Dividend Information

Dividend Policy

We regard the return of profits to shareholders as an important management issue. Our basic policy is to distribute earnings in accordance with business results while retaining the surplus required for business development and maintenance of financial soundness to increase corporate value. We aim for a consolidated dividend payout ratio of 35% or more through the fiscal year ending December 31, 2025, and will increase this target to 40% or more from the fiscal year ending December 31, 2026.

Dividends

Fiscal year	Interim	Year-end	Annual	Payout ratio	Dividend Yield
FY12/2026 (Forecast)	7.50yen	7.50yen	15.0yen	42.4%	2.0%
FY12/2025	2.5yen	3.5yen	6.0yen*	43.5%	0.9%
FY12/2024	0.0yen	2.0yen	2.0yen	51.9%	0.3%
FY12/2023	0.0 yen	1.0 yen	1.0 yen	-	0.2%
FY12/2022	0.0 yen	1.0 yen	1.0 yen	-	0.2%
FY12/2021	4.0 yen	4.7 yen	8.7 yen	35.2%	1.3%
FY12/2020	6.6 yen	6.6 yen	13.2 yen	46.9%	2.0%
FY12/2019	6.5 yen	6.5 yen	13.0 yen	36.7%	2.4%
FY12/2018	5.5 yen	6.5 yen	12.0 yen	39.5%	2.3%
FY12/2017	11.0 yen	11.0 yen	22.0 yen	50.4%	3.5%
FY12/2016	17.5 yen	12.5 yen	30.0 yen	53.8%	3.6%

*Scheduled to be proposed as an agenda item at the shareholders' meeting in March 2026

1. The dividend (interim dividend) per share for FY12/2016 includes the commemorative dividend of 5 yen for the Company’s 10th year of business.
2. The Company implemented a 1:2 stock split with an effective date of April 1, 2018. The dividend for FY12/2017 refers to the stock before the split.
3. The Company implemented a 1:2 stock split with an effective date of December 17, 2016. The interim dividend for FY12/2016 refers to the stock before the split.
4. Dividend yield is calculated based on the stock price as of the end of the previous fiscal year.