Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes noresponsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

(Stock Exchange Code 3182)
June 6, 2023
(Electronic provision of information starts on: June 2, 2023)
To Shareholders with Voting Rights:
Kohey Takashima
Representative Director, CEO
Oisix ra daichi Inc.
1-11-2 Osaki, Shinagawa-ku,
Tokyo, JapanNOTICE OF
THE 26th ANNUAL GENERAL MEETING OF SHAREHOLDERS
Dear Shareholders:
We would like to express our appreciation for your continued support and patronage.
We hereby notify you of the 26th Annual General Meeting of Shareholders of Oisix ra daichi Inc. (the“Company”). The meeting will be held for the purposes as described below.
In convening this Meeting, the Company has taken electronic measures to provide information
contained in the Reference Documents for the General Meeting of Shareholders and related material (the“electronically provided information”). Please access either of the following Internet websites to review
them.

The Company’s website
https://www.oisixradaichi.co.jp/investors/
Tokyo Stock Exchange website (TSE Listed Company Search)https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show
Please access the above, enter and search for the Company’s name or securities code, select “Basic
Information” and go to “Documents for public inspection/PR information” to review the
information.

You can exercise your voting rights in writing or via the Internet. Please review the attached
Reference Documents for the General Meeting of Shareholders provided electronically, and exercise
your voting rights by 6:30 p.m. on Monday, June 26, 2023, Japan time.
1. Date and Time:
2. Place:

Tuesday, June 27, 2023 at 10:00 a.m. Japan time
(Doors scheduled to open at 9:30 a.m.)
Conference room at the Company’s head office located at
Gate City Osaki East 5F
1-11-2 Osaki, Shinagawa-ku, Tokyo, Japan

3. Meeting Agenda:
Matters to be reported: 1. The Business Report, Consolidated Financial Statements for the Company’s
26th Fiscal Year (April 1, 2022 - March 31, 2023) and results of audits by the
Accounting Auditor and the Board of Auditors of the Consolidated Financial
Statements
2. Non-consolidated Financial Statements for the Company’s 26th Fiscal Year
(April 1, 2022 - March 31, 2023)
Proposal to be resolved:
Election of Nine (9) Directors
Proposal :1◎ In accordance with the implementation of the electronic provision of materials for the General Meeting of Shareholders
due to the revision of the Companies Act, the method of providing materials has been changed from paper media to
websites. Shareholders are requested to access the Company's website or the TSE website, both of which contain
information on the electronic provision of materials, to view the materials of the General Meeting of Shareholders.
◎ Of the documents to be provided with this Notice, the Notes to the Consolidated Financial Statements and Notes to the
Non-consolidated Financial Statements are provided on the Company’s website in accordance with the provisions of laws
and regulations as well as the Article 18 of the Company’s Articles of Incorporation and therefore are not provided in the
Appendix of this Notice.
Accordingly, the documents provided in this Notice are parts of documents audited by the Auditors and the Accounting
Auditor when preparing the Audit Report and the Accounting Auditor’s Report.
◎ Any revisions to the electronically provided information will be posted on the websites above.
◎ Souvenirs for shareholders who attend the meeting will not be provided. We appreciate your understanding.
◎ In the event that any changes that may impact the operation of the General Meeting of Shareholders occur, notice will be
posted on the above Company’s website:(https://www.oisixradaichi.co.jp/investors/)2

Reference Documents for the General Meeting of Shareholders
Proposal:

Election of Nine (9) Directors

The terms of office of all ten (9) Directors will expire at the conclusion of this General Meeting of
Shareholders.
Accordingly, the election of Nine (9) Directors is proposed.
The candidates for Director are as follows.
No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)
April 1998
June 2000

1

Number ofshares of theCompany held

Joined McKinsey & Company Inc. Japan
Representative Director, CEO of the Company (current
position)
June 2011
Representative Director of Eastern Japan Food Association(current position)
October 2015
Director of Oisix Hong Kong Co., Ltd. (current position)
July 2016
Chairperson and Representative Director of Tokushimaru
Inc. (current position)
July 2018
Chairperson of JAPAN WHEELCHAIR RUGBYFEDERATION (currently Japan Wheelchair Rugby
Reelection
Federation) (current position)
December 2018 Director of Oisix Inc. (current position)
4,847,200
Kohey Takashima
May 2019
Director of Three Limes, Inc. (current position)(August 15, 1973)
October 2019
Director of WELCOME Co., Ltd. (current position)
March 2020
External Director of CARTA HOLDINGS, INC.
April 2021
Vice Chairperson of KEIZAI DOYUKAI (Japan
Association of Corporate Executives) (current position)
June 2021
External Director of Benesse Holdings, Inc. (current
position)
November 2022 Joint Representative Director, Data for Social
Transformation (current position)
January 2023
External Director, SHiDAX CORPORATION (current
position)[Reason for nomination as candidate for Director]
Since the Company was founded in 1997, he has been in charge of management of the Company and the Group as
Representative Director of the Company. He has extensive and deep insight and thoughts in management of the Company
and the Group. The Company expects that he will continue to leverage these skills for management of the Company and theGroup, and therefore renominated him as candidate for Director.

3

No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)
June 1997
October 1999
June 2006
July 2008

2

Number ofshares of theCompany held

Joined Kohey Ltd. (currently the Company)
Director of the Company
Director; Manager of EC Business Department
Director and Executive Officer; General Manager ofBusiness Division
April 2012
Director and Executive Officer; General Manager of EC
720,000
Reelection
Business Division
April 2017
Director and Executive Officer; General Manager ofAlliance/Solution Division
Yusuke Tsutsumi
October 2017
Director and Executive Officer; General Manager of(March 22, 1978)
Solution Business Division (current position)
July 2018
Director of karabiner.inc (current position)
April 2023
Director and Executive Officer
Supervising BtoB BusinessResponsible for Solution Business Division, etc. (current
position)[Reason for nomination as candidate for Director]
As one of the founding members of the Company established in 1997, he has been in charge of operation and managementof the Company and the Group. He has extensive and deep insight and thoughts in management of the Company and theGroup. The Company expects that he will continue to leverage these skills for management of the Company and the Group,and therefore renominated him as candidate for Director.

4

No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)
April 1975
June 1996
April 2003
September 2006
October 2006
March 2007
July 2008
November 2008
June 20093

Number ofshares of theCompany held

Joined the Daiei, Inc.
General Manager of Product Planning Division
General Manager of Human Resources Division
Executive Officer
Director; In charge of East Japan GMS BusinessDirector; In charge of Sales
Joined the Company as Advisor
Reelection
General Manager of General Planning Division
Director and Executive Officer; General Manager of
86,000General Planning Division
Hiroyuki Ozaki
July 2015
Director and Executive Officer; General Manager of(October 14, 1952)
Human Resources Planning Division, General Manager of
Administration Division
July 2015
Corporate Auditor of Gochimaru Inc.
October 2015
Auditor of Oisix Hong Kong Co., Ltd.
April 2016
Director and Executive Officer; General Manager of
Human Resources Planning Division (currently HR
Division), the Company (current position)[Reason for nomination as candidate for Director]
Since joining the Company, he has utilized his experience in operation and management of the retail business, and has beenin charge of management such as engaging in corporate administration. He has extensive and deep insight and thoughts inmanagement of the Company and the Group. The Company expects that he will continue to leverage these skills for
management of the Company and the Group, and therefore renominated him as candidate for Director.

5

No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)
April 2008
July 2014

4

Number ofshares of theCompany held

Joined Oisix Inc. (currently the Company)
Executive Officer; Manager of Corporate Planning Office,General Planning Division, the Company
October 2015
Executive Officer; General Manager of Corporate Planning
Reelection
Division
February 2018
Corporate Auditor of Radish Boya Co., Ltd. (currently the
7,400
Company)
Kohei Matsumoto
June 2018
Director and Executive Officer; General Manager of(January 24, 1984)
Corporate Planning Division (current position)
August 2019
CEO of Future Food Fund Inc. (current position)
March 2021
Director of Toyoichi Co., Ltd. (current position)
January 2022
Director of Future Food Lab Co., Ltd. (current position)[Reason for nomination as candidate for Director]
Since joining the Company, he has held positions in corporate planning divisions, and has extensive and deep insight andthoughts in management of the Company and the Group. The Company expects that he will continue to leverage theseskills for management of the Company and the Group, and therefore renominated him as candidate for Director.

6

No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)
August 1974

5

Number ofshares of theCompany held

Researcher of Laboratory for Organizational Researchand Education, University of Southern California
September 1977 Lecturer of Faculty of Sociology, California State
University, Los Angeles
April
1986
Professor of SANNO University
Reelection
March 1990
Professor of Faculty of Policy Management, Keio
External
University
Independent
June 2007
External Director of the Company (current position)
4,800
June 2011
Director of Mitani Sangyo Co., Ltd. (current position)
Mitsuyo Hanada
April 2014
Professor Emeritus of Keio University (current position)(August 8, 1948)
April 2014
Representative Director of SFC Forum (current position)
April 2014
Representative Director of Corporate University PlatformCo., Ltd.
May 2017
Representative Director of Career Advisor Council (current
position)[Reason for nomination as candidate for External Director and outline of expected roles]
The Company renominated Mr. Mitsuyo Hanada as candidate for External Director, because he has extensive insight inoverall corporate management with a focus on personnel and organization from an academic perspective, and the Company
expects that he will provide a range of advice and opinions on management of the Company.
He will have served as External Director for 16 years at the conclusion of this General Meeting of Shareholders.

7

No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)
April 1981

6

Number ofshares of theCompany held

Joined Maebashi Shinkin Bank (currently Shinonome
Shinkin Bank)
April 1987
Established Jin Products
July 1988
Established JIN Ltd. (currently JINS HOLDINGS Inc.)
Founder & CEO
Reelection
June 2011
Representative Director of Brand New Day Inc. (currently
External
Feel Good Inc.)
June 2015
External Director of the Company (current position)
20,000Independent
May 2018
Representative Director of JINS Japan Co., Ltd. (currently
JINS Inc.) (current position)
Hitoshi Tanaka
December 2018 Representative Director of Think Lab. Inc. (current(January 25, 1963)
position)
March 2019
External Director of BALMUDA Inc.
June 2021
External Director of Japan Communications Inc. (current
position)
October 2022
External Director, Mebuku Ground Inc. (current position)[Reason for nomination as candidate for External Director and outline of expected roles]
The Company renominated Mr. Hitoshi Tanaka as candidate for External Director, because he has been serving as
Representative Director of JINS HOLDINGS Inc. over many years, possesses abundant experience and extensive insight asa corporate manager, and the Company expects that he will supervise management of the Company and provide advice andopinions on overall management of the Company.
He will have served as External Director for 8 years at the conclusion of this General Meeting of Shareholders.

8

No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)
April 2000
May 2002
October 2004
April 2014
April 2019

7

Number ofshares of theCompany held

Joined Dai Nippon Printing Co., Ltd.
Joined Impression Co., Ltd.
Joined Recruit Co., Ltd.
Executive Officer of Recruit Lifestyle Co., Ltd.
Reelection
Director of Cross-divisional CRM Promotion Office,External
Recruit Holdings Co., Ltd.
June 2019
External Director of the Company (current position)
Independent0
April 2020
Manager of ID Point Product Service Development
Department, Recruit Co., Ltd. (current position)
Junko Watabe
Manager of Cross-divisional CRM Department (current(June 27, 1977)
position)
August 2020
Manager of Quality Coordinate Office (current position)
October 2020
External Director of Loyalty Marketing, Inc. (current
position)[Reason for nomination as candidate for External Director and outline of expected roles]
The Company renominated Ms. Junko Watabe as candidate for External Director, because she has extensive insight inmanagement regarding customer management with digital technology, accumulated through her career in Recruit Group,and the Company expects that she will provide a range of advice and opinions on management of the Company.
She will have served as External Director for 4 years at the conclusion of this General Meeting of Shareholders.

9

No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)January 2002

8

Number ofshares of theCompany held

Joined Jenne Co., Ltd. (currently ABC Cooking StudioCo., Ltd.)
October 2012
General Manager of Studio Strategy Division
April 2013
Executive Vice President
July 2013
President and Representative Director
December 2014 External Director of DEF ANNIVERSARY Co., Ltd.
July 2015
President and Representative Director of ABC Cooking
Studio KOREA Co., Ltd.
January
2017
Manager in charge of Alliance, Partner Business Planning
Reelection
Department, NTT DOCOMO, INC.
0
External
June 2018
External Director of the Company (current position)
Independent
December 2018 External Director of Toreta, Inc.
February 2019 External Director of AI CROSS Inc.
Wakako Sakurai
February 2020 Director of AI CROSS Inc.
(May 1, 1973)
January 2021
President and Representative Director of Plus W, Inc.
(current position)
April 2021
Representative Director, You Meey K.K. (current position)
June 2022
Executive Director/Manager in charge of Alliance, Partner
Business Planning Department, NTT DOCOMO, INC.
May 2023
External Director, NTT DOCOMO Studio & Live Inc.
(current position)
May 2023
Representative Director and President, Plus W America Inc.
(current position)[Reason for nomination as candidate for External Director and outline of expected roles]
The Company renominated Ms. Wakako Sakurai as candidate for External Director, because she has many years ofexperience in ABC Cooking Studio Co., Ltd., possesses abundant insight regarding contents business accumulated in her
current position, and the Company expects that she will provide a range of advice and opinions on management of theCompany.
She will have served as External Director for 5 years at the conclusion of this General Meeting of Shareholders.

10

No.

Name
(Date of birth)

Past experience, positions and responsibility in the Company(Significant concurrent positions)

Number ofshares of theCompany held

Involved in launching a new apparel brand “Joias” andconcurrently served as press designer
April 2009Engaged in numerous main projects as fashion editor for
the women’s fashion magazine “CanCam”
June 2011
Established own brand of wedding dress “heureux deMisato Kowaki.” Since then, worked as a stylist for
popular artists, celebrities and actresses, and became in
New election
charge of publishing books and photo books about them, inExternal
addition to working as editor of “CanCam”
0
Independent
September 2015 Developed “Monotone Storage” in Seven & i Group
September 2016 Launched a project of Sanrio for women “TOKYO
Misato Kowaki
OTONA KITTY” and appointed as Advisor(October 23, 1983)
May 2020
Received the Best Mother Award in Economic Category
August 2020
Appointed as Advisor, Female Empowerment Advisor of
Sabae City
October 2020
Established “MOTHERS Lab,” a web media operated by
active mothers proposing a new era of lifestyle, andappointed as Chief Editor (to present)
June 2021
External Director of the Company (current position)[Reason for nomination as candidate for External Director and outline of expected roles]
The Company continues to nominate Ms. Misato Kowaki to serve as External Director because, as a free-lancer, she has
been engaged in various planning, consulting, book publishing, etc. relating to lifestyles, including food, clothing andhousing. This experience is useful from the perspective of the Company, which pursues the creation of new business value
in the food area. The Company expects that she will provide advice and opinions based on her experience and insights fromthe consumer perspective.
She will have served as External Director for two years at the conclusion of this General Meeting of Shareholders.
April 2006

9Notes:
1. Mr. Kohey Takashima is Representative Director of the Eastern Japan Food Association and Chairperson of the Japan
Wheelchair Rugby Federation, as well as a Joint Representative Director of Data for Social Transformation. The Company
has business relations involving service rendering, etc. with each of these organizations.
2. There are no special interests between other candidates and the Company.
3. Mr. Mitsuyo Hanada, Mr. Hitoshi Tanaka, Ms. Junko Watabe, Ms. Wakako Sakurai and Ms. Misato Kowaki are candidates
for External Director.
4. To ensure that Directors (excluding those who are Executive Directors, etc.) can fully perform their expected roles in thecourse of their duties, the Company has provided in Article 29 of the Articles of Incorporation that it may enter into alimited liability agreement that limits the maximum amount of liability as provided in Article 423, Paragraph 1 of theCompanies Act, to the amount stipulated by laws and regulations in accordance with Article 427, Paragraph 1 of the same
Act. The Company has entered into such agreement with Mr. Mitsuyo Hanada, Mr. Hitoshi Tanaka, Ms. Junko Watabe,
Ms. Wakako Sakurai, and Ms. Misato Kowaki. The maximum liability based on such agreements is the minimum liability
stipulated by laws and regulations. If reelection of each of said candidates is approved, the Company plans to maintainsuch agreement with them.
5. The Company has entered into a directors and officers liability insurance agreement, which outlines the following contents
to secure excellent human resources and to prevent contraction in the execution of duties, and plans to renew theagreement in October 2023. The candidates for Director who are being proposed for election under this proposal will be
insured under the insurance agreement after their election.
[Overview of the insurance](1)
Ratio of premiums to be actually borne by the insured
The premiums, including the portion for riders, will be borne by the Company. There are no actual premiums to
be borne by the insured.
(2)
Overview of the insurance accidents covered
The insurance, including riders, covers damage that may be incurred by the insured directors and officers as aresult of assuming responsibilities relating to the execution of duties or receiving claims relating to the pursuit ofsuch responsibilities. However, there are certain exemptions such as in cases where violation of laws andregulations were knowingly committed.
6. If the reelection of Mr. Mitsuyo Hanada, Mr. Hitoshi Tanaka, Ms. Junko Watabe, Ms. Wakako Sakurai, and Ms. Misato
Kowaki is approved, the Company plans to report to the Tokyo Stock Exchange that they will serve as independent
officers.
7. In order to improve the oversight functions of the Board of Directors and enhance corporate governance by drawing on thediscernment of and recommendations from External Directors and ensuring objectivity and transparency in procedures

11related to decisions on matters such as Director nomination and remuneration, the Company has established a Nomination
and Remuneration Committee as a voluntary committee serving as an advisory body to the Board of Directors. If this
proposal is approved, plans call for the below reappointments with the Nomination and Remuneration Committee to becomposed as follows:
Chairperson: Mitsuyo Hanada (Independent External Director)
Members: Hitoshi Tanaka (Independent External Director)
Kohey Takashima (Representative Director)(Three members in total)
8. The number of the Company’s shares held by the above candidates for Director is the number of shares held as of March
31, 2023.
.

12

Reference: Officer skills matrix(Summary of skills—specialization, experience, knowledge, etc.—held by the Directors who comprise the Board of Directors and Auditors, in list form)
Presented below are the Director skills matrix that will apply if the Director candidates are elected as proposed and an Auditor skill matrix. The skills indicated are narrowed to three to four
especially prominent skills, indicated by a  mark.
◎: Chairperson 〇:Observer
Directors

Properties

Specialization,
experience,
knowledge

YusukeTsutsumi

Hiroyuki
Ozaki

Kohei
Matsumoto

Auditors

MitsuyoHanadaHitoshiTanakaExternalityIndependent officer

Name

Kohey
Takashima

Junko Watabe

WakakoSakurai

MisatoKowaki













◎

〇

74

60
Male

Nomination andRemuneration
Committee

〇

Age

49

45

70

39

Gender

Male

Male

Male

Male

Male

Specifics,
management
planningsupervision

University
professor(organization,human
resources)

5

16Founding team Retail businessmember, general operation, generalbusinessmanagement
supervision
supervision

Duties, properties,
qualifications, etc.

Founder,
representative,
President

Term of office

23

Corporate management

Business operation

Sales, marketing,product planningESG, sustainabilityGovernance, compliance23

14

TakashiOkubo

Kumi
Kobayashi























46

50

39

57

67

49

43

FemaleFemaleFemaleFemaleMale

Male

FemaleMarketingbusinessmanagement

Independent
marketingbusiness

Management
consulting

Investment
businessmanagement

Attorney

Certified public
accountant

5

2

2

14

3

1

Information
Management of amanagement/di
publicly tradedgital businesscompany
management

8

4







Financial accounting,investment, markets
Organization, HR

Chika Otobe

Yukihiro
Moroe















































13










Business Report(From April 1, 2022 to March 31, 2023)
1. Business Overview(1) Overview of Results for the Fiscal Year under Review(i) Progress and results of businesses
In Japan’s economy during the fiscal year under review, due to the gradual lifting of restrictions imposeddue to COVID-19, dining out and other leisure activities gradually returned, and economic activity moved
toward normalization in line with changes in consumer trends and consumption. At the same time, market
conditions remain difficult to predict due to the rapid rise in prices.
However, in addition to lifestyle changes such as remote work becoming a mainstay, the speed of the ecommerce market expansion is accelerating, and consumer demand for food delivery continues to bebullish.
In such an environment, Oisix ra daichi, as a food infrastructure company, has worked to ensure stability inshipment capacity and product supply chain. In addition, as the nature of food in customers’ households
changes significantly, we plan to quickly target latent consumer demand in the post-COVID-19
environment and propose products and services that consumers will be happy with. Also, to achieve ourgoal of “strengthening the growth and profitability of the domestic (Japanese) home delivery business,”which is a key part of our management strategy, we carried out initiatives to evolve our customer
experience and work on low-cost operations. Additionally, we leveraged expertise cultivated in ourdomestic (Japanese) home delivery business to expand our business portfolio to achieve breakthroughgrowth, including growth in our domestic (Japanese) B2B subscription business and next-generation foodbusiness, and increased our efforts to reduce food loss and greenhouse gases to become a more sustainableretailer.
As a result,
Net sales: 115,176 million yen (YoY +1.5%)
Operating income: 3,346 million yen (YoY △19.8%)
EBITDA: 5,595 million yen (YoY △10.0%)
Net income Attributable to owners of the parent: 1,807 million yen (YoY △33.7%)
1)Home Delivery Business (Oisix)
Oisix primarily conducts direct-to-consumer sales of foodstuffs via e-commerce and has a customer focus
on dual-income, child-raising generations. Oisix provides products and services that realize premiumbased time savings.
We positioned H1 as a period of recovery from the complications related to the relocation to the new
distribution center that occurred during Q4 of the previous fiscal year and refrained from aggressive efforts
to acquire new subscribers. In Q4 of the current fiscal year, we undertook various major promotions,
including promotions involving new ways of acquiring new subscribers. These efforts boosted numbers ofsubscribers from 346,083 at the end of the previous fiscal year (end of Mar. 2022) to 401,643 at the end of
the current fiscal year (end of Mar. 2023). We experienced a singular increase in the number of earlysubscription cancellations as a side effect of these new acquisition methods, bringing the number of actual
subscribers, excluding these cancellations at the end of the current fiscal year (end of March 2023), to393,829. The number of actual current subscribers represents a substantial increase from the number at theend of the previous fiscal year (end of March 2022).
Net sales and segment income increased compared to the previous fiscal year as a result of continued
growth in the number of subscribers, while average revenue per user (ARPU) has normalised since theirregular increase in the previous year.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales: 59,413 million yen (YoY +1.5%)
Segment income: 7,562 million yen (YoY +7.5%)

142)Home Delivery Business (Daichi wo Mamoru kai)
Daichi wo Mamoru kai, which predominately sells foodstuffs directly through catalogs as well as ecommerce, focuses on seniors’ 2-person household consumer segment.
We are developing and refining new services in accordance with the customer segment’s needs, based on
the concept of “easy and healthy dietary lifestyles.”In the current fiscal year, we developed services that provide seniors with immediate sense of healthbenefits and took on the challenge of acquiring new customers. The number of subscribers decreased from41,688 at the end of the previous fiscal year (end of March 2022) to 40,770 at the end of the current fiscal
year (end of March 2022). Net sales decreased from the previous fiscal year, during which there was anirregular increase under the impact of COVID-19. While income from business activities declined alongwith net sales, the amortization of goodwill related to the acquisition of Daichi wo Mamoru kai in 2017
ended in the previous fiscal year, reducing amortization burdens and boosting segment income.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales: 12,345 million yen (YoY △6.8%)
Segment income: 2,480 million yen (YoY +9.3%)
3)
Home Delivery Business (Radish Boya)
Our Radish Boya home delivery business, which mainly sells foodstuffs directly through catalogs and ecommerce, offers products to households who desire to contribute to society through cooking and otherelements of day-to-day life. As such, we are developing products and services such as Fuzoroi Radish(Irregular Radish). A continued net gain in subscribers in each quarter led to an overall increase in numbersof subscribers from 65,093 at the end of the previous fiscal year (end of Mar. 2022) to 67,825 at the end of
the current fiscal year (end of Mar. 2023). But while subscriber numbers grew, net sales fell from theprevious fiscal year, in which there was an irregular increase in ARPU. Measures to improve profitability
and maintain ongoing growth boosted segment income from the previous fiscal year.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales: 16,939 million yen (YoY △2.8%)
Segment income: 2,540 million yen (YoY +4.6%)
4)Home Delivery Business (Purple Carrot)
The U.S. Purple Carrot home delivery business specializes in sales of plant-based meal kits. During thecurrent fiscal year, as economic activity continued to return to normal in the U.S., net sales fell alongside a
gradual decline in numbers of subscribers from the peak reached in Q1 of the previous fiscal year. Despite
a trend toward clear improvements due in part to the effects of normalizing product prices starting in May,
segment income declined from the previous year due to lower net sales and the effects of inflation on thecost of raw materials and personnel costs.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales: 9,798 million yen (YoY △4.0%)
Segment losses: △530 million yen (Relative to 387 million yen in income in previous fiscal year)
5)
Other businesses
The Other Business segment is comprised of the Solutions Business, Store Business, International
Business (excluding Purple Carrot), and Wholesale Business.
Performance in wholesale businesses that were negatively affected by COVID-19 in the previous fiscal
year, including nursery school wholesale and fisheries wholesale (Toyoichi Co., Ltd.), recovered and grewstronger. Subscribers in our Solutions Business, including e-commerce support for other companies(ISETAN DOOR and D-Meal Kits) increased as food delivery services took firmer root. As a result, both
net sales and segment income increased overall.
As a result of these factors, the business results for the fiscal year under review were as follows.
Net sales: 17,946 million yen (YoY +23.1%)
Segment income: 1,690 million yen (YoY +19.3%)

15

(ii) Status of capital investments
During this consolidated fiscal year, the Company made total capital investments of 2,219 million yen,mainly on the construction of the new Atsugi Frozen Station (tentative name) and improvements to thesales administration system.
(iii) Status of fundraising
During this consolidated fiscal year, the Group raised a total of 9,052 million yen in funds through shortterm borrowings of 9,050 million yen and issuance of shares through the exercise of stock options of 2
million yen.
(iv) Status of corporate reorganization
Not applicable16(2) Status of assets and profit/loss in the three most recent business years(i) Group assets and profit/loss
Category

FY No. 23 (ended

FY No. 24 (ended

FY No. 25 (ended

March 2020)

March 2021)

March 2022)

FY No. 26 (ended
March 2023)(current consolidated
fiscal year)

Net sales (million yen)

71,040100,061

113,476

115,176

Ordinary income (million yen)

1,825

7,037

4,153

2,810

790

5,031

2,727

1,807

Net income per share (yen)23.19

133.75

74.64

49.45

Total assets (million yen)

26,08738,36052,63464,502

Net income attributable to owners of
the parent (million yen)

Note: The Company implemented a two-for-one stock split on common stock effective October 1, 2019. Net income pershare above assumes a stock split implemented at the start of FY No. 23.

(ii) Company assets and profit/loss
Category

FY No. 23 (ended

FY No. 24 (ended

FY No. 25 (ended

March 2020)

March 2021)

March 2022)

FY No. 26 (ended
March 2023)(current consolidated
fiscal year)

Net sales (million yen)

68,01890,349101,541

102,821

Ordinary income (million yen)

2,975

7,397

4,036

4,230

Net income attributable to owners of

1,164

4,563

2,544

2,605

Net income per share (yen)34.17

121.33

69.64

71.27

Total assets (million yen)

24,98735,35048,62461,722the parent (million yen)

Note: The Company implemented a two-for-one stock split on common stock effective October 1, 2019. The net income pershare given above assumes a stock split implemented at the start of FY No. 23.

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(3) Status of important parent companies and subsidiaries(i) Status of parent companies
Not applicable(ii) Status of important subsidiaries
Company name

Capital or investment

Voting rights

Main lines of businessheld/investment ratio
Fruit Basket Co., Ltd.

20 million yen

100.0％

Processing, productdevelopment, and sale offruits, vegetables, and otheragricultural produce

Tokushimaru Co., Ltd.

10 million yen

90.0％

Development ofsupermarket partners for themobile supermarket
business, provision ofexpertise to sales partners

Oisix Hong Kong Co., Ltd.

HKD57 million

100.0％

Handles the Company's
local businesses in Hong
Kong under contract

Oisix Shanghai Co., Ltd.

RMB49 million

100.0％（100.0％）

Karabiner. Inc

25 million yen

70.0％

Food delivery business in
China
System development andmaintenanceCrazy Kitchen Co., Ltd.

5 million yen

100.0％

Event production, catering
services

Oisix Inc.

USD27 million

100.0％

Investment

Three Limes, Inc. (TheUSD16 million

100.0％

Vegan ingredients delivery

Purple Carrot)（100.0％）in the U.S.

Future Food Fund Co., Ltd.

15 million yen

100.0％

Investment management

Future Food Fund No. 1

2,000 million yen

10.0％

Investment

investment limited（1.0％）

partnershipToyosu Gyosho Sanchoku

40 million yen

51.0％

IchibaFuture Food Lab Co., Ltd.

Purchase and wholesalingof seafood products

5 million yen

80.0％

Food-related R&D,
manufacturing, and sales

Future Food Fund No. 2

76 million yen

50.7％（1.6％）

investment limited

Investment

partnership
Notes: 1. Figures in parentheses under voting rights held/investment ratio indicate voting rights held by or investment ratioof the Company subsidiary etc.
2. Future Food Fund No. 2 investment limited partnership has been included in the scope of consolidation beginning thisconsolidated fiscal year.

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(4) Issues to be addressed
Issues to be addressed recognized as priorities by the Company are outlined below.
(i) Strengthening the value proposition for customers’ food needs
With both spouses working in growing numbers of households, rapidly diversifying lifestyles and values,
and growing health awareness and orientation toward socially meaningful consumption, demand has
emerged for time-saving food preparation measures. Companies must now identify potential needs andrapidly deploy products and services that meet diversified social issues of consumers, with a focus on
food-related services and products.
We recognize the emerging need to enhance the proposal of new food-related value based on uniqueproducts and experiences consumers can obtain only through our services.
(ii) Enhancing initiatives to realize a sustainable food future
Given current conditions and food-related social issues, including growth in global greenhouse gas
emissions, reduced crop production efficiency due to climate change, and increasing volumes of foodwaste, we see a need for solutions based on food tech and other technologies to achieve a sustainable foodsupply.
Based on our data analysis conducted in-house, we propose innovative subscription boxes tailored to meet
specific customer product needs based on daily variations in farm harvest conditions. This will help
minimize food losses both at farms and on the table. We are currently seeking to make this data even more
precise and effective.
Additionally, through our subsidiary Future Food Fund, we invest in startups providing unique agritech
expertise. We’re striving to improve the management and production efficiency of domestic agriculture,including the efficiency of our own suppliers and producers. Our Kit Oisix meal kits reduce food loss bothat farms and on the table based on nonstandard produce for cut vegetables and using only the ingredients
necessary.
Through continuing business model refinements and application of food tech, we will enhance our efforts
to achieve a sustainable food future.

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