Proactive returns from FY3/27: shares likely reflect BPS growth expectations

Research evidence excerpt

Proactive returns from FY3/27: shares likely reflect BPS growth expectations

22 June 2026

women by end-FY25. The ratio stood at 15.9% as of end-March 2025.

TBS Holdings is a certified broadcast holding company based on the Broadcast Act.Governance

As of 31 March 2026, foreign investors held 18.34% of the voting rights. The company

plans to distribute surplus dividends to foreign shareholders whose registration is not

possible due to the 20% voting-rights ownership restriction.

Pending approval at the general shareholders’ meeting on 26 June 2026, the board

will have 12 directors, including six outside directors, all of whom are designated as

independent. As a company with a board of auditors, TBS Holdings has five auditors,

including three outside auditors. It also has a nominating advisory committee and

compensation advisory committee, which are led by an outside director and are

majority outside directors.

The company’s dividend policy targets a consolidated dividend payout ratio of 40%,

with the distribution of stable and continuous dividends as a basic philosophy. The

company strives to enhance returns to shareholders through special dividends and

other means, giving consideration to earnings growth and other factors. In cases

where profits change significantly due to extraordinary factors, the company says it

will determine dividend amounts after separately considering the related impacts. The

company says it will also buy back, sell, and retire treasury stock as part of an overall

financial strategy designed to enhance shareholder value by responding flexibly to

changes in the business environment.

On 10 November 2023, the company announced plans to conduct a share buyback and

retire shares. It intended to buy back up to 3.50m shares for a maximum total cost of