’s here too!

Results Briefing Summary◆ Summary of 1H FY3/23 Consolidated Results

Sales beat forecast, but profits fall shortConsolidated(\ million)

1H FY3/22
ActualNet salesYoY

1H FY3/23

Composition
ratio

ActualComposition
ratio

ChangeVs. forecast

Pct. Change

Forecast

ChangePct. Change

49,046100.0%

52,404100.0%

3,357

6.8%

51,600804

1.6%

26,171

53.4%

26,223

50.0%

51

0.2%

28,100- 1,876-6.7%

20,76042.3%

23,414

44.7%

2,654

12.8%

21,200

2,214

10.4%

Others

2,115

4.3%

2,766

5.3%

651

30.8%

2,300

466

20.3%

Gross profit

14,56829.7%

14,231

27.2%

- 337

-2.3%

14,900

- 668

-4.5%

SG&A expenses

10,615

21.6%

10,392

19.8%

- 223

-2.1%

10,950

- 557

-5.1%

Operating income

3,953

8.1%

3,839

7.3%

- 113

-2.9%

3,950

- 110

-2.8%

Ordinary income

4,155

8.5%

3,954

7.5%

- 200

-4.8%

4,000

- 45

-1.1%

Net income

2,791

5.7%

2,641

5.0%

- 150

-5.4%

2,700

- 58

-2.2%

Product Development
Model Business
Wholesale
Model Business

Earnings in 1H FY3/23 were hit by soaring raw material prices and the weak yen, but net sales increased
6.8% year on year, supported by sales growth in the Wholesale Model Business and higher selling prices
after price negotiations with customers. However, gross profit declined year on year due to the impact ofsurging crude oil prices. Efforts to curb SG&A expenses, particularly logistics costs, were insufficient tooffset the drop in gross profit, resulting in declines for operating income and ordinary income.

◆ Summary of 1H FY3/23 Consolidated Results by Business SegmentDoshisha’s operations are largely divided into two business segments: the Product Development ModelBusiness and the Wholesale Model Business. The Product Development Model Business plans,manufactures and sells original Doshisha products. The Wholesale Model Business is a comprehensive
sales proposal business, mainly focused on selling and planning sales promotions for leading domestic
and overseas brands and for products sourced from major manufacturers in Japan. The product range in
the Wholesale Model Business includes famous brand watches, bags and other items, and traditional
mid-year and year-end assorted gift packs prepared by Doshisha using merchandise sourced from leading
domestic manufacturers.

Product Development Model: firm,
Wholesale Model Business: higher sales
Product Development
Model Business

Wholesale
Model BusinessFamousbrands

NB
processing

Others6* Figures
0 .0
in ( ) are composition ratio
Figures in [ ] are year on year change

50.1

4 0 .049.0[-2.3%]

8.0

6.3

7.2

(12.6%)

2.1(43.4%)(50.0%)[+0.2%](53.4%)[+0.0%](52.1%)

15.4(30.8%)[+6.8%]

26.2

26.1

26.1

2 0 .052.4(15.4%)[+12.1%](14.7%)[+13.8%]23.4

20.7(42.3%)[-4.7%]

13.5(27.6%)[-12.3%](44.7%)[+12.8%]15.3(29.2%)[+13.2%]0 .0(¥ billion)

1H FY3/21

1H FY3/22

1H FY3/23< Product Development Model Business – Highlights >・ Food products (confectionery)> Products made with fruit and vegetable ingredients, such as semi-dried fruit and baked and dried
sweet potatoes, are selling well.
> Marshmallows and homemade popcorn enjoyed at BBQs and other outdoor settings are seeing
strong demand.
・ Home appliances> Designed for watching streaming services, the ORION Android Smart TV – Tunerless models areregistering strong sales.
*Product homepage URL
https://doshisha-orion.com/tless-smarttv/ (Japanese only)・ Homewares> Sales and profits declined due to soaring raw material prices, centered on products for single-priceretailers.
< Wholesale Model Business – Highlights >・ Famous brands> Sales were strong for business brands and travel bags, supported by a recovery in domestic travel
demand.

・ Beauty> Sales of UV spray and beauty lotions increased in Japan and overseas.
・ Gifts (NB processing)> Sales rose for mid-year gift sets and for T.D. Early, an original Doshisha confectionary brand,
supported by increased media exposure.

◆ Consolidated Forecasts for FY3/23

No changes to forecasts (released on May 9, 2022)
Consolidated(\ million)

FY3/22

FY3/23

YoY

1H

2H

Full year

1H

2H

Full year

ChangePct. Change

Net sales

49,046

51,980101,027

52,40455,595108,000

6,972

6.9%

Product Development
Model Business

26,171

27,22653,39826,22332,876

59,100

5,701

10.7%

Wholesale
Model Business

20,76022,29543,05523,414

20,58544,000944

2.2%

Others

2,115

2,457

4,572

2,766

2,133

4,900

327

7.2%

Gross profit

14,56813,44628,014

14,231

16,16830,400

2,385

8.5%

SG&A expenses

10,615

10,28920,905

10,392

11,707

22,100

1,194

5.7%

Operating income

3,953

3,156

7,109

3,839

4,460

8,300

1,190

16.7%

Ordinary income

4,155

3,442

7,598

3,954

4,445

8,400

801

10.6%

Net income

2,791

2,340

5,132

2,641

2,958

5,600

467

9.1%

Our full-year outlook for higher sales and profits in FY3/23 is unchanged. We continue to forecast net salesof ¥108 billion, up 6.9% year on year, and ordinary income of ¥8.4 billion yen, up 10.6% year on year.

◆ Medium-term business plan (FY3/23-25) progress update
On May 9, 2022, we released a new medium-term business plan covering the period from FY3/23 toFY3/25.
*Please click on the link below for more details.
https://www.doshisha.co.jp/dcs/wp-content/uploads/2022/07/22-05-20-2.pdf

Growth Strategy< Growth Channels: Strengthening EC >To address diverse needs in e-commerce (EC) channels, we are expanding and improving our proprietary
direct sales websites, based on the “Anytime, Anywhere” concept. Examples include the DOSHISHAMarche Official Online Store*1, which carries Doshisha products across a wide range of categories, fromfood and clothing to home appliances and kitchen homewares, and Luminous Club*2, a website focused on
selling our Luminous range of steel storage racks, the leading brand in the category.

We are also using direct sales sites to deepen relationships with users. For example, our EVERCOOK
frying pan brand has an ambassador program*3 for users called "evercookers," who we work with toenhance brand value. We are also using the official website for the STANLEY*4 outdoor brand to deepen
relationships with users by holding pre-sale events for popular products and by sharing our brand values
through product reviews with celebrities.
*1 https://www.doshisha-marche.jp/*2 https://www.luminous-club.com/*3 https://www.evercook-kitchen.com/evercook_ambassador.html*4 https://jp.stanley1913.com/(Japanese websites only)< Growth Channels: Strengthening Overseas Sales >We are implementing various initiatives to increase sales of our fans overseas. Our Kamome fan, jointly
developed with marine propeller manufacturer Nakashima Propeller Co., Ltd., generates a soft but
far-reaching direct breeze. In South Korea, sales of Kamome fan have been rising thanks to this air-flow
characteristic, supported also by local marketing activities and positive feedback about the design.
Our folding fans, which can be folded up and stored in tight spaces, are also registering sales growth dueto their compact size and portability. As a result, sales in our fan range were 1.8 times the year-earlier level,with sales in South Korea particularly strong, up 2.0 times.
In other products, sales increased for Ajuste, a UV spray that can be used for the entire body, including theface and hair. Ajuste has now registered cumulative sales of more than 5 million units. We moved early tolaunch the product in China, where there were no spray-type UV care products at the time. Sales of Ajustein China grew further in the first half of the fiscal year through our local distributors, supported bysuccessful marketing campaigns using promotional videos on social media and other channels featuring
China-born Japanese celebrity Rui Kumae. As a result, sales increased to 1.6 times the year-earlier level,led by the Chinese market.
Through these initiatives, we enhanced Doshisha’s presence in the Asia region during the first half of thefiscal year by leveraging our strengths and business know-how to develop products tailored to the market
characteristics of each country and region.

ESG Strategy< Sustainability Initiatives >In July 2022, we added a sustainability section to our website. In addition to our ESG initiatives, the section
provides information about Doshisha’s Sustainability Policy, Sustainability Promotion Framework, Five
Materialities, and Information Disclosure in Line with TCFD Recommendations.
*Please click the link below to view the sustainability section.
https://www.doshisha.co.jp/lp/sustainability/ (Japanese only)< Initiatives to Reduce Food Losses >Three Positives Spirit Plan: For Suppliers,
Customers and Consumers

Sales and profit growth driven by food-loss
reduction initiatives
1H FY3/22
前中間期

I want to increase sales...
Surplus products, irregularspecs, old packaging

Supplying keenly priced
products and developing
promotion campaigns

UpBridging the gap
in food loss
reduction

Suppliers(Producers)

1H FY3/23
当中間期

1.9x
YoY

Partnerretailers

Up2.5xYoY

Portion of sales donated to Musubie – creating nationwide
network of canteen support centers for children

売上高Netsales

総利益高
Gross
profitDoshisha is implementing initiatives to reduce food losses. We purchase surplus food products nearing
their expiration dates or products with irregular specifications from suppliers and sell them throughfood-loss reduction promotions at partner retailers. The initiatives aim to realize the “sanpo-yoshi” principle –good for suppliers, by reducing losses, good for retailers, by contributing to local communities andincreasing sales, and good for consumers, by giving them access to keenly priced products. As a result,sales of these food products increased 1.9 times and gross profit rose 2.5 times compared with levels inthe same period last year.
We donate a portion of sales from this initiative to Musubie, a foundation working to set up a nationwide
network of canteen support centers for children.

Balance Sheet Strategy< Returning profits to shareholders >In line with our policy of paying a consistent and stable dividend, we plan to pay a full-year FY3/23
dividend of ¥60 per share, including the interim dividend of ¥30, unchanged from the previous fiscal year.
Along with this objective of paying a consistent and stable dividend, we are working to increase
shareholder value over the medium and long term by implementing the growth strategy, balance sheet
strategy and ESG strategy in our medium-term business plan in order to secure support for ourmanagement philosophy and business model and satisfy the growth expectations of our investors.
(November 2022)