You selected "One Click Setup".
This feature writes to the SysNAND.
Doing this is potentially dangerous!

If you wish to proceed, enter:
<Left>, <Up>, <Right>, <Up>, <A>

(B to return, START to reboot)

Using EmuNAND @ 26C000/000000

Your serial number is: YEF10133732
Your region is: EUR
Checking title 0004001000022000...
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APP not found or corrupt
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APP not found or corrupt
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Validation Stage 0: SUCCESS
Validation Stage 1: FAILED
Validation Stage 2: FAILED
 # APP success       : 110
 # APP not found     :   2
 # APP fragmented    :   0

WARNING: Validation Stage 1 failed!
!DO NOT RESTORE THIS TO SYSNAND!
Starting from scratch is recommended

Downgrade Validation failed!
You can not continue here
One Click Setup: failed!

Press B to return, START to reboot.