Supplementary Material for

FY2024 Q1 Financial Results

March 14, 2024

Securities code: 3038

◤◤ Contents⚫ Consolidated Financial Highlights

2⚫ Gyomu Super Business4⚫ Outline of Gyomu Super Franchise Agreement5⚫ Changes in Total Number of Gyomu Super Stores

6⚫ Year-on-year Changes in Product Shipments to Gyomu Super Stores

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

8⚫ Restaurant & Delicatessen Business9⚫ Eco Renewable Energy Business13⚫ Shareholder Returns

15⚫ Consolidated Financial Forecast

16⚫ Medium-term Management Plan

17
1

◤◤ Consolidated Financial Highlights<Millions of yen>

<Millions of yen>

Net Sales

Gross Profit

15.9%

130,000

15,000

16.0%
12.3%

13,000110,000

12.2%

10.4%

11.8%
12.0%

11,00090,00070,000120,904
96,80985,045

81,597

107,942

9,000

11,261

FY21 Q1

FY22 Q1

FY23 Q1<Millions of yen>

9.0%

FY21 Q1

FY22 Q1

Gross profit
売上高総利益FY24 Q1

SG&A Expenses
10.0%

10,000

8.0%

8,000

8.0%
4.0%
0.0%

FY20 Q1

6,000
4,000

11,781

10,4445,000

FY20 Q1

8,000

12,9807,000

50,000<Millions of yen>

14,231FY23 Q1

FY24 Q1

Gross margin
売上高総利益率

Operating Profit
8.3%

6.9%

10.0%
7.7%

7.1%

8.0%

5.9%
7,346

2,000

4.0%

3,410

4.5%

4,335

4.6%
4,922

4.7%
5,699

0
FY20 Q1

FY21 Q1

FY22 Q1

SG&A expenses
販売管理費

FY23 Q1

FY24 Q1

SG&A ratio
売上高販管費率

6.0%

6,000

4.0%

4,000

2.0%

2,000

0.0%

0

6.0%

5,634

7,034

7,446

8,531

4.0%

6,338

2.0%
0.0%

FY20 Q1

FY21 Q1

FY22 Q1

営業利益
Operating profit

FY23 Q1

FY24 Q1

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.
2◤◤ Consolidated Financial Highlights<Millions of yen>
10,0008,000<Millions of yen>

Ordinary Profit
10.0%

8.3%

Profit Attributable to
Owners of Parent

8,000

8.0%

7.9%

7.0%

6.7%

6,000

8.0%

5.4%

6,000

5.3%
4.6%

4.4%

6.0%
4,000

4,000
2,000

5,751

7,019

7,629

2.0%

8,063

2.0%
2,118

0

0.0%
FY20 Q1

FY21 Q1

FY22 Q1

経常利益profit
Ordinary

FY23 Q1

FY24 Q1

売上高経常利益率
Ordinary margin

4.0%

4.0%
2,000

6.0%

3,559

4,598

5,121

1.2%

5,524

1,348

0
FY20 Q1

FY21 Q1

FY22 Q1

FY23 Q1

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

2.0%
0.0%

FY24 Q1

売上高四半期純利益率
Net margin[Financial Overview]⚫ Net sales
Net sales increased by ¥12,961 million (12.0%) year on year with robust new store openings and continued strong product shipments to existing
stores.
⚫ Gross profit
Gross profit increased by ¥2,969 million (26.4%) 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 ¥776 million (15.8%) year on year due to increases in freight costs for the Gyomu Super Business and personnel andrent expenses resulting from the opening of our directly operated BBQ restaurants.
⚫ Operating profit
As a result of the factors above, operating profit increased by ¥2,193million (34.6%) year on year.
⚫ Ordinary profit
Ordinary profit increased by ¥5,944 million (280.6%) year on year due to the impact of the exchange rate fluctuations in FY2024 being smaller thanin FY2023, when the significant valuation loss on forward exchange contracts was recorded by rapid appreciation of the yen at the beginning of the
fiscal year.
⚫ Profit attributable to owners of parent
As a result of the factors above, profit attributable to owners of parent increased by ¥4,175 million (309.7%) year on year.
3◤◤ 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 1,051
stores as of January 31, 2024.
◼ Net sales for FY2024 Q1 exceeded the planned amount due tostrong performance of the existing stores.
◼ The number of customer visits improved across the country
thanks to a rise in a savings-oriented attitude of consumers.
Inside the Gyomu Super Yokohama Izumi Store<Millions of yen>

<Millions of yen>

Net Sales

130,000

10,000Operating Profit
9.4%

8.5%

10.0%

8.9%

9,000

8.1%
8.0%

7.0%

110,000
8,000
90,000116,81770,00083,70994,579104,818

6.0%
9,432

7,000
7,853

6,000

2.0%
0.0%

FY20 Q1
FY22 Q1

4.0%

6,074

50,000FY21 Q1

7,306

5,000

71,792

FY20 Q1

8,408

FY23 Q1

FY24 Q1

FY21 Q1

FY22 Q1

営業利益
Operating profit

FY23 Q1

FY24 Q1

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.
4◤◤ 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• Kyushu area:
Fukuoka, Saga, Nagasaki, Kumamoto, Oita, and Miyazaki prefectures 地方エリア

関東直轄
191店舗

Outline of Franchise Contract & Requirements

Simulated Earnings(as of January 31, 2024)(Standard Store Franchisees)

Directly managed areas

Indirectly managed areas

Number of franchisees

9015Type 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.

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

Gyomu Super opened 3 stores and closed none
during FY2024 Q1.

The progress at the end of FY2024 Q1 was 9% toward
the full-year target of a net increase of 35 stores.
During FY2024 Q1, we expanded store openings in“Other” indirectly managed area.

1,012 stores as ofJanuary 31, 2023
Hokkaido

Kyushu

28

76
Chiba

Kansai
261

51

Kanto
276

Total Number of Gyomu Supper Stores

Other(cumulative)

371(Stores)
1,100

1,051

Saitama65

Kanagawa
Tokyo

76

84

1,083

1,012
1,000
900

1,051 stores as ofJanuary 31, 2024 (+39)

956
900

Hokkaido

Kyushu 87 (+11)

33 (+5)
Kansai

800
700

Chiba

266

57

(+5)

Saitama (+6)
Kanagawa
65
(±0)
77

Kanto
282

Other

600
2021年
FY2021Q1
1月

2022年
FY2022
Q1
1月

2023年
FY2023

2024年
FY2024

2024年
FY2024

1月

1月

10月目標

Q1

Q1

Target

(+6)

Tokyo

383

83

(+12)

(-1)

(+1)

Directly managed areas: Hokkaido, Kanto, Kansai, and Kyushu
Indirectly managed areas: Other

6◤◤ Year-on-year Changes in Product Shipments to
Gyomu Super Stores◼ Product shipments to existing stores during FY2024 Q1 remained strong, along with recovering thenumber of customer visits nationwide.
<YoY Change(%)>

112.0
110.2

[Existing Stores in Directly Managed Areas]
Monthly Trends for Product Shipments
111.9

110.6

110.5

107.2

106.8

106.0

105.6

102.0

102.4

114.4
114.0 113.1

105.3

106.9

103.1 105.5

103.2

103.1

Nov. 12月
Dec. 1月
Jan.
11月

111.0

103.4

112

102.9

110.3

115.3
113.4

112.7

111.8

112.3

110.3

111.6
110.5

110.5
109.3

115.3

113.6

113.2
111.2

108.0

110.3 110.0

108.6 108.3

108.3

101.7

101.1

100.0

112.5

105.1

104.9

103.9

116.6

117.0

105.6

106.8

118.6
117.3

109

108.7

104.0

120.0

111.1

110.3

110.0
108.0

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

105.0

Feb. 3月
Mar. 4月
Apr. 5月
May 6月June 7月
July
2月

FY2022
2022年

FY2023
2023年

Nov.
11月 Dec.
12月 Jan.
1月 Feb.
2月 Mar.
3月 Apr.
4月 May5月 June
6月 July
7月Aug.
8月Sept.
9月Oct.
10月Aug.
8月 Sept.
9月 Oct.
10月

2022年
FY2022

2024年
FY2024

2023年
FY2023

2024年
FY2024[Year-on-year % Changes in Product Shipments to Gyomu Super Stores]
FY2023

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

H1

May

FY2024

June

July

Aug.

Sept.

Oct.

H2

Full

Nov.

Dec.

Jan.

Existing
105.6 107.2 103.9 106.8 103.2 106.8 105.6 110.5 105.6 110.3 111.9 109.0 111.1 109.4 107.7 108.7 106.9 110.6
storesAll112.1 112.6 109.5 112.5 108.5 112.7 111.4 116.5 111.1 115.5 117.1 113.4 114.7 114.7 113.1 112.7 110.2 113.8
storesAll
Nationwide
111.6 112.5 109.3 112.0 108.3 111.8 111.0 116.6 110.3 115.3 117.3 113.4 115.3 114.7 112.9 113.1 110.5 114.4
storesDirectly
managedareas

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

Samples of Private Label Products◼ Products produced by Kobe Bussan Group’s plants

Ratio of Private Label Products
35.0%

34.5%

34.82%

34.47%

34.74%

34.75%

34.74%

34.68%

34.57%

34.29%

34.0%

34.23%

Produced by our plants：10.9%
Imported：23.4%
Thick pork cutlet¥645 (700 g)

Frozen Sanuki
udon noodles¥178 (250 g x 5)

Organic
oat flakes¥267 (500 g)

Frozen jackfruit¥494 (500g)◼ Import products

33.5%
Q1
1Q
2022年10月期
FY2022◼

Curry with melted
vegetables and fruits¥321 (200g x 5)

Q2
2Q
2023年10月期
FY2023

Q3
3Q

Q4
4Q
2024年10月期
FY2024

While shipments of private label products were on therise, national brand products remained even stronger.

◼

The price revision of national brand products continued

to lower the ratio of private label products.

Tempe¥375 (450 g)

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

8◤◤ 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.

◼

Each brand increased its media exposure as we
successfully differentiated ourselves from competitors interms of prices and menu items.

As a result of the above, the segment performance improved
significantly.
Kobe Cook World Buffet<Millions of yen>

Premium Karubi<Millions of yen>

Net Sales

3,500

Chisouna

Operating Profit

200

10.0%
6.3%

3,000
100

2,500

198
-62

2,000

0
3.0%

3,145

1,500

FY20 Q1

0

FY20 Q1

FY21 Q1

FY22 Q1

FY23 Q1

FY24 Q1

-5.0%

-6.1%

-200

750

0.0%

-3.9%

1,592
839

17

FY21 Q1

5.0%

0.7%

-46
-100

2,417

1,000
500

25

-10.0%
FY22 Q1

営業利益
Operating profit

FY23 Q1

FY24 Q1

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.
9◤◤ Restaurant & Delicatessen Business
Kobe Cook World Buffet
Total Number of Restaurants: 15 (as of January 31, 2024)

Kobe Cook World Buffet opened 1 restaurant and closed none, resulting in a netincrease of 1 restaurant during FY2024 Q1.
Chiba Port Town Store opened in Chuo-ku, Chiba-shi, Chiba on January 8, 2024.

This is the first store in the Greater Tokyo Area (consisting of Tokyo and threesurrounding prefectures), which attracts attention in the media.

Measures to Attract Customers
We offer a world cuisine fair whose theme area changes every two months. In FY2024, we heldthe "Europe Fair" from November 1 to December 25 and then the "South Korea Fair" from
December 26 to February 29. Each fair introduces 10 to 20 new menu items to meet needs fromour guests. At the South Korea Fair, we had enormous visitors partly thanks to the wintervacation included in its period.
Since March, we have offered a kids menu and a play area on weekends and holidays to create
an environment enabling guests to eat with their small children without worrying.

Business Strategy for FY2024
We expect to continue enjoying demand from large party guests such as tourists from home
and abroad. Also, we may capture group demand for dining events including year-end parties,
new year parties, and parties after a sports day or cultural festival in school as well as demand
from families during holiday seasons.
Going forward, we will encourage customers to visit the restaurant more frequently bycontinuing 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. In doing so, we will
recover sales to their pre-pandemic levels in all our restaurants.

Seasonal special offerfrom December 26 to February 29:“South Korea Fair”
10◤◤ Restaurant & Delicatessen BusinessPremium Karubi
Total Number of Restaurants: 21 (as of January 31, 2024)

Premium Karubi opened 1 restaurant and closed none, resulting in a net increase of 1 restaurants during
FY2024 Q1.
Shonandai Store opened in Fujisawa-shi, Kanagawa on December 5, 2023.
We plan to start franchising the brand.

Overview of FY2023
The business throughout FY2023 was significantly impacted by anumber of persistent adverse factors such as precarious fluctuations inforeign exchange rates, increased prices of raw materials, and a rise of
personal and utilities costs. In the second half by a shift of foot traffic
to events and travels following the lifting of movement restrictions
along with the reclassification of COVID-19 into Category V infectious
disease. To overcome these challenges and gain a profit, we took
measures such as introducing the Premium Course menu, changing
menu, and running seasonal special fairs while focusing on customer
satisfaction and customer visits. This is how we successfully expanded
the number of restaurants in the ongoing game of survival of thefittest in the BBQ restaurant business.

Business Strategy for FY2024
At the Shonandai Store, which opened in January, installation of express
lanes has significantly shortened waiting time for ordered items andreduced 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 as homemade
gelatos with more flavors than the existing restaurants, which were wellreceived by customers. We are aiming to franchise this brand by
developing services that meet customer needs.

Note: Menus may vary by restaurant and season.

Premium Karubi Shonandai Store

Note: Menus may vary by restaurant and season.

11

◤◤ Restaurant & Delicatessen Business
Chisouna
Total Number of Shops: 117 (as of January 31, 2024)

Chisouna opened 3 shops and closed none, resulting in a net increase of
3 shops during FY2024 Q1.
The number of shops has been expanding since we started establishingthem in Gyomu Super stores while our franchisees remained eager toopen new shops.

Factors behind Strong Performance
Despite continuous soaring prices of raw materials, Chisouna
maintains a price advantage by working on price revisions, menuchanges, and improvement in cooking operations efficiency. In
addition, a strong synergy effect on attracting more customers to
Gyomu Super stores is accelerating the willingness of franchisees
to open new shops. The voluminous fresh homemade foods keep
attracting customers.

Business Strategy for FY2024
We will continue to expand a variety of menu items such as
desserts, striving to create more attractive shops to satisfy
customers.
Note: Products and prices may vary by shop and season.

12◤◤ 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.
◼ 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

100

1,000

20.0%
15.3%

80

800

60
600

933

400
200

Operating Profit<Millions of yen>

Net Sales<Millions of yen>

537

581

636

12.0%

9.6%

8.6%
89

40
20

702

16.0%

6.3%
60

46

8.0%
8.0%

44

75

FY23 Q1

FY24 Q10

0.0%
FY20 Q1

0
FY20 Q1

FY21 Q1

FY22 Q1

FY23 Q1

FY24 Q1

4.0%

FY21 Q1

FY22 Q1

営業利益
Operating profit

営業利益率
Operating margin13◤◤ 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 January 31, 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
14◤◤ 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.

15◤◤ Consolidated Financial Forecast
FY2024 Forecast(Millions of yen)

FY2024 Q1 actual

FY2024 forecast

Progress towards
Full-year forecast

120,904

498,000

24.3%

Operating profit

8,531

31,00027.5%

Profit attributable to owners of parent

5,524

21,50025.7%

Net sales

The above forecast reflects the assumption that the weak yen against US dollar will continuingly
increase the cost of imported products as well as the costs of raw materials and infrastructure.

Gyomu Super Business Guideline towards FY2024 Forecast
FY2024 target

Action plan

Target ofstore openings

Net increase of
35 stores

Open stores focusing on the Kanto and Kyushu areas under
direct management.
Strengthen property data-gathering capability driven byheadquarters.

Growth in existing
store sales

102% YoY or higher

Acquire more savings-oriented consumers
Improve efficiency in store operations

Product
development

Rise in PB ratio

Focus on private label products developed by our groupplants and those imported directly by ourselves.
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)

FY2023 Q1
actualFY2024
forecast

FY2026targetNet sales

120,904

498,000

543,000

Operatingprofit8,531

31,00037,000ROIC

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 March 14, 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