CHANGE Holdings, Inc.

<h3>3. Dividend Policy</h3>
The Company recognizes returning profits to shareholders as an important management priority. While prioritizing internal reserves and investments for business expansion, the Company's basic policy is to implement dividends on a continuous basis, taking into account business performance each fiscal year. This approach aims to deepen shareholder understanding of the Company's medium- to long-term business expansion strategy through consistent profit returns.
Starting with the year-end dividend for the fiscal year ending March 2025, the Company has revised its dividend policy to achieve a balance between investment and returns, as well as stable dividends, by establishing quantitative and clearer targets. The Company will target a Dividend on Equity (DOE) of 3.6% for ordinary dividends, with a minimum dividend payout ratio of 15%.
The Company's basic policy is to pay year-end dividends once per fiscal year from retained earnings. As of the fiscal year-end date, the General Meeting of Shareholders is the decision-making body for year-end dividends under the Company's Articles of Incorporation.
Under this basic policy, regarding the dividend for the current fiscal year (ending March 2025), the 23rd Annual General Meeting of Shareholders held on June 26, 2025 approved a dividend of 20.09 yen per share, totaling 1,454,199,993 yen. For the next fiscal year (ending March 2026), the Company plans to pay a year-end dividend of 23.00 yen per share, subject to achieving projected earnings.
The Company proposed an amendment to its Articles of Incorporation at the Annual General Meeting of Shareholders held on June 26, 2025. The amendment allows the Board of Directors to determine matters concerning dividend distributions and other items specified in Article 459, Paragraph 1 of the Companies Act, except where otherwise provided by law. This proposal was approved and adopted.
Additionally, the Company's Articles of Incorporation provide that the Board of Directors may declare interim dividends with September 30 as the record date each year.

To achieve a balance between investment and shareholder returns while maintaining stable dividends, we target a dividend on equity (DOE) of 3.6% for ordinary dividends, with a minimum dividend payout ratio of 15%. Our basic policy is to pay dividends once annually as a year-end dividend, though interim dividends may also be implemented. We prioritize strengthening internal reserves and funding business expansion investments.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2025/05/15)	0	23	23	20.2%
FY2025	Actual(2025/05/15)	0	20.9	20.9	19.4%
	Forecast(2024/05/15)	0	14.5	14.5	13.0%
FY2024	Actual(2024/05/15)	0	18.7	18.7	31.3%
	Revision(2024/03/25)	0	18.7	18.7	-
	Revision(2023/11/14)	0	12.5	12.5	-
	Forecast(2023/05/15)	0	12	12	12.0%
FY2023	Actual(2023/05/15)	0	10	10	18.8%
	Forecast(2022/05/13)	0	7	7	10.8%
FY2022	Actual(2022/05/13)	-	4.5	4.5	10.5%
	Revision(2022/02/10)	-	0	0	-
	Forecast(2021/11/15)	0	0	0	-
FY2021	Actual(2021/11/15)	0	0	0	-
	Forecast(2020/11/13)	0	0	0	-
FY2020	Actual(2020/11/13)	0	0	0	-
FY2019	Actual(2020/11/13)	0	0	0	-

CHANGE Holdings, Inc. (3962) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)