Announcement • May 22
Vision Inc. (TSE:9416) announces an Equity Buyback for 1,650,000 shares, representing 3.26% for ¥1,800 million. Vision Inc. (TSE:9416) announces a share repurchase program. Under the program, the company will repurchase up to 1,650,000 shares, representing 3.26% of its total shares outstanding excluding treasury shares, for a total of ¥1,800 million. The purpose of repurchase program is to enhance shareholder returns and improve capital efficiency based on the cash allocation strategy outlined in our Medium-Term Management Plan, and to execute a flexible capital policy capable of responding to changes in the business environment.. The repurchase program is valid till August 31, 2026. As of March 31, 2026, the company had 50,549,264 shares outstanding excluding treasury shares and had 389,336 shares in treasury. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: JP¥20.29 (vs JP¥21.47 in 1Q 2025) First quarter 2026 results: EPS: JP¥20.29 (down from JP¥21.47 in 1Q 2025). Revenue: JP¥9.31b (flat on 1Q 2025). Net income: JP¥999.0m (down 4.6% from 1Q 2025). Profit margin: 11% (in line with 1Q 2025). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Final dividend of JP¥22.00 announced Shareholders will receive a dividend of JP¥22.00. Ex-date: 29th June 2026 Payment date: 9th September 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (143% cash payout ratio). The dividend has increased by an average of 43% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 
