Dialogue with Shareholders and Investors

The Company considers it imperative to maintain constructive dialogues with shareholders as part of its efforts to achieve sustained growth and increase its medium- and long-term enterprise value.

Policy for Constructive Dialogue with Shareholders

The Head of the Corporate Planning and Strategy Division has been placed in charge of investor relations, and the IR and PR Group has been established within the Corporate Planning and Strategy Division.
The IR and PR Group in the Corporate Planning and Strategy Division coordinates the Company’s IR activities, including planning and organizing investor briefings and one-on-one meetings, which serve as a venue for maintaining dialogues with shareholders.

Spokespersons for IR Activities

In order to ensure the accuracy of information and the fairness of disclosure, the President and CEO, the Head of the Corporate Planning and Strategy Division, and the department in charge of IR will serve as spokespersons for IR activities conducted by the Company. The spokespersons may also delegate other executives and employees to act on their behalf as necessary.

Arrangements for Dialogue

In preparation for shareholder dialogues, the IR and PR Group coordinates with management, sales, HR, and training divisions to share information.
The Company refrains from communicating with shareholders during a quiet period of three weeks prior to an earnings announcement to avoid unfairly disclosing any non-public financial information perceived as insider information.

Implementation of Dialogue with Shareholders and Investors

The following is an overview of dialogues conducted mainly by members of the Executive Team of the Company with shareholders, investors, and others in the fiscal year ended January 31, 2026.

(Chiefly handled by) The President and CEO, the IR and PR Group in the Corporate Planning and Strategy Division

(Shareholders and investors)

	Japan	Overseas
Location (%)	76.5	23.5

	Fund Manager	Analyst
Position (%)	17.6	82.4

(Number of dialogues)

Type	Number
Briefing for individual investors	10
Briefing for analysts and institutional investors	2
One-on-one meeting with institutional investors and analysts	17

Action to Implement Management that is Conscious of Cost of Capital and Stock Price

The Company attaches importance to the cost of shareholders’ equity and recognizes it at a range of approximately 6 to 7%. The ROE for the fiscal year ended January 31, 2026 exceeded the cost of shareholders’ equity at 24.1%. We are working to improve capital efficiency, setting the ROE target at 20% or higher in our Medium-Term Business Plan.
To raise the stock price, we intend to determine a dividend amount that will not fall below the previous year’s amount, based on a payout ratio of 50%. The Company’s PBR at the end of the fiscal year ended January 31, 2026 was 4.2 times. We will make continued efforts to enhance our IR activities with an aim of increasing the PBR.