Since April 2024, Daiwa Securities Group has launched its three-year Medium-Term Management Plan, "Passion for the Best" 2026, covering the period through fiscal year 2026. Under our basic group management policy of "Maximizing Customer Asset Value," we are committed to contributing to the long-term maximization of our customers' asset value and corporate value. To achieve this, we are promoting the development of a structure that enables us to provide the best and most optimal high-quality solutions tailored to customers' circumstances and the economic environment across all business domains of the Group.

For the first half of fiscal year 2025, the Group recorded consolidated net operating revenue of ¥327.8 billion, ordinary income of ¥97.9 billion, and net income attributable to owners of the parent of ¥78.9 billion. As a result of steadily advancing the shift to a business model less susceptible to external conditions, our base income^*, which we emphasize as a key indicator of stable earnings, reached ¥78.1 billion. Regarding shareholder returns, we have set the interim dividend for fiscal year 2025 at ¥29 per share. During the Medium-Term Management Plan period, we have pledged to pay an annual dividend of at least ¥44 per share, and this interim dividend marks the highest amount ever for a half-year period.

• *Base income: Total ordinary income from the Wealth Management Division, Securities Asset Management, and Real Estate Asset Management.

The Japanese economy is emerging from a prolonged slump and deflationary environment, entering a full-fledged "era of interest rates." Changes such as the acceleration of "the shift from savings to investment" and increased corporate actions are tailwinds for our Group's business, creating new growth opportunities. In this context, our initiatives toward the unwavering priority of "Maximizing Customer Asset Value" are steadily taking root step by step. Going forward, through the provision of high-quality consulting and solutions, we will continue to contribute to realizing Japan as a Leading Asset Management Center and to creating a prosperous future through financial and capital markets.

We would like to express our deepest appreciation to our shareholders for your continued support.