2023/3 Q4 Results
Explanatory Materials
Oisix ra daichi lnc.
2023.5.11

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 Achievements
1-1. Achievements+ Review+ Business Results
1-2. Results on Business Segment

２．Medium-to long-term strategy
2-1. Growth Strategies and Targets
2-2. B2C Subscription Business

2-3. B2B Subscription Business
2-4. sustainable
2-5. strengthening of earning power

３. 2024.3 Outlook
４. Other Topics■ APPENDIX・DATA SHEET
2

マスター タイトルの書式設定

1. 2023.3 Achievements
1-1. Achievements+ Review+ Business Results

1-2. Results on Business Segment

1-1. Achievements
1-1. Achievements+ Review+ Business Results

1-2. Results on Business Segment

2023.3 Achievements- Review：2023.3 Initiatives

1Q✓Oisix Ebina Station recovered from logistics problems✓Deterioration in earnings due to inflation

2Q✓Completion of recovery from logistics problems✓Start of profit structure reform✓Commencement of TOB for SHiDAX shares

3Q✓Progress in Profit Structure Reform✓TOB for SHiDAX shares established

4Q✓Steady profit structure reforms✓Began considering collaboration with SHiDAX✓Invested PR expenses and Oisix branded
Subscribers significantly expanded5* Special additional PR implemented in 4Q brought the number of members to 401,000
at the end of the period, though,However, due to early cancellations of subscriptions, thenumber of "real" members was calculated at 394,000, excluding those who cancelledtheir subscriptions within 5 weeks of becoming members.The "actual" number ofmembers was calculated to be 394,000 (see page 31 for details).

2023.3 Business Results- Review：Oisix 4Q New subscribers Acquisition①Profitability improved due to the completion of recovery from logistics troubles and the profit structurereforms initiated in 2Q, ②Established a PR method for after-sales corona. This led to a special additional PR
expense of 1.1 billion yen in the 4Q. As a result, the number of members increased by 33,000 from the end of
the 3Q, to 394,000 in real terms* (401,000 in actual terms).

-Trends in Oisix Subscribers

Quarterly net increase

real ＋ 33K
401,463347,772

345,409

346,083

350,650

355,962*real
394K(detailed on P31)

361,135

333,850

308,899

274,929

285,168

252,303239,837
221,612226,187

230,3932020/32020/32020/32020/32021/32021/32021/32021/32022/32022/32022/32022/32023/32023/32023/32023/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Tailwind from COVID-19
6

Review of KPI Trends
From about March 2020, both subscriptions and ARPU saw sharp increases reflecting a rapid rise in home delivery
demand vis-à-vis COVID-19. The COVID tailwind, however, has weakened with subsequent relaxation of activity
restrictions and the correlation between COVID-19 and business performance has largely disappeared. As such, from
FY3/24 we aim for growth reversion under normalized conditions.
- ARPU trends based on pre-COVID-19

Ａ
Ｒ
Ｐ
Ｕ

110

ARPU at the same level
as prior to COVID-19

Before COVID-19 +10% Base line

Normalization

100
Quarterly ARPU level prior to COVID-19 (19/3 Q4~20/3 Q3)

Subscribers- Trends in Subscribers
Continued net increase insubscribers andaccelerated
growthEnvironmental
Impact- External environment

Period of disruption causedby the pandemic

Tension period due torestriction of action- Internal environment

Transition to After COVID-19

・Resignation Procedures for Customers with Low Frequency of Use (23.3-term 3Q)
・PR suspended due to logistics trouble, recovery (4Q 23.3)

2019/3 2020/3 2020/3 2020/3 2020/3 2021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3 2023/3 2023/3 2023/3 2023/3
4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

• ARPU=Average Revenue Per User changes due to seasonality,
7
changes due to seasonality are adjusted based on the quarterly
ARPU of the immediately preceding 1-year period (the 19.3-period 4Q~20.3 term 3Q term) impact by COVID-19.

2023.3 Achievements✓Despite the ARPU decline that has accompanied economic resumption, a continued rise in net
subscriptions and recovery of other businesses has allowed growth of 2% YoY.
✓ With steady progress in reforming our profit structure 4Q invested an additional PR outlayof ¥1.1 billion.
Meanwhile, with subscribers having increased in real terms to 394K (401K nominally),
preparations are well underway for reversion to growth.

Sales

115.17bn yen

EBITDA（ YoY - 10 %）（ YoY + 2 %）Operating
Income3.34bn yen（ YoY - 20 %）5.59bn yen

NetincomeAttributable toowners of theparent1.80bn yen（ YoY - 34 %）8

2023.3 Consolidated Results
Overview
Sales : Relative to the one-off inflated levels seen in FY3/21, ARPU has gradually been returning to levels
prior to COVID-19. It appears to have bottomed out in the 4Q. Meanwhile, led by Oisix,
subscriptions have seen continued growth and sales have continued to increase even in the post
COVID-19 environment.
EBITDA : Whilst profits fell relative to the inflated COVID-19 driven margin level of the past two years, solid
progress in profit structure reforms has meant that actual EBITDA has seen steady growth.
Netincome : Whilst equity earnings from SHiDAX was generated (accounted for from the 4Q, see page 39 fordetails), the effect of losses from other affiliated companies and/or investments meant that net
income attributable to the parent company fell.
Sales

71.04

1000.6about
90.0

Net income

115.17
6.69（If an additional PR outlay of ¥1.1
billion costs are excluded）

8.90

5.59

2020.32021.3Results2023.3

2.72
about
2.1

Actualvalue

0.79

Results2022.3about
3.0

Actualvalue

2021.3

5.03

Results

Results

2020.3

Actual value

2023.3Results

3.59

Actual value

2022.3

6.21
about
5.4

about
5.4

Results

2021.3

EBITDA

113.47about
109.0

Actual value

Results

Actual value
2020.3Attributable to owners of the parent

2022.31.80

2023.3（bn yen）

Regarding the calculation of actual values,
To eliminate the impact of temporary COVID-19 increases in ARPU, we
assume and calculate ARPU as the 2020.3-period figure prior to COVID-19.

9

YoY：Sales
As a result of net subscription growth led by Oisix, even as full-year ARPU fell 4~5% YoY, sales at the threedomestic home delivery businesses came in essentially flat. Additionally, reflecting recovery of businesses
that were negatively impacted by pandemic activity restrictions, overall sales grew 2% YoY.
Breakdown

１ Decrease in sales of 3 home delivery- Sales（bn yen）

business： about – 0.5 bn yen

・Increase in sales due to increase in subscribers

1：about ＋3.0 bn yen

Decrease in sales of 3
home delivery business・Decrease in sales due to decrease in ARPU

115.17113.47

about

- 0.5

２ Decrease in sales of Purple Carrot： about – 0.6 bn yen

about

＋2.8

about

- 0.6

2

：about – 3.5 bn yen

Decrease insales ofPurple Carrot

3

・Downward trend in Subscriber after peaking in theprevious Q1

３

Sales
increase
Other

Sales increase of Other： about + 2.8 bn yen
・With an increase in offline events and an increasein sales of businesses such as Nursery School andwholesaling to restaurants.
・EC support +0.6 bn yen

2022.32023.3・ Nursery School +0.2 bn yen
・Consolidated subsidiaries +1.0 bn yen

10EBITDA
Whilst sales at the three home delivery businesses remained essentially flat, margins improved on
implementation of profit structure reforms. Excluding the impact of additional PR expenses made in 4Q,
profit increased YoY. Whilst Purple Carrot posted a loss reflecting such factors as soaring raw material andlabor costs, losses are expected to narrow more than expected.
Breakdown-EBITDA（bn yen）
1 3 home delivery

３businesses Profit
increase

about

6.21

about
1.6

-1.0

１ 3 home delivery businesses

Profits
Increase:
Other business
about

２

4QPR
expenses
Add

about

+0.2
about

- 0,4

4

５

6.69
about

Fixed cost
increase

-1.1

5.59

Profit increase：about +1.6 bn yen
２ Purple Carrot (U.S) Reaching a deficit：about -1.0 bn yen
・Cumulative total for the previous fiscal year: about 9.5 bn yen⇒ Cumulative total for the current fiscal year: about - 0.5 bn yen
・Loss in the current fiscal year due to the impact of inflation in
addition to the decrease in sales

３ Other business：about+0.2 bn yen

Purple Carrot
Profit decline

４ Companywide fixed costs increase：about-0.4 bn yen
・ Preparatory expenses for renewal of system infrastructure(enhancement of speed and data utilization).
・ Strengthening personnel for business enhancement and expansion
・Retirement of materials handling systems not used in Purple Carrot
2022.32023.3
Excluding additional
PR costs2023.3５ Addition of 4QPR expenses：about – 1.1 bn yen
11Business segment Results
Sales

Oisix

Daichi

Segment profit*

59.41 bn yen

7.56 bn yen(YoY + 2％)(YoY + 8％)

12.34 bn yen

2.48 bn yen(YoY - 7％)(YoY - 5％)

RadishBoya16.93 bn yen

2.54 bn yen(YoY - 3％)(YoY +6％)

PurpleCarrot*9.79 bn yen-0.04 bn yen(YoY - 4％)(YoY – 1.01 bn yen)

Other
Business*

17.94 bn yen(YoY + 23％)

Overview
・Reflecting PR expenditures in the 4Q, subscriptions saw
an increase of 40K. Excluding expected short-term
cancellations due to issues with acquisition methods, theincrease was 33K. We note also the discovery of future
growth opportunities and needs.
・ARPU decreased YOY partly due to a return to normal
seasonal fluctuations.
・ We continue to experiment with the development of
new subscriber acquisition methods. Slight decrease
from the previous fiscal year due to inability tostrengthen new PR
・ARPU decreased YOY partly due to a return to normal
seasonal fluctuations.
・Whilst price increases resulted in churn rate, Increase in
Subscribers by 2,700 about due to elongation byacquisition of “fuzoroi Radish”.
・Price/purchase increased due to a review of services forvegetable boxes for mainstay products, but thefrequency of orders declined, and ARPU decreased fromthe previous year.
・Decreased from the same period of the previous fiscal
year due to the impact of sales continuing and
Subscribers declining after peaking in 1Q.
・Profits are remains on a downward trend owing to
inflation and weaker sales. Reflecting, however, 2Q
implementation of price hikes and delivery fee effects,
full-year profits are likely to exceed initial forecasts.
・The EC Support business continuous net increase in

1.69 bn yen(YoY + 19％)

Subscribers
・The Nursery School Wholesale business has implemented
measures to expand the business partner base as well as todevelop meal kits for commercial use.
・With relaxation of pandemic activity restrictions. sales at thelikes of Toyoichi (Toyosu Gyosho Sanchoku Ichiba), a
wholesaler catering to restaurants, saw renewed growth.

*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.

12

Business segment
Results Overview
Sales

115.17bn yenOther
Business

Segment profits

9.4％

Segment costs

Purple Segment profits▲0.4％ Segment costs
Carrot*1
RadishBoya

Segment profits

Daichi

Segment profits

15.0％

20.1％

Segment costs

Total segment costs

100.94bn yen
Segment costs

Total
Segment profits

14.23
Segment profits

Oisix

12.7％
Segment costs

bn yenCompanywide fixed costs

10.21bn yen（Of depreciation andamortization
Segment costs posted)**

1.57bn yen

EBITDA

5.59

Depreciation and amortization

2.25bn yen
bn yenOperating Income

3.34*Purple Carrot's segment profit represents operating income. (Cost includes labor costs and the company’s fixed costs.)* * Includes depreciation and amortization related to business in segment costs
In calculating EBITDA, the amount is added back and calculated.

bn yen13

1. 2023.3 Achievements
1-1. Achievements+ Review+ Business Results

1-2. Results on Business Segment

* Reflecting additional PR spending in 4Q, we achieved fiscal year-end subscriptions ofover 400K. However, we have noted an increase in early cancellations of subscribers
acquired via a particular program. We have thusly calculated an “adjusted” figure that
excludes from the subscription number those subscribers acquired by said program andcancel within five weeks (details on P31).

Oisix KPI

Subscribers：New PR costs were invested additionally, resulting in a quarterly real about of +33K net increase,a record high, and a real Subscribers of 394K (401K nominally)
ARPU ：New customer acquisitions saw a large increase but the increased weight of low ARPU new
subscribers meant that overall ARPU weakened declining 2% YoY.
Subscribers

real393,829

ARPU＊

Actual
401,463（ YoY + 14％）

11,873yenreal ＊
393,829(Actual 401,463、YoY +16%)

2023.3（ YoY - 2％）

2022.3361,135

347,772**
345,409***355,962
350,650

346,083

12,891

12,880333,850
12,564
308,899
12,166285,168

12,302

12,257274,929
11,892

252,303

11,873

ARPU=Average Revenue Per User
2021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3 2023/3 2023/3 2023/3 2023/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

** 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 center15

* Reflecting additional PR spending in 4Q, we achieved fiscal year-end subscriptions ofover 400K. However, we have noted an increase in early cancellations of subscribers
acquired via a particular program. We have thusly calculated an “adjusted” figure that
excludes from the subscription number those subscribers acquired by said program andcancel within five weeks (details on P31).

Oisix KPIKit Oisix Course subscriptions (included in Oisix subscriptions) grew 22% YoY (Actual +25%)
driving growth in overall.

No. of Kit Oisix course subscribers*◆Features of Kit Oisix

real
（ YoY

275,717

You can make one main and one side dishes✓ in less than 20 minutes
Actual

+22％）

＊

real
275,717(Actual 283,409、YoY +25%)

209,964
198,821238,497
231,831226,710217,680

283,409

Uses 5 or more kinds of vegetables✓ collected from contract farmers.

Reducing food loss by using up all✓ ingredients

243,547

181,930
163,496

156,416
140,934

2021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3 2023/3 2023/3 2023/3 2023/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

＊ Number in Oisix Subscribers

16

※Regarding changes to definition of subscriber at Daichi wo Mamorukai.
Owing to discrepancies regarding the definition of a subscriber at Oisix andRadish Boya, we have at this time revised such definition. Specifically, we haveexcluded from the definition of subscriber those who plan not to make anyorders for a certain extended period of time.

Daichi KPI

Subscribers *：Continue to prioritize the creation of products and services aimed at acquiring new subscribers,
Up slightly from the previous fiscal year
ARPU ：Due to the impact of pricing rationalization, the frequency of orders declined in Price/purchasedespite an increase, resulting in a 2% YoY.
Subscribers

ARPU

40,77023,398yen（ YoY - 2％）

2023.3（ YoY - 2％）

2022.3

41,19540,16639,327

41,20541,736 41,517

41,68840,77040,73740,25940,23438,984

26,05225,36025,26825,63723,89024,49024,13823,3982021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3 2023/3 2023/3 2023/3 2023/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

ARPU=Average Revenue Per User

1Q

2Q

3Q

4Q

17

Radish Boya KPI
Subscribers ：Centered on “Fuzoroi Radish,” our appeal for support for producers has found an audience.
For the first time since the merger, we were able to secure a net increase in subscriptions for allquarters of the year allowing reversion to growth.
ARPU ：Due to a review of the services of the mainstay vegetable Omakase Box,
Price/purchase increased, but the frequency of orders declined, resulting in a 4% YoY .
ARPUSubscribers

67,825

18,125yen（ YoY - 4％）（ YoY + 4％）

2023.32022.367,82566,46465,32062,51566,20665,093 65,297

20,18866,230 66,435

20,137
19,74862,751

61,822 61,518
19,655

18,79018,947
18,461

18,1252021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3 2023/3 2023/3 2023/3 2023/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

1Q

2Q

3Q

4Q

4Q

* ARPU=Average Revenue Per User

18

Purple Carrot＜ U.S. ＞

Subsidiary※Purple Carrot shows the business period
from Jan. to Dec of 2022.

May,
2019~
2019年5月～

Sales continued to decline due to the impact of AfterCOVID-19, The extent of the decline in Subscribers was
slower than planned, and both full year sales and segment income exceeded initial forecast.
Profitability improved due to a review of prices and delivery charges for anti-inflation measures.

Quarterly results（bn yen）
Sales and segment profit

Review of the current term

exceeded initial forecast

Sales
Segment profits

Sales

Sales increase due to
COVID-19 impact
10.2

9.8

8.8

✓ Improve quality by improving logistics system andproviding domestic know-how. churn rates improved,and subscribers decline slower than planned

Full year 8.0(Initial forecast)

Segment
profits

4.5✓ Rapidly deteriorating profitability due to rapid inflation✓ Improve profitability by optimizing prices,such as by reviewing product prices and delivery charges,
and reducing waste by improving operations

Plan for FY2024.3
0.9

0.9

-0.04

- 0.3
2020.122021.122022.122023.12＊-0.5（Initial forecast）
2022.12(Initial forecast)＊Segment results for Purple Carrot do not reflect the effects of goodwill amortization -offs, changes
in accounting standards, or the specific retirement of fixed assets. Therefore, they differ from thesegment figures in the summary.

19

Tokushimaru

Subsidiary

Mobile supermarkets for
shopping refuges

May, 2016~

Vehicles in operation surpassed 1,000 units in May/22 and full-year GMV continued to grow in excess of
20% YoY. Implementing profit structure reforms to permit continued business expansion as well as
initiatives to create a system enabling high-quality services soon after business commencement.
Impact scale
Review of the current term

2022.3 GMV*

Number of vehicles
in operation(gross merchandise value)

27.24✓ Reforming our profit structure to invest in growth

1,118

bn yen（ YoY + 20％）

・Initiated a hike in sales commissions, system investments,
and investments into substitute vehicles(in the event of vehicle breakdown) to enable a transition toan earnings model that will make aggressive
growth investments possible.

（ YoY + 49％）

27.24
22.76

1,118
16.51
969

10.71

✓ Strengthen support for providing high-quality services
・Online training to enable sales partners to continue to play anactive role
・Strengthen training prior to opening. Providing entryknow-how with stable quality.

740

7.90
515
385

2019/32020/32021/32022/32023/3* Indicates GMV (total value of goods purchased by customers) at Tokushimaru,
which differs from sales at subsidiary Tokushimaru

20

Nursery School Wholesale

2016年5月～

Sales grew 16% YoY and the number of participating nursery schools expanded by 50 YoY. Introduced
experimental services with regard to commercial meal kits for nursery schools (first offered in June 2022)
and initiated new methods when conducting sales approaches.
Sales ・ No. of trading nursery school
2022.3

1.39

No. of trading nursery school740

bn yen

YoY

+16％

YoY

Review of the current term✓

Launched Commercial Meal Kit for Nursery School
・In addition to conventional meal production and foodprocurement, labor-saving cooking time is also realized.

+50

1.39
1.20

0.96

＊

0.91

690

740

2022/32023/3✓ Holding events/seminars for managers to expand No.
of participating Nursery School

545
373

2020/32021/3*In the 2021/3 period, the nursery school was closed one after anotherdue to COVID-19, resulting in an irregular decrease in sales.

21

マスター タイトルの書式設定

2. Medium-to long-term strategy
2-1. Growth Strategies and Targets
2-2. B2C subscription business
2-3. B2B Subscription Business
2-4. sustainable
2-5. strengthening of earning power2. Medium-to long-term strategy
2-1. Growth Strategies and Targets
2-2. B2C subscription business
2-3. B2B Subscription Business
2-4. sustainable
2-5. strengthening of earning powerGrowth strategy

growth strategy“Leveraging the power of the business model and technology
to provide food that is good for both people and the earth.”

Sustainable Retail24

Business features and strengths
We have a distinctive business model and technology, and we are building high barriers to entry throughour unique procurement network, efficient sales through the use of data, low-cost Fulfillment,
and ability to develop high-value-added products and services.

- Using business models and technology
Using Business Models

Using Technology

High-quality,
low-cost procurement
through direct networks

Data-Utilization Skills
to Match Producers
with Customers

Low-cost Fulfillment Developing high-value-added
in logistics and delivery
products and services
that meet customer needs

25Medium-term growth targets
In the mainstay domestic B2C subscription business, we aim for continued GMV growth in excess of CAGR
10% and look to achieve ¥200 billion from the current ¥125 billion.
In addition, centered on the tens of billions of yen in sales in the B2B subscription business, we aim to
expand into new nonconsolidated growth areas such as the overseas B2C and next generation food.
Achieved in themedium term

FY2023.3- Discontinuous growth
Next Generation Food
Overseas B2C Subscription
Achieved in themedium term

B2B
Subscription（Sales）

business
expansiontens ofmillionsof yen1.4
billion- Drive growthAt
present

Domestic
B2C Subscription

（GMV）

＊

＊

¥125
billion（Domestic 3 business
about 90 billion）¥200
billion＊ This represents the total sales of the 6 domestic B2C Subscription brands (the total amount ofgoods purchased by customers), which differs from our consolidated sales.

26

2. Medium-to long-term strategy
2-1. Growth Strategies and Targets
2-2. B2C subscription business
2-3. B2B Subscription Business
2-4. sustainable
2-5. strengthening of earning powerDomestic food delivery market-Market Size and Environmental Changes
In FY3/21, the domestic food delivery market expanded 15% YoY. We think the market will continue toexpand in the future. However, with entry of various domestic and overseas players, we are beginning tosee selectivity in terms of which services will continue to be used with elimination of pandemic activity
restrictions.
Domestic food delivery market size *2.9tri yen

Environmental changes- New entry of EC player
COVID-19 spurred the increase of players and revitalization

2.5tri yen
YoY

+15％

- Transition to After COVID-19

2018

2019

2020

2025
（Forecast）

Some companies are also withdrawing fromsuccessful restaurant delivery and food EC
companies abroad*Reference：Yano Research Institute Ltd」

28

Domestic food delivery market-Positioning
We specialize in the area of Specialty × Subscription, which is 1 of the areas where there are many players
entering the market and where the market is being energized. ①High-quality, low-cost procurement capabilities,②Data utilization skills, ③ low-cost Fulfillment capabilities, and ④ high-value-added services create high barriers
to entry- Conpetitor

Speciality

Speciality × Subscription

Direct delivery

1

High quality and low costprocurement through direct
network with high level producers

Spot

Subscription

Food Delivery

2

Matching producers withcustomers Data utilization skills

3

Low-cost fulfillment oflogistics and distribution

4 Skills in developing high value-

added products and services inline with customer needs

Net Supermarket

Reasonable

Build highbarriers to entry
29

Expansion of domestic
B2C subscription-businessWe develop several brands in the domestic B2C Subscription home delivery business, including EC support
business branded by other companies. Specialized in Subscription × Specialty Services. Sales on a grosstransaction value basis: about 125 bn yen, and the number of subscribers expanded to reach roughly 670,000.

sales-based total distribution amountabout125bn yen
Number of Subscribers

about670,000
30Domestic B2C Subscription Growth Strategy- ①Accelerate the pace of Subscribers acquisition

We invested an additional 1.1 billion in 4Q for new PR expenses, achieving a record-high net increase of
33000 subscribers (actual result +40000 net increase). On the other hand, early solution about rates are
particularly high for some of the experimentally challenged PR methods.

-Oisix real term-end Subscribers

Substantial Subscribers
at the end of 4Q*

401,463
subscriptions increased
by a record high 33K

393,829
Temporarily increased
Subscribers

During the transition to After COVID-19

Have continued steady net increases

361,135

355,962
350,6502023.3
1Q

2023.32Q

2023.33Q

2023.3
4Q(real*)

2023.3
4Q（actual results）

31

Domestic B2C Subscription Growth Strategy- ① Acquisition PR ：Discovery of potential markets

Reflecting additional PR investments and a strategic hike in CPA, the weight of DINKs in their 20s andhouseholds in their 50s increased. Not only has the customer base expanded, we Were able to confirm theexistence of latent needs among a customer base that we have not yet been able to reach.

-New subscriber breakdown
Other than Young Family
Young Family

Increased share of Other than Young Family✓ Strategically relaxed acquisition conditions in some acquisition channels✓ DINKs in their 20s and households in their 50s account for a 10%
about increase in new subscribers

With diversification of the market for "Premiumtime Savings," those markets with growthpotential are expanding.

+In households with small children in dual-income
Households' Steady growth in acquisition volume

Prior to COVID-19（Image）

2023.34Q✓ Stable growth in the number ofyoung families in 4Q as well, the main target
32

Domestic B2C Subscription Growth Strategy- ①Acquisition PR: Improved Acquisition Efficiency

In FY2023.3, cost improvement accelerated after the opening of the Food Rescue Center, despite the impact
of inflation, 1% reduction in March 2023. In addition, we plan to further improve the company-wide impact
by 2% from FY2024.3 onward .

-Efficiency of acquisition methods
Horizontal development ofbrand collaborations that have
had a significant impact on 4Q

Improve acquisition attribution
through posting, newspapers andother offline media and Youtube

Improve theacquisition CPA,
Efficiently Increase
New Subscribers-Improvement of encounters with products after membership
Increase points of contact withpremium-time savings
products after joining to
improve experience

Increase the rateof continued use

33

Domestic B2C Subscription Growth Strategy- ②Strengthen specialty of products and services

We look to further expand and develop the range of products that makes possible the realization of Oisix
primary value offering - "premium-time savings.” We aim for product advances that provide for further timesavings and that are more delicious and healthier.

- More premium-time savings- More delicious✓ Double growth in both Patto Oisix
product numbers and sales✓ The evolution of popularcollaborative planning makes it
easy to enjoy the flavors of shops
and professionals at home

✓ Added 3servings to Super Easy Kit
Series that can be made in 10
minutes▲Patto Oisix ・ Super Easy Kit▲Develop products in collaboration with popular
stores and chefs-More sustainable✓ Aiming for 0.5 bn yen in sales ofZero Food Waste products, suchas Kit made from discarded
foodstuffs▲Kit Oisix

34

2. Medium-to long-term strategy
2-1. Growth Strategies and Targets
2-2. B2C subscription business
2-3. B2B Subscription Business
2-4. sustainable
2-5. strengthening of earning power

B2B subscription market（meal services）
The overall meal catering market is large at about ¥4.5 trillion. It is in need of transitioning to a businessmodel with higher productivity. Via both in-house and outsourced meal preparation models, we aim toleverage 1) our strengths cultivated in B2C, and 2) collaborative work with SHiDAX, to grow the B2B
subscription business to several tens-of-billions of Yen.
Domestic food delivery market size *Environmental changes

Against the backdrop of anincrease in the number offacilities

Expected recovery

YoY

+1％

*
4.5tri yen- Industry Challenges and Changes

laborshortage

Rising labor/
food costs

DX delaysof -10% YoY due tothe impact of
COVID-19◆Category of the meal services
industry

Kindergarten and nursery school
senior citizen facilities
box lunch
Face-to-face meal service
hospital lunch
2018

2019

2021

school lunch

Differentiation
Labor saving
through utilization and highprofitabilityof Commercial
through highMeal Kit, etc.
added value

Streamlining ofmeal servicesrelated
operations*Reference：Yano Research Institute Ltd」

36

Synergies between
B2C and B2B (lunch business)
By developing the Strengths we have built in B2C subscription area in B2B subscription area,
Create synergies in 4 areas: ① Food Procurement ② Commercial Meal Kit manufacturing, ③ menu sharing,and ④ reciprocal PR
Manufacturing Plants

Producers
B
2
C

Meal kit

Logistics & Delivery

customer

3 Menu Sharing

2 production

・Collaboration Recipes
personal use ・Vegan Menu
Kit Oisix
・Frozen prepared foods

+

↑

↑

１

Commerci
al Meal Kit

B
2
B・Menus for hospitals
and other people inneed of consideration

4

Nursery schools

Hospitals,
etc.

Synergies
betweenbusinesses

Ourstrengths

Food

Meal kit

１ Procurement

２ production

３ Menu Sharing

４ Reciprocal PR

High-quality Lowcost procurement

Mill kit manufacturing
facilities

Creating ValueAdded Products

Customers with highinterest in food

Promote DX through the system-building capabilities cultivated through the operation of B2C services.

37

B2B Subscription Growth Strategy- ①suku-suku Oisix*

With nursery school services “suku-suku Oisix,” Utilize Commercial Meal Kit to reduce 18% of the total
cost of foodstuffs and personnel at in-house cooked childcare facilities. Via cost-cutting and suchsupport services as dietary education/facility audits, we aim to realize labor savings and achieve sales
on the scale of ¥10 billion by FY2027.3

Full-scale launch of commercial meal kits.

Business support related to school lunch✓ Leveraging commercial meal kits to cultivate
business with new nursery school customers.

✓ Nutrition education and labor saving in food service
by DX Aiming to solve problems in childcare facilities.

✓ The introduction reduced the total cost offoodstuffs and personnel by 18%. Raise the ratio of
pre-cut foodstuffs to achieve further labor saving- Cost-cutting through Commercial Meal Kit

Reduce 18%
Personnel
expenses

Personnel
expenses

Foodstuff

Foodstuff

Previous*+▲Labor-saving measures such as
facility audits

ORD Method with
Commercial Meal Kit

Achieving sales of ¥10 bn yen by FY2027.3*Outputs at 1 facility (90 staff) that underwent detailed verification under facility cooperation

38

B2B Subscription Growth Strategy- ②Collaboration with SHiDAX
Regarding collaborative work with SHiDAX – a company engaged in food catering services, we look firstly to
implement test marketing of medical services at such facilities as childcare and elderly care. Utilizing
commercial-use meal kits, we aim firstly to build a consignment model at childcare facilities. From FY3/25,
we aim to expand into new areas such as elderly care facilities.

Start of test marketing✓ Started test marketing in Apr. at a new
childcare facility commissioned by SHiDAX for
cooking✓ We aim to quickly build a model forchildcare facilities using commercial meal kits
and expand the number of childcare facility
customers.

Preparation for expansion of the offering market✓ Owing to collaborative efforts, we have been able to accelerate
our understanding of the peculiarities of such facilities as hospitals
and elderly care centers. Discussions are underway with a view tobusiness launch in FY3/25

Industrial meal services market

About 1.2tri yen＊

Senior citizen facilities
meal services

About 1.0tri yen＊

- Utilization of Commercial Meal Kit
at consigned cooking facilities
Child care facilities market
Wholesale ofCommercial Meal Kit

about0.2tri yen*

【In-house】【Outsourced】

Hospital meal market

About 1.1tri yen＊suku-suku
Oisix

Childcare facilities that SHiDAX has contracted
to provide meal preparation services

FY2024.3
expandFY2025.3▲Market Size and Image of Expansion of Facilities Provided*Reference：Yano Research Institute Ltd」

39

Impact of acquisition ofshares of SHiDAXWith regard to near-term business performance, the acquisition of SHiDAX shares is expected to affectnon-operating income (ordinary profit).
①Equity in earnings of affiliates：Incorporated from 2023.3 Q4,However, owing to goodwill amortization,
the impact on equity method investment gains/losses(non-operating income) is expected to be minor.
②Dividend income : No impact on net income. Operating cash flow is expected to increase from 1Q FY2024.3.
①

Equity in earnings of affiliates②

A)Profit contribution to our consolidated results
Of the net income of SHiDAX for the quarter, the Company's
share (28.47%) is included in the net income of SHiDAX's.
Our share (28.47%)

B） Intangible assets and goodwill equivalent(annual amount) 250 million yen
・Total amount of goodwill: 5.3 billion yen
・Payback period (weighted average) ): 21 years▼Regarding the recognition of equity investment incomein the future2023.32024.3

Recorded only
for 4Q

Recorded in full year

From 4Q of FY2023.3,Recurring
profit and net incomeC) Equity in earnings (A-B) is expected to be positive

Dividend income

The dividend for FY3/23 is expected to be resolved
at SHiDAX’s general meeting of shareholders to beheld in June.
Dividend per share(forecast)stock holdings
×15,582,759 Stocks 10~17yen/share※SHiDAX's medium-term
management plan

▼Recognition of dividend income
・No impact on consolidated net income
・・Non-consolidated net income was positive due to therecognition of dividends received
・・On a consolidated basis, there was no impact on net
income due to the offsetting of dividends received

・Operating cash flow is expected to increase from 1Q
FY2024.3＊Estimate based on a dividend per share of ¥10 from SHiDAX's medium-term management plan P4.
https://www.shidax.co.jp/dcms_media/other/plan2025.pdf

40

2. Medium-to long-term strategy
2-1. Growth Strategies and Targets
2-2. B2C subscription business
2-3. B2B Subscription Business
2-4. sustainable
2-5. strengthening of earning powerSustainable- green shift：②Zero Food Waste
Our distribution food loss ratio is roughly 0.2% - by far the lowest within the food retailing industry.
Via further efforts, we aim to contribute to the further reduction of food loss not only at ORD , but within theentire supply chain.

Produce

Promotion of sales of irregular andsubstandard products, and upcycling of
discarded parts

Reduction of food loss in the field *(FY2023.3)

About 300-ton
reduction

Sale

Eat

Using the Subscription Model
Supply and demand data matching
between field and table

Offer "Kit Oisix", "Chanto Oisix" andother services for using up
ingredients

Food Loss in Distribution

The amount of food wasted
at home has been reduced tothrough the use of Kit Oisix.

General retail

Oisix ra daichi

About

About

5-10％

0.2％

About1/3(not including the use of offspecification products at Kit Oisix)

Contributing to ORD food loss zero program
as well as to the program for food loss reductionin the entire supply chain.
*Food loss reduction refers to the weight of food sold/ reduction in food ingredients disposed of for items that were edible but were not consumed.
Sales weight of food loss from partner plants during production/processing (includes those from third-parties) and/or undistributed items owing to notmeeting shipping standards. Amount of food loss reduced by using the Kit Oisix meal kit. Derived by using 77g/meal of food loss reduction (based oninternal research, June 2019) and the cumulative number of kits sold.

42

Sustainable- green shift ：②Zero Food Waste
Upcycle by Oisix has developed 66 products over about 2 years, expanding collaborative and otherinitiatives, and growing to a cumulative about 4 bn yen in sales.
In addition, the entire company will reduce Food Waste in about 300t production areas in 1 year by
responding quickly to "Motainai" through close cooperation with production areas, etc.
Upcycle by Oisix✓ Utilizing materials formerly discarded in
production areas and manufacturers✓ Expand efforts such as commercializing coffee meal
generated in the restaurant chain PRONTO

Domestic home delivery business Initiatives✓ Promote non-standard products and "Motainai"
products affected by poor weather, focusing on
domestic home delivery brands▲Snacks made with coffee beans after extraction

Reduce Food Waste in about 300t production areas in 1 year **Food loss reduction refers to the weight of food sold/ reduction in food ingredients disposed of for items that were edible but were not consumed.
Sales weight of food loss from partner plants during production/processing (includes those from third-parties) and/or undistributed items owing to notmeeting shipping standards. Amount of food loss reduced by using the Kit Oisix meal kit. Derived by using 77g/meal of food loss reduction (based oninternal research, June 2019) and the cumulative number of kits sold.

43

Sustainable-Utilization of food tech
To realize sustainable retail, we promote food-tech use and the activation of the start-up ecosystem. Besides
initiating sales of meal kits using “P Meat,” we aim to wholesale original products to the likes of supermarkets,
restaurants, and hospitals.

-Production and sales ofnext-generation food✓ Using plant-based meat "P Meat” 7 original
products including meal kits .
✓ Start wholesale sales as soon as possible,
and aim to establish a unique position in theindustry by taking charge of everything frommanufacturing to sales.

-Food Tech Investments by Future Food Fund
Future Food Fund, an investment subsidiary,
contributed to sustainable retail by revitalizing
domestic and overseas food-tech companies
through food-tech specific CVCs.
✓ Base Food Co., Ltd., one of thecompanies in which aninvestment was made, achieved
its IPO in the TSE GrowthMarket in only about 1.5 years
following investment.
✓ We have initiated launch of asecond fund. We aim for faster
growth of newer technologies
within the food-tech space.

▲(left) prepared dish using plant-based meat "P Meat",(right) Kit Oisix "P Meat and 8 kinds of vegetables with sweet and sour sauce

44Sustainable- green shift ：①Carbon Neutral
From around March 2020, both membership and ARPU rose due to a sharp increase in home delivery needs by
Corona. Subsequently, the tailwind on membership and ARPU weakened with the easing of behavioral
restrictions, and the impact on KPIs normalized in FY2023.3 second half of the fiscal year

Reduce in-house emissions of CO2 (Scope 1 and 2)✓Completed the switch to effectively renewed energy of
100% at all distribution sites and offices.
✓CO2 emissions (scope 1, 2) to have been reduced byroughly 70%.

- CO2 emissions (scope 1, 2)change

Reducing Plastic in Kit Oisix Packets✓Plastic consumption of Kit packaging materials andother products manufactured in-house was reduced by
48% compared to the previous fiscal year, far exceeding
the target of a 22% reduction.
・Review of the thickness of the Kit Oisix outer bag
・Elimination of vegetable clips✓Plans for further evolution of packaging forenvironmental impact in FY2024.3

単位：t-CO2e/百万円（売上高あたりの温室効果ガス排出量）

0.075

70% reduction
Scope 1 and 2
Carbon Neutral
Achievement
Targets2022.32023.32024.345

2. Medium-to long-term strategy
2-1. Growth Strategies and Targets
2-2. B2C subscription business
2-3. B2B Subscription Business
2-4. sustainable
2-5. strengthening of earning powerEnhance profitability-1. CoGs
Enhancing efficiency of in-house manufactured products and accelerating shift to in-house processing.
Additionally, by advancing development of food rescue products, we aim to achieve a company-wide
impact reduction of 3% by FY3/25 (vs. FY3/22).

ーReduce Oisix product cost ratio

ーFood Rescue Center operational benefits
Number of manufacturing
points per week

Food Rescue Center and Opening of
Kit manufacturing plant

2.3 times YoY

In-house production offood cutting processes

70% increase
before operation

Based onMar.
2021

Improvement of
1.0%

Accelerating Cost
Improvement

In addition,
2.0%
improvement

ーRoom for improvement✓ Improve productivity by improving staff
proficiency

End of fiscal
year 2022.3

2023.3Oct.

End of fiscal
year 2023.3

End of fiscal
year 2025.3✓ Improve the manufacturing cost ratio bypromoting the conversion of processed foodstuffs
to processed foodstuffs.

47

Enhance profitability-2. Reduce logistics costs

製造
The refrigeration center has recovered from the relocation troubles and is now in the profit improvement phase. Aim
to reduce logistics costs by 2% in FY2025.3 (compared to the end of FY2022.3) by accelerating logistics efficiency
through the full-scale operation of the new refrigeration station to be relocated in 4Q2024.4.
With relocation of the refrigeration station in the 4Q 2024 and subsequent full-scale operation, we aim to achieve a
2% reduction to logistical costs in FY3/25 (vs. FY3/22) via acceleration of overall logistical efficiency.
2023.3

Logistics Fee Rate

2021.3End ofperiodLevels2024.32025.32024.3 4Q

2025.3 1Q

Completion

Operation
Start

From 2025.3 1Q, Full-scale
operation of AtsugiSt.
Improved productivity
through systemization

Approx. 1 pt
improvement（Ratio to Oisix sales）

Shift to profit
improvement phasefrom 2H FY2023.3

refrigeration station
relocation

Approx. 2 pt
improvement（Ratio to Oisix
sales）

Logistics investmentabout about 4.0bn yen

Relocation &Operating Costs

ORD Ebina
refrigerator station

recovery from trouble

0.4bn yen

ORD Atsugi
refrigeration station

Increased migration costs

0.4~0.5bn yen

depreciation：0.9~1.0bn yen／year
Interest expense：0.1bn yen／year48

Enhance profitability-2. Reduce logistics costs
To reinforce refrigeration capacity, capital expenditures were made at ORD Atsugi Frozen Station. Shipping
capacity has been expanded roughly 3-fold (vs. Mar/23). With completion in Jan/24, test operations will be
initiated, and relocation is scheduled to be completed in spring.

■Expansion of facilities at refrigeration bases(ORD Atsugi Frozen Station）
・Secured frozen shipment capacity
3-times larger versus Mar/23. Via
Expected progress in automation
・Reduced logistics costs by
Effects
promoting automation
Investment
AmountAbout 4 billion

Formation of plans that include aphased roll-out of operations between
Jan and spring 2024

▲ORD Atsugi Frozen Station image

Relocation
Plan

Reinforcement of the relocation plan itself(in the wake of troubles related to therelocation of the distribution center)
49

EBITDA Margin Forecast
On the backs of ongoing efforts to reduce logistical costs and CoGS, we maintain our FY3/25 EBITDA
margin target of 10%. For FY2024.3, we expect profit margin growth to be slow in the first half of theyear, in line with normal seasonality.
2025.3target-EBITDA Margin Forecast

10％

EBITDA margin：
No change
full year

6.3%
2H

7～8%
full year

5.8%

10%

2H

6.5%

6.1%

1H

5.5%
4.9%

5.0%

1H

約5%

5.1%

4.1%
2018.32019.32020.32021.32022.3*2024.32023.3（forecast）
Excluding additional
investments of 1.1 bn yen

2025.3（target）

50

マスター タイトルの書式設定

3. 2024.3 Outlook

2024.3 Outlook
Sales ・ Led by Oisix, all three home delivery businesses are expected to see increasing subscriptions andhelp propel overall sales.

EBITDA ・ Whilst we anticipate sharp cost increases such as raw material/labor costs, we look to the beneficial
effects of improved profitability (led by the three home delivery businesses) since 2H FY3/22.

Net・ In addition to higher operating income, we anticipate increased non-operating income from equity
income earnings of affiliated companies such as SHiDAX, Inc.

Sales

126.50bn yen

EBITDA（ YoY + 10%）

Operating
Income6.00bn yen（ YoY + 79%）

8.00bn yen（ YoY + 43%）

Net
incomeAttributable toowners of theparent3.80bn yen（ YoY + 110%）52

Forecast for 2024.3- Sales◆ Main change factors comparedto the previous period＋ Growing subscribers and increasing sales
ー

+10.5

-1.3

+1.9

115.17

Distribution center relocation costs, inflation① 3 homedeliverybusiness＋ Improve profitability of main brands＋ Increase in equity method investment income

5.57

2024.3（forecast）

2023.3

▲0.4

▲0.8

+1.0

▲1.1

+2.6

8.00

約

1
1

②Relocation③Raw
cost of⑤fix costs
material/labor① 3 home refrigeration
cost
base
delivery④otherbusinessbusiness2023.3③Purple Carrot②otherbusiness- Attributable to owners of the parent Net income- EBITDA+3.7

126.502024.3（forecast）

1.80

2023.3

+0.2

+0.1

▲0.9

3.80

③Extraordinary②Equity in loss difference
earnings of in the previous
affiliates, etc. fiscal year
④corporate①Operating
tax increase
income2024.3（forecast）

53

(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.

Performance trends- Sales/EBITDA/Net Income

Sales

Attributable to owners of the parent Net income

EBITDA

126.5（ YoY +10 %)115.1
about 113.4

8.00

8.90

109.0

（ YoY +43 %)

100.0
about
90.0
71.0

実
力
値

6.21

実
績

実
力
値

about
5.4

about
5.4

実
績

5.57

5.03

（ YoY +132 %)

実
績

3.59
実
力
値

3.80
2.71

実 実
力 績
値

1.80

0.79

2020.32021.32022.32023.32024.3（forecast）

2020.32021.32022.32023.32024.3（forecast）

2020.32021.32022.32023.32024.3（forecast）（bn yen）

54

Segment Outlook
Sales

Oisix

Daichi

Segment Profit

69.00bn yen

9.80bn yen- YoY +16％

- YoY +30％

12.50bn yen

2.65bn yen- YoY +1％

- YoY +7％

RadishBoya17.75bn yen

2.75bn yen- YoY +5％

- YoY +8％

PurpleCarrot*8.25bn yen

0.0bn yen

- YoY ▲16％

- YoY +0.04bn yen(Results for Jan
to Dec)Other
Business*

19.00bn yen

2.63bn yen- YoY +6％

- YoY +56％

2024.3 Growth Image
・Notwithstanding a possible structural decline in ARPU
owing to the increased weight of low ARPU new
subscribers, we expect higher sales driven by a 56K
increase (adjusted) in fiscal year-end subscribers (vs.
FY3/23).

・Daichi has renewed its focus on creating products andservices in line with its customer target of seniors living
alone.

・Expand brand recognition that can contribute to thecreation of a sustainable society by graduallystrengthening new customer acquisitions.

・Improved churn rate and profitability via operational
improvement and cost reduction measures
implemented last year. We aim for profitability.

・Continued steady growth in the number ofmembers is expected for other companies' ecommerce support services.
・Sales are expected to expand due to an increasein Tokushimaru cars.

55

Number of Subscribers- Outlook of Number of Subscribers

564,000（+62,000）
502,000
457,000

67,825417,000

Radish Boya
+5,200Daichi65,093

40,77062,751

Radish73,000Daichi41,500+700

40,75840,136308,899*real
393,829
346,083

actual
401,463

Oisix

Oisix
450,000+56,100（vs actual results）

2021.32022.32023.32024.3（forecast）

56

マスター タイトルの書式設定

4. Other Topics

Invested in Aggregate Corporation(Shunpachi Fruit and Vegetable Store)

To Aggregate Inc. which operates "Shunpachi Fruit and Vegetable Store", Decided to acquire 20% of the company's
shares as of 4/28, assuming it becomes a subsidiary.
Aiming to create synergies by strengthening procurement of fruits and vegetables, especially fruits, and utilizing theGroup's food ingredients at community-based stores✓Accepted a third-party allocation of new shares, Became an affiliatecompany with the assumption that it will become a subsidiary(shareholding ratio: 20%)

✓Creation of synergies based on the sales channels and production✓Focusing on Seasonal Fruits and Vegetables,
Also Selling Processed Foods and Fisheries Products
Operates an urban grocery store,"Shunpachi Grocery Store

area networks of both companies✓We have relationships with production areas and markets,

Strengthening sales channels for foodproducts that are good to eat now andnot suitable for home delivery

Wholesale of foodstuffs from the
Toyosu Fishermen's Market*.

Storytelling with a focus on fruit
Purchasing fruit and vegetableproducts and developing
production areas

In cooperation with the Toyosu
Fishermen's Market*, we will
Wholesale sales to restaurants andSales of side dishes using marine
products

and are able to find and sell products with a story to tell,Strengths in discovering and selling products with a story to tell

▲Shunpachi Fruit and Vegetable Store, which operates six storesin Tokyo.

58

field entrance ceremony
To enable business acceleration, organizational invigoration, employee development and/or proffering ofdynamic new opportunities, a record high 29 new employees were hired and for the first time in 8 years, thewelcoming ceremony was held in the fields of a farm.

▲Awarded in the form of a "harvest" as is typical of Oisix La Daichi.

▲Group photo of 29 new graduates joining the company in 2023

▲In front of the tomato seedlings they worked on,they expressed their determination to take on the challenge.

59Support Related
We Support Family, a food support platform for needy families with children, has supported acumulative total of more than 1 million donated goods. Relief funds and other aid are also provided tosupport relief and recovery efforts in the areas affected by the Turkey-Syria earthquake that occurredon February 6, 2023
Providing Earthquake Relief for Turkey and Syria
Food support platform for poor householdswith children, mainly single parents.

Cumulative numberof donated goods

Number of
Supported Meals

1,160,000

3,000,000

piecesmeals

・The number of food donations increased approximately 3.9times* compared to last year.
・We also offer tours of our food pantry to companies that we
support, We have also received comments such as, "We would
like to further support activities.

Food support for Ukrainian evacuees coming toJapan through the We Support platform.

✓ Provided food for approximately
3,000evacuees from Ukraine

To help in the recovery and reconstruction of the affected areas,
We are also soliciting donations and selling donated products to
help with the recovery and restoration of the affected areas.

✓Call for support funds from February 16 to March 31✓At the "Daichi wo Mamoru Kai Organic Festa" held on February 25,
Sales of donated products from Turkey and fundraising activities▲Products with donation▲After delivery of relief
supplies(Courtesy of Peace Winds Japan)

All donations will be donated to Peace Winds Japan, a non-profit
organization Peace Winds Japan, a non-profit organization that is
engaged inrelief activities in the affected areas.

60

マスター タイトルの書式設定

APPENDIX・DATA SHEET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：3,995 mm yen

Employees：

1,032 (consolidated), as of the end of March 2023

63

Overview of Affiliates

Oisix
オイシックス・ra
ラ・大地daichiTokushi-maru

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 business

Purple Carrot

100％

Vegan food delivery service focusing on meal kits in the U.S.

Future Food Fund

100％

Investment business for food-related startup companies

10％

Investment business for food-related startup companies

Future Food Lab

80％

Food-related R&D, manufacturing and sales,aiming to industrialize the technology

Toyoichi (Toyosu gyosho sanchoku ichiba)

51％

Wholesale of food products for the Company and the restaurant

Nihon Agri

34％

Exports agricultural products.

SHiDAX

28％

Comprehensive service company aiming to address social
issues in a wide range of life stages

DEAN & DELUCA (WELCOME)

25％

Lifestyle business through retail and restaurant businesses

Oisix Inc

Future Food Fund No.1
investment limited partnership

Main
Affiliates

Main Businesses

90％

Oisix Shanghai

Subsidiarycompany

Percentage ofShares Held

Yutori no kukan

20％

AGRIGATE

20％

Recipes and product development by chefs Harumi Kurihara
and Shinpei Kurihara
Operates Shunhachi Fruit and Vegetable store, an urban
greengrocer linking production areas and consumers

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

Sales
EBITDA*

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

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

April 2020
Listed on TSE Prime

1,134

1,151

1,000
89
710

October 2017
Merged with Daichi wo
Mamorukai

62
55

March 2013
Listed on TSE Mothers

146

625*

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

202

181

159
9

9

8

2013.32014.32015.3

400
31*

230

10

10

2016.32017.3* EBITDA＝Operating income＋
Depreciation and amortization＋
Goodwill amortization35

17

2018.32019.32020.32021.32022.32023.3＊ Due to a change in the consolidated fiscal year, FY2019/3 includes one extra
month (4-months in 1Q resulting in 13-months total). For the purposes of like-forlike YoY comparisons, one month of Radish Boya data (March) was deducted.

65

Subscription subscriber numbers
510,000

452,700

67,80065,000*40,700

412,900
Oisix

62,800Daichi wo Mamorukai

337,400

Radish Boya

306,200
57,40063,500210,700

41,70041,20040,00036,70041,000308,900

137,300

240,000

111,000
82,100401,400

346,000

206,000

96,700169,700

74,0002013.32014.32015.32016.32017.32018.32019.32020.32021.32022.32023.3*The number of members of Daichi wo Mamoru Kai has been adjusted to reflect the change inthe definition of members made in the 4Q of FY2023.3. See page 17 for details.

66

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 500,000 households
throughout Japan

Producers

Oisix ra daichi

consumers

fruit and vegetable producer
Approximately 4,000
households nationwide

Domestic Delivery business

About 510,000 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)

68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 plant69

① Direct network withproducers
Direct transactions with about 4,000 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
4,000 producers

Clear revenue projections toback sound investment
decisions70

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

71

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：320,000/week✔ 20 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

72

Domestic B2C Subscription Business Details

Domestic B2C Subscription

Differences in the assetsof the three brands

How tojoin

WEB mainly

How toorder

WEB mainly

Logistics
bases

1 placein Kanagawa

Last One
Mile

Yamato trucks
about 99％

Overseas B2C Subscription

Domestic B2B Subscription
Food techWEB/door-to-door sales

WEB/
Paper catalogs/
TEL

4 placesin Hokkaido,
Tokyo, Kanagawa,
Osaka.
Our trucks
about 90％
（area around
Logistics bases）

WEB mainly

WEB/
Paper catalogs/
TEL

1 placein Chiba

Our trucks
about 75％
（area aroundmetropolitan area）
74

Domestic B2C Subscription
Overseas B2C Subscription

What Our Three Brands Deliver

Domestic B2B Subscription
Food tech

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

Producers75Domestic B2C Subscription

Business Phase of the 3 Home
Delivery Brands

Overseas B2C Subscription

Domestic B2B Subscription
Food techAppropriately 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-Radish76Domestic B2C Subscription

Seasonal fluctuations inbusiness performance

Overseas B2C Subscription

Domestic B2B Subscription
Food tech

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-19, seasonal fluctuations tend to be narrower in the 1H of FY2021.3 and 2022.3 than in thenormal period. The seasonal changes from the 2H of FY 2023.3 have returned to the normal state and are expected toreturn to the level prior to the impact of COVID-19.
*Sales: Image of seasonal changes in sales assuming a constant number of suscribers 77*Profit margin: Assumption that there are no irregular cost investments

Domestic B2C Subscription
Overseas B2C Subscription

EC support

Domestic B2B Subscription
Food tech

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 needs78Domestic B2C Subscription
Overseas B2C Subscription“Tokushimaru” (subsidiary)

Domestic B2B Subscription
Food tech

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+10~20yen rule79

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 Q381

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 schoolteachers
is reduced because menus can be ordered in bulk.
・ Confronting children's food problems. And
to raise awareness of our company among parents.
82

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.
83

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 angritic, 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
84

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

Infrastructure85

Stock-Related and Governance Information

Stock Price and Trading Value
Compared to 2018, when the 3 companies merged, the stock price grew up.
Trading value: Approx. 900 million/day, annual turnover rate of over 200%

5,500
14,000,000

5,000
4,500

10,000,000
3,500
3,000

8,000,000

（

2,500

millionyen

6,000,000

*

）

4,000

Trading value

stock prices（

12,000,000

2,000

）
1,500

4,000,000

1,000
2,000,000
500
02017/5/16

0
2018/5/16

2019/5/16

2020/5/16

2021/5/16

2022/5/16

87

Trends in shareholder composition
Institutional shareholdings increased to about 50%, doubling from 4 years ago.
No shareholder with overhang concerns at present

End of Mar. 2019

End of Mar. 2023
Ratio of institutional investors
48％

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
overseas
investor
investor
23％
31％

Domestic

Strategic
Investors
Partners
25％
12％ individual
investor
12％

88

Financial Condition
・B/S

・Selected financial data
End of March 2022

（Millions）

End of March 2022

Current assets

30,680Equity Ratio

38.1%

Cash and cash equivalents

14,775

ROA

2.8%

33,821ROE

Fixed assets

7.3%

Financial leverage

2.6

Total assets

64,502

Total asset turnover

1.8

Current liabilities

26,231

Net income margin

1.6%

Short-term interest-bearing debts

10,060Long-term liabilities

12,130Long-term interest-bearing debt

74

Total liabilities

38,361

Shareholders' equity

23,764

Total net assets

26,140Total liabilities and net assets

30,680・ 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%)

89

Trend in No. of Employees

986

Ratio of female employees- Total

1,032

915

- Full-time
860

66%

48%
735
680

421

163

2013.3179

2014.3

192

2015.3210

2016.32017.32018.32019.32020.32021.32022.32023.390

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 Associationof Corporate Exectives,Director ofBenesse Holdings, Inc,Chief Directorof Eat,Japan Wheelchair Rugby
Federation Chairman of the Board of
Directors, SHiDAX Corporation
Outside Director

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" established91

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.

92

KPI Data Sheets

DATA SHEET：Results
Results
2021.3mn yen

1Q

1-2Q

1-3Q

Sales

23,132

47,567

Operating
Profit2,076

EBITDANet income
Attributable toowners of theparent2022.3

1-4Q

2023.3

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

74,790 100,061

27,911

56,16787,400 113,476

3,976

6,131

7,465

1,950

3,347

4,979

2,419

4,679

7,198

8,902

2,316

4,188

1,184

2,452

3,900

5,031

1,293

2,156

1-4Q

27,90155,45087,475 115,176

4,171

962

1,672

3,293

3,346

6,385

6,216

1,498

2,771

4,960

5,595

3,294

2,727

587

892

1,942

1,807

94

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

2022.32023.3

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

1-4Q

Sales

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

14,39328,45844,94659,413

Segment
profits

2,367

4,335

7,012

8,984

2,057

4,045

6,525

7,036

1,953

3,821

6,390

7,562

Sales

3,636

7,094

10,761

13,978

3,314

6,628

10,154

13,240

3,070

6,141

9,464

12,345

Segment
profits

724

1,368

2,160

2,751

663

1,319

2,010

2,619

624

1,188

1,924

2,480

Sales

4,721

9,083

13,653

17,704

4,331

8,732

13,336

17,432

4,190

8,370

12,892

16,939Segment
profits

899

1,626

2,449

3,023

584

1,143

1,883

2,429

591

1,126

1,927

2,540

Sales

-

-

-

-

2,842

5,536

7,893

10,208

2,586

5,171

7,544

9,798

Segment
profits

-

-

-

-

549

811

985

959

△78

△49

△74

△40

Sales

3,601

8,522

13,60018,922

3,373

6,911

11,194

14,578

3,969

7,958

13,63017,946

Segment
profits

391

1,038

1,599

2,320

427

869

1,295

1,423

435

758

1,230

1,690

Companywide fixed
costs, Goodwill etc

2,305

4,391

7,089

9,655

2,329

4,842

7,720

10,296

2,564

5,174

8,105

10,886

Oisix

Daichi

Radish Boya

PurpleCarrotOther
Business**From 2022/3, Purple Carrot has been separated from other businesses and disclosed.

95

Data Sheet：Main KPIKPI trend
2021.3
1Q
Subscribers(number)

Oisix

Daichi

ARPU（yen）
Price/
purchase（yen）
Purchase
Frequency(number)
Subscribers(number)

ARPU
（yen）
Price/
purchase（yen）
Purchase
Frequency(number)
Subscribers(number)
ARPU

Radish （yen）
Price/
Boyapurchase（yen）
Purchase
Frequency(number)

2Q

2022.3

3Q

4Q

1Q

2Q

2023.3

3Q

4Q

1Q

2Q

3Q

4Q

252,303 274,929 285,168 308,899 333,850 347,772 345,409 346,083 350,650 355,962 361,135 401,463
13,822

12,986

13,106

13,042

12,891

12,564

12,88012,166

12,302

11,892

12,257

11,873

6,748

6,201

6,315

6,215

6,098

6,057

6,220

6,096

5,970

5,934

6,174

6,010

2.05

2.09

2.08

2.10

2.11

2.07

2.07

2.00

2.06

2.00

1.99

1.98

40,141

41,361

41,13541,197

41,20541,73341,45941,68840,23440,73740,25940,77029,253

26,13526,85424,93725,63025,26826,052

23,89024,13824,49025,63723,398

9,162

8,545

8,974

8,439

8,411

8,576

8,864

8,219

8,345

8,537

9,048

8,428

3.19

3.06

2.96

2.95

3.02

2.95

2.94

2.91

2.89

2.87

2.83

2.78

62,51561,822

61,51862,751

65,32066,464

66,20665,09365,297

66,23066,43567,82523,18920,88421,00020,25920,18819,74820,137

18,79018,947

18,461

19,655

18,125

7,028

6,373

6,696

6,441

6,402

6,407

6,589

6,247

6,451

6,442

6,922

6,531

3.30

3.28

3.14

3.15

3.15

3.08

3.06

3.01

2.94

2.87

2.84

2.78

96

Effect of accounting change
on depreciation and operating expenses
Rents for New Ebina distribution center and Atsugi Refrigeration Center were accounted for as finance leases inaccordance with accounting standards. Due to the change in recorded items compared to the previous location
Differences in EBITDA and ordinary income compared to the same period of the previous year. The accounting items
have been changed from SG&A expenses to depreciation and interest expense before and after the accounting
standard change.
-after（New Ebina Ebina distribution center）-before（Applicable to centers used from 2021.3 and before）

CoGs and SG&A expenses(excluding 約5
goodwilland depreciation)

１・Due to a change in accounting standards,
from New Ebina distribution center ,Rent is excluded from SG&A expenses

CoGs and SG&A expenses
約5(excluding goodwill
and depreciation)

２

recorded as
SG&A expenses

depreciated as a finance lease,
Recording of interest expense(non-operating expenses)

Amortizationof goodwill
and depreciation expense

Sales

EBITDAOP

・Rent divided by ① isAmortizationof goodwill
and depreciation expense

Ordinary
incomeSales

EBITDAOP

Ordinary
income97

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.

98