Wave Block HD Research Memo (10): The policy is to continue stable Dividends with a target payout ratio of over 35%.

■ Efforts toward Shareholder Return Strategies and Enhancing Corporate Value 1. Shareholder Return Strategy Wave Block Holdings <7940> aims for a dividend payout ratio of over 35% as part of its shareholder return strategy, while maintaining a stable dividend that is not affected by year-to-year performance fluctuations as a basic policy. Depending on the situation, it is also considering shareholder returns that include Stock Splits and the acquisition of treasury stock. Based on this basic policy, the dividend per share for the fiscal year ending March 2025 is expected to be the same as the previous period, at 30.0 yen (dividend payout ratio 57.

Fisco JapanDec 12 14:10

Wave Block HD Research Memo (9): The sales scale of Metal decorative films is expected to grow twice in three years.

Regarding the revenue of Metal decorative film, a growth area for Wave Block Holdings <7940>, aims to double from approximately 3.2 billion yen in the fiscal year ending March 2024 to about twice that in the fiscal year ending March 2027.

Fisco JapanDec 12 14:09

WaveBlock HD Research Memo (8): Aiming for revenue of 29.5 billion yen and operating profit of 1.3 billion yen for the fiscal year ending March 2027.

■Future Outlook 2. Overview of the Medium-Term Management Plan: Wave Block Holdings <7940> has started a three-year medium-term management plan from the fiscal year ending March 2025. The GAINIANBANKUAI is set as "Run sustainable returns to employees and Shareholders through long-term profits based on stable and continuous growth." The business strategy focuses on (1) rebuilding earning power in mature sectors, (2) expanding into growth areas, and (3) maximizing group synergies and further deepening relationships.

Fisco JapanDec 12 14:08

Wave Block HD Research Memo (7): The equity ratio is over 50%, indicating that the financial condition remains sound.

As of the interim period ending in March 2025, the total Assets of Wave Block Holdings ＜7940＞ increased by 907 million yen compared to the end of the previous period, reaching 29,367 million yen.

Fisco JapanDec 12 14:07

Wave Block HD Research Memo (6): The adoption of Metal decorative films for Automobiles is continuing to rise and is trending positively.

The revenue of Wave Block Holdings <7940>'s Material Solutions business increased by 6.7% year-on-year to 9,661 million yen, while the operating profit decreased by 33.3% to 556 million yen.

Fisco JapanDec 12 14:06

Wave Block HD Research Memo (4): Developing Material Solutions and Advanced Technology Business (2)

■ Company Overview (2) The Advanced Technology Business of Wave Block Holdings <7940> is divided into decoration & display (Metal decorative films, high transparency multilayer films), converting, and QITABANKUAI (procurement products), with approximately 60% of revenue coming from the decoration & display sector. Metal decorative films, which account for the majority of revenues in the decoration & display sector, are made from PET (polyester)

Fisco JapanDec 12 14:04