ORIX CORPORATION (IX) 2027 Q1 法說會逐字稿

It's time to start a meeting. Thank you for joining this conference of Orix Corporation for first quarter consolidated financial results for the three months period ended June 30, 2026. I'll be the master of the ceremony. My name is Tommy Yoka with IR. Thank you.

會議時間到了。感謝各位參加歐力士株式會社截至2026年6月30日止三個月之第一季合併財務業績說明會。我將擔任本次會議的司儀。我是IR部門的Tommy Yoka。謝謝。

The attendees at this conference are Masataka Yamada, Senior Managing Executive Officer, Chief Financial Officer and Chief Strategy Officer; and Kazuki Yamamoto, Operating Officer responsible for investor relations. Both Yamada and Yamamoto will provide you with explanation which will be followed by Q&A. The whole meeting should last approximately one hour.

出席本次說明會的有：資深常務執行役員、財務長（CFO）兼策略長（CSO）山田正孝，以及負責投資人關係的執行役員山本一樹。山田與山本將進行說明，之後接續問答。整場會議預計約一小時。

Now we would like to hand over to Yamada-san.

接下來我們把時間交給山田先生。

Thank you very much for taking time out of your busy schedule to attend the Orix Group financial results briefing today. I am Masatka Yamada, Orex Group CFO and CSO. Without further ado, I'd like to explain the financial results for the first quarter of FY 2027. First, please turn to page 2 of the presentation deck.

非常感謝各位在百忙之中撥冗出席今天的歐力士集團財務業績說明會。我是歐力士集團CFO兼CSO山田正孝。事不宜遲，我將說明2027財年第一季的財務業績。首先，請翻到簡報資料第2頁。

The points we would like to convey at today's briefings are the following three points: net income. Is the first, stronger core earnings power and robust capital recycling, and the third, first of earnings forecast and dividend policy.

今天簡報希望傳達的重點共有三點：第一，淨利。第二，核心獲利能力更強以及穩健的資本循環；第三，上半年獲利預測與股利政策。

I will explain the first and the third points, and then Operating Officer Yamamoto, who oversees IR, will explain the second point. The first point is net income. Net income for the first quarter was JPY280.8 billion, an increase of JPY173.5 billion year over year, marking the highest quarterly profit on record.

我將說明第一點與第三點，之後由負責IR的執行役員山本說明第二點。第一點是淨利。第一季淨利為2,808億日圓，年增1,735億日圓，創下單季獲利歷史新高。

Progress against the full-year net income forecast of JPY530 billion was 53%. Gains related to the sales and valuation gains on Kioxia shares held by Toshiba, one of our investees, contributed significantly. The second point is Orix's stronger core earnings power and robust capital recycling.

相對於全年淨利預測5,300億日圓的進度為53%。與我們投資對象之一東芝所持Kioxia股份相關之出售利益與評價利益，貢獻相當顯著。第二點是歐力士更強的核心獲利能力與穩健的資本循環。

Regarding our core earnings power in first quarter of this fiscal year, Orix Europe expanded its AEM to record high levels primarily through Robeco. Market appreciation was the main driver of the increase and Orix Europe also steadily acquired new money. As a result, asset management fees increased significantly. Additionally, the transportation equipment business benefited from favorable market conditions and all three business-sized aircraft, Avalon and ships achieved year-by-year profit increases.

關於本財年第一季的核心獲利能力，歐力士歐洲主要透過Robeco使AEM擴大至創新高水準。市場上漲是增加的主要驅動因素，歐力士歐洲也穩健取得新資金流入。因此，資產管理費用大幅增加。此外，運輸設備事業受惠於良好市場環境，三項業務—飛機、Avalon與船舶—皆實現年增獲利。

Next, regarding capital recycling, we proceeded with the exit as planned for domestic PE invested SUGIKO as well as multiple PE investments at Orix USA, including Peak Utility and Network Connex.

接著，關於資本循環，我們依計畫推進退出案，包括國內PE投資的SUGIKO，以及歐力士美國的多項PE投資（含Peak Utility與Network Connex）。

Regarding Orix Bank, the transfer of all shares to Diver Securities Group was completed on August 3. Additionally, as announced on the same day, we have signed a share transfer agreement for the 100% acquisition of Airfin, a major aircraft parts-out company. We are steady advancing capital recycling while maintaining a balance between investments and divestments.

關於歐力士銀行，向Diver Securities Group移轉全部股份已於8月3日完成。此外，如同日所公告，我們已簽署股權轉讓協議，以100%收購大型飛機零件拆解公司Airfin。我們在維持投資與撤資平衡的同時，穩健推進資本循環。

The third point is the first-half earnings forecast and dividend policy. We have calculated our first half net income forecast at JPY840 billion, of this, JPY300 billion is categorised as adjusted profit and JPY540 billion, which is non-cash profit, is categorised as kioxia sale and valuation gains. We have changed our policy to use adjusted profits as the source of dividends. The full year net income forecast of JPY530 billion remains unchanged. Details will be explained on the following pages.

第三點是上半年獲利預測與股利政策。我們計算的上半年淨利預測為8,400億日圓，其中3,000億日圓歸類為調整後利益，另5,400億日圓屬非現金利益，歸類為Kioxia出售與評價利益。我們已將政策改為以調整後利益作為股利來源。全年淨利預測5,300億日圓維持不變。細節將於後續頁面說明。

Please turn to page 3. I will explain our first half net income forecast for FY27. Our net income is significantly affected by fluctuation in the price of Kyokushin shares held by Toshiba. This page shows the results of a calculation of the first half net income forecast based on Kyokushin's share price at the end of June.

請翻到第3頁。我將說明FY27上半年淨利預測。我們的淨利會受到東芝所持Kioxia股份價格波動的顯著影響。本頁顯示以6月底Kioxia股價為基礎計算之上半年淨利預測結果。

The blue bar graph on the furthest left represents the full-year net income forecast of JPY530 billion we announced on May 11, calculated based on the assumption that Toshiba would continue to account for Kyoshi share-related gains and losses as equity method earnings.

最左側的藍色長條圖代表我們於5月11日公布的全年淨利預測5,300億日圓，該預測係基於假設東芝將持續以權益法損益認列Kioxia股份相關之損益。

The box immediately to the right briefly explains our announcement of May the 21, which was the result of calculating the impact on our first quarter results following our revised assumptions, namely Toshiba's changed mark-to-market valuation of Kioxia shares in its full-year results for FY26.

緊接右側的方框簡要說明我們5月21日的公告，該公告係在修正假設後，計算其對第一季業績影響的結果；修正內容為東芝在FY26全年業績中，改以市價評價（mark-to-market）方式評價Kioxia股份。

Next, the grey and red bar graph, second from the right, shows the first quarter net income of JPY280.8 billion mentioned on the previous page broken down into JPY121.7 billion of Kioxia sale and valuation gains in grey and JPY159.1 billion of adjusted profits in red. This Kioxia sale and valuation gains of JPY121.7 billion is based on the valuation case recorded by Toshiba using Kioxia's share price at the end of March, which was JPY19,080 , as shown at the bottom of this page.

接著，右側倒數第二個灰色與紅色長條圖，將前頁提到的第一季淨利2,808億日圓拆分為：灰色的Kioxia出售與評價利益1,217億日圓，以及紅色的調整後利益1,591億日圓。此Kioxia出售與評價利益1,217億日圓係以東芝採用Kioxia 3月底股價19,080日圓所記錄的評價案例為基礎，如本頁底部所示。

Finally, the bar graph on the far right shows our first half net income forecast, which was also calculated based on Kioxia's share price at the end of June, which was JPY89,680 . Sorry to repeat myself but the first half net income forecast is JPY840 billion which includes one Kioxia sales and valuation gains grey of JPY540 billion and adjusted profits in red of JPY300 billion.

最後，最右側的長條圖顯示上半年淨利預測，同樣以6月底Kioxia股價89,680日圓為基礎計算。再次說明，上半年淨利預測為8,400億日圓，其中包含灰色的Kioxia出售與評價利益5,400億日圓，以及紅色的調整後利益3,000億日圓。

Next, please turn to page 4. The reason we kept the full year net income forecast unchanged at JPY530 billion is that it is difficult to predict the impact of Kioxia sales and valuation gains on our full year net income. For every JPY10,000 change. In Kioxia's share price, our after-tax Kioxia sale and valuation gains fluctuate by JPY57 billion. This is calculated based on Toshiba's holdings of Kioxia shares.

接下來請翻到第4頁。我們之所以將全年淨利預測維持在5,300億日圓不變，是因為難以預測Kioxia出售與評價利益對全年淨利的影響。每當Kioxia股價變動1萬日圓時，我們稅後的Kioxia出售與評價利益將變動570億日圓。此係根據東芝所持Kioxia股份數量計算。

As of the end of June, Kioxia's share price was JPY89,680 at the end of June and the closing price yesterday Aug 5 was JPY54,300 . Depending on Kioxia's share price at the end of September, we may record Kioxia's sale and valuation losses in the third quarter. Now, with improvement in core earnings power as a backdrop, we plan to steadily grow adjusted profits in the second-half as well.

截至6月底，Kioxia股價為89,680日圓，而昨日8月5日收盤價為54,300日圓。視9月底Kioxia股價而定，我們可能在第三季認列Kioxia出售與評價損失。目前在核心獲利能力改善的背景下，我們也計畫在下半年穩健提升調整後利益。

Now next, please turn to page 5. This page explains the change in dividend policy for '27 fiscal period. In the centre of the page, we have again given a definition of Kioxia sale and valuation gains. This refers specifically to the portion of Toshiba-related investment gains and losses related to the sales and valuation gains on Kioxia shares after tax.

接下來，請翻到第5頁。本頁說明27財年期間股利政策的變更。在頁面中央，我們再次給出Kioxia出售及估值收益的定義。這特別指東芝相關投資損益中，與Kioxia股份出售及估值收益（稅後）相關的部分。

Under our revised dividend policy, we will define adjusted profits as a portion of accounting net income excluding Kioxia sale and valuation gains and use this as a source of dividends. There is no change to approach a policy of paying either tha 39% of payout ratio or the previous year's dividend of JPY166.10, whichever is higher. Based on the first half adjusted profits forecast of JPY300 billion and calculated under the revised dividend policy, the interim DPS for this fiscal year will be JPY107.27. This concludes my presentation.

在修訂後的股利政策下，我們將調整後利潤定義為：會計淨利中扣除Kioxia出售及估值收益後的部分，並以此作為股利來源。支付政策不變：股利支付率39%或前一年度每股股利166.10日圓，取其較高者。基於上半年調整後利潤預測3,000億日圓，並依修訂後股利政策計算，本財年中期每股股利（DPS）將為107.27日圓。我的報告到此結束。

Next, operating officer, Mr. Kazuki Yamamoto will provide some additional commentary.

接下來，營運主管山本一樹先生將提供一些補充說明。

Yes, I'm Kazuki Yamamoto with SAIN Corporate, planning IR and sustainability. I will use page 6 and 7 to talk about Japan and APAC, infrastructure, US and Europe, and insurance. For those new segments, I would like to talk about the pre-tax profits and assets year over year and also comparison against the end of the prior fiscal year.

是的，我是SAIN Corporate負責企劃、IR與永續的山本一樹。我將使用第6頁與第7頁，說明日本與APAC、基礎建設、美國與歐洲，以及保險。針對這些新分部，我想就稅前利潤與資產進行年對年比較，並與上一財年期末進行比較。

Infrastructure performed well with higher profit excluding large gains on sales recorded in Q1 of the previous fiscal year. So profits increased year-on-year in three segments excluding infrastructure. As it increased versus end of a prior fiscal year at Orix USA in USA and Europe segment and expanded leading executions due to expanded.

基礎建設分部表現良好；若排除上一財年第一季認列的大額出售收益，利潤更高。因此，除基礎建設外，其餘三個分部的利潤皆較去年同期增加。相較上一財年期末，美國與歐洲分部的Orix USA因放款執行增加而上升，並因擴大而帶動主要執行案的擴張。

Lending executions, but there's no significant changes in the other three segments. I will add to some supplementary material to explain. Please turn to page 13. Profit for Japan and APAC was JPY289.8 billion, an increase of JPY237.6 billion year over year, and in addition to gains of approximately JPY62.3 billion from sales of SUGIKO, a domestic PE investee. The auto business expanded new lease origination and that contributed.

放款執行增加，但其他三個分部沒有顯著變化。我將補充一些輔助資料加以說明。請翻到第13頁。日本與APAC的利潤為2,898億日圓，年增2,376億日圓；此外，包含出售國內PE被投資企業SUGIKO所帶來約623億日圓的收益。汽車業務擴大新租賃承作，並對此有所貢獻。

Excluding the JPY179.8 billion from Kioxis sell and variation gains, segment profit was JPY110 billion, an increase of JPY57.8 billion year over year compared to the JPY52.2 billion. Assets increased slightly because of a new execution and equity investment increased Toshiba and Asia-Pacific FX, but balance was slightly declining in Greater China.

若排除Kioxia出售及估值收益1,798億日圓，分部利潤為1,100億日圓，較去年同期的522億日圓增加578億日圓。資產因新增執行案而小幅增加，且因對東芝與亞太外匯的股權投資增加而上升，但大中華區的餘額略為下降。

Please refer to page 15 for the list of PE investors' exits and new items, and also for breakdown of APAC and Greater China, please refer to page 16. APAC and Japan accounts for 33% of the total segment asset.

關於PE投資人退出與新增項目清單，請參閱第15頁；APAC與大中華區的拆分，請參閱第16頁。APAC與日本合計占整體分部資產的33%。

Please turn to page 17. Infrastructure segment. Segment profit was JPY43.3 billion, a decrease of JPY25.1 billion year over year. If we exclude the absence of the cell phone gain from the prior year, it's actually an increase.

請翻到第17頁。基礎建設分部。分部利潤為433億日圓，年減251億日圓。若排除去年未再出現的手機相關收益，其實是增加。

Avalon and Ship's business benefited from favourable market conditions and achieved growth in both gains and the cell phone record from lease revenues. We will try to close the deal by '26 and for energy, there has been problem with the output regulation restriction in renewable energy and the profit was down. And concession including Kamsai Airport actually declined in profit year over year. And the details are shown on page 18 for your reference later.

Avalon與船舶業務受惠於有利的市場環境，在收益與租賃收入的手機相關項目上均實現成長。我們將力求在26年完成交易；至於能源方面，因再生能源的出力管制限制問題，利潤下滑。而包含關西機場在內的特許經營業務，利潤亦較去年同期下降。詳細內容如第18頁所示，供您稍後參考。

Segment assets. While strong performance at Avalon and continued investment in ships boosted assets, this was offset by aircraft sales and exit from logistics center and real estate and it was down slightly year-over-year.

分部資產。雖然Avalon的強勁表現及對船舶的持續投資推升資產，但被飛機出售以及退出物流中心與不動產所抵銷，因此年對年略為下降。

Moving on to page 22, USA and Europe, segment profit was JPY63 billion, an increase of JPY52.4 billion year-over-year. Orix USA recorded fair value gains from P/E investments and Robeco and others overseen by Orix Europe significantly expanded AUM and grew fee income. As for segment assets, [NXA] capital loan asset-based lending continued and this pushed up the numbers. As for Orix USA, please refer to page 23 for LOB profit and asset breakdown for your reference.

接著看第22頁，美國與歐洲分部利潤為630億日圓，年增524億日圓。Orix USA認列來自PE投資的公允價值收益；由Orix Europe管理的Robeco等機構顯著擴大AUM並帶動手續費收入成長。就分部資產而言，[NXA]資本放款與資產擔保放款（ABL）持續成長，推升數字。關於Orix USA，請參閱第23頁的業務線（LOB）利潤與資產拆分，供您參考。

Moving on to page 25, insurance segment. Segment profit was, this was mostly Orix Life, but it was at JPY3.9 billion at the JPY28 billion led by strong earnings from [denominator] life insurance. Products newly launched in the previous year and also we acquired high value contracts for corporate high net worth clients resulting in increased insurance profit. Investment profit was also strong. Assets increased slightly as investment assets grew on the back of expanded premium income.

接著看第25頁，保險分部。分部利潤主要來自Orix Life，為39億日圓，較去年同期的280億日圓下降，主要受[denominator]人壽保險強勁獲利帶動。前一年度新推出的產品，以及我們取得企業高淨值客戶的高價值保單，使保險利潤增加。投資收益也表現強勁。由於保費收入擴大帶動投資資產成長，資產小幅增加。

Please return to page 6. For the four segments, based on their performance in the first quarter, as you can see at the bottom segment profit basis, this was 173% and for pre-tax profit 161% and net income 162%. So compared to the prior year, the profit was up in each of these lines. Progress is 53% against the full-year forecast.

請回到第6頁。就四個分部而言，基於第一季表現，如底部所示：以分部利潤為基礎為173%，稅前利潤為161%，淨利為162%。因此，與去年相比，這些項目的利潤皆上升。相對全年預測的進度為53%。

Moving on to page 7. At-the end of the line, you can see the segment asset in total, JPY14.4261 trillion, up JPY190.9 billion year over year. And the total assets was JPY18.257 trillion, including JPY3.262 trillion for assets from the discontinued operations.

接著看第7頁。在最下方可看到分部資產合計為14.4261兆日圓，年增1,909億日圓。總資產為18.257兆日圓，其中包含來自已終止營運的資產3.262兆日圓。

Please turn to page 8. This page shows the relationship between the business lines comparing the four new segments and the three categories, finance operations and investments, that we have been using to clarify the understanding based on this, please turn to page 9.

請翻到第8頁。本頁顯示業務線之間的關係，將四個新分部與我們一直用來釐清理解的三個類別（金融、營運與投資）進行對照；基於此，請翻到第9頁。

So this is the full year outlook and also the pre-tax profit and progress year over year for the three conventional categories. Q1 profit for finance was JPY45.2 billion, an increase of JPY6.6 billion year over year with achievement of 27% against the full year plan. The main driver of the profit was an increase of insurance.

這是三個傳統類別的全年展望，以及稅前利潤與進度的年對年比較。金融類別第一季利潤為452億日圓，年增66億日圓，達成全年計畫的27%。利潤的主要驅動因素是保險的增加。

Please note that both the full-year forecast and the Q1 results do not include profits from Orix Bank because this is going to be classified as discorded operation in Q2. Q1 profit for operation was JPY55.4 million, decrease of JPY8 billion year over year because of the absence of the gain on sales of the prior year.

請注意，全年預測與第一季結果均不包含Orix Bank的利潤，因其將於第二季被分類為已終止營運。營運類別第一季利潤為5,540萬日圓，年減80億日圓，原因是缺少前一年度的出售收益。

Orix and Robeco fees are strong and also domestically Orix Auto has been continuing its strength and therefore the progress was 23%.

Orix 與 Robeco 的費用收入表現強勁，且在國內方面 Orix Auto 也持續維持強勢，因此進度為 23%。

Last but not least, Q1 profit for investment was JPY323.5 billion, and this includes Kioxia. And the overall progress was 112% exceeding the original plan. But if we exclude Kioxia sales and valuation gains, the profit was JPY143.7 billion. In this case, an increase would be JPY90.4 billion year over year and 50% progress. So the dotted line in the middle is representing what I just explained.

最後但同樣重要的是，第一季投資利益為 3,235 億日圓，其中包含 Kioxia。整體進度為 112%，超過原先計畫。但若排除 Kioxia 的出售與評價利益，利益為 1,437 億日圓。在此情況下，年增將為 904 億日圓，進度為 50%。因此，中間的虛線代表我剛才所說明的內容。

Moving on to page 10. Capital recycling for this year. Capital gain recorded was JPY115.7 billion and cash inflows from capital recruitment was approximately JPY300 billion. PE unit and Orix USA exited PE investees and made steady progress. Additionally, we sold logistics facilities and multiple aircrafts. Cash outflows was approximately JPY80 billion.

接著看第 10 頁。本年度的資本循環。已認列的資本利得為 1,157 億日圓，來自資本回收的現金流入約 3,000 億日圓。PE事業單位與 Orix USA 退出了 PE 被投資公司，進展穩健。此外，我們出售了物流設施與多架飛機。現金流出約 800 億日圓。

In relation to the PE investment in Nihon Information Industry Corp as first deal for the joint fund established with Qatar Investment Authority, now cash-in is much higher than cash-out, but based on the current status of pipeline, we will continue to get the recycling and optimize the portfolio.

就與卡達投資局共同設立之聯合基金的首筆交易—投資 Nihon Information Industry Corp 的 PE 投資而言，目前現金流入遠高於現金流出，但依據目前的案件管線狀況，我們將持續推動資本循環並優化投資組合。

The full-year outlook remains unchanged from the forecast announced in May as you can see to the right. But AerFin acquisition has been already announced and JPY80 billion new investment actually includes this. Share transfer of Orix Bank and equity transfer of Network Connex, a PNC from Orex USA have already been completed in Q2 and already reflected.

全年展望維持與 5 月公布之預測相同，如右側所示。但 AerFin 的收購已經公告，且 800 億日圓的新投資實際上包含此案。Orix Bank 的股份移轉，以及 Orix USA 的 PNC 案件—Network Connex 的股權移轉，已於第二季完成並已反映。

As for other new investments, main areas continue to do domestic real estate, PE investments, Aircraft and Osaka IR. Major aircraft parts at companies through Orix Aviation while with AerFin joining the group, we aim to expand the business foundation across the entire aircraft value chain from new aircraft leasing to post-retirement parts utilization and in-house asset management services. And capital gains amount mentioned earlier does not include profits and losses recognized from equity method investees such as Toshiba.

至於其他新投資，主要領域仍為國內不動產、PE 投資、飛機以及大阪 IR。透過 Orix Aviation 投資主要飛機零組件公司，並在 AerFin 加入集團後，我們目標是擴大涵蓋整個飛機價值鏈的事業基礎，從新機租賃到退役後零件再利用，以及內部資產管理服務。此外，前述資本利得金額不包含對東芝等採權益法認列之被投資公司所認列的損益。

Please turn to page 11, shareholder returns. As Yamada has explained, interim dividend. Based on the adjusted profit is set at JPY107.27 per share. For the full year forecast, well as Yamada explained, the full year dividend forecast is steady at JPY187.36.

請翻到第 11 頁，股東報酬。如山田所說明的，中期股利。以調整後利益計算，設定為每股 107.27 日圓。至於全年預測，如山田所說明，全年股利預測維持在每股 187.36 日圓。

Based on changed dividend policy and also based on the pipeline, profit and investment recoup, we will continue to return the excess capital and this stance has not really changed. As for share buyback, against the total amount which was announced at JPY250 billion in May, at the end of July we have purchased JPY78.4 billion, progress of 31%. And for this fiscal year, full year payout ratio, including the dividends and share buyback is maintained at 85.9% as disclosed in May. That's all from me. Thank you.

基於已變更的股利政策，並依據案件管線、獲利與投資回收情況，我們將持續返還多餘資本，此一立場並未真正改變。至於庫藏股回購，針對 5 月宣布的總額 2,500 億日圓，截至 7 月底已買回 784 億日圓，進度 31%。本會計年度包含股利與庫藏股回購在內的全年總配發率，維持在 5 月揭露的 85.9%。我的說明到此為止。謝謝。

Thank you very much. We are now ready for the Q&A session (Operator Instructions)

非常感謝。接下來進入問答時間(接線員說明)

JPMorgan. Sato-san,

JPMorgan。佐藤先生，

Thank you very much for your presentation. This is Sato from JPMorgan. Just one question. And this is to do with Kioxia, just sales and valuation gain on page 3. I know that there is an explanation on this page, but in accordance with this page to begin with. So to the original plan, any additional profit is to be JPY70 billion, I suppose, but from the adjusted profit, JPY171 billion is to be adjusted.

非常感謝您的簡報。我是 JPMorgan 的佐藤。只有一個問題。與 Kioxia 有關，也就是第 3 頁的出售與評價利益。我知道本頁有相關說明，但先依照本頁來看。相對於原先計畫，額外利益應該是 700 億日圓，我想，但在調整後利益中，將有 1,710 億日圓需要調整。

What was incorporated in the original plan? Was JPY50 billion of an adjusted profit. So this is the target for the adjustment, I suppose. So based on this presumption, so all those that are going to be excluded for the full year, would you be able to hit that back by the full year, by the time of the end of the year? So would you be able to beat the JPY530 billion, your original expectation for the full year? And also ROE, I'm sure is proved to be important as well.

原先計畫中納入了什麼？是否已納入 500 億日圓的調整後利益？我想這就是調整的目標。基於這個前提，那些在全年將被排除的部分，到了年底時是否能夠補回來？也就是說，是否能夠超越您原先對全年 5,300 億日圓的預期？另外，ROE 我想也被證明是重要的。

Now with regard to ROE of 11%, I suppose the adjustment is required for this ROE as well. So especially for the denominator part. So just like the policy that you have announced this time, the Kinoxia sales valuation gain or loss. Can I take it that you're going to be making a kind of a similar adjustment to the ROE as well?

關於 11% 的 ROE，我想這個 ROE 也需要做調整。尤其是分母的部分。就像這次您所公布的政策，Kioxia 的出售與評價損益。我是否可以理解為，您也會對 ROE 做類似的調整？

Thank you very much for asking the question. And thank you for pointing out all that you have shared. So JPY520 billion to be precise. On page 4, you can refer to the chart and it is pretty complex. So JPY530 billion, you can see it is slightly short of this amount. So as for this, on a continued basis in the second-half, there is a certain pipeline that where we have a great expectation for. So I'm sure we'll be able to make up for the shortcomings through those pipeline in the second-half, but we have not reached the extent whereby we'll be able to incorporate the expectations yet at this point in time.

非常感謝您的提問。也謝謝您指出您所分享的各點。精確來說是 5,200 億日圓。第 4 頁可以參考圖表，內容相當複雜。您提到的 5,300 億日圓，可以看到我們略低於該金額。關於這點，在下半年我們有一個持續推進的案件管線，對其抱有很高期待。因此我相信我們能透過下半年的案件管線補足不足之處，但目前尚未達到可以把這些期待納入預測的程度。

As for ROE as well, as you have pointed out, whether it is going to be an adjustment for the denominator or are we going to be adjusting both the numerator as well as the denominator or would it be based on a new idea for ROE or ROE itself, the target may have to be changed is currently being discussed actively internally.

至於 ROE，如您所指出，是要調整分母，或是同時調整分子與分母，抑或是基於新的 ROE 概念，甚至 ROE 本身的目標可能需要調整，目前公司內部正在積極討論。

Once we know the clear direction, for sure we would update on the latest understanding and thinking to the investment community as soon as possible.

一旦方向明確，我們一定會盡快向投資人社群更新最新的理解與想法。

Thank you very much. Understood. Thank you.

非常感謝。了解。謝謝。

Takemura-san, Morgan Stanley.

竹村先生，Morgan Stanley。

Thank you. This is Takemura, Morgan Stanley, MOFJ.

謝謝。我是 Morgan Stanley、MOFJ 的竹村。

I have a question about Q2 progress and also outlook excluding impact of Kioxia in Q1. You landed at [JPY159.1], but for the first half you are aiming for JPY300 billion, so in the second quarter you are planning for JPY140 billion of profit, I presume. But the Orix Bank gain on sales is more than JPY120 billion pre-tax.

我有一個問題，關於第二季進度，以及在第一季排除 Kioxia 影響後的展望。您落在 [1,591 億日圓]，但上半年目標是 3,000 億日圓，因此我推測第二季規劃的利益約為 1,400 億日圓。但 Orix Bank 的出售利益在稅前超過 1,200 億日圓。

So if we take that out, then a profit for the second quarter is only just over JPY50 billion. Are there any downside risks that you're assuming for Q2? Or are you just being conservative and you're planning to exceed the plan? How do you see the progress of the first half of the fiscal year? Please share your thoughts.

所以如果把那個扣除掉，第二季的利潤就只有略高於5,000億日圓。您在Q2是否假設了任何下行風險？還是您只是採取保守估計，並計畫超越計畫？您如何看待本會計年度上半年的進度？請分享您的看法。

As you have pointed out, for Q2, Orix Bank divestiture post-tax. Profit is included so your calculation is correct. With regard to the remainder or the balance, there are two things as you said. One, we're being a little bit more conservative and the other is that there could be some one-off factors. So based on multiple factors we have decided on this number and we cannot really break it down for you but please understand that there are two aspects, both aspects.

如您所指出，Q2包含了Orix Bank撤資後的稅後利潤。因此您的計算是正確的。至於其餘部分或差額，正如您所說，有兩點。第一，我們稍微保守一些；第二，可能會有一些一次性因素。因此我們基於多項因素決定了這個數字，無法再為您進一步拆解，但請理解確實同時存在這兩個面向。

Understand. Thank you. If that is the case, 25% or less progress in terms of operations, but you are assessing that the progress is solid.

了解。謝謝。如果是這樣，從營運角度來看進度在25%或以下，但您評估進度是穩健的。

Right. Recurring revenue has been moving quite steadily. Yes, that's our assessment.

是的。經常性收入一直相當穩定地推進。是的，這就是我們的評估。

Understand. Thank you.

了解。謝謝。

SNBC Nikko. Muraki-san.

SNBC日興。村木先生。

So this is Muraki from SNBC Nikko.

我是SNBC日興的村木。

If I could ask question about the page 3 in addition to what has been asked already. First of all, this adjusted the profit upside as well as the downside. I know that there has been some discussion about this topic. But within this item, I know that there is non-cash portion. So what you will be receiving from Toshiba, so about JPY51 billion or so, in the second quarter, this red part, is it going to be included in this JPY300 billion? May I take it?

我想就第3頁再補充提問，除了先前已被問到的內容之外。首先，這裡調整後的利潤同時包含上行與下行。我知道大家對這個主題已有一些討論。但在這個項目中，我理解有一部分是非現金。那麼，您將從東芝收到的、約510億日圓左右在第二季的這一塊紅色部分，是否會包含在這3,000億日圓之內？我可以這樣理解嗎？

And also, if there was to be a downside risk in the Greater China, I know that you have posted some losses from the Greater China region. Are there any other impairments that you may have included?

另外，如果大中華區出現下行風險，我知道您已計入來自大中華區的一些損失。是否還包含了其他可能的減損？

Well, you see, we have applied the equity method accounting, so even if there was to be any distribution, it doesn't hit our P&L, so it will be an adjustment on the balance sheet rather. So therefore, with regard to this amount, it is not from the P&L perspective, but rather the investment in the future as well as its return, and also the capital structure, and also at the same time the ROE in mind towards the end of this risk period, how to treat this is what we need to decide for ourselves.

嗯，我們採用權益法會計處理，因此即使有任何分配，也不會反映在我們的損益表上，而是會在資產負債表上作調整。因此，關於這筆金額，與其從損益表角度來看，不如說是要考量未來投資及其回報、資本結構，同時也要把風險期間末端的ROE納入考量，如何處理這件事需要由我們自行決定。

And also with regard to this valuation loss in Greater China, there are numbers of public equity that we hold, so more than a certain amount during a certain period and if it has gone below our threshold, we would be accounted to be the impairment or valuation losses and there has been some of this that was applicable, I see, which means that for the quarter from Toshiba, the cash portion that you have received.

另外，關於大中華區的這項評價損失，我們持有若干上市股票；若在一定期間內跌破某個門檻、且超過一定金額，就會認列為減損或評價損失，其中有一部分符合條件。也就是說，來自東芝在該季度您所收到的現金部分。

So Kyosukia's sale and valuation, it is included in this portion. But for the full year, it may be the case that you're not going to be including in that sales or valuation of Kyosukia, but rather it would be incorporated in the adjusted profit, rather than a P&L from the perspective of the fund itself.

因此，鎧俠（Kioxia）的出售與評價是包含在這一部分之中。但就全年而言，可能不會把鎧俠的出售或評價納入該項，而是會以調整後利潤的方式反映，而不是從基金本身損益（P&L）的角度來呈現。

In other words we will take on a comprehensive approach and how to treat this so to not to kind of incorporate this into the formula we may perhaps kind of think about the shareholders return from a different angle so different way of thinking that's what it is. Thank you.

換言之，我們會採取更全面的方式來思考如何處理，可能不會把它硬套進既有的公式；我們或許會從不同角度來思考股東回報，也就是不同的思維方式。謝謝。

Thank you very much.

非常感謝。

Daiwa Securities, Watanabe

大和證券，渡邊。

Yes, this is Watanabe, Daiwa Security.

是的，我是大和證券的渡邊。

I have a question about AerFin and the impact on your capital and also contribution to profit and what kind of synergy you would expect from this deal. Impact on capital or equity.

我想請教關於AerFin，對貴公司的資本影響、對利潤的貢獻，以及您預期這筆交易會帶來何種協同效益。對資本或股東權益的影響。

Well, goodwill and also intangible assets. Depreciation and non-depreciation, so we have to separate those but the purchase price versus the book price, we cannot disclose this information but there's going to be a number that will explain the difference between the two.

嗯，商譽以及無形資產。攤銷與不攤銷的部分需要分開來看；至於收購價格與帳面價值之間的差額，我們無法揭露，但會有一個數字用來說明兩者的差異。

In terms of profit contribution, there is a public disclosure on the UK side, so contribution is expected in line with the number that's been disclosed in UK, but depreciation of intangible asset will have to take place as well, so that will have a slight negative impact.

就利潤貢獻而言，英國方面已有公開揭露，因此預期貢獻將與英國所揭露的數字一致；但無形資產也需要攤銷，因此會帶來些微的負面影響。

As for synergy, temporarily we will be expanding value chain and completing the value chain, that is the context of this acquisition, but there are also additional synergies that we would expect complementary relationship in terms of customer base.

至於協同效益，短期而言我們將擴大價值鏈並補齊價值鏈，這是本次收購的背景；此外，我們也期待在客戶基礎方面形成互補關係，帶來額外的協同效益。

So in our lease aircraft lease business we have customer base. AerFin has their own customer base and some of them are not overlapped which means that we would be able to make referrals of customers to each other. So that's another part of synergy that we expect.

在我們的飛機租賃業務中，我們有自己的客戶基礎。AerFin也有其客戶基礎，其中部分並不重疊，這表示我們可以彼此轉介客戶。這也是我們所期待的另一項協同效益。

Thank you. In terms of profit contribution, is it going to be about JPY10 billion segment profit contribution at Orix? Would that be in line with your expectation?

謝謝。就利潤貢獻而言，在Orix是否大約會有100億日圓的分部利潤貢獻？這是否符合您的預期？

Well, additional contribution will be in line with the profit disclosed by the other company, the target company, but as Yamada has mentioned from lease, acquisition, parts out, we will be able to compound these benefits, which means that we can push up the revenue for the whole life cycle.

嗯，新增的貢獻將與對方公司、也就是標的公司所揭露的利潤一致；但如山田所提到，從租賃、收購到拆解零件（parts out），我們能把這些效益複合起來，意味著我們可以在整個生命週期中推升營收。

So, Watanabe-san, as you have rightly mentioned, over the long-term, it will have a bigger contribution to the profit growth. That is our expectation. That's very clear.

因此，渡邊先生，正如您所說，從長期來看，它將對利潤成長有更大的貢獻。這就是我們的預期。非常清楚。

Thank you.

謝謝。

Tsujino-san, Bank of America Securities.

美銀證券，辻野先生。

Thank you very much for this opportunity. So the P&L from the Europe and America, USA and Europe, especially JPY59.6 billion worth of securities sales and valuation. So this is a PE investment in the second quarter. Acquisition was completed in the second quarter than the first quarter, I think. So this is the JPY59.6 billion, but the US only has JPY42 billion, which means that without this, USA is still in deficit. It's making losses. What is the current status? Can you please explain?

非常感謝給我這個機會。我想請教歐洲與美洲（美國與歐洲）的損益，特別是價證券出售與評價合計596億日圓。我理解這是第二季的PE投資。我想收購是在第二季完成，而不是第一季。雖然有這596億日圓，但美國只有420億日圓，表示若沒有這部分，美國仍是赤字。仍在虧損。目前狀況如何？能否請您說明？

Yes, I would like to check the numbers first. This is Yamamoto speaking. The slide that you can see is pre-tax profit breakdown and Orix USA Q1, JPY12.9 billion and Orix Europe at JPY20 billion or so. And out of these, Orix USA, private credit. I'm sorry, let me correct, private equity valuation contributed, which was a positive contribution this time.

是的，我想先確認一下數字。我是山本。各位看到的投影片是稅前利益拆解：Orix USA 第1季為129億日圓，Orix Europe 約為200億日圓。在這之中，Orix USA 的部分是私募信貸。抱歉，我更正一下：本次是私募股權估值貢獻，帶來了正向貢獻。

But for some of the businesses, profit and loss are being balanced and we could make some improvements as well. I think that would be the explanation of the status. And in Q1, for Hilco, the number is still negative, as you can see. But from PMI, we have seen some neutral market status. And we are trying to grow stably, so please give us some more time to show you the benefit of the acquisition.

不過在部分業務上，損益正在相互抵銷，我們也能做出一些改善。我想這就是目前狀況的說明。另外，第1季 Hilco 的數字如各位所見仍為負值。但從 PMI 來看，我們看到市場狀況偏中性。我們正努力穩健成長，因此請再給我們一些時間，讓各位看到這項收購帶來的效益。

At the Global IR conference, COO Suzuki has provided explanation. Last year, for one-off factors, we had some negative factors. But in order to recover from that, we know exactly what to do. We have clear strategy. So we will be implementing those strategies in the in Orix USA. So please give us some more time before that is reflecting the actual performance.

在 Global IR 會議上，營運長鈴木已做過說明。去年因一次性因素，我們有一些負面影響。但為了從中恢復，我們非常清楚該做什麼。我們有明確的策略。因此我們將在 Orix USA 推動這些策略。所以在這些措施反映到實際業績之前，請再給我們一些時間。

I would like to add as for Hilco, in the prior quarter, it was immediately after closing and therefore. There were some expenses related to the acquisition, but that expense does not exist in the current quarter any longer.

我想補充關於 Hilco：上一季是在交割完成後不久，因此有一些與收購相關的費用，但本季已不再有該項費用。

And as Yamamoto has explained, Hilco business portfolio, if you look at the whole portfolio, we have business line with stable sales and profit, and also part of the portfolio which is a little bit counter-cyclical. And in the United States, as you may know, there is a Goldilocks situation. It's not going up or down. It's in the low. So that's the situation in the last couple of quarters for Hilco.

另外如山本所說，若看 Hilco 的業務組合整體，我們既有銷售與獲利穩定的業務線，也有部分較具逆景氣循環特性的組合。而在美國，如各位所知，目前是「Goldilocks」的狀況。既沒有上升也沒有下降。處於低檔。這就是 Hilco 過去幾季的情況。

Considering the nature of this business, rather than looking at the performance of each quarter, we should give it a long-term perspective, 6 months, perhaps 12 months. We believe that we need to give that kind of long-term perspective.

考量這項業務的性質，與其看每一季的表現，我們應以較長期的角度來看，例如6個月、或12個月。我們認為需要以這樣的長期視角來評估。

So looking at this P/E, JPY268 million dollars and then again from sales of a securities JPY59.6 billion. This includes things that are not related to P/E is my understanding. And I don't think these actually belong to Europe. So I'm guessing that this relates to other US businesses. But because of the expenditure expenses, in the end, you end up with the numbers in the navy and the gray on this page. Is that the correct understanding?

那麼看這個 P/E，2.68億美元，然後還有有價證券出售的596億日圓。依我的理解，這裡面包含與 P/E 無關的項目。而且我認為這些其實不屬於歐洲。所以我猜這與其他美國業務有關。但因為支出費用的關係，最後就會落在本頁海軍藍與灰色的數字。這樣理解正確嗎？

On gross basis by segment, we have disclosure JPY59.6 billion. Majority of this is attributable to the United States. But this is just one side of the revenue. So sales of marketable securities and also dividends and interest paid and received, those elements are also included as well.

以各事業別的總額（gross basis）來看，我們揭露的是596億日圓。其中大部分可歸因於美國。但這只是收入的一側。因此，可交易有價證券的出售，以及股利與利息的支付與收取等要素，也都包含在內。

Funding side payment costs, for example, will have to be looked at in balance of this. US credit business alone, NXT Capital, for example, or Signal Peak and also structured credit trading. With regards to these, the environment is relatively positive and some of the stronger numbers that you can see include bond and also trading environment, so the environment is not necessarily bad.

例如資金端的支付成本，也必須與此相互對照來看。僅就美國信貸業務而言，例如 NXT Capital、Signal Peak，以及結構性信貸交易。就這些而言，環境相對正面；各位看到的一些較強數字也包含債券與交易環境，因此整體環境未必不好。

I understand, thank you.

了解，謝謝。

Sakamaki-san, Mizuho Securities.

坂卷先生，瑞穗證券。

Yes, this is Sakamaki, Mizuho. I have a question about Europe. AUM is growing, I can see, but more than that, compared to the Q4, I think there's a huge growth on Q-on-Q. Are there any temporary factors such as performance fee or do you think this level of a profit is more or less standard?

是的，我是瑞穗的坂卷。我有一個關於歐洲的問題。我看到 AUM 在成長，但更重要的是，與第4季相比，我覺得季對季（Q-on-Q）成長非常大。是否有績效費等暫時性因素？還是您認為這樣的獲利水準大致上是常態？

Yes, this is Yamamoto. I would like to explain. As you said, for Robeco, market appreciation has contributed. And if appreciation does not continue, we expect some deceleration. Somebody else mentioned that Q2 forecast is conservative. This is because we don't expect the market to appreciate further.

是的，我是山本。我來說明。如您所說，就 Robeco 而言，市場上漲（市值提升）有所貢獻。若上漲不再持續，我們預期會有一些放緩。也有人提到第2季的預測較保守。這是因為我們不預期市場會進一步上漲。

We believe that this quarter was a little bit better than usual. This is not necessarily entirely one-off, not necessarily a success fee, including net new money inflow. Robeco gets mandates from the investors and they have been strengthening their marketing activities, which are producing results. So yes, Q1 was quite strong and Q2 and beyond, we don't expect a huge decline because of the first quarter growth.

我們認為本季表現比平常稍好一些。這不一定完全是一次性因素，也不一定是成功報酬（success fee），其中也包含淨新增資金流入。Robeco 從投資人取得委託（mandate），並強化行銷活動，且已產生效果。因此第1季確實相當強勁，而第2季及之後，我們不預期會因第1季的成長而出現大幅下滑。

Compared to other asset managers, looking at Robeco on a quarter to quarter basis, we see constant new money coming in. So we do not expect a huge duration because some portion of this can be sustained or supported by new money coming in. So I think that's going to make a big contribution going forward.

與其他資產管理公司相比，若以季對季來看 Robeco，我們看到持續有新資金流入。因此我們不預期會有很大的下滑，因為其中一部分可由新資金流入所維持或支撐。我認為這將在未來做出很大的貢獻。

That was very informative. Thank you very much.

非常有幫助。非常感謝。

Nomura Securities. Sasaki-san.

野村證券。佐佐木先生。

I am Sasaki from Nomura Securities. Thank you for the opportunity.

我是野村證券的佐佐木。感謝給我提問的機會。

Now, with regard to this adjustment profit, especially the outlook, I know that you have been providing various different explanations, but if you were to perhaps view this from the management perspective, would you make a judgment that it is going for the better or the worse?

關於這個調整後利益（adjusted profit），特別是展望部分，我知道你們已提供各種不同的說明；但若從經營管理的角度來看，您會判斷它是朝更好，還是更差的方向發展？

Well, I know that it's difficult to understand. So we think that we'll be able to grow this adjusted profit in the second-half as well.

嗯，我知道這不容易理解。因此我們認為在下半年也能持續成長這個調整後利益。

Okay. Also, as much as possible, if you could explain, so this Kioxia related matters, especially in light of dividend. I know that you have excluded from the shareholders return but inclusive of Kioxia Toshiba's valuation enhancement, so the the payout to shareholders. How could that happen the profit that you'll be generating. Do you think that this would be kind of contributed to the shareholders?

了解。另外，若可以的話，也請盡可能說明與 Kioxia 相關的事項，特別是就股利而言。我知道你們在股東回饋中排除了它，但在 Kioxia／東芝的估值提升方面則納入，也就是對股東的配發。這樣的情況下，你們將產生的利益要如何發生？您認為這會以某種形式回饋給股東嗎？

Well, as of now, as you have understood, the valuation, profit or loss, or even if it was to be a sales, a gain on sales, it would be remaining at the Toshiba. Therefore, there would be no kind of payment being made to us on a cash basis. So from Toshiba, as a result of the sales, if there was to be a return and if we are in receipt of the cash, some part of it will be made use of as a source of a payout to our shareholders.

嗯，截至目前，如各位所理解的，估值、損益，或者即便是出售、出售收益，仍會留在東芝那邊。因此，不會以現金基礎對我們進行任何形式的付款。所以，從東芝的角度來看，若因出售而產生回收，且我們收到現金，其中一部分將作為對股東回饋的資金來源。

And especially if it is a capital gain, we would use part of what we will be receiving for the shareholders return. But this is something which is not under our full control. So this is why I'm terribly sorry, but our explanation remains to be pretty ambiguous.

尤其如果是資本利得，我們會把我們將收到的部分用於股東回饋。但這並非完全在我們的掌控之下。因此非常抱歉，我們的說明仍然相當模糊。

Okay, understood. Well, if this is the case, if you were to sell Toshiba shares, if were to sell the Toshiba sales, would it be included in this payout?

好的，明白了。那麼，如果是這種情況，若你們出售東芝股票、若要出售東芝的持股，這會被納入這次的回饋（派發）嗎？

Anything that is non-cash, because there is such a fluctuation. Even today, it's adjusted, so this is the policy.

任何非現金的部分，因為存在這樣的波動。即使是今天也會做調整，所以這就是政策。

Thank you very much, that's very clear.

非常感謝，這很清楚。

[UP Securities, Nilasan.]

[UP證券，Nilasan。]

Yes, this is [Niwa, UP Securities].

是的，我是[UP證券的丹羽]。

I have a question about new investments. I'm looking at page 10. Probability of achievement for the annual plan, including AerFin, JPY200 billion quarter, so maybe this is in line, but it also looks like it's a swell start. The market is quite strong. So perhaps you are struggling resonation or you are waiting for the market to change. Can you please give some color to this?

我有一個關於新投資的問題。我在看第10頁。年度計畫（含AerFin）的達成機率，單季2,000億日圓，所以也許是符合進度，但看起來也像是開局偏強。市場相當強勁。所以也許你們是在掙扎於估值，或是在等待市場變化。能否請你們補充說明一下？

We have a pretty rich pipeline and as you have said valuation range is quite high in some of the sectors, and therefore we will be of course continuously active but we also need to implement a financial discipline at the same time rather than hurrying to make the investments and focusing on the amount that we're investing on a quarter by quarter basis, we really want to focus on doing something that is effective. So we are being selective when we make investment decisions right now. I don't think it's right to consider that the pipeline is weak.

我們有相當充實的案源（pipeline），而且如你所說，某些領域的估值區間相當高，因此我們當然會持續積極，但同時也必須落實財務紀律；與其急著投資、按季去看投入金額，我們更希望聚焦在做有效的投資。因此目前在投資決策上我們是有選擇性的。我不認為把案源視為疲弱是正確的。

I see. Thank you.

了解。謝謝。

I would like to add some comments. So JPY300 million coming in and for this particular quarter, we are recuperating less than investment, but this is according to our plan. If we do more exits toward the end of the fiscal year, that would problematic for the stability of the performance so SUGICO was sold and also Orix Bank closure closing is second quarter and we will be reinvesting the profit coming process coming from that which means that within one single year it looks like the new investments are being delayed it just looks like that.

我想補充幾點。本季有3億日圓進來，而就這一季而言，我們回收（recuperating）低於投資額，但這是依照計畫進行的。如果在會計年度末做更多退出（exits），會對業績穩定性造成問題；因此SUGICO已出售，另外Orix Bank的結案／交割在第二季，我們會把由此產生的利潤再投入。也就是說，在同一個年度內看起來新投資被延後了，但只是看起來如此。

And for the flow that we have a visibility like Osaka IR, time lag is not a problem but real estate and aircraft investment and Osaka IR related investments and as Yamadasa mentioned we also have a P/E investment market situation.

另外，對於我們可見度較高的案子，例如大阪IR，時間落差不是問題；但不動產與飛機投資，以及與大阪IR相關的投資，如山田先生提到的，我們也面臨PE投資市場的情況。

Because of those there is a trend or tendency that more of them will happen till the end of the fiscal year but this is within our expectation so JPY800 billion. Well. If we tell everyone that we can spend as much as they want quickly, they would spend everything at once. So the investment committee is being very selective.

因為這些因素，有一個趨勢或傾向是更多交易會在會計年度末之前發生，但這在我們的預期之內，也就是8,000億日圓。嗯。如果我們告訴大家可以想花多少就快速花掉，他們就會一次把錢都花光。所以投資委員會目前非常審慎、很有選擇性。

Under the leadership of Takahashi, we have started discussing all the potential investments pretty deeply from the beginning. So we have very strong pipeline, rich pipeline, but we need to be clever in buying them at advantageous prices. So we are looking forward to showing you the outcome of these efforts.

在高橋的領導下，我們從一開始就對所有潛在投資進行相當深入的討論。因此我們的案源非常強、非常充實，但我們需要聰明地在有利的價格買進。所以我們也期待向各位展示這些努力的成果。

Can you give us some color, please? JPY800 billion for this year domestic versus overseas. How do you think it will finish?

能否再多給一些說明？今年8,000億日圓，國內對比海外。你們認為最後會如何落點？

Well, mostly IR. Well, because of IR, there's more focus on Japan.

嗯，主要是IR。嗯，因為IR，所以會更聚焦在日本。

Do you have any items that are within scope for the domestic market and can they give an impact in this fiscal year?

在國內市場方面，有沒有任何在範圍內的項目，並且能在本會計年度帶來影響？

Well, IR Day in London, we provided more of a long-term perspective at that meeting in regard to private asset context. For this fiscal year, it's not so much about private asset, but real estate and also PE investments within the existing business.

嗯，在倫敦的IR Day，我們就私募資產（private asset）的脈絡提供了較長期的觀點。就本會計年度而言，重點不太在私募資產，而是在既有業務中的不動產，以及PE投資。

And as a result, investment amount in Japan will have a higher percentage. Well, in IR Day, I think we were talking about a different asset class, so that's expectation over the mid to long-term.

因此，日本的投資金額占比會更高。嗯，在IR Day上，我想我們談的是不同的資產類別，所以那是中長期的預期。

I understand it better now. Thank you.

我現在更理解了。謝謝。

If there are no further questions, we would like to close the Q&A session. And we would like to receive closing remarks from Yamada- san.

如果沒有其他問題，我們想結束問答環節。接下來請山田先生致閉幕致詞。

Thank you very much for joining us today and we received various questions, including Kioxia's volatility. I understand that this fiscal visibility is somewhat weaker, but we will look at the changes and we will do our best to update you on a timely basis and stay in communication with all of you. So thank you very much for your support, for your continued support.

非常感謝各位今天的參與，我們也收到各式各樣的問題，包括Kioxia的波動性。我理解本會計年度的可見度稍弱，但我們會觀察變化，並盡力及時向各位更新，與各位保持溝通。因此非常感謝各位的支持，也感謝各位持續的支持。

So that concludes the Q1 earnings call. Thank you very much for staying until the end of this call.

以上為第一季財報電話會議的全部內容。非常感謝各位一直待到本次會議結束。

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.

本逐字稿中的英文發言由現場電話會議的口譯員轉述。該口譯員由主辦本活動的公司提供。