Thank you for taking time out of your busy schedule to join us today. Also, I will begin my presentation. Page 1 shows the currency assumption. In Q3, the yen was JPY 6 weaker than expected, at JPY 154 against the dollar. For Q4, the revised October plan called for JPY 148 , but we revised the assumption to JPY 156 in the current forecast. As stated, the sensitivity to FX is an uplift of JPY 500 million in OP for every JPY 1 depreciation against the US dollar. On page 2, the left half of the table shows the Q3 results. Net sales increased to JPY 330.1 billion, reaching a new record high. The blue asterisks indicate record highs. Operating profit was JPY 27.5 billion, and ordinary profit was JPY 31.8 billion, both declining year-on-year.
Although we do not disclose a plan by quarter, the results were generally in line with our internal plan. Net profit decreased partly due to the impairment loss of JPY 14.9 billion. This was booked in the biorefinery business for the dismantling of the Kuji plant in Iwate after completing the demonstration experiment as scheduled. We set up an additional share buyback program of 10 million shares for JPY 30 billion for the second half of this fiscal year. As of Q3, we made progress as described on the page, and we'll continue in order to complete the 14 million share buyback for the full year. Next, page 3 shows the results by segment. The left table illustrates that the Q3 net sales and OP grew in HPP and housing out of the four segments.
We do not disclose the quarterly plans, but the two segments are performing slightly better than planned. However, it was not enough to offset the decline in UIEP, medical, and other segments, and resulted in sales growth but profit decline on a consolidated basis. The right table shows the results from Q1 to Q3. In HPP, the impact of the one-time charge of roughly JPY 2 billion recorded in the first half remained. The breakdown of the other segment is also shared on the slide. The Perovskite solar cell business is progressing as planned. Page 4 is the market outlook. The automobile production in Q3 was slightly higher than expected but remained below the previous year. We expect a similar trend in Q4, a year-on-year decline. Bottom left, smartphone shipments were slightly above the forecast in Q3 but are expected to slow down year-on-year in Q4.
Top right is the trend of visitors for housing. The exhibition visitors have dropped significantly, and overall customer traffic was also below last year's level. We expect Q4 to be sluggish as well. Below that is the new housing starts, which are expected to remain weak. Bottom right, domestic naphtha price is generally in line with the October forecast and is expected to remain unchanged in Q4. Page 5 is the forecast for the second half. As shown at the bottom of the table, we are guiding for consolidated net sales of JPY 698.1 billion, up JPY 29.4 billion year-on-year, and operating profit of JPY 64.6 billion, up JPY 5.3 billion from the previous year. By segment, we expect sales to grow in all segments except for medical, and OP to increase in all segments. The right side of the table shows the comparison with the October plan.
Sales are expected to exceed the plan, but OP will be in line. With UIEP being slightly challenged by the sluggish domestic and overseas markets, we plan to offset that with other segments on a consolidated basis. Page 6 is a guidance breakdown by quarter. In Q4, as indicated on the right, we expect growth in net sales and OP in all four segments and on a consolidated basis. Compared against the by-segment forecast, we expect Q4 to be generally in line with the October plan on a consolidated basis, despite some shipment timing issues, some being pushed forward from Q4 to Q3 and vice versa. Page 7 is the forecast analysis for the second half. On the left, net sales are expected to be JPY 698.1 billion, up by JPY 29.4 billion year-on-year. On the right is the OP waterfall chart.
We expect a JPY 6.4 billion year-on-year improvement stemming from the volume and mix factor. However, due to the weakness in the domestic and overseas markets, the positive impact will be smaller than the October forecast. With better raw material prices, fixed cost savings, and positive FX benefit, we expect a year-on-year OP growth of JPY 5.3 billion in total.
Page 8 shows the full year forecast for FY 2025 by segment. As you can see in the middle column, we expect growth in both sales and OP in the three segments excluding medical, as well as on a group-wide basis. Net sales are expected to grow by JPY 30.1 billion year-on-year to JPY 1,327.9 billion, with OP of JPY 110 billion, up by JPY 2 billion from the previous year. Both sales and OP are expected to reach new record highs. By segment, we expect a significant profit growth in housing.
As explained earlier, we revised the October forecast for UIEP to reflect the impact of market conditions, yet we still expect the profit to grow year-over-year. Page 9 is the earnings forecast and dividend outlook for FY 2025. We project net sales to grow to JPY 1,327.9 billion. Both operating and ordinary profits are expected to increase to JPY 110 billion and JPY 112 billion, respectively, and net sales, OP, and ordinary profit would all reach new record highs.
Net profit is expected to be JPY 72 billion, also in line with the October plan. We plan to pay an annual dividend of JPY 80 per share, up by JPY 1 from last fiscal year, to achieve the 16th consecutive year of dividend hike. Page 10 illustrates the consolidated performance. EBITDA shown at the top is projected to reach JPY 168.6 billion for FY 2025, which would also be a fresh new high.
As noted in the comments, we have achieved steady growth despite changes in the external environment. Although we would be short of the targets of the medium-term plan, we are making steady progress in preparing for the next medium-term plan starting next fiscal year. From page 11 onward, I will go through the segment details. First, the analysis of the second half outlook for HPP. As indicated on the left, net sales is expected to grow by JPY 17.8 billion year-on-year to JPY 244.1 billion. Looking at the OP waterfall chart on the right, the volume and mix factor will have a positive impact of JPY 4.5 billion from last year, and despite being smaller than planned, we would still enjoy year-on-year improvement. The improvement in raw material prices and lower fixed costs also contribute to the OP growth of JPY 2.1 billion as planned.
As shown in the bar graph below, we aim to achieve a second half OP of JPY 33.4 billion and to renew the previous record highs for the second half and the full year.
Next, on page 12, the status of three strategic fields. First, electronics. In Q3, the LCDs saw steady progress in both smartphone market and panel demand for TVs and other applications. For Q4, we anticipate a slowdown in the Chinese smartphone market, however, we'll offset this through steady growth in non-LCD, primarily focused on high-performance semiconductors. Moving on to the middle section, the mobility. While the design film remains sluggish due to the partial stagnation in the EV market, we are achieving steady growth, particularly in HUD application, head-up display applications. Additionally, Sekisui Aerospace Corporation is seeing robust production rates for aircraft and steady progress in expanding into non-aerospace applications, making better contribution to earnings.
In the industrial, on the right, market stagnation persists, particularly in Europe and the U.S. However, we are making steady progress in securing new orders for sensors and chemical products. We continue to focus on expanding sales of labor-saving, environmentally friendly products. Page 13 is housing. On the left side, net sales is projected at JPY 280.8 billion, up by JPY 10.4 billion year-on-year. Right side is the analysis of operating profit. In the housing business, although the number of houses sold is decreasing, we anticipate increased profit due to improved mix. The renovation business is also steadily expanding its order intake. For the company total shown on the far right, we project a significant increase of JPY 3.8 billion in OP as planned, resulting in an OP of JPY 20.7 billion. Furthermore, OP by business segment is as detailed in each respective section.
Next, on page 14, the upper left shows the status of new housing orders. Due to the prolonged slump in market conditions, the number of units, particularly in regional areas, has struggled to grow. As shown in the bar graph, growth in the number of units was 95% in both third quarter and the fourth quarter. On the other hand, regarding order value, driven by the expansion of high-priced detached houses and apartment buildings in urban areas, as shown in the graph, we anticipate a 3% increase in both Q3 and Q4 in line with our plan. Regarding building types in the middle section, apartment buildings have shown significant growth in both the number of units and order value. Below that is the balance of orders as of the end of the period.
We anticipate entering the next FY with an order backlog of JPY 160 billion, same as the previous year. The renovation orders in the upper right are showing success with comprehensive proposals centered on periodic diagnostics, leading to large-scale orders. Regarding the real estate business in the lower left, it's progressing steadily. Notably, Ben House, whose shares we acquired last year, will be newly consolidated starting this fourth quarter, contributing to sales and profit. In the town and community development business in the middle, we'll make steady sales of currently available inventory while further expanding purchasing routes to support new projects. The bottom right outlines the major M&A in the investment and investment announced thus far, aiming at further growth in the housing segment. While each investment is not large, we'll continue to strengthen investment in growth areas. Page 15 is UIEP Company.
The bar graph on the left shows net sales at JPY 130.5 billion, projected to increase by JPY 3.5 billion from the previous year. Next, please refer to the analysis of OP on the right. Regarding the volume mix, pipe systems have fallen significantly below October plan. This is due to continued weak domestic housing market, extended non-residential construction periods, and impact of the weak Indian market. As a result, we are revising our OP forecast from the October plan. However, we expect an increase of JPY 1.5 billion year-on-year to achieve a record high OP of JPY 15.9 billion. Next, page 16, three strategic fields. Top left, pipe systems are facing some challenges. Domestically, construction site delays due to labor shortage have become the norm. In India, the market downturn persists and CPVC prices are declining. So, therefore, we are slightly struggling.
Regarding CPVC, we'll continue to focus on expanding sales, including in regions outside India. Top right, building and infrastructure composite materials, fire-resistant and non-flammable materials are expanding new applications and performing well. FFU sleepers are also expanding, driven by increased adoption in Europe. Bottom left is infrastructure renovation. We are seeing an increase in larger diameter pipeline renewal projects based on the result of nationwide surveys on aging sewer pipes. While subject to municipal budget, we aim to expand orders. Bottom right shows KPIs. Prioritized product sales are steadily expanding. For overseas sales, while India faces challenges, we'll drive solid growth in Europe and North America. Sales for growth-driving businesses are as stated. Page 17, finally, is the medical business. The bar graph on the left shows net sales of JPY 50.2 billion, with a projected year-on-year decrease of JPY 1.1 billion.
While challenging conditions persist in the U.S. and China for overseas diagnostics, we have accelerated profitability improvement measures, achieving greater than planned progress in fixed cost reduction. As shown on the far right of the table, OP is expected to increase by JPY 100 million as planned, reaching JPY 6.9 billion, as indicated in the bar graph below. Page 18 is overview by business. Top left is diagnostics in Japan. In the third quarter, the early spread of infectious disease has driven performance to exceed plans, though this is not disclosed. In the fourth quarter, we'll continue capturing testing demand, focusing on immunology. Top right, diagnostics overseas. In the third quarter, in addition to delays in the outbreak of infectious disease in the U.S., the growing impact of efforts to curb healthcare costs in China affected performance.
We expect market conditions in China to remain weak in the fourth quarter, but we'll focus on capturing infectious disease testing demand in the U.S. Lower left is pharmaceutical sciences. In the third quarter, our pharmaceuticals and drug development solutions made steady progress. In the fourth quarter, we'll ensure steady shipment of existing orders. Lower right is infectious disease testing kits. For the second half of this fiscal year, we expect performance to be largely in line with plans and on par with the previous year. That is all from myself. Thank you very much.