Let me start by introducing today's speakers. Fujihara, Director, Executive Vice President and CFO, SoftBank Corp. Akiyama, Vice President, Head of Finance Unit. Onoguchi. Thank you for waiting. We will now begin the investor meeting for the second quarter of the fiscal year ending March 2026, hosted by SoftBank Corp. Let me start by introducing today's speakers. Fujihara, Director, Executive Vice President and CFO, SoftBank Corp. Akiyama, Vice President, Head of Finance Unit. Onoguchi, Head of the Finance and Accounting Division, Finance Unit. Sasaki, Senior Director, Financial AI Promotion Office, Finance Unit. Today's meeting is also being streamed live online. Thank you for joining in. Now, to begin, Fujihara will provide an overview of SoftBank's consolidated financial results. Fujihara, please. Thank you very much for joining us today. We just announced our financial results, and let me try to give you colors. This is an executive summary. We saw an increase both in revenue and profit in all segments. We are steadily on a good track against the full-year forecast. We hit a record high revenue, adjusted EBITDA, operating income, and net income, and finance business contributed that by doubling in operating income. Now, let me share with you numbers. Again, we hit the record high with both revenue and profit growth. If you look at the one-hand side, we saw steady progress toward the full-year forecast. You see the progress of FY2025 first half, and you can see how good we are in the first half of this fiscal year. The revenue, we increased by 7.9% to JPY 248 billion. We hit the record high, JPY 3 trillion 400 billion. We saw positive numbers in all segments. Percentage-wise, especially finance and distribution businesses. Posted a two-digit growth. EBITDA. Again, good progress. It increased by 3.1% year- on- year, JPY 29.5 billion. Progress to the forecast is 54.6%, record high. Let me give you more details in the operating income section, which is now. We increased JPY 43 billion year- on- year, or 7.3%. We posted 69.9% against the full-year forecast. Again, a record high as the first segment in operating income, and all segments contributed with positive numbers. Of five segments, four segments posted a two-digit growth, especially finance doubled in terms of the result. Media and EC, it included some one-time factor, and I am going to go back to more in detail later. On the right-hand side, you see progress by the segments. All in good shape, and we want to keep the momentum for the second half. By the segments. First, consumer business. Revenue. Increased by JPY 48 billion year- on-y ear, or 3.5%. More in detail. Sales of goods and others increased a lot by JPY 54 billion. The unit price of the device increased by two digits. Also, the number of devices distributed increased as well. Electricity, we saw decreasing in trading volume, but it contributed in terms of profit. Broadband, we saw an increase in subscribers. Mobile increased by 1.2%, or JPY 9.6 billion. The increased number of subscribers contributed a lot that resulted in a good RPU number. By the quarter in mobile business, we kept revenue increase for the last two years. In terms of profit, all in all, we posted a JPY 8.9 billion increase year-on-year, or 2.7%. Progress toward the full-year forecast was 60.2%. More in detail, for sales of goods and others. Gross margin for sales and goods was JPY 20 billion, which contributed a lot. Although revenue went down in electricity, it contributed a little bit to increased profit, thanks to improved sourcing cost. For marketing expenses, the device purchase support program was included, and the marketing expenses was JPY 133 billion, including a device purchase support program. In the last half of this fiscal year, we may increase provisions for such a support program. Depreciation contributed to the bottom line, but other expenses increased a little bit. All in all, we posted a JPY 8.9 billion increase year- on- year. Now, enterprise business revenue-wise increased at JPY 36.1 billion, or 8.1% year-on-year. Solution increased by 12.5%. That is a growth driver in the segment. Mobile increased by 7.5% year- on- year, which was good. Enterprise saw a decrease, but telecom-related revenue was up by JPY 6.4 billion. Net income-wise, it increased by JPY 9.6 billion year- on- year, or 10.2%. Cost of goods and services and expenses were shown in this waterfall chart. Enterprise business was driven by solutions, especially recurring revenue, contributed a lot. We saw steady progress with an increase by JPY 25 billion, or 12.5%. Media and e-commerce, last year disclosed last day, yesterday, so I just want to pick up some highlights. Revenue increased by JPY 32.8 billion year- on- year, 4.2%. Media, commerce increased both, and income increased by 13%, or JPY 19 billion year- on- year. At the time of step acquisition in FY2023, our strategy was focused and selective. Because of that, some one-time factor was included, including remeasurement again. Net net, it pushed up income by JPY 15 billion, or 13% year- on- year. We added some marketing expenses in September. Temporarily, but as a full year, we expect a positive number. Media - 97%. Gross margin increased a little bit in the first half, but. Advertisement platform. And. Gen AI cost and offices. Costed. All in all, we saw negative numbers in media, but next year, we drive cost reduction efforts more. We added security measures last year, and that in turn contributed better this year. Finance business, we see steady growth. Revenue increased by JPY 37 billion year- on- year, or 24.3%. PayPay grew by 25%. If you look at the right-hand side, segment income increased by JPY 20 billion, or 116.2% year- on-year. Of JPY 207 billion, JPY 201 billion was PayPay. PayPay contributed to the total operating income. Now, distribution business. Revenue increased by JPY 75 billion, or 17.4% year- on- year. Income has been growing for over 15 years, and the breakdown is shown on the right-hand side. The other business segment for subsidiaries, first half, we saw a negative number against last year. We decreased by JPY 9.1 billion compared to last year because we added more marketing fees for Sato Huru business. In full year, we want to achieve the positive number, and we hope to happily announce that at the end of the fiscal year. We posted JPY 26 billion for research and development. Net income increased by JPY 24.9 billion year- on- year, or 7.7%. Progress toward the full-year forecast was 64.6%. We hit the record high for the first half, and we want to hit the record high for the full year as well. More in detail, on top of increased operating income, we also saw an increase in finance gain. Last year, we posted valuation loss. Income taxes increased. SoftBank posted deferred tax impacts from business restructuring last year. Lion Yafu tax effects around PayPay was posted. Next, I would like to talk about CapEx. Consumer enterprise to begin with. Against the full-year plan, JPY 340 billion, the progress rate is 45.8%. We have no change in the full-year forecast. This includes the investments in AI computing infrastructure and AI data centers. As for the business, we are moving forward as planned. Regarding the IFRS 16 impact, this increased due to the signing of lease contracts for data centers. This shows the status of investments in AI computing infrastructure and AI data centers, including the Sakai data centers and also GPUs. As you can see on the right bottom, the total investment in AI computing infrastructure is JPY 257 billion. We would like you to refer to our first half year of the forecast as well. We issued Series one and Series two bond-type class shares. This was funded by these two bond-type class shares. Next is about primary free cash flow. Year- on- year, it increased by JPY 4.9 billion and up by 1.4%. As you can see, operating cash flow year- on- year, that was due to improvement in working capital. Also, the acquisition of the PayPay Bank. As for the investment, cash flow was increased in investments to PayPay Zone and increased in CapEx payments. There was a dividend from A Holdings resulting from LY's share repurchase last year. Due to the primary CF, there was an impact by the. As for the long-term growth investments, also separately mentioned, adjusted FCF is as shown here. Net interest-bearing debt and net leverage ratio. As for the interest-bearing debt, net interest-bearing debt excluding LY PayPay, last year was JPY 3.1 trillion, so it has shown some increase. EBITDA increased slightly. As you can see, the ratio from 2.4 from the previous year has improved. Next, the balance sheet. Our balance sheet is growing. The line three. It is about JPY 17 trillion and JPY 1.4 trillion growth in a year. The total assets increased due to M&A and financial business expansion by PayPay. Therefore, the financial business expanded. Also, equity attributable to owners of the company, as you can see on the right bottom, was increased by JPY 389.5 billion year-on-year. However, shareholders' equity ratio grew by 0.2% year-on-year. It is almost JPY 3 trillion. From here onwards, we would like to talk about KPI, first on telecom. Mobile subscribers increased by 0.96 million, by 3.1%. Looking at the churn rate, unfortunately, it has gone up 1.41% year-on-year. This is due to the early churn. We are now working around the policy around this acquisition. Now, the acquisition by quarter. For this quarter, smartphone net additions, as you can see, is 0.11 million, and while main subscribers' net additions is 0.17 million. This acquisition, as for the user acquisition, we are doing steadily. However, that is due to the early churn. As early churn grows, then the acquisition for users who have the possibility of early churn is being suppressed. Therefore, this impacted the discounted figure. We need to absorb this situation for the meantime. However, those users have lower RPU. Therefore, when we look at mobile subscribers, growth has less impact. Therefore, we would like to focus on users with longer usage, including some packages like electricity and broadband and cars. We would like to focus on these areas as well. We are continuing this initiative in the third quarter as well. Next, RPU is JPY 3,720, - JPY 30, by 0.8% decrease. The total is balancing the increase due to the introduction of new price plans for SoftBank and the decline in RPU for enterprise subscribers. When we look at full year, the forecast for JPY 30 has not changed. Next, telecom and electricity. As for broadband, subscribers continued to grow steadily. As for electricity subscribers, in the last third quarter, so we. Have focused on acquisition of these electricity subscribers. It has grown. Media and EC KPI as introduced by last year. For EC transaction values, here and the advertising revenue, and compared to the previous year, it has grown slightly. As for PayPay, the user of PayPay has surpassed 70 million. MTU growth is also growing and more and more people using. Regarding the number of payments, it grew by 19.1%. The number of payments per person is increasing as well. Looking at the PayPay GMV and outpaced 20% growth, we would like to keep this momentum with the double-digit growth. Also, the PayPay Bank's deposits and loan balances showed steady growth as well. PayPay's revenue increased by 27.5%, and EBITDA increased by JPY 24.1 billion. The margin has also increased. The revenue and the number of users increased. The business itself is very strongly growing. Regarding PayPay's IPO, as mentioned in the previous presentation, we are looking at how it goes. The business is growing strongly. We would like to see what the confidence is. Regarding the SB payment service, showing good business growth, GMV continued to grow and was driven by non-telecom. Finally, I would like to touch upon ESG topics. One is about the integrated report that was issued in September. This time, this featured interview articles with President and CEO Miyakawa and External Director Koshi regarding ESG initiatives. I hope you can take a look at it. Also, the developed high-capacity 6G HAPS payload, we would like to keep working on this area as well. One more thing is regarding the hours for Excellence in Corporate Disclosure. We were ranked number one in the telecommunication internet sector. We received high evaluations in several areas, categories, and managements, and commitment to IR and so on, and fair disclosure as well as ESG-related and voluntary disclosure. We would like to keep working on these areas onwards. Thank you so much for your attention. We would like to open the floor to a Q&A session. Thank you. Now, we would like to start Q&A session. For Zoom participants, please access the Zoom link we shared with you and press the raise hand button. Please unmute yourself. Excuse me. We take questions from the floor first. Tokunaga from Daiwa Securities has two questions. First, I had the same question to Miyakawa-san earlier. Talking about users who stayed with you long, by changing acquisition strategy for the second half of this fiscal year, acquisition cost or marketing fees. Might be lower or bigger. How do you expect the churn rate in the second half of this year? About the pricing. I don't know. You may want to do a price change for SoftBank users or Y!mobile. Thank you very much for your question. We focus on retaining customer retention. We want to offer bundled products because SIM-only users are different from users who enjoy bundled products. We are seeing a churn of early churns that could have a negative impact on Net Adds. In the third quarter, I think the impact remains, but those are early users or short-term levers. We want to see improvement in the third quarter or fourth quarter. In terms of acquisition cost and LTV, I think as a business, I think we are going toward a more healthy trend. Provision for a device purchase program. It looks like more users are exercising the right to use such a device support program. We are looking at the trend in the second half. That might have an impact on acquisition cost, but I think a balance between the acquisition and retention would be better. Pricing, I do not want to say anything specific, but we keep watching the market trend and the user's trend and figure out what best we can do in terms of pricing. I have a follow-up question. Computer said that they regained customers in October from other carriers. What is your view in October? All in all, I think we are in good shape. NetAss, however, is still challenging. Second question. For next year and onwards, SBOAI, we do not expect losing money in the first quarter, first year. You may want to take any action about the pricing. Going forward, it looks very positive. I wonder if there are any risks that we should anticipate. In the next fiscal year, for example, acquisition cost or depreciation or huge investment by LY. Any risks that we should anticipate in the next fiscal year? I think Miyakawa-san touched upon earlier a little bit. Consumer business, we cannot expect a lot, but we just want to keep the momentum. We want to post increase in both revenue and profit in all segments. If we keep the trend next year and onwards, I think we will have more options. We plan to invest a lot in AI, but the question is how much we can monetize from that because we have a lot of things to do. I do not know how much we can meet expectations and meet a term plan. At the moment, I cannot say anything definite, but I think those are the variables that we should anticipate going forward. Thank you very much. We would like to take questions from Zoom participants. Masuno-san from Nomura Securities, please unmute and ask your questions, please. Two questions. One is about mobiles. Net additions rather than acquisition. So individual, the consumers' trend, and also corporate enterprise and how the trend is, and also the early churn. What is the situation of such? We would like to know what the direction that you are heading to is. I think individual ones have some changes and then some move, and we are now trying to absorb back the early churn ones, and we need to be a little patient for recovering that. For enterprise, I am sorry for the churn, and early churn is the biggest factor. It may continue the next quarter as well, but we would like to also focus on recovering that. Mobile income is quite stable, and therefore, we would like to remain in this momentum of the profitability, and we would like to recover this. Looking at brands by brand, Y!mobile has a little negative impact, but the SoftBank brand is doing well, and also Y!mobile, the price hike. I think you are looking at two different price hikes as well. When we look at annual base, including both two, maybe a JPY 15 billion revenue increase can be expected. By brand, there is an impact on the SoftBank brand also. We can say there is an impact on both brands. As you can see on the graph shown, both brands have impact and also have absorbed some. The price hike and the fee increase. My answer is yes, and there will be a positive impact accumulatively. There may be some impact that we need to absorb from the previous ones. My last question is about AI investment. Looking at page 17, the AI data centers and the first half, JPY 6.1 billion and the full year JPY 7.0 billion and total JPY 115 billion. I believe that the construction is ongoing in Tomakomai. What is the situation? It is proceeding, and from this fiscal year to the next fiscal year, we are proceeding with the construction, and there will be some added things, but we are proactively working on this. At this timing, you can see this figure. It does not mean that we are not proactive enough on this initiative. I would like you to also see. What we will be doing in the next fiscal year, 2026. The full year focused JPY 7 billion is excluding Sakai or including Sakai. As for Sakai, the ones that we have made decisions, and then we can say that this figure is the one. I thought it will be JPY 10-something billion level, but it is JPY 7 billion this fiscal year. Yes. Next, Kikuchi-san from SMBC Nikko Securities. Your enterprise business is good. You are AI enterprise businesses in the Japanese market. KDDI, I think, delivers something new, and NTT does something different. We expect different things from different carriers. This fiscal year, this first half, you talked a lot about distribution business. Page 14 of this presentation. Before, we sold a lot of PCs. I think demand from support termination of Windows 10 could have a good impact on you. Profit margin-wise, a PC does not have a high profit margin, so that is why we may not have a huge increase in profit. I wonder how I should look at your distribution business. When you say R&D, it is hard for me to imagine what is the R&D in distribution business or other business. What kind of R&D do you do in the distribution business, and how much impact should we anticipate on the income? Yes, PC and Giga School, there are some demands from those areas. As you rightly said, PC sales do not have a high profit margin, but we have been posting income steadily thanks to recurring revenue and subscription. Even though revenue may go up and down, profit-wise, I think we can expect a steady performance. We hope that this business will continue to post profit next year, and. Once they post revenue, we want to keep it. Recurring. Thank you. Recurring of distribution business. What is the recurring business in the distribution segment? It's hard to imagine. What is that? VMware, for example. Like something that you use every day. That's one of the product offerings that we offer to customers. When we say enterprise business, our accounts are large enterprises, whereas distribution business includes SMEs. In terms of enterprise businesses, they are in different segments, but both should be well-positioned for the AI. Thank you. Next question is again about enterprise business. I asked the same question to Miyakawa-san earlier. SBG. $3 billion. I don't think SBG can force SB to pay for $3 billion, and Miyakawa-san said, "Pay for use." In reality, in terms of expenses, since you started using the capability, did you start paying or did you start recording as expenses? We started using it for the sake of development, but it's not a lot in terms of expense. It's for the sake of development. For the sake of use, different conditions apply. Use of crystals or use cases of crystal would be to use it to help reducing cost, to use it to help increasing revenue. Pay for use takes place when we use crystal for such use cases. Maybe a strange question. If you don't pay a lot, you cannot charge customers a lot. How should I interpret your business model? We said we use capability, but again, mainly for the sake of development. When it comes to offering capability to customers, we use a little bit. Again, we are still at the development stage. Maybe you may want to see this stage differently from later stages. Cost. Against usage is something that we want to study further to figure out the best balance. Next year and onwards, we fully start using the capability. If you realize Crystal contributes a lot to your revenue, then you may be able to pay, you may be ready to pay as much as $3 billion. $3 billion may not be the right number for us, but again, generally speaking, we would pay for use, and we want to make sure that what we pay for use really results in better performance. Now we would like to take questions from Zoom English site. CLSA Securities, Oliver Matthew, please unmute and ask your questions, please. Hi, actually, Oliver Matthew, but thank you. Could you tell us, roughly speaking, for your distribution business and enterprise business, how much would you say is AI-related revenues currently? If you think forward, once you roll out your new services, just roughly, how much do you think this could be of your total sales in the future? Thank you. [Foreign language] Thank you for your question. The AI revenue is very limited right now, but for distribution. We've heard that for distribution, AI-related service may be a JPY 10 billion level. I hear often, but for enterprise, it is not yet. Without a new AI initiative, enterprise needs to grow organically to achieve a JPY 3 trillion base. On top of that, AI. How much AI can be added on top of the original sales? Only for AI revenue, we cannot really give you the figure right now. In the next mid-long-term business plan, this is the area we need to figure it out with a certain number. However, as of today, I cannot give you the answer. Okay. Thank you. [Foreign language]Thank you. For Zoom participants, if you wish to ask us a question, please press the raise-a-hand button. Coming back to the person on the floor. Tokunaga-san, please, from Daiwa Securities. For the first half, what was the income against the plan? Operating income increased by 3%-4% year-on-year. Net income, should we expect more or less in the second half, given the first half results? I think we can reach a little bit more than planned as a final number for the first half, and I think we begin to see more options that we can use for the second half. Looking at your result by the segments, all segments are good, or some are better than others. Media, EC contributed a lot. That was actually surprisingly good. Finance, we expected a lot in the first place, but they did a better job. Enterprise and consumer. Full year, we want to achieve these kinds of numbers. Last year, we posted good numbers in the first, second quarter as well. Second half, they might be a challenging time, but I think all segments did a great job and hit the record high. Thank you. That is all for Q&A. This concludes SoftBank Corp Investor Meeting for the second quarter of the fiscal year ending March 2026. A recorded version of today's presentation will be made available on demand on our corporate website. Once again, thank you very much for attending today's investor meeting.