Supplementary Materials toFinancial Results
Second Quarter of the Fiscal Year Ending December 2024

Nishimoto Co., Ltd.
August 13, 2024

2024 Nishimoto Wismettac Group All rights reserved.

0Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Secondquarter of the Fiscal Year Ended December 2024

3.

Policy of Returning Profits to Shareholders

4.

(Reference) Initiatives for medium- and longterm growth5.

(Reference) Wismettac Group Profile

1Summary
Summary of financial results for the second quarter of the fiscal year ending December 2024
◆Net sales grew year-on-year in the Asia Food Global Business (AFB), the Company’s key segment.
◆Operating income fell year-on-year but remained at the midterm forecast level.
◆Mainly due to the implementation of the voluntary retirement program associated with the structural reform of theAgricultural Products Trading Business, an extraordinary loss of about 300 million yen was reported as business restructuring
expenses.
2023/2Q

Net sales:

146.3 billion yen Operating income:

5.7 billion yen Ordinary income

6.5 billion yen Interim net profit:

2024/2Q

Net sales:

166.7 billion yen Operating income:3.9 billion yen Ordinary income

4.3 billion yen Interim net profit: 2.4 billion yen*

(165.0 billion yen)

(4.0 billion yen)

(4.5 billion yen)(Interim forecast)

4.4 billion yen*

(3.0 billion yen*)(*) Interim net profit attributable to owners of parent

Policy for shareholder returns◆Interim dividend is 60 yen per share: No change from the forecast◆Year-end dividend will be kept at 110 yen per share (36.66 yen after the share split).
FYE 12/2023 (result)Interim:

80 yenYear-end:

80 yenFull year:160 yen

FYE 12/2024 (result/forecast)Interim:

60 yenYear-end:

110 yen (forecast)

Full year:

170 yen (forecast)(36.66 yen after the share split)(56.66 yen after the share split*)◆On July 1, 2024, a share split was carried out at a rate of three common shares to one common share.
(*) The dividend amount for the full year is based on the interim dividend that would be paid if the share split is carried out.

2024 Nishimoto Wismettac Group All rights reserved.

2

Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Secondquarter of the Fiscal Year Ended December 2024

3.

Policy of Returning Profits to Shareholders

4.

(Reference) Initiatives for medium- and longterm growth5.

(Reference) Wismettac Group Profile

3Summary of Financial Results for the Second quarter of FYE 12/2024◆ Net sales: +14.0% year-on-year➢ AFB: +19.4% year-on-year• North America: The unit price of mainstay products
fell, but their sales volumes rose as the company
broadened its customer base.
• Europe: Uniontrade (UT), which had become aconsolidated subsidiary in Italy, contributed to anincrease in net sales.
• Other: Exports by the domestic business unit
remained strong.
➢ Agricultural Products Trading Business: ▲5.4% yearon-year• The domestic fresh fruits business narrowed thescope of products that it handled and adjusted its
purchasing operations, which affected the fall in netsales.
◆ Operating income: ▲31.3% year-on-year➢ AFB: ▲18.2% year-on-year• The company endeavored to pass price increases
onto customers appropriately, but SG&A expenses
increased year-on-year due to the effects ofinflation and other factors.
➢ Agricultural Products Trading Business: Imported fresh
fruits continued to face difficulties, but sales of frozen
and processed foods remained stable, helping boost
operating income year-on-year.
2024 Nishimoto Wismettac Group All rights reserved.

(*) Calculated based on the number of shares outstanding after the share split.

4

(Reference) Sales by Segment and Region and Profit Structure* On a managerial accounting basis(Unit: billions of yen)

FY ended December 2023
Second quarter results
Operatingincome orloss(△）

Net sales
AFBFY ended December 2024
Second quarter results

Changes year-on-year

Operatingincome orloss(△）

Net sales[Less impact of foreign currency translation]
Changes year-on-year

Operating income orloss(△）

Net sales

Net sales

Major Factors

Operating income or loss(△）

113.5

6.7

135.5

5.5

+22.0

+19.4%▲ 1.2▲18.2%

+8.0

+7.0%

▲ 1.8

▲27.3%

NA81.7

6.0

92.6

4.6

+10.9

+13.4%▲ 1.4▲23.3%

+0.3

+0.4%

▲ 1.9

▲32.1%

EU21.70.8

31.4

1.2

+9.7

+44.8%+0.4+53.0%+7.0+32.1%+0.3+36.6% Uniontrade

Asia /Australia

6.4

0.4

6.9

0.2+0.5+7.1%▲ 0.1▲38.8%

▲ 0.2

▲3.2%

▲ 0.2

▲43.8%

Japan

3.80.1

4.7

0.3

+1.0

+25.6%+0.2+223.9%+1.0+25.6%+0.2+223.9%-▲ 0.4-▲ 0.6--▲ 0.2---

▲ 0.2

-

▲ 0.1

▲ 0.0

▲ 0.2

▲ 0.2

▲ 0.1

-

▲ 0.1

-

▲ 0.1

-

▲ 0.1

-30.9

▲ 0.1

29.3

▲ 0.7

▲ 1.7

▲5.4%

▲ 0.7

-

▲ 2.1

▲6.7%

▲ 0.6

-

Asia /Australia

5.5▲ 0.1

3.9

▲ 0.2

▲ 1.6

▲28.4%▲ 0.1-▲ 2.0▲35.7%▲ 0.1-

Japan25.8

0.125.8▲ 0.6+0.0+0.1%▲ 0.8-+0.0+0.1%▲ 0.8--▲ 0.1----+0.1

---

+0.1

-

▲ 0.4

▲ 0.0

▲ 0.5

0.1

▲ 0.1

-+0.1

-

▲ 0.1

-+0.1

-

1.9

▲ 0.4

2.0

▲ 0.4

+0.0

+2.4%

+0.0

-

+0.0

+2.4%

+0.0-

1.9

▲ 0.4

2.0

▲ 0.4+0.0+2.4%

+0.0

-

+0.0+2.4%+0.0-

Other adjustments, consolidation
adjustments, etc.

▲ 0.1

▲ 0.5

▲ 0.0

▲ 0.5+0.0-+0.0-+0.0-+0.0-Total

146.3

5.7

166.7

3.9+20.4+14.0%▲ 1.8▲31.3%+6.0+4.1%▲ 2.4▲41.6%

Goodwill etc.
Segment Adjustment
Agricultura Products
Trading Business

Goodwill etc.
Segment Adjustment

OtherJapan

2024 Nishimoto Wismettac Group All rights reserved.

Consolidated contribution of

Goodwill of BCM(not recorded in 2024)

5

Factors Affecting Year-on-Year Changes in Operating Income(Unit: billions of yen)

5.7

Decrease mainly due to increase in SG&A
北米地域の販管費増加による減少
expenses in North America

-0.2

-1.6

3.9

0.0
0.6

-0.7
0.1

FY2023
2Q[AFB]
Change innet sales

2024 Nishimoto Wismettac Group All rights reserved.

[AFB]
Change inprofit margin[AgriculturalProducts]
Change innet sales[AgriculturalOther
Impact ofProducts]
adjustments, etc. foreign currency
Change intranslation
profit margin

FY2024
2Q

6

Sales Composition Ratio by Region*Sales to external customers● Consolidated sales (Entire Group)2024 Nishimoto Wismettac Group All rights reserved.

Unit: billions of yen

SSP (Germany 2020/2),
C3C (France 2020/7)
joined the WMCGroup as consolidatedsubsidiaries

Sco-Fro Group(Scotland 2021/2)
joined the WMC Groupas a consolidatedsubsidiary

BCM (Singapore2022/1) joined theWMC Group as aconsolidated subsidiary

UT (Italy 2023/10) joined
the WMC Group as aconsolidated subsidiary* Reflected on P/L startingfrom FYE 12/20247

Consolidated Balance Sheet (Summary)Financial Policy◆ At the Tokyo Exchange's Prime market, balance the proactive investments to expand business and stable dividend in order to achievesustainable growth with healthy financial foundation➢ Target an equity ratio of 30-40% in the Medium-Term Business Plan.
(Unit: billions of yen)

End of 12/2023

End of 06/2024

Main reasonsfor changes

ChangesInventories +7.6

Current assets

177.6

194.0

+16.4 Cash and deposits +4.7

Non-current assets

34.9

39.6+4.7 Lease assets (net amount) +2.7

212.5

233.6

+21.1

Current liabilities

47.7

61.0

+13.3 Short-term loans payable +3.1

Non-current liabilities

84.9

82.2

▲2.7 Lease obligations +2.4

Total liabilities

132.6

143.2+10.6

Total net assets

79.9

90.4

+10.5

Total liabilities and net assets

212.5

233.6

+21.1

141.83 yen

161.07 yen+19.24 yen

38%

39%

+1pt

Total assets

Yen/Dollar exchange rate
(Year-end rate)

Shareholders' equity ratio
2024 Nishimoto Wismettac Group All rights reserved.

Current portion of long-term loans payable +7.3
Long-term loans payable ▲5.18

Consolidated Statements of Cash Flows (Summary)■FY ended December 2023
2nd quarter results■FY ended December 2024
2nd quarter results

Main reasonsfor changes

Decrease (▲increase) in inventories ▲4.4
Profit before income taxes ▲2.3

Purchase of property, plant and equipment ▲0.4

Net increase (▲decrease) in short-term loans payable +2.3
Purchase of treasury shares ▲0.8

(Change fromprevious period)(Unit: billions of yen)

Cash and cash equivalents

FY ended December 2023

FY ended December 2024

2nd quarter results

2nd quarter results

ChangesYear-on year

Cash and cash equivalents at beginning of period

75.8

93.9+18.2

Net increase (decrease) incash and cash equivalents

9.1

4.4▲4.7

Cash and cash equivalents at end of year

84.9

98.4

+13.4

2024 Nishimoto Wismettac Group All rights reserved.

9Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Second
quarter of the Fiscal Year Ended December 2024

3.

Policy of Returning Profits to Shareholders

4.

(Reference) Initiatives for medium- and longterm growth5.

(Reference) Wismettac Group Profile

10

Policy for Shareholder Returns and Dividend Forecasts
Basic policy◆ Continue to pay stable dividends while securing internal reserves for future business development and strengthening the financial structure.
◆ Consider the dividend payout ratio as an important indicator and aim for a consolidated dividend payout ratio of approximately 30% for the full year.

Share split and a change of the shareholder benefit program◆ On July 1, 2024, a share split was carried out at a rate of three common shares to one common share.
◆ The shareholder benefit plan will be changed with the presentation of benefits to shareholders, included in the list of shareholders as of December 31, 2024
(scheduled to be sent for late March 2025).
➢ Notice Concerning Changes to the Shareholder Benefit Plan (released on May 15)

Interim dividend and year-end dividend forecast for the fiscal year ending December 2024
◆ Interim dividend is 60 yen per share: No change from the forecast◆ Year-end dividend forecast will be kept at 110 yen(36.66 yen after the share split)

Interim

60 yen per share

Year-End110 yen per share(36.66 yen after the share split)

FullYear

170 yen per share(56.66 yen after the share
split)**The amount of dividend for the full year is based on the amount of interim dividend
that would be paid if the share split is carried out.

2024 Nishimoto Wismettac Group All rights reserved.

11Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Second
quarter of the Fiscal Year Ended December 2024

3.

Policy of Returning Profits to Shareholders

4.

(Reference) Initiatives for medium- and longterm growth5.

(Reference) Wismettac Group Profile

12

(Reference) Initiatives for medium- and long-term growth
Asian Food Global Business
what we aim to beSales

Agricultural Products Trading Business

Expand sales andgross profit, contain
SG&A expenses◆ Carry out structural reform to recover profitability➢

Domesticbusiness

GlobalSPA
Establish andmanage optimalmechanisms

SalesSCM• Data Analysis• Marketing• Branding

and Integrate the sales bases

ProductSCM◆ Advance the SCM improvement project in North America➢ Centralized management of logistics-related data and strengtheningof traceability➢ Improved efficiency of procurement processes and logistics
operations

Concentrate resources on priority products• Narrow the scope of products handled

Product Improve product appeal
Reinforcement of thedevelopment system forcommercial products and recipes
for home-cooked, ready-to-eat,and restaurant food markets◆ Expand the PB “Shirakiku” lineups: Focus on product lineups and priceranges that meet customer needs◆ Uncover and develop products for the mainstream sales channels

2024 Nishimoto Wismettac Group All rights reserved.

• Implement the voluntary retirement program (*1)➢

◆ Develop new sales channels and broaden the customer base in NorthAmerica➢ Secure sales volumes by increasing the number of accounts and sales
for the mainstream sales channels◆ Expand base and area coverage through M&A, equity investment, etc.

Review the organization structure◆ Export of Japan-grown fruits and vegetables➢ Advance the expansion of overseas sales channels, including
Asian countries

Overseas,export, etc.

◆ Global production and sales of Japanese varieties➢ The trial cultivation of “Kimito,” an apple variety developed by
Hirosaki University, began in South Africa (*2). The Company aims
to sell Japanese fruit varieties throughout the year by supplying
them from both Japan and the Southern Hemisphere.

(*1) Notice of Results for Voluntary Retirement Due to Structural Reforms at aConsolidated Subsidiary of the Company (released on August 13)(*2) Wismettac Foods, Inc. Concludes a Contract with Hirosaki University toConduct Joint Research on Apple Varieties (released on March 19,Japanese only)13

(Reference) Initiatives for medium- and long-term growth
Amenities Business（Others・Domestic）
Brand / Products
Special
Chocolate

Regular
Brand

Character
Brand

Customers

Create new
businesses based on
multiple perspectives

Specialty Stores(Miscellaneous/Medical)

Mass Retailers

Started handling new brand
Nordic Tex-Mex 'Santa Maria'

DepartmentStores
Plan and develop original products
such as CENTHO ice cream◆Expand high-value-added product lineups and propose a newstyle of diet
➢ Sell premium high-end brands at permanent booths➢ Start handling new brands◆Transform business structure to be less susceptible to exchange
rate fluctuations➢ Boost sales bases by stepping up efforts to develop and sell full-year productlineups based on domestic production in addition to seasonal products forHalloween, Christmas, St. Valentine’s Day, and other events➢ Develop new sales channels with exports to overseas markets in mind
2024 Nishimoto Wismettac Group All rights reserved.

Wismettac Business Development（Others・Domestic）

FoodTechDX solution based on the conceptof "food  digital"

DigitalNew

Start-up
Investments

Business

Product development based on
the concept of "food  medicine"
solutions utilizing FoodTech

Alliances with domestic andoverseas ventures and solution
development through investment◆Establishment of Wismettac Ventures LLC, an investment
subsidiary (May 2024)➢ Invest in venture capital funds, etc., that focus on food areas
Investment
results

Invest in No. 2 Investment Limited Partnership of Future Food
Fund, a corporate venture capital (CVC) fund run by Oisix radaichi Inc., which specializes in food areas➢ Aim for synergies with startups financed by VC and the creation of new businesses◆Provide a new flow of merchandise throughPrivateport Co., Ltd.
➢ Improve services and DX support for suppliers
14

Table of Contents
2024 Nishimoto Wismettac Group All rights reserved.

1.

Summary2.

Summary of Financial Results for the Second
quarter of the Fiscal Year Ended December 2024

3.

Policy of Returning Profits to Shareholders

4.

(Reference) Initiatives for medium- and longterm growth5.

(Reference) Wismettac Group Profile

15

Nishimoto Wismettac：Corporate Profile
Founded in 1912, Nishimoto Wismettac has grown into a global company supplying food ingredients and food products tomarkets worldwide.
Company nameNishimoto Co., Ltd. (TSE Prime 9260)

Head office

15th Floor, Nihonbashi Muromachi Mitsui Tower, 3-2-1, Nihonbashi Muromachi, Chuo-ku, Tokyo

EstablishedMay 1912

Representative directors

Yoshiro Susaki, Chairman & CEO

Number of employees

2,176 (including 1,656 in the Asian Food Global Business) [As of December 31, 2023]◆ Development and sales of Asian food worldwideBusiness◆ Imports and sales of fruits and related processed products, and supply of food ingredients to food manufacturers and therestaurant sector◆ Other domestic sales activities (amenity products, supplements, medical food, etc.)

Subsidiaries and affiliates
Business sites

25 subsidiaries, 2 affiliate [As of June 30, 2024]
45 worldwide (including 24 in North America)
Locations in Japan, the U.S., Canada, Singapore, Australia, Netherlands, U.K., Germany,France, Italy, China, Hong Kong, Vietnam and South Korea

Consolidated net sales

300.8 billion yen (FY ended December 2023)

Consolidated ordinary income

12.5 billion yen (FY ended December 2023)

Shareholders' equity ratio
2024 Nishimoto Wismettac Group All rights reserved.

*Overseas sales ratio 79.6%

38% (FY ended December 2023)
16

Wismettac Group in Japan and Abroad
Global（Including North America）

45 locations

・COMPTOIRS DES 3 CAPS・COMPTOIRS OCEANIQUES・TROPIC FISH

Denver Office

SSP Konsumgüter TRADE & CONSULT GmbH
Berlin Office

Wismettac EMEA Holdings Limited
Wismettac Harro Foods Limited
NTC Wismettac Europe B.V.

Sco-Fro Group Limited

Noodle Chef spółka z o.o.＊

Chicago Office

Nishimoto Co., Ltd.
Wismettac Foods, Inc.

Privateport Co., Ltd.

Wismettac Asian Foods,
Inc. (Canada)

Wismettac Ventures LLC

Las Vegas Office

WF Seoul Representative Office・Uniontrade S.p.A.
・Uni Logistic S.r.l.
・Plaza Latina S.r.l.

Calgary Office

Boston Office

Sacramento Office

New York Office

San Francisco Office

Shanghai IPM Co., Ltd.

Wismettac Asian Foods,
Inc.

SIM BA TRADING JTC＊WF Ho Chi Minh Representative Office

WF Kobe BranchMontreal Office

Seattle Office

Wismettac Foods Shanghai Co., Ltd.

Nippon Foods Co., Ltd.

Toronto Office

Hawaii Office

Washington, DC OfficeRaleigh Office
Ohio Office

San Diego OfficeMiami OfficeArizona OfficeOrlando Office

Houston Office
Dallas OfficeAtlanta Office

NTC Wismettac Singapore Pte.Ltd.
Ban Choon Marketing Pte. Ltd.

NTC Wismettac Australia Perth Office

NTC Wismettac Australia Brisbane Office

North America

NTC Wismettac Australia Pty Ltd.

（U.S. and Canada）

NTC Wismettac Australia Melbourne Office"WF" shown in the figure is an abbreviation for "Wismettac Foods“* The equity-method affiliate

2024 Nishimoto Wismettac Group All rights reserved.

24 locations
17

Wismettac Group Growth Milestones - Key Figures -2024 Nishimoto Wismettac Group All rights reserved.

18

DisclaimerThese materials are intended to provide financial information, management information, etc. of Nishimoto Co., Ltd. and its affiliatedcompanies (hereinafter collectively referred to as "the Company"), but the Company makes no representation or warranty regarding
the content of these materials.

The plans, strategies, operating results forecasts, etc. of the Company in these materials may include information on forward-looking
statements, which are based on information currently available to the Company, and include risks and uncertain elements in relation
to economic trends, competition in the industry, market demand, foreign exchange rates, taxation system, various systems, etc.
Therefore, actual operating results that will be published in the future may differ due to these elements, and the Company does notassume any liability for any damage arising from the use of information in these materials. Furthermore, the Company is under noobligation to revise and publish future forecasts in these materials based on new information or future events.
The Company pays close attention when preparing these materials; however, please note:• The Company does not assume any liability for any damage arising from any causes including, but not limited to, any errors in theinformation presented, falsification of data by a third party, and any failure arising from download of data; and• If there is a discrepancy between the Japanese version and the English version (if any) of published materials, the Japanese version
shall take precedence, and the Company does not assume any liability for any damage arising from misunderstanding due totranslation.
This document is not intended as an investment solicitation. When making investment decisions, please refrain from relying entirelyon the information in this document, and make investment choices based on your own judgment.
[Contact]
Nishimoto Co., Ltd.
Corporate Management Office
TEL: 03-6870-2015
Email : https://www.wismettac.com/en/contact.html
2024 Nishimoto Wismettac Group All rights reserved.

19