MORINAGA MILK INDUSTRY CO.,LTD.

The dividend has not been reduced for at least 13 consecutive years since 2013, as far back as our data goes.The forecast annual dividend is JPY 25.0 per share or unit, with a forecast yield of 2.23%.Dividend on equity (DOE) is 3.03%, +0.21 points year over year.

Dividend on equity (DOE) is the annual dividend as a percentage of shareholders’ equity. Because it is less affected by temporary earnings swings, it helps assess the continuity of a company’s shareholder return policy.