NOF CORPORATION

<h3>3. Dividend Policy</h3>
The Company recognizes stable profit returns to shareholders as an important management priority.
Under the medium-term management plan "NOF VISION 2030 Stage II" (fiscal years 2023–2025) announced in May 2023, the Company aims to further enhance corporate value by working to establish a revenue foundation.
Regarding dividend policy, the Company takes a comprehensive approach considering business performance, financial condition, and the need to build sufficient internal reserves for future business development. The basic principle is to maintain stable dividends. Additionally, the Company positions share buybacks and cancellations as a form of shareholder return, with a target total return ratio of approximately 50% by the final fiscal year of the current medium-term management plan (fiscal year 2025). The Company will implement stable dividend payments as its basic policy while conducting share buybacks and cancellations as needed.
The Company will allocate retained earnings to capital investments and research and development investments for future growth, as well as to strengthen its financial position, thereby reinforcing its revenue base.
The Company pays dividends of surplus twice annually: interim dividends and year-end dividends. The year-end dividend is determined by the shareholders' meeting, while the interim dividend is determined by the board of directors.
The Company's articles of incorporation provide that "the board of directors may declare interim dividends with a record date of September 30 each year." The planned year-end dividend for the current fiscal year is 24 yen per share. Combined with the interim dividend, the total dividend for the current fiscal year is expected to be 45 yen per share.
Dividends of surplus for the current fiscal year are as follows:
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Date of Resolution
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Total Dividend Amount (Million Yen)
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Dividend per Share (Yen)
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<ix:nonNumeric name="jpcrp_cor:DateOfResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" format="ixt:dateyearmonthdaycjk">November 7, 2024</ix:nonNumeric>

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<ix:nonFraction name="jpcrp_cor:TotalAmountOfDividendsDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" unitRef="JPY" decimals="-6" scale="6" format="ixt:numdotdecimal">5,000</ix:nonFraction>

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<ix:nonFraction name="jpcrp_cor:DividendPerShareDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" unitRef="JPYPerShares" decimals="0" scale="0" format="ixt:numdotdecimal">21</ix:nonFraction>

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<ix:nonNumeric name="jpcrp_cor:ResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" escape="false">Board of Directors Resolution</ix:nonNumeric>

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<ix:nonNumeric name="jpcrp_cor:DateOfResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row2Member" format="ixt:dateyearmonthdaycjk">June 27, 2025</ix:nonNumeric>

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<ix:nonFraction name="jpcrp_cor:TotalAmountOfDividendsDividendsOfSurplus" contextRef="FilingDateInstant_Row2Member" unitRef="JPY" decimals="-6" scale="6" format="ixt:numdotdecimal">5,607</ix:nonFraction>

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<ix:nonFraction name="jpcrp_cor:DividendPerShareDividendsOfSurplus" contextRef="FilingDateInstant_Row2Member" unitRef="JPYPerShares" decimals="0" scale="0" format="ixt:numdotdecimal">24</ix:nonFraction>

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<ix:nonNumeric name="jpcrp_cor:ResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row2Member" escape="false">Ordinary Shareholders' Meeting Resolution (Planned) (Note)</ix:nonNumeric>

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(Note) This is the year-end dividend with a record date of March 31, 2025, and is proposed as an agenda item (matter for resolution) at the ordinary shareholders' meeting scheduled for June 27, 2025.

Our basic policy is to maintain stable and continuous dividends. We implement dividends by comprehensively considering business performance trends and financial conditions. We target a total payout ratio of approximately 50% for fiscal year 2025, combining dividends with share buybacks, and pay dividends twice annually. Retained earnings are allocated to capital expenditures and research and development investments for future growth, as well as strengthening our financial position.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2027	Forecast(2026/05/11)	35	35	70	41.3%
FY2026	Actual(2026/05/11)	26	35	61	34.6%
	Revision(2026/02/13)	26	35	61	-
	Revision(2025/11/06)	26	26	52	-
	Forecast(2025/05/09)	24	24	48	30.5%
FY2025	Actual(2025/05/09)	21	24	45	29.2%
	Revision(2024/11/07)	21	21	42	-
	Forecast(2024/05/09)	20	20	40	29.0%
FY2024	Actual(2024/05/09)	56	58	114	26.9%
	Revision(2023/11/01)	56	56	112	-
	Forecast(2023/05/11)	54	54	108	30.7%
FY2023	Actual(2023/05/11)	50	58	108	25.9%
	Revision(2023/02/08)	50	54	104	-
	Revision(2022/11/02)	50	50	100	-
	Forecast(2022/05/11)	45	45	90	29.4%
FY2022	Actual(2022/05/11)	43	47	90	27.8%
	Revision(2021/11/04)	43	43	86	-
	Forecast(2021/05/12)	40	40	80	33.9%
FY2021	Actual(2021/05/12)	39	41	80	28.5%
	Forecast(2021/02/03)	39	39	78	-
FY2020	Actual(2021/02/03)	39	39	78	-

NOF CORPORATION (4403) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)