ORIX Corp (IX) 2026 Q2 法說會逐字稿

Now that is time. I would like to begin the ORIX Corporation's second-quarter financial results briefing for fiscal year ending in March 2026, and thank you for joining us. I'll be the facilitator. I'm from IR, Sustainability Promotion Department. My name is Nakane.

現在是時候了。現在我謹開始歐力士集團截至 2026 年 3 月的財年第二季財務業績簡報，感謝各位的參加。我將擔任協調員。我來自IR可持續發展促進部。我的名字是中根。

We have two speakers today. We have a Director, Representative Executive Officer, President and COO, Hidetake Takahashi; as well as our Operating Officer, Head of IR, Kazuki Yamamoto. First half will be presented by Takahashi. Second half by Yamamoto then we'll have a Q&A session. We are planning to have 60 minutes for this briefing session.

今天我們有兩位演講嘉賓。我們有董事、代表執行長、總裁兼營運長高橋秀武；以及營運長、投資者關係主管山本和樹。上半場將由高橋主持。下半場由山本主講，之後我們將進行問答環節。我們計劃用60分鐘進行這次簡報會。

Takahashi-san?

高橋先生？

Thank you very much for taking your time out of your busy schedule to attend the ORIX Group's financial results briefing today. I'm Hidetake Takahashi, ORIX Group's COO. I'll explain the key initiative as the business progress toward achieving the long-term vision announced in May this year, which is making impacts through alternative investments and operation and business solutions as well as management indicators of 15% ROE and JPY1 trillion in net profit for the fiscal year ending March 2035. And following this, Kazuki Yamamoto, who is in charge of Management Planning and IR, will explain the second quarter financial results for the fiscal year ending March 2026.

非常感謝您百忙之中抽空參加今天歐力士集團的財務表現發表會。我是高橋秀武，歐力士集團營運長。我將解釋這項關鍵舉措，因為公司正朝著今年 5 月宣布的長期願景穩步前進，即透過另類投資、營運和業務解決方案以及管理指標（截至 2035 年 3 月的財年，淨資產收益率達到 15%，淨利潤達到 1 兆日元）產生影響。接下來，負責管理規劃和投資者關係的山本和樹將解釋截至 2026 年 3 月的財年第二季財務表現。

If you could please refer to the page 3. There are five points that I'd like to convey today. First, I'd like to discuss the revision to our earnings forecast. Our first half, all three categories: finance, operation and investment performed well and capital recycling is also progressing smoothly. As a result, we decided to raise net profit forecast from the previous JPY380 billion to JPY440 billion.

請參考第 3 頁。今天我想傳達五點訊息。首先，我想討論一下我們對獲利預測的修訂。上半年，財務、營運和投資三大類業務均表現良好，資本循環利用也順利進行。因此，我們決定將淨利預測從先前的3,800億日圓上調至4,400億日圓。

We also revised the full year dividend forecast per share from JPY132.13 based on a net profit of JPY380 billion to JPY153.67. And in addition, as we look forward to proceed with optimizing our portfolio and capital structure and considering the completion of the sale of Greenko announced yesterday, we have decided to increase the amount of our share buyback program from JPY1 billion (sic - see Slide 3, "JPY100 billion") to JPY150 billion, and Kazuki Yamamoto will explain in more details shortly.

我們也根據3800億日圓的淨利潤，將全年每股股息預期從132.13日圓下調至153.67日圓。此外，鑑於我們期待繼續優化投資組合和資本結構，並考慮到昨天宣布的Greenko出售已完成，我們決定將股票回購計劃的規模從10億日元（原文如此，參見幻燈片3中的“1000億日元”）增加到1500億日元，山本和樹先生稍後將對此進行更詳細的解釋。

The second point is the establishment of a PE fund together with the Qatar Investment Authority, which was announced yesterday. ORIX is strengthening our asset management function to help us achieve the long-term vision. As a milestone, we aim to achieve 11% ROE and JPY100 trillion in AUM by the fiscal year ending in March 2028. Since the establishment of a PE Investment segment in 2012, we have executed over 30 investment in Japan and all utilizing our own balance sheet. We have reached an agreement with Qatar Investment Authority to establish a fund aiming at investing in Japanese companies.

第二點是與卡達投資局共同設立私募股權基金，該基金已於昨日宣布。ORIX正在加強我們的資產管理職能，以幫助我們實現長期願景。作為一項里程碑，我們的目標是在截至 2028 年 3 月的財年實現 11% 的淨資產收益率和 100 兆日圓的資產管理規模。自 2012 年成立私募股權投資部門以來，我們已在日本完成了 30 多項投資，所有投資都利用了我們自己的資產負債表。我們與卡達投資局達成協議，成立一檔旨在投資日本公司的基金。

For the first time, we will incorporate the third-party funds into this business. Through this fund, which has a total scale of USD2.5 billion, we will expand our investment, including those in a large-scale project. ORIX will contribute 60% and QIA, Qatar Investment Authority, 40%. The main investment target will be business section type deals, privatization of listed companies and carve-outs with an expected investment size of JPY30 billion or larger in EV project. We will intend to continue strengthening our asset management function, including our business segments.

我們將首次把第三方資金引入這項業務。透過這筆總額達 25 億美元的基金，我們將擴大投資範圍，包括對大型專案的投資。ORIX 將出資 60%，卡達投資局 (QIA) 將出資 40%。主要投資目標將是業務板塊交易、上市公司私有化和業務剝離，預計在電動車專案上的投資規模將達到 300 億日圓或以上。我們將繼續加強資產管理職能，包括我們的業務部門。

The third point is our future business expansion with Hilco Global. In September, we acquired a US company, Hilco, a subsidiary. Hilco provides services globally such as evaluation and disposal of mobile assets like inventory and equipment, intangible assets like IP and trademarks and ABL asset-backed lending. ORIX USA will position Hilco as a platform for creation of ABL investment fund, strengthening its origination capability and expand private credit business.

第三點是我們未來與 Hilco Global 的業務拓展。9 月份，我們收購了美國公司 Hilco，一家子公司。Hilco 在全球範圍內提供服務，例如評估和處置行動資產（如庫存和設備）、無形資產（如智慧財產權和商標）以及 ABL 資產抵押貸款。ORIX USA 將把 Hilco 定位為創建 ABL 投資基金的平台，加強其貸款發起能力並擴大私人信貸業務。

Similar to the domestic PE fund mentioned earlier, this is a strategic investment to aid expansion of our asset management business. And further, Hilco's asset evaluation services are a countercyclical business. In an uncertain economic environment, we believe we have acquired a fee-based business at a good time. Hilco's evaluation capability, asset disposal expertise will be utilized in assessing risk as we expand credit globally.

與前面提到的國內私募股權基金類似，這是一項策略性投資，旨在幫助我們擴大資產管理業務。此外，Hilco 的資產評估服務是一項反週期業務。在當前經濟環境不明朗的情況下，我們認為我們收購這家收費型企業的時機恰到好處。隨著我們在全球擴展信貸業務，我們將利用 Hilco 的評估能力和資產處置專業知識來評估風險。

The fourth point, Osaka IR project, integrated resort. We aim to open the IR in Osaka City around the fall of 2030 and construction began in April of this year. In September, some changes were made in existing plan. Primarily, these involve higher costs after taking inflation into account from currently JPY1.27 trillion to approximately JPY1.51 trillion. After carefully reviewing business income and expenditure plan, we believe that the higher cost will not significantly impact the project profitability.

第四點，大阪IR項目，綜合度假村。我們計劃於 2030 年秋季左右在大阪市開設綜合度假村，建設工作已於今年 4 月開始。9月份，對現有計畫進行了一些修改。首先，考慮到通貨膨脹因素，這些成本將從目前的 1.27 兆日圓增加到約 1.51 兆日圓。經過仔細審查業務收支計劃，我們認為較高的成本不會對專案獲利能力產生重大影響。

The Osaka-Kansai Expo concluded successfully in October. We were able to confirm growing inbound demand in the Osaka, Kansai area with many foreign tourists visiting -- in Osaka, which is also a birth space of ORIX. In the Kansai area, we are engaged in the development and operation of our sales office with offer financial -- which offer financial services, Kansai three airports and Umekita project and (inaudible). We also operate the business such as hotels and inns, we will maximize synergies by adding Osaka IR to these resources.

大阪關西博覽會10月圓滿落幕。我們證實，大阪、關西地區的入境旅遊需求不斷增長，許多外國遊客前來觀光——大阪也是歐力士集團的誕生地。在關西地區，我們致力於開發和營運銷售辦事處，提供金融服務，包括關西三大機場和梅北計畫。（聽不清楚）我們也經營旅館和旅館等業務，將大阪IR納入這些資源，我們將最大限度地發揮協同效應。

Finally, my final point is portfolio optimization. As I discussed in May, the most important measures to achieve our ROE target are disciplined portfolio management and sophisticated risk management and new business creation, those 3 points. We have begun utilizing a dashboard to visualize the status of our business portfolio in finer detail and are progressing with our portfolio optimization.

最後，我的最後一點是投資組合優化。正如我在五月討論的那樣，實現我們 ROE 目標的最重要措施是嚴格的投資組合管理、完善的風險管理和新業務創造，這三點。我們已開始利用儀表板來更詳細地視覺化我們的業務組合狀態，並且正在推進我們的業務組合優化。

We have sold all of -- all or partial shares in Greenko Energy, ORIX Credit and Ormat and Nissay Leasing, Canara Robeco and other businesses. We will continue to review our portfolio based on our four criteria: growth potential, capital efficiency and impact on credit rating and group synergies. We will continue to revisit our portfolio. And furthermore, in July, ORIX Bank paid a dividend of JPY30 billion to ORIX Group. We will also optimize the capital scale of other group companies, not just the bank.

我們已經出售了 Greenko Energy、ORIX Credit、Ormat、Nissay Leasing、Canara Robeco 和其他企業的全部或部分股份。我們將繼續根據以下四個標準審查我們的投資組合：成長潛力、資本效率、對信用評級的影響以及集團協同效應。我們將繼續審視我們的投資組合。此外，7 月份，歐力士銀行向歐力士集團支付了 300 億日圓的股息。我們不僅會優化銀行，還會優化集團其他公司的資本規模。

As of the end of September 2025, the AUM became JPY88 trillion, bringing us one step closer to the medium-term target of JPY100 trillion. We will also continue to proceed with the transition to an asset-light portfolio. Out of the plan that we disclosed in the mid- to long-term corporate value enhancement is in ROE in order to further improve the efficiency of the capital use.

截至 2025 年 9 月底，資產管理規模達到 88 兆日元，使我們離 100 兆日圓的中期目標更近了一步。我們將繼續推動向輕資產投資組合的轉型。我們在中長期企業價值提升計畫中揭露的措施是提高淨資產收益率，以進一步提高資本使用效率。

And all the measures that I mentioned that we carried out in the last six months is a good sign that we are making the right stride toward achieving a midterm business plan. We will continue to work toward achieving a midterm business plan and to achieve the long-term vision through various tactics and measures. That's all from me.

我提到的我們在過去六個月中採取的所有措施都是一個好兆頭，表明我們正朝著實現中期商業計劃的方向邁出正確的步伐。我們將繼續努力實現中期業務計劃，並透過各種策略和措施實現長期願景。我的內容就這些了。

Next, Yamamoto will explain about the most recent financial results.

接下來，山本將介紹最新的財務表現。

Please go to the page 5 of the presentation material. First, I would like to talk about the first half results and an upgrade -- update to our full-year forecast. Net income for the first half was JPY271.1 billion, a record high for the first half year and an increase of JPY88.2 billion, up 48% compared to the same period last year. At first half, we achieved a healthy 71. -- initial full-year net income forecast and ROE reached an annualized figure of 12.7%. This is a result of a contribution from gains of sales and valuation gains from a large exit deals such as Greenko Energy.

請翻到簡報資料的第5頁。首先，我想談談上半年的業績以及我們全年預測的更新。上半年淨利為2,711億日元，創上半年歷史新高，較去年同期成長882億日元，增幅達48%。上半年，我們實現了健康的 71.——全年淨利預測，年化淨資產收益率達到 12.7%。這是由於銷售收益和大型退出交易（例如 Greenko Energy）的估值收益所致。

As explained by our President, our forecast reflects that our efforts to enhance profitability through portfolio optimization and beginning to bear results. And we raised our full year profit forecast upward -- as our COO, Takahashi explained, and full year profit forecast is JPY440 billion, expanded the share buyback program to JPY150 billion. Our full year ROE is forecasted at 10.3%, an increase of 1.3 percentage point compared to the same period last year.

正如我們總裁所解釋的那樣，我們的預測反映出，我們透過優化投資組合來提高獲利能力的努力已經開始取得成效。我們提高了全年利潤預期——正如我們的營運長高橋所解釋的那樣，全年利潤預期為 4400 億日元，並將股票回購計劃擴大到 1500 億日元。我們預計全年淨資產收益率為 10.3%，比去年同期成長 1.3 個百分點。

Second point is the three categories: earning and capital recycling. First half, all three categories: finance, operation, and investment booked profit growth year on year and ROE improved. And even excluding a gain on the sales of Greenko, first half ROE was healthy at around 10%, exceeding the previous full fiscal year ending in the March 2025 level that was 8.8%.

第二點是三個類別：獲利和資本循環。上半年，財務、營運和投資三大類別的利潤均較去年同期成長，淨資產收益率也得到提高。即使不計入 Greenko 的銷售收益，上半年的淨資產收益率也達到了 10% 左右，超過了截至 2025 年 3 月的上一完整財年的 8.8%。

The third point is shareholder returns. In line with the upward revision of net income forecast, should ORIX achieve a full fiscal year net income target of JPY440 billion. DPS forecast will increase from JPY132.13 to JPY153.67. The share buyback program also expanded from JPY100 billion to JPY150 billion. At the end of October, JPY78 billion has already been repurchased, representing 78 progress rate toward our previous JPY100 billion.

第三點是股東回報。根據淨利潤預測的上調，如果歐力士集團能夠實現全年淨利潤目標4400億日元，則DPS將…預測值將從132.13日圓上調至153.67日圓。股票回購計畫規模也從1,000億日圓擴大至1,500億日圓。截至 10 月底，已回購 780 億日元，距離我們先前 1,000 億日圓的目標已完成 78%。

Page 6. Here, I'll explain the details of revision of our earnings forecast and expansion of shareholder returns mentioned earlier. Based on the stellar performance in the first half and the current business environment, we have revised our forecast and second half earnings, especially -- specifically, we raised the pretax profit forecast from JPY540 billion to JPY640 billion, net income forecast from JPY380 billion to JPY440 billion. This represents an increase of JPY100 billion and JPY60 billion, respectively, on increase. As a result, we forecast a full year EPS of JPY394. ROE will improve to 10.3%.

第6頁。在這裡，我將詳細解釋前面提到的獲利預測修訂和股東回報擴大計畫。基於上半年的出色表現和當前的商業環境，我們修改了下半年的預測和收益，特別是——具體而言，我們將稅前利潤預測從 5400 億日元上調至 6400 億日元，淨利潤預測從 3800 億日元上調至 4400 億日元。這分別代表增加了1000億日元和600億日元。因此，我們預測全年每股收益為 394 日圓。淨資產收益率將提高至10.3%。

Outlined earlier, we raised our full-year dividend forecast accordingly, expanded share buyback program. Total shareholder return should reach JPY320.7 billion. Total payout ratio expected to rise from 65% to 73%. While improving ROE and maintaining a healthy D/E ratio, ORIX also aims to expand AUM.

如前所述，我們相應地提高了全年股息預期，並擴大了股票回購計畫。股東總回報應達3207億日圓。預計總派息率將從 65% 上升至 73%。在提高淨資產收益率和維持健康的負債權益比率的同時，歐力士也致力於擴大資產管理規模。

As our COO, Takahashi mentioned, total group AUM reached JPY88 trillion at the end of first half. Addition to growth in the traditional asset AUM such as Robeco, which has performed very well, ORIX aims to expand its AUM in an asset-light fashion and that's not overly reliant on our balance sheet.

正如我們的營運長高橋所提到的，截至上半年末，集團總資產管理規模達到88兆日圓。除了 Robeco 等傳統資產管理規模的成長（該公司表現非常出色）之外，ORIX 還計劃以輕資產的方式擴大其資產管理規模，這種方式不會過度依賴我們的資產負債表。

Please go to page 7. And also, we newly announced a joint PE fund with QIA. The page shows the first half results for the three categories and for both previous year and this year and segment profit, pretax profit, net income shown at the bottom. Pretax profit for the first half was JPY391.5 billion, an increase of JPY134.5 billion compared to the same period last year. Like the net income, it reached a record high.

請翻到第7頁。此外，我們也宣布與卡達投資局 (QIA) 成立聯合私募股權基金。頁面顯示了三個類別的上半年業績，包括上一年和今年的業績，底部顯示了分部利潤、稅前利潤和淨收入。上半年稅前利潤為3,915億日元，較去年同期增加1,345億日圓。與淨收入一樣，它也創下了歷史新高。

We implemented capital recycling, not only in the investment category, which achieved a large exit, but also in finance and operation category. All three categories achieved a profit growth year on year.

我們實施了資本循環利用，不僅在投資領域實現了大規模退出，而且在財務和營運領域也實施了資本循環。這三個類別均實現了同比增長。

This page shows the first half results for previous current year, three categories. Investment on top to bottom. And the dark blue represents finance. Our profit increased 8% year on year, JPY99.6 billion, progress rate of 55% versus full year target.

本頁顯示上年度上半年的業績，分為三個類別。從上到下全面投資。深藍色代表金融。我們的利潤年增 8%，達到 996 億日元，完成全年目標的進度為 55%。

Gross investment income was strong in the Insurance segment. Asia, Australia saw steady increase in financial income from leases and loans. In addition, as a part of portfolio optimization, contribution from the sales of ORIX Asset Management and Loan Services Corporation, Nissay Lease shares also contributed to the profit gain.

保險業務部門的總投資收益表現強勁。亞洲和澳洲的租賃和貸款收入穩定成長。此外，作為投資組合優化的一部分，ORIX資產管理及貸款服務公司、Nissay Lease股份的出售也為利潤成長做出了貢獻。

Next, the light blue part represents operation. Profit increased by 9% year on year to JPY114.9 billion with a progress rate of 48% versus our forecast, which we raised by JPY10 billion. Business driven by inbound tourism demand such as Kansai Airports and real estate operation at Inns and hotels continue to perform well. Strong used car market helped auto business with Rentec capture the demand for Windows 11 replacement PCs. Both businesses saw growth increased profit.

接下來，淺藍色部分代表操作。利潤年增 9% 至 1,149 億日元，比我們先前預測的水平高出 100 億日元，完成率為 48%。受入境旅遊需求驅動的業務，例如關西機場和旅館、酒店的房地產運營，繼續表現良好。強勁的二手車市場幫助汽車企業 Rentec 抓住了對 Windows 11 替換電腦的需求。兩家企業都實現了成長，利潤也隨之提高。

Environment and Energy Segment, the gain on the sales of Zeeklite, which operates the waste and final disposal side also losses profit. The pink represents investment. Profit was up sharply, 117% year-on-year to JPY194.9 billion. The sales of Hotel Universal Port VITA in the first quarter and Greenko in the second quarter as well as a gain from the sales of shares of NYSE-listed renewable energy company, Ormat contributed to this increase.

環境與能源板塊，負責廢棄物和最終處置業務的 Zeeklite 的銷售收益也出現虧損。粉色代表投資。利潤大幅成長，年增117%，達到1,949億日圓。第一季 Hotel Universal Port VITA 的銷售額和第二季 Greenko 的銷售額，以及紐約證券交易所上市的再生能源公司 Ormat 的股票銷售收益，都促成了這一成長。

In addition, performance of domestic PE investments such as Toshiba was strong, leading to higher profit contribution. As a result, segment profit, pretax profit and net income all increased by 42%, 52% and 48%, respectively.

此外，東芝等國內私募股權投資表現強勁，帶來了更高的利潤貢獻。因此，分部利潤、稅前利潤和淨收入分別成長了 42%、52% 和 48%。

Next, please look at page 8. Now on this page, I explain ROE, shareholders' equity for each of the three categories. You see on the right, at the end of previous year, shareholders' equity was JPY4.1 trillion, while annualized ROE was 8.8%. For first half this year, these figures were JPY4.4 trillion and JPY12.7 trillion, respectively.

接下來，請看第 8 頁。現在，在此頁面中，我將分別解釋這三個類別的 ROE 和股東權益。從右側可以看出，去年年底，股東權益為 4.1 兆日圓，而年化 ROE 為 8.8%。今年上半年，這兩個數字分別為4.4兆日圓和12.7兆日圓。

Please look at the graph on the right. The dark blue ROE of finance improved from 8.3% at the end of the previous period to 8.5%. The allocated capital finance is JPY1.8 trillion. Now light blue ROE in the operation category improved from 13.5% to 14% due to the sale of subsidiaries and other factors. Allocated capital here is JPY1.3 trillion.

請看右邊的圖表。金融領域的深藍 ROE 從上一期末的 8.3% 提高到 8.5%。分配的資本融資額為1.8兆日圓。由於出售子公司和其他因素，淺藍色業務的營運類股本回報率從 13.5% 提高到 14%。此處分配的資本為1.3兆日圓。

And then pink ROE in the investment category rose significantly from 7.4% to 16.6% due to sales of Greenko and hotels, allocated capital is JPY1.6 trillion. The total allocated capital for three categories is JPY4.7 trillion, which is slightly different from shareholders' equity amount of JPY4.4 trillion on a consolidated BS. As explained last time, this is because of the allocated capital is a management accounting figure.

然後，由於 Greenko 和酒店的出售，投資類別的粉紅 ROE 從 7.4% 大幅上升至 16.6%，分配資本為 1.6 兆日元。三類資本總額為4.7兆日圓，與合併資產負債表上的股東權益金額4.4兆日圓略有不同。如上次所述，這是因為分配資本是一個管理會計資料。

Next page shows ROA and asset for the three categories. With the start of portfolio optimization, total asset ROA improved by 1.03% from the end of previous period to 3.15%. The ROA for the investment category improved significantly for the reason that I just outlined. ROA for the both finance, operation category also improved in first half.

下一頁顯示了這三個類別的資產報酬率和資產規模。隨著投資組合優化的開始，總資產收益率較上期末提高了 1.03%，達到 3.15%。正如我剛才所述，投資類別的資產回報率 (ROA) 顯著提高。上半年，財務和營運類別的資產回報率均有所提高。

This page shows the progress of capital recycling. In the first half, we recorded a capital gains of JPY157.1 billion. We had cash inflows from sales amounting JPY500 billion. Major asset sales included Greenko Energy, that was a cash in of JPY178.9 billion, capital gain JPY95 billion. And Hotel Universal Port VITA, cash in about JPY34 billion, capital gain JPY21.9 billion. We also sold ORIX Asset Management and Loan Services Group and Nissay Lease in the Corporate Finance Business segment too, and Zeeklite in Environment and Energy segment too.

本頁展示了資本循環利用的進展。上半年，我們錄得資本利得1571億日圓。我們從銷售中獲得的現金流入達5,000億日圓。主要資產出售包括 Greenko Energy，獲得現金 1,789 億日元，資本利得 950 億日圓。而環球影城港維塔酒店，現金流入約340億日元，資本利得219億日圓。我們也出售了企業融資業務部門的 ORIX 資產管理及貸款服務集團和 Nissay Lease，以及環境和能源部門的 Zeeklite。

In all three categories of finance, operation, investment, we flexibly recycled capital to optimize our portfolio while balancing new investment. Cash outflows from new investments amounted to JPY470 billion. The main new investments made in the first half were Hilco Global, JPY776 million and convertible bonds for the next-generation energy company, AM Green. Hilco Global is a leading asset appraisal company in the United States and a platform for asset-based lending.

在財務、營運、投資這三大類別中，我們靈活地循環利用資本，以優化我們的投資組合，同時兼顧新的投資。新投資的現金流出金額達4700億日圓。上半年的主要新投資包括對 Hilco Global 的 7.76 億日圓投資以及對下一代能源公司 AM Green 的可轉換債券。Hilco Global 是美國領先的資產評估公司和資產抵押貸款平台。

Additionally, we made a PE investment in specialty capsule toy retailer, LULUARQ as well as new purchases of aircraft where prices are favorable and new investments in logistics. We also made additional investments in Osaka Integrated Resort project as planned. We continue to have a promising investment pipeline for the future and will carefully select projects.

此外，我們也對專業扭蛋玩具零售商 LULUARQ 進行了私募股權投資，並在價格有利的情況下購買了新飛機，以及對物流進行了新的投資。我們也按計畫對大阪綜合度假區計畫追加了投資。我們未來仍有大量前景良好的投資項目，並將謹慎選擇項目。

For the year, fiscal year '26, we forecast realization and new investments of between JPY600 billion to JPY800 billion. By flexibly recycling capital in all three categories in a well-balanced manner, we will, as Mr. Takahashi explained, work to optimize our portfolio.

對於 2026 財年，我們預測實現和新增投資額在 6,000 億日圓至 8,000 億日圓之間。正如高橋先生所解釋的那樣，我們將透過在所有三個類別中靈活、均衡地循環利用資本，努力優化我們的投資組合。

Page 11 is about our financial strategy. This shows the important balance sheet items and the breakdown on the left and the key indicators from the perspective of financial soundness on the right.

第 11 頁是關於我們的財務策略。左側顯示了重要的資產負債表項目及其細分，右側顯示了從財務穩健性角度來看的關鍵指標。

In the table on the left, you can see the total assets increased by JPY738 billion compared to the end of FY25, with half of about JPY600 billion amount, excluding FX effects due to the US-related factors. The remainder was primarily caused by asset growth in the Insurance segment, which saw strong sales of single premium whole life insurance, JPY131.4 billion and at ORIX Bank, which increased the new execution of the real estate investment loans, JPY109 billion.

從左側的表格可以看出，與 2025 財年末相比，總資產增加了 7,380 億日圓，其中約 6,000 億日圓為一半，不包括受美國相關因素影響的匯率波動。其餘部分主要由保險業務的資產成長所致，其中一次性躉繳終身壽險銷售額強勁成長，達到 1,314 億日圓；此外，歐力士銀行新增房地產投資貸款額達 1,090 億日圓。

Next, short-term and long-term debt deposit increased by JPY416.9 billion, mainly due to higher deposit at ORIX Bank and issuance of the corporate bond. We continue to diversify our funding methods and currencies and have realized competitive funding cost levels through this and maintaining a stable ratio of the long-term debt. Insurance contract liabilities and policyholder reserves decreased by JPY223.2 billion, mainly due to the lower liabilities from the higher discount rate for insurance contract liabilities. This was offset by the increase in single premium insurance policyholder accounts.

其次，短期和長期債務存款增加了4169億日元，主要原因是ORIX銀行存款增加以及公司債發行。我們不斷實現融資方式和貨幣的多元化，並透過這種方式實現了具有競爭力的融資成本水平，並維持了長期債務的穩定比例。保險合約負債和保單持有人準備金減少了2,232億日元，這主要是由於保險合約負債折現率提高導致負債減少。一次性繳清保費的保險保單持有人帳戶數量的增加抵消了這一影響。

Of the JPY351.9 billion increase in shareholder equity in the row below, JPY223.2 billion is due to the lower insurance contract liabilities and policyholder accounts explained earlier. Other factors contributed to the increase of the shareholders' equity are mainly net income. Debt-to-equity ratio was steady at 1.5 times.

在下文所示的股東權益增加 3,519 億日圓中，有 2,232 億日圓是由於前面解釋過的保險合約負債和保單持有人帳戶減少所致。股東權益增加的其他因素主要是淨利。負債權益比率穩定在 1.5 倍。

Looking to the graph at the right, we maintained the capital utilization rate at an appropriate level in the 90% range as a result of the capital recycling in the first half. This has helped us sustain an A-level credit ratings at global agencies. While yen funding rates are gradually increasing, including those for the bank group deposits, our overseas currency-based funding costs, mostly US dollars remain in downtrend. We are working to reduce our cost of capital by keeping competitive A-level credit ratings and by utilized diversified funding source.

從右側的圖表可以看出，由於上半年資金的循環利用，我們將資金利用率維持在了 90% 左右的適當水平。這幫助我們在全球評級機構中保持了A級信用評級。儘管日圓融資利率（包括銀行集團存款的融資利率）正在逐步上升，但我們的海外貨幣融資成本（主要是美元）仍處於下降趨勢。我們正努力透過保持具有競爭力的 A 級信用評級和利用多元化的融資來源來降低資本成本。

Pages 12 and 13 are segment summaries. Please refer to the slides from the pages 16 and onwards for details. Links to supplementary financial materials and the integrated report are included in these slides for your reference. First, segment profits for the Corporate Financial Services and Maintenance Leasing segment increased by JPY13.1 billion or 29% to JPY58.6 billion. Corporate Financial Services posted significant growth, thanks to the sale of ORIX Asset Management and Loan Services Corporation and Nissay Lease in Q2.

第 12 頁和第 13 頁是章節概要。詳情請參閱第 16 頁及以後的投影片。這些幻燈片中包含了補充財務資料和綜合報告的鏈接，供您參考。首先，企業金融服務和維護租賃業務部門的利潤增加了131億日元，增幅達29%，達到586億日元。由於第二季出售了 ORIX 資產管理和貸款服務公司以及 Nissay Lease，企業金融服務實現了顯著成長。

Growth in various fee revenues was also positive. The Auto business continued to enjoy robust used car sales, achieving a record high profit for the first half. Rentec profit grew on higher rentals from ICT equipment inventories fueled by demand for Windows 11 PC replacement. Although asset for Auto and Rentec increased due to new executions in car leasing and PC rentals, the sale of ORIX Asset Management and Loan Services Corporation reduced the total segment assets by JPY29.2 billion versus the previous year, totaling JPY1,855.3 billion.

各項費用收入也實現了正成長。汽車業務持續保持強勁的二手車銷售勢頭，上半年利潤創歷史新高。由於對 Windows 11 PC 更換的需求推動了 ICT 設備庫存租賃收入的增加，Rentec 的利潤也隨之增長。儘管汽車租賃和個人電腦租賃業務的新執行使汽車和租賃業務的資產有所增加，但出售 ORIX 資產管理和貸款服務公司使該部門的總資產較上年減少了 292 億日元，總計 18553 億日元。

Second, the Real Estate segment's profit decreased by JPY1.3 billion, 3% year on year to JPY49.1 billion. The RE Investment and Facilities Operation units saw significant increase in profits from hotel and inn operations in addition to the sale of the Universal Port VITA. However, profits were down slightly year-on-year due to the previous year's gain from the sale of Hundred Circus. Meanwhile, the profits at Daikyo units increased on the sale of rental apartments, properties and other factors.

其次，房地產業務利潤年減13億日圓，降幅為3%，至491億日圓。除了出售 Universal Port VITA 外，房地產投資和設施營運部門的飯店和旅館營運利潤也大幅增加。然而，由於去年出售百人馬戲團獲得了收益，利潤比去年同期略有下降。同時，大京集團旗下各單位的利潤因出租公寓、房產及其他因素的出售而增加。

Real Estate segment assets remained flat compared to the end of previous fiscal year. In addition, in response to the expanding investor demand, we increased asset size of our first equipment -- equity commitment type real estate value-add fund established in January this year from JPY100 billion to JPY120 billion. Please refer to page 18 of the Real Estate.

與上一財年末相比，房地產板塊資產保持穩定。此外，為了響應不斷增長的投資者需求，我們將今年 1 月成立的首支設備型——股權承諾型房地產增值基金的資產規模從 1,000 億日圓增加到 1,200 億日圓。請參閱房地產手冊第18頁。

The third is PE Investment and Concession. Segment profit increased by JPY9.7 billion or 21% year on year to JPY56.7 billion. PE Investment unit enjoyed steady performance of the investees such as Toshiba and DHC, resulting in higher profits even after considering the previous year's gain. Regarding the domestic PE fund information with the Qatar Investment Authority mentioned by Takahashi, you'll find the details on page 20.

第三類是私募股權投資和特許經營。分部獲利年增97億日圓，增幅21%，達567億日圓。投資部門受益於東芝和DHC等被投資企業的穩定表現，即使考慮到上一年的收益，也實現了更高的利潤。關於高橋提到的卡達投資局的國內私募股權基金信息，詳情請見第 20 頁。

The Concession unit saw a significant increase in profits, as Kansai Airports continue to perform well. Please refer to page 45 for related data, such as passenger numbers.

由於關西機場持續表現良好，特許經營部門的利潤也大幅增加。有關乘客人數等相關數據，請參閱第 45 頁。

The segment assets for PE Investment and Concession increased by JPY31.9 billion versus the end of fiscal year '25, totaling JPY1.548 trillion. The main reason was the new investment in LULUARQ and increased profit contribution from the investees, leading to an increase in equity method.

私募股權投資和特許經營業務的資產較 2025 財年末增加了 319 億日圓，總額達到 1.548 兆日圓。主要原因是 LULUARQ 的新投資以及被投資企業利潤貢獻的增加，導致權益法收支增加。

Fourth, Environment and Energy segment profit increased by JPY117.3 billion year on year to JPY119.7 billion. Profit was bolstered by sale of Greenko Energy, which resulted in gains on sale and valuation gains as well as gains from the sale of shares of Ormat. Additionally, the domestic electricity retail business enjoyed both higher sales volume and unit price. Segment asset decreased by JPY38.8 billion from the previous year-end to JPY977.4 billion because of the progress in capital recycling.

第四，環境與能源業務部門獲利年增1,173億日元，達到1,197億日圓。出售 Greenko Energy 帶來了出售收益和估值收益，以及出售 Ormat 股份帶來的收益，從而提高了利潤。此外，國內電力零售業務的銷售和單價均有所提高。由於資本循環利用取得進展，分部資產較上年末減少388億日元，至9,774億日圓。

The fifth is Insurance segment profit increased by JPY10 billion or 24% to JPY50.9 billion. Continuing the recent trend, asset income rose sharply on growth in investment assets in effort to diversify portfolio management. In terms of business, both the single premium wholesale life insurance Moonshot and revamped income protection insurance Keep Up launched this June are selling well. Insurance segment assets increased by JPY131.4 billion versus end of FY25 to JPY3,140.6 billion.

第五項是保險業務利潤增加100億日元，增幅24%，達到509億日圓。延續近期的趨勢，為實現投資組合多元化，投資資產成長帶動資產收益大幅上升。從業務角度來看，無論是今年 6 月推出的躉繳保費批發人壽保險 Moonshot，還是經過改進的收入保障保險 Keep Up，銷售情況都很好。保險業務資產較 2025 財年末增加 1,314 億日元，達 3,1406 億日圓。

Sixth, the Banking and Credit segment profit decreased by JPY600 million or 5% year on year to JPY12.5 billion. Amid rising interest rates, while deposit procurement costs are increasing, the asset management yield is also improving. The main reason for the decrease versus the first half FY25 is the recording of the losses from the sale of public and corporate bonds in Q2 to improve bond portfolio quality.

第六，銀行和信貸業務利潤年減6億日圓或5%，至125億日圓。在利率上升、存款獲取成本增加的同時，資產管理收益率也正在提高。與 2025 財年上半年相比下降的主要原因是，第二季出售公營和公司債以提高債券組合品質而產生的損失被計入帳內。

Banking and Credit segment assets increased by JPY109 billion versus the end of FY25 to JPY3,253.6 billion. Both investment real estate loans and the merchant banking business saw increase in new executions. As explained in Q1, ORIX Bank paid parent group a dividend of JPY30 billion in July to optimize in capital size.

銀行和信貸部門資產較 2025 財年末增加 1,090 億日元，達 3,2,536 億日圓。投資性房地產貸款和商業銀行業務的新貸款發放量均增加。正如第一季所述，ORIX 銀行在 7 月向母公司支付了 300 億日圓的股息，以優化資本規模。

Seventh, the Aircraft and Ships segment profit decreased by JPY10.1 billion or 31% year on year to JPY22 billion. Aircraft leasing profit for the first half was roughly in line with the previous year. But with lease rates remaining high, the number of owned aircraft increased and the business climate as a whole is positive.

第七，飛機和船舶業務部門利潤年減101億日圓，降幅達31%，至220億日圓。上半年飛機租賃利潤與去年同期基本持平。但由於租賃價格居高不下，自有飛機數量增加，整體商業環境仍樂觀。

Avolon profit rose year-on-year, partly due to the contributions from Castlelake, which was acquired in January this year. Profits in ships unit was lower year-on-year on the absence of higher charter fees from certain contracts last year, reflecting the impact of marine shipping prices. Segment assets increased by JPY24.1 billion versus the end of FY25 to JPY1,256.1 billion, owing to aircraft purchases.

Avolon 的利潤年增，部分原因是今年 1 月收購的 Castlelake 的貢獻。由於去年某些合約的租金上漲，船舶業務部門的利潤同比下降，這反映了海運價格的影響。由於購買飛機，分部資產較 2025 財年末增加 241 億日元，達 12,561 億日圓。

Segment number 8, is ORIX USA. ORIX USA segment profit decreased by JPY18.1 billion year on year, resulting in a loss of JPY1.8 billion. Compared to the same period last year, the main reasons for the substantial profit decline were absence of reversals of the provisions recorded in last year, a decrease in capital gains and the booking of credit cost and impairment in the first half this year.

第 8 部分是 ORIX USA。ORIX USA業務部門獲利年減181億日圓，導致虧損18億日圓。與去年同期相比，利潤大幅下降的主要原因是去年提列的準備金沒有被沖回，資本利得減少，以及今年上半年提列了信貸成本和減損損失。

The credit losses and impairments stem from the real estate financing originated during the period of monetary easing during the pandemic and legacy assets from before that. The extended period of the elevated interest rate inflation and uncertain economic conditions in the US negatively impacted these assets. More recently, based on our disciplined investment policy, we have conservatively chosen deals, and thus have no exposure to the First Brands Group or Tricolor Holdings.

信貸損失和減損源自於疫情期間貨幣寬鬆政策下的房地產融資以及疫情之前的遺留資產。美國長期高利率通膨和不確定的經濟狀況對這些資產產生了負面影響。最近，根據我們嚴謹的投資政策，我們謹慎地選擇了交易，因此沒有持有 First Brands Group 或 Tricolor Holdings 的任何股份。

Please see pages 30, 31 and 32 in this presentation for more details. Excluding the Hilco Global segment assets in US dollars shrunk from JPY12.2 billion at the end of March '23 to JPY11.3 billion at the end of September 2025. With the addition of -- this is a decline of 7.4% in the past 2.5 years. With the addition of Hilco as a subsidiary, we will review the ORIX USA business portfolio and continue to responsibly manage the portfolio while controlling asset risk -- asset size.

更多詳情請參閱本簡報第 30、31 及 32 頁。不包括 Hilco Global 部門的資產（以美元計），從 2023 年 3 月底的 122 億日圓縮水至 2025 年 9 月底的 113 億日圓。加上——這意味著過去2.5年下降了7.4%。隨著 Hilco 成為子公司，我們將審查 ORIX USA 的業務組合，並繼續負責任地管理該組合，同時控制資產風險——資產規模。

Uncertainty persists in the operating environment for ORIX USA. And we are conservatively reviewing our full fiscal year forecast for ORIX USA compared to the initial plan.

ORIX USA的經營環境仍存在不確定性。我們正在保守地重新評估 ORIX USA 的整個財年預測，並與最初的計劃進行比較。

Next is ORIX Europe. Segment profit increased by JPY1.3 billion or 6% year on year to JPY22.1 billion. Net fund inflows grew, thanks to the favorable global capital markets and AUM rose to a record high of EUR 425 billion. This resulted in higher profits even after adjusting for performance fees booked in the same period last year. ORIX Europe assets were flat year on year, excluding the currency impacts.

接下來是歐力士歐洲公司。分部獲利年增13億日圓，增幅6%，達221億日圓。由於有利的全球資本市場，淨資金流入成長，資產管理規模 (AUM) 升至創紀錄的 4,250 億歐元。即使扣除去年同期計入的演出費，利潤仍然更高。剔除匯率影響，ORIX Europe 的資產與去年同期持平。

Finally, Asia and Australia. Segment profit increased by JPY600 million or 3% year on year to JPY19.7 billion. In Greater China, profit contributions from investees decreased versus the same period last year. We maintained a constrained investment stance and reduced our exposure to -- in both leases and investments. Meanwhile, the financial income increased in countries such as Singapore, India and Australia, resulting in higher profits.

最後是亞洲和澳洲。分部獲利年增6億日元，增幅3%，達197億日圓。在大中華區，被投資企業的獲利貢獻較去年同期下降。我們保持了謹慎的投資策略，並減少了在租賃和投資方面的風險敞口。同時，新加坡、印度和澳洲等國的金融收入增加，從而帶來了更高的利潤。

Segment assets increased by JPY15.5 billion versus the end of fiscal year '25 to JPY1,741.1 billion. The main reason was the FX impact, but the breakdown shows a decrease in assets in Greater China region, while there was an increase in Australia and India. And that concludes each segment explanation.

與 2025 財年末相比，分部資產增加了 155 億日元，達到 1,7,411 億日圓。主要原因是匯率波動，但細分數據顯示大中華區資產減少，而澳洲和印度資產增加。至此，每個部分的解釋就結束了。

Next is page 14. Finally, regarding the shareholder returns and enhancing corporate value, we added JPY50 billion to JPY100 billion share buyback program announced in May for the new total of JPY150 billion. Regarding the dividends, the full year DPS forecast was raised from the previous JPY132.13 to JPY153.67, 39% increase over our full year net income target. Compared to FY25 a DPS, we expect an increase of JPY33.66 per share or 28%.

接下來是第14頁。最後，關於股東回報和提升公司價值，我們在 5 月宣布的 1,000 億日圓股票回購計畫的基礎上，又增加了 500 億日圓，使回購總額達到 1,500 億日圓。關於股息，全年每股股息預測從先前的 132.13 日圓上調至 153.67 日圓，比全年淨利潤目標成長 39%。與 2025 財年每股收益相比，我們預期每股收益將增加 33.66 日圓，增幅達 28%。

Since announcing the three-year plan and long-term vision in May, CEO, Inoue and COO, Takahashi have been engaged in a direct dialogue with institutional investors, both in Japan and overseas. We also plan to provide access to outside directors. And we are providing opportunities to have a direct dialogue from the outside director and the investors. We continue to enhance the corporate value by increasing opportunities for direct dialogue with the market regarding our most important management KPI, ROE improvement. EPS growth, which is also important and capital cost are also key areas of discussion.

自 5 月宣布三年計畫和長期願景以來，CEO 井上和 COO 高橋一直與日本和海外的機構投資者進行直接對話。我們還計劃允許外部董事參與。我們正在提供機會，讓外部董事和投資者能夠直接對話。我們不斷提升公司價值，增加與市場就我們最重要的管理KPI——ROE提升——進行直接對話的機會。EPS 成長（這也很重要）和資本成本也是討論的重點領域。

This concludes my remarks. Thank you for your attention.

我的發言到此結束。感謝您的關注。

Now we'd like to move on to the Q&A session. (Event Instructions)

現在我們進入問答環節。（活動須知）

First, from SMBC Nikko Securities, Muraki, Masao.

首先是SMBC日興證券的Muraki Masao。

Muraki from SMBC Nikko. This is a bit off from results, content briefing material, but I would like to hear more about joint investment with QIA. What led you to this joint PE establishment because in the past, you have been covering everything on your own 100% and the asset was JPY1 trillion. And do you think for the future, domestic PE, you're going to run off the existing one and balance sheet will reduce?

來自SMBC日光的村木。這與結果、內容簡報資料有些出入，但我很想了解更多與卡達投資局 (QIA) 共同投資的資訊。是什麼促使您成立這家合資私募股權基金？因為在過去，您一直都是獨自承擔所有投資，而資產規模高達 1 兆日圓。那你認為未來國內私募股權投資會減少，資產負債表規模會縮減嗎？

And the 60% holding of this new PE that you're establishing with the QIA, it will be on the addition -- net additions on the BS, right? ROE or -- do you think this will allow you to invest more in a large project. But what kind of impact would this have to the total balance?

而你透過 QIA 建立的這家新私募股權基金的 60% 持股比例，將計入資產負債表的淨增額，對吧？ROE（淨資產收益率）—你認為這將使你能夠在一個大型專案中投入更多資金嗎？但這會對整體平衡產生什麼樣的影響呢？

This is Takahashi speaking. Masao-san, let me answer, take this one. How we came about to establish a joint PE, as I explained in yesterday's announcement, almost about two years, we've been negotiating with QIA. We've always been in contact, having a dialogue with various sovereign fund and QIA was especially interested in investing in Japan. So in which field we can collaborate.

這裡是高橋先生。正雄先生，讓我來回答，你來回答這個問題。正如我在昨天的公告中所解釋的那樣，我們是如何最終成立一家聯合私募股權公司的呢？我們與卡達投資局（QIA）進行了近兩年的談判。我們一直與各主權財富基金保持聯繫和對話，而卡達投資局（QIA）對投資日本尤其感興趣。那我們可以在哪些領域合作呢？

We've been discussing that way. And we thought that the domestic PE investments is probably where we can jointly approach. So investment criteria policies, we've discussed quite a bit. And this includes a right fit to -- we have the right chemistry. That is how we came about this agreement to establish the PE.

我們一直都是這樣討論的。我們認為，國內私募股權投資可能是我們可以共同著手的領域。所以，關於投資標準政策，我們已經討論了很多。這其中就包括彼此的契合──我們之間很有默契。這就是我們達成成立私募股權協議的過程。

And regarding the running off of existing portfolio and to focus on the fund with QIA, that is not the case. As we mentioned in the press release. Our fundamental approach is enterprise value in the market cap of JPY30 billion or mid-cap larger items, we will leverage this joint fund with QIA. And this JPY2.5 billion -- JPY370 billion, that's unlevered base. So 1 times or 2 times, we will be financing.

至於清算現有投資組合並專注於 QIA 基金，情況並非如此。正如我們在新聞稿中提到的那樣。我們的基本方法是投資市值在 300 億日圓或以上的中型市值較大的企業，我們將利用這筆與卡達投資局 (QIA) 的聯合基金。而這25億日圓——3700億日元，這是未槓桿基礎。所以我們會提供一到兩次融資。

In the newspaper, I know it says that with the borrowing, we will be able to have this JPY1 trillion investment capacity, but we don't know whether we'll get there. But anything that is below JPY30 billion for market cap in investment, that's something that we will continue to handle within the balance sheet. The balance on the balance sheet is -- we do have JPY2.5 billion, 60% is what we are committing. So I don't think we will see a significant bloating of the asset balance, but we aim to maintain the balance of the current JPY1 trillion going forward.

我知道報紙上說，透過借貸，我們將能夠擁有1兆日圓的投資能力，但我們不知道我們是否能夠實現這個目標。但任何市值低於 300 億日圓的投資，我們將繼續在資產負債表內處理。資產負債表上的餘額是－我們確實有25億日元，其中60%是我們承諾的金額。所以我認為資產餘額不會大幅膨脹，但我們的目標是維持目前1兆日圓的餘額。

So far, we had a majority share. So we had a controlling share so that our target companies, we would try to keep it in consolidated accounting so that we can get benefit from profit. But for this fund, we would apply the fund accounting so then incorporate the fair market value. So the way we would incorporate the profit into our business will be different from the one that we are financing fully on our own.

目前為止，我們佔了多數份額。因此，我們持有控股權，以便我們的目標公司能夠納入合併會計系統，從而讓我們能夠從利潤中獲益。但對於這筆基金，我們將採用基金會計方法，然後納入公允市場價值。因此，我們將利潤融入我們業務的方式，會與我們完全自籌資金的業務有所不同。

I understand. Is this part of your ROE enhancement effort?

我明白。這是你們提升投資報酬率計畫的一部分嗎？

Yes, that too, plus goodwill and also recognition of intangible asset will be different, too. And also, there will be an impact on the credit rating, too. That will be eased too, I think. In the last 10 years, we've been building up a track record in the private equity area. That's one thing.

是的，這一點也不同，此外，商譽和無形資產的確認也會有所不同。此外，這也會對信用評級產生影響。我認為這種情況也會得到緩解。過去十年，我們在私募股權領域累積了良好的業績記錄。這是一件事。

And reflecting the market trend and the movement, what we are seeing more and more good quality pipeline in front of us that's building up. So incorporating that in all into our balance sheet, adding them up would impact us in various different areas. So at this timing, we wanted to leverage our third-party funds to shift to leverage third parties funds to try to capture larger, better quality deals. It would be a benefit in our long-term growth. That's our strategy.

順應市場趨勢和發展趨勢，我們看到越來越多的優質項目正在出現。因此，將這些因素全部納入我們的資產負債表，加起來會對我們各方面產生影響。因此，在這個時候，我們希望利用第三方資金，轉而利用第三方資金，以期獲得更大、更高品質的交易。這將有利於我們的長期發展。這就是我們的策略。

Next from JPMorgan Securities, Sato-san.

接下來是來自摩根大通證券的佐藤先生。

This is Sato speaking from JPMorgan. About ROE target and your commitment to that and also net assets, the balance between the two, I'd like to confirm one thing. Now the JPY50 billion increase in buyback, I think there are different reasons. But the net profit increase, most of it will be used for the shareholder return, I understand. But at the same time, there is a big impact of the interest rate.

這裡是摩根大通的佐藤。關於 ROE 目標以及您對該目標的承諾，還有淨資產，以及兩者之間的平衡，我想確認一件事。現在回購金額增加500億日元，我認為有不同的原因。但我了解到，淨利潤的成長大部分將用於股東回報。但同時，利率也產生了很大的影響。

So about this insurance with the change of the discount rate, about JPY200 billion in the six months, I think that the profit has expanded. So in comparison to the medium-term business plan, the JPY20 billion or higher needs to be enhanced so that you can achieve the ROE target.

所以，關於這項保險，由於折現率的變化，六個月內約有 2,000 億日圓的利潤增長了。因此，與中期商業計劃相比，需要增加 200 億日圓或以上的投資，才能實現 ROE 目標。

And depending on the macro environment, noncash or cash in without that, there could be some higher risks. So in that sense, in achieving the ROE in order to maintain the probability of achieving that, what kind of initiatives are you thinking of taking?

根據宏觀環境的不同，非現金交易或沒有現金流入的交易可能會帶來更高的風險。因此，從這個意義上講，為了實現預期的 ROE 並保持實現該目標的機率，您正在考慮採取哪些措施？

Thank you for your questions. Yamamoto will respond to your question.

感謝您的提問。山本會回答你的問題。

As you pointed out correctly, for this fiscal year, the interest rate higher and the discount rate, discount and also the insurance account, the net asset increase was a little more than JPY200 billion. And achieving the 11% ROE, of course, that the numerator will not naturally increase. So we have to take some measures or initiatives that will be necessary. So US accounting and Japanese accounting, there is some gap.

正如您所指出的，本財年利率較高，貼現率、折現率以及保險帳戶，淨資產增加略高於2000億日圓。當然，要達到 11% 的 ROE，分子自然不會增加。所以我們必須採取一些必要的措施或措施。所以美國會計和日本會計之間存在一些差距。

So with the shareholders and ORIX, we are trying to consider the various initiatives to be taken. So in achieving the targets of the medium term in the final year, we will be taking initiatives. As for the interest rate, I think we have come to an end of the cycle and this would stabilize. So this increase is not going to continue from now on.

因此，我們正在與股東和歐力士集團一起考慮要採取的各種措施。因此，為了在最後一年實現中期目標，我們將採取一系列措施。至於利率，我認為我們已經走到了週期的盡頭，利率將會趨於穩定。所以這種成長勢頭不會再持續下去了。

So in other words, if the interest rate comes down, the denominator will be less. So that is something that will be possible to -- make it possible to reach the ROE that we want to achieve. So we would like to monitor that closely and communicate to you. But that's something that we will be doing in the future, but the impact of this in achieving the ROE, yes, we do understand that possibilities.

換句話說，如果利率下降，分母就會減少。所以，這是有可能實現的——使之成為可能，從而達到我們想要實現的ROE（投資回報率）。因此，我們希望密切關注此事並及時與您溝通。但這是我們將來會做的事情，至於這對實現 ROE 的影響，是的，我們確實了解這種可能性。

Next Daiwa Securities, Watanabe-san.

接下來是大和證券，渡邊先生。

This is Watanabe from Daiwa. This year's lending forecast and next year's profit forecast. You said that there will be a reduction -- reduced provision for the Bank and the US business. If you have any trend outlook for the second half.

這是大和公司的渡邊。今年的貸款預測和明年的利潤預測。你說過將會減少——減少對銀行和美國業務的撥備。如果你對下半年的發展趨勢有任何預測。

For this fiscal year, you will be generating quite a significant profit. What's your outlook for the next year? Is it going to be challenging? Are you going to go with your current cruising speed? What's your thought on the next year?

本財年，您將獲得相當可觀的利潤。你對明年有何展望？這樣會很有挑戰性嗎？你打算保持目前的巡航速度嗎？你對明年有什麼想法？

Regarding ORIX Bank, regarding our debt portfolio, liability portfolio. And this is a reversal of what I mentioned about liability insurance. And various portfolio that we are maintaining for the better liquidity together with the interest rate hike, there will be more and more incurred losses.

關於歐力士銀行，關於我們的債務組合、負債組合。這和我之前提到的責任保險的情況正好相反。而我們為了提高流動性而維持的各種投資組合，加上利率上升，將會帶來越來越多的損失。

And as much as we can within the profit because we have a profit momentum, we will actively reshuffle the portfolio and recorded some losses from the sale. And this year's credit loss burden in ORIX USA, as I before mentioned, so far, in the fourth quarter, we usually check -- do the checkup of all our assets. But we are doing more flexible risk management. So we have decided to book the loss to some extent in the second quarter, too. If you could go to page 32, ORIX USA pretax profit, additional information there as well.

而且，由於我們目前獲利動能良好，我們將盡可能在獲利範圍內積極調整投資組合，並記錄一些出售造成的損失。正如我之前提到的，今年 ORIX USA 的信貸損失負擔，在第四季度，我們通常會檢查——對我們所有的資產進行檢查。但我們正在採取更靈活的風險管理方式。因此，我們也決定在第二季計入部分損失。如果您可以翻到第 32 頁，ORIX USA 稅前利潤，那裡也有更多資訊。

For portfolio, as I mentioned, because of the interest rate in the dollar would be plateaued and inflation and equity real estate business-related impact, we are recording capital gain. We are losing opportunity to record capital gain, sorry. And before COVID, we had a real estate legacy asset of the credit loss. That is now materialized. So going forward, what would happen is real estate for multifamily condominium performance.

對於投資組合而言，正如我所提到的，由於美元利率將趨於穩定，加上通貨膨脹和股票房地產業務相關影響，我們正在記錄資本利得。很遺憾，我們錯失了獲得資本利得的機會。在新冠疫情之前，我們還有一筆因信貸損失而遺留的房地產資產。現在，這一切已經成為現實。因此，未來將會出現多戶公寓房地產市場表現不佳的情況。

Interest rate hike and insurance premium increase will impact the rent. And I believe that we will need to closely monitor property management and appropriate asset monitoring, too. So those potential risk, we are quite clear at ORIX USA side. So we don't foresee this kind of situation will continue. So at least by the end of this second half or at the latest in the beginning -- within the first half of next year, we will resolve.

利率上升和保險費上漲都會影響租金。而且我認為，我們也需要密切注意物業管理和適當的資產監控。因此，ORIX USA方面對這些潛在風險非常清楚。因此，我們預計這種情況不會持續下去。所以，至少到下半年末，或最晚明年上半年，我們將解決這個問題。

We will conclude our countermeasures. And going forward, I'd like to have Takahashi to explain.

我們將結束應對措施。接下來，我希望由高橋來解釋一下。

And the second question about the next year's forecast, let me give some brief thinking about the next year. Usually, the income gains, for example, on the real estate or private equities exit, those gain from sales, we have been recording pretty much on every fiscal year, it's a recurring gain from sales. But the kind of gains from sales like divestments as Greenko that is almost like a one-off profit. So this proceeds that we received is a reason that we were able to do a share buyback in addition -- additional share buyback.

關於明年的預測，第二個問題，讓我簡單談談對明年的看法。通常情況下，例如房地產或私募股權退出帶來的收入收益，這些銷售收益，我們幾乎在每個財政年度都會記錄下來，這是一項經常性的銷售收益。但像 Greenko 這樣的資產剝離所帶來的利益，幾乎就像一次性利潤一樣。因此，我們收到的這筆收益是我們能夠進行額外股份回購的原因——額外的股份回購。

And another reason is we averaged out the EPS, and we are intending to continue to increase EPS in a linear fashion. If there is some surplus in capital, and we would use it for that. And going forward, in the next year, we'll continue to aim to realize sustainable profit growth.

另一個原因是，我們對每股盈餘進行了平均，我們打算繼續以線性方式提高每股盈餘。如果資金有盈餘，我們會將其用於盈餘用途。展望未來，在接下來的一年裡，我們將繼續致力於實現可持續的利潤成長。

So the sales from a gain, especially something in this scale of almost like a one-off would be volatile. And sometimes we do, sometimes we don't. And when we have surplus, we will leverage a buyback to continue to increase our EPS linearly. I'm not sure I'm answering your questions, but it's not that we are aiming to generate a certain amount of profit every single year. That's a bit different far from our actual business practices in reality.

因此，收益帶來的銷售額，尤其是像這種規模的、幾乎是一次性的收益，將會波動較大。有時候我們會這樣做，有時候我們不會。當我們有盈餘時，我們將利用股票回購來繼續線性提高每股盈餘。我不確定我是否回答了你的問題，但我們並不是以每年創造一定數量的利潤為目標。這與我們實際的商業實踐大相徑庭。

Next Mizuho Securities, Sakamaki-san.

接下來是瑞穗證券，坂卷先生。

Sakamaki speaking from Mizuho. I'd like to ask some questions on the forecast for the second half. On page 10, capital recycling forecast. So for this fiscal year, JPY200 billion or higher for capital gain. So compared with the past range, there could be some upside.

逆卷代表瑞穗發言。我想問一些關於下半年預測的問題。第 10 頁，資本回收預測。因此，本財年資本利得額為2000億日圓或以上。因此，與過去的區間相比，可能存在一些上漲空間。

So in the second half, the segment profit is only JPY200 billion. So how should we understand this balance between the two? If you can explain it?

因此，下半年該業務板塊的利潤僅2,000億日圓。那麼我們該如何理解這兩者之間的這種平衡呢？你能解釋一下嗎？

Yes. Thank you. On page 10, this JPY200 billion. If I may talk about this further. As you know, usually, our capital gain is about JPY100 billion.

是的。謝謝。第 10 頁，這 2000 億日圓。如果允許我再多談談這件事的話。如您所知，通常情況下，我們的資本收益約為1000億日元。

That's the normalized level. So Greenko part, JPY995 billion is added. So it's JPY200 billion. So that is on track. And the real estate market is very solid and private equity portfolio, the performance, as we mentioned, is good. So if there is good opportunities, we will invest and also realize in a very flexible manner.

這是標準化後的水平。所以，Greenko部分增加了9950億日圓。所以是2000億日元。所以一切都在按計劃進行。房地產市場非常穩健，私募股權投資組合的表現也如我們所說，良好。所以，如果有好的機會，我們會進行投資，也會以非常靈活的方式實現投資報酬。

In the second half, if you deduct that, the pretax income or revenue level, I think that's what you are referring to. We did not specify the first half and second half, but some of them were already realized in the first half. So there could be some differences. So capital gain -- about the capital gain, this is -- this can be considered as the income or the profit in other areas. I hope that answers your question.

在下半年，如果你扣除那部分，也就是稅前收入或營業額，我想這就是你指的。我們沒有具體說明上半場和下半場，但其中一些項目在上半場就已經實現了。所以可能會有一些差異。所以資本利得——關於資本利得，這可以被視為其他領域的收入或利潤。希望我的回答能解答你的疑問。

From Nomura Securities, Sasaki-san.

來自野村證券的佐佐木先生。

This is Sasaki from Nomura Securities. I have a question about your performance. This year's second half pretax profit forecast, the level is quite a bit declining versus the first half. So it looks like a JPY250 billion pretax profit. This is along the line of your base profit, but you also are going to record some capital gain as well, right?

這位是野村證券的佐佐木。我對你的表現有個問題。今年下半年的稅前利潤預測水準較上半年大幅下降。所以看起來稅前利潤是2500億日圓。這和你的基本利潤差不多，但你還要記錄一些資本收益，對吧？

I was wondering, perhaps you have some significant impairment loss or some kind of a negative factor that you're forecasting for the first half. Is my understanding correct? And regarding next year's business plan, I'm sure you're in the midst of discussion right now. If you can share as much as you can about the next year's plan, please.

我在想，或許你們預計上半年會出現一些重大減損損失或其他負面因素。我的理解正確嗎？至於明年的商業計劃，我相信你們現在正在討論中。如果您能盡可能詳細地分享明年的計劃，那就太好了。

So the first question will be answered by Yamamoto.

那麼第一個問題將由山本回答。

Regarding the first point, you're right, the base profit first half, I mentioned was quite brisk. Within our base profit, we have the profit from the company that we have invested. So that is contributing like Toshiba is performing quite well, that we have invested.

關於第一點，你說得對，我提到的上半年基礎利潤成長相當迅速。在我們的基本利潤中，包括我們投資的公司的利潤。所以，像東芝這樣表現相當不錯的公司，對我們的投資有了正面作用。

And for the second half, we have set that to the regular cruising speed, not buoyant. So for the second half, we are expecting certain base profit plus some capital gain. It is not that we are expecting some one-off significant loss.

下半程，我們將其設定為正常巡航速度，而不是浮力速度。因此，對於下半年，我們預期會有一定的基本利潤加上一些資本利得。我們並非預期會遭受一次性的重大損失。

Let me add to that. This is a bit of details, but as Yamamoto mentioned, Toshiba's performance is quite good now. And divestment of Toshiba material is recorded in Toshiba's performance. And KIOXIA's share price is quite well. So they sold a part of KIOXIA shares.

我再補充一點。這只是些細節，但正如山本所說，東芝現在的表現相當不錯。東芝剝離其資產的行動也記錄在東芝的業績中。鎧俠的股價表現相當不錯。所以他們賣了部分鎧俠（KIOXIA）的股份。

So base profit -- our size base profit and our gain from sales -- and also the income from equity method affiliate are all recorded under base profit. So what I mentioned is that there are various onetime gains that we experienced from the equity method affiliate. And those happen in the first half, and that's not necessarily a recurring income that we can continue to expect in the second half. So that's the reason.

因此，基本利潤——我們的規模基本利潤和銷售收益——以及權益法附屬公司的收入都記錄在基本利潤下。我剛才提到的是，我們從權益法聯盟行銷中獲得了各種一次性收益。這些收入都發生在上半年，但我們不一定能在下半年繼續期待這些持續的收入。這就是原因。

And you asked me about the second -- next year plans. Actually, we will start this discussion from next -- beginning of next year. What we are sharing right now to the market is ROE of 11%. And by [FY20] ending in March, -- but of course, we are creating bottom-up plans up to three years into the future.

你問我關於第二件事——明年的計畫。實際上，我們將從明年年初開始討論這個問題。我們現在向市場公佈的淨資產收益率為 11%。到 2020 財年 3 月結束時，——當然，我們正在製定長達三年的自下而上的計劃。

What we'll be discussing going forward is what went well, what didn't go well for the past year and make a rolling update to what we have established in the last March and this year's March too our MTP. We are not expecting any downward change to our initial plan. I'm sure next year will be quite positive, but the detail will be discussed from the segment leaders of each divisions. That's all.

接下來我們將討論過去一年中哪些方面做得好，哪些方面做得不好，並對我們去年三月和今年三月制定的中期計劃進行滾動更新。我們預計最初的計劃不會有任何下調。我相信明年會相當不錯，但具體細節將由各部門的負責人討論。就這樣。

May I add one more thing, please?

我可以再補充一點嗎？

Yes.

是的。

You mentioned that next year's profit can be volatile. I got the nuance in your wording. This year, 10% ROE, you need to grow the profit at a certain level. Otherwise, I don't think ROE can go up to the 10% levels. Is that okay to say that it can be volatile?

您提到明年的利潤可能會波動。我領會了你措詞中的細微差別。今年，若要達到 10% 的 ROE（淨資產收益率），你需要將利潤成長到一定水準。否則，我認為淨資產收益率不可能達到 10% 的水平。可以說它可能會不穩定嗎？

You have a point. Needless to say, we need to continuously grow. Otherwise, we will never get to 11% ROE. We're not there yet. So of course, we need a profit growth to get there.

你說的有道理。毋庸置疑，我們需要不斷發展。否則，我們永遠無法達到 11% 的股本回報率。我們還沒到那一步。所以，我們當然需要利潤成長才能達成目標。

And with the current portfolio, what can be sold at what price is something that -- some of it where we have a higher probability where we are already in the negotiation process, then we can factor in, but others are just pie in the sky. So of course, we need to make a right decision at the right timing being considered appropriate capital recycling to maximize our gains from sales. As I mentioned, this fiscal year, the proceeds from Greenko is, I would say, a bit extraordinary.

至於目前的投資組合，哪些資產可以出售，售價是多少——有些資產我們有較高的出售機率，因為我們已經在談判過程中，我們可以考慮這些因素，但其他一些資​​產則完全是天方夜譚。所以，我們當然需要在適當的時機做出正確的決定，也就是進行適當的資本再利用，以最大限度地提高我們的銷售收益。正如我之前提到的，本財年 Greenko 的收益可以說是相當不尋常。

So what we've been discussing going forward internally is compared to this year, how much base profit that we can increase. And on top, how much gains from sales of asset we can expect. Ultimately, we would like to achieve the ROE target by 2025 that we have. That's our grand plan.

因此，我們內部一直在討論的是，與今年相比，我們能夠增加多少基礎利潤。此外，我們還能預期從資產出售中獲得多少收益。最終，我們希望在 2025 年實現我們設定的 ROE 目標。這就是我們的宏偉計劃。

Next from BofA Securities, Tsujino-san.

接下來是來自美國銀行證券的辻野先生。

Some detailed question about Environment and Energy. If you look at the quarterly number, JPY117 billion segment profit. The Greenko sales, gain on sales is JPY95 billion. So the gain on securities, Ormat sales gain on sales is included, I think. But we don't know how much that is.

一些關於環境和能源的詳細問題。如果看季度數據，該部門利潤為 1,170 億日圓。Greenko的銷售額及銷售收益為950億日圓。所以，我認為證券收益、Ormat銷售收益都包含在內了。但我們不知道具體金額是多少。

So that means it is said that for JPY15 billion, but the equity method, this is JPY83 billion. So Ormat gains on sales and also if you deduct the JPY95 billion, you are in red in terms of segment profit. So in Environment and Energy segment, excluding the gains of sales of those two, what is happening?

所以，以股利計算，金額為 150 億日元，但以權益法計算，金額為 830 億日圓。因此，Ormat 的銷售收入有所成長，但如果扣除 950 億日元，那麼就業務部門利潤而言，你是虧損的。那麼，在環境與能源領域，如果排除這兩個領域的銷售成長，情況又如何呢？

Was there any kind of impairment? And if so, what was it? And what about the impairment risk of others in coming months and years?

是否存在任何損傷？如果真是如此，那究竟是什麼？那麼，未來幾個月甚至幾年內，其他人的受損風險又該如何評估呢？

Takahashi-san will respond.

高橋先生將會回應。

Sorry, this is Takahashi responding. If I may talk about the details, the renewable energy in Japan, especially the mega solar that is already operating, and we operate that. So we are getting a stable profit. And also, we are in the Energy Business in the previous year, Hibikinada and Soma, there was our impairment loss, and that led to the lower depreciation and amortization and maintaining the sales volume included and this part was profitable.

抱歉，我是高橋。如果允許我談談細節，日本的可再生能源，特別是已經投入運營的大型太陽能發電項目，而我們也參與了該項目的運營。因此，我們獲得了穩定的利潤。此外，我們去年在能源業務方面，Hibikinada 和 Soma 出現了減損損失，導致折舊和攤提減少，但銷售額保持不變，這部分業務是盈利的。

And in Environment and Energy, the major one is Elawan, and Elawan concerning that, it is breakeven or just slightly in red. So a lower interest rate and also the ones that we are developing projects and also the program has started. So in terms of business, we are in the recovery phase.

在環境和能源領域，主要項目是 Elawan，而 Elawan 目前處於損益平衡或略有虧損的狀態。所以，較低的利率，以及我們正在開發的項目，而且該計劃已經啟動。所以從業務角度來看，我們正處於復甦階段。

Also on the Environment side, the ORIX Environment is a circular economy company, and they are generating stable profit. So ORIX (inaudible) or resource recycling, which is engaged in the interim processing, and they are going through the rebuilding or replacement phase. So we expect some red deficit.

此外，在環境方面，ORIX 環境是一家循環經濟公司，並且正在創造穩定的利潤。所以 ORIX（聽不清楚）或資源回收利用，從事中間處理，他們正在經歷重建或更換階段。因此我們預計會出現一些紅色短缺。

And in actual performance, they are in red. So it's a mixed performance, but we are not seeing the signs of the major impairment loss. I do not recognize that.

而實際表現中，它們都變成了紅色。所以業績表現喜憂參半，但我們沒有看到重大減損損失的跡象。我不認識那個。

Okay. So a way of thinking, if you calculate this, you are in red, as I said. So is that correct understanding?

好的。所以，如果你這樣計算，你會發現你虧損了，就像我剛才說的。所以我的理解正確嗎？

Yeah. We do not recognize this as a major deficit. It's really close to the breakeven level. It's a very small deficit.

是的。我們不認為這是一個重大缺陷。已經非常接近損益平衡點了。赤字非常小。

I see. But if you calculate the [JPY117 billion] minus JPY98 billion, sorry, the loss of JPY8.2 billion or so, you're talking about Q2?

我懂了。但是，如果你計算一下 [1170 億日元] 減去 980 億日元，抱歉，是損失大約 82 億日元，你指的是第二季度嗎？

Okay. So Q2, as you said, yes, that's a correct calculation. But Ormat, it depends on what kind of number that you would include in Ormat. But we did not recognize that in Q2 only. But I think if you look at the bigger picture, it will be almost breakeven.

好的。所以 Q2，正如你所說，是的，這是一個正確的計算。但是對於 Ormat 來說，這取決於你要在 Ormat 中包含哪種類型的數字。但我們當時並未意識到這一點，只是在第二季。但我認為，從更宏觀的角度來看，最終結果幾乎可以達到收支平衡。

Now we are reaching the closing time. So we would like to take one last question from Morgan Stanley, MUFG Securities, Takemura-san.

現在快到關門時間了。那麼，我們想回答摩根士丹利、三菱日聯證券、竹村先生的最後一個問題。

I'm Takemura from Morgan Stanley, MUFG. I have a question about some numbers. You have made a revision to the lending forecast page 7, bottom right, in financial, it's remaining 180.0 so no change. Were there any changes under -- regarding the business profit, an increase of JPY10 billion.

我是來自摩根士丹利（MUFG）的竹村。我有一些關於數字的問題。您已對貸款預測頁面第 7 頁右下角的財務資料進行了修改，該值仍為 180.0，因此沒有變更。關於業務利潤方面，是否有任何變化——增加了100億日元。

What's the reason for investment, GreenKo of JPY95 billion addition plus JPY80 billion. So I would like to know why you are postponing some of it, the reason for that, which is the best way you can, please share.

投資的理由是什麼？ GreenKo追加950億日元，再加上800億日圓。所以我想知道你們為什麼要推遲其中一些項目，推遲的原因是什麼，如果可以的話，請盡量用最好的方式告訴我。

Regarding ORIX USA, I understand that you have a revised performance forecast. So how that impacts this overall segment, please?

關於 ORIX USA，我了解到你們已對業績預測進行了修訂。那麼，這會對整個細分市場產生什麼影響呢？

What you explained toward the end is very much a reason for that for finance and life insurance included, we did quite well in asset management. We have management income in the bank, we also recorded a loss of our debt liabilities. And in order to improve the portfolio quality and the credit-related business, we have conservatively recorded some new losses too. And those are what's impacting this finance business.

你最後解釋的內容正是我們在資產管理方面相當成功的原因之一，包括金融和人壽保險在內。我們在銀行帳戶中有管理收入，同時也記錄了債務負債的損失。為了提高投資組合品質和信貸相關業務，我們也保守地計入了一些新的損失。而這些正是影響金融業的因素。

For business, many of the operating units are quite brisk. But in ORIX USA real estate origination, the fee environment, competitors -- competitive landscape, we are having quite a difficult situation. So that's impacting our profit. Regarding investment, the third point, you are right regarding JPY95 billion addition from Greenko's divestment, doesn't mean that we put some of the sales plan for the sales to the later date at all.

就業務而言，許多營運部門的業務都相當繁忙。但在 ORIX USA 房地產業務方面，由於費用環境、競爭對手——競爭格局，我們面臨相當困難的情況。所以這影響了我們的利潤。關於投資，第三點，您說的沒錯，從 Greenko 的撤資中獲得的 950 億日圓新增資金，並不代表我們會將部分銷售計畫推遲到以後進行。

We did have certain uncertainty in the fair value part about the future gain from the sales that ORIX USA is doing in the PE business. As Takahashi-san pointed out, regarding ORIX USA, we have more conservative outlook because of intransparency.

對於 ORIX USA 在私募股權業務中進行的銷售所帶來的未來收益，我們對公允價值部分有一定的不確定性。正如高橋先生指出的那樣，對於 ORIX USA，由於缺乏透明度，我們持更保守的看法。

Thank you very much. We would like to conclude the Q&A session. Now we'd like to have our last remarks from Takahashi.

非常感謝。問答環節到此結束。現在我們想請高橋先生作最後總結發言。

As I said at the outset, there are a mixture in terms of the business performance between the segment. The businesses are diversified. And also in May, we announced the strategy. We are executing that steadily in the first half. Relatively speaking, I think we kept good results.

正如我一開始所說，各個細分市場的業務表現參差不齊。這些企業業務多角化。五月份，我們也公佈了這項策略。我們在上半年穩步地推進了這個目標。相對而言，我認為我們取得了不錯的成績。

But we would like to stay focused, and we took notes of what you pointed out, and we will continue to take initiatives. And we consider those target numbers are not easy numbers and also in the medium-term plan and the long-term vision, the numbers that we are committed to, we would like to make sure to try to achieve those targets. And I hope you would continue to support us. Thank you very much.

但我們希望保持專注，我們已經記下了您指出的問題，並將繼續採取積極主動的措施。我們認為這些目標數字並不容易實現，而且在中期計畫和長期願景中，我們承諾實現這些目標，我們希望確保努力實現這些目標。希望你們能繼續支持我們。非常感謝。

With that, we'd like to conclude today's conference, the briefing on the second quarter results. And thank you very much for your participation.

至此，我們今天的會議，也就是第二季業績簡報會，就結束了。非常感謝您的參與。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。