Policy on Returning Profits to Shareholders
Shareholder returns
In light of changes in the business environment, we adopted “pursuing the best balance among capital adequacy, growth investments, and shareholder returns” as the basic principle of our capital policy. Based on this principle, we revised our shareholder return policy on May 14, 2026.
Specifically, from the perspective of further strengthening shareholder returns, we will introduce a total payout ratio that combines dividends and share repurchases. In addition, by excluding the impact of fluctuations in net gains associated with the reduction of strategic shareholdings, we will ensure sustainable and stable dividend management.
- Shareholder return policy (implemented from the fiscal year 2026)
Shareholder returns will be provided with a target total payout ratio of 50% or above.
Dividends per share will be progressive, and determined with an aim of approximately 50% of “Adjusted net income*”, which excludes net gains from the sale of strategic shareholdings.
Share repurchases will be implemented flexibly contributing to enhance capital efficiency, with due consideration of business performance, capital conditions, and the level of the share price.
*:Adjusted net income = net income attributable to owners of the parent - net gains from the sale of strategic shareholdings (after tax)
Dividend forecast (dividend per share of common equity)
(As of August 1, 2026)
| Interim dividends*1 | Fiscal year-end dividends*1 | Annual dividends*1 | Consolidated dividend payout ratio | |
|---|---|---|---|---|
| FY2026 (Forecast) | ¥23.75 | ¥23.75 | ¥47.5 | 34.3%*2 |
| FY2025 (Actual) | ¥80.0 | ¥105.0 | ¥185.0 | 40.9% |
| FY2024 (Actual) | ¥72.5 | ¥82.5 | ¥155.0 | 43.1% |
- *1:We conducted a stock split at a ratio of four shares for each share of common stock, with an effective date of August 1, 2026. Dividends per share of common stock for FY2024 and FY2025 represent the dividend amount per share before the stock split. The forecast dividend per share of common stock for FY2026 is presented on a post-stock-split basis. If the stock split is not taken into account, the forecast annual dividend per share for FY2026 would be ¥190.
- *2:After taking into account the planned cancellation of treasury shares already announced. Dividend payout ratio on an Adjusted Net income basis is approx. 50%