I am Takayoshi Miyamoto, President and Representative Director.
I would like to present the financial results for the first quarter of the fiscal year ending March 31, 2027.

Next, I will provide an overview of our first-quarter results.
Net sales totaled ¥60.3 billion, an increase of ¥15.1 billion, or 33.6%, compared with the same period of the previous fiscal year. Ordinary income was ¥3.9 billion, up ¥2.1 billion, or 127.8%, year on year. Net income was ¥2.6 billion, an increase of ¥1.4 billion, or 117.7%, compared with the same period of the previous fiscal year. Compared with the first-half forecast announced on April 27, 2026, the achievement rates were 56.9% for net sales against the forecast of ¥106.0 billion, 95.6% for ordinary income against the forecast of ¥4.0 billion, and 94.7% for net income against the forecast of ¥2.8 billion.

Next, I will explain the sales and income performance by segment.
In the CN Business, both sales and income increased due to customers' steady IT investment. Net sales increased 14.0% year on year to ¥9.9 billion. Segment income rose 3.1% year on year to ¥1.5 billion, and the segment income margin was 15.4%. In the EC Business, both sales and income increased, driven by a recovery in semiconductor demand, as well as higher prices and the positive impact of yen depreciation. Net sales increased 38.4% year on year to ¥50.3 billion. Segment income was ¥2.3 billion, and the segment income margin was 4.7%.

Next, I will explain the business conditions of each segment.
In the CN Business, demand for network-related and security-related products remained strong among system integrators and enterprise customers. On the other hand, sales of storage-related products decreased for telecommunications carriers. In addition, maintenance and monitoring services continued to perform well.

In the EC Business, For industrial equipment applications, sales of analog ICs and logic ICs increased, mainly driven by boards, electronic components, etc. for semiconductor manufacturing equipment. For automotive applications, sales of logic ICs and analog ICs increased due to growing demand. For computers and peripherals, sales of boards, electronic components, etc. increased due to higher storage device prices.

In the PB Business, Net sales increased 10.1% year on year to ¥2.5 billion. Both TED and Tokyo Electron Device Nagasaki showed signs of recovery, particularly in products related to semiconductor manufacturing equipment.

Next, I will explain the balance sheet.
Total assets amounted to ¥163.5 billion, an increase of ¥1.3 billion compared with the end of the previous fiscal year. On the asset side, note and accounts receivables increased in line with higher net sales. On the liabilities and net assets side, borrowings increased to meet working capital requirements associated with higher net sales, resulting in an increase in interest-bearing liabilities.

Next, I will explain our cash flow position.
Operating cash flow was an outflow of ¥3.9 billion, primarily due to a decrease in trade payables and an increase in trade receivables associated with higher net sales. Investing cash flow was an outflow of ¥0.2 billion. Financing cash flow was an inflow of ¥2.0 billion, reflecting an increase in borrowings to meet higher working capital requirements.

Next, I will explain the trend in orders received.
Orders received in the first quarter totaled ¥99.7 billion. In the CN Business, orders received were supported by continued strong customer IT investment, as well as advance orders placed in anticipation of longer lead times and higher prices for IT equipment. In the EC Business, expanding semiconductor demand, long lead-time orders, and higher semiconductor product prices contributed to orders received.

Next, I will explain the revisions to our financial forecast and dividend forecast.

Today, we announced, together with the Summary of Financial Results, the "Notice Regarding Revisions to the Consolidated Financial Forecast for the Second Quarter (Interim Period) and Full Fiscal Year of FY2027, and the Interim Dividend Forecast."
First, I will explain the revisions to our financial forecast.
Based on recent business trends, we have revised upward our first-half financial forecast.
While our second-half forecast remains unchanged from the previous forecast, we have also revised upward our full-year financial forecast to reflect the upward revision to the first-half forecast.
Let me explain the main reasons for the revision.
Against the backdrop of expanding semiconductor demand, sales in the EC Business have remained strong across the board, particularly for industrial equipment applications. In addition, corporate IT investment has continued to be solid, and in the CN Business, sales of network-related products, maintenance and monitoring services, and security-related products have increased. Furthermore, concerns over longer lead times and rising prices for semiconductors and IT products resulting from the rapid expansion of AI demand have led customers to place orders, including advance orders, at levels exceeding our initial expectations.
As for the second-half outlook, we have left our previous forecast unchanged. We will continue to closely monitor the business environment and business performance, and will promptly disclose any revisions to the full-year consolidated financial forecast should they become necessary.

This slide compares the revised first-half financial forecast with the previous forecast.

Next, I will explain the revisions to the full-year financial forecast.

Next, I will explain our dividend forecast.
Our basic policy on shareholder returns is to provide long-term shareholder value through earnings growth, while returning profits to shareholders in accordance with business performance. We target a dividend payout ratio of 40%. Based on this dividend policy and the revised consolidated financial forecast, we have increased our interim dividend forecast by ¥21 from the previous forecast of ¥39 per share to ¥60 per share. As a result, we have revised our annual dividend forecast from ¥108 per share to ¥129 per share.

Finally, I would like to inform institutional investors and analysts about how to apply for IR meetings and interviews. We accept requests for one-on-one meetings and interviews on an ongoing basis following our earnings announcements. If you are interested, please submit your request through the contact form on our website or via the email address provided.

This concludes my presentation.
Thank you very much for your attention.