Nippon Paint Hldgs Co Ltd (NPCPF) Q3 2025 Earnings Call

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WEBVTT 00:00:00.959 -- 00:00:03.542 Good afternoon, ladies and gentlemen. 00:00:03.542 -- 00:00:06.786 I'm Wakatsuki, co-president of Nippon Paint Holdings. 00:00:06.786 -- 00:00:11.451 Thank you very much for taking the time to join us today despite your busy schedules. 00:00:11.451 -- 00:00:15.936 I would now like to explain the outline of our FY 2025 Q3 00:00:15.936 -- 00:00:18.417 financial results. 00:00:19.721 -- 00:00:22.924 First, please turn to page two. 00:00:22.924 -- 00:00:28.150 Let me briefly explain the changes we've made to our disclosures starting this 00:00:28.150 -- 00:00:30.102 quarter. 00:00:30.102 -- 00:00:35.627 Regarding the background, as you know, I have held numerous meetings with investors 00:00:35.627 -- 00:00:40.371 and received various feedback directly and indirectly. 00:00:40.371 -- 00:00:42.371 And 00:00:42.934 -- 00:00:48.118 many investors, especially overseas institutional investors comparing us to 00:00:48.118 -- 00:00:53.323 peers said that while many overseas issuers publish 00:00:53.323 -- 00:00:58.731 adjusted figures excluding various adjustment items for comparison, Nippon 00:00:58.731 -- 00:01:05.121 Pen's detailed disclosures are good but often difficult to grasp at a glance. 00:01:05.121 -- 00:01:10.269 Some feedback also noted that the sheer volume of figures 00:01:10.269 -- 00:01:15.757 made it difficult to convey even very strong earnings results at first 00:01:15.757 -- 00:01:17.380 glance. 00:01:17.380 -- 00:01:22.527 In response to these comments, and with the primary goal of ensuring 00:01:22.527 -- 00:01:27.718 a correct understanding of our capabilities and proper peer comparison 00:01:27.718 -- 00:01:32.766 with our overseas competitors, we have now decided to proactively disclose adjusted 00:01:32.766 -- 00:01...