• Solid TTC performance anchors results - MRI’s H1 FY9/26 results were characterized by robust growth, with OP surging 36.3% YoY and RP rising 32.1% YoY. We have revised our estimates upward following a positive surprise in TTC, which more than offset headwinds from unprofitable projects in ITS. TTC’s momentum is further supported by improved visibility in the public sector, bolstered by 17 new initiatives under the Takaichi administration. While MRI is proactively positioning for AI opportunities, FY9/26 is categorized as a "rebuild year" as the company navigates AI business model transitions ahead of the new Mid-Term Plan to be released alongside FY results. Despite the fundamental resilience and FY guidance hikes, shareholder returns remain neutral, the dividend forecast is unchanged, and no share buybacks were announced.