Microwave Chemical Co., Ltd.

<h3>3. Dividend Policy</h3>
The Company is currently at a stage of making advance investments in research and development, and therefore does not have sufficient financial capacity to pay dividends in the current fiscal year. To strengthen our financial position and expand our business, we are committed to building up internal reserves for the time being. We are preparing for future business development through strengthening our management foundation and making capital investments for research and development purposes. For these reasons, the Company has not paid dividends since its establishment, and the timing and possibility of future dividend payments remain undetermined at this time. However, we recognize profit returns to shareholders as one of our important management priorities, and we intend to consider dividend payments in light of future business performance and financial conditions.
When dividends are paid, our basic policy is to pay dividends once per year at the fiscal year-end, with the shareholders' meeting serving as the decision-making body. The Company's articles of incorporation provide that interim dividends may be paid by board resolution with December 31 as the record date each year. However, for the interim dividend in the 19th fiscal period, which is a transitional period due to a fiscal year change, the record date is set as September 30, 2025.

The company is currently in a stage of making advance investments in research and development, so no dividends are being paid at this time. The policy is to build up retained earnings to prepare for capital expenditures and other investments aimed at research and development. Should the company decide to pay dividends in the future, it will be based on a policy of paying dividends once per year at the fiscal year-end. Any dividend decisions will be made in consideration of future business performance and financial conditions.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2025/05/09)	0	0	0	-
FY2025	Actual(2025/05/09)	0	0	0	-
	Forecast(2024/05/10)	0	0	0	-
FY2024	Actual(2024/05/10)	0	0	0	-
	Forecast(2023/05/12)	0	0	0	-
FY2023	Actual(2023/05/12)	0	0	0	-
	Forecast(2022/08/12)	0	0	0	-
FY2022	Actual(2022/08/12)	-	0	0	-

Microwave Chemical Co., Ltd. (9227) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)