The Company regards the return of profits to shareholders as one of its management priorities. The Company’s basic policy is to provide continuous and stable dividend payouts for the shareholders while strengthening its financial position and maintaining sufficient internal reserves for long-term business expansion. In line with this, the Company intends to determine how to distribute profit while giving comprehensive consideration to the level of business performance, capital cost and capital profitability based on the balance sheet and other factors. The Company has set the target level for a medium- to long-term dividend payout ratio on a consolidated basis at 40% or more.
Our basic policy is to pay dividends twice a year, an interim dividend and a year-end dividend, in order to enhance opportunities to return profits to our shareholders. The Board of Directors is the decision-making body for the interim dividend and the General Meeting of Shareholders is the decision-making body for the year-end dividend.

In light of the above basic policy on profit distribution, we have decided to set the annual dividend per share for the fiscal year ending December 31, 2023 at 63.00 yen per share, taking into consideration the overall need to strengthen our management structure and retain earnings for the continued growth of our business in the future.

※MUGEN ESTATE conducted a 2-for-1 split which became effective as of July 1, 2016.