Supplementary Material for

FY2024 Q2 Financial Results

June 13, 2024

Securities code: 3038

◤◤ Contents⚫ Consolidated Financial Highlights

2⚫ Gyomu Super Business5⚫ Outline of Gyomu Super Franchise Agreement6⚫ Changes in Total Number of Gyomu Super Stores7⚫ Year-on-year Changes in Product Shipments to Gyomu Super Stores

8⚫ Kobe Bussan’s Strengths: “Unique Products with Competitive Advantages”

9⚫ Restaurant & Delicatessen Business10⚫ Eco Renewable Energy Business

14⚫ Shareholder Returns

16⚫ Medium-term Management Plan

17

1

◤◤ Consolidated Financial Highlights(Millions of yen)
FY23
Nov.-Apr.

FY24
Nov.-Apr.

PercentagechangeFY23
Feb.-Apr.

FY24
Feb.-Apr.

Percentagechange

FY24
forecast

Progress towards
full-year forecast

Net sales

221,968

248,123

11.8%

114,025

127,218

11.6%

498,000

Gross profit(Gross margin)

24,518(11.0%)

29,239(11.8%)

19.3%

13,25615,008

13.2%

－

－

SG&A expenses(SG&A ratio)

10,384(4.7%)

11,519
(4.6%)

10.9%

5,461

5,819

6.6%

－

－

Operating profit(Operating margin)

14,133(6.4%)

17,720(7.1%)

25.4%

7,795

9,188

17.9%

31,00057.2%

Ordinary profit(Ordinary margin)

13,198(5.9%)

18,036(7.3%)

36.7%

11,0799,972-10.0%

33,00054.7%

Profit attributable toowners of parent(Net margin)

9,110(4.1%)

12,345(5.0%)

35.5%

7,761

6,821

-12.1%

21,500

57.4%

49.8%

[Financial Overview]⚫ Net sales
Net sales increased by ¥26,154 million (11.8%) year on year with robust new store openings and continued strong product shipments to existing
stores.
⚫ Gross profit
Gross profit increased by ¥4,721 million (19.3%) year on year due to the continued strong net sales despite the impact of the exchange rate
fluctuations.
⚫ SG&A expenses
SG&A expenses increased by ¥1,135 million (10.9%) year on year due to increases in freight costs along with increased net sales of the Gyomu
Super Business and personnel and rent expenses resulting from the opening of Premium Karubi restaurants.
⚫ Operating profit
As a result of the factors above, operating profit increased by ¥3,586 million (25.4%) year on year.
⚫ Ordinary profit
Ordinary profit increased by ¥4,838 million (36.7%) year on year due to the absence of the significant valuation loss on derivatives for forward
exchange contracts recorded in FY2023 resulting from the temporary appreciation of the yen.
⚫ Profit attributable to owners of parent
As a result of the factors above, profit attributable to owners of parent increased by ¥3,235 million (35.5%) year on year.

2◤◤ Consolidated Financial Highlights<Millions of yen>

<Millions of yen>

Net Sales

250,000

35,000220,000

30,000248,123
160,000

221,968
176,069

12.0%

11.0%

11.8%
12.0%

198,161

176,437

29,23927,08923,722

21,572

15,00024,5184.0%

10,000

0.0%
FY20 Q2

FY20 Q2<Millions of yen>

FY21 Q2

FY22 Q2

FY23 Q2<Millions of yen>

SG&A Expenses
10.0%

8.3%

8.0%

9,000
14,696

4.1%

7,184

3,000

4.5%

8,989

4.6%

6.0%

11,5194.0%

4.7%
10,384

0.0%
FY20 Q2

FY21 Q2

FY22 Q2

SG&A
expenses
販売管理費

FY23 Q2

FY24 Q2

SG&A ratio
売上高販管費率

FY22 Q2

20,00015,000

FY23 Q2

FY24 Q2

Gross margin
売上高総利益率

Operating Profit
8.2%

7.0%

10.0%
7.4%
6.4%

7.1%

8.0%
6.0%

10,0002.0%

0FY21 Q2

Gross profit
売上高総利益FY24 Q2

12,000

6,000

12.2%

8.0%
20,000100,000

15,00016.0%

25,000190,000

130,000

Gross Profit

15.4%

5,000

12,393

14,387

14,733

14,133

17,720

4.0%
2.0%

0

0.0%
FY20 Q2

FY21 Q2

FY22 Q2

営業利益
Operating profit

FY23 Q2

FY24 Q2

売上高営業利益率
Operating margin

Note: Fiscal year (FY) represents the one-year period from November 1 to October 31 of the following year.
3◤◤ Consolidated Financial Highlights<Millions of yen>

<Millions of yen>

Ordinary Profit

20,0008.6%

15,000

8.3%
7.3%

7.1%

10,00012,4655,000

15,19016,3805.9%

FY20 Q2

FY21 Q2

FY22 Q2

経常利益
Ordinary profit<Millions of yen>

FY23 Q2

15,0009.0%

12,000

8.0%

9,000

7.0%

6,000

6.0%

3,000

5.0%

0

5.6%

4.3%

7,546

5.0%

6.0%

4.1%

10,133

11,037

FY21 Q2

FY22 Q2

親会社株主に帰属する四半期純利益
Profit attributable to owners of parent

売上高経常利益率
Ordinary margin<Millions of yen>

Total Assets

130,000

200,000

110,000

12,345
9,110

2.0%
0.0%

FY20 Q2

FY24 Q2

250,000

FY23 Q2

FY24 Q2

売上高四半期純利益率
Net margin

Net Assets

48.8%

45.6%

51.2%

54.0%

60.0%
50.0%

90,000150,000
100,000

5.7%

8.0%

4.0%

18,036

13,1980

10.0%

Profit Attributable to
Owners of Parent

166,751

50,000142,424

171,923

193,494

222,177

70,00050,000123,06930.0%
85,90755,840101,506
30.0%

66,85730,00020.0%
FY20 Q2

0
FY20 Q2

FY21 Q2

FY22 Q2

FY23 Q2

FY24 Q2

40.0%

FY21 Q2

FY22 Q2

純資産
Net assets

FY23 Q2

FY24 Q2

自己資本比率Equity ratio4◤◤ Gyomu Super BusinessGyomu Super is our core business. Operating results of this business segment reflect wholesale sales to, androyalty fee from, Gyomu Super franchisees earned by Kobe Bussan, a franchisor (franchising headquarters), as wellas earnings of Kobe Bussan Group’s plants.

◼ Gyomu Super stores have expanded nationwide with 1,062
stores as of April 30, 2024.
◼ Net sales for FY2024 Q2 exceeded the planned amount due tostrong performance of the existing stores.

◼ With Kagoshima being classified into the directly managed
areas on April 1, all the prefectures of Kyushu are nowclassified as the directly managed areas.
<Millions of yen>

<Millions of yen>

Net Sales

20,000250,000

17,000200,000

Inside the Gyomu Super Yokohama Izumi StoreOperating Profit
10.0%

9.2%
8.6%

8.4%

14,000150,000

100,000

157,586

173,596

193,532

215,111

239,436

8.0%

7.4%
19,23911,000
8,000

9.0%
8.0%

16,052

16,62015,822

13,300

6.0%

5,000

5.0%
FY20 Q2

50,000
FY20 Q2

FY21 Q2

FY22 Q2

FY23 Q2

FY24 Q2

7.0%

FY21 Q2

FY22 Q2

営業利益
Operating profit

FY23 Q2

FY24 Q2

営業利益率
Operating margin

Note: Due to a change in the reportable segment structure in FY2021, the figures for FY2020 are reclassified retrospectively to reflect the change.
5◤◤ Outline of Gyomu Super Franchise Agreement
We operate Gyomu Super stores under a franchise system except 4 stores of our own.
Our franchise agreement has 2 types as follows:• General franchise contract, which allows a franchisee to open 1 store in our directly managed areas (*1).
• Area franchise contract, which allows a franchisee to open multiple stores in a defined prefecture in our indirectly managed
areas (*2).
関西直轄
Also, we own 4 stores in Hyogo, Osaka and Kanagawa prefectures under direct operations.
228店舗*1 Directly managed areas• Hokkaido area: Hokkaido prefecture• Kanto area:
Tokyo, Chiba, Kanagawa, and Saitama prefectures• Kansai area:
Osaka, Kyoto, Hyogo (excl. Awaji Island), Nara, Wakayama, and Shiga prefectures
地方エリア• Kyushu area:
Fukuoka, Saga, Nagasaki, Kumamoto, Oita, Miyazaki, and Kagoshima prefectures

関東直轄
191店舗

Outline of Franchise Contract & Requirements

Simulated Earnings(as of April 30, 2024)(Standard Store Franchisees)

Directly managed areas

Indirectly managed areas

Number of franchisees

9114Type of franchise
agreement

Single-unit franchise(A general franchisee can open
1 store per contract.)

Multi-unit franchise(An area franchisee has an
exclusive right to open multiple
stores in a prefecture defined
under the contract.)

Initial franchise fee(excl. consumption taxes)¥2,000,000

Population in the prefecture x ¥2

Franchise deposit¥10,000,000

Population in the prefecture x ¥5

1% of total purchase of goods

1% of purchase of defined goods

Royalty fee

Facility expenses

Distribution expenses

It costs between ¥32 million and ¥38 million to construct racks for
shelf-stable foods and refrigeration equipment (the above
construction cost is a rough estimate and varies depending on
properties). Equipment, construction work, POS registers, and otherfunds for start-up are required separately.
Principally paid byfranchise headquarters

神奈川県
55店舗

東京都
64店舗

315店舗

*2 Indirectly managed areas• Other areas:
Prefectures other than those listed above

千葉県
33店舗

Negotiable

P&L accountMonthlyamountComposition

Net sales¥43,500,000

100.0％

Gross profit¥7,395,000

17.0％

SG&A expenses¥6,499,000

14.9％(Rent expenses)¥1,300,000

3.0％(Personnel expenses)¥2,393,000

5.5％¥896,000

2.1％

Operating profit* By purchasing items such as fresh food separately, many offranchisees operate more efficiently than the above simulation.

6◤◤ Changes in Total Number of Gyomu Super Stores
Number of Stores by Area

Gyomu Super opened 23 stores and closed 9 during
FY2024 Q2 cumulative, and opened 20 stores andclosed 9 stores during FY2024 Q2 alone.
The progress at the end of FY2024 Q2 was 40% toward
the full-year target of a net increase of 35 stores.
During FY2024 Q2, we expanded store openings
ranging widely from Kanto to Kyushu.

1,023 stores as ofApril 30, 2023

Hokkaido 31
Kyushu 82

Chiba

Kansai
262

Saitama

Kanto(Stores)(cumulative)

1,100

1,062

Others

76
Tokyo
83

(Incl. 6 stores in

Kagoshima)

1,083

1,062 stores as ofApril 30, 2024 (+39)

1,023
1,000

969

Hokkaido 33 (+2)
Kyushu 96 (+14)(Incl. 6 stores in Kagoshima)

922
Kansai

900

Chiba

269

Saitama

(+7)

Kanto

800

286
(+11)
Others

378

700
2021年
FY2021

2022年
FY2022

2023年
FY2023

2024年
FY2024

2024年
FY2024

4月

4月

4月

4月

10月目標

Q2

Q2

Kanagawa

64

275
373

Total Number of Gyomu Supper Stores

52

Q2

Q2

(+5)

65

58
(+6)

Kanagawa

(+1)

77
Tokyo

(+1)

86
(+3)

TargetDirectly managed areas: Hokkaido, Kanto, Kansai, and Kyushu
Indirectly managed areas: Other
Note: Effective April 1, 2024, the area category of Kagoshima prefecture
was changed from indirectly managed areas to directly managed areas.

7◤◤ Year-on-year Changes in Product Shipments to
Gyomu Super Stores◼ Product shipments to existing stores during FY2024 Q2 increased year on year, with the number ofcustomer visits recovering nationwide.
<YoY Change(%)> [Existing Stores in Directly Managed Areas]

Monthly Trends for Product Shipments

111.9

112.0
110.0
108.0

102.0

110.3

111.1

107.2
108.7

107.5

106.9

105.6

103.9
106.8

105.3

Nov.
11月 Dec.
12月 Jan.
1月

Feb.
2月

105.1

104.9

104.9

115.3

113.0

103.1

Mar.
3月 Apr.
4月

May
5月

112.8

112.5

110.5
110.3 109.3
Nov. 12月
Dec. 1月
Jan.
11月

FY2024
2024年

115.3

113.6

113.2
111.1

112.0

111.6

107.0

June
6月 July
7月 Aug.
8月 Sept.
9月 Oct.
10月

FY2023
2023年

113.1

111.2
110.0

102.9

114.4

103.4

101.7

FY2022
2022年

117.3
116.6

106.8 105.6

101.1

100.0

118.6

116.0

105.5
103.2

103.1
102.4

119.0

109.0

107.9

106.0
104.0

110.5

110.6

110.2

[All Stores Nationwide]
Monthly Trends for Product Shipments<YoY Change(%)>

112.7
112.3
113.4

111.8
110.5

108.3

108.6
Feb.
2月

FY2022
2022年

110.3 110.3 110.0
109.3

Mar. Apr.
3月
4月

May
5月

FY2023
2023年

108.3

June July
6月
7月 Aug.
8月 Sept.
9月 Oct.
10月
FY2024
2024年[Year-on-year % Changes in Product Shipments to Gyomu Super Stores]
FY2023
H1
Directly
managedareas
Nationwide

Existing
105.6
storesAll
111.4
storesAll
111.0
stores

FY2024

H2

Full

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

H1

109.4

107.7

108.7

106.9

110.6

107.9

107.5

104.9

107.7

114.7

113.1

112.7

110.2

113.8

111.7

111.0

109.1

111.3

114.7

112.9

113.1

110.5

114.4

112.8

111.1

109.3

111.7

Products shipments toexisting stores in
directly managed areasfor each quarter alone

Q1: 108.6％

Q2: 106.7％

Note: “Nationwide” represents the product shipments to the stores in both directly and indirectly managed areas.
8◤◤ Kobe Bussan’s Strengths:“Unique Products with Competitive Advantages”
Enhancing Original Products

New Plant Started Operations

Ratio of Private Label Products(cumulative period)
35.00%

34.82%

34.75%

34.75%
34.47%
34.50%
34.29%

34.74%
34.33%

34.25%
34.00%

2022年10月期
FY202234.57%

Produced by our plants：10.9%
Imported：23.4%

34.23%
Q11Q

34.68%

34.74%

2Q
Q2
2023年10月期
FY2023

3Q
Q3

4Q
Q4
2024年10月期
FY2024

Peking duck wrappers¥192 (200g)

Photo:
Exterior view of the
new plant◼ A new head factory of Miyagi Seifun in Watari-gun,
Miyagi started its operations in April 2024.
◼ With the factory added to the Group, we have come toown 26 domestic food plants.
■Products produced by the new plant of Miyagi Seifun■Import products

Peking duck
¥1,274 (1,000g)

The new plantincreased Miyagi
Seifun’s production
capacity byapprox. 2.5 times.

Taiwanese braised pork Chocolate brownies
rice sauce made of¥235 (5 pieces)soybean meat¥267 (195g)

Medium-spicy, largeTenderly braised pork
size curry for grown-ups¥505 (550g)¥343 (220g×４)

Petit daifuku¥321 (750g)

Note: All prices include tax.
Products and prices are different depending on stores and seasons.

9◤◤ Restaurant & Delicatessen Business
The Restaurant & Delicatessen Business covers restaurants and delicatessen shops that we operate directly or as afranchisor (franchising headquarters). This business segment includes Kobe Cook World Buffet, a buffet-style restaurant
chain; Premium Karubi, a served a-la-carte buffet style BBQ restaurant chain; and Chisouna, a delicatessen shop chain.

◼

All the three brands performed well.

◼

Both restaurant businesses successfully attracted
customers driven by events, such as a spring break.

◼

Chisouna steadily opened new shops.

As a result of the above, the segment performance improved
significantly.

<Millions of yen>

Net Sales

Kobe Cook World Buffet

600

6,000

400

5,000

200

4,000
6,539

5,222

2,000
1,000

1,462

1,601

FY20 Q2

FY21 Q2

15.0%
7.9%
1.2%

3.0%
-156

-89

515

0
-200

3,238

Chisouna

Operating Profit<Millions of yen>

7,000

3,000

Premium Karubi

10.0%
5.0%
0.0%

154

17
-9.7%

-5.0%

-2.8%

-400

-10.0%
FY20 Q2

FY21 Q2

FY22 Q2

FY23 Q2

FY24 Q2

0
FY22 Q2

FY23 Q2

FY24 Q2

営業利益
Operating profit

営業利益率
Operating margin

Note: Due to a change in the reportable segment structure in FY2021, the figures for FY2020 are reclassified retrospectively to reflect the change.
10◤◤ Restaurant & Delicatessen Business
Kobe Cook World Buffet
Total Number of Restaurants: 15 (as of April 30, 2024)

Kobe Cook World Buffet opened 1 restaurant and closed none, resulting in a netincrease of 1 restaurant during FY2024 Q2 cumulative, and did not open or close any
restaurants during FY2024 Q2 alone.
We got increased exposure to TV programs and YouTube channels.

Measures to Attract Customers
We offer a world cuisine fair whose feature area changes every two months. We held the“South Korea Fair” from December 26 to February 29 and the “Italia Fair” in March 1 to April
30. Each fair introduces 10 to 20 new menu items to meet needs from many different
guests. The Italia Fair had enormous visitors partly thanks to a spring break included in its
period. The kids menu, which is limited to weekends and public holidays, was also wellreceived. We will continue to create an environment where small children can eat with apeace of mind.

Business Strategy for FY2024 H2During the spring break period, net sales of all restaurants almost recovered to prepandemic levels due to high demand from families. We will aim to keep pre-pandemic sales
levels and further grow throughout the fiscal year, not just during this quarter alone.
Demand from large party guests such as tourists from home and abroad is also expected tocontinue. Going forward, we will encourage customers to visit the restaurant more
frequently by continuing to offer services that satisfy customers with a dining experience
unparalleled to any other restaurant chains in terms of the menu, volume of food, and price.

Seasonal special offer
in March and April: “Italia Fair”
11◤◤ Restaurant & Delicatessen BusinessPremium Karubi
Total Number of Restaurants: 21 (as of April 30, 2024)

Premium Karubi opened 1 restaurant and closed none, resulting in a
net increase of 1 restaurant during FY2024 Q2 cumulative, and did
not open or close any restaurants during FY2024 Q2 alone.
We plan to start franchising the brand.

Overview of FY2024 H1
At the Shonandai Store, which opened in December 2023, installation of
express lanes has significantly shortened waiting time for ordered items
and reduced operating costs through labor saving. In terms of desserts
as a specialty of Premium Karubi, we offer baked sweets such as raw
butter financiers using fermented butter and canelés as well ashomemade gelatos with more flavors than the existing restaurants,
which were well received by customers.
In March and April, our restaurants successfully attracted customers by
capturing demand for auspicious occasions such as graduation andenrollment. We are aiming to franchise this brand by developing
services that meet customer needs.

Restaurants Opened during FY2024
Note: Menus may vary by restaurant and season.

Shonandai

7-37-9 Shonandai, Fujisawa-shi, Kanagawa

A new store with a beverage station is scheduled
to open in Shizuoka in July.

Premium Karubi Shonandai Store
Note: Menus may vary by restaurant and season.
12◤◤ Restaurant & Delicatessen Business
Chisouna
Total Number of Shops: 121 (as of April 30, 2024)

Chisouna opened 7 shops and closed none, resulting in a net increase of 7
shops during FY2024 Q2 cumulative, and opened 4 shops and closed none
during FY2024 Q2 alone.
The number of shops has been expanding since we started establishing them in
Gyomu Super stores while our franchisees remained eager to open new shops.

Factors behind Strong Performance
Despite continuous soaring prices of raw materials, Chisouna
maintains a price advantage by working on menu changes andimprovement in cooking operations efficiency. In addition, astrong synergy effect on attracting more customers to Gyomu
Super stores is accelerating the willingness of franchisees toopen new shops.
The store policy of providing freshly prepared dishes by instore cooking staff with large serving size keeps attracting
customers.

To create more attractive shop floor that satisfies customers, we
continue to expand a variety of menu items while increasing thenumber of shops along with Gyomu Super store openings.
Note: Products and prices may vary by shop and season.

13

◤◤ Eco Renewable Energy BusinessWe provide eco-friendly, safe, and reliable renewable energy by operating solar andwoody biomass power plants.

◼ A new plant in Higashimatsushima-shi, Miyagi with ageneration capacity of 30 MW started operations on
October 18, 2023, which is generating electricity
steadily.

◼ As a result of the above, all of our planned solar
power plants are now in operation with a total
capacity of 81 MW.

Area A

Area B(Photo: Higashimatsushima Solar Power Plant
with a capacity of 30 MW,
which started operations in October 18, 2023)
Area C<Millions of yen>

Net Sales<Millions of yen>
500

2,500

25.0%

400

2,000

20.4%
18.3%

300
1,500

200
2,138

1,000
500

Operating Profit

1,192

1,234

1,388

1,630

100

0

FY21 Q2

449
226

244

FY21 Q2

FY22 Q2

FY22 Q2

FY23 Q2

FY24 Q2

22.0%

19.0%

332

16.0%
13.0%

0

10.0%
FY20 Q2

FY20 Q2

17.6%

15.4%

183

21.0%

営業利益
Operating profit

FY23 Q2

FY24 Q2

営業利益率
Operating margin14◤◤ Eco Renewable Energy Business
Plant Locations

Solar Power:[Biomass]
Shiranuka-cho,
Hokkaido
6.2 MW

19 locations

81.0 MW

1 location

6.2 MW

Biomass:[Solar Power]
5 in Hokkaido
5.9 MW(as of April 30, 2024)【Solar Power】
1 in Miyagi
30.0 MW[Solar Power]
1 in Shiga
0.5 MW[Solar Power]
4 in Hyogo
4.5 MW[Solar Power]
1 in Fukushima
18.9 MW[Solar Power]
1 in Fukuoka
0.9 MW[Solar Power]
1 in Ibaraki
2.4 MW[Solar Power]
3 in Osaka
14.2 MW[Solar Power]
1 in Tokushima
2.1 MW[Solar Power]
1 in Wakayama
1.6 MW
15

◤◤ Shareholder Returns
Dividends
Dividend per Share<Yen>

Kobe Bussan regards returning profits to shareholders as one of key

25

management issues. Our basic policy is to secure funds necessary for

21.5%

22.1%

23.1%

23.5%

23.6%

our business growth and distribute profits to shareholders according to

25%
20%

the operating results.

20

15%

For FY2023, we paid the annual year-end dividends of ¥22.00 per share15

as in previous years.

20.00

22.00

22.00

23.00

5%

15.00

For FY2024, we plan to pay the annual dividends of ¥23.00 per share.

10

Note: The figures in the graph on the right have been adjusted for the effect ofthe 2-for-1 stock splits carried out in November 2020.

FY2020
FY2021
FY2022
2020年
2021年
2022年
Dividend per share
1株当たり配当金10%

FY2024FY20232023年
2024年予想
Target配当性向(連結)
Payout ratio

0%

Shareholder Benefit Program
The shareholder benefit program has been introduced to express Kobe Bussan’s gratitude for the continuous support of its shareholders
and to gain the deeper understanding of customers for its businesses. We will send JCB Gift Card to shareholders who hold 100 shares ormore as of October 31 of each year, according to the number of years of ownership and the number of shares held.
Shareholder incentives
Number of shares held

Continuous ownership years
Less than 3 years

Continuous ownership years
3 years or more

100-999

JCB Gift Card ¥1,000

JCB Gift Card ¥3,000

1,000-1,999

JCB Gift Card ¥10,000

JCB Gift Card ¥15,000

2,000 or more

JCB Gift Card ¥15,000

JCB Gift Card ¥20,000

SampleNote: Shareholders may opt to exchange the gift cards for an assortment of private label products worth the face value.

16◤◤ Medium-term Management Plan: Basic Policy and Strategy toward FY2026
Seek to consistently grow our businesses
with a focus on the Gyomu Super Business by enhancing private label products.

■Basic Policy and Strategy
1. Expand Restaurant & Delicatessen Business

2. Strengthen production capacity of private label items produced by our plants
3. Consistently grow Gyomu Super Business■Key Measures
1. Open new Gyomu Super stores consistently to exceed 1,130 stores.
2. Increase product shipments to existing Gyomu Super stores by 2% or higher year on year.
3. Increase the PB ratio to 37%.

4. Invest more than 10 billion yen in our group's plants annually to strengthen domestic PB products.
5. Encourage our franchisees to introduce energy-saving refrigeration equipment and automaticordering systems to improve efficiency in store operations.
6. Open new shops consistently in the Restaurant & Delicatessen Business and start franchising
Premium Karubi.
17◤◤ Medium-term Management Plan: Numerical Targets(Millions of yen)

FY2024 Q2
actualFY2024
forecast

FY2026targetNet sales

248,123

498,000

543,000

Operatingprofit17,72031,00037,000ROIC

Maintain 10% or higher,
aiming for growth every year18◤◤ Medium-term Management Plan: Long-term Vision

By serving a noble cause of offering more value with less price,

we, as an integrated food company,
are committed to improving customers’ affluent life.
■Targets for Achievement of Long-term Vision
1. Expand the Gyomu Super chain to reach over 1,500 stores
2. Raise the PB ratio to 40% or higher
3. Achieve a total of over 500 shops for all brands of the Restaurant & Delicatessen
Business
4. Reduce the SG&A ratio by investing in distribution centers
5. Raise the consolidated operating margin to 10% or higher

19• This material contains forward-looking statements based onassumptions, estimates, and plans as of June 13, 2024.

• Please note that actual results may differ significantly from theseforward-looking statements due to uncertain factors arising fromchanges in the economic climate.
• This material is not intended to solicit and encourage purchase ofshares.
• This material has been translated from the Japanese original forreference purposes only. In the event of any discrepancy between
this translated material and the Japanese original, the original shallprevail.

For information regarding this material, please contact:
IR-Public Relations, Kobe Bussan Co., Ltd.
ir@kobebussan.co.jp20