2023.3 Q1 Results
Explanatory Materials
Oisix ra daichi lnc.

2022.8.10

Farm for Tomorrow, Table for Tomorrow
We provide services that enable a better food life
for more people.
We evolve continuously where good farmers are
rewarded and proud.
We realize a society that deliver a sustainable
framework that links farm and table.

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

Table of Contents

１. 2023/3 Q1 Achievements
1-1. Consolidated Financial Results

1-2. Strategy and Progress for 2022.3
1-3. Results on Business Segment

２．Acquisition of Shares of SHiDAX
３. ESG Topics■ APPENDIX・DATA SHEET

2

マスター タイトルの書式設定

1. 2023.3 Q1 Achievements
1-1. Consolidated Financial Results
1-2. Strategy and Progress for 2022.3
1-3. Results on Business Segment

1-1. Achievements

Executive Summary-2023.3 Q1 Results
Sales
Q1 sales were in line with initial forecast. With the lifting of behavioral restrictions, changes
in the post-COVID-19 environment have accelerated resulting in a gradual worsening ofchurn rates and ARPU. However, versus pre-COVID-19 levels, they remain at elevated levels.
◆ 3 home delivery business✓ Subscribers ： Subscriber churn is seen to return to levels seen prior to COVID-19. New customer acquisitions,however, grew moderately YoY owing to curtailment of PR expenses previous term.
Net subscriptions were roughly +4,500 (versus end-March). (Net increase of approx. +3,000 for 3 brands)✓ ARPU ：Gradual decline after surging and peaking in Q1 2021.3 on the back of COVID-19.
ARPU came in at ▲5% YoY (+4%~+11% versus pre-COVID-19) but all three of the major brands
exceeded initial forecasts.

EBITDA
Whilst EBITDA fell YoY versus inflated COVID-19 driven profitability last year, thanks to
new Ebina Station (distribution Center) firm recovery it was higher than initial forecast.
◆ 3 home delivery business✓ Profitability fell YoY reflecting an inflated EBITDA margin over the past 2 years on high unit purchase prices.
✓ New Ebina Station (Oisix’s distribution center), having overcome some issues, is now on a firm recovery anddistribution costs have improved.

◆ Other Businss✓ Purple Carrot (U.S.) posted a loss in line with forecast reflecting lower sales, the impact of inflationon the company’s profit structure, and the depreciation of the yen.

5

2023.3 Q1 Achievements
Sales：Developments in AfterCOVID-19 , such as the lifting of action restrictions, have accelerated, andthe churn rate and ARPU are returning to pre-COVID-19 levels, largely in line with initial forecasts.

EBITDA ：Whilst EBITDA fell YoY versus inflated COVID-19 driven profitability last year,
it was higher than initial forecast. With recovery efforts at the new logistics center progressing
smoothly, Returned to profitability from a quarterly loss Q4 the previous fiscal year.

Sales

27.90bn yen

EBITDA（ YoY - 0%）

Operating
Income0.96bn yen（ YoY - 51%）

1.49bn yen（ YoY - 35%）

Net
incomeAttributable toowners of theparent0.58bn yen（ YoY - 55%）

6

*(Note) Calculation of ARPU assumption.
To eliminate the one-off boost effects of COVID-19 on
ARPU, we assume ARPU to be equal to 2020.3 or thelevel posted before COVID-19.

Consolidated Results Overview

Whilst ARPU fell YoY, sales were flat supported by subscriptions that grew by 15K for the three brands.
Whilst EBITDA fell YoY reflecting a difficult comparison against a one-off increase in profit margins last year
as well as the impact of inflation on margins in the US business along with the weaker Yen, adjusted real
EBITDA, excluding the impact of COVID-19, was flat.

Sales sAttributable to owners of the parent

EBITDA

27.91

about

26.0

Net income

27.90
2.41

23.13

2.31

about

19.5

16.25

1.18

Results

2021.3
Q1

Actual value *2019.3 2020.3
Q1*
Q1

Results2022.3 2023.3
Q1
Q1

0.75

Actual value *2021.3
Q1

1.5

1.5

0.73

1.49

about

about

Results

Results

Actual value *2019.3 2020.3
Q1*
Q1

Actual value *

15.25

0.46

2022.3 2023.3
Q1
Q1

2019.3
Q1*

1.29

0.58
0.27

2020.3 2021.3 2022.3 2023.3
Q1
Q1
Q1
Q1
（bn yen）*For the purposes of like-for-like vs Target comparisons, one extra monthof Radish Boya data (March 2018) was deducted from 2019.3 data.

7

YoY：Sales
Domestic home delivery business centered on Oisix increased by approx. 15,000 subscribers YoY
Relative to inflated COVID-19 driven performance last year, ARPU declined YoY.
And as a result, we were in line with initial forecasts.
- Sales（bn yen）
1

Breakdown
QoQ
about +1.8 bn yen

Decrease in salesof 3 homedelivery business

27.91

27.90

about

- 0.1
about

- 0.3

26.07

１

Decrease in sales of 3 home delivery
business： about -0.1bn yen

２

Decrease in sales of Purple Carrot： about -0.3bn yen

about

0.4
about

・Downward trend in Subscriber after peaking in theprevious Q1- 0.3

2 Decrease in salesof Purple Carrot

3
32022.3
Q1

Sales
increase
Other2023.3Q1

2022.3
Q4(reference)

Sales increase of Other：about +0.4 bn yen
・EC support
・Kindergarten wholesale・Hong Kong/ Shanghai
・Consolidated subsidiaries

YoY：EBITDA
EBITDA fell owing to the negative repercussion effect of COVID-19 driven inflated profitability last year.
Purple Carrot (US) meanwhile, saw a large decline in profits relative to the record highs posted last year.
With recovery efforts at the new logistics center progressing smoothly, returned to profitability from aquarterly loss Q4 the previous fiscal year.
-EBITDA（bn yen）
1

Breakdown

QoQ
about +1.6 bn yen

Decrease in sales of
3 home delivery business

2.31

In FY2022/3, including about -1.3 bn yen
in losses due to troubles

１ Decrease in profit due to lower sales

in the three home delivery businesses：about - 0.1 bn yen

about

– 0.1
about

- 0.6

about
about

- 0.6– 0.1

２

２ Purple Carrot (U.S) Reaching a deficit

1.49： about - 0.6 bn yen（2022.3 Q4 +0.5bn yen⇒2023.3 1Q：-0.1bn yen）

Purple Carrot
Profit decline

３・Loss in the current fiscal year due to the impact of inflationin addition to the decrease in sales
Fixed cost
increase- 0.162022.3Q1

2023.3Q1

2022.3
Q4(reference)

３ Companywide fixed costs increase：about - 0.1 bn yen
・ Preparatory expenses for renewal of system infrastructure(enhancement of speed and data utilization).
・ Strengthening personnel for business enhancement and expansion

9

Business segment Results
Sales

Oisix

Daichi

RadishBoya
PurpleCarrot*(Results for Jan
to Mar)Other
Business*

Segment profit*

14.39 bn yen

1.95 bn yen(YoY +2％)(YoY - 5％)

3.07 bn yen

0.62 bn yen(YoY - 7％)(YoY - 6％)

4.19 bn yen

0.59 bn yen(YoY - 3％)(YoY +1％)

2.58 bn yen-0.07 bn yen(YoY - 9％)(YoY -0.62bn yen)

3.96 bn yen

0.43 bn yen(YoY +18％)(YoY +3％)

Overview
・In subscribers increased by about 17,000 YoY. Subscriber
churn is seen to return to levels seen prior to COVID-19.
New customer acquisitions, however, grew moderately YoY
owing to curtailment of PR expenses previous term.
・ ARPU was maintained at a level of -5% YoY despite
lifestyle changes concomitant with increased opportunities
to go out.

・We continue to experiment with the development of
new subscriber acquisition methods. Net decrease bothYoY and Q4-end due to insufficient promotional efforts
・Unit purchase prices have been gradually settling down
due to lifestyle changes, ARPU came in at -4% YoY but
exceeded initial forecasts.
・Subscribers remained almost unchanged from the same
period of the previous fiscal year. Whilst the churn rate
worsened in Q1 reflecting the lifting of behavioral
restrictions and revisions to delivery fees aimed atenhancing profitability, subscriptions managed a slightincrease.
・ARPU came in at -6% YoY but exceeded initial forecasts.

・Sales increased QoQ reflecting seasonal factors. The
overall trend, however, is seen to be downward in the
post-COVID-19 environment.
・Profits are posted a loss in line with forecast reflecting
lower sales, the impact of inflation on the company's
profit structure, and the depreciation of the yen.
・The EC Support business continued to grow on
membership increases.
・The Nursery School Wholesale business has implemented
measures to expand the business partner base as well as
to develop meal kits for commercial use.
・Hong Kong and Shanghai continue to develop localized
products and services*Segment profit of Purple Carrot, and other businesses differs from the segment figures in the Financial Results
due to the deduction of goodwill amortizations and the impact of Earn-out.

10

Business segment
Results Overview
Sales

27.90
Other
Businessbn yenSegment profits

11.0％

Segment costs

Purple Segment profitsSegment costs- 3.0％
Carrot*RadishBoya

Segment profits

Daichi

Segment costs
Segment profits

14.1％

Segment costs

20.3％

Total segment costs

24.38bn yen

Total
Segment profits

3.52

bn yenCompanywide fixed costs

2.03bn yen

EBITDA
Segment profits

Oisix

13.6％

Segment costs

1.49

Depreciation and amortization

0.53bn yen
bn yenOperating Income

0.96

bn yen*Purple Carrot's segment profit represents operating income. (Cost includes labor costs and the company’s fixed costs.)11

1-2. Strategy and Progress for 2022.3

Strategy and Progress for 2022.3
Our strategy is to work on a set of priority themes each half year.
1H: The highest priority on improve profitability in new Ebina Station (new distribution center).
2H: Resumption of growth investments such as promotions
Entering profitability：Earnings-wise, recovery plans were underway at New Ebina Station and logistical costs were 1ppt improvementin June(versus end-March). The Kit manufacturing plant and the Food Rescue Center began operations in July.
Strengthen value proposition：We are making steady progress in development of products/services that enhance our specialty value proposition.

Recent progress

Strategy of 2023.3
Entering profitability

1 Improvement of profitabilityof the new distribution centerH
as a top priority

To quickly improve profitability

1
Q

１

2
Q

２ Reduce product costs

from new distribution center troubles✓ Logistics cost improvement progressed steadily andimproved by 1ppt.
✓ Lower stock-out rate than before the transfer of the centerby operating the Food Rescue Center and Kit manufacturing plants✓ Started operation of Kit manufacturing plants in July
✓ Food Rescue Initiatives Begin Full-Scale in the 2H

2
HEntering profitability
improvement phase,resumption of growthinvestments
such as promotions, etc.

3
Q

Strengthen value proposition
３

4
Q

Develop methods of attracting subscribers,
products and services
after-COVID-19 and inflation-compliant✓ Sales of Kit Oisix of Kurihara, a famous Japanese cook
✓ Develop “premiums for extremely short time”
such as Otasuke Oisix and Super Easy Kit

13

Recent progress①Improved stability of new DC ・Enhance profitability
Regarding improving profitability following issues related to relocation of distribution centers, plans are underway to reduce
costs within 1H to levels prior to problems.
Logistics costs, which had deteriorated by 2ppts as of end-March, improved by 1ppt as of end-June (relative to Oisix sales).
Additionally, service quality is improving as demonstrated by the recent drop in the out-of-stock rate which fell to 0.1% or half
the rate prior to relocation problems.

-Oisix Distribution cost reduction
2022.3Aug.
NewDC

2024.32023.3
1H

2H

Recovered toprevious cost levels

Shift to profitability
improvement phaseJan.
Trouble✓ Logistics costs, which had deteriorated
by 2ppts as of end-March,
improved by 1ppt as of end-June
・・ Planning to improve by another 1ppt during Q2・・ In May, the Zama satellite center
was closed and shipments were
integrated into the new distribution center.

End ofJun.

Increased relocation
preparation costs
End ofMar.

・・ In September, we plan to close
another satellite center (Fujisawa).

1ppt improvement
1ppt

Previous level

Recent recovery progress

improvement（forecast）

1ppt✓ With logistics line operating hours andtemporary staffing proportions
both declining, we are graduallyreaching operating stability.

improvement（forecast）(1) Maintain service quality＋(2) Carefully implement measures to improve profitability
・Consolidate and return satellite centers
・Shorten line operating hours
・ Increase ratio of direct employment, etc.

✓ Improving as demonstrated by the
recent drop in the out-of-stock rate
which fell to 0.1% or half the rateprior to relocation problems.
（pt：Oisix Segment Sales Ratio）

14

Recent progress②Kit manufacturing plant and Food Rescue Center

Facilities at the old Ebina Station have been converted to a "Food Rescue Center” and a “New Kit Manufacturing Plant"that specialize in manufacturing. Kit manufacturing plant will start operation in July 2022, and food rescue efforts will
begin in the second half of the year, aiming to reduce costs by approximately 3% (compared to March 2022) in stages.
Jul.

Fields- Kit manufacturing plant- Food Rescue Center

All crops from the field

Cost improvement about 3%
in stages by 2025.3
A new processing center was established andImproved efficiency of the Kit
・Reducing food waste

Regularvegetables

Old DC＋・Kit manufacturing plant (Jul.~)・Food Rescue Center(2H~)

Bumper crop,
uniformity

Bulk purchase of crops
Stems, peels,leaves, etc.
Field waste

・Zero Food Waste
・Use of discarded spare parts

15

Recent progress③Developing products and services of specialties

Via establishment of a capital/business alliance, Yutori no Kukan (Rep. Director: Shinpei Kurihara),
founded by the prominent Japanese chef Harumi Kurihara, has become an affiliated entity.
As Kit Oisix products supervised in the past by Mr. Kurihara have been well received by customers,
we plan to initiate sales/reservations of said meal kits in Sep.

-Became an affiliate company of Yutori no Kukan✓ Given the high level of affinity between
Yutori no Kukan's cooking expertise and our
products, we are strengthening collaborative
work, especially in the area of supervision.

-Kit Oisix supervised by Harumi Kurihara

Sep.

✓ Scheduled to resume sales and accept reservations
for meal kits, which have sold a cumulative total of
150,000 meals in the past, in Sep.

16

Recent progress③Developing products and services of specialties

As countermeasures to the post COVID-19 environment and inflation, we are in development ofservices/products under the themes of "premium value enhancement" and "extremely-time-savings" thatfurther strengthen our specialty position.

2nd Aug.

-Dealing with "mottainai" foodstuffs

11th Aug.

-Shifting to the "super" time-saving✓ Response to “mottainai" arising from external
factors such as climate. Friendly to households andcontributing to reduction of food loss✓

New "Super Easy Kit Series" that even beginnercooks can make in a short time released

5,000 people enrolled in a week, partly due toexposure in TV and other mass media✓

Support for easy cooking in the face of an increase in
the number of people who cook at home✓17

1-3. Business Segment Summary

Overview of Business Segments

1

Main Business Segments｜ Oisix（domestic B2C, Three major brands）｜ Daichi（domestic B2C, Three major brands ）｜ Radish Boya（domestic B2C, Three major brands ）｜ Purple Carrot（oversea B2C <U.S.>）

2

Other Business｜ Business Overview｜ Tokushimaru（domestic B2C, Subsidiary）｜ Nursury School Wholesale（Domestic B2B）

19

Domestic Delivery business（Three major brands）

Oisix KPI

Domestic Delivery business（Other）

Overseas Business
Other Business

Subscribers ： Subscriber churn is seen to return to levels seen prior to COVID-19.

New customer acquisitions, however, grew moderately YoY owing to curtailmentof PR expenses previous term. Net subscriptions were roughly +4500 (versus end-March).
ARPU ： Maintained at a level of ▲5% YoY (+11% versus pre-COVID-19)
despite lifestyle changes concomitant with increased opportunities to go out.
ARPU

Subscribers

350,650

12,302yen（ YoY + 5％）（ YoY - 5％ , vs 2020/3 +11％）

2023/32022/3（Previous period）

350,650
347,772

345,409 *2020/3（3 years ago<before-COVID>）

346,083 **

333,850

308,899

12,891

12,88012,564285,168

12,166274,929

12,302

252,303

11,745
11,379
11,095
10,6342021/32021/32021/32021/32022/32022/32022/32022/32023/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

1Q

2Q

3Q

* 2022/3 In Q2 and Q3, we implemented cancellation procedures for customers who order very infrequently.
The number of subscribers decreased by approximately 10,000 in the Q3 cumulative total, with almost no impact on sales.
** 2022.3 Q4 Lost approx. 15,000 subscribers due to trouble during move to new distribution center

4Q

20

Domestic Delivery business（Three major brands）

Oisix KPI

Domestic Delivery business（Other）

Overseas Business
Other Business

Kit Oisix Course subscriptions (included in Oisix subscriptions) grew 17% YoY driving growth in overall

No. of Kit Oisix course subscribers*

231,831（ YoY◆Features of Kit Oisix
You can make one main and one side dishes✓ in less than 20 minutes(Includes Oisix subscribers)+17％）
226,710
209,964

231,831

5 or more kinds of vegetables✓ Usescollected from contract farmers.

✓ Reducing food loss by using up all

217,680

ingredients

198,821
181,930
156,416

163,496

140,934

2021/32021/32021/32021/32022/32022/32022/32022/32023/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

*From 2022/3, “Chanto Oisix course" will be excluded from the number of Kit Oisix course subscribers.
*The number of meal kit Oisix subscribers including Kit Oisix course and "Sakutto Oisix course.

21

Domestic Delivery business（Three major brands）

Daichi KPIDomestic Delivery business（Other）

Overseas Business
Other Business

Subscribers：We continue to experiment with the development of new subscriber acquisition methods.
Net decrease due to lack of stronger promotions
ARPU ：Unit purchase prices have been gradually settling down due to lifestyle changes,
Maintained high unit prices, -4% YoY (+6% before COVID-19)
ARPU

Subscribers

43,95521,986yen（YoY - 3％）（ YoY - 4％ 、vs 2020/3 +6％）

2023/32022/3（Previous period）
2020/3（3 years ago<before-COVID>）

43,94144,87844,99845,30745,19645,39445,73045,534

43,95524,07923,02523,251

21,72822,391

21,986

21,604
21,15920,8212021/32021/32021/32021/32022/32022/32022/32022/32023/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

1Q

2Q

3Q

* ARPU=Average Revenue Per User

4Q

22

Domestic Delivery business（Three major brands）

Radish Boya KPI

Domestic Delivery business（Other）

Overseas Business
Other Business

Subscribers ：Whilst the churn rate worsened in Q1 reflecting the lifting of behavioral restrictions andrevisions to delivery fees aimed at enhancing profitability, subscriptions managed a slight increase.
ARPU ：Reflecting the March revision to shipping fees and high unit prices,
ARPU was maintained at ▲6% YoY (+4% versus pre-COVID-19) despite a gradual slowdownin purchasing frequency.
ARPU

Subscribers

65,297

18,947 yen（YoY - 0 ％）2023/3（ YoY - 6％ 、vs 2020/3 +4％）

2022/3（Previous period）
2020/3（3 years ago<before-COVID>）

65,32062,51561,822

61,51866,464

66,20665,09365,29762,751

20,18820,137
19,74818,947

19,65918,79018,621
18,202
17,9262021/32021/32021/32021/32022/32022/32022/32022/32023/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

1Q

2Q

3Q

* ARPU=Average Revenue Per User

4Q

23

Subsidiary

Purple Carrot＜U.S. ＞※Purple Carrot shows the businessperiod from Jan. to Mar of 2022.

May, 2019~2019年5月～

Domestic Delivery business（Three major brands）
Domestic Delivery business（Other）

Overseas Business
Other Business

Sales increased QoQ reflecting seasonal factors. The overall trend, however, is seen to be downward
in the post-COVID-19 environment. Whilst Q1 continued to see the impact of inflation on operating margins,
we are implementing a series of measures to improve profitability, including a price increase in May.
Quarterly results（$mn）

Recent progress-Product price increase・Change the shipping bar✓ Price revision implemented in May. 2022
Sales decline
After COVID-19

Sales
Operating Income

Operating income ratio✓ Profitability is expected to improveas planned.

27
24

23

Consolidated

22

22

21

OP margin deteriorated
significantly

15

2021.12 2H~

13.0%
10.4%9.5%
7.1%

▲4.4%
▲5.6%
Q1

Q2

Q3
2019.12

Q4

20

22

Q1

Q2

11.8%

-Review of logistics workflows

7.8%

▲1.6%
▲2.2%
Q3

2020.12Q4

Q1✓ Adding it to the meal kit and changing thespecifications so that Ready to eat(range cooked foods) can be chosen freely

18.0%

▲6.4%

▲12.2%-”Ready to eat” expand sales of products

Q2

Q3

2021.12Q4

Q12022.12✓ By dispatching staff from Japan,
we are building a management structureable to quickly address management
issues including that of logistics.

24

Overview of Business Segments

1

Main Business Segments｜ Oisix（domestic B2C, Three major brands）｜ Daichi（domestic B2C, Three major brands ）｜ Radish Boya（domestic B2C, Three major brands ）｜ Purple Carrot（oversea B2C <U.S.>）

2

Other Business｜ Business Overview｜ Tokushimaru（domestic B2C, Subsidiary）｜ Nursury School Wholesale（Domestic B2B）

25

Other Business Summary■EC Support（Domestic B2C）
We offer our strengths to other companies, such as ourdomestic B2C know-how and logistics assets specialized
in food delivery.

■Tokushimaru（Domestic B2C）
Operates mobile supermarkets for seniors and shopping refugees
nationwide. About twice a week, drivers visit customer
neighborhoods and provide products from affiliated supermarkets.

Sales ratio of business segments

Other■Oisix HongKong・Oisix Shanghai（Overseas B2C）
HongKong（since 2009～）、Shanghai（since 2017～）
Deliver Oisix-standard products through local procurement or
cross-border EC model■Nursury School Wholesale（Domestic B2B）
Sells nutritionally controlled menus, ingredients, and mealkits for nursery schools.Food education tools are also being
strengthened to foster interest in food

14%

9%

2023.3-Q1
Sales

27.9bn yen

52%

15%

11%

■SinS
Selling own products such as Kit Oisix at client supermarkets.
Implemented marketing initiatives leveraging customer
points of contact at stores■Others

Subsidiary (Wholesale of marine products, etc.)

26

Tokushimaru

Subsidiary

Mobile supermarkets for
shopping refuges

May.2016～

Domestic Delivery business（Three major brands）
Domestic Delivery business（Other）

Overseas Business
Other Business

Growth in the number of vehicles as well as average sales/vehicle remained solid. Total transaction value continued
to see high growth at +26% YoY. Within the mobile supermarket space, we became the first to exceed 1,000
operating units. To further support enhanced quality of life, we aim to continue to build new services.

Impact scale
2023.3 Q1 GMV

Number of vehicles
in operation(gross merchandise value)*

6.55
ー YoY

◆Number of vehicles in operation
exceeded 1,000

1,026

bn yen

+26％

ー YoY

✓

Providing services to approximately 150,000
customers nationwide through partnerships with143 supermarkets✓

We will continue to rebuild systems andmechanisms to expand the scope of solutions to
the daily life issues of the elderly.

＋193

6.55
5.19

1,026

3.79
833

2.41
1.78

555
415

314
2019/32020/32021/32022/32023/3

1Q

1Q

1Q

1Q

1Q

* Indicates GMV (total value of goods purchased by customers) at Tokushimaru,
which differs from sales at subsidiary Tokushimaru

27

Domestic Delivery business（Three major brands）

Nursery School Wholesale

Domestic Delivery business（Other）(Domestic B2B)

Overseas Business
Other Business

The number of customer kindergartens continues to see steady growth. Launched in May, the “Commercial Meal Kit”
service quickly initiated services with 15 nursery schools. Via facility interviews, we were able to fine-tune issues
relating to taste, meal preparation, and reduction to kitchen operational burdens.
Nursery School Wholesale（suku-suku Oisix）
Sales of nutritionally controlled menus and ingredientsfor nursery schools

Sales

0.33
ー YoY

bn yen+15％

No. of trading nursery school

723◆Launch of "B2B Meal Kit" service✓

We aim to achieve a sales target of
10 billion yen within five years✓

Began working with 15 nursery schools(end of July)✓

Through dialogue with nursery schools,
refine and contribute to reducing theworkload of the food service field.

＋122

ー YoY

0.33
0.28
0.24
0.16 ＊

723
601

380

402

2020/32021/32022/32023/3

1Q

1Q

1Q

1Q

*In the 2021/3 period, the nursery school was closed one after anotherdue to COVID-19, resulting in an irregular decrease in sales.

28

マスター タイトルの書式設定

2. Acquisition of Shares of SHiDAXAcquisition of Shares of SHiDAXAs previously disclosed, we have resolved to acquire shares of SHiDAX CORPORATION which has strengths in foodservices for hospitals, elderly care facilities, schools, and daycare centers. Going forward, we lookto leverage the assets of both companies to explore collaborative efforts in the food and social services businesses.

SHiDAX

Oisix ra daichi×・Stable supply of high-quality
foodstuffs through a networkof 4000 producers nationwide

・Expertise in industrial meal
services over 60 years since its establishment

・Production of commercial meal kits
for facilities utilizing know-how

・Wide range of food services businesses,
including hospitals, facilities for the elderly,schools, and children

・Network of 690 nursery schools

・Network of about 1500 facilities

Accelerating Solutions to Food-related Social Issues
in the Field of Providing Food Ingredients for Facilities30

マスター タイトルの書式設定

3. ESG Topics

Upcycle by Oisix
Since its launch one-year ago, “Upcycle by Oisix” - a brand dedicated to help solving food waste, has developed 18
original products and contributed to a 46-ton reduction in food waste. Besides test sales at the likes of concept andconvenience stores, special courses were initiated at junior high schools that further the scope of our efforts.

-Opened upcycling store-Food waste reduction education incollaboration with junior high schools✓ First Concept Shop Held at Yurakucho Marui,✓ Special 6-month-long classes held at the school's SDGs Seminar✓ 264 kg of food waste was reduced over the 19 days of the✓ Students learn about upcycling, leading to actual producta Prominent Department Store in Japanevent

development and sales

32Expansion of Sustainability
Information Disclosure
In addition to promoting sustainability initiatives, we look also to enhance disclosure of relevant information.
Since June we have supported TCFD and implemented information disclosure in line with its proposals. This
also contributed to our higher MSCI ESG rating.
-Endorsed for the Task Force on Climate-related
Financial Disclosures (TCFD)✓ Endorsement in June 2022.
✓ Disclose information in accordance with TCFD
recommendations in the Annual Securities Report for the
fiscal year ending March 31, 2022 and on the Sustainability
website.

-MSCI ESG Rating Rank Upgrade✓ In the July 2022 MSCI ESG rating, we bettered ourrating of last year and scored "A."✓ Favorable appraisal was given to our sustainability website.

Launched in June 2021, the site proactively provides
supporting data for ESG. Going forward, we look to continue toexpand efforts for effective disclosure of sustainability
information.

▲Sustainability Page on our website
https://en.oisixradaichi.co.jp/sustainability/

Continue to disclose sustainability informationand expand initiatives with effectiveness.
33

WeSupport Family
WeSupport Family, a food support platform for children's distressed families, is offered by 39 food and retailingsupport corporates. The number of support households has greatly increased to 59,000 households.
In addition, food aid for Ukrainian displaced persons visiting Japan has begun.

WeSupport Family
Mainly for those led by single parents, WeSupport Family is afood support platform for needy families. Via such initiatives
as use of excess inventories among supporting entities, we
also aim to help solve the problem of food waste.

SupportCompany

Recipient of
supportFood and retail companies

Number of households approximate

39

59,000Through WeSupport platforms,
Started providing food assistanceto Ukrainian evacuees visiting Japan✓ Supported 147 people in 5 prefectures(Fukuoka, Chiba, Nara, Tokyo, and Osaka)＋（AS is Aug 5th）34

マスター タイトルの書式設定

APPENDIX・DATA SHEET

35

Company Profile and Financial Results

Corporate Overview

Name：

Oisix ra daichi Inc.

Location：

Shinagawa-ku, Tokyo

Established：

June 2000

Representative：

Kohey Takashima, Representative Director & CEO

Capital：3,994 mm yen

Employees：

986 (consolidated), as of the end of March 2021

37

Overview of Affiliates

Oisix radaichi

Subsidiarycompany

Percentage ofShares Held

Main Businesses

Tokushi-maru

90％

Develops alliances with supermarkets in the mobile
supermarket business; provides expertise to sales partners.

Fruits Basket

100％

Handles processing, product development, and sales,
for agricultural produce, including fruits and vegetables.

Karabiner

70％

Develops and operates platform systems for EC sites;
produces websites.

Crazy Kitchen

100％

Handles catering, event production, and space production
businesses.

Oisix Hong Kong

100％

Operates our businesses in Hong Kong under contract.

100％

Operates the food products home delivery business in China.

100％

Overseas investment business100％

Meal kit delivery service in the United States

100％

Investment business for food-related startup companies

Future Food Fund No.1
investment limited partnership

10％

Investment business for food-related startup companies

Toyosu gyosho sanchoku ichiba(Toyoichi)

51％

Wholesale sales of marine products mainly for the
food service industry

Nihon Agri

34％

Exports agricultural products.

DEAN & DELUCA

20％

Lifestyle business through retail and restaurant businesses

Yutori no kukan

20％

Recipes and product development by chefs Harumi Kurihara
and Shinpei Kurihara

Oisix Shanghai
Oisix Inc
Purple Carrot
Future Food Fund

Main
Affiliates

38Growth Trajectory
The Company has been built and rapidly grown on Oisix with mergers with Daichi wo
Mamorukai and Radish Boya. Steady progress in overseas expansion with the acquisitionof the U.S. Purple Carrot
May 2019
Three Limes, Inc.
(also known as Purple Carrot),a U.S. company, became asubsidiary

October 2018
Merged with Radish Boya
February 2019
The operator of DEAN &DELUCA JAPAN became anafflicted company

Sales
EBITDA*

113.4
100.0
8.9

August 2013
Formed a business and capital alliance with
DEAN & DELUCA Japan (current Welcome Co.,
Ltd.)

October 2017
Merged with Daichi wo
Mamorukai

71.0

89
6.2

May 2016
Tokushimaru, which operates amobile supermarket business for
elderly customers, becomes a
subsidiary of the Company

March 2013
Listed on TSE Mothers

14.6

0.9

2013.3

15.9

20.2

18.1
0.9

2014.30.8
2015.31.0

2016.3

62.5*

40.0
3.1*

23.0
1.0

2017.3* EBITDA＝Operating income＋
Depreciation and amortization＋
Goodwill amortization

3.5

1.7

2018.32019.32020.32021.32022.3＊ Due to a change in the consolidated fiscal year, 2019.3 includes one extra
month (4-months in Q1 resulting in 13-months total). For the purposes of like-forlike YoY comparisons, one month of Radish Boya data (March) was deducted.

39

Subscription subscriber numbers
457,000
417,000
65,00062,800Oisix

339,300

Daichi wo Mamorukai

309,700

Radish Boya

57,40045,50045,30063,50037,200214,700

40,20045,000308,900

346,000

137,300
244,700

111,000
206,000
82,10096,700169,700

74,0002013.32014.32015.32016.32017.32018.32019.32020.32021.32022.340

In the domestic B2C Subscription business
Strengths of Business Models

Our Business Model
Our main business is safe and secure foods that are carefully selected based on our own standards,
Subscription-type food EC-commerce business delivered to approximately 460000 households throughout
Japan

Producers

Oisix ra daichi

consumers

fruit and vegetable producer
Approximately 4000
households nationwide

Domestic Delivery business

About 460,000 people

Oisix
Daichi wo
Mamorukai

Radish Boya
Other Business・EC support
・Mobile supermarket business（Tokushimaru）
・Overseas Home Delivery
・Store business（Shop in Shop）
・Nursery School Wholesale
etc.

Regular delivery

Procurement

Manufacturer(Oisix、Radish Boya 、Daichi、3 brands total)

42

Our Subscription Model
Holds asset know-how specializing in consistent food × subscription home delivery

Producers

consumers

Oisix ra daichi

Oisix

With Producers
Direct Network

Daichi wo
Mamorukai

Regular delivery

Procurement

Our Strengths

１

Radish Boya

2

Subscription
Marketing3

One of the largest in Japan
Food x Subs distribution center and meal kit manufacturing plant
43

① Direct network withproducers
Direct transactions with about 4000 producers nationwide without going through markets or intermediate
distributors.
Able to secure high-quality producers with high price stability and cultivation technologies
Typical distribution of agricultural products

Consumers

Retail store

Wholesale market

Purchase prices
vary widely withproduction
conditions.

Inability to control
purchase volumes
and prices due tomarket conditions

consumers

Oisix ra daichi

Advance purchase commitment
with 3-to-6month notice based on
specified product types,
quantities, timing, and prices

Agricultural cooperative

Producers

Strengths of Direct Transactions

Revenue prospects
unclear due toprice variations
resulting frommarket conditions

Producers

Purchase at stablepricing regardless ofmarket conditions
Facilitating demand
control/projections throughsales plans based on
projected supply volumes
An outstanding grower
with high cultivation
technologies through many
years of business
Secure approximately 4000
producers

Clear revenue projections toback sound investment
decisions44

② Subscription Management
Introduced "Subscription management Accounting" which accurately measures the profitability per orderand per customer,
Building a Sustainable Profitable Subscription Model

Rigorous CPA and LTV management
Setting a period to recoup CPA and rigorously
managing CPA within this range

Rigorous managementof unit revenues and expenditures
Making percentages of loss-making deliveries visible
for each unit and reducing them structurally

Building a sustained profit stream
ProfitCPA
recovery
periodProfit LTV

Price
per
purchase

Profitabledeliveries

0
Time
CPA

CPA: cost per acquisition
Profit LTV: lifetime acquisition value

Loss-making
deliveries
sbscribers

45

③ Support food x Subscription
Distribution center and meal kit production plant

Able to operate 1 of the largest domestic distribution centers and meal kit production
plants of Food X Subscription, maintaining a level of quality control

One of the largest in Japan
Food x Subscription
distribution center・・Through strict temperature zone
management specializing in foodproducts, can maintain freshness
until delivery✔ Maximum shipment：220,000/week✔ 24 hours a day, 365 days a year
temperature, refrigerated,✔ Roomfrozen, and vegetable
Strict temperature zone control

Uniquely developed
Sales and inventory system

Meal kit production plant

・・With our proprietary sales andinventory system, reduce loss
ratio and achieve high inventory
turnover

・・Rapidly growing original meal kit
Owned in-house plants with raw
material processing and asset
functions for 「Kit Oisix」✔ product loss：about 0.2％

shipment：✔ Maximum
320,000set/week（Retail Store Average：5～10%）✔ Number of manufacturingmenus per day：50type✔ HACCP acquisition

46

Domestic B2C Subscription Business Details

Differences in the assetsof the three brands

How tojoin

WEB mainly

How toorder

WEB mainly

Logistics
bases

2 placein Kanagawa

Last One
Mile

Yamato trucks
about 99％

WEB/
door-to-door sales

WEB/
Paper catalogs/
TEL

4 placesin Hokkaido,
Tokyo, Kanagawa,
Osaka.
Our trucks
about 95％
（area around
Logistics bases）

WEB mainly

WEB/
Paper catalogs/
TEL

1 placein Chiba

Our trucks
about 80％
（area aroundmetropolitan area）
48

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 our 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

Producers

49

Business Phase of the 3 Home
Delivery Brands
Appropriately implement business strategies in line with the business phases of each brand

Main target

Businessreorganization/muscularization phase

Product andservice creation

Business
Expansion"quick and proud" needs
Creating services for

For balancing
childcare and work
Busy working
households

・Patto Oisix

・Chanto Oisix ・Kit Oisix

・vegan Kit
I want to have ahealthy diet.
Senior householdwith two people
living together

Contributing to Society
through Cooking

・completion(FY2020/3 Q2)Service development
in line with needs
・Daichi no marugohan・completion(FY2021/3 Q4)With new values as a weapon
Transitioned to a re-expansion phase

・Palette
・fuzoroi-Radish
50Seasonal fluctuations inbusiness performance
We have a business model in which sales and profit margins fluctuate from quarter to quarter.
Sales and profit margins improved in Q3 due to sales of high unit price products during the year-end
and New Year holidays, while sales and profit margins declined in Q2 due to the summer vacation.

- Seasonal changes in normal conditions

Sales*

Q1(4-6)

Q2(7-9)

Q3(10-12)

Q4(1-3)slight increase

Decrease

Increaseslight decrease

Increase in sales forMother's Day and otherevents Slight increase

Decrease in sales due tosummer vacation andObon vacations

Increase in sales due to
New Year holidays andyear-end sales Increase

Sales decrease due
to spring vacation
Slightly decreaseflat

aggravation

improvement

flat

Spring PR costinvestment

Deterioration due todecrease in ARPU

Improvement due toincrease in ARPU forhigh unit price products
such as Oseki

Spring season PR costinvestment (scale ofinvestment flexibly
adjusted depending on
business conditions)profit ratio*- Impact of COVIⅮ-19 Seasonal Variations
Due to the impact of COVID, seasonal fluctuations such as the impact of summer vacation are expected to be smaller
than normal in FY2021.3 and FY2022.3, but seasonal fluctuations are expected to return to normal in the future.

*Sales: Image of seasonal changes in sales assuming a constant number of suscribers 51*Profit margin: Assumption that there are no irregular cost investments

EC support
We will provide our strengths and develop businesses to support other companies' EC.
For example, we will provide subscription know-how cultivated through our domestic food delivery
business and logistics assets specialized in food delivery.

E-commerce Marketing
Operation and management of
e-commerce sites focusing on foodLogistics andDistribution
Providing assets forfood delivery

product development
Development and provision of
products that meet client needs

52

“Tokushimaru” (subsidiary)
Offering mobile supermarkets for seniors and “shopping refugees” difficult
to approach via the Internet- Revenue Model
Tokushimaru
Headquarters

Contractual fees
Royalties

Brands, expertise,
information provision

Regional supermarkets
Bases for supply of products

overview

Operating a mobile supermarket for seniors

aim

Provide value to customers who cannot beapproached through EC

13％・ Solving the Social Problem of "Shopping Refugees"
Who Cannot Go Out to the Neighborhood Supermarket
・ Strong network of customers with weekly
face-to-face sales.

Products

Product gross profits
30％
17％

Sales partners

In-person
sales

Owner-operators＋5 yen＋5 yenCustomers+10 yen rule53

Other BusinessDomestic B2C Subscription
Overseas B2C Subscription

Overseas B2C Subscription Business

Domestic B2B Subscription

Food techHong Kong / Shanghai: Aim to establish services that meet the needs of local Chinese consumers
U.S.: Utilize management know-how in food subscription model for Purple Carrot- Oisix Shanghai

U.S. Meal Kit Market*

・ Started the service in 2017.
Grasp the needs to establish thesubscription model for Chinese
customers

$2.5
bn
USD

2017

$9
bn
USD
2025

- Purple Carrot Business(U.S.)- Oisix Hong Kong・ Launched the service inHong Kong in 2009.
Cross-border delivery ofJapanese products
・ With the spread of COVID-19
both users and sales aredramatically increasing

×・ Global expansion of vegan food x Japanesefood “Health Conscious Food” both in Asia andthe U.S.
・ Recognize consolidated from FY2020/3 Q3* Hexa Research『Global Meal kit Delivery Service Market Size And Forecast,/ByType (Fresh Food, Process Food) And Trend Analysis, 2015 - 2025』

55

Nursery School Wholesale（suku-suku Oisix）

Domestic B2C Subscription
Overseas B2C Subscription
Domestic B2B Subscription

Food tech

Provide nursery schools with unique system to order food ingredients based on lunch menus, since 2015.

Nursery Schoolmenu～shippingmenu

Procurement
packagingoverviewaimshipping- Image of nursery school

menu selection

Menu suggestions
products and food education tools

Support for nursery school facility management
for food service and food education
Fostering food awareness at an early age
Expanding awareness among parents

・ The workload of nutritionists and nursery school teachers
is reduced because menus can be ordered in bulk.
・ Confronting children's food problems. And
to raise awareness of our company among parents.
56

Domestic B2C Subscription

Shop in Shop

Overseas B2C Subscription
Domestic B2B Subscription

Food tech

Setting up booths for individual brands in the produce sections of partner supermarkets
to sell produce and products that meet each brand’s standards

supermarket- Image of affiliated supermarkets

products

overviewaim

Wholesale of the Company's products toaffiliated supermarkets
Expand awareness to customers who
cannot be reached online

・ By selling our products in real supermarkets, wewill expand our recognition to the segment that wecannot reach through online advertising.
・ Our products are expected to attract customers to
our partner stores.
57

Domestic B2C Subscription

Future Food Fund

Overseas B2C Subscription
Domestic B2B Subscription
Food tech

Established as a CVC specializing in Japan's first food tech, procured 2 billion from LP14 in Dec. 2020.
Invested in a wide range of new food agritec, including overseas start-up companies

Food Tech Startups

Japan's "first" CVC
specializing in food tech(Corporate Venture Capital)

Both domestically and internationally
Investing in a variety of startups
Food tech New Food

Agritech

Raised 2 billion funding from LP14
58

Domestic B2C Subscription

Future Food Fund

Overseas B2C Subscription
Domestic B2B Subscription
Food tech

Utilizing our experience at the time of our founding, we will build an ecosystem of food tech that provides awide range of support by making maximum use of the platforms of operating companies that participate as
LPs, not just investment activities.
Business
cycle

Businessidea

Financing

Product /serviceconstruction

Business growth/
EXIT

Comprehensive support accelerates the speed of thebusiness growth for startups.
Utilization of various LP assets
and know-how

Collaboration and support withproven American VCs and incubators

Service experiment utilizing startup
specialty EC sales floor◆ Example
Sales

Import /Logistics

Infrastructure59

Stock-Related and Governance Information

Stock Price and Trading Value
Compared to 2018, when the 3 companies merged, the stock price grew approximately 5 times.
Trading value: Approx. 1 billion/day, annual turnover rate of over 200%
5,500
5,000
4,500

14,000,000

12,000,000

4,000

3,000

2,500

）

2,000

10,000,000

8,000,000（

6,000,000*

millionyen（

Trading value

stock prices

3,500

1,500

4,000,000）

1,000
2,000,000
500
0

0

61

Trends in shareholder compositon
Institutional shareholdings increased to about 50%, doubling from 3 years ago.
No shareholder with overhang concerns at present

End of Mar. 2019

End of Mar. 2022
Ratio of institutional investors
49％

Ratio of institutional investors
25％

Management Member/Internal Relationships
34％

Strategic
Partners
21％

overseas
investor
14％
Domestic
Investors
11％
individual
investor
19％

Management members/company stock/
Internal Relationships
29％

overseas
investor
31％

Strategic
Partners
12％

Domestic
Investors
18％
individual
investor
10％

62

Financial Condition
・B/S

・Selected financial data
End of March 2022

（Millions）

End of March 2022

Current assets

28,514Equity Ratio

42.0%

Cash and cash equivalents

13,071

ROA

9.1%

24,119ROE

13.2%

Fixed assets
Total assets

52,634Current liabilities

15,914

Short-term interest-bearing debts

1,010

Long-term liabilities

12,847Long-term interest-bearing debt

101

Total liabilities

28,762

Shareholders' equity

21,954

Total net assets

23,887

Total liabilities and net assets

52,634

Financial leverage

2.4

Total asset turnover

2.1

Net income margin

2.4%

・ Level of cash holdings
2 year's worth of personnel expenses (including
variable personnel expenses) is set at about 10 bn yen
as a benchmark for an appropriate level of retention.

・ ROE/ROIC target level
Continuous achievement of ROE10% above theassumed cost of capital (5-6%)

63

Trend in No. of Employees
986

Ratio of female employees
915- Total- Full-time
860

66%

48%

735
680

421

210
163

2013.3179

2014.3

192

2015.32016.32017.32018.32019.32020.32021.32022.364

Directors Profile
The Board of Directors, consisting of five outside directors with variety of experience and knowledge,
actively discuss sustainable growth of the company in the rapidly changing business environment.

■Inside Directors

President and CEO
Kohey Takashima
Appointed 2000
Vice Chairmen of Japan Association of
Corporate Exectives,Director ofBenesse Holdings, Inc,Chief Directorof Eat, and Energize the East.,Japan
Wheelchair Rugby Federation
Chairman of the Board of Directors

Director
Yusuke Tsutsumi
Appointed 2000
Executive Officer of Oisix Inc.,
General Manager of Solution
Business Division,Radish Boya
Mail Order Division,Daichi wo
MamoruKai Home Delivery
Division,Director of Karabiner, Inc

Director
Hiroyuki Ozaki
Appointed 2010
Executive Officer of Oisix Inc.,
General Manager of Human
Resources Division

Director
Kouhei Matsumoto
Appointed 2018
Executive Officer of Oisix Inc.,
General Manager of Corporate
Planning Division
Representative Director of Future
Food Fund, Inc.

■Outside Directors

Director
Mitsuyo Hanada
Appointed 2008
Keio University Honorary
Professor, Chief Director of FC
Forum, Representative Directorof Corporate University Platform,
Inc.

Director
Hitoshi Tanaka
Appointed 2015
President and Representative
Director of JINS Inc., President
and Representative Director of
Brand New Day Co., Ltd.,
President and Representative
Director of JINS NORMA Co.

Director
Junko Watabe
Appointed 2019
General Manager of Quality
coordinate Office of Recruit
Holdings Co., Ltd.
Director of Loyalty Marketing, Inc.

Director
Wakako Sakurai
Appointed 2018
Department Manager of businessalliance Department of NTT docomo
Inc.
President and Representative Directorof Plus W, Inc.
Director of Toreta, Inc.
Director of AI CROSS Inc.

Director
Misato Kowaki
Appointed 2021
Sabae City Advisor, Female
Advancement Promotion.
AdvisorWeb media "MOTHERS
editorial department" established65

Main Business Risks
Effects of climate change
Fresh produce accounts for about 30 % of Group sales. We deploy astructure for fresh produce that makes it possible to secure supplies
from other regions if poor weather in specific regions prevents harvests
or results in poor quality. The system distributes transactions and inprinciple allows procurement of key products from multiple producer
regions. Nevertheless, poor weather lasting longer and having more

broad-ranging effects than expected may lead to product shortages andquality issues, with potential consequences for Group businesses andbusiness results.

Effects of concentrationof logistics centers
We operate our own logistics centers, where logistics functions such as
inspection, storage, sorting, and packing of our products areconcentrated. For the most part, products under the Oisix brand areshipped to customers through our logistics center located in the city of
Ebina, Kanagawa Prefecture. Those under the DWMK brand are shipped
through a center located in the city of Narashino, Chiba Prefecture. If anatural disaster, fire, or other cause were render either or both logistics
centers unable to operate, potential consequences include inventory
losses, shipping delay, and temporary suspension of services, which inturn would affect Group businesses and business results.

Issues related to food safety
We have established proprietary standards for the products handled for all our
major brands. Whenever possible, we seek to offer produce grown without
pesticides or chemical fertilizers. Our processed food products are made using the
fewest possible additives. We have also established unique inspection systems for
produce (including inspections of production sites and testing for residual
pesticides) and processed food products (including use of third-party experts andindependent institutions). We also strive to secure appropriate quality and safetythat can be objectively demonstrated and evaluated through health and safety
management guidance provided to suppliers and other means.
Nevertheless, it remains possible that those who produce the products we offer
may provide misleading or fraudulent labels regarding use of pesticides andsimilar matters or provide false quality information. Such cases could well lead torebuke or penalties from regulators, customer complaints, and compensation fordamages, in turn damaging the image of the Group’s brands or leading to a lossof confidence in the Group and potentially affecting Group businesses andbusiness results.

Governance throughout
the supply chain
The Group develops its business in collaboration with many business partners,
from procurement to logistics and the last mile. If any of these supply chains were
to experience an increase in occupational accidents caused by the working
environment, or governance violations such as human rights abuses orconcealment of wrongdoings, it could have an impact on our business andbusiness performance.
The Group will strive to avoid or mitigate risks
through close communication with business partners
that make up the supply chain, jointly recognizing thepossibility of incidents and security systems, andthrough collaborative work. We will also strive totransfer risks through the use of insurance andexemption and cancellation clauses in contracts.

66

KPI Data Sheets

DATA SHEET：Results
Results
2021.32022.32023.3mn yen

Q1

1-Q2

1-Q3

1-Q4

Q1

1-Q2

1-Q3

1-Q4

Q1

Sales

23,132

47,567

74,790100,061

27,911

56,16787,400113,476

27,901

Operating
Profit

2,076

3,976

6,131

7,465

1,950

3,347

4,979

4,171

962

EBITDA

2,419

4,679

7,198

8,902

2,316

4,188

6,385

6,216

1,498

Net income
Attributable toowners of theparent

1,184

2,452

3,900

5,031

1,293

2,156

3,294

2,727

587

68

DATA SHEET：Business Segment Result
Business Segment Result
2021.3（mn yen）

2022.32023.3

Q1

1-Q2

1-Q3

1-Q4

Q1

1-Q2

1-Q3

1-Q4

Q1

Sales

11,26523,04737,03649,86314,14528,58045,19058,546

14,393

Segment profits

2,367

4,335

7,012

8,984

2,057

4,045

6,525

7,036

1,953

Sales

3,636

7,094

10,761

13,978

3,314

6,628

10,154

13,2403,070

Segment profits

724

1,368

2,160

2,751

663

1,319

2,010

2,619

624

Sales

4,721

9,083

13,653

17,704

4,331

8,732

13,336

17,432

4,190

Segment profits

899

1,626

2,449

3,023

584

1,143

1,883

2,429

591

Sales

-

-

-

-

2,842

5,536

7,893

10,2082,586

Segment profits

-

-

-

-

549

811

985

959

△78

Sales

3,601

8,522

13,60018,922

3,373

6,911

11,194

14,5783,969

Segment profits

391

1,038

1,599

2,320

427

869

1,295

1,423

435

2,305

4,391

7,089

9,655

2,329

4,842

7,720

10,296

2,564

Oisix

Daichi

Radish Boya

Purple Carrot

Other
Business*

Companywide fixed costs,
Goodwill etc*From 2022/3, Purple Carrot has been separated from other businesses and disclosed.

69

Data Sheet：Main KPIKPI trend
2021.3Oisix

Daichi

RadishBoya2022.32023.3

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Subscribers(number)

252,303

274,929

285,168

308,899

333,850

347,772

345,409

346,083

350,650

ARPU
（yen）

13,822

12,986

13,106

13,042

12,891

12,564

12,88012,166

12,302

6,748

6,201

6,315

6,215

6,098

6,057

6,220

6,096

5,970

2.05

2.09

2.08

2.10

2.11

2.07

2.07

2.00

2.06

Subscribers(number)

43,94144,87844,99845,30745,19645,39445,73045,534

43,955

ARPU（yen）

27,117

24,12824,35623,52023,02523,251

24,07921,72821,986

9,234

8,610

9,000

8,729

8,425

8,557

9,002

8,218

8,344

2.94

2.80

2.71

2.69

2.73

2.72

2.67

2.64

2.64

Subscribers(number)

62,51561,822

61,51862,751

65,32066,464

66,20665,09365,297

ARPU（yen）

23,18920,88421,00020,25920,18819,74820,137

18,79018,947

7,028

6,373

6,696

6,441

6,402

6,407

6,589

6,247

6,451

3.30

3.28

3.14

3.15

3.15

3.08

3.06

3.01

2.94

Price/
purchase（yen）
Purchase
Frequency(number)

Price/
purchase（yen）
Purchase
Frequency(number)

Price/
purchase（yen）
Purchase
Frequency(number)70

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.

71