Japan Pulp & Paper Co., Ltd.

<h3 class="smt_head2">3 [Dividend Policy]</h3>

The Company positions the return of profits to shareholders as one of its key management strategies. We are committed to stabilizing and strengthening our management foundation over the long term and aim to enhance corporate value. 
Our basic dividend policy is to continue providing stable dividends while taking into account trends in consolidated business performance. Dividends from retained earnings are paid twice annually: as interim dividends and year-end dividends.

<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">During the Medium-Term Management Plan 2026 period, which began in fiscal 2024, we are implementing a progressive dividend policy with a consolidated dividend payout ratio of 30% or higher as an aggressive shareholder return to meet market expectations. The current dividend and planned next-period dividend are as follows.

• Current Period Dividend

The year-end dividend for this fiscal period is set at 12.50 yen per share. The Company implemented a 10-for-1 stock split on October 1, 2024. Combined with the interim dividend already paid and adjusted for the stock split, the annual dividend per share is 25 yen, representing a net increase of 12 yen from the previous fiscal year.

• Next Period Dividend

For fiscal 2025, we plan a dividend of 28 yen per share (interim dividend of 14 yen), representing an increase of 3 yen from the current period.

<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">The Company's Articles of Incorporation provide that matters specified in Article 459, Paragraph 1 of the Companies Act regarding dividends of retained earnings may be determined by Board of Directors resolution, except where otherwise provided by law.

Retained earnings will be used to strengthen our financial position and to prepare for future capital needs for competitive and functional enhancements from a medium- to long-term perspective, supporting future business growth.

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(Note) Dividends of retained earnings with a record date in this fiscal year are as follows:

 

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(Note) 1 The total dividend amount by Board of Directors resolution on November 8, 2024 includes 25 million yen in dividends on the Company's own shares held by the trust.

<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:45pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:-18pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">2 The total dividend amount by Board of Directors resolution on May 14, 2025 includes 25 million yen in dividends on the Company's own shares held by the trust.

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Our basic policy is to maintain stable and continuous dividends, taking into account trends in consolidated financial performance. During the Medium-Term Management Plan 2026 period, we plan to implement progressive dividends with a consolidated dividend payout ratio of 30% or higher. We pay dividends twice annually through interim and year-end dividends. Retained earnings are reserved to strengthen our financial position and meet funding needs for enhancing competitiveness and capabilities, which will be utilized to drive future business performance improvement.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Revision(2025/11/06)	14	20	34	-
	Forecast(2025/05/14)	14	14	28	40.6%
FY2025	Actual(2025/05/14)	125	12.5	-	40.7%
	Revision(2024/08/08)	125	12.5	-	-
	Forecast(2024/05/10)	125	125	250	30.8%
FY2024	Actual(2024/05/10)	65	65	130	16.5%
	Forecast(2023/05/15)	65	65	130	16.2%
FY2023	Actual(2023/05/15)	60	60	120	6.5%
	Forecast(2022/05/13)	60	60	120	19.3%
FY2022	Actual(2022/05/13)	55	60	115	13.7%
	Forecast(2021/05/17)	55	55	110	16.0%
FY2021	Actual(2021/05/17)	55	55	110	41.2%
	Forecast(2020/11/10)	55	55	110	-
FY2020	Actual(2020/11/10)	55	55	110	-

Japan Pulp & Paper Co., Ltd. (8032) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)