(Shimizu) The reason sales increased in the 3Q while declining in the 4Q compared with plans is because of orders brought forward ahead of the Chinese New Year, which flowed into December.

(Shimizu) The Company maintains a strong position with Japanese and European automobile manufacturers in relative terms. Results were impacted by the sluggish sales of Japanese and European automobiles in China. Sales for HUD applications also fell year on year in the 3Q.

(Shimizu) We expect 4Q sales volumes of interlayer films for HUD applications to fall in line with the revised forecast. The primary reason we weakened the outlook is that production starts for vehicle models scheduled to be equipped with design films have been delayed to FY2025. As you point out, the increase in sales value is primarily due to the impact of foreign currency exchange rates.

(Shimizu) SEKISUI AEROSPACE CORPORATION recorded smaller losses during the 3Q, despite this being the holiday season in the US. Although modest, we do expect to see demand recover in the 4Q, as well as positive outcomes from production rationalization and improvements in selling prices. We therefore expect SEKISUI AEROSPACE CORPORATION to return the black in the 2H.

(Shimizu) The growth in 4Q sales not be especially high due in part to the impact of foreign currency exchange rates. The Mobility field will see higher sales in the 4Q to the degree that sales declined in the 3Q. Meanwhile, the Electronics field, which experienced higher sales in the 3Q, will see sales fall in the 4Q below 3Q levels due in part to the effects of the Chinese New Year. Therefore, although sales will increase slightly, this outlook is based on the downturn in the product mix accounted for by the Electronics field.

(Shimizu) Orders for products in high price brackets have been growing following the recovery in demand from urban areas. Orders for apartment buildings are also expanding, so the reason is improvements in the product mix.

(Shimizu) Due in part to the lack of any unseasonable weather, sales were brought forward from the 4Q to the 3Q. Moreover, this outlook is based on our plan to formulate forecasts for the next fiscal year with a sufficient backlog.

(Shimizu) Japan operates around 500,000 kilometers of sewage and water pipes. Of this, roughly 25,000 kilometers are more than 50 years old, so some forecasts have shown demand increasing to up to 80,000 kilometers even before 2030. We operate a pipe rehabilitation business to meet this demand. Moreover, we feel we are in a particularly strong position regarding large-diameter pipes. Our technology for rehabilitating pipes without digging up streets or suspending sewage and water service solves social issues, so we hope to expand broadly.

(Shimizu) Broadly speaking, we cutback fixed cost increases in the HPP Company, UIEP Company, and the Medical Business. Although we also reduced biorefinery-related fixed costs, a certain portion will be carried over to the next year.

(Okano) We are currently conducting proof-of-concept demonstrations in various locations under different conditions. Although we will need to cooperate with our partners in terms of installation, we are not aware of any specific issues in terms of fire resistance at the present time.

(Nishida) Under the current Medium-term Management Plan, we have identified a target payout ratio of 40% with respect to shareholder returns, and total returns of 50% when share buybacks are included. We are steadily working toward this goal. Given that the next fiscal year is the final year of the current Medium-term Management Plan, we will make a decision regarding any additional returns, including share buybacks, after examining such factors as the progress in investments and the share price.