• Shimano 2024 shares outstanding were 0.894B, a 1% decline from 2023.
• Shimano 2023 shares outstanding were 0.903B, a 0.74% decline from 2022.
• Shimano 2022 shares outstanding were 0.91B, a 1.66% decline from 2021.

Shares outstanding can be defined as the number of shares held by shareholders (including insiders) assuming conversion of all convertible debt, securities, warrants and options. This metric excludes the company's treasury shares.