<h3>3. Dividend Policy</h3>
<p style="margin-left: 24px; text-align: left">Our Articles of Incorporation stipulate that matters specified in Article 459, Paragraph 1 of the Companies Act may be determined by Board of Directors resolution, except where otherwise provided by law. Additionally, our Articles of Incorporation provide that interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act may be paid.</p>
<p style="margin-left: 24px; text-align: left">Regarding profit distribution through dividends, our basic policy is to secure necessary retained earnings for future business development and strengthening of our management foundation in light of M&A as a pillar of our growth strategy, while always keeping in mind the enhancement of shareholder value. We compare business investments with dividends and implement optimal capital allocation according to circumstances.</p>
<p style="margin-left: 24px; text-align: left">For the current fiscal year, given that numerous effective business investments exist that contribute more to shareholder value enhancement than dividend payments, we have not implemented dividends from the perspective of optimal capital allocation for shareholder value enhancement. However, should the cost of shareholder capital exceed the returns on business investments, we intend to pay dividends to shareholders rather than reinvest cash on hand in business operations. At present, the possibility of implementing dividends and the timing of commencement remain undetermined. We also note share buybacks from a shareholder return perspective. While our approach is generally similar to dividends, in cases where our share price has declined significantly, allocating funds to repurchasing our own shares may generate higher investment returns than acquiring other companies' shares through M&A, and consequently may be judged as having greater effect on shareholder value enhancement. Due to the flexibility of executing shareholder returns in a timely and targeted manner, we believe share buybacks have a higher shareholder value enhancement effect compared to dividends.</p>

<p>Our basic policy is to secure internal reserves for future business development in anticipation of M&A and to strengthen our management foundation, while comparing business investments and dividends to implement optimal capital allocation. We will pay dividends when the cost of shareholder capital exceeds returns on business investments, and will prioritize flexible share buybacks when the stock price declines significantly.</p>

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2027	Forecast(2026/03/12)	4	4	8	-
FY2026	Actual(2026/03/12)	0	0	0	-
	Forecast(2025/03/12)	0	0	0	-
FY2025	Actual(2025/03/12)	0	0	0	-
	Forecast(2024/03/11)	0	0	0	-
FY2024	Actual(2024/03/11)	0	0	0	-
	Forecast(2023/09/08)	0	0	0	-
FY2023	Actual(2023/09/08)	-	0	0	-

(9166) Dividends

Dividend Policy

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Dividend History (Forecasts, Revisions, Actuals)