Thank you very much for waiting. We would like to begin SoftBank Corporation investor briefing for earnings results for the fiscal year ended March 31, 2025. We would like to introduce today's attendees: SoftBank Corporation Board Director, Executive Vice President, and CFO Fujihara. Finance Unit Vice President, Head Akiyama. Finance Unit Finance and Accounting Division Vice President, Head Onoguchi. Finance Unit Financial AI Promotion Office Senior Director, Sasaki. Today's briefing will be broadcast via the Internet. Now, CFO Fujihara will give an overview of SoftBank's consolidated financial results. I am Fujihara. Thank you very much for taking time out of your busy schedule to attend here. We have just finished the earnings results presentation. I would like to have more detailed explanations. First, I want to walk you through FY 2024 consolidated results, followed by consolidated forecast for FY 2025. First of all, here is the summary. There are four points: revenues and profits increased in all segments, operating income increased by 13% year on year, especially revenue and operating income both achieved midterm plan targets one year ahead of schedule. PayPay consolidated has surpassed JPY 30 billion in operating income and started IPO preparation. FY 2025, final year of the midterm plan targets have been revised upward. These are the major points that I would like to touch upon today throughout the briefing. Here is the results for FY 2024: overall revenue and profits increased. Also, as we upwardly revised in November 2024, we exceeded all upwardly revised forecasts. I will touch upon in detail about each figure. First, revenue increased in all means JPY 460.3 billion, up 7.6%. As mentioned here, increased in all segments. We also achieved the upwardly revised full year forecast of JPY 6.35 trillion by 103.1%. The achievement rate is 103.1%. As you can see here, distribution, financial, and enterprise made double-digit growth. Now, adjusted EBITDA, this also increased in all segments. JPY 1,750 billion was also exceeded. Year on year, JPY 85.5 billion, up 5.1%. The forecast announced in November, compared to that, the achievement rate is 102.2%. Now, operating income, this increased in all segments, achieving 30% increase year on year. JPY 989 billion. We also upwardly revised full year forecast of JPY 950 billion, and achievement rate is 104.1%. On the right side shows that all segments achieved the upwardly revised full year forecasts. From here, I would like to explain by segment. First, consumer segment. The revenue increased by JPY 130 billion, up 4.6%. The breakdown of this is that sales of goods and others. So revenue increased significantly, mainly from increase in mobile device unit price. We minimized the management, and we increased in sales of high-end devices. Electricity, the revenue decreased due to decrease in subscribers. Broadband, on the other hand, revenue increased due to increase in subscribers. More importantly, mobile, up JPY 52.6 billion. Also, the increase in the subscribers. Also, the acquisition measures, customer acquisition measures, were also reduced. Next page explains the detail. Here is the mobile revenue trend. On the right graph shows, the dark blue shows the mobile revenue, excluding impact from customer acquisition measures and one-time factors. Six quarters consecutively, it is increasing. As the company, we are focusing on this, and we would like to keep this trend moving forward. Regarding the consumer revenue, ¥35.2 billion year on year, and driven by recovery in mobile revenue, this achieved the full year forecast. The sales of goods and others, ¥78.4 billion. However, cost of goods sold also is ¥57.1 billion. Electricity profit increased due to improved procurement cost despite decrease in sales, and this is ¥15.9 billion. As the business, it contributed positive. Next, sales commissions and sales promotion expenses. This increased mainly due to ¥23 billion of the sales of goods and others. This should be looked at combined together. Combined these two, and you can see this figure. The major reason of this is that this increased mainly due to increase in cost of Tokusappo, which is the device purchase support program. This was being highly evaluated, and one of the reasons is that the volume increased. This program, after two years, this can be exercised. That exercised volume has also increased, which contributed to the increase mainly. Depreciation and others. Depreciation improved and others due to the inflation situation, increased by electricity hike and discontinuation of others as well. Next, enterprise segment. Left-hand side is revenue. We saw double-digit increase by JPY 88 billion. Solution increased JPY 91 billion, or 26%. New consolidation rework and PayPay was included excluding them. Organic growth was also achieved. On the right-hand side, income, we saw increase of JPY 3.4 billion, or 2.1% year on year. We won litigation at the end of last fiscal year, and rebound from that was incorporated. Considering that as a business, we saw 8% of increase. Please take a note of impact of new consolidations in revenue and expenses. The decrease of depreciation was also reflected here. Recurring revenue grew significantly with the effect of newly consolidated subsidiaries, and it is up by JPY 91 billion, or 26.5%. Excuse me, JPY 86 billion, or 34.3 billion. Media and EC segment. Revenue-wise, we saw increase of JPY 64 billion, or 4.0% year on year. Income-wise, as you can see on the right-hand side, JPY 28.9 billion was due to one-time factors. We have been driving focus and selection. Excluding that, we saw 20% of increase, especially thanks to commerce and media. Finance segment. Revenue on the left-hand side showed increase by 19.1%, or JPY 44.5 billion year on year, including PayPay increase of JPY 37.2 billion. Income-wise, PayPay contributed to a significant improvement. JPY 30 billion was surpassed, and PayPay is now in preparation for IPO. Distribution segment and others. Revenue and income performed very good. If you look at others on the right-hand side, it increased by JPY 37.4 billion per year. If I may elaborate on that, investment in R&D increased by JPY 16 billion, whereas about JPY 5 billion of one-time gain last year was rebounded. Also, consolidation-related adjustment was made between JPY 23-JPY 24. Others include adjustment, like I said, increased by JPY 17.8 billion. Others and subsidiaries, I think, offset each other. That is why R&D-related numbers should be the most important number for fiscal year 2024. Net income increased by JPY 37.1 billion, or 7.6%. We achieved 100% against the whole year plan, mainly due to operating income. If you look at financial income or loss, by consolidating UX Japan, we recognized interest rate against IFRS 16. We also posted loss of valuation loss. All in all, JPY 35.5 billion loss was in the financial loss. With regards to share of profit loss for affiliates using an equity method, absence of gain on change in equity interest in Webtoon Entertainment recorded in fiscal year 2023. Income taxes include effect of deferred tax impact from business restructuring for SoftBank and absence of deferred tax impact from business restructuring in fiscal year 2023 for last year. CapEx, the guidance was JPY 330 billion. Investment in AI computing infrastructure increased by JPY 170 billion, which I'll come back to later. The payment schedule of establishing license fee for 4.9 gig band is also recognized. Talking about investment in AI computing infrastructure, we recorded JPY 63.8 billion for AI computing infrastructure, and focus is JPY 91.7 billion. As you know, JPY 120 billion was already made a decision for, so remaining should take place in fiscal year 2026. AI data center focus is JPY 115.5 billion, which is including the acquisition of Sharp Sakai. Primary free cash flow. We generated JPY 603 billion, which is plenty. Operating cash flow minus investment cash flow increase. Working capital increased a little bit. We have enough room in FS free cash flow. Primary cash flow and investment for the future investment are managed separately. Investment for future will be funded by corporate-type class shares, for example. Talking about primary free cash flow, if you take a look at the waterfall chart starting from operating cash flow, we saw slightly increase by securitization of installment sales receivables. We restructured a portfolio as much as JPY 220 billion. After IFRS 16 impact and payment for rent, all in all, free cash flow after dividends is JPY 56.9 billion, which can be used for future investment or financial improvement. Next is the net interest-bearing debt and net leverage ratio. Please look at the left side of the graph. Nearly JPY 3 trillion is the net interest-bearing debt. Year on year, it is almost flattish. Excluding LY and PayPay, and looking at the net leverage ratio, it is 2.3, which has increased, improved compared to the previous year. This slide shows the balance sheet. The shareholders' equity increased by JPY 366.6 billion, and equity ratio improved by 1.7%. The breakdown is shown below. As you can see, the financial business growth contributed. Sakai data center, or investment in AI, contributed to this growth. Moving forward, I want to talk about KPI first, telecom. The mobile subscribers grew steadily with the rise in overall market greedity. The right one shows the churn rate is 1.53%. This is up 0.3%. Mostly is due to the Yasim alone. This shows the quarterly base trend. The fourth quarter, we did pretty well. Main subscribers also did pretty well. Next is APU. Annual average mobile APU, JPY 3,740. It's almost flattish year on year. The Q4 year on year mobile APU is minus JPY 20. Last year, the retrospective settlement of excess charges contributed positive. This year was the negative. Therefore, this year shows almost a flattish year on year. As for us, we see it's minus JPY 30 or so. This includes enterprise. When we look at only consumer, we believe that it should be flattish. The reason why this has been doing well is that due to the conversion to SoftBank brand, and this tends to sustain the positive trend. Next, electricity and broadband. First, broadband, as you can see on the left side, subscribers 0.22 million, which slightly increased. Electricity subscribers, on the other hand, after the first quarter previous year, so it decreased, but we started a full fledged sales, and it has increased slightly. Next, media and e-commerce. Left one shows e-commerce transaction value. Fiscal year 2023 was up by 2%, and this time up by 4.3%, up by JPY 179.9 billion, which is doing very well. Also, advertising revenue, it is almost doubled year on year. It has contributed to the increase of the entire revenue for fiscal year 2024. PayPay standalone and transaction users is 68.38 million, up by 8.5%, and number of payments increased by 22.6%. The transaction number of payments per person has also increased. This number of payments significantly outpaces user growth, including PayPay cards. The right one shows JPY 15.4 trillion of GMV and 23.6% up. Also, PayPay consolidated along with the GMV, EBITDA improved significantly. Operating income surpassed JPY 30 billion. SoftBank payment service. We saw increase of GMV 22% driven by non-telecom sector, or what we call beyond carrier. Let me touch upon ESG-related topics. We maintain high ESG evaluations in fiscal year 2024. We received the grand prize for the second consecutive year, historic first, at the 6th Nikkei SDG Management Awards. We were selected as a constituent of the ESG index, DJSI World Index, for the third consecutive year. The sole Japanese company selected in the term conscious service group of the index. In governance structure, two independent external directors who have been serving since the listing will step down, and two new independent external directors will be appointed. The ratio of female board directors will rise to 36.4%, and the ratio of independent external directors remain a majority. Now, let me explain consolidated forecast for FY 2025, targets of the final year of the midterm management plan. We announced a three-year midterm plan in FY 2023, and we said that JPY 6.5 trillion should be the revenue in FY 2025. We already achieved, so we revised upwards. Since 2015, for the 10-year time horizon, we kept posting the record high revenue. We achieved a JPY 950 billion target of operating income already, so revised upwards likewise. In terms of net income, we recorded a historic high. We should be able to be over the past record high, which when we recognize PayPay's revaluation gain. Expect continued revenue and profit growth from fiscal year 2024. In fiscal year 2025, we keep the dividend as same. By the segment for next fiscal year, we want to increase both in revenue and income for the whole segment. Also, investment for the future, we want to afford JPY 100 billion level. We have not decided in which area we should invest, but we want to secure plenty of financial resources for future investment anyway. The progress data so far is summarized here. For example, mobile service revenue, operating income, we already achieved a target. Smartphone subscribers, solution revenue, and enterprise double-digit income goals. We are also steadily performing well. Media and e-commerce distribution progress is pretty good, and financial also progress is pretty good. In terms of the CapEx for the telecommunication area, below an average of JPY 330 billion per year over three years. Our average would be JPY 325 billion. For AI computing infrastructure and data centers are not included here. For primary free cash flow, we want to deliver a stable high level of primary free cash flow. For long-term investment, we have not used up the funds raised by issuing corporate-type class shares. We want to utilize the financial resources as well. For shareholder return, we want to strike a balance of midterm long-term growth and shareholder return. That is a central of our equity story when we went public. TSR should show that we are working on increasing dividend and returning to shareholders. In fact, TSR is an indication for our director's medium-term performance-based remuneration. That is all for myself. Thank you very much. We would like to start taking questions. Thank you. We will now open it up to a Q&A session. We will first take questions from the floor, then from the Zoom. If you wish to ask a question via Zoom, please access Zoom via the previously announced procedure and press the raise your hand button, and please be waited. Once you have accessed Zoom, please turn off the live webcast to prevent howling. We would like to receive as many questions as possible from as many people as possible, so please limit your questions to two per person. Please raise your hand if you have a question first from the floor. We would like to take questions from Zoom. Tokunaga-san from Daiwa Securities, please unmute and ask your questions, please. I'm Tokunaga from Daiwa Securities. First question, in the presentation just before, when the JPY 1 trillion is exceeded and shareholders' return will be also increased, which we really appreciate. For the forecast, the company saw that JPY 100 billion of the includes some buffers, you explained. The other company's price hike is one also to be concerned, but what is the scenario you have in mind? The JPY 100 billion that which also we include some buffer, I will explain later. As for the consumer price hike, whether we are going to follow other carriers or not, there will be the upside expected. We need to make further efforts to increase our revenues and profit, but we also need to consider the timing. We cannot give you the definite figure yet, but it could be one of the factors as well, the price hike by other companies. Regarding the customer acquisition, in Q4, the promotion cost increased throughout the year. I can tell that the acquisition cost has increased. Was this acquisition cost, and are you going to also target 1 million of the subscribers? Last year, as I explained, we had a promotion called Tokusappo, which increased the cost. That is the major cost. We also changed some future forecast. Therefore, it will be a little bit lower than this figure. Regarding the incentives, we need to consider, but it is not going to be as high as this. As for the net additions, we want to make sure that we treat this thoroughly, and it has been doing well. We are not sticking with this target of 1 million, but we would like to make further efforts. Let's say if you were not to follow those other companies with price hike, what would be the situation? This is something we need to try and see moving forward, but there will be some impact. As for the industry as a whole, inflation has a certain level of impact to our industry. Not only us, but we need to take responsibilities, including the supply chain. We need to also consider the contribution to the society and the responsibilities to the society, and we need to keep the balance of that. Of course, we are not looking at it too positive, though. Thank you. Any more questions from the Zoom? If you wish to ask us questions via Zoom, please press the raise hand button. Tokunaga-san from Daiwa Securities, please unmute. Thank you for taking my questions again. Looking at the consumer in the fourth quarter, mobile went down due to customer acquisition cost. Going forward, should we expect lower acquisition cost? Also, MNP, what's the status of MNP at the moment? I think when it comes to sales and marketing strategy or initiatives, we will make a decision looking at the market trend. MNP, which we do not disclose, but I would say fourth quarter was pretty good in terms of MNP. From whom you got more or most? I think it depends on how competitors disclose, but I think in general, we are pretty good in terms of MNP. Thank you. Next question is about OpenAI, SB OpenAI Japan, Crystal Intelligence, and SBG's payment to OpenAI. Looking at those things, I wonder if you have any more clarity since the announcement three months ago with regards to impact or potential impact on your financials. We do not have any specific update at the moment that we can share with you. We are still having discussions with relevant parties. Our pay-for-use approach remains the same. For the particular term, it has not had any impact yet. If you wish to ask us questions via Zoom, please press the raise your hand button. We would like to conclude the Q&A session. Now we would like to end SoftBank Corporation Investor Briefing for earnings results for the fiscal year ended March 31, 2025. Please refer to our website for today's briefing, which will be available on demand on our website later today. Thank you very much once again for taking time out of your busy schedule to participate in SoftBank Corporation Investor Briefing for earnings results for the fiscal year ended March 31, 2025.