ASAHI CO., LTD. announced that it has passed a resolution to change its dividend policy at the Board of Directors meeting held on April 3, 2026 as follows. 1. Reason for the change Taking into consideration the environment that calls for management conscious of capital cost and stock price, the Company clarifies its financial and capital strategy in the Medium -term Management Plan "VISION 2028" with the aim to achieve sustainable growth and enhance corporate value over the medium to long term. Based on this, in order to further specify its stance toward shareholder returns, the Company has decided to adopt dividend on equity ratio (DOE) that considers dividend stability as a new indicator in addition to the dividend payout ratio, and to change its dividend policy.
2. Details of the change (Before the change) The Company positions the return of profits to shareholders as one of important management issues. The Company's basic policy is to continue to distribute dividends with a target payout ratio of 35% while securing internal reserves necessary for further strengthening its management foundations and making growth investments in the medium to long run. (After the change) The Company positions the proactive return of profits to shareholders as one of important management issues.
The Company's basic policy is to realize stable returns with a target payout ratio of 35% or more and a DOE of 3.0%, while comprehensively taking into consideration business performance, free cash flow, and capital efficiency with regard to dividends of surplus, in addition to further strengthening its management foundations and making growth investments in the medium to long run.
ASAHI CO., LTD. is a Japan-based company mainly engaged in the sale of bicycles, parts and accessories, as well as the provision of maintenance and repair services for bicycles. Its bicycle products include ordinary bicycles, sports bicycles, children bicycles, electric bicycles and foldable bicycles. It is also involved in the sale of bicycle parts and accessories through the Internet. The Company carries bicycles of original brands as well as private brands manufactured from overseas, and provides its products to home centers (HCs).
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