euglena Co., Ltd.
Q2 Financial Results Briefing for the Fiscal Year Ending September 2021
May 20, 2021

Event Summary[Company Name]

euglena Co., Ltd.

[Company ID]

2931-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q2 Financial Results Briefing for the Fiscal Year Ending September 2021

[Fiscal Period]

FY2020 Q2[Date]

May 20, 2021

[Number of Pages]

29[Time]

10:00 - 11:05(Total: 65 minutes, Presentation: 40 minutes, Q&A: 25 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers][Analyst Names]*

2
Mitsuru Izumo
Akihiko Nagata

Takonobu MurakamiCEO, President, and Representative Director
Executive Vice-President, Healthcare
Company HeadSMBC Nikko Securities*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A.

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Presentation
Izumo: Good morning, everyone. This is Izumo from euglena Co., Ltd. Thank you very much for joining us in
our financial results briefing for Q2.
At the beginning of this presentation, I would like to provide you with a one-page overview of the Executive
Summary for Q2. After that, we will move on to explain the details of each section.

First of all, I would like to talk about the Executive Summary, and there are 4 items to report today.
The first point is the conversion of Q'SAI into a consolidated subsidiary, and the second point is the revisionof the earnings forecast due to this consolidation. Our business domains are healthcare and advanced
technology investment (Biofuel), and I will explain the progress of each of these in detail later.
First of all, with respect to the conversion of Q'SAI into a consolidated subsidiary, we have completed the
procurement of funds through an overseas public offering. We raised JPY12.9 billion through an overseas
public offering and exercised the call option on May 14.
Accordingly, the following week, on May 17, our equity stake in the special purpose company increased fromapprox. 13% to 49%, making Q’SAI a consolidated subsidiary. As a result of this acquisition, the Group's net
sales for the full year will grow to the scale of JPY40 billion, as described.
We have announced upward revisions to our earnings forecasts for the fiscal year ending September 2021 inconjunction with the consolidation of Q’SAI, in this fiscal year only the 3 months, July, August and September,will be consolidated.

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Sales were originally announced to be JPY15.2 billion but were increased by JPY6.8 billion since there will be
an increase in sales due to the consolidation of Q’SAI. As a result the forecast for sales is JPY22 billion. Adjusted
EBITDA is expected to be improved by JPY0.4 billion from a deficit of JPY0.6 billion to a deficit of JPY0.2 billion.
Our sales progress in the healthcare domain in the first half of the year was 51% of the initial forecast of
JPY15.2 billion before the consolidation of Q’SAI, which is almost in line with the initial forecast.
In addition, the number of subscribers was 295,000, thanks to the contribution of LIGUNA. The number almost
reached 300,000 , recovering to its peak level. We would like to step it up.
As for the ratio of online direct sales, which directly leads to the improvement of profitability, we had beenworking on the target of acquiring 30% until September 2021, and we were able to achieve this goal in March,which was 6 months ahead of schedule. We are also becoming more proficient in how to acquire customers
online.
Finally, with regard to the biofuel business, We, euglena Co.,Ltd, completed the development of domestic
sustainable aviation fuel on March 15, and we are now working on the final adjustments to make it ready forflight in 2021.
That's it for the executive summary. Each of the 4 highlights will now be explained in detail.

Nagata: I would like to begin by explaining the conversion of Q’SAI to a consolidated subsidiary, as well as theoverall market share transition and the future direction of the Company.
We have confirmed that there are a reasonable number of people who have never attended this meeting
before, and so, I would like to begin by explaining how we have proceeded with the structure.
First of all, Q’SAI is currently 100% owned by Q-Partners, which is a special purpose company. Prior to theexercise of call option, euglena Co., Ltd., Advantage Partners Inc., and Tokyo Century Corporation held approx.
13%, approx. 67%, and approx. 20%, respectively. I will explain more lately, in order to acquire this approx.
13%, we used JPY3 billion.
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We had had a call option to increase our share to 49% within a year since this initial stage. In order to exercise
this, we conducted a public offering this time. As a result of the exercise of call option, Advantage Partners'
share became approx. 47% and Century Tokyo's share became approx. 4%, making us the largest shareholder.
In addition, as we have actual control over Q-Partners and the management of this special purpose company,
although we do not hold more than 50% of the Company, we made Q’SAI our consolidated subsidiary.
We will be able to exercise our call option on the remaining 51% in about 2 years from now. Including this, wewould like to deepen our commitment and involvement with Q’SAI.

I would like to explain the details of the overseas public offering and the exercise of the call option, which led
to the consolidation of Q'SAI.
Regarding the overseas public offering, the main purpose was to exercise the call option and make Q’SAI a
consolidated subsidiary.
In addition, by conducting this public offering overseas, we also aimed to increase the ratio of overseas
institutional investors in our shareholders, who until now was composed predominantly of individual
investors, and we decided to have the public offering only for overseas investors.
As a result, the total amount raised was JPY12.9 billion which was conducted by a fixed amount. Of that,
JPY8.94 billion was used for the exercise of call options and as I mentioned earlier in the previous page, we
initially spent JPY3 billion to acquire approx. 13% market share, JPY2.8 billion was used to repay loans related
to that. Therefore, about JPY11.7 billion was used for the acquisition of 49%.
The remaining funds will be used as working capital for the healthcare business, which will continue to growin the future. This amount has already paid in, and we exercised the call option using this paid-in funds.
It is important to note that the deemed acquisition date for the consolidated financial statements has been
set on June 30. Therefore, in terms of P&L, only the fourth quarter of our fiscal year, which is July, August and
September, will be included. In terms of B/S, it will be disclosed at the end of the third quarter.
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4Now, I would like to explain the background of the acquisition of Q’SAI's shares and the possibilities for the
future, which some of you have already heard of.
First, on the right, Q’SAI is a mail-order company with a 55-year history. While it has this long history, it is oneof the leading companies in Japan to have sales of over JPY20 billion on a continuous basis.
As you can see on the left side, for the first reason why we want to work together with such a company, we
have a portfolio of products that we can supply to various generations and categories of customers throughmergers and acquisitions.
For the younger generation, the C COFFEE brand is growing very fast, and we have the Akyrise brand for those
who are very conscious of the environment and sustainability. Of course, we also have a portfolio of productsthat utilize our main ingredient, euglena.
By adding Q’SAI’s products for seniors with functional labeling and products for people aged over 60, theoverall product portfolio will expand to more and more people in Japan. By doing so, we will create a situation
where it is easy to allocate upfront investment funds such as advertising expenses to the brands that are
performing best at that time.
As for the greatest value from the standpoint of euglena Co., Ltd. alone, Q’SAI has a long history of building
value chains that are far more robust than ours, including logistics, call centers, and systems.
We have been increasing our sales rapidly over the past 10 years, and so, we have been strengthening thesebasic structure as we needed. Now that we are working together with Q’SAI, we will be able to greatly
strengthen this area. We believe that this will become the foundation for stable growth.
We hope to use these synergies to achieve even stronger growth.
On the other hand, as for the synergies from euglena to Q’SAI, the biggest part is that we are now digitizing
at an accelerated pace and increasing the digital ratio, but Q’SAI has not yet made progress in this area. We

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5believe that providing Q’SAI with this kind of digital transformation experience and know-how from euglena
will lead to value for Q’SAI.
Thus, while achieving the value to us, the value to Q’SAI, and the value of our mutual existence, we would
like to establish a more powerful healthcare business by complementing each other.

On top of that, if you look at Q’SAI as a standalone company, sales have been in a steady decline since around2017.
In December 2020, the sales was a little stagnant, and from this fiscal year onward, sales have turned around.
Euglena Co., Ltd., Advantage Partners, and Century Tokyo, as shareholders, will invest more proactively andimprove management for renewed growth.
During this period of declining sales, Coca-Cola Bottlers was a shareholder. The company's management stylefocused on profitability rather than investment in re-growth, but with us, the company will thoroughly aim
for re-growth.
In addition, in terms of business development related to well-aging support, we will transform it into thenumber one company in Japan that provides services and products for pre-seniors, who experience problems
and concerns as they age, rather than a simple health food company.
Through this, our main scenario is to achieve re-growth to sales of JPY30 billion or more and EBITDA of JPY5
to JPY6 billion or more by the fiscal year ending December 31, 2025.
I have already explained about synergies earlier, so I will skip this part. Basically, we would like to createsynergies for the renewed growth by sharing channels, brands, and systems.

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6This is the transition of the entire euglena Group with the consolidation of Q’SAI.
We have been growing rapidly since our listing in 2012. Sales have since peaked out once in 2018. Over the
past 3 years, we have been working to thoroughly improve euglena Co., Ltd. and euglena Group business.
The first message I would like to give is that we are now at a stage where we can expect to exceed the JPY15.2
billion forecast with the euglena Group alone, excluding Q’SAI. On top of that, with the consolidation of Q’SAI
for 3 months, we have revised our earnings forecast to JPY22 billion.
In the next fiscal year and onward, Q’SAI will make a full-year contribution, and we will be transformed into a
company with a healthcare business of at least JPY40 billion.
This scale of JPY40 billion is a certain size in the mail-order businesses and B2C healthcare businesses acrossJapan, and we would like to continue our growth while maintaining such a presence.
These were about the consolidation and re-growth of Q’SAI, and the financing associated with the exercise of
the call option.

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I now would like to explain the financial results for the first half.
In the first half of the fiscal year, sales reached JPY7.73 billion. Since the initial forecast was JPY15.2 billion,
we have made 51% progress and are making good progress.
Sales declined in the first and second quarters, which may seem to be a concern. However, in Q2, we exercised
the call option for Q’SAI and went through the M&A process, and so, we basically tried to avoid spending too
much cash.
Therefore, while operating income was reduced, adjusted EBITDA was improved in the first and second
quarters, and we took safety rather than growth in Q2.
Given these, we still achieved 51% of the total, and we believe that we are making satisfactory progress.

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In terms of sales by quarter, we believe that we are on a full recovery track after bottoming out in Q2 of the
fiscal year ended September 2020.
We think we can explain to you with an addition of Q’SAI in Q4 onward that we are well into the re-growth ofoverall sales.
As for Q2, our main objective was to control cash in preparation for the consolidation of Q’SAI, and so, we
spent the least on advertising and publicity expenses among the last 3 quarters. As a result, we achieved thesales target for the first half as a whole and also achieved positive EBITDA or ordinary income.
On the other hand, if we reduce our advertising expenses, the overall number of regular purchasers will
generally be negatively affected, but we also carried out an important strategic M&A in Q2, the M&A of
LIGUNA. As a result of this consolidation, the number of regular purchasers recovered to a record high of
295,000.
The number of regular purchasers, excluding LIGUNA, has not shown any sharp decline, and the situation has
basically remained almost the same for euglena alone.

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We have received some questions in advance about our main KPI, the number of regular purchasers for direct
sales.
As I mentioned in the P&L last year that it bottomed out in Q2 of 2020, the overall number of regularpurchasers is also showing the same trend.
In Q2, we recovered to 295,000 people, almost the same level as in the fourth quarter of the fiscal year ended
September 2020.
As Izumo explained earlier, the online ratio of mail-order sales, which is the main battleground for
digitalization and DX, exceeded 30% at the end of Q2, and we believe that this trend will continue in the future.

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10Under these circumstances, I would like to share with you the image of what we will be able to achieve whenlooking at this fiscal year as a whole.
Now, let's look at the sales figures for the last fiscal year.
In terms of last year's sales figures, they were JPY3.2 billion in Q1, JPY2.8 billion in Q2, JPY3.4 billion in Q3,
and JPY3.7 billion in Q4. For the decline from Q1 to Q2, we had the same transition in this year.
Last year, profits were negative JPY34 million in Q1, positive JPY240 million in Q2, and larger negative figuresin Q3 and Q4. We expect this trend to continue this fiscal year as a whole.
In particular, the tendency for deficits to increase in the first and third quarters is that advertising is more
likely to be placed in the first and third quarters, considering the replacement of shelves with products for
distribution. In addition, from the perspective of the regular mail order business model, we tend to spend
more on advertising in the first quarter and the third quarter, which means that costs are more likely to be
incurred in the first and third quarters.
On the other hand, as for the tendency for the fourth quarter to be more negative than Q2, the biggest factor
is the regular repair of our biojet fuel demonstration plant, which costs hundreds of millions of yen. This has
occurred in the past and will continue to occur every year.
Therefore, overall, Q2 tends to be more profitable and the third and fourth tend to be less profitable. If you
only look at the results for the first half of the fiscal year, the numbers seem to be better in the future, but
this is the reason why we have not disclosed a forecast that shows a large positive turnaround for the full year.

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As I explained a little earlier, our initial sales target was JPY15.2 billion. In contrast, the euglena Group on astand-alone basis also saw an upturn.
In addition to this, the consolidated contribution of Q’SAI will be added for 3 months, resulting in a total
revised forecast of JPY22 billion.
As for adjusted EBITDA, the initial figure was negative JPY630 million. In addition, it was decided that thesubsidy for biofuel production would be postponed until the next fiscal year, instead of during the current
fiscal year, so this part is negative.
And now, with Q’SAI's consolidation, there will be a certain amount of consolidation support cost.
On the other hand, Q’SAI itself has a positive EBITDA, and so, it will be recovered for that amount. As a result,
it would be negative JPY0.2 billion.
The movement of adjusted EBITDA for one year, which I explained earlier on this page 15, is the movementof EBITDA excluding Q'SAI. On top of the consolidation of Q’SAI and other companies, adjusted EBITDA would
be negative JPY0.2 billion.

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Let's take a look at each of the 2 key areas.
As for health care, we have already explained all the quantitative aspects in the earnings forecast, and so, I
would like to focus on the qualitative aspects.
To date, we have been proactively implementing improvements to the issues identified for the fiscal year
ended September 2020. Of these, increasing awareness of materials and products means euglena's materials
and the euglena brand.
We currently have 5 major brands out of JPY15 billion in sales. These 5 are brands with sales of around JPY2
billion.
Of these, there are 2 brands related to euglena, and we have stated that we will expand the recognition ofmaterials and products related to euglena.
In addition, the accumulation of the Company's brand value and transition to multi-channel are mentioned.
This multi-channel approach is not limited to the euglena brand but also includes the brands of Group
companies. We have been promoting the multi-channel approach such as digital sales, mail order sales, andsales at brick-and-mortar stores.

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In fact, many of the companies in the healthcare business, which we consider are markers of success, areshifting from offline to online, as well as promoting sales in stores and malls.
Overall, we are following this trend, and we believe that expanding the ratio of in-store sales, the ratio ofdigital sales, and the ratio of mall sales will ultimately improve overall profitability by making it possible forcustomers to buy our products anywhere and at any time. We are working on it continuously.

Finally, with regard to the scope of future growth, our overseas business has so far been focused on China.

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14Because euglena is a proprietary material, each country requires its own approval to export and sell it. Thisfiscal year, we completed GRAS certification in the US, and so, we will be expanding our business overseas.
I think the key to the discontinuous growth of healthcare will be how and when we can deliver this.
This is all for my presentation of the overall sense of figures, the contents of budget revision, and thequalitative aspects of health care.

Next, Izumo will explain the advanced technology investment domain centered on biofuels.
Izumo: Now, let me start to explain the recent trends in the biofuel market.
First, I would like to talk about global trends.
Particularly for aviation fuel, CORSIA by ICAO, the International Civil Aviation Organization, stipulates theupper limit of CO2 emission to be the amount of CO2 emitted in 2019 and in the long term, to curb the amountin the aviation industry and the aviation sector.
In the EU, the Renewable Energy Directive II, RED, which is what is called EU directive, will be strengthened.
With the implementation of the Renewable Fuel Standard, RFS, the new Biden administration in the US andso on, the global trend toward decarbonization remains unchanged and is expected to continue to grow.
The biojet fuel global market is about JPY1 billion and will grow into JPY1.2 trillion in just a few years.
The number of users and customers in the existing energy sector will not increase 1,000-fold, but in thecontext of green revolution, such a huge change in the market can occur. In the energy market, the greeningof aviation is considered to be the most rapidly developing area and we believe so, too.
In addition, biodiesel is expected to grow 2.5 times to about JPY3 trillion in just a few years. This trend is
expected to accelerate in the future.

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As I mentioned on major developments overseas, Japan has also significantly raised the CO2 Emission target
from the COP21 standard that is to reduce CO2 emissions by 26% by 2030 compared to the level of 2013, to
46% as mentioned in the Prime Minister's speech.
In addition, as a breakthrough in Japan, Japanese government have created a JPY2 trillion Green Innovation
Fund, and they are now gathering wisdom from all over Japan and the world, and green innovation andgreening are becoming the number one priority in their growth strategy.

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We are experiencing a tailwind from this huge global megatrend and also the trend in Japan. In the supply
chain of our biofuel business, as for the supply of biofuels, the next generation biodiesel fuel was completed
in March 2020.
Finally, this year, in March 2021, the biojet fuel manufactured by euglena will be completed, and we are now
working hard to achieve flights by the end of 2021.

This biojet fuel, completed to be manufactured in March 2021, has been certified to ASTM D7566 Annex 6
and is approved for use in aircraft. We are now in the process of discussing with the related parties about thelogistics and other aspects of how to proceed with the supply.

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The next generation biodiesel fuel, which was completed to be developed in March 2020, has the words next
generation attached to it.
Unlike so-called B5 biodiesel, which is allowed to be blended only up to 5% under the existing compulsory
standard, the next generation biodiesel fuel is recognized as equivalent to light oil under the Act on the Quality
Control of Gasoline and Other Fuels and JIS standards.
Therefore, in April this year, LIFE HAKUDO Inc. in Katsushika started selling the fuel blended with our next
generation biodiesel to the general public at their gas station without remodeling the existing gas station atall.
We had a lot of media visitors, and the customers that filled their gas tanks on the day were surprised at first
but we think this event made them realize that they are actually contributing to CO2 reduction.
More importantly, many people were pleased to see that they can easily participate in the Green Revolution
without having to buy a new car, and I was reminded of the importance of this drop-in service in which there
is no infrastructure conversion required.

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We will definitely achieve the flight with aviation biofuels by the end of 2021. It is with this strong desire that
we are currently working on this project and our next step is the commercialization of the biofuel plant.
We will use the economies of scale to reduce the price, which is very expensive at the moment as the scale issmall. We will realize that its cost will be so low that people will be able to use it easily and as a matter ofcourse.
In order to achieve this goal, we are currently in the process of selecting a candidate site for construction ofthis commercial plant, and we are having discussions with various domestic and international partners.
As for the specific location, we expect to make an announcement by the end of 2021, but we are working to
make an announcement on the selection status as soon as we have a decision. So, please look forward for it.
That is all for the progress of the biofuel business.
This is all from me.

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