Hello, this is Yoshida. Today, I would like to explain the overview of financial results and the earnings forecast for the second quarter of the fiscal year ending March 31, 2027. The consolidated net sales for the second quarter of the fiscal year ending March 31, 2027 came to JPY 464.2 billion, increasing by 12.8% year-on-year and by 8.8% quarter-on-quarter. Operating income was JPY 31.8 billion, increasing by 17.8% year-on-year and by 20.7% quarter-on-quarter. Profit for the period attributable to owners of the parent came to JPY 29.7 billion, increasing by 67.9% year-on-year and by 39.5% quarter-on-quarter. Net sales, operating income, and all other key figures recorded during the second quarter hit record highs for the second quarter.
Regarding the impact of foreign exchange during the second quarter, net sales improved by JPY 33.6 billion year-on-year and by JPY 3.3 billion quarter-on-quarter. Operating income was positively impacted by JPY 3.1 billion year-on-year and by JPY 1.2 billion quarter-on-quarter. This slide shows the summary for the first half of the fiscal year. Net sales, operating income, and all other figures recorded during the first half of the fiscal year hit record highs for the half-year period. This slide shows the difference between the forecast announced in August and the actual results for net sales and operating income by business segment for the second quarter. Net sales for PT exceeded expectations due to strong performance in bearings and for our data centers and aircraft products.
MLS exceeded expectations, driven primarily by increased demand for HDD spindle motors and for fan motors used in solar power and data centers. SE exceeded expectations mainly due to strong sales in mechanical components and semiconductors. AS exceeded expectations, driven primarily by automotive devices and industrial equipment components. Operating income for PT exceeded expectations mainly due to strong performance in bearings and aircraft products. MLS exceeded expectations supported by solid performance in HDD spindle motors. SE fell short of expectations in mechanical components and optical devices. AS fell short of expectations mainly due to weak market in China and slowdown at key customers in Europe. This slide shows the quarterly trend in net sales, operating income, and operating margin. The operating margin for the second quarter was 6.8%, up 0.2 percentage point year-on-year, and by up 0.6 percentage points quarter-on-quarter.
This slide shows the quarterly trends of the Precision Technologies segment. The second quarter net sales came to JPY 84.8 billion, increasing by 3.3% quarter-on-quarter. Sales of ball bearings totaled JPY 54.1 billion, improving by 1.6% quarter-on-quarter. Meanwhile, monthly external shipment volume averaged 306 million units, down 1.2% quarter-on-quarter. This was due to logistics impacts, including air freight delays resulting from the flood that hit Thailand in September. Sales of aerospace totaled JPY 21.6 billion, up 5.6% over the previous quarter. Sales of PMC totaled JPY 9.2 billion, up 9.2% quarter-on-quarter. Operating income for the quarter totaled JPY 21 billion, and the operating margin was 24.7%. On a quarter-on-quarter basis, operating income increased by JPY 1.8 billion, and the operating margin improved by 1.4 percentage points.
This slide shows the quarterly trends for the Motor, Lighting & Sensing segment. Net sales totaled JPY 129.5 billion, an increase of 4.0% compared to the previous quarter. By product, sales of motors amounted to JPY 101.3 billion, up 5.6% quarter-on-quarter. Sales of electronic devices reached JPY 17.6 billion, a decrease of 7.7% from the previous quarter. Sales of sensing devices totaled JPY 10.4 billion, an increase of 9.8% compared to the previous quarter. Operating income came to JPY 9.7 billion, with an operating margin of 7.5%. Quarter-on-quarter, operating income increased by JPY 2.1 billion, and the operating margin rose by 1.4 percentage points. This slide shows the quarterly trends for the Semiconductor & Electronics segment. Net sales totaled JPY 160.4 billion, an increase of 19.5% compared to the previous quarter. Operating income amounted to JPY 5.2 billion, with an operating margin of 3.2%.
Quarter-on-quarter, operating income decreased by JPY 800 million, and the operating margin fell by 1.3 percentage points. This slide shows the quarterly trend for the Access Solutions segment. Net sales totaled JPY 88.3 billion, an increase of 4.6% compared to the previous quarter. Operating income came to JPY 3.3 billion, with an operating margin of 3.8%. Quarter-on-quarter, operating income increased by JPY 3.2 billion, and the operating margin rose by 3.7 percentage points. The bar graph here shows trends in profit attributable to owners of the parent, while the line graph shows the changes in earnings per share. Profit for the period was JPY 29.7 billion. Earnings per share was JPY 73.98. Please note that Q2 of the fiscal year ending March 2027 includes a profit impact of approximately JPY 8.4 billion resulting from the fair value measurement of financial assets held by the company.
Excluding this special factor, profit for the period on an underlying basis was JPY 21.3 billion, and earnings per share was JPY 53.03. Next, we have the quarterly inventory trend. At the end of the second quarter, inventories totaled JPY 416.7 billion. This was a decrease of JPY 16.2 billion from JPY 432.9 billion three months earlier. This slide shows the trends in cash flows. The bar graph on the left shows operating cash flow, the bar graph on the right shows investing cash flow, and the line graph indicates a free cash flow. The adjusted free cash flow, which excludes one-off factors such as M&A expenditure, is shown in red. As for free cash flow for the fiscal year ending March 2027, no M&A acquisition costs are included at present. This shows trends in return on invested capital, ROIC.
The left line graph shows annual trends, and the right line graph shows the quarterly trend driven by margin improvements. A full-year ROIC is also expected to improve. Regarding the full-year earnings forecast for the fiscal year March 2027, we have revised up net sales and operating income from the forecast announced in August. Please note that the profit attributable to owners of the parent for the second quarter includes a special factor mentioned earlier. Even excluding the special factor, we forecast a record high profit for the period. The assumed exchange rate for the second half is JPY 155 to a U.S. dollar. This slide shows the forecast by business segment. I will now explain the update to our three-year medium-term cash allocation plan.
The main update this time is that with a firm view of the significant potential for the organic growth in the Five Growth Areas +1, we intend to expand our capital expenditure allocation. Accordingly, we have revised our policy so that the allocation for M&A investment in particular is no longer fixed, and part of it will be shifted to capital expenditure. We expect a cumulative operating cash flow of approximately JPY 500 billion over the next three years, and our basic policy of earmarking approximately JPY 80 billion of that amount as a stable source of dividends remains unchanged. This concludes my presentation. Thank you for listening. Mr. Kainuma, over to you.
Please allow me to start with this page. This is quite understandable by reading it, but the key point is that during the first half of the fiscal year, in all our key items, we have achieved record highs. I will talk about operating income later on, but we saw an 8.7% for the real operating margin. For March 2029, we have a target of 10%. I think we have been able to get on the right track, if you like. Next page, please. I apologize for the slide being quite busy. I have two key messages here. The first is that in the second half of the year, we are expecting the lower revenue but higher profit. You can see in the middle section, JPY 890.8 billion, coming down to JPY 839.2 billion.
The reason is quite obvious. One is game, and the revenue is expected to come down about JPY 38 billion, and optical device as well. We expect about JPY 15 billion of a decrease. This is the kind of the assumptions that we have made. However, we are expecting profit to improve. The reason here is AS, for one. This has been the case every year, but we have been able to recoup the mold expenses and various profit items realized, and that is one of the significant drivers for the profit increase. The second is, as was the case with the previous results announcement, but if you only look at the earnings profit for the period, we tend to see the fluctuations. The certified accountant, on a half-year period, we asked to revalue the shares that we have in Toshiba.
Kioxia's share price does have significant impact on the Toshiba's share price. Because of the fluctuation in the Kioxia price, the value of Toshiba also fluctuates. Because of this, on this occasion, we did revaluation, and if we reflect that as JPY 100 billion, when you look at this table. If you could look at the operating income line, or sorry, if you could look at the profit for the period line, and if you look at the numbers in parentheses. Sorry. The operating profit going up by 23.1%. If you go to the profit for the period, if you look at the number in the bracket, previous fiscal year was at JPY 73.8 billion. This will increase to JPY 91.6 billion.
If we reflect the valuation gain on top of that, it is actually, even if you reflect the special factors, we expect the profit to increase. As I've been repeating on many occasions, what I would like for you to focus on is not the valuation of the Toshiba shares, but the operating income that is generated based on our core operations. If you could look at how that changes. Now to the next page, please. This is the situation regarding PT. For the forecast for March 2029 is operating income of JPY 80 billion. This is what we are thinking of. This number, when we put together a three-year plan, and March 2029 in three years' time, the operating income to be generated at that point in time.
That was the plan that we had to begin with. I apologize, but we have essentially achieved that target in one year rather than in three years. This is due to the Five Growth Areas +1, and the bearing demand has been very strong, and also the aircraft demand has also been very strong. If I start with the situation concerning the bearings, in October, we ended up with 360 million units of production, and we ended up selling 374 million units. External sales was 320 million, and internal sale was 54 million. When we talk about 360 million or 370 million, our current capacity is 404 million.
We are not quite there as yet, but for us to get there, the utilization rate of factories where we have the bearing production, also with the number of the operating days, this must improve, and we need to also see the utilization rate reach the maximum level. For now, we are working on various initiatives to improve on the utilization, so shortening the changeover times and so forth. For PMC, the pivot, this has also performed quite well. One of the reasons for this is in China. Apparently for school utilization, but the desktop, there's been significant orders being placed for the desktop, and they come with hard disk drive apparently. This is seen increase in the quantity.
This may settle a little bit in the second half of the year, but the nearline for AI servers, we expect that to increase. For the full year, we expect the strength or strong performance to continue. Also for the aircrafts, the situation remains to be quite strong. For example, Boeing, for September 2025, the build rate, if we consider that at 100, then September 2026, the build rate is 123. That is a 23% pickup. The supply chain, in fact, dropped quite a lot, and so we are seeing that recover. Airbus, for September 2025 was 100 and is now 110. So here is 10% pickup as well for Airbus. When we look at the three, the operations within PT, bearing, aircraft, and PMC, if we look at the three operations, they are all performing very strongly.
That is something that I wanted to communicate to you. Moving to the next page, please. MLS also continues to perform strongly. For the motors, they are performing very strongly, spindle motors for hard disk, and fan motors as well. Also stepping motor. Those used for AI servers, and BBU, the battery protection module, that has also performed quite well. I am going to explain about this later on, but we will start the operation of the plant in Philippines as well. In regards to sensing devices, for quite a long period, it was not one of the spears. It was kind of hidden behind the shades of the arrows, but we are starting to see the seed bud. The two robotics manufacturers in U.S. have provided inquiry. We have started to make deliveries, and 20% per unit is the utilization rate.
The production capacity here is about 30,000 sets. That is 600,000 units per month. That can be accommodated for by the investments that we have made already. But 30,000 units, if we start to exceed that level, then we would probably require additional investments in this area. MLS and the PT, these two operations continue to perform very, very strongly.
The Panasonic Industry, the business transfer was scheduled to be conducted in November, but it has been postponed to March 1st. As you can see in the red box, in a nutshell, the housekeeping before the integration is not finished yet. We must finish it before integrating, so that is the reason for the postponement. Next is SE. As you can see here, the semiconductors, fortunately, are going in line with the plan. Shiga plant's monthly profitability in Q4, in February or March, it is likely to be achieved, according to the report I heard. No major change to that 800V DC, which is an automotive technology, but is likely to be applied to various other things. We must make sure that we do a good job in that. Optical devices, the numbers seem to be pushed back, but basically, there should not be major difference.
Problem is the mechanical components. Last year, we saw a huge increase, then this year, the memory price are soaring, plus various other factors. Because of them, we are seeing a decline, but we would like to keep paying due attention to this. Next is AS. This one as well, it is performing well, or the China and Europe, I mean, it is kind of poor. But the negative impact, we have been able to minimize the impact. It is a regional impact. North America and Japan are seeing a very robust performance. The market, application market, two-wheelers and the industrial machines are performing very well. China and Europe, the four-wheelers are not performing well, or they are sluggish, but the four-wheelers in other regions, plus, as I said, two-wheelers and industrial machinery, in other words, different applications are offsetting.
Therefore, the negative impact has been kept at a minimum level. The message on the next page is in the dashed line. Our latest forecast has been updated. This is pretty self-explanatory. The next page now. My personal message, so to speak, I would like to convey to you using this slide. Right now, the market is going through a turbulence, AI, servers, et cetera. Depending on the result of the US presidential election, people are concerned about that. I would like to spend a few minutes on this topic. What you are seeing right now, the left-hand side of this slide, this shows how we forecast the AI servers increase going forward. CY 2030 and 2031, the increase curve is going to be steeper, according to this graph.
But how this is going to be stopped or slowed down, but for the time being, I expect gradual growth. AI evolution, as long as there is competition, the AI evolution will not stop. It is inconceivable that a current direction will be changed significantly. Also, as shown in bottom right, the water cooling and liquid refrigerant responding to the new technology, the products that we will be selling are shown here. What about the fan motors, you may be thinking, but the water cooling and liquid coolant, top-notch. The manufacturers that will be using the latest technology will be 10%, and then 20%-30% water cooling and air cooling will be used by the remaining players.
I have worked for MINEBEA for 38 years and served as the President for 18 years, and I experienced the burst of IT bubbles and the Lehman shock and Thai flooding. Surprising events took place one after another. But this time around, this confusion, I mean, I can see how things will settle moving forward. But at the time of Lehman shock, we were not sure what we should be making, and the same applies to COVID-19. Actually, because people stayed home, certain things sold well. Even if there may be some turbulence, at least things will grow gradually. Technologically, there is no doubt about it, so no concerns whatsoever. Next page, please. Having said that, however, we want to be prudent. Discipline the capital expenditure, and what we do best is, even if AI servers go down, that we have robots.
Even if robots go down, we have autonomous driving. In other words, we can minimize such risks because of our business portfolio. Based upon that, we would like to make sure to respond effectively to the changes. But of course, when we receive huge orders, we will discuss with the client and decide how the capital expenditures should be shared with the client. Next page, please. This is a real operating margin trend, 8.7% we reached, and 9.3% we are expecting next year. 10% that I promised two years later. In other words, March 2029, which will mark the 20th year since I was appointed President of the company. I would like to make sure to achieve this. The dividend is JPY 60, as Yoshida explained earlier.
We are seeing these many opportunities, so we would like to make a solid investment and grab opportunities in front of us. That, in my view, is our mission. We will be prudent. These are the plants that are being built now. Yonago plant was opened the other day, and Cebu plant in Philippines, the building number 14, next week or the week after, on 17th, the building 14 will be completed. Chennai in India, it is not that the four buildings are being built, but this one building in the bottom right is being built, and it is to be completed in November 2027. In other words, November of next year.
The new robot hand will be sent to test, and then we will be displaying that. This is also where we would like to show you the evolution. We are going to also do an IR Day as well, just a heads-up information here on the next page. This is the naming rights for ECOPA Stadium. Why are we doing this? We in Hamamatsu, Five Growth Areas +1, we are going to do very important development work there, so we need to capture people. The success example in Akita, when we merged with MITSUMI ELECTRIC, I went to the plant in Akita straight away, but the factory was in kind of ruins, and even the nameplate of the company was kind of tilted.
I said that we need to build a new plant immediately, so we actually built a new plant. After that, those capable people and the talents from the local region who wanted to work with us joined our company. Back then, we ended up recording large losses, but now we are generating a large profit. In the end, it is people. With the declining birth rate and the aging population, how can we capture people? I think to be well-known is very important in capturing people, so this is the reason here. Again, thank you very much to you, and we have been able to receive this honorable award, and so we created a page like this. With that, I would like to conclude my part of presentation. Thank you very much. I would like to proceed to Q&A.
First question from Goldman Sachs Securities. Takayama-san, please go ahead.
Thank you. I have two questions. First, I wanted to ask about the second half of the year PT. In the second quarter, you already achieved JPY 21 billion or so of operating income. 40/40 for the first half and the second half of the year, given the strength of the bearings, and when you think of the AI servers accounting for a higher proportion, we expect that the margin of profit and also net sales to increase. Have you reflected some risk here, or if you could share with us your thoughts?
The plan itself is conservative. There are various factors, for example, AS, SE, so there could be some possibilities there. Overall, indeed, the plan has been put together as such.
Based on such tone, SE and Access Solutions, you have lowered the profit expectations, so there could be some more risk there. If you are able to overshoot with PT, you are able to make up. Is that the kind of nuance?
We are going to achieve the numbers that we promised, and that is what we have been thinking of in the recent times. That is the reason we have come up with these numbers.
Understood. The second large question, this is kind of the broad situation, but the numbers from next fiscal year onwards, and these numbers are shared on, I think, page 30. In this fiscal year, we will reach JPY 128 billion. Next fiscal year, you achieve JPY 145 billion of operating income with JPY 17 billion of improvement. This has changed from the original midterm numbers.
How can you explain this increase in the numbers, and what is the kind of number that you are thinking of that the company should aim for? Could you share with your thoughts?
In May next year, we will provide a kind of rolling-based numbers. For now, it is a little bit too premature to start talking about numbers at this point in time. As you know, the Five Growth Areas +1, the benefits of those are enjoyed by the business headquarters, so they would be the key in driving the numbers going forward.
I see. There are still some elements of uncertainties, like with the U.S., which has started to come up. Over the medium- to long- term, there are no changes, but for the second half of the year, for next fiscal year, you do not want to come up with any specific numbers.
Is that the kind of image that I should have?
As I said before, I personally am quite positive in my thinking. More than that, as the company, to do a review, but I think we should go through the normal procedure to provide explanation in that regard.
Understood. Thank you very much.
I repeat, if you have a question, please use raise hand button. Let us move on to the next question. Mizuho Securities, Mr. Goto. Over to you, Mr. Goto.
I am Goto from Mizuho Securities. Can you hear me?
Yes, I can.
I have two questions. SE, actuators, so optical and game, how it seems and what kind of changes they are faced with, if you can add some colors to that. Outlook or forecast for this fiscal year and how things are likely to evolve next fiscal year, I would like to listen to your thoughts. At the same time, semiconductors are performing smoothly, and Shiga, inclusive of contribution by Shiga, how much growth we can expect. SE, I would like to understand.
Semiconductor, the bearings, it is similar to bearings.
Next fiscal year, probably it is premature to talk about that, but we think we have very solid progress. That is the only thing I can say at this point. SE actuator and game. As you may know, the semiconductor prices are surging, and that is, to some extent, impacting. That is a fact. Actuator volume will not drop that much. That is our forecast. On the other hand, games may face tough time.
Okay. If memory situation will remain virtually the same next fiscal year, I mean, probably we cannot have extremely strong expectation?
SE, yes, as usual, some segments are doing well and some are not doing so well. In the past, there was a time when SE performed extremely well. If it is not performing well, then other segments can offset or vice versa.
That is what we have been doing, and this time around, a similar thing will happen.
Understood. My second question is, it is similar to what Takayama asked previously. I do not know if you can answer, but JPY 145 billion profit for the next fiscal year, what product lines and the segments are promising? I would like to understand. I do not think you can give me quantified numbers, but in what segments do you have a very strong feeling?
PT, it is very clear. As we have been saying, AI servers, autonomous driving, and robotics. Next year, it is certain that the volume will grow next year. It is a bigger volume than this year, but exactly where, we need to scrutinize. Growth areas, that is definitely going to be a growth segment. Aircraft, as I said, build rate has been increasing against the backdrop of soaring fuel prices.
The new demand is growing for sure. Old aircrafts will be replaced by the new ones. Now we are in that transitional period, and we carried out the price hikes. We just make things steadily and ship them. That is PT, and next year, PT will remain robust. MLS, the motors will be robust next year as well. The battery protection module will also be robust. These two will be the profit drivers next fiscal year.
About the Access Solutions of integration and improvement for the next year, can you talk about the possibility?
Europe and China, from macroscopic view, unless Europe and China improve, other regions like two-wheelers and other applications are offsetting the decline in Europe and China. If Europe and China come back, we can expect an improvement. Whether things will improve easily, it is not like that.
It will be tough. We will be launching new products one after another, particularly the ones with additional value. We would like to see growth.
Understood. Thank you.
If you have a question, please use the raise hand function. We would like to go to the next question from UBS Securities. Hirata-san, please ask your question.
This is Hirata from UBS. I hope you can hear me.
Yes, sir, we can hear you.
Thank you. I have one question in terms of the pricing policy. Mr. Kainuma talked about price increase. For the different product PT and the HDD-related motors and semiconductors, and for the various their product, to what extent are you able to raise prices now? Also, the copper price has come up. For you, the increase in the procurement cost and also the balance to the price increase, if you could explain that relationship as well.
Well, in regards to PT, as we have been explaining from the past, we need to increase their capacity.
Those customers who have continued to purchase from us, we will continue to supply to them. But for various reasons, there are customers who would like to see the volume increase, then we would ask them to take on some burden. We do have a pricing policy to address that. Not talking about 10% or 20% ASP increase. We are not taking pricing policies like that. But humanoid robots are expected to grow significantly in the future, and the bearing demand is likely to really jump up in the future. Should that happen, then investment may be required. As Mr. Kainuma talked about in his part, but for those portion, we will speak with our customers, and to see what we can do in terms of the investment that we need to take.
The current performance and the midterm, the plan, are we going to improve up the result by 10% based on ASP?
No, we are not including that in our plan at this point in time. But if we were to do that in the future, it will certainly drive the profit. But at this point in time, that is not the kind of view that we have taken. As for the motors for the HDD, various contracts and various situations, something that we need to think about. At this point in time, we are not thinking of increasing price right now. At least it has not been reflected into the plan at this point in time. For the general-purpose motors and the raw materials, price has increased.
For that, we will ask the customers to take the burden, and that is the policy that we have adopted. For this fiscal year, if there is increase in cost, we have been passing that on to the customers. That is how we have addressed the cost increase. It is unlikely to have negative impact on our performance in the end. As for the semiconductors, it does depend on the type of semiconductors. There are those where we have increased price, or those areas where we have gone up volume. There are some differences there. But like with the ball bearings, the ASP will increase by so much percentage point, and the profit will increase by so much. That is not the kind of thing that we have reflected into our plan at this point in time.
That is the current situation.
That was very clear. Thank you very much.
Let us move on to the next question. Mr. Izumi from Phillip Securities.
Thank you very much. With regards to SE segment, please tell me one thing. You have revised down full-year forecast. Is it because of non-semiconductor factors? With regards to semiconductors, Shiga plant, foundry business you are engaged, and you are steadily acquiring customers, and from Q4 onwards, it will turn profitable. Whether it is sustainable, I mean, semiconductor business is actually tough, and is it going to keep improving into next fiscal year?
Semiconductor foundry business yield is very good. It is so good that our customers are actually surprised. To be quite honest, it is not that we bought that place in order to do foundry business. That is not the case. Our plan, well, because there was a cancellation of the program, and so we had this idle facility, and we decided to fill it to some extent with foundry business. There are some things that we are developing right now, and to make those products that are being developed.
Is the original strategy. In that sense, things are moving quite steadily. So, it is not that our capacity will be entirely full when it turns profitable, but we built the plant to make our own products.
Thank you. Semiconductor profit is not going down. That is my understanding. But lithium protection, mainly for smartphones, I think. Smartphone business is being sluggish, and why it is not impacting?
It is impacted by the market conditions, but other than that, analog semiconductors and the niche applications like medical offset the decline in smartphone segment. We did not include the decline in semiconductors, but it is going in line with the plan. Of course, there are ups and downs depending on the sub-segment, but that is the case. Also, SE, as SE forecast being revised down.
Regarding that question, as you rightly pointed out, games and OIS, the semiconductor procurement uncertainty inclusive of that, we decided to take a conservative view in the figures.
Understood. Thank you.
I would like to go to the next question. Akizuki-san from Nomura Securities, please.
This is Akizuki from Nomura Securities. Thank you for the opportunity. I have one question. Mr. Kainuma, you said that there is a strength in the company being operated based on portfolio. When we look at the electronic industry, it's essentially AI data center only, which is attracting attention. The share market is starting to question whether this will continue to perform strongly next fiscal year onwards. I think that's the current situation. If the AI data center starts to slow down, since you are operating based on the broad portfolio, for now, even SE is weak, PT is strong, MLS is strong, you're able to generate profit. I think that's the situation right now.
In a similar way, to make up for the slowdown and to continue growth. If there is such a scenario that you have, how will we see the movements in the portfolio? Do you have an image in that regard?
Our thinking is that right now, AI server is certainly very strong, and we will have the robotics to follow, the humanoid robots. At the same time, the full autonomous driving will probably arrive. That's the kind of the picture that we have painted, and the drones as well. For Japan, it will be more the production in the future, but we feel that there are many opportunities for us to grow in those areas as well.
If AI servers themselves, hypothetically, slow down significantly, of course, if all others start to slow down at the same time, the situation could be different, but we're not expecting that kind of scenario. As I said before, I think it's quite unthinkable for the AI servers to slow down so much. In a similar way, are we going to give up on the full autonomous driving? We are not worried because of this type of background.
I understood. Thank you very much.
If I may repeat, if you have a question, please use the raise hand button. As there are no other questions, we would like to finish the Q&A session. This concludes today's earnings announcement session. You will see a questionnaire sheet. We always value your feedback, so please do fill out the questionnaire. Thank you once again for joining us.