2024.3 2Q Results
Oisix ra daichi Inc.

2023.11.10

Farm for Tomorrow, Table for Tomorrow
We provide services that enable better food lives
for more people.
We create systems where good farmers are
rewarded and take proud in their work.
We realize sustainable society through evolving frameworks
that link farm and table continuously.

We solve social issues related to food throughbusiness approaches.
We create and expand Tomorrow's Food.
1

Executive Summary-2024.3 2Q Results✓ Sales increased YoY driven by mainstay Oisix
EBITDA increased by double-digit YoY driven by the effect ofincreased sales and efforts to improve profitability✓ As for the subscribers, the impact of churns of subscribers
acquired by the extraordinary promotions of the previous fiscal
year’s 4Q have remained greater than expected at the beginningof the fiscal year. On the other hand, the continuous acquisition of
new subscribers led a net increase in the subscribers✓ As for the full year forecast, we will disclose the revised one at the3Q financial results announcement, considering the deal related
to SHiDAX announced today

2

2024.3 Summary of 2Q Results

Sales: Although ARPU declined from the previous year, when the impact of COVID-19 was seen, sales
increased YoY due to an increase in the number of subscribers, mainly in Oisix

EBITDA: Although the expenses for new subscriber acquisitions increased from last year, when they arecontrolled, EBITDA increased by double-digit YoY driven by the effect of increased sales and efforts toimprove profitability

Sales

57.43bn yen

EBITDA（ YoY ＋ 4 %）Operating
Profit2.07bn yen（ YoY + 24 %）3.23bn yen（ YoY + 17 %）Net
incomeattributable toowners of theparent1.40bn yen（ YoY + 57 %）3

YoY：EBITDA/Operating Profit
Profits increased YoY due to structural improvement in profitability by optimizing prices and reviewing sales
promotions, as well as the effect of sales increase, including the impact of approx. 0.3 bn yen related to therecovery of previous year’s logistics issues.
-EBITDA (bn yen)

-Operating Profit (bn yen)

3.23
2.07
1.67

＋0.46 bn yen

2023.3
2Q

Sales Recovery of logistics issues
PR
Profitability improvement
increase
expensesinitiatives

OthersSegment

Personnel expenses
System costs, etc

2024.32Q

2023.32023.32Q
2Q

2024.32024.32Q
2Q

3 Home Delivery Business4

2024.3 2Q
Business Segment Results（bn yen）

Sales
2024.3
2Q

ProfitYoY

2024.3
2Q

Profitratio

YoY

Overview

Oisix

30.74

+8%

4.05

+6%

13.2％

Net increased in subscribers continued
although the number of subscribers fell
short of the initial plan.
Transition of frozen DC went as planned.

Daichi

5.73

- 5%

1.14

- 3%

20.1%

We have suppressed to acquire new
subscribers actively and continued todevelop new services.

Radish Boya

8.24

- 2%

1.13

+0%

13.7%

Subscribers increased steadily.
Profit margin improved due to profit
structure reforms progress.

Purple Carrot*

4.66

- 10%

-0.02

-

-0.6%

We continued to strengthen the businessstructure.
Subscribers: Decreased, ARPU: Increased
Growth in other companies' EC support businessand Nursery School Wholesale (Suku-Suku Oisix)- Results for Jan toMar

USD: 34M

Other Business

8.96

+13%

1.08

+43%

12.1%

Total Segment

58.34

+4%

7.38

+10%

12.7％

-

-

Adjustments / Corporate
expenses
Segment depreciation
and amortization

EBITDA
Depreciation andamortization

Operating Profit-0.90

USD: -0.1M

-4.98
0.83

-

3.23

+17%

5.6％

-

-0.13
-1.03

-

-

-

2.07

+24%

3.6％

*Segment profits of Purple Carrot and Other businesses differ from the segment figures in the
Financial Results due to the deduction of amortizations of goodwill etc.

5Domestic B2C Subscription
Subscriber Numbers
We continued to acquire new subscribers and maintain net increases for each quarter in Oisix and Radish Boyaand have developed new services for acquiring subscribers proactively in Daichi wo Mamorukai.

- Subscribers Trend- 2024.3 2Q
3 brands at the end of 2Q

506,949(YoY +10%)

502,424

Oisix

452,864

Daichi wo Mamorukai

412,847

Radish Boya

67,825462,929

Radish Boya
69,400 (+5%)

66,23040,77040,737

330,725
302,094

210,331

137,300
74,000111,000
96,70082,1002013.3 2014.4 2015.3 2016.3 2017.3 2018.3 2019.3 2020.3 2021.3 2022.3 2023.3

Daichi38,591 (-5%)

393,829(actual)Of these,
Kit Oisix
275,717355,962

Oisix
398,958 (+12%)

Of these
Kit Oisix
238,497

Of these,
Kit Oisix
284,462 (+19%)(参考)(Reference)
2023.32023.3
2Q累計
2Q

2024.32024.3
2Q累計
2Q

For more information on each brand, See page 31 for details.

6Trend of Oisix Subscriber Numbers
The trend of number of subscribers in Oisix was becoming difficult to grasp due to the impact of the 4Q
initiatives in the previous fiscal year. We continued to acquire new subscribers and maintain net increases foreach quarter.

＜Reference＞2023.3 4Q Results Explanatory Materials P15

Actual
401,463Real
393,829

347,772*

345,409 346,083

350,650

355,962

396,709398,958

361,135

333,850

Continuous
net increasein number ofsubscribers

308,899
285,168
274,929
252,3032021.3 2021.3 2021.3 2021.3 2022.3 2022.3 2022.3 2022.3 2023.3 2023.3 2023.3 2023.3 2024.3 2024.3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

* Implemented withdrawal procedures for customers who order very infrequently. Although
there was almost no impact on sales, the number of subscribers decreased by approximately
10,000.

7

Domestic B2C Subscription ARPU
Each brand’s ARPU declined YoY and QoQ due to seasonality and the rebound from the impact of COVID-19.

Daichi wo Mamorukai

Oisix

Radish Boya

11,305 yen

23,558 yen

17,933 yen（ YoY – 5 %）（ YoY – 4 %）（ YoY – 3 %）25,637

12,257

19,655
11,882

11,892

18,355

11,87324,49023,667
18,461
18,12523,39811,3052Q

2023.3

3Q

4Q

1Q

2024.32Q

2Q

2023.3

3Q

4Q

17,93323,5581Q

2024.32Q

2Q

2023.3

3Q

4Q

1Q

2Q

2024.38

Other Businesses
Tokushimaru:

Strengthening sales structure to increase the number of vehicles in operation.

Nursery School Wholesale: Promoting awareness through events and seminars for managements, etc.

Tokushimaru

Nursery School Wholesale

No. of vehicles in operation

GMV

No. of trading nursery school

Sales

1,147

14.88 bn yen

770

0.78 bn yen(YoY +8％)(YoY +12％)(YoY +5％)(YoY +15％)

14.88

0.78

13.23

0.67

10.79

0.57

7.72
4.98
440

2020.3
2Q

884

1,065

2022.32Q

2023.3
2Q

0.41

1,147

614

2021.32Q

0.58

2024.3
2Q

624
367

412

2020.32Q

2021.32Q

2022.3
2Q

734

770

2023.32Q

2024.3
2Q

9

Joint Management with SHiDAXTOB for SHiDAX with SHIDA HD as the purchaser commenced on Nov. 13, 2023, and we intends to tender
its shares in this TOB
Subsequently, we will subscribe for 66% of SHIDA HD shares through a third-party allotment, and fromearly January, the founding family of SHiDAX and we will be united in joint management of SHiDAX.

B2C subscription business withover 500,000 domestic homedelivery subscribers

B2B subscription business based on foodservice business (meal service) at 1,785
locations (as of March 31, 2023)

×Become one of the largest food subscription companies
in Japan with B2B and B2C business10

Joint Management with SHiDAX

×
Unique company that provides solutions to social issues
through enriching food and life

Sales: approx.

240.0 bn yen

No. of meals served per year

Approx.

500 mn meals

OP: approx. 7.6 bn yen

No. of annual service users

No. of clients served

Approx.

2,000 companies

Approx.

10 mn persons over(Individual 230 mn, Corporate 280 mn)

No. of employees: approx.

37,000 people* Simple total of both companies' FY2023.3 results11Collaboration with SHiDAX①Food Service Business: Market Overview

The environment surrounding the food service business is changing due to human resource shortages and rising
給食マーケットの概況と課題
prices, and the timing is ripe for change that requires a shift to a more productive model.

Risk

Opportunities

Increase in the number of businesses
with deteriorating performances
Manifestation of business operators
leading to business shutdown

Trend of increasing number offacilities outsourcing to meal
service providers✓ Soaring costs of raw materials, labor,utilities, etc.

✓ The need for outsourcing isrising, due to labor shortages atfacilities✓ Price competition and difficulty in passing
on prices✓ Increase in the number offacilities of childcare, welfare,etc.

Meal Service Market Size*

Market size is expected to
expand again from 4.5 trillion
yen (FY2021)

・・・
2018 2019 2021

Timing of Industry Transformation*Source: 矢野経済研究所 「2021年版 食品宅配市場の展望と戦略」（2021年8月31日発行）

12Collaboration with SHiDAX①Food Service Business: Productivity Enhancement

By introducing "meal kits for meal service," which were launched in June 2022, utilizing development know-how
in B2C, we have been proven to shorten cooking time and reduce food and labor costs by 15-20%.

Meal Kits for Meal Service-Achievements through the introduction of meal kits for meal service

Cooking Time
Approx.

30％ reduction

Before introduction

8.5 hours

Food and Labor Costs
Approx.

18％ reduction

After introduction

6 hours

Labor
Cost

Labor
Cost

Food
Cost

Food
Cost

Conventional
methodMeal Kits* Results at a nursery school (capacity: 90 children) where meal kits for meal service was introduced.

13

Collaboration with SHiDAX①Food Service Business: Satisfaction Improvement

Aiming to maximize the value provided to end-users (facility users) through meal service, we will improve thesatisfaction level by providing high-value-added food services, such as menu improvement through visualizationof satisfaction levels and introduction of meal recreation.
Improvement of eating up ratio

Introduction of meal recreation✓ Visualizing factors that lead to satisfaction andimproving services✓ Providing an opportunity to develop an interestin food and become more excited about eating

Eating Up Ratio+6％

After introduction
Before introduction

64％✓ Providing food education activities using rareingredients and offering kits for easy enjoyment of
seasonal handicrafts

70％

14

Collaboration with SHiDAX①Food Service Business: Value Added Examples

Combining SHiDAX's expertise and assets in facility meal services with Oisix's high-quality ingredients anddiverse menus, we are promoting new collaborations in "employee cafeterias," "facilities for the elderly,"and "school children" in addition to nursery schools.

Large-scale employee cafeteria

Facilities for the elderly✓ First collaboration with a 1,000-person company
cafeteria in Tokyo to begin in January 2024.

✓ Benesse's "Granda Kunitachi," a private-pay
nursing home for the elderly, will be the first facility
to adopt the system.

✓ Collaboration with restaurant chains, which are
popular in Oisix, and plant-based menus that are both
healthy and environmentally friendly, with the aim of
improving employee satisfaction at the introduced
companies.

✓ Develop and offer collaborative menus using
ingredients that meet Oisix's strict cultivation
standards and utilizing SHiDAX's knowledge of food
related to medical and nursing care.

▲Left: Grand Kunitachi, Benesse’s private-pay nursing home for the elderly▲right: Seasonal menus and handicraft cooking recreation using Kit

15

Collaboration with SHiDAX②Social Service Business: Value Added Examples

Combining SHiDAX's expertise and assets in facility meal services with Oisix's high-quality ingredients anddiverse menus, we are promoting new collaborations in "employee cafeterias," "facilities for the elderly,"and "school children" in addition to nursery schools.

Lunch menus will be offered to school children✓ Plans to collaborate with approx. 10 facilities for school children that SHiDAX, which operates 1,570 school children
facilities nationwide, is entrusted to operate✓ Plans to begin offering original lunch menus this winter during long vacations when school lunch is not available, aservice in high demand from parents who use school children and facilities.
✓ Develop microwavable Oisix-standard lunch menus that can be prepared at school children facilities.

▲ SHiDAX is entrusted with the operation of 1,570 school children facilities nationwide.

▲Offer Oisix-standard lunch menus

16Collaboration with SHiDAX③Building up B2B2C Business Model

Envisioned synergies by mutually attracting users of facilities serviced by SHiDAX and subscribers of Oisix
Aim to build a B2B2C model that enriches "food" and "life" by leveraging the resources of both companies

B2B
Hospital/Nursery School

Provide meals after
returning home

B2C
Home

Proactive selection offacilities offered

Expanding opportunities to approach food and life

17

Future-oriented corporate philosophy
shared by SHiDAXWith a future-oriented corporate philosophy that aims to solve social issues through business methods,

we will work together to maximize corporate value through agile decisionmaking and business development through joint management

18

Joint Management with SHiDAXBusiness Impact and Upcoming Schedule

Accelerate collaboration and create greater impact in solving social issues through a joint management structure
by making SHiDAX a subsidiary and taking it private.
Plans to apply for TOB for shares of SHiDAX, which will commence on November 13, with SHIDA HD as thepurchaser, with the aim of making SHiDAX a consolidated subsidiary from 4Q of this fiscal year.
Specific business plan after the joint management system is scheduled to be announced in May 2024, at thetime of the announcement of the financial results for FY2024.3.
- Business structure after completion of the deal

- Business impact and Schedule

Founder of SHiDAX
Share of stock
34％

Share of stock
66％

SHIDA HD
Share of stock 100％

３
Q

４
Q

Food Services

Social Services

Consolidated
Business Impact

Plan

Equity-method
affiliates
(28%)

TOB

Equity in earnings ofaffiliates* Consolidation of a
portion of net income,etc. of SHiDAX

Schedule: 11/13～12/25(planned)
Plans to sell shares of SHiDAX
by subscribing to a TOB forshares of SHiDAX with SHIDA
HD as the purchaser.

Consolidated
Subsidiary（66%）

Third-Party
Allotment

All consolidated after 4Q*OP will be 100%
consolidated, offset by
net income attributable
to noncontrollinginterests

Invested in a third-party
allotment of new shares by
SHIDA HD and plans to acquire
66% of the shares

Vehicle Operation Services
End of March: Procedures for taking SHiDAX private to be completed*For accounting purposes, if this transaction is completed, our ownership of SHiDAX shares will
increase from 28.44% to 66.0%.

19

Full Year Forecast Revision Schedule①

It is difficult to foresee the trend on 3Q, which will increase demand normaly, after COVID-19.

②

The deal related to SHiDAX have not been completed yet.

We remain the forecast unchanged this time and will disclose the revised one in the 3Q financial results after
carefully examining the impact of these results.

<Reference> Initial Full Year Forecast for FY2024.3

20

Sustainability Topics-Zero Food Waste : Upcycle by Oisix

We won the Good Design Award 2023 which aims for improving lifestyle and society through design.
It was highly evaluated for its efforts to solve food loss issues, involving not only its own supply chain but the
food manufacturing and restaurant industries.

▲Good Design Award 2023 (Japan Institute of Design Promotion)

21

Sustainability Topics-Family Support : WeSupport Family

We continued the support through WeSupport Family, a food assistance platform for needy families withchildren.
We provide opportunities for children from economically disadvantaged households, who are said to have few"hands-on" opportunities, to experience through our network of food producers.
Cumulative numberof donated goods

Amount of Donation

1.56 mn pieces

550 mn yen

Food support platform for poor householdswith children, mainly single parents.

▲Tour of a soy source brewery and a class on making
handmade sausage

22

マスター タイトルの書式設定

APPENDIX・DATA SHEETGrowth Trajectory
The Company has expanded business scale significantly based on Oisix with mergers with
Daichi wo Mamorukai and Radish Boya.
We have continued sales growth even after COVID-19 pandemic.
May 2019
Three Limes, Inc.
(also known as Purple Carrot),a U.S. company, became a subsidiary

Sales (billion yen)
売上（百万円）October 2018
Merged with Radish Boya

EBITDA*EBITDAマージン

5.9%

8.9%

October 2017
Merged with Daichi wo
Mamorukai

113.4

4.9%

4.9%
4.3%

115.1

100.0

5.6%
4.6%

April 2020
Listed on TSE 1st(currently PRIME)

4.2%

5.1%
5.5%

71.0
64.0

4.9%

March 2013
Listed on TSE Mothers

39.9

14.5

15.9

18.0

2013.32014.32015.320.1

23.0

2016.32017.32018.32019.32020.3* EBITDA＝Operating profit ＋ depreciation + amortization

2021.32022.32023.324

Enhance Profitability- EBITDA Margin Target

In its mainstay domestic B2C subscription businesses, we aim to maintain a growth speed of over 10% CAGR
in total distribution value.
We aim to achieve an EBITDA margin of 10% in FY2025.3 through (1) COGS ratio improvement,(2) logistics efficiency improvement, and other ongoing profitability improvement measures.

- EBITDA Margin trend

EBITDA margin：10％

full year

6.3%

8.9%

4.9%

5.5%

5.1%

4.9%

4.2%

2018.32019.32020.32021.32022.32023.32024.3（forecast）

2025.3（target）

25

Enhance Profitability- ①Improvement of COGS

We enhanced functions of Food Rescue Center and a Kit manufacturing plant to produce value-added products
using foodstuffs that had been discarded in production areas and plants.
We aim to incrementally achieve a reduction of COGS (vs. Mar. 2023) by approx. 2% driven by increasing
efficiency in manufacturing/procurement and making efficient use of foodstuffs.

- Food Rescue Center- Kit manufacturing plant

Example of Conventional Food Loss
- good harvest- Uneven shape

At centers specializing in the manufacture of in-houseproducts, including meal kits
Cost improvement about 2% in stages by 2025.3✓ We are able to make good use of bumper crops andunused foodstuffs via proprietary- Unused foodstuffs

Examples of Application

Speedyprocessing andvalue-added

foodrescue▲Meal Kit Ingredientsfood texture/preservation control know-how.

▲Hard skin of onion✓ Extension of quality guarantee deadlines made▲Frozen to maintain freshness

possible via packaging and other technologies.

✓ Acceleration of in-house processing▲Paprika with scars

via expansion of manufacturing capacity.
▲Upcycle Products▲tips of eggplant26

Enhance Profitability- ② Logistics Efficiency

Ebina Logistics Station (refrigerator) has moved to a phase of improving profitability.
We work to improve logistics costs by relocating of Atsugi Logistics Station (frozen) and taking other initiatives toimprove logistics efficiency.
2023.3

Logistics Fee Rate

Shift to profit
improvement phasefrom 3Q 2023.3

2024.32025.3

From 1Q Deterioration in logistics
cost ratio due to relocation of the
Atsugi frozen station

From Middle of 2025.3 1Q, Full-scale
operation of Atsugi frozen station.
Improved productivity throughsystemization

Mar. 2021
LevelsRelocation &Operating Costs

ORD Atsugi
freezing station

Increased migration costs

0.4~0.5bn yen

depreciation：approx. 0.9bn yen／year
Interest expense：0.1bn yen／year27

Our Subscription Model
Our main business is subscription-type food EC. We delivered safe and secure foods that are carefully selectedbased on our own standards to the customers nationwide.
We hold assets and know-hows related to whole supply chain specializing in food X subscription home delivery.

Producers

Customers

Oisix ra daichi

Oisix

Our Strengths

With Producers
Direct Network

3

Daichi wo
Mamorukai

Regular delivery

Procurement

１

Radish Boya

2

Subscription
Marketing

One of the largest in Japan
Food x Subscription distribution center and meal kit manufacturing plant28

What Our Three Brands Deliver
Based on the distribution of safe, reliable food products, each of our three brands delivers products tailored to
the lives and values of each brands’ customers.
Two-worker householdswith small children

Households who want toenjoy cooking

Senior householdwith two people

Meals that can be boasted
without taking time

Contributing to society
through cooking

Easy feeling of health

Producers29Data Sheet：Results
2022.32023.32024.3mn yen

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

Oisix

14,14528,58045,19058,546

14,39328,45844,94659,413

15,81930,740Daichi

3,314

6,628

10,154

13,240

3,070

6,141

9,464

12,345

2,926

5,731

Radish Boya

4,331

8,732

13,336

17,432

4,190

8,370

12,892

16,939

4,164

8,244

Purple Carrot

2,842

5,536

7,893

10,208

2,586

5,171

7,544

9,798

2,371

4,663

Other Business

3,373

6,911

11,194

14,578

3,969

7,958

13,63017,946

4,448

8,966

Adjusted amount

△94

△221

△370

△529

△309

△649

△1,003△1,267

△462

△907

Sales

27,911

56,16787,400 113,476

27,90155,45087,475 115,176

29,26857,438

Oisix

2,057

4,045

6,525

7,036

1,953

3,821

6,390

7,562

2,026

4,053

Daichi

663

1,319

2,010

2,619

624

1,188

1,924

2,480

587

1,149

Radish Boya

584

1,143

1,883

2,429

591

1,126

1,927

2,540

608

1,131

Purple Carrot*

549

811

985

959

△78

△49

△74

△40

21

△28

Other Business

427

869

1,295

1,423

435

758

1,230

1,690

553

1,084

Adjusted amount△2,329△4,842△7,720△10,296△2,564△5,174△8,105△10,886△2,695△5,319Operating
Profit

1,950

3,347

4,979

4,171

962

1,672

3,293

3,346

1,101

2,070

EBITDA

2,316

4,188

6,385

6,216

1,498

2,771

4,960

5,595

1,677

3,234

Profit attributableto Owners of
Parent

1,293

2,156

3,294

2,727

587

892

1,942

1,807

817

1,401

*Segment results for Purple Carrot differ from the segment figures in the financial statements
because they exclude the effects of amortization of goodwill and other items that do not reflectbusiness activities.

30

Data Sheet：Main KPIKPI trend
2022.3Oisix

Daichi

RadishBoya2023.32024.3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

Subscribers(number)

333,850

347,772

345,409

346,083

350,650

355,962

361,135

393,829

396,709398,958

ARPU
（yen）

12,891

12,564

12,88012,166

12,302

11,892

12,257

11,873

11,882

11,305

6,098

6,057

6,220

6,096

5,970

5,934

6,174

6,010

5,949

5,910

2.11

2.07

2.07

2.00

2.06

2.00

1.99

1.98

2.00

1.91

Subscribers(number)

41,20541,73341,45941,68840,23440,73740,25940,77039,53838,591

ARPU（yen）

25,63025,26826,052

23,89024,13824,49025,63723,39823,66723,558

8,411

8,576

8,864

8,219

8,345

8,537

9,048

8,428

8,523

8,652

3.02

2.95

2.94

2.91

2.89

2.87

2.83

2.78

2.78

2.72

Subscribers(number)

65,32066,464

66,20665,09365,297

66,23066,43567,82568,477

69,400

ARPU（yen）

20,18819,74820,137

18,79018,947

18,461

19,655

18,125

18,355

17,933

6,402

6,407

6,589

6,247

6,451

6,442

6,922

6,531

6,641

6,684

3.15

3.08

3.06

3.01

2.94

2.87

2.84

2.78

2.76

2.68

Price/
Purchase（yen）
Purchase
Frequency(number)

Price/
Purchase（yen）
Purchase
Frequency(number)

Price/
Purchase（yen）
Purchase
Frequency(number)

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Disclaimers◆ This material is intended to provide an understanding of Oisix ra daichi activities,
not to solicit investment◆ Forecasts of Oisix ra Daichi’s operating results and future performance are based on information
available to Oisix ra daichi at the time this material was drafted and are not guaranteed to be accurate.
◆ Actual operating results may differ from the future outlooks contained in this material.

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