This report does not constitute a rating action. Earnings will increase at a moderate pace. Result in first half of fiscal 2026 were in line with our expectations. We maintain our view that consolidated EBITDA will grow by 1%-2% annually, excluding gas sales and forex impact. In North America and Japan, we believe a continued decline in customer numbers will weigh on the earnings despite higher spending per customer. Profit growth from gas sales presents opportunities and risks . Excluding the effects from the deconsolidation of York Holdings and Seven Bank, disclosed EBITDA for the first half of fiscal 2026 increased by around 20% year-on-year. We see this as largely attributable to favorable conditions in the gas market. This will
