BALMUDA Inc.

<h3 class="smt_head2" style="line-height:18pt;">3 [Dividend Policy]</h3><p class="smt_text2" 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:16pt;">Since its establishment, the Company has prioritized strengthening its corporate foundation and securing funds for ongoing product development, and has not paid dividends to shareholders, including in the current fiscal year. The Company intends to continue building internal reserves in the near term. However, the Company recognizes returning profits to shareholders as an important management priority. Going forward, the Company will consider profit returns while taking into account each period's performance and financial position. At this time, however, the possibility and timing of dividends remain undetermined.</p><p class="smt_text2" 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:16pt;">Retained earnings will be allocated to prepare for future business development and research and development expenses.</p><p class="smt_text2" 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:16pt;">When dividends are paid, the basic policy is to conduct year-end dividends once annually, with the Board of Directors serving as the decision-making body. The Company's Articles of Incorporation provide that interim dividends may be implemented by Board resolution with June 30 as the record date, in accordance with Article 454, Paragraph 5 of the Companies Act.</p><p class="smt_text2" 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:16pt;font-size:16pt;"> </p>

<p>For the time being, the Company prioritizes building up retained earnings, with no set timeline for shareholder returns. Going forward, the Company will consider profit distribution based on each period's business performance and financial condition. When dividends are implemented, the Company will adopt a basic policy of paying dividends once per year at the fiscal year-end. Retained earnings will be allocated to business expansion and research and development expenses.</p>

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2026/02/10)	0	0	0	-
FY2025	Actual(2026/02/10)	0	0	0	-
	Forecast(2025/02/13)	0	0	0	-
FY2024	Actual(2025/02/13)	0	0	0	-
	Forecast(2024/02/09)	0	0	0	-
FY2023	Actual(2024/02/09)	0	0	0	-
	Forecast(2023/02/10)	0	0	0	-
FY2022	Actual(2023/02/10)	0	0	0	-
	Forecast(2022/02/10)	0	0	0	-
FY2021	Actual(2022/02/10)	0	0	0	-
	Revision(2021/11/09)	0	-	0	-
	Forecast(2021/02/12)	0	0	0	-
FY2020	Actual(2021/02/12)	0	0	0	-
FY2019	Actual(2021/02/12)	0	0	0	-

BALMUDA Inc. (6612) Dividends

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Dividend History (Forecasts, Revisions, Actuals)