Masashi Yasuda
Executive VP, Deputy to Group CEO, Group CFO & Director

Yasuda, CFO of GMO Internet Group. Thank you very much for taking the time out of your busy schedules to attend the GMO Internet Group financial results briefing today. I will explain the financial results for the first quarter of the fiscal year ending December 2014 (sic) [ 2026 ]. Thank you for your time. Today's agenda is as shown here. First, I will provide a conclusion, and then I will explain the important topics of our security and AI robotics initiatives. After that, Mr. Inagaki, Group Executive Officer and Head of Finance, will provide an explanation. Thank you for your time.

Before we get into the main topic, I would like to explain the transition to disclosure based on IFRS. In conclusion, as a result of IFRS, we have introduced a new KPI called business profit. As a background, IFRS is operating profit, includes temporary and incidental items that were previously classified as non-operating items and extraordinary income and expenses under the previous Japanese GAAP. Therefore, when tracking IFRS operating income, there is a problem in that the actual value of ongoing business activities becomes difficult to see. Please take a look at this waterfall diagram. It shows how J-GAAP's operating income on the left connects to IFRS operating income. The figures listed are for the full year 2025. The main differences are the non-amortization, the reflection of the self-assessment of the incubation business, and the inclusion of temporary and incidental items that I mentioned earlier. Please refer to the appendix for details on how to handle figures prior to