We continue to believe that allocating cash flow toward growth investments rather than shareholder returns is the best way to reward our shareholders, who have entrusted us with their capital based on our strategy of positioning M&A as a core pillar of growth.

Previously, we categorized dividends as a “pure return of profits” and did not consider implementing them from the perspective of capital efficiency.

However, through dialogue with the capital markets, we have come to recognize that the presence or absence of dividends is a factor that exerts a material impact – beyond theoretical equity value – on the investment eligibility for institutional investors and the decision-making of individual investors.

Therefore, we have determined that implementing dividend payments within a scope that does not impede growth investment holds strategic significance from the perspective of expanding our investor base. Accordingly, we have decided to commence dividend payments starting from the fiscal year ending on January 31, 2027, with a policy to maintain “disciplined dividend increases” every year in line with the improvement of our cash-flow generation capacity.

As we remain in a phase characterized by significant growth opportunities, the absolute level of dividends will be limited; our policy of prioritizing growth investment remains unchanged.