Delta-Fly Pharma, Inc.

<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company's dividend policy is determined with consideration given to building up internal reserves to support investments in research and development. However, since retained earnings are currently negative, the Company has not paid any dividends since its establishment.Going forward, the Company plans to continue aggressive investment in pharmaceutical research and development, and therefore does not plan to pay dividends in the near term. At the same time, the Company recognizes that returning profits to shareholders is an important management priority. The Company will consider dividend payments in the future, taking into account its operating results and financial condition.When dividends are paid, the Company's basic policy is to pay year-end dividends once annually, with such decisions made by the shareholders' meeting. However, the Company's articles of incorporation provide that interim dividends may be paid once per year by board resolution, with September 30 as the reference date each year.

We determine dividends while prioritizing the accumulation of retained earnings to fund research and development investments. For the foreseeable future, we plan to retain all earnings without paying dividends, as we are making aggressive investments in pharmaceutical research and development. Should we decide to distribute dividends from retained earnings in the future, our basic policy is to pay dividends once annually at the fiscal year-end, though we also have the option to pay an interim dividend once per year if circumstances permit.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2025/05/15)	0	0	0	-
FY2025	Actual(2025/05/15)	0	0	0	-
	Forecast(2024/05/15)	0	0	0	-
FY2024	Actual(2024/05/15)	0	0	0	-
	Forecast(2023/05/15)	0	0	0	-
FY2023	Actual(2023/05/15)	0	0	0	-
	Forecast(2022/05/13)	0	0	0	-
FY2022	Actual(2022/05/13)	0	0	0	-
	Forecast(2021/05/14)	0	0	0	-
FY2021	Actual(2021/05/14)	0	0	0	-
	Forecast(2021/02/12)	0	0	0	-
FY2020	Actual(2021/02/12)	0	0	0	-

Delta-Fly Pharma, Inc. (4598) Dividends

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Dividend History (Forecasts, Revisions, Actuals)