Supplementary Material for

FY2022 Financial Results

December 15, 2022

◤◤ 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

50,000400,000

20.00%
14.9%

40,000320,000
280,000

362,064

340,870

35,000

11.9%

11.5%

15.00%
10.00%

45,19839,773

43,123

46,596
5.00%

299,616
267,175

30,0000.00%
FY2018200,000

FY2018<Millions of yen>
9.0%

FY2019FY2020

FY2021

FY2022

9.3%

6.3%

20,00015,00024,051

27,891
21,347

15,812

5,000

4.6%

FY2019FY2020

販売管理費
SG&A expenses

30,000

FY2021

FY2022

売上高販管費率
SG&A ratio

FY20208.0%

26,0006.0%

22,0004.0%

18,0002.0%

14,0000.0%

10,000

FY2021

FY2022

売上高総利益率
Gross margin

Operating Profit
10.0%
7.0%

6.4%

7.5%

6.8%

8.0%
6.0%

23,851

18,7760
FY2018

10.0%

5.9%
4.4%

FY2019
売上総利益
Gross profit<Millions of yen>

SG&A Expenses

25,00010,00013.3%

47,130406,81330,00015.7%

45,000360,000

240,000

Gross Profit

15,722

27,311

27,82019,239

4.0%
2.0%

0.0%
FY2018FY2019FY2020

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

FY2021

FY2022

売上高営業利益率
Operating margin2◤◤ Consolidated Financial Highlights<Millions of yen>

<Millions of yen>

Ordinary Profit

35,00010.0%
8.0%

30,00025,0005.9%

8.0%

10,0005,000

15,831

19,434

23,64629,08732,12515,0000.0%
FY2019FY2020Ordinary profit
経常利益

FY2021

FY2022

Ordinary margin
売上高経常利益率

3.9%

4.0%

10,3636.0%
4.0%

19,592
10,000

5.1%

4.4%

4.0%
2.0%

0
FY20188.0%

5.4%

20,000

6.0%

20,00015,000Owners of Parent

25,000

7.9%

6.9%

6.5%

Profit Attributable to12,056

20,8322.0%

15,0475,000

0.0%
FY2018FY2019FY2020

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

FY2021

FY2022

売上高当期純利益率
Net margin[Financial Overview]⚫ Net sales
Net sales increased by ¥44,748 million (12.4%) year on year with a significant increase in the number of stores and continued strong productshipments to existing stores.
⚫ Gross profit
Gross profit increased by ¥3,472 million (8.1%) 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 ¥2,963 million (18.7%) 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 ¥508 million (1.9%) 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 ¥3,037 million (10.4%) year on year by the recording of a gain on valuation of foreignexchange contracts.
⚫ Profit attributable to owners of parent
Profit attributable to owners of parent increased by ¥1,240 million (6.3%) year on year reaching over ¥20,000 million for the first time since ourfoundation thanks to a continued strong sales and a successfully implemented strategy to deal with exchange rate fluctuations despite therecording of an impairment loss.

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 1,007
stores as of October 31, 2022.
◼ We revised prices in phases to address cost rises caused
primarily by the soaring prices of raw materials.
◼ Our strong business performance led to a revision of our
profit/loss simulation per store.
Gyomu Super Hakodate Taya Store (Our 1000th store)<Millions of yen>

<Millions of yen>

Net Sales

400,000

Operating Profit

35,00030,000360,000

25,000

8.0%

8.3%

10.0%

8.7%
8.0%

7.3%

8.0%
7.0%

20,000320,000
396,296
280,000
320,110240,000
236,624

264,171

17,185FY2019FY2020

FY2021

FY2022

21,03826,44931,03531,612

6.0%
5.0%
4.0%

5,000

3.0%

0

2.0%
FY2018200,000
FY201815,00010,000355,466

9.0%

FY2019FY2020Operating profit
営業利益

FY2021

FY2022

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
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 October 31, 2022)(Standard Store Franchisees)

Directly managed areas

Indirectly managed areas

Number of franchisees

8915Type 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

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¥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
Gyomu Super opened 79 stores and closed 22,
resulting in a net increase of 57 stores during FY2022,
and opened 31 stores and closed 3 during FY2022 Q4
alone.
Our franchisees remain keen to open new stores,
although we missed our store opening target partly
due to a delay in arrival of refrigeration equipment
caused by the semiconductor shortage.

Number of Stores by Area
950 stores as of
October 31, 2021

Kansai
255
東京都
64店舗
地方エリア
315店舗
（＋2）

(Stores)

千葉県
33店舗

Hokkaido 18
Kyushu 52

Chiba
関東直轄
191店舗

Kanto

神奈川県

Saitama

Kanagawa

58

257

72
Tokyo

Other

Total Number of Gyomu Super Stores

45
55店舗

82

368
1,047

1,050
1,007

1,000

1,007 stores as of
October 31, 2022 (+57)

900

Hokkaido 26 (+8)

950

950

Kyushu 74 (+22)
Chiba

Kansai

879

51

260
(+5)

850

Kanto
276

Other
800
FY20202020年

FY2021
2021年

FY2022
2022年

10月

10月

10月

FY2023
2023年
Target
10月目標

(+19)

Saitama
65
(+7)

(+6)

Kanagawa

（＋5）

Tokyo

371

84

(+3)

(+2)

76
(+4)

Directly managed areas: Hokkaido, Kanto, Kansai, and Kyushu（+９）
Indirectly managed areas: Other

6◤◤ Year-on-year Changes in Product Shipments to
Gyomu Super Stores◼ Product shipments to existing stores during FY2022 exceeded the planned amount even in the face ofthe slowing food retail industry in Japan due to the resumption of business as usual at restaurants
and the lifting of movement restrictions.
<YoY Change (%)> [Existing Stores in Directly Managed Areas]

Monthly Trends
for Product Shipments
131.0

135

119.6

105
100

109.7

108.4
110.2

110.4 109.1

104.3 105.3

102.9 103.1

105.5

103.5

109.9

104.9 109.7

103.6
102.4 103.1

95

101.1

131.1

94.4
91.5

122.6

125

115.8

113.6

110

136.6

130

120
110.9 113.3

135.8

135

124.1

125

[All Stores Nationwide]
Monthly Trends for Product Shipments

140

128.6

130

115

<YoY Change(%)>

94.2 103.1 103.4 102.9 101.7

109.8
105.1
104.5

120

115

118.6

115.9
110.0

113.6

112.5 113.2

110.3 111.2

110.3
108.6

12月
Dec.

1月
Jan.

2月
Feb.

3月
Mar.

4月
Apr.

2020年
FY2020

5月
May

6月
June

2021年
FY2021

7月
July

8月
Aug.

9月
10月
Sept.
Oct.

Dec.
12月

Jan.
1月

Feb.
2月

Apr.
4月

May
5月
2021年
FY2021

FY2022
Dec.

Jan.

Feb.

Mar.

Apr.

H1

May

June

July

Aug.

Sept.

June
6月

July
7月

Aug.
8月

Sept.
Oct.
9月
10月

2022年
FY2022

Products shipments
to existing stores in
directly managed areasfor each quarter alone[Year-on-year % Changes in Product Shipments to Gyomu Super Stores]

Nov.

112.3

101.7

2020年
FY20202022年
FY2022

113.1

112.7

111.5

98.9

Mar.
3月

114.5

114.3 111.1 115.9

102.4
Nov.
11月

119.9

108.3

95
11月
Nov.

110.8
110.0 113.3

110.5

115.1

100

90

124.9

115.3

110
105

120.1 119.8

Oct.

H2

Full

Existing
110.2 102.4 103.1 101.1 105.3 102.9 104.1 103.1 105.5 103.4 104.9 101.7 105.1 103.9 104.0
storesAll
116.6 108.8 109.3 107.5 111.9 108.6 110.4 108.5 111.7 108.8 110.5 107.9 112.6 110.0 110.2
storesAll118.6 110.3 111.2 108.6 113.2 110.5 112.0 110.3 113.6 110.0 112.7 108.3 112.3 111.2 111.6
Nationwide
storesDirectly
managedareas

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

１Q：105.1％
２Q：103.1％
３Q：104.0％
４Q：103.9％

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
Comes in two separate packs for ease of use

Also, food products directly imported from approximately 50 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.

Potato salad

Ratio of Private Label Products (cumulative)
35.0%

34.74%

34.75%

34.74%

34.29%¥429 (500 g x 2)

Spicy curry-flavoredbrown rice risotto¥253 (220 g x 3)

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

Taiwanese
castella¥203 (130 g)

Sichuan pepper
chili sauce¥267 (180 g)◼ Import products

34.0%
33.0%
32.0%

32.75%

31.47%

33.01%

32.94%

31.38%

31.45%

33.12%

31.65%

31.0%

Tempe

30.0%
1Q
Q1
2020年10月期
FY20202Q
Q2
2021年10月期
FY2021

3Q
Q3

4Q
Q4
2022年10月期
FY2022¥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.
◼

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>

Net Sales

Kobe Cook World Buffet

200

Chisouna

Operating Profit<Millions of yen>

8,000

Premium Karubi

10.0%

5.7%

100
6,000

5.0%

0
-100

4,000

7,323

-200

-43

124

-2.5%

-68
-2.7%

-455

-119

0.0%

-1.6%

-5.0%

-300
2,000
1,712

2,185

-10.0%

-400

3,889
2,508

-11.7%-500
FY20180
FY2018FY2019FY2020

FY2021

FY2022FY2019FY2020

営業利益
Operating profit

FY2021-15.0%FY2022

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
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: 11 (as of October 31, 2022)

Kobe Cook World Buffet opened 3 restaurants and closed 7, resulting in a net decreaseof 4 restaurants during FY2022.
It reopened two restaurants after renovation at Kagamigahara-shi, Gifu in September,and at Fukui-shi, Fukui in October.

We aim to raise its awareness by further exposure to local media.

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 ¥1.30 (¥1.404 including taxes)*
per gram. Such initiatives enhance customer satisfaction of any age and are currently introduced
into 11 restaurants.
*The price increased in December.

Overview of FY2022 & 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. As the number of tourists from home and abroad is gradually recovering,group demand is also on the rise.
Going forward, we will expand takeout menu and offer services that satisfy customers with theInitiatives to reduce food waste

menu, volume of food and price unparalleled to any other restaurant chains.
10◤◤ Restaurant & Delicatessen BusinessPremium Karubi
Total Number of Restaurants: 16 (as of October 31, 2022)

Premium Karubi opened 1 restaurants during FY2022 Q4 alone,
resulting in a net increase of 6 restaurants during FY2022.
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 desserts
and gelatos. The restaurants are increasing the number of customers,
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 December, we are offering desserts featuring strawberries,
apples, and chocolates, which make customers 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

Fuchinobe

4-7-11 Kyowa, Chuo-ku, Sagamihara-shi, Kanagawa

Shakuji

2-3-2 Shimoshakuji, Nerima-ku, Tokyo

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: 87 (as of October 31, 2022)

Chisouna opened 14 shops during FY2022 Q4 alone, resulting in a netincrease of 38 shops during FY2022.
The significantly increased number of shops led to net sales growth.
Franchisees are eager to establish a Chisouna section in newly opened
Gyomu Super stores.

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

Initiatives Going Forward
Approximately half of Gyomu Super stores that opened during

FY2022 had a Chisouna section.
In December, we will introduce a new format in which a Chisouna
section is established in a drugstore. As such, we continue toexpand the number of shops without limiting those established in
Gyomu Super stores.

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 solar power plant in Nishigo-mura,Nishishirakawa-gun, Fukushima, started
operations in June 2022.
◼ Efficient generation at our woody biomass
power plant contributed to operating profit.
◼ In spring 2024, we plan to start operating asolar power plant in Miyagi.
<Millions of yen>

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

Net Sales

800

21.5%

700

3,000

18.0%

600

2,500

500

2,000

14.0%

25.0%

20.0%

15.4%
15.0%

12.7%

400

1,500
2,341

1,000
500

Operating Profit<Millions of yen>

3,500

Kobe Bussan’s Woody Biomass Power Plant

2,401

2,668

3,152

676

300
200
100

1,184

361

5.0%

304

166
0.0%
FY2018FY2018480

00FY2019FY2020

FY2021

FY202210.0%

FY2019FY2020

営業利益
Operating profit

FY2021

FY2022

営業利益率
Operating margin13◤◤ 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 October 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 according to20

the operating results.

21.5%

17.8%

22.1%

23.1%

23.0%

20%

15

For FY2022, we plan to pay the annual year-end dividends of ¥22.00 per
share, up ¥1.00 from the initial forecast of ¥21.00.

15%

10
5

For FY2023, we plan to pay the annual dividends of ¥22.00 per share.

0
Note: The figures in the graph on the right have been adjusted for the effect of

25%

20.00

22.00

22.00

15.00

5%

10.00
FY20192019年

the 2-for-1 stock splits carried out in November 2019, and November

FY2021
FY20202020年
2021年
Dividend per share
1株当たり配当金10%

FY2023
FY2022
2022年
2023年予想
TargetPayout ratio
配当性向(連結)

0%

2020.

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

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

Sample15

◤◤ Consolidated Financial Forecast
FY2023 Forecast
FY2022 actual(Millions of yen)

FY2023 forecast

Year on year

Net sales

406,813440,000

108.2%

Operating profit

27,82029,700106.8%

Profit attributable to owners of parent

20,832

21,200101.8%

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 FY2023 Forecast
FY2023 target

Action plan

Target ofstore openings

Net increase of
40 stores

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

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
Medium-term Management Plan FY2022–FY2024

Although net sales are trending above the Medium-term Management Plan, we have left it
unchanged as the future economic situation is unclear.
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
FY2022 actual

FY2023 forecast(Millions of yen)

FY2024 target

Net sales

406,813440,000

410,000

Operatingprofit27,82029,70032,000ROE

24.3％

20% or higher foreach fiscal year of the plan

20% or higher foreach fiscal year of the plan17• This material contains forward-looking statements based onassumptions, estimates, and plans as of December 15, 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