• Transitioning to the next level – After conducting a business reorganization and accelerating M&A activity, Restar has embarked on a high-impact medium-term management plan. This broadly involves 1) around half of ¥90bn capital allocation directed toward growth investments, with the remainder for working capital requirements in existing operations and post-merger integration (PMI) activities, and 2) establishing a new high-value-added Engineering business unit, with these efforts reflecting a clear focus on improving overall profitability. While management lowered key financial targets for FY3/27, the implied trajectory remains broadly positive and indicates positive change. Delivery on strategy will be key, but management’s recent track record and direction validate our expectations of OP growth in the high teens for the medium term.