• Indications of improving earnings visibility – Q1-3 FY9/25 results were in line, with company guidance left unchanged. The key highlight was continued outperformance in the Sustainability segment, driven by the wood-biomass-power generation project and performance at subsidiary Cosmos Shoji, which drove segment sales growth and margin expansion YoY. We believe this business will become a sustainable growth driver for the medium term, improving the overall sales mix and offsetting temporary soft performance in the other business segments. Despite auto-related activities remaining relatively subdued, and the Life Science segment performing under challenging comparatives YoY, we believe the earnings outlook remains sound.
