Rigaku Holdings Corp

Thank you. Let me start. So please look at page three. So this is today's agenda. We have two parts of agenda presentation. The first part covers the summary of third quarter FY2025 consolidated financial results and progress toward FY2025 earnings forecast. Number two, updates on growth strategy and directions for FY2026. And that is the mid to long-term growth strategy. And so this is the direction for FY2026 will also be introduced. So the first agenda, summary of the third quarter FY2025 consolidated financial results and progress toward FY25 earnings forecast. So now in this page, this is a highlight in the company-wide overall the revenues in the third quarter. When the first half is finished that we have announced within our assumption now has landed in its results. in three-quarter cumulative results declined 5.3 percent year-on-year. However, profits in EBITDA, adjusted EBITDA, and net profit declined year-on-year, significantly due to lower overall sales, concentration of high-margin semiconductor projects in 4Q, as well as continued strategic investments. So therefore, this will be explained more in detail later in the presentation. But our performance bottomed out in the third quarter, with recovery expected in the fourth quarter. in terms of the semiconductor sales concentration of this multipurpose analytical instruments is due to the market factors that some difficult times continues, minus 5%. If you just look at the third quarter only, it's the 19.4% growth quarter on quarter in 3Q. So it is a strong recovery. Reverse is the scene. And also for the overseas sales, of the multipurpose analytical instruments, excluding China, strong performance in overseas sales, cumulative revenue increased by plus 11% year on year. So this is a steady growth in the multipurpose analytical instruments. For the next one, semiconductor process control instruments, as I mentioned earlier, In this demand for this year, the mass production was delayed, has now shifted to R&D applications. So therefore, it is concentrated in the fourth quarter. And therefore, in the third quarter, cumulative revenue decreases by 5.6 percent, negative 5.6 percent year on year. And also, customer mix and regions. of the volume growth and improved mix. And this was the third quarter. That was a lower rate. But in the fourth quarter, leading to higher profits supported by volume growth and improved mix. And also, in the fourth quarter, in the first half of the year, as we mentioned, 75 percent is for sure, but for the remaining 25 percent, final negotiation phase projects diminished. However, in that phase, the projects at this point is approximately reduced to 5 percent of the fourth quarter revenue forecast, leading to further confidence in achieving full-year guidance. So in that, in the third quarter, revenue bottomed out in third quarter. And the fourth quarter set for strong rebound with significant sales growth and high-margin projects, driving steady progress to achieve full-year guidance. This is our highlight now. Next page. So this is the third quarter, summary of the third quarter only of FY25. As you can see, the 18.7 billion yen of the revenue, so the 9.5 billion that I have mentioned, so that is within that range of expected. And for the profit margin declined, now became 11.9% adjusted EBITDA. Next page. And for this, In the third quarter, the cumulative consolidated three-quarter cumulative consolidated financial results. And this is a page on page seven. So revenue declined. That is the 59.4 billion revenue, which is 4.9%, minus 4.9% year on year. But the accumulated total of three quarters is 17.2%, which is in the previous year, and that was 24.8%. So therefore, we will explain further more in detail about this. And next page is what we have mentioned, is the profits, change for the profits. These are factors contributing to the change of the profits. In terms of the profit margin change, there are three drivers. One is the gross profit, and the second is the SG&A percentage, even if it's the same amount of SG&A amount, but if the revenue goes down, the ratio of that will go up. And also SG&A expense also increased, and for these things, the margins are changing. And from second quarter to third quarter, and also in the year to date. In both of them, it is about 80%. The margin has declined by 8.3%. And this is the contents of that. It's very similar. It's three points down in the gross margin, and also revenue declined two points down, and the SG&A increase also two points down. So if you look at it further in detail, especially the gross profits change in the multi-purpose analytical instruments business from second quarter to third quarter. But we know the reason because in Japanese trend of the analytical instruments that will be included in the next year. In addition to that, there are various type of instruments that we would purchase and then supply that to a customer. So the revenue itself goes up, but our profits go not so high. So therefore, in the third quarter, the profit margin increases. goes down in third quarter. But if you look at the total of the three quarters for the multipurpose analytical instruments, it has increased by 1% the price ratio and product mix control. Through these efforts, in total, it is 1% increase. For in terms of the multipurpose analytical instruments, up to the three quarter, it is relatively healthy situation. So next, in talking about the process control.

So the margin was very bad, and we have a clear reason. Normally in the Americas, we have a high margin business, and in Q3, the revenue would have been very high, but we did not have the service revenue, so that had a huge impact. So that's why there was margin for semiconductor went down.

Asia, some of the large projects, there was low margins. And we have to do that more strategically. And this is trying to be recovered as well. And this impact. And the CD is the third quarter, quarter to quarter, from second quarter, third quarter profit margin went down by 2%. And compared to the last year in the same period, from the first quarter to the third quarter last year, it was very high margin projects. It was 75% of the gross profits. And from that baseline, it's a drop from the gross margin rate to go down in the quarter to quarter margin. this CDE and these three factors is a 3.9, a three point down on the three quarter. And because of these three reasons, all the margin declined from that. And in terms of the components and services, In total, DOP and also the revenues and decline and the 1% decline as well. However, from the second quarter to third quarter, the impact is less. So therefore, this would be a one-point increase, and that is the gross margin change. And also, revenue decline, the SG&A percentage would go up, So quarter to quarter is a 3 percent increase, and in total is two points. And also SDG and the expense also increase in the two points worsening as well. So for this, in the fourth quarter, what is going to happen in the fourth quarter, if you look at the multi-purpose analytical instruments, there will be many changes. We're not so much concerned about gross profits, but in the semiconductor process control, we will explain more in detail about the semiconductor process control instrument business. In the fourth quarter, high-margin projects is concentrated. In the third quarter, each low-margin projects no more, which will not continue in the fourth quarter. So the fourth quarter, we will not see the growth profits declining, no. And also revenue decline, and also due to the revenue decline and with S&J ratio increase, these negative factors would be eliminated, but also SG&A expense increase due to the strategic investment R&D and commercial infrastructure, and that is what has been continued in the fourth quarter. other than R&D in the fourth quarter, we will be looking at the profits and do control of that. So therefore, in the third quarter, profit decline is just temporary one. In the fourth quarter, we should have the strong margin recovery in the fourth quarter. Thank you. Next, let me talk about each of these segments, the highlights of each segment. This is multipurpose analytical instrument business. As you can see in the revenues declined. However, if you look at just third quarter, for example, in Japan, in the first and second quarter. Due to the business cycle, it is relatively slower. But then in the third quarter, it's about 30% increase of revenues, plus 30% increase year on year in third quarter. So this is a recovery trend in China. Indeed, the supplementary budget projects has impacted on the first quarter and second quarter from the – in the first quarter and second quarter because there was a lot more projects last year. But the – however, in China, it recorded plus 10 percent year on year in third quarter. If you exclude those special factors, it is increasing trend. And this is coming back to the assumed expected percentage of growth. In America, there's some impact from Trump policy, and there was the impact from the U.S. tariffs to prices. But if you look at the revenues until the third quarter, there was a backlog of the and then we have achieved 10% in third quarter. What does this mean? In the U.S. tariff to prices, we have shifted that to the cost to pass through. So therefore, we have done the cost pass through. So in the U.S., in the fourth quarter, it will go down. because of academia budget cuts. So academia budget cuts expected to appear from fourth quarter. In terms of gross profit margin improved, although the operating profits go down, however, as I mentioned, gross profit margin improved by 1% plus in the multi-purpose analytical instrument business. Thank you.

Next is the semiconductor process control instruments business. Q3, year-to-date revenues. or down because of the shift in demand for mass production to R&D applications. So we will see a concentration of sales in Q4. In Q3, the revenue was down by 5.3%. As I mentioned earlier, in Q3, the margin mix in the regional mix, and also due to specific projects, the margin went down significantly. So it is low in Q3, but in Q4, we expect recovery. And for that, we are making steady progress. By application, year-to-date, for logic, weakness was due to the Americas, and we did expect this to happen. For the memory business, the mass production investment is being delayed, but for R&D applications, the DRAM and the non-business in Asia drove the performance, so year-on-year we achieved significant growth. And furthermore, Looking at the product mix and the original mix, they led to lower gross margin And also with the decline and also going up due to strategic R&D investment, operating margin temporarily went down. But in Q4, we expect a big volume increase and a concentration of a high margin project. So for the full year, we expect the operating margin to recover to 30% level. Last year was 33%, 34%. No, it was 31% or 32%. So this year, the operating margin would be similar to what we achieved last year. Next is the components and services business. Q3 year-to-date revenue was down by roughly 4%, excluding the EUV multilayer mirrors. The revenue was up by 2%. Service revenue was brisk at 7% growth. We were able to raise the prices, and also we were able to expand the global maintenance service contract. In the U.S., Especially for academia, the service business has been struggling, but overall, we are making a steady progress at a revenue growth of 7%. And for the AUV multilayer mirrors, as we have been communicating for this year, We expect the revenue to be less than 50% of the original expectation, and that would have a big relative margin impact. And for the other components and analytical instruments, from Q1 to Q3, year-on-year, the growth was relatively flat. And for Q4, we have some good news, and we expect the business to turn around in the fourth quarter. So that was the summary of first quarter through to Q3. So this is what we're expecting for Q4. So this is the revenue outlook at 34.6 billion yen as what we are trying to achieve. Next page, please. So first on the revenue side. for multipurpose analytical instruments and the components in the services businesses. At this point, the order intake and supply chain preparations are nearly complete. What this means is that The revenue based on the factory shipment schedule, based on that we have already achieved the target. So going forward, we deliver the shipment, install them, and be certified on the ground. So for the next one and a half months, we will make progress for that work so that we will be close to the revenue target. And what's supporting this is the ramp-up in the production capacity and also the shortening of the lead time. As planned, as you can see on the graph, for XRD and XRF products, for both of the products, we have been able to steadily reduce the lead time. So with speed, we are able to manage the conversion cycle from sales to, sorry, from order to sales. So that's going to support the revenue for Q4, and that's why we have nearly achieved the target based on the revenue on shipment basis. And in the semiconductor process control instrument business, as I mentioned earlier, In Q4, we have to do 12.5 billion yen, but after the first half, 75% of these sales are quite solid, and for the remaining 25%, we are in the final negotiation phase. Also, we are making steady progress. In this 5%, if we cannot book revenue, we have other opportunities, which is almost equivalent to the amount, which is not reflected in the projection. So by booking those, we believe that the probability of achieving a revenue target is high. And also looking at the Q4 revenue, I will touch upon this with the next slide, but most of that are the JEP units. This is the joint evaluation program that we do together with the customers for the new products. and these cells will be incurred after the completion of the JEP. We have about 5 billion yen of JEP ongoing, and roughly 50 percent of that We'll complete the evaluation in Q4, and they will convert to revenue. And for this, we do not have any recognition gap with the customers. Furthermore, these are not the JEP units, but the new products, MFM Gen 4 and TSAX. For these new products, we have revenue of 3.5 billion approximately. So for the Q4, 12.5 billion revenue target. Most of them will come from the JEP project and also the new products. So that's the outlook for Q4 for revenue. And moving on to the next slide, this is about the margin. The Q3 margin was low. So you may be wondering if we can achieve the profit in the margin target. So that's why. We have prepared a slide to explain the reason for the weak margin and also the outlook for the margin in Q4. By different business segments, in Q4, in order to achieve the four-year guidance for multipurpose analytical instruments, we have to have a revenue of $13.9 billion and also operating margin of 24%. And in Q4 of last fiscal year, right here, the operating margin was 25%. So this 25% operating margin target is not extraordinary. And also, leading up to Q3 of FY25, the gross margin, as I have been explaining, have improved by one percentage point. On top of that, in Q4, we have a high margin projects in Japan, EMEA, and the Americas. So we have some good news for the multipurpose analytical instrument. But if we compare Q4 of last fiscal year, we had a higher revenue last fiscal year. So the volume impact will be actually negative. So the ratio will deteriorate. Our gross margin will improve, but the revenue decline will have a negative impact. So they will be offsetting each other. And for the semiconductor process control instruments in Q4, we have to achieve a high revenue of $12.5 billion and an operating margin of 55%, which is extremely high. So as I communicated earlier, the Q4 revenue, roughly 20% of that will be the JEP project that is scheduled to be completed. What we do with JEP is that we go on customer site, and for about a year we operate on customer site. And we are perceived as assets. There will be some depreciation on the fixed assets on a quarterly basis. The depreciation has been completed. So the expenses have already been incurred. So when we book sales or revenue, the expenses are relatively low and it gives us high margin. So we believe the gross margin will be over 80% for the JEP unit. And for the Q4 sales outside of the JEP unit, roughly 30% of the remainder will be a high margin new product. And with the JEPs and the new product combined, they account for 50% of the Q4's revenue. So that would give us over 80% gross margin. So this target of 55% operating margin is not impossible. And furthermore, the low margin specific project are absent. So by building up the business opportunities, we can expect a gross margin of 75%. And with this volume, the SG&A ratio, will not have a negative implication. So this 55% operating margin target is doable. And lastly, for components and services. Also, by securing the project, we have secured necessary margin targets. So we will aim for 8 billion yen of revenue and 18 percent of operating margin, and we believe these are achievable. So these are quite tight. So we will have to work until the very last day of the quarter. But to make sure that we achieve that target, we have some additional actions. So from the original four-year guidance, We are trying to reduce the SG&J cost, excluding the R&D. So we have started to do this already in Q4, slowing down the new hiring and also slowing down promotion, saving on advertisement, and also reducing the travel expenses. So with these additional actions, we are making efforts to reduce the SG&J ratio so that we can achieve a very high margin target for Q4. Thank you. So that was the update on the results and also the outlook for Q4.

Next, I'll talk about updates on growth strategy and directions for FY2026. First, in the multi-purpose analytical instruments, This is the Pillar 1 and Pillar 3 of our mid-term management plan. And in Pillar 1, strategy is using our excellent technology to increase share and for the sophisticated analytical needs, we will meet that need. and to increase our share, especially on the overseas market, in achieving this in the most recent ways in this new materials for this cycle. This is engineering plastic development. It will be used for engineering plastics in diffraction analytical instruments. So using that to increase our share in the market. and also material informatics, and this is very active in the market for this material informatics in Japan, U.S., and Europe, because to develop new materials, there are many conditions changed, updated in testing, and this would be done automatically and using A.I., to analytical conditions and the mixed blending conditions of the materials, and by repeating, iterating such experiments to find the new materials. And that approach has now been studied in many different areas. And for that, very high-level analytics are needed, and AI is needed, and also robotics are needed too in doing so. And then Wigaku, our company, is to differentiate against other competitors to work on this market. For example, in the U.S. market, in the academia market, even in academia market where it is not so good, but then even for material informatics market in the U.S., they have budget. So this should be expected to grow together with the P1 growth. So you would drive the growth in Pillar 1, and that is the thing we could say. In Pillar 3, this is the Pillar 3 in the lab-to-fab strategy to be expanded for using the multi-purpose analytical instruments, and fab speculation will be further pursued. Here, we launched the new products. The Kualana is the deflection, the deflection, Or rather, this is a micro XRF instrument, which is called Kualana in the electronics materials and battery materials. And those are used in closer to fab, and the inspection needs and measurement needs, and to address those new products to meet the needs which will be launched, which has been launched in autumn this year. And also, as I have introduced, cement and mining industry, the automation, transportation, transport, using robotics, a player, working with a robotics player to have the automation to be brought into the factory, and that is what we've been working on. In China, we have received some of the projects in China. And also in Europe, there's the low price products. those sales activities have been activated in Japan as well. And also for the batteries, next generation batteries, and this is the old solid-state batteries in the major players in Japan. For those old solid-state batteries, we have just closed for the Japanese old-state batteries manufacturer. So for the pilot line, introduction, as well as the all-solid state batteries. It is our progress of these next generation batteries. In terms of power device, we had some difficulties, but with the AI semiconductor and also for the data centers, the our power semiconductor demand has been increasing. So therefore, these inquiries for the U.S. market is increasing, especially next year for China and U.S. market. next year we would expect the latest gallium nitrite and also with silicon carbide and power semiconductor demand would come back and grow in the near future. So for this the products and also we have our sales forces for that so next year we will get this demand. And in terms of life science, in life science In the electronics density topography, technology is mounted. The commercial equipment has been introduced to Osaka Public University and been delivered. And also, this is with and Boston. And we have received samples. from Boston and others, and to have the U.S. addressing the inquiries for the international and domestic 20 companies or more, demonstration and the contracted analytical inquiries, to look at the proteins as it is alive, and this is to get the needs of the market. What kind of market will be generated? We are now considering such a market potential, and together with customers, we are providing and trying to develop those instruments. And that is Pillar 1 and Pillar 3. For the Pillar 2 strategy, Ogata-san will explain Pillar 2 growth strategy. Thank you. And this is the second quarter that has been reported. In 2030, semiconductor devices and also our instruments development roadmap is shown here. So in the current status, I'd like to give you an update on the progress of these products. And this is now going forward earlier than expected. As you can see in the pale blue color in the logic memory and memories, we have been doing a lot of development from 2026. We will start the mass production on these products. But the customer needs for the next generation semiconductors, including AI and semiconductor development, is very strong. So therefore, we are making the progress earlier than expected. For number one, this is silicon-silicon germanium superlattice analysis. And for this instrument, this is the XD device. It's been already adopted by the large company. For JP, the collaboration joint development activities called JRP. And this we are doing eight of them, and four of them have been already done. And also next year, the second and third will be done. So this will contribute greatly to the revenues, and also starting from next year as well. And these details will be explained in the next page. And for number two, this is the... Hi-K metal gate, transistor, surrounding transistor, this is very ultra-thin film measurement. This is next generation extra air MF, next generation products has been developed. And this is the initially, this year, memory, large memory manufacturers. And we plan to deliver that to large manufacturer this year. And number three is Worcestershire film analysis for the low light elements. And this is the light elements that was originally planned, but now the customer needs is very strong. So therefore, as those who we already have received the order, we will start shipping from the end of this year for number three. in the logic memory sections. In next page is the more details and very detailed information for number one and number two contents explained here. In the silicon superlattice measurement is GA and CFET, this is 3D structure, DRAM and HBM, and also HBM, DRAM, the high-performance transistor is needed as well. So therefore, a high-speed behavior operation is needed. That is why they have started to use this in this superlattice film. And this is a measurement device to be able to measure that. on the product wafer measurement using the microspot, and this using the optics, optical system, X-ray optical system, microspot has been developed. And also for the analysis, the very multi-layer sophisticated film to be able to measure the thickness of the film and using, it was difficult in the conventional one, but now software using genetic algorithm to evaluate layer thickness and composition as our own unique technology by Ligaku, and to be able to contribute to this area. And the bottom, it shows a very simple picture to show the silicon-silicon-diamonium superlattice film, and this is if analyzing the diffraction and to do so. And on the right-hand side, in the micro-spot X-ray optical system, is what we are very good at. And this is the combination of our excellent technology for the micro-X-ray diffraction can be measured from that. Number two, on the right-hand side, high-key metal gate to be able to measure the ultra-thin film is on the right-hand side. As you can see here on the right-hand side on this page, on the transistor with the 3D structure, if you look at the cross-section of those surrounding that, very thin film is... accumulated, like one nanometer or less film has been accumulated. So that film, to measure such a film, this equipment or measurement is needed. And what we have developed is X-ray strength source with double the X-ray intensity and high-speed transfer is possible. Compared to previous, it has a two times higher throughput of the measurement is achieved by this. In addition, with the microspot beam enabling precise measurement of product wafers by the high-resolution optics, this is RIGACU's unique technology to differentiate in this area. On the bottom right, as you can see, for example, DRAM, to be able to measure the film. than the throughput compared to before. It is the double of the previous conventional way. That concludes my presentation in my part. Thank you. Now I'd like to talk about the topics. First of all, we have Professor Susumu Kitagawa of Kyoto University wins Nobel Prize in Chemistry. They use Kitagawa Labs. the structural analysis research by Professor Kitagawa. We had the research on MOF, metal organic framework, for many years. We have been providing for many years to him these instruments and equipments. So that has led to his winning Nobel Prize in chemistry, and that is a pleasure for him to be able to win, and also for the structural analysis area. There's a demand for that. Demand is the raising, and that is a very good point of the Professor Susumu Kitagawa winning Nobel Prize. And at the same time, under Professor Kitagawa's initiative, Kyoto University Innovation Core, which is the industry and academia collaboration framework. And this has been placed in, and that announcement was done in the Nobel Prize, about one month before the Nobel Prize announcement, this has been announced. together with JOEL, this joint development location has been set and agreement has been concluded. The other point in RIGAC Group integrated report 2025 has been published in Japanese and in English. RIGAC Group Integrated Report 2025 so that you can understand RIGAC Corporation much better by looking at this report. And it's very good material to learn about RIGAC. Thank you.

So regarding the strategic direction for FY2026, the semiconductor process control instruments best possible driver growth, maintaining a growth trajectory aligned with the midterm plan targets. So that's how 2026 will look like. For the multipurpose analytical instruments, FY25 in a way was adjustment phase. So it was a plateau. The special factor from FY24 was absent, so that negative impact will not repeat itself in FY26. FY26 should be a normal year, but the only concern is the academia market in U.S., because there will be the impact from the budget cut, but it will not get worse from this year. For academia, we believe even if it's not strong, It will just stay as what we have seen this year. And so we will go back to this table, recovery growth phase, and by implementing Pillar 1 and Pillar 3, we will go back to the business strategy and also actively invest in the commercial infrastructure to raise our presence in the global market. And we will also be active in the MIR, material informatics business to grow further. So in the U.S., we cannot rely on academia. So we will shift our resources more to industrial, like GAFAM, and also in the energy sector, like mining and cement. So we will be shifting our resources to those industrial sectors in order to offset the weakness in the academia market. Also, for the overall multipurpose analytical instrument business, we should be able to achieve a growth that's close to what we target under the midterm plan. For the semiconductor process control instrument business, with the penetration of AI and evolution of AI, this is going to be the driver. Our new products are mostly for AI semiconductors. We will be supporting the demand stemming from the AI evolution. So the penetration and evolution of AI will be the driver for our business. On top of that, next year, to a certain extent, we expect investment for memory production ramp-up. So that will be happening. And furthermore, in the R&D area in FY25, we had the maximum number of JEP developing new products with the customers. But FY26 is probably going to outgrow the result in FY25. So for R&D, we expect strong momentum. And also for mass production, we believe the market will be strong. So as a strategy, In line with the roadmap, we will be developing and shipping out the next-generation logic and memory products that we developed this year. So shipment will commence, and for the demand for higher memory ramp-up, we will try to address that with new product. We have a technology center in Silicon Valley, and recently we opened that center in Taiwan as well. We try to roll this out in other parts of Asia so that by doing so, we can work more closely with customers for joint projects with the device makers and the SPE makers. Also, at the Rekake Technology Center, we will work more actively for joint development. so that in the semiconductor process control instrument business, we would like to achieve the growth that outpaces the target under the mid-term plan. In the components and services businesses, we struggled with the EUB business. for some time. So now the EUB business is small scale, so it's not big enough to impose a big negative impact. So with expanding the other products and also expanding other services and also by making progress with the non-EUB other analytical instruments and also other components, we try to make up for the weakness in EUB components. and the environment is ripe for us to achieve that. Also, we will continue to grow these services by expanding maintenance contracts and also strengthen non-AEV components and other electrical instruments that replace AUV. Thermal analysis is doing very well, and also the handheld environment business gets a demand for defense-related demand. we see those happening in the market. And also PCI in that sector, we see growth. So by combining those, we would like to achieve growth, which does not rely on the growth of the AUV business. And if the AUV business recovers, then that will be an upside. But we want to achieve growth without relying on the AUV business, and that's going to be the strategy for FY26. Our next page is the shareholder returns. As we have communicated in the previous briefing, we have started the buybacks. At this point, the maximum amount is 4 billion yen of share buyback. Up to now, we have completed roughly 2 billion yen of share buybacks. And toward the year end, we will be consuming the remaining portion of the share buyback program. And I think that will be a supportive for a share price for a dividend. At the outset of the year, we had a dividend plan, and we maintained that without making any changes. So for the full year, we will be paying out 18.8 yen per share. Sorry for the lengthy presentation. Let me wrap up. For this fiscal year, we believe that we can achieve the revised guidance for the full year. Up to Q3, we had some weakness in the performance, but we are ready to enjoy the momentum in Q4. We expect the revenue as well as margin to improve quite significantly in Q4. So for multi-purpose analytical instruments business and semiconductor process control instruments business, we believe we can achieve the guidance as planned. For next fiscal year, we will be aligned with the midterm plan and we will go back to that growth trajectory So for multi-purpose analytical instruments business, semiconductor process control instruments business, and components and services business. By executing the strategies that I mentioned, we believe we can go back to the recovery trend. So regarding the mid- to long-term growth, I think we can see a very nice trajectory going forward. So with the semiconductor business for this fiscal year, what we developed this year will continue to contribute to the performance. Multi-purpose and electrical instrument business is also making contribution. So we will steadily execute the mid-term business plan to further enhance the corporate value. Thank you very much for your attention.