In mature markets like Japan and Hong Kong, the SG&A ratio has been decreasing. We anticipate that in other areas, as sales increase, fixed ratios will decline, leading to a gradual decrease in the SG&A ratio.

In the event of M&A activities, such as the recent acquisition of shares in Australia, we expect the SG&A ratio to rise. Smaller companies tend to have lower profit margins, so incorporating such companies into our consolidated results could lead to an increase in the SG&A ratio. Additionally, if after establishing a subsidiary in the UK, we begin direct operations in European countries, we also expect the SG&A ratio to rise.

We aim to expand in a controlled manner to achieve the EBITDA targets set for 2026 and 2030.