We expect profits of Mitsubishi Electric's mainstay business to decline in fiscal 2024 and recover slowly thereafter due to economic slowdown in global markets including China. We also foresee the tailwind of the weak yen waning from fiscal 2024. The EBITDA margin will likely remain 10%-11.5% for the next one to two years, despite recovery in the infrastructure business. While the FA business is highly volatile, it has diverse businesses with different lifecycles that serve various end-markets. We believe it will continue to realign and strengthen its portfolio over the next two years to maximize synergies between main businesses. The company will likely increase investments and shareholder returns to improve capital efficiency. However, we believe its conservative financial management will
