Frontier Management Inc.

<h3>3. Dividend Policy</h3>
Our dividend policy targets a payout ratio of 40% of net income attributable to parent company shareholders. We determine dividend amounts based on financially sound earnings, which exclude non-cash items such as losses on investment securities held by our consolidated subsidiary Frontier Capital Inc. (hereinafter "FCI").
However, during the current fiscal year, while our consulting business segment (management consulting, business revitalization support, and other operations) maintained growth and achieved record-high sales, our M&A advisory business experienced a significant decline. Although the previous fiscal year saw multiple large M&A transactions completed with strong results, the current fiscal year was affected by weakness in domestic M&A business, resulting in fewer transactions reaching success-based fees. Consequently, we recorded a net loss of 694,858 thousand yen attributable to parent company shareholders.
Based on our dividend policy, after deducting FCI's losses from the net loss attributable to parent company shareholders (there are no non-cash items such as investment securities evaluation losses), a loss of 193,793 thousand yen remains. Accordingly, we regret to inform that no dividend will be paid this fiscal year.
For the next fiscal year, we plan to target a dividend payout of 40% of net income attributable to parent company shareholders, excluding FCI's results and non-cash items, based on our dividend policy. We intend to implement dividends in light of our group's full-year consolidated performance, financial position, and economic conditions.
We intend to use retained earnings effectively for domestic and international business expansion and securing talented personnel.
When dividends are paid, our basic policy is to distribute year-end dividends once annually. The shareholders' meeting is the decision-making body for dividend payments. Our articles of incorporation also provide that interim dividends may be paid by board of directors resolution.

Our basic dividend policy targets a dividend payout ratio of 40% of net income attributable to parent company shareholders. We determine dividend amounts based on earnings with sound financial backing, excluding the impact of non-cash items such as gains and losses from consolidated subsidiaries and valuation losses on investment securities. We pay dividends once annually at the fiscal year-end, and we utilize retained earnings effectively for business expansion both domestically and internationally, as well as for securing talented personnel.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2026/02/13)	0	-	-	-
FY2025	Actual(2026/02/13)	0	0	0	-
	Forecast(2025/02/13)	0	-	-	-
FY2024	Actual(2025/02/13)	0	0	0	-
	Forecast(2024/02/14)	0	-	-	-
FY2023	Actual(2024/02/14)	0	41	41	60.7%
	Forecast(2023/02/10)	0	-	-	-
FY2022	Actual(2023/02/10)	0	28	28	57.5%
	Forecast(2022/02/10)	0	-	-	-
FY2021	Actual(2022/02/10)	0	10	10	33.7%
	Forecast(2021/02/09)	0	-	-	-
FY2020	Actual(2021/02/09)	0	24	24	32.5%
FY2019	Actual(2020/11/12)	0	23	23	-

Frontier Management Inc.【JP:7038】Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)