Since it is time, we now would like to get started. Thank you for joining this telephone conference of ORIX Corporation for first quarter financial results for the three-month period ended June 30, 2025. I am Nakane from IR. We have today, as an attendee, Kazuki Yamamoto, Operating Officer in charge of Investor Relations. Yamamoto-san will explain, and this will be followed by Q&A. We plan to have a one-hour session. Over to you, Yamamoto-san. Thank you very much for taking the time to attend the ORIX Group's earnings call today. I'm Operating Officer in charge of Corporate Planning and IR. I am Kazuki Yamamoto. Let me quickly explain the financial results for the first quarter of fiscal year ending March 2026. On page two, you can see this page contains the key points I want to cover today. The first point is net income and ROE. Net income for the first quarter was JPY 107.3 billion, an increase of JPY 20.6 billion year-on-year, with an annualized ROE of 10.4%. Against the annual forecast, JPY 380 billion, progress rate was 28.2%. As was announced in July, we plan to record gains from the sale of Greenko and ORIX Asset Management and Loan Services Corporation in the second quarter, and earnings are favorable. Meanwhile, considering the increasing macroeconomic uncertainty, it is necessary to carefully review our planned H2 exits and second-half performance in line with the market. While we expect earnings to be more heavily skewed to H2, we are currently undertaking a thorough review of the full-year net income target. Second is pre-tax profit and capital recycling. Pre-tax profit was JPY 155.5 billion, an increase of JPY 35.3 billion from last year. Finance, operation, and investments, in all three categories, saw profit increases year-on-year. Investments, including the hotel Universal Port Vita and other valuation gains from listed stocks, recorded total capital gain of JPY 45.1 billion from multiple gains on exits. Number three, shareholder returns. As of the end of July, we have completed the acquisition of JPY 40.9 billion out of the total JPY 100 billion share buyback program announced in May this year. We will continue to repurchase shares based on the existing program and aim to flexibly implement our shareholder return policy based on both our full-year outlook and progress with new investments. As in the previous fiscal year, our current policy is to set the interim DPS at a payout ratio of 39% in first-half net income. Please go to the next page. As outlined earlier, for Q1, ORIX reported net income of JPY 107.3 billion, up 24%. ROE was 10.4% annualized. In light of the investment gains we expect to book in Q2, the outlook for the first half is very strong. Please go to page four. I'll explain pre-tax profits for each of the categories. Three categories: finance, operation, and investments. You can see first quarter results of the previous and current fiscal year. First, at the top, the dark blue bar is finance. Profit increased by 5% year-on-year to JPY 49 billion, with a progress rate of 27% against the full-year forecast. Corporate financial services and banking were generally solid. ORIX Life increased its investment income, and finance revenues grew in Australia and Singapore. Next, second from the top, light blue shows operation. Profit increased by 5% year-on-year to JPY 55.8 billion, with a progress rate of 24% against the full-year forecast. In the environment and energy segment, we closed the sale of Zeeklite, which operates waste disposal plants, and recorded a gain. EL1 increased its electricity sales revenue, and the Kinokawa Energy Storage Plant, one of the largest in Japan, began commercial operations last December, which also was a contribution. Furthermore, Rentec saw higher equipment rental income on Windows PC placement demand, and airport concessions continued to see growth in international passenger numbers. Finally, red bar in the third row from the top shows investment. Profit increased significantly by 61% year-on-year to JPY 60.1 billion. In addition to the gain from the sale of Hotel Universal Port Vita, valuation gains on our remaining stake in NYSE-listed renewable energy company, Ormat, contributed to this result. Performance at domestic PE investees was solid, resulting in growth in profit contributions. As a result, segment profit for Q1 increased by 20% year-on-year to a total of JPY 164.9 billion. Pre-tax profit increased by 29% year-on-year to JPY 155.5 billion. The difference of JPY 9.4 billion between total segment profit and pre-tax profit is administrative expenses. Please go to page five. On this page, I will explain ROE and shareholders' equity for each of the three categories. Towards the right, please look at the graph. In dark blue is finance ROE. This improved from 8.2% at the end of the previous fiscal year to 8.7%, + 0.5%. We are disclosing the amount of allocated capital by category beginning this fiscal year, and for finance, it is JPY 1.7 trillion. The light blue circle towards the left, with the sale of Zeeklite, ROE for operation improved from 13.5% to 14%, likewise up 0.5%. Allocated capital was JPY 1.2 trillion. The red category investment rose from 7.4% to 10.3%, significant increase due to the sale of hotels. The allocated capital is JPY 1.7 trillion. The total allocated capital, if you add all of them up, is JPY 4.5 trillion, which is slightly different from the shareholder equity amount of JPY 4.1 trillion on this consolidated BS. This is because allocated capital is based on management accounting. That is why it's higher. Next, on page six, regarding the ROA and asset size of the three categories, you can see that finance and operation remained stable, and investment improved its ROA in the first quarter. Page seven, this is the matrix chart of three categories and 10 segments. As a change, we have added in business verticals the transportation equipment for row from the bottom. In the operation column, we have added ship brokerage company, SOMIC. Page eight shows progress in capital recycling. In the first quarter, we recorded capital gain of JPY 45.1 billion, as you can see in the center, with cash flows from sales amounting to JPY 130 billion. Below that, cash flows, outflows from new investment executions amounting to JPY 150 billion. Major new investments in the first quarter include PE investment in the capsule toy specialty store operator, Lulu Arc, as well as aircraft and MYC IR. We also have announced the sale of our partial stake in Greenko, a new investment in AM Green, and the sale of ORIX Asset Management and Loan Services Corporation. You can see towards the right. We aim to close the Hilco Global transaction by the end of September 2025. Regarding Greenko AM Green transaction and Hilco, I will provide some additional information in the following slides. Please go to page nine. This is about the Greenko share transfer agreement and our new investment in AM Green. We held 20% of the shares in Greenko, a major Indian renewable energy company, and sold 17.5% to AM Green Power, a company owned by the founders of Greenko. You can see the structure in the chart. The sale proceeds were $1.282 billion, with a gain on sale of JPY 93.4 billion. This amount is unchanged from the previous announcement and will be finalized at the time of Q2 financial closing. We plan to continue to hold our remaining 2.5% stake in Greenko for the time being. Meanwhile, AMG, the parent company of AM Green Power, plans to produce 5 million tons of green ammonia annually as a group and is advancing green hydrogen and green ammonia production projects. AMG has also agreed on basic terms with Germany's energy company, Uniper SE, and Belgium's ammonia trading and sales company, Yara Green Ammonia, to supply green ammonia to Europe. We have invested in convertible notes issued by AM Green Luxembourg, the 100% owned parent company of AMG. The amount is $331 million. The transfer of Greenko shares and the investment in convertible notes of AM G, parent company, are part of our portfolio optimization strategy achieved through capital recycling in the globally evolving renewable energy industry. Next, moving on to page 10, our investment in Hilco Global. ORIX has agreed with stakeholders to acquire a 71.4% stake in Hilco Global, a world-leading company in asset valuation. We signed in July. We are moving forward in accordance with the transfer agreement and aim to complete the acquisition by the end of September. Since its establishment in 1987, as you can see towards the right, Hilco Global has gradually expanded its businesses to include asset valuation services, asset-based lending, and inventory sales and asset liquidation within the group. The first, asset valuation service, provides to banks and others appraisal services for collateral assets. The second, asset-based lending, refers to the provision of loans collateralized by various assets. The third, inventory sales and asset liquidation, involves the purchase and resale of inventory assets, among other things. With Hilco Global joining the ORIX Group, ORIX USA will acquire a platform for ABL. Hilco's origination capability and value increase model can be utilized through ORIX USA. By utilizing third-party investor funds, we hope to further expand the ABL business and promote the asset management business centered on private assets and real assets. Next, please turn to the next page. The investment pipeline outline on this page is ample at JPY 2 trillion and heavily focused on operation and investments. We're aiming for sustainable growth by investing both in projects that contribute to revenue immediately after investment and those requiring longer development periods. Please turn to page 12. Now, this is about inbound and tourism. The concession business centered around the Kansai International Airport is experiencing growth in international passenger numbers due to inbound tourist demand, and performance is steady. The performance of Kansai Airport is reflected in ORIX consolidated results with a three-month lag. Q1 results reflect Kansai Airport's performance from January to March of this year. However, with the start of Expo 2025 Osaka-Kansai in April and the launch of international charter flights at Kobe Airport in April, we expect earnings growth to continue. In facility operation, repair at hotels has been improving, primarily in the Kansai area. In January, Suginoe Hotel opened a new building, Hoshikang, and in April, Hilton's top luxury brand, Waldorf Astoria Osaka, also opened at the Umekita area. We anticipate city demand for facility operations such as hotels and inns in the future, but due to the impact of inflation and rising construction costs, we will carefully select new investments while aiming for sustainable growth. For the aircraft and ship segment, including aircraft leasing, it's performing well on an increase in passenger traffic, mainly in the. We expect these three tourism-related businesses, including those impacted by inbound tourism, to continue to drive performance this fiscal year. Page 13 and 14 are the summary of segment information. For details, please refer to the slides from page 18 and onwards. First, let me give you the report about the corporate financial services and maintenance leasing. The segment profit increased by JPY 3.8 billion, or 19% year-on-year, to JPY 23.6 billion. The corporate financial services unit saw growth in fee revenues, resulting in higher profits. The auto unit continued to benefit from a strong used car market, achieving record profits for the first quarter. Rentec expanded its inventory-based rental of ICT equipment thanks to Windows PC replacement demand and increased its profits. Segment's assets amounted to JPY 1.87 trillion, a decrease of JPY 14.6 billion from the end of the previous fiscal year, reflecting the sale of ORIX Asset Management and Loan Services Corporation. Next, the segment profit for the real estate was up by JPY 21.9 billion, an increase of 157% year-over-year to JPY 35.9 billion. This is due to the sales of the Hotel Universal Port Vita and a sharp increase in facility operation earnings in hotels and inns has contributed. Assets in the real estate segment were flat versus the end of last fiscal year. For the PE investment and concession segment, it recorded a decrease of JPY 8 billion year-over-year, or - 25% in segment profits, reaching JPY 24 billion, out of which the PE investment unit reported lower profits owing to the absence of a gain on the sale of Sasaia Holdings recorded in the previous year. On the other hand, the performance of existing investees such as DHC and Toshiba was strong, resulting in profit growth when the impact from the aforementioned reason is excluded. The concession unit, as mentioned earlier, enjoyed impressive performance at Kansai International Airport. The slight decrease in profit compared to the previous year is due to seasonal factors. The segment assets for PE investment and concession increased by JPY 31.6 billion from last fiscal year to JPY 1.545 trillion. The main reason for the increase was a new investment in Lulu Arc and an increase in equity method investment incomes from investees. Segment profit for the environment and energy segment increased by JPY 18.4 billion year-over-year to JPY 17.9 billion. In addition to the gain on sales of shares of Zeeklite, both sales volume and unit sales price in the electricity retailing business increased. As I have mentioned, the start of operation at the Kinokawa Energy Storage Plant had a positive impact. Additionally, recovery in electricity sales revenue from EL1 and valuation gain in ORMAT shares also contributed to the increase. Segment assets were slightly lower owing to capital recycling and the forex impact. Segment profits in the insurance segment were up JPY 2.1 billion, or 10% year-over-year, to JPY 24 billion. Profits were higher under growth in investment income, and performance improved sharply quarter on quarter. Because we have booked the losses on the sales of bonds associated with portfolio related allocation, you can see the performance improved based on this reason. On the business side, in this June, we have started the sales of revised insurance, income protection insurance keep-up. This has been strong. Segment assets were up JPY 38.8 billion to JPY 3.477 trillion. For the segment profits in banking and credit were up JPY 3.5 billion, or 51% year-over-year to JPY 9.9 billion. In terms of the environment, while the interest rates were rising and the funding costs for deposits are becoming higher, the yield on total investments is improving. For the first quarter, due to one of factors, the profit has grown. Segment assets were up JPY 71.9 billion to JPY 3.2165 trillion. In July, ORIX Bank paid the parent company a JPY 30 billion dividend with the aim to improve the segment ROE. In the aircraft and shared ship segment, segment profit decreased by JPY 1.9 billion, a 16% decline to reach JPY 9.9 billion. Although there was a slight decrease in profits for aircraft, the business outlook remains positive as the number of owned aircraft increased amid high lease rate levels. Avolon saw an increase in profits compared to the previous fiscal year, partly due to profit contribution from Castlelake, which was acquired in January this year. In terms of the credit rating, in May of this year, Moody's and Fitch upgraded the rating. S&P revised outlook to positive. In terms of the fiscal situation, they enhanced their health. The ship segment experienced a decrease in profits due to the reduced financial income from ship financing and the market factors, but the impact from tariffs is limited. Segment profit for the ORIX USA segment decreased by JPY 11.2 billion year-over-year, amounting to JPY 600 million. The budget for ORIX USA forecasts earnings to be more heavily concentrated to the first half, and earnings are generally in line with the forecast. The private credit business experienced a decrease in profit due to the absence of reversals of credit costs booked in March fiscal 2025. Real estate profits were down on the absence of gain on the sales of a fund equity stake that was booked the previous year. The main reason for the decline in profits in the private equity business was the impairment of our investment in an equity method affiliate owing to the tariff impacts coming between the United States and China. Segment assets decreased by JPY 5.7 billion to JPY 1.582 trillion. Forex had a - JPY 51.7 billion impact, but assets increased slightly in U.S. dollar terms as we made a bolt-on investment aiming to enhance the value of an existing investee in this business. The segment profit of ORIX Europe was JPY 1.2 billion lower year-over-year. This is an 11% decrease to reach JPY 9.9 billion. The decrease in profit is due to the absence of performance fees recorded in the same period of the previous year. On the other hand, ORIX Europe continues to see net inflows, expanding AUM to a record high of JPY 401.9 billion, mainly coming from Rebecco, and management fees are on the rise. Lastly, in the Asia-Australia segment, profit increased by JPY 100 million year-on-year, reaching JPY 9 billion. Although income from investees in the Greater China region was lower, financial revenues from leasing in Australia and Singapore increased, resulting in profit growth. Segment assets decreased by JPY 13 billion from the end of the previous fiscal year to JPY 1.7126 trillion. The decline is mainly due to the maintaining of a conservative investment and financing stance in the Greater China region. This concludes the explanation of each segment. Please turn to page 15. This slide is about the shareholder returns. Regarding the acquisition of treasury stock, at the end of July, we have acquired JPY 40.9 billion of the total JPY 100 billion buyback program we announced in May. Regarding the interim dividend, as mentioned at the beginning, the current dividend policy is set at a payout ratio of 39% versus the first half net profit. As I have explained, in the second quarter, we anticipate gains from the sales of Greenko and new investments, and for a full-year earnings forecast, it's currently under review. We will inform you of any updates if there is progress in this area. Please turn to page 16. This slide is about the ROE and EPS growth enhancing corporate value. Since announcing the three-year medium-term plan and long-term vision in May, our CEO Inoue and COO Takahashi have been actively engaging in direct dialogue with institutional investors, both domestically and internationally. In this context, we will strive to enhance the corporate value by increasing opportunities for direct dialogue with the market and focusing on improving ROE, which is our most important management goal, as well as EPS growth and capital cost, which we also consider as critical. This is the end of my remarks for the first quarter results. Thank you for your attention. Now we would like to open the floor for questions. If you have any questions, please use the raise hand button at the bottom of the Zoom screen. When your name is called, please unmute yourself and state your question. From JPMorgan Securities, Sato-san, please. This is Sato from JPMorgan. I have one question. Mainly, in the U.S.-related business, what are your views as to the risk arising from those businesses? The tariff was agreed with the U.S., and there was abolition of incentives for renewable energy. Your existing assets or any of your renewable energy businesses, will it impact your strategy? Apart from that, regarding exposure in the U.S., what is your view and how do you see it? Thank you for your question. First of all, ORIX U.S., let me talk about the business outlook. If you could refer to page 33, I would like to make additional remarks. For ORIX USA, focusing on the middle market, it provides finance solution and mortgage business for the real estate and also PE investments. Right now, with inflation and Trump's tariff, the interest is now high. Especially when it comes to real estate mortgage finance and investment in operations businesses, the environment is against the wind. Segment profit is $14 million for operation. We have been rather conservative. We're in red. As was mentioned, in a minority investment due to tariff, we have been recognizing impairment for some of them. We will be conservative and try to reduce the level of our asset. For the real estate and the property, a high interest rate is continuing, more so than we had expected. We have been struggling in origination for investing in properties. We are focusing on asset management. For the segment profit, we are now more or less break-even. Given this environment, whether it will improve or not, it continues to be opaque. The fundamentals in the U.S., we don't consider this to be bad, but for ORIX U.S. business, to a certain extent, we need to take into consideration the possible capital recycling. Meanwhile, the credit business has been quite solid, average loan structure, finance, and infrastructure finance. In these areas, in these debt services, we have achieved a solid result. Having said that, using balance sheet for some of the businesses, we will have to minimize the risk as much as possible. Also, we would like to drive our asset management. We will pursue a hybrid model between our own equity and third-party fund. For Hilco Global, this is rather countercyclical. It's very strong against the economic cycle in overall the U.S. We will continue to invest in Hilco Global and shift to better profitable assets. We need to recycle. As to your question about the tariff by Trump about renewable energy, direct exposure in the U.S. is quite limited. However, for renewable energy as an infrastructure, one is price competitiveness, and second is the power business itself. Whether it has a strong connectivity with it will be critical. Also, of course, there may be tax system changes, but globally, the winning path in renewable energy, how to be in a better position, we need to be very flexible in working on our assets. That is why we decided to sell Greenko and reinvest in AM Green. Also, for EL1, we have been driving forward. For the policy of renewable energy business overall, we will not change because of the Trump tariff. That was all. Thank you very much. [Foreign language] Thank you very much, Sato-san. Next, S&P Sinco, Muraki-san, please. Hello. I am Muraki from S&P Sinco. Thank you very much for taking my question. This is page eight, capital recycling and capital profit and loss outlook. I would like to ask a question about that. The first quarter for JPY 45 billion in profit, and Greenko will be reflected. Even putting on that, JPY 140 billion, it seems to be the number. It seems that you'll be able to reach the full-year plan. It says that you will consider observations. In terms of the capital loss, what is your outlook? In the fourth quarter, for instance, a long-term impairment or the goodwill impairment or the credit loss, CCL losses will be accumulated. ORIX Life, in terms of the unrealized loss, it's over JPY 600 billion for the bond portfolio. Utilizing this one net profit and to be able to improve the profit for the next fiscal year, how are your discussions going forward in terms of the portfolio realignment? As I was mentioned, on the right-hand side on page eight, against the full-year forecast. Basically, this is the same as we have announced our budget. Currently, it's under review. That's the reason we are saying this is under review. As you have pointed out, this JPY 41.5 billion in the first quarter, the Greenko gains about JPY 93 billion. If you add that, the full-year capital gain budget, including their exit strategy, by project by project, we are reviewing the outcome. In terms of the, if we are going to change the financial outlook, it is not only what we have conducted in the past, but in terms of our planning. Is it truly for this fiscal year correct for this fiscal year, or should we consider the next fiscal year as an opportunity? In terms of the capital gain, the optimal timing, we are taking stock and trying reviewing about the timing. In terms of the capital loss in the last fiscal year in the fourth quarter, in terms of the Soma Hibiki plant, there has been some partial impairment, and in the U.S., individual impairment and the credit loss impairment has occurred. As you have made a question for CCL, until the previous year, there have been some reversals, but that has stopped. From this fiscal year and onwards, currently, we are trying to review what would be the right level of reserves. Basically, we think that the outlook is more or less conservative. This will be some of the things that we want to reflect for the full-year outlook. In terms of the ORIX Life's bond portfolio impaired under unrealized loss, which has improved compared to the last fiscal year, this is linked to the liabilities. In terms of the actual performance against the real business, as long as there's no large surrenders and cancellations, that is the standard portfolio management conducted by life insurance companies. For ORIX Life, the long-term lump sum payment type of insurance, the surrender risk, having that type of risk is limited because basically you offer a medical protection type of insurance. In terms of that nature of their insurance, I think they can absorb the risk. However, that said, in terms of the asset's value and going forward valuation, if there is something that will have a negative impact for the next fiscal year and onwards, they will address that. Currently, in terms of the capital loss, there are no major considerations they are considering conducting right now. Has this answered your question? Thank you. If that is the case, in terms of the direction on a net basis, the Greenko, JPY 93.4 billion of the Greenko's shares will come in. For delaying some of the sales, or even if there's some capital loss, they come up. In terms of the direction, you are looking in an upward trajectory. Yes, as you have mentioned, in terms of each of the exit deals or projects, more than we have assumed, more high-quality investors at the interest rate environment. We have to individually review with the top management of each of the segments who are considering these types of factors. We are waiting for the review, and then we want to communicate that as quickly as possible. Understood. Thank you very much. [Foreign language] Thank you very much. Moving on from Daiwa Securities, Watanabe-san, please unmute yourself. This is Watanabe from Daiwa Securities. Regarding capital recycling, I would like to ask you, regarding Ascentic TOB, the period did not extend, and Panasonic projector business was gained in a short period of time. What's the investment discipline? Were there any changes in your approach? Also, JPY 30 billion dividend you will be carrying out. Why at this timing are you going to carry out the dividend payout? Thank you very much for your question. Regarding Panasonic Connect projector business, I would like to explain why the agreement was released. We were supposed to sign an agreement with the Panasonic Group, and we had prepared accordingly. As was announced, both parties had worked together, and that's a fact. Meanwhile, due to tariff impact and economic situation, the outlook of this business was revisited. Given the strategy on our end and between ourselves, there were gaps between the two companies regarding the expectation on the future business. We quickly consulted with each other. Based on agreement, we decided to release the agreement. We decided to terminate the discussion. It's not that we were not able to reach an agreement. Rather, based on a rational discussion, we discussed and agreed that we will not be making an investment. Within a certain risk tolerance, the initial business plan, were they feasible or not? In light of that, we made a decision. For Ascentic TOB, it did not achieve the number that we had expected. Thereafter, the price compared to our TOB price, it has been faring higher, it seems like. Meanwhile, Ascentic's management team, we had a discussion many times. We discussed about whether there's a business synergy or is there a room for collaboration to improve corporate values. We have a relationship to continue to hold these discussions going forward as well. This has been extended. The period has not been extended, and the price was not revisited. As you said, based on investment discipline, in light of the business value that we estimated, of course, we will not change our investment discipline just because we want to purchase. Because of the decision by the business side, we decided not to extend and not revisit the price. In terms of timing, Ascentic, there was an announcement this morning, and also the market situation. These are impacting factors every time there's TOB. I'm sure a certain accommodation will be necessary going forward. Every time we take time to make a final investment decision, we will consider within the defined ratio of investment. Also, the dividend payout, this was announced. We have been stacking up the profit, and the revenue has been growing. In three categories, the finance segment, in terms of profitability, ORIX Bank compared to the peers, of course, they are not behind. It has maintained its decent profitability, and asset has grown to a certain level, and it is being distributed. In order to grow profitability higher, we decided to return the capital to a certain extent. On a standalone basis, at this point in time, the financial soundness of ORIX Bank has no issue whatsoever. Upon that, we decided to carry out the dividend. Going forward for each group company and the business segments, in order to contribute to a higher ROE of a group, we need to go into one by one and be mindful of ROE. The dividend of ORIX Bank was based on the business strategy going forward. I hope this answered your question. Yes, I understood very well. Thank you very much for the detailed answers. [Foreign language] Thank you very much. Mizuho Securities, Sakamaki-san, please. No, this is Sakamaki from Mizuho Securities. I have one question. In terms of the shareholder return, in terms of the flexibility of share buybacks in the three-year plan, you have been talking about that. You have been good in your profit process in terms of the sales of Greenko. In terms of the capital, you have more room. What type of interim discussions have been conducted in terms of this shareholder return policy? Thank you very much for your question. In this Board of Directors that's conducted today and the Q1 finance results based on that result, in terms of the discussions that have been conducted, I think basically the discussions will focus on the forecast going forward or the outlook going forward. I think in terms of the market environment that is solid in Japan, how much will be the impact of the Trump tariff? I think each of the corporations are trying to discern about that. The second point is that in the United States and China, ORIX as a group, what type of business outlook should we establish in terms of the shareholder policy to be able to make a decision? For these materials, we will have to look more deeply and then decide about our policy. That is the reason why we are saying that it is under review. This fiscal year in May, we have said that we have a framework of JPY 100 billion and a program. This will be quite flexible. In terms of the investment pipeline for the Panasonic Connect company, we have terminated that agreement. With the Greenko sales, we have invested in Green. In terms of Hilco M&A, we have reached an agreement. For the major projects, I think basically we have some visibility. In terms of looking at the investment and the payback, if we consider that we have the capacity and as the market condition shows that if the capital market shows that it's a good timing to conduct share buybacks, if we make that type of decision, we will make a decision after conducting discussions. Maybe not an answer that may satisfy you, but thank you very much. [Foreign language] Thank you very much. Next, BofA Securities, Tsujino-san, please. About the return to shareholders, I have a question. First of all, in the first half dividend, how are you going to decide? 39% is the annual, but the profit seems to be skewing towards the first half. What are you thinking about? Also, the additional buyback, and you talked about two major deals as well, but Abolon's 70%, Houhai, have completed the sale or it was agreed to? Maybe you will think about what to do with Abolon. Maybe you were thinking about it from about two years ago, and this discussion may progress, or maybe you will look for a good third party and whether you will be able to demonstrate your leadership. The investment size will be quite significant. Taking all this into consideration and also thinking about the future, perhaps you will have to think about the buyback. The next round of big investment, there may be several options. I was wondering if this will turn out to be one of them. About the interim dividend to start with, Tsujino-san, you know very well, last year against the first half result, the dividend payout ratio was 39%, and that was our return. As I mentioned earlier, for this fiscal year, Greenko and Porter, looking at this, we will be skewed towards the first half. Nevertheless, will it be 39%? When we announce interim financial closings, the Board of Directors will decide eventually. Our idea towards this dividend is what is fair. It will be a commitment of 39% against the result. As long as we don't have any negative factors in the second half, it will be across the board of 39% annually. That is how we've updated. For additional buyback, as you mentioned, Abolon's 70%, the Houhai shareholder of 70%, and Seiko Houhai's with 70% and Seiko. Among overall capital policy, these are important factors. Also, apart from the current pipeline, we have some other potentials. We are looking into this very deep. On the market, being mindful of capital cost, this is quite important as we manage our business. With Inoue-san and Takahashi-san, we have been holding discussions with the investors in the U.S. Instead of stacking up the capital based on uncertainties, rather, we should be solid. Looking at the financial state of ORIX, the capacity is sufficiently maintained. If the return becomes a bottleneck in investment, we will definitely avoid that to happen. That is how we decided the size of buyback. As of May, it was JPY 100 billion. Come interim financial results, there may be a certain appropriate amount. There are moving parts and taking into consideration the Abolon's. We will decide if there is an opportunity. We want to make an investment go ahead. Although this was rather vague, I hope this answered your question. Thank you very much. Next one, Nagano Securities, Sasaki-san, please. This is Sasaki from Nagano Securities. I want to ask about the base profit. I think it's the latter half of the presentation material. In the first quarter, base profit increased. Where was it coming? As much as possible, can you talk about that? If possible. From the second quarter onwards, it's more than JPY 120 billion. Is this sustainable? Is it going to further increase? Can you please talk about that? Thank you. That would be page 42. I think you're looking at page 42. As I said at the beginning of the presentation, in terms of talking about the segment profits, in terms of the level of base profits, this is a very solid level for the first quarter. Partially in this, the so-called side of the recurring base profit, some technical reasons, technical reasons, some have been booked in the first quarter. There is some of that type of profits that have been booked. If you compare it year over year, on the before-tax more than JPY 100 billion level, I think basically we have been able to reach that level. This first quarter, I will not be able to tell you the exact number. For the bank business, there has been some one-off profits that have been included. In terms of the environment and energy, besides some capital gains, there are some technical numbers that have been included. However, that said, up to now, in terms of the momentum from two years ago, from the second quarter onwards, more than JPY 100 billion of base profit has been achieved. In terms of maintaining this momentum, yes, we will continue to maintain this momentum. In terms of other impacts, in terms of the performance of the PE investees, it's quite dispersed and distributed. I do not think that one specific investee will have a negative impact. Each of our investees are conducting very unique businesses. We would like to manage these companies very steadily. They may lead to some fluctuations in the future. Thank you. Yamamoto-san, may I ask? Maybe I did not understand what you have explained. Let me ask again. For this fiscal year's guidance, you said that it's under review. What is the meaning of under review? Simply thinking, last year, you were not able to sell Greenko. You have not been able to achieve your targets. This year, it has been decided. It may be going up. That's the kind of a simple thinking that I have. You have used the word under review. Is it the implication that the outlook has become negative? Or is it just technically, literally, you're just thinking, so it's under review? Can you please help me understand your thoughts? I think what you said lovingly is what I was your thinking. When we disclose our budget in terms of the gains coming from the sales of Greenko, in terms of the buyer, it was reliant on the market conditions, and it was a bit difficult to receive. We have to compile a budget. For each of the segments, we have been expecting that each of the segments will be able to do their business solidly. We disclosed the budget and outlook of JPY 380 billion. From my point of view, the review of our forecast, including the Greenko sales, is not just adding or subtracting what has changed against what is our forecasted performance for this fiscal year. We do want to answer that correctly and solidly. As far as time allows, compared to initial budgeting, how things are going to transpire from July and onwards, from the top management for each of the heads of the business segments, we have closely communicated about that. I do hope that you will allow us more time to think about this. It is not that things got better or worse. We are really looking into the budget so that we can say that this is the revised forecast backed by solid reasons. We do want to spend some time to be able to reach that conclusion. Understood. Thank you very much for clarifying my thoughts. Thank you very much. [Foreign language] Thank you. We're closing in, but this will be a final question. SBI Securities, Otsuka-san, please. This is Otsuka from SBI. Can you hear me? Yes. Towards the back of the presentation, on page 46, asset management disclosure is given JPY 81 trillion at the end of June. It doesn't say here, but in the previous document, March 2025, towards the left, AM was JPY 74 trillion. I believe it was the number. Simply, within three months, + JPY 7 trillion, that's disclosure. I would like to know the background of this increase. Third-party asset management, I think you've talked about enhancing those areas, so I am now interested. Takahashi-san mentioned this as well. In mid-to-long-term strategy, we would like to grow AUM through asset management. That is the direction within a mid-to-long-term strategy. On page 45, one page before, that's included on this page. Also, as you recall, at the end of March, AUM outstanding amount. It's now JPY 81 trillion, so it has grown. The major reason behind this increase, there are two. One is Nobeko and other companies. The inflow of cash, relatively speaking, towards this quarter, although this was within our expectation, we were able to take them in. Prior to that, over the past one year, Nobeko's AUM was rather flat. From the previous quarter, the momentum of recovery started to be very clear. Perhaps this is mainly due to product lineup, and the investors understood that, and this led to the inflow. Also, U.S. stocks, equities. The market was good, so there was inflow and AUM outstanding. There has been a higher valuation, and for the first and second quarter, it has been on the rise. That was what we call related. Apart from that, in the U.S., CLO and securitization product arrangement business is underway. This is a private credit-related product, which has been quite successful. In the past, as a hybrid model, balance sheet was being used, but once sold to investors, it will shift to AUM. For CLOs, the outstanding amount is quite significant. This was another contribution, especially in the case of the U.S., because of the U.S. dollar. In terms of value term compared to yen-based, the impact appears to be much bigger. There are other fluctuating factors, but there were valuation loss, but we were able to absorb, and tariff impact. Both in the U.S. and Europe, I hope that I was able to explain the factors behind these numbers. Mark-to-market is another thing. There is a JPY 21.4 billion euro inflow, but I think market value is not that high. Stock base, as you say, there's an impact on the market of the market. With Takahashi-san just showing the numbers on the balance, it's difficult to understand. In individual IR meetings, he has received a lot of questions about the product profitability. This is a home for myself as well. I hope that we will be able to sort this out and better explain to you in our disclosures going forward. Thank you very much. I am looking forward to the detailed explanation going forward. Yes, thank you. [Foreign language] The time has come to end this meeting. We would like to end the Q&A session. Yamamoto will say some last words. Thank you very much. In the first quarter, I think basically we have, I must say, seen some comfort in terms of Greenko. From the last fiscal year, I think people were concerned about the situation, but we have been able to close this year, and I think that was quite a favorable situation. On the other hand, as Tsujino-san and other investors have asked for the second half, we cannot be too optimistic. For this fiscal year, the capital gain is concentrated in the first half. For the full-year business in itself, I would like to carry out business steadily. In terms of the review and looking into the business environment, we will focus on these activities. Through communicating with you, I would like to clarify any issues. I hope that you will be able to support the ORIX group going forward. I would like to end the first quarter presentation results. Thank you very much. For the March 2026 first quarter results briefing, I would like to end this meeting. Thank you very much for participating until the end.