Dividend Information

In our E-Plan 2028, our basic policy on shareholder returns is to prioritize growth investments that contribute to maximizing corporate value over the medium to long term, and to allocate surplus cash, in principle, to shareholder returns in order to maintain an optimal capital structure. 
 Regarding dividends, we target a consolidated dividend payout ratio of 35% or higher, and will pay dividends in line with earnings for each fiscal year.
Regarding share buybacks, we will continuously implement them as an adjustment to an appropriate level of equity in line with our ROE target, while ensuring necessary investments and stable dividends and maintaining financial discipline. Based on these considerations, we will implement shareholder returns (dividends and share buybacks) to amount to 100% or more of our cumulative free cash flow (excluding cash inflows from asset sales and balance sheet optimization) over a three-year period.
Furthermore, our treasury stock holdings will be capped at 5% of the total outstanding shares, and any treasury stock exceeding this limit will be canceled in principle.