Read the Q1 2026 quarter carefully rather than at the headline. Revenue ¥7.77B (+1.4%), net profit ¥928M (+2.7%) — but profit excluding non-recurring items grew 15.5%. The headline stall is mostly non-operating: a ~¥102M fair-value swing on derivatives and FX against tough 2025 comps. Operating cash flow surged ~136%. Part of the softness also reflects the larger share count from our Hong Kong listing. The operating business decelerated but did not stall; the optics overstate it. Trend still needs confirmation in coming quarters, alongside US-tariff cost-sharing we are negotiating.