Lasertec : Presentation Material - First Quarter of Fiscal Year ending June 2026 Financial Results (Script Including Q&A)

About this update from Lasertec Corp.

Lasertec Corporation Financial Results Briefing for the First Quarter of Fiscal Year Ending June 2026 October 31, 2025 Event Summary [Company Name] Lasertec Corporation [Company ID] 6920-QCODE [Event Language] JPN [Event Type] Earnings Announcement [Event Name] Financial Results Briefing for the First Quarter of Fiscal Year Ending June 2026 [Fiscal Period] FY2026 Q1 [Date] October 31, 2025 [Number of Pages] 19 [Time] 16:00 - 16:47 (Total: 47 minutes, Presentation: 6 minutes, Q&A: 41 minutes) [Venue] Webcast [Venue Size] [Participants] [Number of Speakers] 3 Tetsuya Sendoda Representative Director, and President & Chief Executive Officer Hisashi Yokokawa Executive Officer, CFO Raiji Hanashima Manager, PR & IR Office, Corporate Planning and Control Department [Analyst Names]* Tetsuya Wadaki Morgan Stanley MUFG Securities Masahiro Shibano Citigroup Global Markets Yu Yoshida CLSA Securities Masahiro Nakanomyo Jefferies Shuhei Nakamura Goldman Sachs Yoshitsugu Yamamoto Mizuho Securities Kazuyoshi Saito IwaiCosmo Securities Atsushi Yoshioka Nomura Securities *Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or whose questions were read by moderator/company representatives. Presentation Hanashima: It is the scheduled time, so we will begin the financial results briefing for Q1 of the fiscal year ending June 2026 for Lasertec Corporation. Thank you very much for taking time out of your busy schedules to join us today. I am Hanashima from the Corporate Planning and Control Department, and I'll be moderating the session today. Starting from today, we have introduced simultaneous interpretation in Japanese and English. Allow me to introduce today's attendees. Representative Director, President and Chief Executive Officer, Tetsuya Sendoda; and Executive Officer, CFO, Hisashi Yokokawa. Now, let me explain the flow of today's briefing session. First, CFO, Yokokawa, will present an overview of financial results, followed by President Sendoda, discussing the business environment and future outlook. Afterwards, we will hold a Q&A session until 5:00 PM. The entire session is scheduled to last approximately one hour. Please note that a Japanese [and] English transcript of this briefing will be posted on our website at a later date for your reference. Now, we will explain the financial results summary. Mr. Yokokawa, please. Yokokawa: This is Yokokawa speaking. I'd like to talk about the financial results. First, on the perspective of the results. Q1 net sales were JPY54.1 billion and operating profit was JPY26.7 billion, with a net income of JPY19.0 billion. That gave us an OP margin of 49.3%. It is progressing well against the forecast. Next, sales by product category. Sales were JPY54.1 billion, and semiconductor-related products came to JPY41.7 billion, mainly from the sales of ACTIS and MATRICS. As for services, it came to JPY12.2 billion. Next sales by region. In the US, it was JPY22.0 billion. In Korea, it was JPY14.4 billion. Next is the balance sheet. The total asset amounted to JPY309.2 billion. Ccash and deposits reached JPY68.6 billion. Inventories totaled JPY169.7 billion, which is still at a high level, but we are looking at the contents, and we do not see any particular issues. Moving on to cash flows. Operating cash flow was a surplus of JPY5.9 billion, and free cash flow was JPY5.5 billion. Due to dividend payments and the share buybacks, financial cash flow was an outflow of JPY23.2 billion. Lastly, R&D, Capex, and depreciation and amortization. R&D expenditure was JPY3 billion, Capex was JPY400 million, and depreciation was JPY1.1 billion. They are all progressing according to plan. That's all from me. Hanashima: Now, with regard to the business environment and future outlook, we would like to invite Sendoda. Sendoda: Yes. I would like to explain the business environment and future outlook. Let me starting with the business environment. As for semiconductor device manufacturing, multiple customers are expected to start 2-nanometer (nm) node mass manufacturing within calendar year 2025. The development of next-generation process using high-NA EUV lithography is ongoing. The investment for AI, including memory, is solid, but the investment in the area of power semiconductors continues to be soft. Next, this is the full-year forecast for fiscal year ending June 2026. We have not made any changes in terms of our outlook or the forecast of sales and profits for the full year. We forecast JPY200 billion for net sales and JPY85 billion for operating profit. JPY60 billion for net profit is expected. Orders are expected to start to recover gradually from calendar year 2026. Last but not least, I'd like to talk about the new product release. The actinic EUV patterned mask inspection system, ACTIS A200 HiT series, was launched. This is mostly targeted for use in wafer fabs, and throughput has been dramatically improved. Compared to its predecessor model, A150, the inspection speed is three times faster, and it is sensitive enough to detect all transfer defects in wafer fabs. Thanks to its high productivity, it reduces the cost of ownership. It also contributes to improving wafer fab yield because of its high sensitivity for defect detection. That's all from me. Question & Answer Moderator [M]: Mr. Yamamoto from Mizuho Securities, please ask your question. Yamamoto [Q]: This is Yamamoto from Mizuho Securities. I want to ask a question about the A200 HiT series. Is it ready to be provided to customers? It's not as if customers are going to evaluate it now, then after some time place their orders and wait for it to be shipped. In other words, has it been evaluated by customers already? Sendoda[A]: Development of this system is complete but it is in our possession. Currently, we are having discussions with our customers, and doing evaluations of the system. We have not started shipping it to customers yet. We hope to start receiving orders this fiscal year. Yamamoto [Q]: Thank you. A follow-up question. You said that your were expecting ACTIS orders for fabs starting from early CY2026. Was that comment taking A200 into account? Or was it just for A150? Sendoda[A]: We don't think the number of A200 units will be that big. So to answer your question, we think this will be both A150 and A200. Moderator [M]: Thank you for your questions. Mr. Wadaki from Morgan Stanley MUFG Securities, please go ahead. Wadaki [Q]: This is Wadaki from Morgan Stanley. I have a question about your orders. I understand they are expected to recover from 2026. But, it feels like you're getting a lot of inquiries and orders. It looks like there is quite a lot of interest from what I have seen. I thought the guidance would maybe be quite high. Specifically, I'm talking about memory and also multiple fabs being built in the United States. Mr. Sendoda, I think, from your viewpoint, things must be improving. What would you say to that? Sendoda [A]: With regard to orders, in 2025, the situation was quite constant. We have always said that the orders will start to recover gradually from 2026. That kind of timing, we still see the same. 2025 is just as we had expected. Orders beginning 2026 - well, compared to before, we're receiving more concrete inquiries. The recovery starting from 2026 is something that we can expect. That is the current situation. Wadaki [Q]: I have a follow-up question [on] the reason orders are not recovering in 2025. According to surveys, actinic is being used for patterned mask inspection in about 20% [of cases]. Maybe this is related to the fact that the orders are not coming in as much as we had expected. Is that true? Sendoda[A]: Well, you're asking a question about orders for ACTIS. ACTIS orders were down because mask shops already have the units they need installed. So we starting looking to get orders from fabs. We think that A200, which we just launched, will help with this. For use in fabs COO is important or rather there was room to improve throughput. So, we listened to our customers feedback and achieved basically three times the throughput with this new model. We believe that the fab-related businesses will be more activated going forward. We believe that we will get more orders going forward. Moderator [M]: Thank you very much for your question. Next, Mr. Yoshida from CLSA Securities, please. Yoshida [Q]: As for the outlook of orders, you said that you'd be getting more concrete growth starting from 2026. You said orders for this year would be somewhere between last year and the year before that. It was a wide-ranging answer that you had given us before. Based on inquires, what range are you expecting for 2026? As for mask shops and fabs, are you seeing any upside for either against the original forecast and can you answer per application? That is my question. Sendoda[A]: Thank you very much for your question. As for the range of orders, as we mentioned at the last financial briefing, we are saying that we are getting qualitative inquiries. But quantitatively, in order to have a more narrowly specific range, I think we can give you a more concrete answer, in the financial results briefing for Q2. I'd like to refrain from answering your question for now. At the end of Q2, I think we'll be able to narrow the range more, and we'll be able to give you more concrete numbers like we did it the briefing last year. The breakdown of orders between wafer fabs and mask shops was your second question. We are seeing greater increases in wafer fabs. As I mentioned earlier, mask shops largely have the systems they need. For the orders for this year, we believe that we will see increases in wafer fabs more. That is all from me. Yoshida [Q]: My second question, follow-up question, you said that you are seeing increases in wafer fabs, and the A200 HiT may be one of the factors. Compared to the A150, of course, with its higher throughput, the unit price is going to be higher. Or is the price between that of the A150 and the A300 model? What about the sales ratio, with the throughput being improved? Of course, the light source may need to be changed more often. While I don't think it will be three times as often, is there a chance that the ratio of service revenues will go up? Would you like to comment on these matters, please? Sendoda[A]: Yes. Thank you very much. As for the price, it is not the same as A150. It will be higher than A150 but less than A300. The COO has gone down because the inspection speed is much faster. However, COO is not just throughput, it also includes service costs as well. We have redesigned the optics for A200 so this will contribute to lowering the service costs for customers. We also considered how often consumables will need to be replaced and made technical improvements such as optimizing the illumination system to lower the services costs, which will improve the COO. Yoshida [Q]: So this is more about improving the appeal of the system, and we shouldn't expect to see an increase in service revenues? I suppose this can be seen in the current orders as well. Sendoda[A]: Yes, Of course, we need to have customers adopt the system; otherwise nothing will come of it. and then we can capture service revenues from there. We have developed the system taking service revenues into account and will continue to improve the system. We have a target for improving the service revenues ratio in our mid-term business plan so of course we are taking that into account. Yoshida [Q]: I understand. Thank you. Moderator [M]: Next, Mr. Nakamura from Goldman Sachs. Nakamura [Q]: This is Nakamura from Goldman Sachs. You said that there are more concrete inquiries recently. What about specific customers or applications? Where are you seeing these inquiries? You're talking about multiple leading-edge customers? Or are you including customers in the memory business? I understand there is some demand from mask shops in China. Can you please talk about that as well? Sendoda[A]: With regard to inquiries its for advanced nodes. You hear about new fabs being built and capacity increase in the news. That's the situation around he inquiries. It's from multiple companies, not just one client. Is it logic or DRAM? Well, DRAM actually is also quite exciting now in HBM. Inquiries from DRAM customers are also increasing. Orders in DRAM are expected to be higher than last year's. It's not just logic, but also DRAM included. Multiple customers are giving us strong inquiries and also very strong interest for A200 HiT. What was the other question? Nakamura [Q]: Inquiries from mask shops in China, do you see any? Sendoda[A]: 5% to 7% of our sales usually come from China. We do not expect this to grow very much. Maybe only a slight increase or a slight growth will be seen. Nakamura [Q]: I see. Follow-up question about the A200. A150 was for fabs, and I think the number of customers was very limited in the past. But with the A200 HiT, as you negotiate with your customers, potential customers, you're talking about logic and also DRAM as well. Do you have a sense that the customer base is expanding with A200? Sendoda[A]: Well, ACTIS is already being used quite a bit in fabs, and we expect to see its use expand. Yes, with the A200 series, you will grow or you will be broader. There is about 10 or 20 companies using EUV. But yes, it can expand. Nakamura [Q]: DRAM customers will start using ACTIS in their fabs. Is that a possibility? Or is it mostly logic manufacturers right now that you're focusing on? Sendoda[A]: Well, logic implemented EUV faster, earlier, and the number of masks set is much higher in the logic business as well. Also if killer defects or phase defects are missed, it's more serious for logic. Logic dies are larger as well. We're talking about one chip, one die kind of size. We believe that the logic business will lead. But as you hear in the news, high-NA was adopted by DRAM manufacturers recently, so there is interest towards higher sensitivity from DRAM customers. It will start with logic customers, but I think DRAM will follow. Moderator [M]: Thank you very much for the question. Next from Jefferies, Mr. Nakanomyo, please. Nakanomyo [Q]: This is Nakanomyo from Jefferies. I would like to ask one question. In your explanation earlier you said that mask shops have got the systems they need already. But at what stage, and what would be the catalyst we'll see [for] it [to] grow further? High-NA processes are progressing; however, it is still very expensive. The demand for masks is not increasing as much as expected. I think it's the same for both mask shops and fabs. In that sense, has the midterm outlook changed from the original forecast? That is my question. Sendoda[A]: Thank you very much. As for the mask shops, for example, with the angstrom generation, they have not gone into mass production yet. With limited masks, they are conducting tests currently. If they move into mass production, the mask shops will increase their capacity. I don't think it will be this year. Looking at the future, I'm sure capacity will increase with the change in generation. As we have heard in the news, we may see new facilities being built for mask shops. That is going to lead to order increases or a recovery for mask shops, but we do not think that it will happen this year. That is our outlook. Nakanomyo [Q]: Thank you. Midterm, EUV mask demand, do you have any comments? Are you seeing any changes? Sendoda[A]: Well, not just with the logic but also in RAM as well, the number of EUV layers is increasing. The number of EUV layers is going to continue to increase into the Angstrom generation. Nakanomyo [Q]: Do you think there will be any changes in customers' mask designs over the next three to six months? Sendoda[A]: No, I don't think there will be any changes. Nakanomyo [Q]: Thank you. Moderator [M]: Thank you. Next, Mr. Wadaki from Morgan Stanley MUFG Securities. Wadaki [Q]: Wadaki from Morgan Stanle. This is my second question. I'd like to ask about competition. KLA is saying in different places that their solution is better. Now that A200 has launched, maybe the situation will change. But if you think about throughput as well, the solutions KLA is proposing, including print check, how do they compare to A200? What is the competitive landscape? Sendoda[A]: I understand your question. Fabs use ACTIS to check or they do print checks, where they check the pattern after its printed to a wafer. Those are the different methods that are available. I think all customers would want to use ACTIS, but there was the problem of throughput and high COO. Now, we have the HiT series that addresses the throughput problem. Now that the throughput is higher, customers will start to use it. But the biggest difference is that ACTIS is the only solution that can identify 100% of phase defects. I know that there are other methods like print check. But with other methods, they always miss some defects. Also, with other methods, they have to go through a lot of processes, taking up time, and requiring a lot of equipment, including lithography equipment. The ARF 193 light source, you just identify the transport defect and clean it out. This is the simplest, quickest process. With this HiT process, you can do mask management that is similar to ARF, how they used to do it, simply and directly, and also in the least expensive and most effective way. We believe that's the situation. Wadaki [Q]: I have a follow-up question. Regarding the throughput being low. Is this related to the Luminaries survey that showed the percentage of masks undergoing actinic inspection was vey low? Sendoda[A]: We believe so. But in the mask shops, they always have to inspect using ACTIS, at least once, because there are many defects that only ACTIS can detect. Once ACTIS starts being used in fabs, this ratio of usage will start to go up. I suspect that throughput was the issue that was having an impact. Moderator [M]: From Nomura Securities, Mr. Yoshioka, please. Yoshioka [Q]: Yes, this is Yoshioka from Nomura. I'd like to ask one question. Since about three months ago, you said that confidence has gone up for [a gradual] recovery in 2026. But from a different perspective, when we look at the probability of increasing orders for each model, I'm sure your confined about ACTIS. But what about MATRICS, compared to three months ago, have there been any changes in your perspective? Sendoda[A]: Thank you very much. As for MATRICS, compared to last year or previous years, we believe there will be an upside. This is because of logic semiconductors, and DRAM. MATRICS is used for a lot of EUV masks and optic masks for DRAM, so additional investments into DRAM will also benefit MATRICS. We have a large market share in this areas so we expect additional investment being made in DRAM will lead to more orders of MATRICS, which is the upside we are expecting. Moderator [M]: Cosmo Securities, Saito-san, please. Saito [Q]: I apologize about the simplicity of this question, but the orders recovering from 2026, when will they convert into actual net sales? How much time lag should we expect? Sendoda[A]: I understand your question. Lead time has been shortened. With all models, within one and a half years; with most models, it's about 12 months. If we're talking about a recovery in Q1 of 2026, then net sales will be posted in Q1 of 2027. This fiscal year and the following fiscal year. Saito [Q]: H2 of next fiscal year and also H1 of the following fiscal year, is that correct? That's when we will see the net sales increase because of this? Sendoda[A]: Yes, that's right. Saito [Q]: Another question. About ACTIS A200 for fabs, do some customers want to change from A150 to A200 after having placed an order for A150 already? Sendoda[A]: Changing the order? No, I don't think we have seen that yet. Saito [Q]: I see. I understand. And you get strong inquiries, a lot of inquiries. Quantitatively speaking, DRAM versus foundry logic, is that about 70% to 30%, that kind of ratio? Are you talking about the ACTIS 200 HiT? Sendoda[A]: 200 HiT as of now, as I explained in the background. As of now, most of the orders are from foundry logic customers. Saito [Q]: I see DRAM people are interested. Is that correct? Sendoda[A]: Yes. DRAM customers -- well, in that segment, MATRICS is still stronger. Saito [Q]: I see. I understand. And for ACTIS as a whole, is it about A 50-50 split? Is it about 50-50 between memory and foundry logic? Sendoda[A]: For ACTIS, majority is foundry logic. Saito [Q]: I'm sorry, fab and mask fabs, is that a 50-50 split? Sendoda[A]: Yes. Roughly speaking, that should be correct. But maybe wafer fab is slightly bigger than 50%. Moderator [M]: Next, from Citigroup, Mr. Shibano, please. Shibano [Q]: Shibano from Citigroup. My first question is about A200. After orders are received, how long is it until the system is delivered and it is recorded as a sale? I know you have work at Innovation Park and some initiatives in your mid-term business plan, but what is the lead time for the units? In the past, with ACTIS, I think it was about two years, but because this is a wafer fab, are you thinking of shortening the lead time? Is that something that you're working on or expected? Sendoda[A]: Thank you very much. I'd like to answer the first question. As for shortening the lead time, yes, it is progressing well. In the past, it took more than two years from an order being placed to it being recorded as a sale., it took more than two years, but now it's much shorter. With the new HiT series, it's the same, around one and a half years. Shibano [Q]: Understood. Do you think it could be less than one year, or similar to other systems, going forward? Sendoda [A]: Yes, that would be the ideal state. I want it to be shorter than one year. However, the equipment is quite big. I think it is difficult for ACTIS, after shipment, to finish everything including installation, verification with the customer's mask, and matching their conditions in one year. It would depend on the customer and how they will evaluate the mask, and what verification is needed. We register sales only at the point of customer acceptance, not at the point of shipment. Therefore, shortening that part of the lead time is very difficult. Besides, if we shorten it too much, we will not be able to capture the customer's subsequent needs. So, rather than shortening that part, we are focusing on shortening the time to shipment. Shibano [Q]: The next question is about the gross margin. In Q1, it was 61%. As in last Q4, it is more than 60%, a very high level. But for a long time, you have not been looking for a level of profitability that is too high. However, looking at the business environment and the financial model that you may be targeting, in the past, it may have been about 50% to 55%. I think that was mentioned by your Chairman before. But do you think this will be raised higher? Is that the image you have? Or are you refraining from mentioning it? Sendoda [A]: Well, to be honest with you, the gross margin, of course, is impacted by foreign exchange and the product mix. As before, 50% to 55% would be the range that we'll be targeting. Yoshida [Q]: Please. this is my second time, Yoshida, CLSA. Question about DRAM. For HBM, high-quality chips will need to be used,which cannot be covered by redundancy, as opposed to conventional DRAM. But if it's a mask shop, I think the lineup is smaller than foundry logic, and it presents a smaller opportunity than logic. Do you think its demand per unit capacity will be similar to foundry logic's? Can you expect demand for ACTIS to be coming from there? Sendoda [A]: We think the frequency of mask inspection for DRAM has been increasing. We've received a lot of inquiries for MATRICS. EUV is also growing within DRAM. Therefore, the growth of demand for ACTIS within DRAM is something that we do expect. Yoshida [Q]: You mean as the use of EUV in DRAM continues to grow, you have an opportunity to sell more ACTIS? Also, because of the A200 HiT, you can have a bigger expectation there. Is that correct? Sendoda [A]: Right. As I said earlier, although we do not expect big DRAM orders for this fiscal year, we expect foundry logic to lead and DRAM to follow. We expect orders from the DRAM segment to grow over time. Yoshida [Q]: I have another question about your competitive landscape. Your competitor is working on optical inspection equipment together with a Korean manufacturer. I think there was a report from the vendor or the semiconductor manufacturer about the optical inspection of carbon nanotube (CNT) pellicles. Should we worry about the risk of your competition against it? Sendoda [A]: Well, CNT pellicles are expected to be used in the future. But once a pellicle is attached, then the mask has to be basically defect-free, which actually increases the demand for ACTIS. As in the case of optical masks, after a pellicle is attached, if there are printable defects, there's no point for using the pellicle. So, you must inspect the mask for printable defects. ACTIS is the only machine that can detect printable defects. The mask with a pellicle will start to be used from the critical layer. Even the smallest of defects cannot be missed. Therefore, it will increase the demand for ACTIS. This is what we believe. Yoshida [Q]: I see. it's not just the mask shops. Do you think a similar story applies to wafer fabs? Sendoda [A]: Yes, exactly. Pellicles are used at wafer fabs. If printable defects are missed, there is no point for using pellicles. Wafer fabs are exactly in that situation. Moderator [M]: From Mizuho Securities, Mr. Yamamoto, please. Yamamoto [Q]: This is Yamamoto from Mizuho. My second question. On a related note, polysilicon-based pellicles are opaque to DUV light. Only EUV light goes through it. Therefore, it has to be ACTIS. With CNT, DUV light could go through, but it would be insufficient. We need to look at printable defects. It is not a question of whether DUV light goes through CNT pellicles, but the important question is whether inspection is possible or not. If we have a high throughput like the one with your HiT series, the DRAM people may change their thinking and may go for ACTIS and go for HiT. Is that a good way of understanding the situation? Sendoda [A]: Yes, We think so too. We hear similar things from our customers, too. But if I may add some comment, pellicles will not be used for all the layers. In other words, with a new node, they will start to be used in the most critical layer. I think there are parts that are very sensitive to defects. Other layers will be inspected with DUV light using X9So, both inspections will, I believe, continue to be conducted. Yoshida [Q]: I see. Thank you. That's all from me. Nakamura [Q]: Goldman Sachs, Nakamura. This is my second round as well. Let's go back to the orders for this fiscal year. Three months ago, you had an estimation for calendar year 2026. At the beginning we'll see a recovery in orders. Is there any change in the content of this recovery? Mr. Nakanomyo asked the same question, and you responded. You said that for mask shops, it is a little bit weak right now. My understanding was that you were expecting some level of inquiries and orders from mask shops as well. Are there any changes to your assumptions? Sendoda [A]: Well, we do not think that the situation has changed. Basically, there is no change. Even three months ago, things were quite specific. Now, it's even more specific or concrete, but the content is the same. It hasn't really changed. Nakamura [Q]: The A200 development was ongoing behind the scenes while business negotiation also proceeded. This time around, you're making this information public. Is that the only difference? Sendoda [A]: Yes. We did not say it wasthe A200 HiT, but we did talk about the development of a high throughput model, and the negotiations were going in that way. Moderator [M]: Any other questions, please? Mr. Saito from Iwai Cosmo Securities, please. Saito [Q]: I want to ask you about the current recovery of inquiries for ACTIS with 2nm compared to, for example, with the 3nm launch. Do you think there is a difference in the strength of inquiries? Are you seeing stronger inquiries this time? I think there is news about the scale of 2nm node being quite big based on the contracts for major foundries. What is your take on that? If you can talk even qualitatively, I would appreciate it. Sendoda [A]: Yes. Well, are you asking about the strength of inquiries now as opposed to 3nm? Saito (Q) : The recovery of inquiries now and 2nm, say, by some comparison. Sendoda [A]: ACTIS was launched to cover both N3 and N2. Of course, the capacity has been increased. However, moving forward, as we look at the future, wafer fabs are looking for capacity increase as well. Compared to the height of N3, we believe that it would still be lower. Saito [Q]: Understood. However, compared to a certain period, you are seeing strength in inquiries, is that correct? Sendoda [A]: It's very difficult to answer that question. The level is very difficult to refer to. After the end of Q2, we will be able to give you more explanations quantitatively. We may have differences, so we do not want to cause any confusion. I'd like to refrain from answering that question for now. Moderator [M]: Nomura Securities, Mr. Yoshioka. Yoshioka [Q]: Yes, this is my second time asking a question. A follow-up to the question of Nakamura-san about the breakdown of orders for this fiscal year. I understood that there was no change in the content or the breakdown. I would like to understand the situation more clearly. Compared to three months ago, you said things became more concrete and you have more confidence now. But are you saying there is no change in the number of projects already in place for the A200, as you were moving behind the scenes? Sendoda [A]: No big change, I would say. Yoshioka [Q]: I understand. Compared to three months ago, now, things have become more concrete, and you have a higher confidence level to talk about this. Sendoda [A]: That's right. That's correct. Moderator [M]: Thank you very much for the question. Any other question? There seems to be no other questions. With that, we'd like to end the financial results briefing. There will be a survey after this seminar. We would ask you to fill up that survey. Thank you very much for your cooperation and your participation today. Thank you. [END] Document Notes Portions of the document where the audio is unclear are marked with [inaudible]. Portions of the document where the audio is obscured by technical difficulty are marked with [TD]. Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides an answer from the Company, or [M] neither asks nor answers a question. This document has been transcribed based on interpreted audio provided by the Company. 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