Shareholder return The dividend policy of NEC Capital Solution <8793> is based on maintaining stable dividends, while securing internal reserves necessary for investment in growth strategies and strengthening financial health, and reviewing appropriate dividend levels taking into account market trends and performance fluctuations. For the dividend of the 2024 fiscal year, a dividend of 130 yen per share (including an interim dividend of 65 yen) with a 20 yen increase compared to the previous fiscal year will be implemented. Regarding the dividend for the fiscal year ending March 2025, the company plans to pay a dividend of 150 yen per share (including an interim dividend of 75 yen) with a 20 yen increase compared to the dividend in the fiscal year ending March 2024, taking into account the profit forecast. The company plans to reward shareholders in accordance with the dividend policy, as it plans to achieve the highest profit on the profit side as a profit forecast. As a result, the company's dividend payout ratio reaches 40.4%. The actual PBR (price-to-book ratio) is in the 0.7x range and is below the PBR 1.0x that the Tokyo Stock Exchange is requesting improvement. Therefore, we believe that the company will actively pursue initiatives to strengthen shareholder return policies along with profit growth in the future, and the trend of increased dividends will continue.

Instead of the previous consolidated dividend payout ratio standard, Unilita <3800> has changed to a dividend policy based on shareholder capital dividend payout ratio (DOE) from the March 2019 term. The aim is to achieve stable and continued maintenance and increase in dividends without being affected by changes in periodic profits and losses due to advanced investment. In addition, the policy is to flexibly implement repurchases of its own shares and implement appropriate cancellation, etc. for those already acquired.

For the dividend for the March 2024 term, Unilita will implement an annual amount of 68 yen (interim dividend of 34 yen and year-end dividend of 34 yen), which is the same as the previous term (consolidated dividend payout ratio of 63.0%, DOE of 4.5%). For the dividend for the March 2025 term, it is planned to be an annual amount of 70 yen (interim dividend of 35 yen and year-end dividend of 35 yen), which is a 2 yen increase over the previous term. According to the new medium-term management plan, it is planned to continue increasing dividends in line with profit growth in the future.

(Written by Fisco Guest Analyst Ikuo Shibata)