Supplementary Material for

FY2024 Q3 Financial Results

September 11, 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.-July

FY24
Nov.-July

PercentagechangeFY23
May-July

FY24
May-July

Percentagechange

FY24
forecast

Progress towards
full-year forecast

Net sales

338,767

377,283

11.4%

116,798

129,160

10.6%

498,000

Gross profit(Gross margin)

39,109(11.5%)

44,093(11.7%)

12.7%

14,591

14,854

1.8%－－

SG&A expenses(SG&A ratio)

15,830(4.7%)

17,453(4.6%)

10.3%

5,446

5,934

9.0%

－

－

Operating profit(Operating margin)

23,278(6.9%)

26,640(7.1%)

14.4%

9,144

8,919

-2.5%

31,00085.9%

Ordinary profit(Ordinary margin)

22,694(6.7%)

21,980(5.8%)

-3.1%

9,495

3,944

-58.5%

33,00066.6%

Profit attributable toowners of parent(Net margin)

15,590(4.6%)

14,847(3.9%)

-4.8%

6,480

2,501

-61.4%

21,500

69.1%

75.8%

[Financial Overview]⚫ Net sales
Net sales increased by ¥38,515 million (11.4%) year on year with robust new store openings and continued strong product shipments to existing
stores.
⚫ Gross profit
Gross profit increased by ¥4,984 million (12.7%) 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 ¥1,623 million (10.3%) 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. On the other hand, the SG&A ratio
decreased by 0.1 percentage point due to the improvement in logistics efficiency.
⚫ Operating profit
As a result of the factors above, operating profit increased by ¥3,361 million (14.4%) year on year.
⚫ Ordinary profit
Ordinary profit decreased by ¥713 million (3.1%) year on year due to a significant valuation loss on derivatives for forward exchange contracts
resulting from the yen turning to appreciation from July.
⚫ Profit attributable to owners of parent
As a result of the factors above, profit attributable to owners of parent decreased by ¥742 million (4.8%) year on year.

2◤◤ Consolidated Financial Highlights<Millions of yen>

<Millions of yen>

Net Sales

400,000

Gross Profit

45,00040,000350,000

20.0%
14.1%

16.0%

12.1%

11.8%

35,000300,000

377,283
338,767

250,000
267,374

FY21 Q3

FY23 Q3<Millions of yen>
8.0%

4.5%

17,813
11,181

5,000

13,636

4.7%

15,8304.6%
17,453

6.0%

FY22 Q3

SG&A expenses
販売管理費

FY23 Q3

FY24 Q3

SG&A ratio
売上高販管費率

FY22 Q3

FY23 Q3

FY24 Q3

売上高総利益率
Gross margin

Operating Profit
10.0%

7.2%

7.9%

7.3%

6.9%

7.1%

20,00010,0008.0%
6.0%

15,0000.0%
FY21 Q3

FY21 Q3

30,00025,000

8.0%
4.0%

4.0%
2.0%

0
FY20 Q3

32,410

売上高総利益Gross profit

FY24 Q3

6.9%

4.2%
10,000

FY22 Q3

SG&A Expenses

15,00035,484

12.0%

0.0%

FY20 Q3<Millions of yen>
20,00036,493

39,10920,000200,000
FY20 Q3

11.7%
44,09325,000300,016
259,362

30,00011.5%

18,67921,22821,847

23,27826,640

4.0%
2.0%

5,000

0.0%

FY20 Q3

FY21 Q3

FY22 Q3

Operating
営業利益 profit

FY23 Q3

FY24 Q3

Operating margin
売上高営業利益率

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>

8.3%

25,000<Millions of yen>

Ordinary Profit
9.0%

7.9%

7.1%

6.7%
5.8%

20,00022,20515,0006.0%

22,69421,98010,0003.0%

0.0%
FY21 Q3

FY22 Q3

経常利益
Ordinary profit<Millions of yen>

15,000

5.6%

5.3%

4.5%

FY23 Q3

5,000

11,656

14,883

15,932<Millions of yen>

FY22 Q3

173,318

198,141

Net margin
売上高四半期純利益率

53.6%

54.7%

37.5%

60,00055,631

40.0%

91,51072,569108,763

125,92730.0%

30,00020.0%
FY20 Q3

0
FY20 Q3

FY21 Q3

FY22 Q3

FY23 Q3

FY24 Q3

60.0%
50.0%

224,040

50,000

FY24 Q3

47.1%

120,000
90,000

FY23 Q3

Net Assets
51.5%

150,000

14,8470.0%
FY21 Q3

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

200,000

15,5902.0%

150,000

150,148

3.9%
4.0%

FY20 Q3

Ordinary margin
売上高経常利益率

250,000

145,018

6.0%

0

FY24 Q3

Total Assets

100,000

4.6%

8.0%

10,00023,63818,485

FY20 Q3

20,000

Profit Attributable to
Owners of Parent

FY21 Q3

FY22 Q3

Net assets
純資産

FY23 Q3

FY24 Q3

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 1,071
stores as of July 31, 2024.
◼ Net sales for FY2024 Q3 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>

Net Sales<Millions of yen>

400,000

Inside the Gyomu Super Yokohama Izumi StoreOperating Profit

30,000

10.0%

9.1%

350,000

25,0008.5%

300,000

200,000

150,000

7.8%

20,000250,000

239,825

262,749

292,602

328,067

363,723

23,92515,0009.0%

8.4%

24,43225,5507.9%
28,5937.0%

20,316

10,000

6.0%
FY20 Q3

100,000
FY20 Q3

FY21 Q3

FY22 Q3

FY23 Q3

FY24 Q3

8.0%

FY21 Q3

FY22 Q3

営業利益
Operating profit

FY23 Q3

FY24 Q3

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 July 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.

6◤◤ Changes in Total Number of Gyomu Super Stores
Gyomu Super opened 41 stores and closed 18 during
FY2024 Q3 cumulative, and opened 18 stores andclosed 9 stores during FY2024 Q3 alone.
The progress at the end of FY2024 Q3 was 66% toward
the full-year target of a net increase of 35 stores.

During FY2024 Q3, we expanded store openings
ranging widely from Kanto to Kyushu.

Number of Stores by Area
1,032 stores as ofJuly 31, 2023

Hokkaido 32
Kyushu 83

Chiba

Kansai
262

55

Kanto

Saitama
76

Other

Tokyo

376

Total Number of Gyomu Supper Stores
1,100

1,071

Kagoshima)

1,083

1,071 stores as ofJuly 31, 2024 (+39)

1,032
979

1,000

83

(Incl. 6 stores in(cumulative)(Stores)

Hokkaido 28 (-4)
Kyushu 98 (+15)(Incl. 6 stores in Kagoshima)

933
900

Chiba

Kansai
272
（+10）

800

Kanto
289
（+10）

Other

700
2021年
FY2021

2022年
FY2022

2023年
FY2023

2024年
FY2024

2024年
FY2024

7月

7月

7月

7月

10月目標

Q3

Q3

Kanagawa

65

279

Q3

Q3

384
（+8）

61
（+6）
Saitama
65
（±0）
Tokyo

Kanagawa
77
（+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 Q3 increased year on year, with the number ofcustomer visits recovering nationwide.
<YoY Change(%)> [Existing Stores in Directly Managed Areas]<YoY Change(%)>

Monthly Trends for Product Shipments

112.0

118.6

111.9
110.6

110.2

109.0

106.9

106.0
105.6

103.9

105.3
106.8

105.6
105.4

103.1
102.4
100.0
Nov. 12月
Dec. Jan.
11月
1月

103.2

116.6

105.0

113.1
105.1

104.9

114.4

115.0

109.0

106.0
Mar.
3月 Apr.
4月

2022年
FY2022

May
5月

June
6月

2023年
FY2023

July
7月

Aug.
8月 Sept.
9月 Oct.
10月

112.7

110.3

112.0

Nov. Dec.
11月
12月 Jan.
1月 Feb.
2月

2024年
FY2024

113.4

111.8

111.1
110.5
110.0
110.3 109.3
110.5
108.6 108.3
109.9

101.7

Mar.
3月 Apr.
4月

2022年
FY2022

115.3

113.6

113.2

111.2

112.0

109.0

103.1
103.4
103.1
102.9

112.8

112.5

111.6

101.1
Feb.
2月

117.3

118.0

105.5

104.9

103.0

111.1

110.3

115.3

107.9
107.5
106.8

107.2
108.7

110.5

[All Stores Nationwide]
Monthly Trends for Product Shipments

May
5月

2023年
FY2023

112.3

110.2
110.3

110.0

106.8
June
6月

July
7月

108.3
Aug.
Oct.
8月 Sept.
9月 10月

2024年
FY2024[Year-on-year % Changes in Product Shipments to Gyomu Super Stores]
FY2023
H1

H2

FY2024
Full

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

H1

May

June

July

Existing
105.6 109.4 107.7 108.7 106.9 110.6 107.9 107.5 104.9 107.7 105.4 103.1 105.0
storesAll
111.4 114.7 113.1 112.7 110.2 113.8 111.7 111.0 109.1 111.3 109.8 107.4 109.7
storesAll
Nationwide
111.0 114.7 112.9 113.1 110.5 114.4 112.8 111.1 109.3 111.7 110.0 106.8 110.2
storesDirectly
managedareas

Products shipments toexisting stores in directly
managed areas for eachquarter alone

Q1: 108.6%
Q2: 106.7%
Q3: 104.5%

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%

34.74%

34.75%
34.47%
34.50%
34.29%

34.74%
34.33%

34.25%
34.00%

2022年10月期
FY202234.51%

34.57%

Produced by our plants: 10.8%
Imported: 23.7%

34.23%
Q1
1Q

34.68%

Q2
2Q

Q3
3Q

2023年10月期
FY2023Q4
4Q
2024年10月期
FY2024¥300 (500g)

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■Private label products

Sauteed onions

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

Rabbit-shaped
custard buns
¥483 (360g)

Rich mango pudding¥537 (1kg)

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.

◼

The restaurant business successfully attracted customers
due to the effects of summer vacation and other events.

◼

Chisouna steadily opened new shops.

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

<Millions of yen>

Kobe Cook World Buffet

Premium Karubi<Millions of yen>

Net Sales

12,000Chisouna

Operating Profit

800

12.0%
7.7%

10,000

4.5%

400

8,000

0

6,000
10,093
4,000

-1.3%
-24

FY22 Q3-6.0%-12.0%

FY20 Q3

2,632
FY21 Q3

-102

-800

0
FY20 Q3

0.0%-11.7%

5,169
1,911

360

FY23 Q3

6.0%

-308

-400

7,994

2,000

-2.0%

778

FY24 Q3

FY21 Q3

FY22 Q3

営業利益
Operating profit

FY23 Q3

FY24 Q3

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 July 31, 2024)

Kobe Cook World Buffet opened 1 restaurant and closed none, resulting in a netincrease of 1 restaurant during FY2024 Q3 cumulative, and did not open or close any
restaurants during FY2024 Q3 alone.
We got increased exposure on TV programs and social media.

Measures to Attract Customers
We held the China Fair from May 1 to June 30 and the Sweets Fair from July 1 to August 31
as we hold a new fair every two months. The China Fair is always popular and was wellreceived by people of all ages.
The Sweets Fair, our first attempt to feature a specific food category, offered more than 25
kinds of desserts. Many guests enjoyed the fair partly because its period overlapped thesummer vacation. During the Sweets Fair, we also held the special features on Japanese
Food Stalls and the World Beer Fair.

Business Strategy for FY2024 H2
Net sales at all restaurants recovered to pre-pandemic levels. We will aim to further growthroughout the fiscal year, keeping the pre-pandemic sales levels. Even after April, we hadhigh demand from families and also expect demand from large party guests such as
tourists from home and abroad to continue.
Going forward, we will encourage customers to visit the restaurant more frequently bycontinuing to offer services that satisfy customers with a dining experience unparalleled toany other restaurant chains in terms of the menu, volume of food, and price.

Seasonal special offer
in July and August: “Sweets Fair”
11◤◤ Restaurant & Delicatessen BusinessPremium Karubi
Total Number of Restaurants: 22 (as of July 31, 2024)

Premium Karubi opened 2 restaurants and closed none, resulting in a
net increase of 2 restaurants during FY2024 Q3 cumulative, andopened 1 restaurant and closed none during FY2024 Q3 alone.
Shizuoka Magarikane 5-chome Store opened in Suruga-ku, Shizuokashi, Shizuoka on July 18.
We plan to start franchising the brand.

Overview of FY2024 Q3
In July, we opened Shizuoka Magarikane 5-chome Store, the second
store in Shizuoka. This store introduced a beverage station because
customer satisfaction was improved by the beverage station installed at
Shonandai store for the first time. In addition, we aired a commercial on
TV in Shizuoka for the new store opening, which was the first TV
commercial for this brand.
Sales for June was quite strong due to the brand featured on
Hirunandesu!, a daytime TV program, on June 17. Sales for Julyremained strong thanks to the effect of the abovementioned TV
program. We are aiming to franchise this brand by developing services
that meet customer needs.

Restaurants Opened during FY2024
Shonandai

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

Shizuoka Magarikane
5-chome5-5-10 Magarikane, Suruga-ku, Shizuokashi, Shizuoka

Note: Menus may vary by restaurant and season.

Premium Karubi Shonandai Store
Note: Menus may vary by restaurant and season.
12◤◤ Restaurant & Delicatessen Business
Chisouna
Total Number of Shops: 126 (as of July 31, 2024)

Chisouna opened 15 shops and closed 3, resulting in a net increase of 12
shops during FY2024 Q3 cumulative, and opened 8 shops and closed 3 during
FY2024 Q3 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 CNet Sales<Millions of yen>

1,000

3,500

27.2%

25.5%

800

3,000

3,431

2,000

2,675
1,788

1,981

400

19.2%

233

1,000
FY21 Q3

20.0%
726

380

427

FY21 Q3

FY22 Q3

876

FY22 Q3

FY23 Q3

FY24 Q3

15.0%
10.0%

0

5.0%
FY20 Q3

FY20 Q3

19.3%

13.0%

200

2,220

30.0%
25.0%

600

2,500

1,500

Operating Profit<Millions of yen>

営業利益
Operating profit

FY23 Q3

FY24 Q3

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 July 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
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 Q3
actualFY2024
forecast

FY2026targetNet sales

377,283

498,000

543,000

Operatingprofit26,64031,00037,000ROIC

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 September 11, 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