PIA CORPORATION

<h3>3. Dividend Policy</h3>
Our basic policy is to maintain stable dividends that meet shareholder expectations while securing necessary retained earnings to support future business expansion and strengthen our financial position.
Under Article 459, Paragraph 1 of the Companies Act, we have established in our Articles of Incorporation that the Board of Directors may declare and pay dividends from retained earnings.
We have also established in our Articles of Incorporation that the Board of Directors may declare interim dividends with September 30 as the record date each year.
Based on recent business performance and medium- to long-term business and investment conditions, we pursue three pillars: dividend policy, share buybacks, and shareholder benefits. The combined total payout ratio (as a percentage of net income before distributions) has been targeted at approximately 40% since fiscal year 2017. Additionally, the dividend payout ratio on a consolidated basis (as a percentage of net income) is targeted at approximately 30%.
In fiscal year 2024, although we achieved results exceeding initial projections, we have not yet eliminated the substantial accumulated losses from the impact of the pandemic. Regrettably, we will not pay a dividend for the current period. However, we are strengthening our earnings base through our core and new businesses, aiming to eliminate accumulated losses and resume dividend payments during our current medium-term management plan period (by fiscal year 2025). The dividend forecast for the next period is set at 10 yen per share.

Our basic dividend policy is to maintain stable and continuous dividends while securing retained earnings. We target a total shareholder return ratio of approximately 40% through dividends, share buybacks, and shareholder benefits, with a dividend payout ratio of approximately 30%. We implement interim dividends as appropriate and use retained earnings to expand our business and strengthen our financial position.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Revision(2025/11/13)	0	20	20	-
	Forecast(2025/05/15)	0	10	10	6.7%
FY2025	Actual(2025/05/15)	0	0	0	-
FY2024	Actual(2024/05/09)	0	0	0	-
FY2023	Actual(2023/05/11)	0	0	0	-
FY2022	Actual(2022/05/12)	0	0	0	-
FY2021	Actual(2021/05/13)	0	0	0	-
	Forecast(2021/02/12)	0	0	0	-
FY2020	Actual(2020/11/12)	0	5	5	-

PIA CORPORATION (4337) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)