After a strong FY2025, our first quarter of 2026 decelerated. Headline net profit rose 2.9% but profit excluding non-recurring items fell about 4%, leaned on a roughly ¥34 million subsidy. Revenue was ¥2.10 billion, up 1.5%. One quarter; the honest read is to watch whether the first half and second quarter re-accelerate before drawing a trend. Domestic gear revenue fell 5.9% in FY2025, offset by overseas surge. Whether the Q1 dip is a blip is genuinely open.