. In its mainstay mobile communications business, profit should improve thanks to higher sales of medium- and large-capacity plans and cost-efficiency improvements. We also see stronger earnings for non-telecom business and structural reform benefits for overseas information technology (IT) services. We expect consolidated EBITDA margin to rise to the mid to high 27% range in the next two years, from 26.5% in fiscal 2022 (ended March 31, 2023). . A mid-term plan aims to increase growth investments, particularly in non-telecom businesses. Our base-case scenario therefore includes annual capital expenditure of ¥2 trillion and growth investments, including acquisitions, of ¥400 billion. We believe the company will control investments in line with earnings growth. However, we expect its ratio of debt to
