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Regarding shareholder returns during the Medium-Term Business Plan 2028 period, in addition to paying dividends, we will flexibly repurchase stock, while giving priority to investment in growth areas and taking into account our financial situation.
We have decided to raise the threshold for the dividend on equity ratio (DOE), which we have introduced as a lower limit indicator. We will, of course, maintain our basic policy of distributing profits appropriately based on business performance while maintaining financial soundness. During the Medium-Term Business Plan 2028 period, the dividend will be the higher of either a dividend payout ratio of 60% or a dividend on equity (DOE) of 3.0%.
The new dividend policy is effective from the FY2025 interim dividend.

| Capital (million yen) |
Total number of shares issued (thousand shares) |
Number of treasury shares at the end of fiscal year (thousand shares) |
Number of shares repurchased (thousand shares) |
Cost of share repurchase (million yen) |
|
|---|---|---|---|---|---|
| FY 2024 | 11,352 | 48,000 | 879 | 1,328 | 4,999 |
| FY 2023 | 11,352 | 50,000 | 1,572 | 527 | 1,696 |
| FY 2022 | 11,352 | 50,994 | 2,051 | 1,094 | 3,303 |
| FY 2021 | 11,352 | 50,994 | 975 | — | — |
| FY 2020 | 11,352 | 50,994 | 1,650 | — | — |
| FY 2019 | 11,352 | 50,994 | 1,659 | 2,679 | 7,777 |
| FY 2018 | 11,352 | 52,694 | 679 | 1,429 | 3,750 |
| FY 2017 | 11,352 | 55,194 | 1,750 | — | — |
| FY 2016 | 11,352 | 55,194 | 1,749 | 2,100 | 4,415 |
| FY 2015 | 11,352 | 57,494 | 1,948 | 5,000 | 10,503 |
| FY 2014 | 11,352 | 63,494 | 2,947 | 1,030 | — |
| FY 2013 | 11,352 | 63,494 | 1,915 | 1,500 | 2,835 |
Note: The numbers of shares are rounded down to the nearest thousand shares.
As a sign of our gratitude towards all of our shareholders, we have established a Shareholder Benefits System.
It is our hope that you use Duskin products and services through the Benefits System and learn more about our business through firsthand experience.