Supplementary Material for

FY2022 Q3 Financial Results

September 12, 2022

◤◤ Contents⚫ Consolidated Financial Highlights (Cumulative)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 (Cumulative)<Millions of yen>

<Millions of yen>

Net Sales

320,000

Gross Profit

37,00034,000280,000

20.0%
15.0%

15.9%
16.0%

14.1%
12.1%

11.8%

31,000240,000

300,016

198,364

25,000220,351

FY19 Q3<Millions of yen>
20,000

9.0%

FY20 Q3

FY21 Q3

9.4%

10.0%
8.0%

20,652

4.2%

4.5%

17,813

0.0%
FY20 Q3

販売管理費
SG&A
expenses

FY19 Q3

FY21 Q3
売上高販管費率
SG&A ratio

FY22 Q3

FY20 Q3

FY21 Q3

FY22 Q3

売上高総利益率
GrossmarginOperating Profit

25,00010.0%

7.9%
20,000
5.9%

7.3%

7.2%

6.6%

15,0002.0%

0FY19 Q3

0.0%
売上総利益
Gross
profit6.0%

13,636

8.0%
4.0%

8.0%

6.0%

4.0%
11,181

5,000

FY18 Q3

29,722<Millions of yen>

6.9%

17,93932,410FY18 Q3

FY22 Q3

SG&A Expenses

15,00010,00035,48422,000160,000
FY18 Q3

36,49335,14528,000267,374

259,362200,000

12.0%

18,67910,00011,783

21,22821,8474.0%

14,4935,000

2.0%
FY18 Q3

FY19 Q3

FY20 Q3

営業利益 profit
OperatingNote: Fiscal year (FY) represents the one-year period from November 1 to October 31 of the following year.

FY21 Q3

FY22 Q3

売上高営業利益率
Operatingmargin2◤◤ Consolidated Financial Highlights (Cumulative)<Millions of yen>

<Millions of yen>

Ordinary Profit

25,00010.0%
8.3%

20,00015,000

7.9%

7.1%

6.6%
5.8%

22,20523,63818,485

10,00011,591

14,6065,000

12,000

6.0%

8,000

4.0%

4,000

2.0%
FY18 Q3

FY19 Q3

FY20 Q3

経常利益profit
Ordinary

FY21 Q3

FY22 Q3

売上高経常利益率
Ordinary
marginOwners of Parent 5.6%

16,000

8.0%

Profit Attributable to

4.0%

4.2%

5.3%

6.0%

4.5%
4.0%
14,883

7,941

9,292

15,932

11,656

2.0%

0

0.0%
FY18 Q3

FY19 Q3

FY20 Q3

親会社株主に帰属する当期純利益
Profitattributable to owners of parent

FY21 Q3

FY22 Q3

売上高当期純利益率
Net margin[Financial Overview]⚫ Net sales
Net sales increased by ¥32,642 million (12.2%) year on year with successful pricing strategy in addition to the continued coverage on television,magazines, newspapers, and social media.
⚫ Gross profit
Gross profit increased by ¥3,073 million (12.6%) year on year despite a drop in the gross margin due to the rise in costs caused primarily by soaring
prices of raw materials and the weakening of yen. To mitigate the impact of such high costs, we reduced production costs partly by adjusting theformulation of raw materials and increased the hedge ratio by entering into new forward exchange contracts.
⚫ SG&A expenses
SG&A expenses increased by ¥2,455 million (22.0%) year on year due to increases in freight costs for the Gyomu Super Business, and personnel
expenses and rent expenses for the opening of our directly operated BBQ restaurants.
⚫ Operating profit
Despite a drop in the operating margin due to increases in cost of sales and SG&A expenses, operating profit increased by ¥618 million (2.9%) year
on year thanks to the net sales growth.
⚫ Ordinary profit
We entered into new forward exchange contracts to mitigate the impact of the rise in costs caused by the weakening of yen. As a result of thefurther weakening of yen, ordinary profit increased by ¥1,432 million (6.5%) year on year by the recording of a one-time gain on valuation offoreign exchange contracts.
⚫ Profit attributable to owners of parent
As there were no significant change in extraordinary losses (income), profit attributable to owners of parent increased by ¥1,049 million (7.1%) 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 979 storesas of July 31, 2022.
◼ We revised prices in phases to address cost rises caused
primarily by the soaring prices of raw materials.

◼ The increased exposure to television, magazines, newspapers,
and social media contributed to the net sales growth.
Gyomu Super Tengachaya Ekimae Store<Millions of yen>

Net Sales<Millions of yen>

Operating Profit(cumulative)(cumulative)

300,000

25,00020,000250,000

12.0%

7.3%

8.5%

8.2%

15,000200,000

239,825
150,000

175,315

262,749

292,602

20,316
10,00012,75623,925

8.4%

24,432

15,810

9.0%

6.0%

3.0%

193,895
5,000

0.0%
FY18 Q3

100,000
FY18 Q3

9.1%

FY19 Q3

FY20 Q3

FY21 Q3

FY22 Q3

FY19 Q3

FY20 Q3

営業利益 profit
Operating

FY21 Q3

FY22 Q3

営業利益率
OperatingmarginNote: Due to a change in the reportable segment structure in FY2021, the figures for FY2020 are reclassified retrospectively to reflect the change.
4
Accordingly, the figures for these two years are not consistent with those for FY2019 or before.

◤◤ Outline of Gyomu Super Franchise Agreement
We operate Gyomu Super stores under a franchise system except 3 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). Also, we own 3 stores in Hyogo and Osaka prefectures under direct operations.
関西直轄
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

関東直轄
191店舗

Outline of Franchise Contract & Requirements

Simulated Earnings(as of July 31, 2022)(Standard Store Franchisees)

Directly managed areas

Indirectly managed areas

Number of franchisees

8715Type 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 ¥20 million and ¥29 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

地方エリア
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¥32,000,000

100.0％

Gross profit¥5,120,000

16.0％

SG&A expenses¥4,480,000

14.0％(Rent expenses)¥1,300,000

4.1％(Personnel expenses)¥1,440,000

4.5％¥640,000

2.0％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
Gyomu Super opened 48 stores and closed 19,
resulting in a net increase of 29 stores during FY2022
Q3 cumulative, and opened 14 stores and closed 4
during FY2022 Q3 alone.
The progress rate of full-year target (a net increase of
60 stores per year) was 48% as of July 31, 2022.
We expect to achieve the target because the store
openings tend to be concentrated in October.
(Stores)Number of Stores by Area
千葉県
33店舗

933 stores as ofJuly 31, 2021

Hokkaido 17
Kyushu 46

Kansai
253

東京都
64店舗

Total Number of Gyomu Super Stores

地方エリア
315店舗
（＋2）

(cumulative)

Other

Chiba

神奈川県

関東直轄
191店舗

Saitama

Kanto

58

Kanagawa

255

72
Tokyo
82

362

1,050

43 55店舗

1,010
1,000

979
979 stores as ofJuly 31, 2022 (+46)

950

933

Hokkaido 21 (+4)
Kyushu 67 (+21)

900

Kansai
866

Chiba

258
(+5)

850

Saitama
Kanto

800

Other
FY20202020年
Q3
7月

FY20212021年
Q3
7月

FY20222022年
Q3
7月

FY2022
2022年
Target
10月目標

368
(+6)

265
(+10)

63
(+5)

47
(+4)
Kanagawa

（＋5）

Tokyo
81
(-1)

74
(+2)

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 remained better than our plan partly because of continuous
exposure on television, magazines, newspapers, and social media.
[Existing Stores in Directly Managed Areas]
Monthly Trends for Product Shipments<YoY Change (%)>
135

128.6

130

110.9

110

110.2

105
100

95

109.1

125

115.8

104.3

105.3

102.9

103.1

105.5

108.4 109.7 109.9 109.8
103.5 102.9 109.7

101.1

94.2

94.4

120
115

124.9

118.6

103.1 103.4

105

90

115.9

1月
Jan.

2月
Feb.

3月
Mar.

4月
Apr.

FY2020
2020年

5月
May

6月
June

FY2021
2021年

7月
July

8月
Aug.

9月 10月
Sept.
Oct.

113.2

115.1

110.0 110.3

110.5

111.2
108.6

Nationwide

Existing
110.2
StoresAll
116.6
storesAll
118.6
stores111.5 110.0

115.9

113.1

113.3

102.4
Nov. 12月
Dec. 1月
Jan. 2月
Feb. 3月
Mar. 4月
Apr. 5月
May 6月June 7月
July 8月
Aug. 9月
Sept. 10月
Oct.
11月
2020年
2021年
2022年
FY2020
FY2021
FY2022

FY2022
2022年

Products shipments
to existing stores in
directly managed areasfor each quarter alone

FY2022

Directly
managed
areas

110.8

114.5

98.9

[Year-on-year % Changes in Product Shipments to Gyomu Super Stores]

Nov.

110.3 113.6 114.3 111.1

101.7

95

11月
Nov. 12月
Dec.

122.6
119.9

115.3 112.5

100

91.5

131.1

120.1 119.8

110
104.5

103.6 102.4 103.1

135.8

130

113.3 113.6

110.4

136.6

135

119.6

120
115

140

131.0
124.1

125

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

Dec.

Jan.

Feb.

Mar.

Apr.

H1

May

June

July

102.4

103.1

101.1

105.3

102.9

104.1

103.1

105.5

103.4

108.8

109.3

107.5

111.9

108.6

110.4

108.5

111.7

108.8

110.3

111.2

108.6

113.2

110.5

112.0

110.3

113.6

110.0

Note: “Nationwide” represents the product shipments to the stores in both directly and indirectly managed areas.

Q1: 105.1%
Q2: 103.1%
Q3: 104.0%

7

◤◤ Kobe Bussan’s Strengths:“Unique Products with Competitive Advantages”
Enhancing Original Products

Samples of Private Label Products

Today, we have come to own 25 plants with the food production plants
in Miyagi and Okayama having started their operations in January and
April 2021, respectively. The number is one of the largest in Japan’s
supermarket industry. Our original products produced at these plants
are available only at Gyomu Super stores and enjoy strong customer
acceptance.

◼ Products produced by Kobe Bussan Group’s plants

Also, food products directly imported from approximately 45 countries
under the concept, “the flavors of the world, to Japan,” are popular with
consumers because they enjoy genuine taste of countries across theworld at reasonable prices at home.

Ratio of Private Label Products (cumulative)
35.0%

34.74%

34.75%

34.29%

32.0%

Ginger porksauce
¥199 (100 g x 3 pcs)

Milk pack dessert(Caramel pudding)¥321 (1 kg)

Taiwanese
castella¥192 (130 g)

Macarons(3 assorted flavors)¥300 (36 g)◼ Import products

34.0%

33.0%

White sesame
dressing¥451 (1 L)

32.75%

31.47%

33.01%

32.94%

31.38%

31.45%

33.12%

31.65%

31.0%

Tempe
30.0%

Q1
1Q
2020年10月期
FY2020Q2
Q3
2Q
3Q
2021年10月期
FY2021

Q4
4Q
2022年10月期
FY2022¥321 (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.
◼

The existing restaurants of Premium Karubi remained
strong.

◼

Kobe Cook World Buffet has strived to recover thenumber of restaurants and customers partly by menuchanges.

◼

Chisouna continued opening new shops.

As a result of the above, the segment performance is on atrend toward improvement.
<Millions of yen>

Premium Karubi<Millions of yen>

Net Sales(cumulative)
5,169

5,000
4,000

0

-100

(cumulative)
5.0%

-29

72

-102

-24

0.0%

-1.3%

-2.2%

-308
-2.0%

2,632

3,000

1,326

1,520

1,911

-200

1,000

-11.7%
FY18 Q3

0
FY19 Q3

FY20 Q3

FY21 Q3

FY22 Q3-5.0%-10.0%-300

FY18 Q3

Chisouna

Operating Profit
4.7%

100

6,000

2,000

Kobe Cook World Buffet

FY19 Q3

FY20 Q3

営業利益 profit
Operating

FY21 Q3-15.0%
FY22 Q3

営業利益率
OperatingmarginNote: Due to a change in the reportable segment structure in FY2021, the figures for FY2020 are reclassified retrospectively to reflect the change.
9
Accordingly, the figures for these two years are not consistent with those for FY2019 or before.

◤◤ Restaurant & Delicatessen Business
Kobe Cook World Buffet
Total Number of Restaurants: 9 (as of July 31, 2022)

Kobe Cook World Buffet opened 1 restaurant and closed 7, resulting in a net decreaseof 6 restaurants during FY2022 Q3 cumulative.
In September, it reopened 1 restaurant after renovation at Kagamigahara-shi, Gifu.

It worked on lowering the breakeven point partly by menu changes.

Initiatives to Reduce Food Waste
Harborland Restaurant (located in Chuo-ku, Kobe-shi, Hyogo), which we directly operate, is anexperimental restaurant to work on various initiatives to reduce food waste. Since November
2021, after the last order of lunch and dinner hours, the restaurant has offered 50% discount at
a section in the restaurant designated for selling “by weight” at ¥1.00 (¥1.08 including taxes)
per gram. Such initiatives enhance customer satisfaction of any age and are currently introduced
into 8 restaurants.

Overview of FY2022 Q3 alone & Business Strategy
In May, Kobe Cook World Buffet changed prices and menus at Harborland Restaurant ahead of
the rest of the restaurants to enrich menus of alcohol and dessert. As the new process andmenus have been well received by customers, they have been offered by the rest of therestaurants since July.
Partly thanks to these initiatives, the number of customers showed a moderate recovery trend in
July although the restaurants were somewhat impacted by the 7th wave of COVID-19.
We continue to offer services to satisfy customers with unparalleled menus and voluminous

Initiatives to reduce food waste

foods at affordable price.
10◤◤ Restaurant & Delicatessen BusinessPremium Karubi
Total Number of Restaurants: 15 (as of July 31, 2022)

Premium Karubi opened 2 restaurants during FY2022 Q3 alone,
resulting in a net increase of 5 restaurants during FY2022 Q3 cumulative.
It took some necessary measures including menu changes because of soaring purchase prices of meat.

It is actively posting information on Instagram (@premiumkarubi).

Differentiation from Other Competitors
What makes Premium Karubi different from other BBQ restaurants isthe best selected, perfectly aged meat and in-house made gelatos
and desserts. The restaurants are increasing the number ofcustomers, primarily women, by offering new menus for each season
so that repeat customers can enjoy our meals.
Also, our dessert buffet uses seasonal ingredients every season.
From September to November, we are offering dessert such as pears,
chestnuts, and grapes, which make customers feel the sign ofautumn and appreciate the menu.

Restaurants Opened during FY2022
Kohoku Hiyoshi

6-1-15 Hiyoshi, Kohoku-ku, Yokohama-shi, Kanagawa

Shikinomori

720 Kamishirane-cho, Asahi-ku, Yokohama-shi,
Kanagawa

Urawa

3-1-25 Tsuji, Minami-ku, Saitama-shi, Saitama

Funabashi Kaijin

6-7-11 Kaijin, Funabashi-shi, Chiba* Opened on May 24

Fuchinobe

4-7-11 Kyowa, Chuo-ku, Sagamihara-shi, Kanagawa* Opened on June 29

Note: Menus may vary by restaurant and season.

* We plan to open new restaurants onwards in phases.
11◤◤ Restaurant & Delicatessen Business
Chisouna
Total Number of Shops: 73 (as of July 31, 2022)

Chisouna opened 8 shops during FY2022 Q3 alone, resulting in a netincrease of 24 shops during FY2022 Q3 cumulative.
Franchisees are eager to establish a Chisouna section in newly opened
Gyomu Super stores.

Factors behind Strong Performance
Despite soaring prices of some raw materials, Chisouna maintains
a price advantage partly by working on menu changes andcooking operations efficiency. The voluminous fresh homemade
foods keep attracting customers.

Shops Opened during FY2022 Q3 alone
Imazu

8-10 Imazu Shazen-cho, Nishinomiya-shi, Hyogo

Kizaki4-7-1 Kizaki, Tsuruga-shi, Fukui

Yanagawa
Mitsuhashi

885-1 Yanagawa, Mitsuhashi-machi, Yanagawa-shi,
Fukuoka

Setogoe

2-18-8 Setogoe, Sasebo-shi, Nagasaki

Menuma494 Menuma, Kumagaya-shi, Saitama

Kokura Obatake

2-6-39 Obatake, Kokurakita-ku, Kitakyushu-shi,
FukuokaMinami Tsumori

3-4-5 Kitakagaya, Suminoe-ku, Osaka-shi, Osaka

HakataHanmichibashi

1-17-49 Hanmichibashi, Hakata-ku, Fukuoka-shi,
FukuokaNote: 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 solar power plant in Nishigo-mura,Nishishirakawa-gun, Fukushima, started
operations in June 2022.
◼ The existing power plants operated steadily,
contributing to year-on-year increases in sales
and profit.
◼ In spring 2024, we plan to start operating asolar power plant in Miyagi.

Kobe Bussan’s Solar Power Plant(Photo: Nishishirakawa Power Plant with the capacityof 18.9 MW, which started operations in June 2022)

Net Sales<Millions of yen>

2,220
1,808

1,788

(cumulative) 19.2%

500

2,500
2,000

Operating Profit<Millions of yen>(cumulative)

1,981

Kobe Bussan’s Woody Biomass Power Plant

19.3%

400

14.5%

16.0%

13.0%

300

12.0%

1,500

200

380
297

1,000

626

20.0%

16.4%

100

500

427

233

8.0%
4.0%

91
0

0.0%
FY18 Q3

0
FY18 Q3

FY19 Q3

FY20 Q3

FY21 Q3

FY22 Q3

FY19 Q3

FY20 Q3

営業利益 profit
Operating

FY21 Q3

FY22 Q3

営業利益率
Operatingmargin13

◤◤ Eco Renewable Energy Business
Plant Locations

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

18 locations

51.0 MW

1 location

6.2 MW

Biomass:[Solar Power]
5 in Hokkaido
5.9 MW(as of July 31, 2022)[Solar Power]
1 in Shiga
0.5 MW

NEW[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<Yen>

Kobe Bussan regards returning profits to shareholders as one of key

Dividend per Share25

management issues. Our basic policy is to secure funds necessary forour business growth and distribute profits to shareholders according20

to the operating results.

15

For FY2021, we had paid the annual dividends of ¥20.00 per share

17.8%

21.5%

5

For FY2022, we plan to pay the annual dividends of ¥21.00 per share.

0

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 2018, November 2019,

25%
20%

16.6%

15%

10

according to the initial forecast.

23.0%

22.1%

21.00

20.00
15.00
8.12
FY20182018年

FY20202020年

1株当たり配当金
Dividend
per share

and November 2020.

5%

10.00
FY20192019年

10%

FY2021
2021年

FY2022
2022年目標
Target0%

配当性向(連結)
Payoutratio

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. Subject to shareholders who hold 100 shares or more as of
October 31, 2021, we will send JCB Gift Card, which was changed from conventional incentives, Gyomu Super Gift Certificate.
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

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

Sample15

◤◤ Consolidated Financial Forecast
Progress towards FY2022 Forecast
Q3 actual(Millions of yen)

Full-year forecast

Year on year

Progress towards
full-year forecast

Net sales

300,016

380,000

12.2%

79.0%

Operating profit

21,84728,800

2.9%

75.9%

Profit attributable toowners of parent

15,93219,800

7.4%

80.5%

While considering risks of continuous cost rises such as unfavorable foreign exchange rates as well
as soaring prices of raw materials and ocean freights, we strive to achieve the above target throughadopting our sales strategy flexibly to business environment and making cost reduction efforts.

Gyomu Super Business Guideline towards FY2022 Forecast
FY2022 target

Target ofstore openings

Net increase of
60 stores

Product shipments
to existing stores

Higher thanFY2021 results

Action plan
Open stores focusing on the Kanto and Kyushu areas under
direct management.
Strengthen property data-gathering capability driven byheadquarters.
Prevent opportunity loss by increasing product supply
capacity.
Exceed FY2021 results, which were favorably impacted by the
COVID-19 infections.

16◤◤ Medium-term Management Plan
Medium-term Management Plan FY2022–FY2024
Basic policy

1. Grow our mainstay Gyomu Super Business by enhancing private label products.
2. Grow the delicatessen business in response to changes in Japan's social and economic
circumstances, represented by a lower birthrate and aging population, and the promotion of
women’s participation in the workplace.
3. Grow the restaurant business to meet the diversified food needs.

4. Promote social contribution activities and eco-friendly businesses through food.
5. Improve productivity by enhancing employee satisfaction as well as focusing on securing anddeveloping talented personnel.
6. Strive to increase the corporate value by strengthening initiatives for ESG issues and SDGs.

Consolidated Numerical Targets
FY2021 actual(Millions of yen)

FY2024 target

Net sales

362,064

410,000

Operatingprofit27,311

32,000ROE

29.2％

20% or higher foreach fiscal year of the plan17• This material contains forward-looking statements based onassumptions, estimates, and plans as of September 12, 2022.

• 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.jp
18