Investor Presentaiton

4 Shareholder Return Dividend Policy The medium to long-term consolidated dividend payout ratio for net income attributable to owners of the parent is set at 30%, with stable dividends in mind. In addition to future business forecasts, financial conditions such as free cash flow and debt-to-equity ratio, and other factors are comprehensively taken into account. Dividend for FY2020 No year-end dividend for the FY2020 is decided in sight of the severe business conditions, in which net income attributable to owners of the parent recorded a loss of 19.3 billion yen due to the severe impact of the COVID-19 Dividend for FY2021 Dividend for FY2021 is 30 yen per share (dividend payout ratio of 29.5%) due to expectation to return to profitability with a high degree of certainty, although aerospace systems will continue to be in a difficult situation Dividend payout ratio 30% 19.3% 35.8% 43.5% 38.2% 34.6% 32.3% 120 27.0% 25.9% 100 42.5% 31.3% - 29.5% Deficit 60 dividend 50 50 30 30 70 60 60 35 30 0 FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 © Kawasaki Heavy Industries, Ltd. All Rights Reserved Kawasaki Powering your potential 43

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