The Company pays cash dividends by resolution of the Board of Directors based on the Articles of Incorporation. The Company also recognizes that returning profits to shareholders is one of the most important objectives of its management, and the Company's policy regarding profit allocation is determined based on all aspects of its management, including earnings for the period, internal reserves, and financial standing.
As for the distribution of profits during the Medium-term Management Strategy FY2031, in Phase1, from the fiscal year ended March 2024 to the fiscal year ending March 2026, the dividend payout ratio will be 30%, and in Phase2 from the fiscal year ending March 2027 to the fiscal year ending March 2031, we will further enhance shareholder returns. With regard to the acquisition of treasury stock, we will continue to consider flexibly taking into account the status of cash flow, stock price, and financial discipline such as net D/E ratio.