We regard return of profits to shareholders as one of the most important management tasks. For Fiscal 2024-2028, we aim to achieve both sustainable growth and high-level shareholder returns through proactive investments for growth and appropriate distribution of profits in accordance with the capital allocation and capital policy set forth in the Mid-term Management Plan 2028 “Achieving Evolution.”^*1

• We make shareholder returns with the target total payout ratio at 60% of net income for the five-year cumulative period covered by the Mid-term Management Plan.
• As to cash dividends paid each fiscal year, we aim to achieve stable dividend payments over the long term with the target consolidated payout ratio of 40% at a minimum dividend on equity ratio (DOE) of 7% or higher^*2.
• We make a share buyback in an agile manner by comprehensively taking into account such factors as the Company’s financial standing, stock price levels, and cash position. As a general rule, treasury shares purchased through share buybacks shall be retired, except for the case of purchase for paying incentives.

• *1 Formulation of Mid-Term Management Plan 2028 “Achieving Evolution” and Purpose ( PDF/392KB )
• *2 Ratio of dividends to equity at previous fiscal year-end

(As of May 13, 2024)

	Interim dividend (JPY)	Year-end dividend (JPY)	Dividend payout ratio (%)	DOE (%)	Total payout ratio (%)*3
Year ended March 2025 (forecast)*4	78	26	39.3	9.8	-
Year ended March 2024	35	65	27.1	7.3	50.8
Year ended March 2023	30	35	18.5	5.6	56.6
Year ended March 2022	30	30	21.8	6.2	42.3
Year ended March 2021	17	27	50.3	5.2	42.2
Year ended March 2020	17	17	75.6	4.2	45.6
Year ended March 2019	20	14	90.2	4.2	50.4
Year ended March 2018	20	20	70.4	4.8	46.2
Year ended March 2017	27.5	27.5	347.4	6.4	123.9
Year ended March 2016	27.5	32.5	82	6.9	58.9

• *3 The Company has voluntarily adopted International Financial Reporting Standards (IFRS) from the fiscal year ending March 2025. The total payout ratio before the fiscal year ending March 2024 is before goodwill amortization.
• *4 At the Board of Directors’ meeting held on May 13, 2024, the Company resolved to conduct a 3-for-1 stock split of common stock, effective on October 1, 2024. For dividends for the fiscal year ending March 31, 2025 (forecast), second quarter-end dividends per share represents the amount before the stock split, while the amount of fiscal year-end dividends per share reflects the stock split. Without reflecting the stock split, fiscal year-end dividends and annual dividends for the fiscal year ending March 31, 2025 (forecast) would be 78.0 yen per share and 156.0 yen per share, respectively.　

• (Disclaimer)
  The forward-looking statements contained in this contents are based on information currently available to the Company and certain assumptions that are believed to be reasonable, and no responsibility is borne as to the accuracy or completeness of the forward-looking statements. Actual results may differ from the results anticipated in these forward-looking statements due to a variety of factors, and the Company gives no assurance that such statements will prove to be correct. Additionally, regardless of actual results, etc., the Company has no obligation to continuously update the content on this website nor does it have such a policy.
  This website is only disclosed with the intent of providing reference information to investors in making decisions; please make final decisions regarding investments on your own. The Company shall not be held liable for any losses resulting from the use of any part of this website in reaching an investment decision.

(As of March 27, 2024)

Repurchase Period	Method of Repurchase	Purpose	Total Number of Repurchased Shares	Total Repurchase Amount	Materials
February 6, 2024 - March 15, 2024	Market purchase	-	1,017,300	¥5,999,642,100	PDF (105KB)
June 1, 2022 - December 13, 2022	Market purchase	-	2,288,000	¥7,999,818,394	PDF (93KB)
May 17, 2022 - May 18, 2022	Market purchase	Additional Contribution to Board Benefit Trust (BBT)	252,900	¥999,727,301	-
March 1, 2022 - March 14, 2022	Market purchase	-	339,800	¥999,980,395	PDF (553KB)
November 2, 2021 - November 15, 2021	Market purchase	-	922,800	¥2,999,930,500	PDF (78KB)
August 31, 2020 - October 7, 2020	Market purchase	-	300,000	¥331,690,100	-

Date of Cancellation	Number of Shares Cancelled	Ratio of Total Number of Issued Shares before the Cancellation	Total Number of Issued Shares after the Cancellation	Materials
March 27, 2024	1,017,300	1.6%	60,192,200	PDF (105KB)
May 24, 2023	3,550,600	5.5%	61,024,400	PDF (101KB)

We do not have a system of special benefits for shareholders.