No-dividend policy allocating retained earnings to growth investment
First written in FY2021. 9 of 20 entries say "Restated". Latest entry: 2026-09-11.
- 2026-09-11RaisedResults briefing materials
「The payout ratio was raised from 30% to 40% or more.」
The target payout ratio under the shareholder-return policy was raised from approximately 30% to 40% or more. - FY2026-H1RestatedAnnual report
「22 December 2025 Board of Directors Common shares 307,636 42.20 31 October 2025 13 January 2026 Retained earnings」
In line with the previous shareholder return policy, a year-end dividend of ¥42.20 per share, totaling ¥307.636 million, was paid. In addition, an interim dividend of ¥24.00 per share was approved on 12 June 2026. - FY2025RestatedAnnual report
「Based on this understanding, we will maintain stable and continuous dividend payments based on a payout ratio of approximately 30% after securing retained earnings necessary for strategic investment, thereby enhancing shareholder returns. With respect to retained earnings, we will regard an equity ratio of approximately 40% to 70% as an appropriate level, restrain excessive retained earnings, and target an ROE (return on equity) of at least 10%.」
The policy of targeting a dividend payout ratio of approximately 30%, an equity ratio of approximately 40% to 70%, and ROE of at least 10% was maintained. In the tenth fiscal year, a year-end dividend of ¥42.20 per share was paid. - FY2024RestatedAnnual report
「Based on this understanding, we will maintain stable and continuous dividend payments based on a payout ratio of approximately 30% after securing retained earnings necessary for strategic investment, thereby enhancing shareholder returns. With respect to retained earnings, we will regard an equity ratio of approximately 40% to 70% as an appropriate level, restrain excessive retained earnings, and target an ROE (return on equity) of at least 10%.」
The policy of prioritizing strategic investment while targeting a dividend payout ratio of approximately 30%, an equity ratio of approximately 40% to 70%, and ROE of at least 10% was maintained. In the ninth fiscal year, a dividend of ¥24.18 per share was paid. - FY2024-Q2RestatedAnnual report
「26 January 2024 Annual General Meeting of Shareholders Common shares 98,424 13.61 31 October 2023 29 January 2024 Capital surplus」
A dividend of ¥13.61 per share, totaling ¥98.424 million, was paid under the shareholder return policy targeting a payout ratio of approximately 30%. - FY2024-Q1RestatedAnnual report
「26 January 2024 Annual General Meeting of Shareholders Common shares 98,424 13.61 31 October 2023 29 January 2024 Capital surplus」
A dividend of ¥13.61 per share, totaling ¥98.424 million, was paid under the shareholder return policy targeting a payout ratio of approximately 30%. - FY2023RestatedAnnual report
「Based on this understanding, we will maintain stable and continuous dividend payments based on a payout ratio of approximately 30% after securing retained earnings necessary for strategic investment, thereby enhancing shareholder returns. With respect to retained earnings, we will regard an equity ratio of approximately 40% to 70% as an appropriate level, restrain excessive retained earnings, and target an ROE (return on equity) of at least 10%.」
The policy of prioritizing strategic investment while targeting a dividend payout ratio of approximately 30%, an equity ratio of approximately 40% to 70%, and ROE of at least 10% was maintained, and a dividend of ¥13.61 per share was paid. - FY2023-Q3RestatedAnnual report
「Common shares 95,033 12.45 31 October 2022 31 January 2023 Retained earnings」
A dividend of ¥12.45 per share, totaling ¥95.033 million, was reiterated based on a policy targeting a payout ratio of approximately 30%. - FY2023-Q2RestatedAnnual report
「30 January 2023 Annual General Meeting of Shareholders Common shares 95,033 12.45 31 October 2022 31 January 2023 Retained earnings」
A dividend of ¥12.45 per share, totaling ¥95.033 million, was disclosed based on a policy targeting a payout ratio of approximately 30%. - FY2023-Q1RestatedAnnual report
「Annual General Meeting of Shareholders held on 30 January 2023 Common shares 95,033 12.45 31 October 2022 31 January 2023 Retained earnings」
It was disclosed that the ¥12.45-per-share dividend based on the policy of using a payout ratio of approximately 30% as the benchmark was paid on 31 January 2023. - FY2022AdvancedAnnual report
「Based on the above policy, a dividend of ¥12.45 per share was paid for the current fiscal year as follows.」
The first dividend of ¥12.45 per share was paid under the policy of prioritizing retained earnings and strategic investment while using a payout ratio of approximately 30% as the benchmark. - FY2022-Q3ReframedAnnual report
「Based on the above view, after securing the retained earnings necessary for strategic investment, we will provide stable and continuous dividends based on a payout ratio of approximately 30% and seek to enhance shareholder returns. We will maintain retained earnings at an appropriate level, with an equity ratio of approximately 40% to 70%, restrain excessive retained earnings and aim for ROE of at least 10%.」
The policy changed from a no-dividend policy that prioritized allocating retained earnings to growth investment to a policy of providing stable and continuous dividends based on a payout ratio of approximately 30% while securing the necessary retained earnings. Target levels of an equity ratio of approximately 40% to 70% and ROE of at least 10% were also disclosed. - FY2021First statedAnnual report
「As we believe that the company is currently in a growth phase, we believe that strengthening retained earnings to stabilize the management base, investing in the early rollout of new businesses, business expansion and operating efficiency, and thereby increasing corporate value, will provide the greatest return to shareholders.」
The company has stated that dividends for the foreseeable future have not been determined and that retained earnings will be used to strengthen its financial base, recruit personnel and expand its businesses, among other purposes.