Good morning, everyone. This is Takaku from Kyoritsu Maintenance. Thank you very much for taking the time to attend today's earnings briefing for the second quarter of the fiscal year ending March 2026. We are deeply grateful that so many of you have joined us for this call from Japan and other parts of the world. Although the summer was extremely hot, the Osaka Expo drove lodging needs, and inbound travelers continued to grow for 21 months in a row to an all-time high in October, reaching 35 million at the fastest pace ever. However, there were misinformations spreading in parts of Asia, claiming that a major disaster occurred in Japan on July 5th, which led to a reduction in flights. Also, we recognize the need to closely monitor recent political developments in Japan and China relations. In this context, we will present our second quarter results, which represent a second consecutive quarter of record profits, along with a full-year forecast for the fiscal year ending March 2026 and the current status of hotel reservations. Thank you for your kind attention. First, let me explain the second quarter financial overview. After that, President Nakamura will explain the full-year earnings forecast. Without further ado, let's start. Here are the financial highlights for the second quarter for the year ending March 2026. During this period, the economy showed a gradual recovery trend due to improvements in employment and income. However, market volatility increased due to concerns over rising prices and the impact of U.S. tariff policies, and the outlook remains uncertain. Amidst this environment, with cost increases with food and labor, we posted record-high profits for the second consecutive quarter in Q2, driven by increased lodging demand from Osaka Expo and sustained strong inbound travel demand. These are the highlights by segment. In the dormitory business, although revenues increased due to rising long-term contracts for students and employees, driven by developing demand around regional state universities and improvements in employment conditions, profits decreased because costs also increased. Hotel business experienced cancellations from Asian tourists due to false disaster prophecy, but revenue and profits increased with the sales efforts and revenue management to offset cost increases and change in demand. Membership of Dormy's, our key membership program for direct bookings and inbound ratios, are making steady progress. Also, payback of foreign investments accelerated through real estate securitization and the conversion of maturing convertible bonds in January 2026. Next, this is the consolidated results and KPIs. Revenue increased 7.4% year-on-year to JPY 119.5 billion, and operating profit rose by 6.1% year-on-year to JPY 11.2 billion, setting a record high. Net profit increased by 13.6% year-on-year to JPY 8.7 billion, driven by higher ordinary profit, reduced disaster loss, and positive tax-effect accounting. As you can see in the notes below, EPS was calculated, assuming 65% execution of convertible bonds by the end of September 2025, resulting in an 11% increase year-on-year to JPY 109.93. For reference, without conversion, it would be JPY 112.41. The following slide shows the breakdown of net assets and operating profit by business segment compared to the previous year. A significant increase in profits in the development business is due to securitization of real estate, and this will continue to the second half. Now, I will provide an explanation for each business segment. For dormitory business, the key performance indicator, the initial occupancy rate, started at 97.4%, an increase of 0.4% points compared to the previous fiscal year. This strong start, along with appropriate pricing adjustments and the addition of 12 new buildings comprising 1,364 rooms during the current period, contributed to a 5.6% year-on-year increase in revenue, reaching JPY 28.98 billion. Although higher revenue led to increased profits, factors such as cost inflation, particularly in food ingredients and rising headquarters expenses, resulted in a JPY 130 million year-on-year decrease in operating profits, which came to JPY 3.07 billion. Nevertheless, performance has generally progressed in line with our plan. This slide shows two metrics: the initial occupancy rate and the number of contracted rooms are shown. The initial occupancy rate for the current fiscal year started at 97.4%. Regarding the number of occupied rooms, proactive sales efforts proved effective, resulting in an increase of 777 student dormitory rooms from the previous year, totaling 23,032 rooms, an increase of 559 employee dormitory rooms, totaling 12,154 rooms, including rooms for international students' dormitory facilities. The total number of rooms increased by 1,458, reaching 40,082 rooms. Next is Dormy Inn business. During the current fiscal year, there was some impact from the false disaster prediction on July 5. We capitalized on the rising accommodation demand driven by the Osaka Kansai Expo. We also implemented proactive sales strategies and rigorous revenue management. As shown in the top right corner, the company website reservation rate increased by 4.9 percentage points year-on-year to 27.5%. The inbound guest ratio rose by 0.5 percentage points to 22.7%. As a result, for existing properties, RevPAR increased by JPY 1,086, or 8.1%, compared to the same period last year. This led to a JPY 2.58 billion increase in revenue, and despite rising operating costs, we achieved a JPY 1.48 billion increase in profits. Additionally, while large-scale renovation projects decreased, headquarters expenses increased, resulting in a JPY 140 million negative impact on profit compared to the previous year. As a result, the overall Dormy I nn business recorded revenue of JPY 44.8786 billion, an 8.4% increase year-on-year, operating profits of JPY 9.96 billion, a 14.8% increase year-on-year, marking a significant profit growth. Next, we present the monthly breakdown of key performance indicators for the Dormy Inn business: occupancy rate, ADR, and RevPAR. Compared to the previous year, the current period saw a 2.3 percentage point increase in occupancy rate and JPY 828 increase in ADR, resulting in a JPY 1,086 year-on-year increase in RevPAR, reaching JPY 14,477. Although the spread of false disaster predictions on July 5th led to a sharp decline in demand from Asia, we successfully captured domestic demand, including that driven by the Osaka Kansai Expo through targeted sales efforts. This contributed to higher occupancy rates. However, ADR growth was dampened by a temporary decline in market pricing. As indicated in red on the slide, October performance remained steady. As of November 20th, the latest figures show occupancy rate 93.4%, ADR JPY 18,060, and RevPAR JPY 16,860. These figures reflect a strong recovery trend following the slowdown observed during the second quarter. Next is the resort business. Like the Dormy Inn business, we aggressively conducted sales activities and revenue management for the resort business. As shown in the upper right, the direct booking ratio increased by 3.3 percentage points year-on-year to 23.7%, and the inbound ratio increased by 1.9 percentage points year-on-year to 12.6%. For existing properties, RevPAR increased by 3.2 at JPY 1,179 year-on-year, resulting in an additional JPY 480 million in revenue. However, we were unable to fully absorb cost inflation, leading to a JPY 120 million decrease in profit. Other factors include re-openings after large-scale renovation work in previous periods that helped increase revenue. However, increased depreciation costs and higher headquarter costs, profits were down JPY 300 million compared to the previous year. As a result, the overall resort business revenue was JPY 27.25 billion, 2.8% up year-on-year. Operating profit was down by JPY 410 million year-on-year, ending at JPY 360 million. The next slide is the resort business' KPI. The monthly occupancy rate, average room rate, and RevPAR are shown. Like in the Dormy Inn, occupancy increased by 4.3 percentage points year-on-year, although Asian demand declined sharply due to the false prophecy on the disaster of July 5th. This was achieved by capturing other domestic demand and international demand. However, room rates decreased by JPY 1,131 year-on-year by a temporary decline in market prices, but RevPAR increased by JPY 1,179 year-on-year to JPY 36,676. As indicated in red, October's performance is making steady progress. As of November 20th, occupancy rate is at 89.7%, ADR at JPY 50,651, and RevPAR at JPY 45,432, continuing on a positive trend. This is the consolidated balance sheet and the net debt-equity ratio. Total assets as of the end of September reached JPY 317.3 billion, up JPY 15.5 billion compared to the end of last year. Main factors were the rise in construction assets with hotel developments such as La Vista Atami Terrace planned during this year. In liabilities and net assets, while short-term borrowings increased due to development activities, equity increased by JPY 26.9 billion, up 27.1% compared to the previous year-end, driven by liabilities from convertible bonds. As a result, net interest-bearing debt stood at JPY 132.6 billion. Net debt-equity ratio was 1.5x, and equity ratio increased by 6.5 percentage points from the previous year-end to 39.8%. Furthermore, to achieve a net debt-equity ratio of 1 time or lower, we will continue to strive for growth, our performance, and use other methods such as real estate securitization to control our interest-bearing debt. Lastly, this is our dividend policy and shareholder benefits. Starting from the dividends, at this point, our dividend will be up by JPY 8 per share from the previous year to JPY 46 per share annually, which is a 21.1% increase compared to last year. Payout ratio will be 21.2%. Next, shareholder benefit program. The benefit amount is determined based on the number of shares in the holding period. The benefits are valid for 12 months, offered in the form of electronic tickets, and can be used from JPY 1. Incidentally, if you acquire 100 shares at a current price of JPY 3,000 per share, the shareholder benefit yield is 1.33%. For shareholders holding for three years, it's 2%. Combined with the projected dividend for this year, the effective annual yield is 2.86% for one year and 3.53% for three years. The shareholder benefit program has expanded for owners from the end of March 2025, and we will continue to attract individual investors who use our service and improve convenience for our shareholders. This concludes my presentation of the Q2 results for the fiscal year ending March 2026. Next, President Nakamura will explain the full year earnings forecast for the year ending March 2026. Thank you very much for your attention. My name is Nakamura, President of Kyoritsu Maintenance. I will now provide an overview of our full year performance forecast. First, regarding our full year earnings forecast, there is no change to our initial projection of JPY 25 billion in operating profits. As explained earlier, the hotel business experienced a shortfall in the first half due to a temporary reputational issue. However, forward booking data for the next six months shows a recovery in both ADR and RevPAR, trending above both the previous year and our internal plan. Based on this, we expect the shortfall in the first half to be offset by stronger performance in Q3 and Q4, particularly in the hotel segment, and have therefore decided to maintain our original forecast. Regarding the recent impact on inbound demand from China, following Prime Minister Takaichi's remarks, we have seen cancellations totaling a certain amount. However, demand remains strong, and we are seeing sufficient recovery from non-Chinese international travelers and domestic guests, leading us to conclude that the overall impact is currently limited. For reference, Chinese guests account for approximately 4% of total hotel segment revenue. I mean, mainland China. If we talk about mainland China, then it's 2.8%. That's quite limited. Since the surge in inbound tourism began in 2012, we have experienced periods of significant fluctuation in visitors from China and South Korea due to political risks. However, excluding the COVID-19 period, total inbound demand has shown a consistent upward trend. We will continue to monitor developments closely, including cost increases associated with the weaker yen, and respond appropriately as the situation evolves. Next, I'd like to explain the special factors affecting our full year forecast. First, regarding revenue and operating profit. As shown here, we are seeing the effects of a rebound from large-scale renovation projects carried out in the previous fiscal year, and variations in opening-related expenses, as well as the resumption of real estate securitization activities following the COVID-19 pandemic. Excluding these special factors, we estimate that the normalized operating profit, reflecting our steady state performance, is JPY 22.3 billion, which consists of the JPY 20.4 billion actual result from the previous year, plus an adjustment of JPY 1.9 billion. Next, this slide presents a three-stage comparison of revenue and operating profit by segment, including previous fiscal year results, initial forecast at the beginning of the current fiscal year, and the latest revised forecast. While there is no change to the full year consolidated forecast, we have made minor adjustments between segments, the details of which will be explained later. As mentioned earlier, under special factors, the development segment highlighted in the boxed area is expected to see a JPY 28.5 billion increase in revenue and a JPY 1.5 billion increase in operating profit. This is attributable to the resumption of real estate securitization activities, specifically involving four hotel properties. Next, we present our outlook for the recovery in the second half of the fiscal year, showing a breakdown of revenue and operating profit by segment, comparing first-half actual results with second-half projections. As shown, we anticipate profit growth in the second half across the dormitory, hotel, and development segments. Now, let me explain the breakdown of our second-half recovery plan. As for dormitory business, in addition to appropriate pricing adjustments and the effect of increased room capacity, we have factored in additional revenue from entrance fees associated with new contracts to be recorded in Q4. As a result, we are projecting a JPY 1.5 billion increase in revenue and a JPY 380 million increase in operating profit for the second-half hotel business. Driven by higher RevPAR at existing properties, we expect a JPY 5.3 billion increase in revenue and a JPY 2.52 billion increase in profit, absorbing rising operating costs. While we anticipate a JPY 740 million negative impact from increased hotel opening expenses, this will be offset by a JPY 1.46 billion profit gain from a reduction in large-scale renovation projects. Overall, the hotel segment is expected to deliver a JPY 3.24 billion increase in operating profit. As for the real estate securitization business, following the completion of the Nono Kumamoto project in the first half, we plan to execute three additional projects in the second half. These are expected to generate a JPY 25.8 billion increase in revenue and a JPY 1.41 billion increase in operating profit compared to the previous year. Now let me explain the factors affecting revenue and profit increases and decreases for each segment on a full year basis. Starting from the dormitory business, revenue will increase by 5.6% year-on-year to JPY 16.5 billion, with 1,364 room openings, along with JPY 1.05 billion from optimized pricing, resulting in JPY 55 billion in revenue, up 5.6% year-on-year. Operating profit, despite increased variable costs, we anticipate OP ending at JPY 6.32 billion, up 4.1% year-on-year and a 2% increase of JPY 120 million compared to the initial plan. These are the dormitory and senior living facilities openings during the current period. In the dormitory business, we continue to strategically expand our presence in our major cities nationwide, particularly in the Tokyo Metropolitan Area, where educational and business institutions are concentrated. For the current midterm plan, we have also expanded core regional cities, including locations near national public universities, which this period saw new openings in Okayama, Kagawa, Takamatsu, and Tokushima, to broadly meet needs of universities and students. In senior life businesses, we plan to freeze new licensed business openings for now through this fiscal year and focus on breaking even. We will start developing new multi-generational co-living residences for senior citizens. Next, in the Dormy Inn business, for existing properties, we project a year-on-year RevPAR increase of JPY 1,077, up JPY 324 from the initial plan, with revenue growth of JPY 5.82 billion and an operating profit up by JPY 3.91 billion. The Global Cabin Yokohama Chinatown that was opened last year is expected to add JPY 80 million in revenue and JPY 10 million in profit. The four new properties this period, Dormy Inn Tsuruga, Dormy Inn Express Unnan, Nono Kumamoto, and Nono Fukui, that add 637 rooms, are projected to generate JPY 980 million in revenue, with JPY 250 million in opening costs. Profits are projected to rise by one point. Profits will rise in JPY 1.07 billion, driven by fewer renovation projects, adding JPY 1.82 billion, lower operating costs, adding JPY 240 million, and offset by higher headquarters expenses, reducing JPY 990 million. Overall, Dormy Inn revenues are expected to grow 11% to JPY 93.01 billion, with a 30.8% increase in operating profit to JPY 20 billion and JPY 170. Following a period of restrained hotel development due to COVID-19, we have resumed expansion and positioned this year as the first year of development and openings. In total, four new Dormy Inn properties have opened this year, adding 637 rooms. These include Dormy Inn Tsuruga design. Sorry. Through these new openings, we aim not only to serve our traditional business clientele, but also to deliver our unique hotel services to the growing number of leisure travelers from both domestic and international markets, further enhancing our brand value. These include Dormy Inn Tsuruga and Dormy Inn Express Unnan, and Nono Kumamoto and Nono Fukui, and these are strategically opened to generate dominant synergy effects with existing Dormy Inn properties. Next, this slide presents a time series overview of KPIs for the Dormy Inn business: occupancy rate, average daily rate, and RevPAR. On the right-hand side, the table shows previous fiscal year results and initial forecasts, revised forecasts, as well as a breakdown of first half and second half performance in the bottom right corner. Under the revised forecast, occupancy rate is expected to increase by 2.6 percentage points year-on-year. ADR is projected to rise by JPY 700, reaching JPY 16,600. As a result, RevPAR is forecast to grow by 7.8%, reaching JPY 14,800. Compared to the initial plan, occupancy rate is up by 1.6 percentage points. ADR is up by approximately JPY 100. RevPAR is up by JPY 300. Furthermore, performance in October and November has been progressing slightly above plan. This indicates a stable and favorable trend in these KPIs. Next, let me explain the result business. First, for existing properties, we are projecting a JPY 2,043 year-on-year increase in RevPAR, which translates to a JPY 1.94 billion increase in revenue and JPY 710 million improvement in operating profit. The La Vista Atami Terrace, scheduled to open in March next year, is expected to add 239 rooms, with projected revenue of JPY 160 million and opening expenses of JPY 450 million. Meanwhile, the Omuro Kadensho property near Ninna-ji Temple in Kyoto, originally planned for this fiscal year, has been postponed to the next fiscal year due to delays in preparation. As for cost factors, we have incorporated a JPY 200 million increase in costs from large-scale renovations and JPY 210 million in opening-related expenses and a JPY 480 million increase in headquarters expenses. As a result, for the resort business overall, we forecast a 4.6% increase in revenue, reaching JPY 58 billion, but a JPY 620 million decline in operating profits. This slide provides an overview of La Vista Atami Terrace, located just a seven-minute walk from Atami Station. Directly in front of Atami Sun Beach, which is well-known for the statue of Kan'ichi and Omiya, this large-scale, symbolic European-style hotel will serve as a flagship property in our resort business. The entire group is fully committed to ensuring a successful launch with a robust support structure in place. Advanced reservations began on our official booking site at the end of September and will be available via OTAs starting December 20th. We are pleased to report that the property has gotten off to a strong and promising start. This slide shows the KPI trends for the resort business. Under the latest revised forecast, occupancy rate is expected to increase by 3.9 percentage points. ADR is projected to rise by JPY 100, reaching JPY 49,000. As a result, RevPAR is forecast to grow by 5.3%, reaching JPY 40,300. Compared to the initial plan, occupancy rate is up by 1.6 percentage points. ADR is down by JPY 2,900. RevPAR is down by JPY 1,500. Finally, this slide summarizes the planned new openings for dormitories and hotels during the period of our midterm management plan. As previously mentioned, for the fiscal year ending March 2026, the dormitory business opened 12 buildings with 1,364 rooms at the beginning of April. In the hotel business, we plan to open four Dormy Inn properties with 637 rooms and one resort property, La Vista Atami Terrace with 239 rooms. As of now, progress toward our medium-term targets based on room capacity is as follows. Dormitory business, 49,200 rooms out of the planned 50,000. Dormy Inn business, approximately 20,000 rooms in line with the plan. Resort business, 4,800 rooms out of the planned 5,500. With external uncertainties such as persistently high construction costs remaining, we are incorporating new approaches, including rebranding projects, to ensure sustainable growth. In closing, we will continue to adapt to changing conditions through both external and internal growth and remain committed to achieving our plan. We sincerely appreciate your continued guidance and support. Thank you so much for your attention.