Dividends

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Basic Dividend Policy

The MGC Group places the improvement of corporate value as a challenge on the management of the greatest importance. Based on the view that the improvement of corporate value will lead to the benefits of all stakeholders including shareholders, the MGC Group takes into consideration investment and lending plans, financial health, and future business trends in order to realize future business growth, and works to achieve a balanced allotment of retained earnings and returns to shareholders. Retained earnings are allotted to be used as investment and lending funds for business expansion and growth and to strengthen the corporate structure. Regarding dividends, the decision to continue steady dividends is made taking into account trends in business results, while working to improve capital efficiency and enhance returns to shareholders through implementing flexible purchase of treasury shares in consideration of the levels of retained earnings and shareholder return.
In the new Medium-Term Management Plan “Grow Up 2026” that covers the three years from fiscal 2024 (the fiscal year ending March 31, 2025) to fiscal 2026 (the fiscal year ending March 31,2027), the MGC Group has raised the total payout ratio from 40% under the previous Medium-Term Management Plan to roughly 50% as a medium-term target, and will adopt a “progressive dividend policy” that aims to pay dividends in a progressive manner while avoiding dividend reduction as long as it does not adversely affect its financial soundness.

Dividend Payments

	Dividend per share
(Record date)	Interim (Yen)	Fiscal year-end (Yen)	Annual (Yen)	Dividend payout ratio (％)
Fiscal 2023	40	40	80	41.9
Fiscal 2022	40	40	80	33.5
Fiscal 2021	45 (Ordinary dividend: 35.00) (Commemorative dividend: 10.00)	35 (Ordinary dividend: 35.00)	80 (Ordinary dividend: 70.00) (Commemorative dividend: 10.00)	34.5
Fiscal 2020	35	35	70	40.4
Fiscal 2019	35	35	70	69.7
Fiscal 2018	35	35	70	27.2
Fiscal 2017	24	35	59	21.0
Fiscal 2016	16	22	38	17.2
Fiscal 2015	16	16	32	20.7
Fiscal 2014	14	14	28	14.2
Fiscal 2013	12	12	24	36.2
Fiscal 2012	12	12	24	—
Fiscal 2011	12	12	24	44.0
Fiscal 2010	8	8	16	19.1
Fiscal 2009	8	8	16	62.1
Fiscal 2008	16	16	32	104.6

* With and effective date of October 1, 2016, MGC conducted a reverse stock split for MGC’s ordinary shares on a 2:1 basis. As a result, The Dividend per share in the table calculated assuming that the reverse stock split had been conducted at the beginning of FY2008.

Shares Buyback

Period of Share Buyback	Method of Buyback	Aggregate Number of Shares Buyback (thousand Shares)	Aggregate Price of Shares Buyback (millions of yen)	Disclosure Materials
Nov. 9, 2023- Jan.31, 2024	Purchase on the Tokyo stock Exchange	4,380	9,999	Notice on the Progress in andCompletion of Share Buyback(PDF 151.7KB
May 13, 2022 - Jul. 11, 2022	Purchase on the Tokyo stock Exchange	3,500	7,079	Notice on the Progress in and Completion of Share Buyback (PDF 422.3KB)
Nov. 6, 2019 - Jan. 27, 2020	Purchase on the Tokyo stock Exchange	2,992	4,999	Notice on the Progress in and Completion of Share Buyback (PDF 439.3KB)
May 14, 2019 - Jul. 18, 2019	Purchase on the Tokyo stock Exchange	2,700	3,730	Notice on the Progress in and Completion of Share Buyback (PDF 420.0KB)
Nov. 2, 2017 - Jan. 19, 2018	Purchase on the Tokyo stock Exchange	2,207	6,999	Notice on the Progress in and Completion of Share Buyback (PDF 124.4KB)
May 11, 2016 - May 27, 2016	Purchase on the Tokyo stock Exchange	10,000	6,253	Notice on the Progress in and Completion of Share Buyback (PDF 123.3KB)
May 27, 2015 - Jun. 12, 2015	Purchase on the Tokyo stock Exchange	10,000	7,423	(Japanese only) (PDF 50.9KB)

* With and effective date of October 1, 2016, MGC conducted a reverse stock split for MGC’s ordinary shares on a 2:1 basis.

Shareholder Special Benefits

MGC does not have a shareholder rewards program.