No-Dividend Policy Prioritizing Growth Investment and Future Shareholder Returns
First written in FY2022. 10 of 18 entries say "Advanced", first in FY2025-H1. Latest entry: 2026-06-17.
14 other companies' latest entry also says "Reframed".
- 2026-06-17ReframedEarnings presentation
「After comprehensively considering our share-price level and market trends, we used available funds flexibly as part of our financial policy and executed this initiative to prepare for future growth investment, including flexible share exchanges in M&A and the granting of stock options to motivate highly capable personnel.」
The treasury-share acquisition was positioned as a flexible financial-policy measure to prepare for growth investment, share exchanges in M&A, and the granting of stock options to personnel. - FY2026-H1AdvancedAnnual report
「During the interim accounting period, for the purpose of implementing an agile capital policy and other objectives, the Company purchased ¥39.949 million of treasury shares pursuant to a resolution of the Board of Directors dated 12 March 2026, subject to a maximum of 80,000 shares and a maximum aggregate purchase price of ¥40 million. The Company believes that it has nevertheless secured sufficient on-hand liquidity and sources of funds necessary for business operations.」
The scale of treasury share purchases increased from the acquisition of 98 shares in the previous fiscal year. The policy was implemented through the acquisition of 69,100 shares for ¥39.949 million pursuant to the Board of Directors' resolution setting maximum limits of 80,000 shares and ¥40 million. - FY2025AdvancedAnnual report
「Treasury shares acquired during the fiscal year 98 ¥108,684」
While continuing its policy of not paying dividends and prioritizing retained earnings, the Company purchased 98 treasury shares for ¥108,684 through the purchase of odd-lot shares. The full-year results confirmed the implementation of its policy of using purchases of treasury shares as a capital policy and a means of returning profits to shareholders. - FY2025-H1AdvancedAnnual report
「Payments for purchase of treasury shares – △ 46」
While the no-dividend policy continued, the Company recorded ¥46,000 of spending on the purchase of treasury shares for the first time during the interim accounting period, putting into practice the policy added in the previous fiscal year of using purchases of treasury shares as a capital policy measure. - FY2024ReframedAnnual report
「The Company has not paid dividends from surplus, prioritizing the accumulation of retained earnings necessary for future business development and strengthening its financial position. Although it regards the distribution of profits to shareholders as one of its important management priorities, its policy is to focus on strengthening its management base further and building retained earnings necessary for proactive business expansion. In addition, the Company intends to conduct purchases of treasury shares appropriately, taking into account its financial position, trends in the stock market and other factors, as an agile capital policy and one means of returning profits to shareholders in response to changes in the business environment.」
While the policy of not paying dividends and prioritizing retained earnings continued, the Company added a policy of potentially conducting purchases of treasury shares appropriately as a means of returning profits and implementing its capital policy. - FY2024-Q2RestatedAnnual report
「No per-share dividend is disclosed because the company has not paid dividends.」
No dividend was paid during the cumulative second-quarter period, and the no-dividend policy prioritizing growth investment and retained earnings remains in place. - FY2023RestatedAnnual report
「The Company currently recognizes that its business is in a growth phase and did not pay a dividend during the fiscal year in order to achieve continued business expansion and development.」
The policy of continuing not to pay dividends while prioritizing retained earnings and business expansion, and considering future returns to shareholders, remains unchanged. - FY2023-Q3RestatedAnnual report
「No per-share dividend is disclosed because the company has not paid dividends.」
No dividend was paid during the cumulative third-quarter period, and the Company remained non-dividend-paying. - FY2023-Q2RestatedAnnual report
「No per-share dividend is disclosed because the company has not paid dividends.」
No dividend was paid during the cumulative second-quarter period, and the Company remained non-dividend-paying. - FY2023-Q1RestatedAnnual report
「No per-share dividend is disclosed because the company has not paid dividends.」
No dividend was paid during the quarter, and the no-dividend policy prioritizing growth investment remains in place. - FY2022First statedAnnual report
「The Company did not pay a dividend during the fiscal year in order to achieve continued business expansion and development. Going forward, it recognizes the return of profits to shareholders as one of its important management priorities and will consider returning profits to shareholders in the future through interim or year-end dividends.」
For now, the Company is prioritizing retained earnings and business expansion and plans to consider future dividends.