Warabeya Nichiyo Holdings Co., Ltd. recognized that the return of profits to shareholders is an important management issue, and has paid dividends on a continual basis while taking into consideration consolidated results, internal reserves for investments for future business expansion, etc. The Company has reviewed the standard dividend payout ratio as it believes that further enhancement of the return of profits to shareholders is important. Furthermore, dividends have been paid on a once-per-year basis at the end of the fiscal year, but from the fiscal year ending February 29, 2024, the Company shall change its policy to pay dividends on a twice-per-year basis, which includes interim dividends. The Company's basic policy is to pay stable and continual dividends, targeting a consolidated dividend payout ratio of 40%, while taking into consideration consolidated results, internal reserves for investments for future business expansion, etc.

Due to the changes to the dividend policy, the fiscal year-end dividend for the fiscal year ended February 28, 2023 shall be ¥65 per share, an increase of ¥15 in comparison to the previous fiscal year. Scheduled date to commence dividend payments is May 26, 2023.

Furthermore, the dividend amount for the fiscal year ending February 29, 2024, which is currently in progress, is planned to be ¥70 per share for the fiscal year (interim dividend of ¥35, fiscal year-end dividend of ¥35).