Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Under IFRS)

May 14, 2026

Company name: Bando Chemical Industries, Ltd. Listing: Tokyo Stock Exchange Securities code: 5195

URL: https://www.bandogrp.com

Representative: Tomio Ueno, President and Representative Director

Inquiries: Ryo Noto, General Manager of Finance and Accounting Department Telephone: +81-78-304-2516

Scheduled date of annual general meeting of shareholders: June 23, 2026 Scheduled date to commence dividend payments: June 24, 2026

Scheduled date to file annual securities report: June 22, 2026 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for institutional investors and analysts)

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the Fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
   1. Consolidated operating results (Percentages indicate year-on-year changes.)

      	Revenue		Core operating profit		Operating profit		Profit before tax
      Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 119,257 115,593	% 3.2 6.8	Millions of yen 9,551 7,743	% 23.3 2.1	Millions of yen 12,073 3,480	% 246.9 (55.2)	Millions of yen 12,646 3,472	% 264.2 (60.0)

      Note: Core operating profit is calculated as revenue subtracted by cost of sales and selling, general, and administrative expenses.

      	Profit attributable to owners of parent		Total comprehensive income		Basic earnings per share	Diluted earnings per share
      Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 10,568 1,496	% 606.2 (75.8)	Millions of yen 15,704 2,253	% 596.8 (80.1)	Yen 256.49 35.32	Yen - -

      	Return on equity attributable to owners of parent	Ratio of profit before tax to total assets
      Fiscal year ended	%	%
      March 31, 2026	12.1	10.0
      March 31, 2025	1.8	2.9

      Reference: Share of profit (loss) of investments accounted for using equity method For the fiscal year ended March 31, 2026: ¥1,223 million

      For the fiscal year ended March 31, 2025: ¥1,629 million

   2. Consolidated financial position

      	Total assets	Total equity	Equity attributable to owners of parent	Ratio of equity attributable to owners of parent to total assets	Equity attributable to owners of parent per share
      As of March 31, 2026 March 31, 2025	Millions of yen 131,892 120,693	Millions of yen 92,872 82,501	Millions of yen 92,608 82,131	% 70.2 68.0	Yen 2,272.46 1,964.73

   3. Consolidated cash flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of period
   Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 15,592 10,762	Millions of yen (3,698) (4,186)	Millions of yen (8,593) (6,908)	Millions of yen 21,707 17,715

2. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Payout ratio (Consolidated)	Ratio of dividends to equity attributable to owners of parent (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   Fiscal year ended March 31, 2025	-	38.00	-	38.00	76.00	3,222	215.2	3.8
   Fiscal year ended March 31, 2026	-	40.00	-	80.00	120.00	4,943	46.8	5.7
   Fiscal year ending March 31, 2027 (Forecast)	-	50.00	-	50.00	100.00		50.9

   Note: Fiscal year ended March 31, 2026 breakdown of Year-end dividend Ordinary dividend: ¥60

   Commemorative dividend: ¥20 (Commemorative Dividend for 120th Anniversary of Founding)

3. Consolidated financial results forecast for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)

(Percentages indicates changes from the previous corresponding period.)

Note: The consolidated financial results forecast for the fiscal year does not reflect the impact of the situation in the Middle East.

1. Significant changes in the scope of consolidation during the period: None

2. Changes in accounting policies and changes in accounting estimates

   1. Changes in accounting policies required by IFRS: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

3. Number of issued shares (ordinary shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of March 31, 2026	44,213,536 shares
      As of March 31, 2025	44,213,536 shares

   2. Number of treasury shares at the end of the period

      As of March 31, 2026	3,461,077 shares
      As of March 31, 2025	2,410,402 shares

   3. Average number of shares outstanding during the period

Note: The Company has introduced an executive compensation BIP trust. Shares of the Company owned by the trust are included in the treasury shares.

1. Non-consolidated operating results (Percentages indicates changes from the previous corresponding period.)

   	Net sales		Operating profit		Ordinary profit		Profit
   Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 51,544 50,493	% 2.1 5.8	Millions of yen 935 356	% 162.5 (42.4)	Millions of yen 8,242 7,039	% 17.1 (17.4)	Millions of yen 8,460 1,824	% 363.7 (69.4)

   	Basic earnings per share	Diluted earnings per share
   Fiscal year ended March 31, 2026 March 31, 2025	Yen 205.32 43.06	Yen - -

2. Non-consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
   As of March 31, 2026 March 31, 2025	Millions of yen 73,298 67,547	Millions of yen 45,398 40,723	% 61.9 60.3	Yen 1,114.01 974.16

   Reference: Equity

   As of March 31, 2026 ¥45,398 million As of March 31, 2025 ¥40,723 million

   • Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.

   • Proper use of earnings forecasts, and other special matters

Forward-looking statements contained in this document, including financial results forecast, are based on information currently available to the Company and certain assumptions that the Company believes to be reasonable. The Company makes no assurances as to the actual results and/or other outcomes, which may differ significantly from these forecast due to various factors. Please refer to page 4, "1. Overview of Operating Results, etc. (4)Forecast for the Next Fiscal Year" for the suppositions that form the assumptions used for and the use of the financial results forecast.

The Company plans to hold a briefing session for institutional investors and analysts on May 18, 2026. Immediately after the meeting, the presentation materials will be posted on the Company's website.

Table of Contents

1. Overview of Operating Results, etc 2

   1. Overview of Operating Results 2

   2. Overview of Financial Position 3

   3. Overview of Cash Flows 3

   4. Forecast for the Next Fiscal Year 4

2. Basic Policy for the Selection of Accounting Standards 4

3. Consolidated Financial Statements and Significant Notes 5

   1. Consolidated Statement of Financial Position 5

   2. Consolidated Statements of Income and Comprehensive Income 7

      Consolidated Statement of Income 7

      Consolidated Statement of Comprehensive Income 8

   3. Consolidated Statement of Changes in Equity 9

   4. Consolidated Statement of Cash Flows 10

   5. Notes to the Consolidated Financial Statements 12

(Going Concern Assumption) 12

(Segment Information) 12

(Earnings per Share) 15

(Subsequent Events) 15

1. Overview of Operating Results, etc.

   1. Overview of Operating Results

      		The fiscal year ended March 31, 2025 (Millions of yen)	The fiscal year ended March 31, 2026 (Millions of yen)	Change (Millions of yen)	Change in ratio (%)
      Revenue		115,593	119,257	3,664	3.2
      	Automotive Parts	58,056	60,397	2,340	4.0
      	Industrial Products	38,100	38,807	707	1.9
      	Advanced Elastomer Products	14,216	14,423	207	1.5
      	Other	6,095	6,954	858	14.1
      	Adjustments	(875)	(1,324)	(449)	-
      Core operating profit (loss) (Segment profit (loss))		7,743	9,551	1,807	23.3
      	Automotive Parts	4,897	5,682	785	16.0
      	Industrial Products	2,541	3,264	723	28.4
      	Advanced Elastomer Products	(15)	433	448	-
      	Other	296	242	(53)	(18.1)
      	Adjustments	23	(72)	(95)	-
      Operating profit		3,480	12,073	8,592	246.9
      Profit before tax		3,472	12,646	9,173	264.2
      Profit attributable to owners of parent		1,496	10,568	9,071	606.2

      Note: Core operating profit is calculated as revenue subtracted by cost of sales and selling, general, and administrative expenses.

      Revenue for the fiscal year ended March 31, 2026 increased by 3.2% to 119,257 million compared with the previous fiscal year, core operating profit increased by 23.3% to 9,551 million, operating profit increased by 246.9% to 12,073 million, profit before tax increased by 264.2% to 12,646 million, and profit attributable to owners of parent increased by 606.2% to 10,568 million.

      The operating results for the fiscal year ended March 31, 2026 by business segment were as follows:

      Automotive Parts

      In Japan, although automobile production volumes remained at approximately the same level as the previous fiscal year, sales of accessory drive power transmission belts (such as RIBACE™) and accessory drive power transmission system goods (such as Auto Tensioner) increased due to an increase in the number of models adopting to the Company's products. Overseas, although sales of products for aftermarket industries decreased in the United States, such sales increased in Europe. In China, production by motorcycle manufacturers remained steady, and sales of variable speed belts for scooters increased. In Asia, sales of variable speed belts for scooters for aftermarket industries increased.

      As a result, revenue in this segment increased by 4.0% to ¥60,397 million compared with the previous fiscal year, and segment profit increased by 16.0% to ¥5,682 million.

      Industrial Products

      Regarding industrial power transmission belts, in Japan, sales of power transmission belts for industrial machinery increased. Overseas, sales of power transmission belts for industrial machinery increased in the U.S. and Europe, and sales of power transmission belts for agricultural machinery increased in China. In Asia, sales of power transmission belts for agricultural machinery decreased.

      For conveyor belts, although sales of light-duty conveyor belts (such as SUNLINE™ belt) increased in Japan, sales of heavy-duty conveyor belts decreased.

      As a result, revenue in this segment increased by 1.9% to ¥38,807 million compared with the previous fiscal year, and segment profit increased by 28.4% to ¥3,264 million.

      Advanced Elastomer Products

      Regarding films products, sales of decorative display films increased.

      For precision parts, although sales of precision belts and cleaning blades decreased, sales of high-performance rollers increased.

      As a result, revenue in this segment increased by 1.5% to ¥14,423 million compared with the previous fiscal year, and segment profit was ¥433 million, compared with a segment loss of ¥15 million in the previous fiscal year.

      Other

      Other segment mainly includes robotics-related devices, electronic products, and medical equipment businesses. Revenue increased by 14.1% to ¥6,954 million and segment profit decreased by 18.1% to ¥242 million compared with the same period of the previous fiscal year.

      The above revenues by segment and segment profit or loss were the amount before the elimination of intersegment transactions.

   2. Overview of Financial Position

      Total assets as of March 31, 2026 increased by ¥11,198 million to ¥131,892 million compared with the end of the previous fiscal year. The main reason was an increase in cash and cash equivalents, inventories, property, plant and equipment, and other financial assets.

      Total liabilities increased by ¥827 million to ¥39,019 million compared with the end of the previous fiscal year. The main reason was an increase in trade and other payables, income taxes payable and deferred tax liability while borrowings decreased.

      Total equity increased by ¥10,370 million to ¥92,872 million compared with the end of the previous fiscal year. The main reason was an increase in retained earnings and other components of equity while the Company acquired treasury shares.

      As a result, the ratio of equity attributable to owners of parent to total assets was 70.2%, compared with 68.0% at the end of the previous fiscal year.

   3. Overview of Cash Flows

      Cash and cash equivalents as of March 31, 2026 increased by ¥3,991 million to ¥21,707 million compared with the end of the previous fiscal year. The summary of cash flows and major factors were as follows:

      (Cash flows from operating activities)

      Net cash provided by operating activities increased by ¥4,829 million to ¥15,592 million compared with the previous fiscal year. The main reason was an increase in proceeds from operations after adjusting profit before tax for non-cash items.

      (Cash flows from investing activities)

      Net cash used in investing activities decreased by ¥487 million to ¥3,698 million compared with the previous fiscal year. The main reason was a proceed from withdrawals of term deposits exceeded payments into term deposits.

      (Cash flows from financing activities)

      Net cash used in financing activities increased by ¥1,684 million to ¥8,593 million compared with the previous fiscal year. The main reason was an increase in repayments of borrowings.

   4. Forecast for the Next Fiscal Year

   Revenue for the fiscal year ending March 31, 2027 is expected to increase by 0.6% to ¥120,000 million compared with the previous fiscal year, core operating profit by 0.5% to ¥9,600 million, operating profit is expected to decrease by 8.9% to ¥11,000 million, and profit attributable to owners of parent by 24.3% to ¥8,000 million. The consolidated financial results forecast for the fiscal year does not reflect the impact of the situation in the Middle East.

   The precondition for the above forecasts is as follows:

   Capital expenditure	¥8,000 million
   Depreciation and amortization	¥5,600 million
   Exchange rate	¥150/USD
   	¥4.65/THB
   	¥21.5/CNY

2. Basic Policy for the Selection of Accounting Standards

   The Group has adopted International Financial Reporting Standards (IFRS) to further strengthen global business management and improve the international comparability of its financial information.

3. Consolidated Financial Statements and Significant Notes

1. Consolidated Statement of Financial Position

   (Millions of yen)

   Assets

   Current assets

   As of March 31, 2025 As of March 31, 2026

   Cash and cash equivalents	17,715	21,707
   Trade and other receivables	22,978	23,398
   Inventories	19,530	21,086
   Income taxes receivable	380	101
   Other financial assets	1,530	660
   Other current assets	1,259	1,378
   Total current assets	63,396	68,332
   Non-current assets
   Property, plant and equipment	30,532	32,653
   Goodwill	1,175	1,178
   Intangible assets	2,748	2,562
   Investments accounted for using equity method	11,590	12,421
   Other financial assets	10,318	12,531
   Deferred tax assets	647	1,946
   Other non-current assets	283	265
   Total non-current assets	57,297	63,559
   Total assets	120,693	131,892

   Liabilities and equity Liabilities

   Current liabilities

   (Millions of yen) As of March 31, 2025 As of March 31, 2026

   Trade and other payables	18,098	18,905
   Borrowings	5,350	5,229
   Income taxes payable	764	1,669
   Other financial liabilities	1,064	1,218
   Provisions	1	0
   Other current liabilities	6,013	6,560
   Total current liabilities	31,292	33,583
   Non-current liabilities
   Borrowings	1,787	-
   Retirement benefit liability	880	1,033
   Other financial liabilities	1,649	1,637
   Deferred tax liabilities	1,895	2,443
   Other non-current liabilities	686	321
   Total non-current liabilities	6,899	5,435
   Total liabilities	38,191	39,019
   Equity
   Share capital	10,951	10,951
   Capital surplus	2,921	2,946
   Retained earnings	59,418	66,880
   Treasury shares	(3,678)	(5,664)
   Other components of equity	12,519	17,494
   Total equity attributable to owners of parent	82,131	92,608
   Non-controlling interests	369	264
   Total equity	82,501	92,872
   Liabilities and equity	120,693	131,892

2. Consolidated Statements of Income and Comprehensive Income (Consolidated Statement of Income)

   Fiscal year ended March 31, 2025

   (Millions of yen)

   Fiscal year ended March 31, 2026

   Revenue	115,593	119,257
   Cost of sales	82,805	83,629
   Gross profit	32,787	35,628
   Selling, general and administrative expenses	25,044	26,076
   Other income	678	1,884
   Other expenses	6,570	585
   Share of profit of investments accounted for using equity method	1,629	1,223
   Operating profit	3,480	12,073
   Finance income	582	971
   Finance costs	590	398
   Profit before tax	3,472	12,646
   Income tax expenses	1,931	2,055
   Profit	1,541	10,591
   Profit attributable to
   Owners of parent	1,496	10,568
   Non-controlling interests	44	22
   Profit	1,541	10,591

   Earnings per share

   Basic earnings per share (Yen) 35.32 256.49

   (Consolidated Statement of Comprehensive Income)

   Fiscal year ended March 31, 2025

   (Millions of yen)

   Fiscal year ended March 31, 2026

   Profit 1,541 10,591

   Other comprehensive income

   Items that will not be reclassified to profit or loss

   Net change in fair value of equity instruments
   designated as measured at fair value through	870	1,756
   other comprehensive income
   Remeasurements of defined benefit plans	(80)	9
   Share of other comprehensive income of
   investments accounted for using equity	83	(31)
   method
   Total	872	1,734
   Items that may be reclassified to profit or loss
   Exchange differences on translation of foreign operations	161	2,667
   Share of other comprehensive income of
   investments accounted for using equity	(321)	711
   method
   Total	(159)	3,378
   Total other comprehensive income	712	5,113
   Comprehensive income	2,253	15,704
   Comprehensive income attributable to
   Owners of parent	2,210	15,672
   Non-controlling interests	43	32
   Comprehensive income	2,253	15,704

3. Consolidated Statement of Changes in Equity

   Equity attributable to owners of parent

   Total equity

   Non-

   (Millions of yen)

   Share capital

   Capital surplus

   Retained earnings

   Treasury shares

   Other component s of equity

   attributable to owners of parent

   controlling interests

   Total

   Balance as of April 1, 2024	10,951	2,936	61,039	(1,692)	11,927	85,163	347	85,511
   Profit			1,496			1,496	44	1,541
   Other comprehensive income					713	713	(1)	712
   Total comprehensive income	-	-	1,496	-	713	2,210	43	2,253
   Dividends of surplus			(3,240)			(3,240)	(21)	(3,261)
   Purchase of treasury shares				(2,001)		(2,001)		(2,001)
   Disposal of treasury shares		1		14		15		15
   Share-based remuneration transactions		(15)				(15)		(15)
   Transfer from other components of equity to retained earnings			122		(122)	-		-
   Total transactions with the owners	-	(14)	(3,117)	(1,986)	(122)	(5,242)	(21)	(5,263)
   Balance as of March 31, 2025	10,951	2,921	59,418	(3,678)	12,519	82,131	369	82,501
   Profit			10,568			10,568	22	10,591
   Other comprehensive income					5,103	5,103	9	5,113
   Total comprehensive income	-	-	10,568	-	5,103	15,672	32	15,704
   Dividends of surplus			(3,235)			(3,235)	(137)	(3,372)
   Purchase of treasury shares		(43)		(2,000)		(2,044)		(2,044)
   Disposal of treasury shares		2		15		17		17
   Share-based remuneration transactions		65				65		65
   Transfer from other components of equity to retained earnings			128		(128)	-		-
   Total transactions with the owners	-	24	(3,106)	(1,985)	(128)	(5,196)	(137)	(5,333)
   Balance as of March 31, 2026	10,951	2,946	66,880	(5,664)	17,494	92,608	264	92,872

4. Consolidated Statement of Cash Flows

   Cash flows from operating activities

   Fiscal year ended March 31, 2025

   (Millions of yen)

   Fiscal year ended March 31, 2026

   Profit before tax 3,472 12,646

   Depreciation and amortization 5,818 5,450

   Impairment losses 5,942 242

   Interest and dividend income (557) (504)

   Interest expenses 96 115

   Foreign exchange loss (gain) 120 (330)

   Share of loss (profit) of investments accounted for using equity method

   Loss (gain) on sale and retirement of fixed assets

   (1,629) (1,223)

   24 11

   Decrease (increase) in inventories (625) (545)

   Decrease (increase) in trade and other receivables

   118 312

   Increase (decrease) in trade and other payables (779) (186)

   Increase or decrease in retirement benefit asset or liability

   155 71

   Increase (decrease) in provisions 0 (0)

   Increase (decrease) in other non-current liabilities	(356)	(366)
   Other	(245)	401
   Subtotal	11,548	16,508
   Interest and dividends received	2,122	1,535
   Interest paid	(84)	(108)
   Income taxes paid	(3,023)	(2,681)
   Income taxes refund	199	338
   Net cash provided by (used in) operating activities	10,762	15,592
   Cash flows from investing activities
   Payments into time deposits	(3,018)	(1,066)
   Proceeds from withdrawal of time deposits	3,179	1,968
   Purchase of property, plant and equipment	(4,265)	(4,731)
   Proceeds from sale of property, plant and equipment	133	107
   Purchase of intangible assets	(311)	(323)
   Proceeds from sale of equity instruments	326	334
   Purchase of investments accounted for using	(198)	-

   Increase (decrease) in other current liabilities (8) 411

   equity method

   Other (32) 13

   Net cash provided by (used in) investing activities (4,186) (3,698)

   Cash flows from financing activities

   Fiscal year ended March 31, 2025

   (Millions of yen)

   Fiscal year ended March 31, 2026

   Net increase (decrease) in short-term borrowings	900	(1,457)
   Repayments of long-term borrowings	(1,350)	(450)
   Repayments of lease liabilities	(1,195)	(1,268)
   Purchase of treasury shares	(2,001)	(2,044)
   Dividends paid to owners of parent	(3,240)	(3,235)
   Dividends paid to non-controlling interests	(21)	(137)
   Net cash provided by (used in) financing activities	(6,908)	(8,593)

   Effect of exchange rate changes on cash and cash equivalents

   Net increase (decrease) in cash and cash equivalents

   112 691

   (219) 3,991

   Cash and cash equivalents at beginning of period 17,935 17,715

   Cash and cash equivalents at end of period 17,715 21,707

5. Notes to the Consolidated Financial Statements (Going Concern Assumption)

None

(Segment Information)

1. Summary of reportable segments

   The reportable segments are components of the Company for which separate financial information is available and whose operating results are reviewed by the Board of Directors to allocate resources and assess segment performance.

   The Group comprises operating divisions based on products and services, and each operating division develops a comprehensive strategy for respective products and services for domestic and overseas markets and conducts business activities.

   Therefore, the Group's business consists of three reportable segments categorized by products and services based on operating division of the parent company: "Automotive Parts Business," "Industrial Products Business," and "Advanced Elastomer Products Business."

   The main products by reportable segment are as follows:

   Segment name	Main products
   Automotive Parts Business	Automotive power transmission belt products (accessory drive power transmission belts and system goods), power transmission belt products for motorcycles (variable speed belts for scooters), etc.
   Industrial Products Business	Industrial power transmission belt products (Industrial machinery V-belts, synchronous belts, pulleys, etc.), other power transmission products, conveyor belts (heavy-duty conveyor belts, light-duty conveyor belts, synchronous conveyance belts, etc.), conveyor system goods, rice hulling rolls, etc.
   Advanced Elastomer Products Business	Cleaning blades, high-performance rollers, precision belts, polyurethane functional parts, precision polishing materials, films for construction materials, medical films, decorative display films, industrial films, etc.

2. Information on revenue, profit or loss, and other items by reportable segments Intersegment revenue is based on market prices.

Revenue, profit or loss, and other items by reportable segments are as follows:

Fiscal year ended March 31, 2025 (Millions of yen)

Notes:

1. The Other segment comprises businesses that are not included in any reportable segments. It mainly includes the medical equipment and robotics-related devices businesses.

2. Adjustments are as follows:

   1. Adjustments of segment profit (loss) of ¥23 million include the elimination of intersegment transactions of ¥39 million and corporate expenses of ¥(16) million. Corporate expenses are differences between the estimated allocation of general administrative expenses and research and development expenses to each reportable segment and the actual amount incurred.

   2. Adjustments of increase in property, plant and equipment and intangible assets of ¥484 million are mainly related to non-current assets not belonging to any reportable segments.

3. The Group uses core operating profit, calculated as revenue subtracted by cost of sales and selling, general and administrative expenses, as a key indicator for business management. Segment profit (loss) is based on core operating profit.

Fiscal year ended March 31, 2026 (Millions of yen)

Notes:

1. The Other segment comprises businesses that are not included in any reportable segments. It mainly includes the medical equipment and robotics-related devices businesses.

2. Adjustments are as follows:

   1. Adjustments of segment profit (loss) of ¥(72) million include the elimination of intersegment transactions of ¥8 million and corporate expenses of ¥(80) million. Corporate expenses are differences between the estimated allocation of general administrative expenses and research and development expenses to each reportable segment and the actual amount incurred.

   2. Adjustments of increase in property, plant and equipment and intangible assets of ¥726 million are mainly related to non-current assets not belonging to any reportable segments.

3. The Group uses core operating profit, calculated as revenue subtracted by cost of sales and selling, general and administrative expenses, as a key indicator for business management. Segment profit (loss) is based on core operating profit.

(Earnings per Share)

The basis for calculation of basic earnings per share is as follows:

The disclosure of diluted earnings per share is omitted as there are no potentially dilutive shares. (Subsequent Events)

None