The Pigeon Group regards the return of income to shareholders as an important management priority. Our basic policy is to return income actively to shareholders through appropriation of retained earnings and other means, while reinforcing our financial position based on considerations of medium-term changes in business conditions and the Group's business strategies. The secured funds will be prioritized for growth investments and effectively utilized to drive the Group's sustainable growth and profitability enhancement, including investing in R&D and new business fields, brand strengthening, production facilities, and M&A.
With respect to targets of shareholder return, under the Eighth Medium-Term Business Plan (FY2023–FY2025) announced in February 2023, we aim for further improvement of consolidated business results and financial position, along with continuous, stable dividend supporting existing dividend levels.
Based on the above policy and targets, the Group paid an interim ordinary dividend of ¥38 per share for the fiscal year under review. The year-end ordinary dividend is forecast at ¥38 per share, resulting in an annual dividend of ¥76 per share, unchanged from the previous fiscal year.
Based on the shareholder return targets under the Ninth Medium-Term Business Plan (FY2026–FY2028), the annual dividend for the next fiscal year is expected to be ¥76 per share, unchanged from the previous fiscal year, reflecting a policy of maintaining stable dividends at the current level while prioritizing growth investments.
| Dec. 2021 | Dec. 2022 | Dec. 2023 | Dec. 2024 | Dec. 2025 | Dec. 2026(E) | |
|---|---|---|---|---|---|---|
| Annual Dividend per Share | 74 | 76 | 76 | 76 | 76 | 76 |
| (Interim Dividend per Share) | 37 | 38 | 38 | 38 | 38 | 38 |
| Consolidated Dividend Payout Ratio(%) | 100.9 | 106.1 | 122.6 | 108.7 | 106.1 | 99.5 |
(Note) The Company carried out a 2-for-1 split of common stock, effective August 1, 2013, and a 3-for-1 split of common stock, effective May 1, 2015. Figures have been calculated assuming that those stock splits were conducted at the beginning of the year ended January 31, 2014.