Dividends

The Company recognizes that shareholder returns are an important management issue, while prioritizing the concentration of resources in growth areas. We have established a basic policy of achieving stable and long-term dividends, giving due consideration to the strengthening of our corporate foundation and consolidated results.
Our target consolidated dividend payout ratio is 40%, and in the event of special factors, dividends will be calculated excluding the impact of such factors.
The Company's basic policy is to pay dividends twice a year, at the end of the interim period and at the end of the fiscal year.

Historical Data of Dividends

* The dividend ratio for FYE March 2024(forecast) excludes the impact of the transfer of the Tokyo plant. The figure is 8.6% when not excluding this impact.
* The dividend ratio for FYE March 2022 excludes the impact of the transfer of the Kinki plant and Morinaga Milk Konan Building. The figure is 11.6% when not excluding this impact.
* The dividend ratio for FYE March 2020 excludes the impact of the transfer of beneficial interests in trust to a consolidated subsidiary. The figure is 15.9% when not excluding this impact.
* The Company conducted a 4-for-1 stock split of shares of common stock, effective July 1, 2026, and conducted a 2-for-1 stock split of shares of common stock, effective December 1, 2023. Dividends per share before the stock split are calculated based on the assumption those the stock split were conducted.

Details of Major Acquisition of Own Shares (since FYE Mar.2022)

Details of the Major Cancellation of Treasury Shares
(since FYE Mar.2022)

Shareholder Incentive Program

The Company offers a shareholder incentive program with the aim of deepening understanding of our products as well as showing appreciation to those shareholders who always support the Company.
In light of the four-for-one stock split implemented on July 1, 2026, the Company has revised the shareholder incentive program.

Notice Concerning Changes to the Shareholder Incentive Program and the Record Date for Shareholder Benefits

*For domestic shareholders

1. Eligible for Shareholder Incentive Program

This applies to shareholders who hold 200 shares (2 units) or more and are listed in the shareholder registry as of September 30, 2026. Thereafter, from shareholder benefits based on the shareholder benefit record date of March 31, 2027, shareholders must have continuously held 200 shares or more for at least six months to be eligible for shareholder benefits.

2. Shareholder Incentives

For shareholder benefits based on the shareholder benefit record date of September 30, 2026, there are two courses, A and B, depending on the number of shares held.
Course A: Delivery of the Company's products
Course B: Donation instead of receiving the Company's products

*Contents of the shareholder benefits are subject to change.
*The amount of each donation is equivalent to the value of Course A.

Beginning with shareholder benefits based on the shareholder benefit record date of March 31, 2027, the shareholder benefit record date will change from September 30 to March 31 each year. In addition, shareholders must continuously hold 200 shares or more for at least six months to be eligible for shareholder benefits.

Beginning with shareholder benefits based on the shareholder benefit record date of March 31, 2027, shareholders who have continuously held 400 shares or more for at least three years will receive additional benefits.

3. Donation Selection System（B course）

From FY2020, the Company has established a donation selection system that allows shareholders to donate money to organizations working on environmental issues and nurturing the next generation, instead of receiving the Company's products.