioned the midterm plan as the core. Talking about the closures of the retail stores to focus on the key stores, I think. That's not mentioned in this presentation. For the new year, looking at the retail business plan, seems like you're not including the store closures. It's just not happening this fiscal year? What is your view and idea? What's the schedule of store closures? Maybe I should wait for the IR day, but I would appreciate if you can share any information. At the IR day, we will have more details on this point. We are reorganizing ourselves right now. There is a CRE Strategy Promotion Office, which we started this April. Nakamura-san, Senior Managing Director, is leading this team. They are working on a strategy on this point, the store assets as well. The profitable businesses, the stores and stores that do not really generate new cardholders, we will take actions. It has many stakeholders, so it is very difficult to give specifics. We decided to shut down, close down one store. Kashiyama Marui is going to be closed. We will be closing other ones to come. The value-up, the CRE Strategy Office is working on this. We will reinforce events by focusing on the key branches. We will work on that along with the investments. I think we're making good progress on this point. Thank you. Kashiyama store, it depends on when it's going to be shut down. Once Kashiyama is closed, rather than focusing on increasing the values on certain sections by closing down, the whole store could cause much bigger negative impact, maybe not having much impact on the net level. Is that the right understanding? An underperforming branch or store is going to be closed. It does not affect the bottom line. The top line, in the case of Kashiyama Marui, it's not such a large surface area. No major impact, significant impact on the revenue. I see. Thank you so much. Are there any more questions? Please press the raise hand button on the screen if you have any questions. There are no more questions. With this, we would like to close the Q&A session. Now we would like to close the financial briefing session for fiscal year ending March 2025.