May 1, 2024
Corporate name:

SHOFU INC.

Representative:

Tetsuo Takami
Representative Director, President & COO

Listing:

Tokyo Stock Exchange (Prime Market)

Code number:

7979

Contact:

Takashi Morimoto
General Manager of Finance Department(TEL: +81-75-561-1112)

Notice regarding revision of financial forecast and dividend forecast
SHOFU INC. (the “Company”) hereby announces that the Company revised its financial forecast for
the fiscal year ending March 31, 2024, which was previously announced on October 24, 2023, and theannual dividend forecast for the fiscal year ending March 31, 2024, which was previously announced onFebruary 2, 2024, in light of recent operating trends.

1.

Revision of financial forecast(1) Revision of consolidated financial forecast for the full fiscal year ending March 2024
(April 1, 2023 to March 31, 2024)
Net sales

OperatingincomeOrdinary
incomeNet income
attributable toowners ofparent

Millions of yen

Millions of yen

Millions of yen

Millions of yen

yen

Previously
announced
forecast (A)34,888

4,308

4,572

3,204

180.70

Revised(B)35,080

4,709

5,118

3,655

206.18Change (B-A)

191

400546451－

Change (%)

0.5

9.3

12.0

14.1

－

31,678

3,824

4,238

3,135

176.10forecast(Reference)
Actual results forthe previous fiscalyear (April 1, 2022
to March 31, 2023)

Earnings
per share(2) Reasons for revision of financial forecast
Net sales for the fiscal year ending March 31, 2024, are expected to be more or less in line with theprevious forecast.

- 1 -Profits are expected to be higher than the previous forecasts for operating profit, ordinary profit andprofit attributable to owners of the parent due to an improvement in the cost of sales ratio and gains onsales of investment securities.
Furthermore, sales and operating profit, ordinary profit and profit attributable to owners of the parent
are all expected to reach record highs.
(Note regarding outlook for performance)
The forward-looking statements in this document are based on assumptions from information currently
available to and deemed reasonable by the Company. Actual results may differ significantly fromforecasts.

2.

Revision of dividend forecast(1) The year-end dividend forecast for the fiscal year ending March 31, 2024
Dividends per share
End ofYear-end
second quarter

AnnualPrevious forecast(Released on February 2, 2024)

38.00 yen

58.00 yen

Current forecast

42.00 yen

62.00 yen

42.00 yen

57.00 yen

Current fiscal year
ending March 31, 2024
Previous fiscal year
ended March 31, 2023

20.00 yen
15.00 yen

(Notes) Year-end dividends for fiscal year ended March 31, 2023 included a commemorative dividend of 10.00 yen.
(The 100th anniversary of the Company’s founding)(2) Reasons for revision of dividend forecast
The company's basic management policy is to maintain and continue stable dividend payments withthe aim of increasing corporate value and providing long-term returns to shareholders. It is also theCompany's policy to take into consideration enhancement of internal reserves in preparation for
aggressive business development in future. This may include strengthening of the management base,improving financial strength, as well as investing in R&D for overseas business development and new
product development.
As metrics for returning profits to shareholders, the Company sets a consolidated dividend payout
ratio of 30% or more and a target dividend on equity (DOE) ratio of 1.7%. To achieve these levels, theCompany pays stable returns twice a year via an interim dividend and a year-end dividend.
The year-end dividend forecast for the fiscal year ending March 31, 2024 has been raised from 38 yen
per share to 42 yen per share due to upward revision of earnings forecast
As a result, the Company expects to pay an annual dividend in the fiscal year ending March 31, 2024
of 62 yen per share (including an interim dividend of 20 yen per share).

- 2 -This document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, theoriginal shall prevail.

- 3 -