YAMAZAKI BAKING CO., LTD.

<h3 class="smt_head2">3 [Dividend Policy]</h3>Our basic policy is to continue providing stable dividends to shareholders while targeting a consolidated dividend payout ratio of 30%, taking into account both current business performance and future business development, as well as the need to strengthen our corporate foundation through retained earnings. Dividends are determined by resolution at the ordinary general meeting of shareholders and are paid once per year as a year-end dividend (at the end of March each year).<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">Regarding the year-end dividend for the 77th fiscal period, taking into account the current period's performance and future business environment, the 77th ordinary general meeting of shareholders held on March 28, 2025 resolved to set the dividend at 45 yen per common share, with total dividend payments of 8,949,660,210 yen.<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">As a result, the current period's dividend payout ratio is 25.2% on a consolidated basis (30.8% on a non-consolidated basis), return on equity is 8.9% on a consolidated basis (9.1% on a non-consolidated basis), and dividend yield on net assets is 2.2% on a consolidated basis (2.8% on a non-consolidated basis).<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">Retained earnings will be used to prepare for future capital expenditure needs for production equipment expansion and strengthening of sales and logistics operations, as well as for developing new business areas.

Our basic policy is to continue stable dividends targeting a consolidated dividend payout ratio of 30%, while taking into account both current business performance and future business development, as well as maintaining internal reserves to strengthen our corporate foundation. Dividends are paid once per year as a year-end dividend. Retained earnings are allocated to expanding production facilities, strengthening sales and logistics operations, and developing new business areas.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2026/02/12)	-	60	60	27.9%
FY2025	Actual(2026/02/12)	-	60	60	29.0%
	Revision(2026/01/30)	-	50	60	-
	Forecast(2025/02/14)	-	50	50	26.9%
FY2024	Actual(2025/02/14)	-	45	45	25.2%
	Revision(2024/07/31)	-	38	38	-
	Forecast(2024/02/14)	-	28	28	18.0%
FY2023	Actual(2024/02/14)	-	25	25	17.1%
	Revision(2023/08/01)	-	25	25	-
	Forecast(2023/02/14)	-	22	22	30.6%
FY2022	Actual(2023/02/14)	-	22	22	37.2%
	Forecast(2022/02/15)	-	22	22	38.4%
FY2021	Actual(2022/02/15)	-	22	22	45.3%
	Forecast(2021/02/12)	-	22	22	46.5%
FY2020	Actual(2021/02/12)	-	22	22	68.7%
	Forecast(2020/10/27)	-	22	22	-
FY2019	Actual(2020/10/27)	-	20	20	-

YAMAZAKI BAKING CO., LTD. (2212) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)