2024.3 Financial Results
Oisix ra daichi Inc.

14 May, 2024

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

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

Table of Contents

１. FY2024.3 Financial Results
1-1. Total Performance Summary
1-2. Each Business Segment Summary

２．Strategy for Growth2-1. Business Portfolio

2-2. Business Strategy of Food Subscription Business
2-3. Business Strategy for Social Business

３. FY2025.3 Business Forecasts■ APPENDIX・DATA SHEET

2

Table of Contents

１. FY2024.3 Financial Results
1-1. Total Performance Summary
1-2. Each Business Segment Summary

２．Strategy for Growth2-1. Business Portfolio

2-2. Business Strategy of Food Subscription Business
2-3. Business Strategy for Social Business

３. FY2025.3 Business Forecasts■ APPENDIX・DATA SHEET

3

Executive Summary- FY2024.3 Financial Results【Consolidated Performance】✓

In Q4, we consolidated SHiDAX.
- Sales: 148.4 billion yen (YoY +29%)- EBITDA: 8.25 billion yen (YoY +47%) – Operating Profit 5.14 billion yen (YoY +54%)- Net Profit: 4.12 billion yen (YoY +128%, including the extraordinary profit related to the consolidation of SHiDAX)✓

We exceeded the revised plan by sales +1.40 billion yen (+1% vs. plan), EBITDA +1.05 billion yen (+15% vs. plan), andoperating profit +940 million yen (+22% vs. plan), due to lower-than-expected expenses associated with the relocation of
the ORD Atsugi refrigeration station.

【Formerly Oisix ra daich and Non-consolidated SHiDAX Performance】✓

Formerly Oisix ra daich FY2024.3 Financial Results excluding the impacts of consolidation of SHiDAX- Sales: We gained the large number of transient users gained from the extraordinary PR campaign implemented from theend of FY2023.3. Number of Oisix subscribers declined YoY to approx. 370 thousand at the end of period due to curbing
promotions. The pace of decline slowed from the previous quarter. ARPU declined YoY but improved to a certain degree
due to initiatives including shipping cost revisions in H2 period.
- OP: Profitability improved due to shipping cost revisions and COGS ratio improvement measures resulting in an increaseof 1.9 billion yen (+58% YoY).

✓

Non-consolidated SHiDAX FY2024.3 Q4 Financial Results- Sales: 31.81 billion yen (+4% YoY), mainly due to steady increase in operated facilities and vehicles in food service,social service, and vehicle operation service businesses- OP: 720 million yen (+9% YoY), despite the impact of soaring raw material prices and rising labor costs, especially inthe food service business.

【Impact on EBITDA/OP from new consolidation of SHiDAX】✓

Although non-consolidated SHiDAX OP was consolidated at 720 million yen, goodwill amortization of (470) million yen anda one-time cost of (380) million yen related to the acquisition of SHiDAX shares will have a negative impact of 130 million
yen on OP.

✓

EBITDA is +0.48 billion yen due to the deduction of goodwill amortization and depreciation.

4

FY2024.3 Financial Results Summary

Sales:Increase due to the consolidation of SHiDAX as a subsidiary (+2% YoY excluding the consolidation effect).

EBITDA :Increase of 47% YoY (+40% YoY excluding the effect of consolidation of SHiDAX) due to profitability improvement
measures and the consolidation of SHiDAX as a subsidiary.
The revised full-year forecast was significantly exceeded mainly due to lower-than-expected expenses associated with therelocation of the ORD Atsugi Freezing Station.

Sales

148.40bn yen

EBITDA（ YoY +29%）（ YoY +47%）+1% of Revised forecast of 147.0 bn yen

Operating
Profit5.14bn yen（ YoY +54%）+22% of Revised forecast of 4.2 bn yen

8.25bn yen+15% of Revised forecast of 7.2 bn yen

Profitattributable toowners of theparent4.12bn yen（ YoY +128%）+18% of Revised forecast of 3.5 bn yen

5

YoY：EBITDA/Operating Profit

EBITDA and OP increased due to product price and shipping cost revisions, promotion of cost improvement initiatives, review of
distribution operations, as well as the consolidation effect of SHiDAX.

-EBITDA (bn yen）

-OP (bn yen)

YoY

+2.66 bn yen

＋47％

YoY

＋54％

82.5

*

+1.80 bn yen

5.14
3.34

2023.3

Sales
increase

Profitability
improvement indomestic BtoC

PR
expenses

Consolidationof SHiDAX

Other
segment

Others (increase 2024.3
in fixed costs,
etc.)2023.32024.3

BtoC subscription business*Impact of new consolidation of SHiDAX on OP: (130) million yen. See P.10 for details.

6

FY2024.3 Segment Results(billion yen)
Consolidated

Sales
FY2024.3

Segment Profit
YoY

FY2024.3

PeriodProfitMargin

YoY

99.38

+1%

9.04

+23%

9.1％

(Oisix)

62.37

+5%

5.93

+40%

9.5％

(Daichi wo Mamorukai)

11.32

(8)%

1.52

+5%

13.5%

(Radish Boya)

16.59

(2)%

1.77

+5%

10.7%

9.08

(7)%

(0.19)-(2.2)%

BtoC subscription business*(Purple Carrot*)- Jan. – Dec.

USD: 64M

BtoB subscription business*

14.97+1,058%

0.38

-

2.2%

Social service business*

11.38

-

0.39

-

3.5%

6.22

-

0.40

-

6.5%

18.02

+8%

1.21

+49%

6.8%

(1.59)-(3.17)--

148.40

+29%

8.25

+47%

5.5％

Amortization of goodwill
Depreciation--(0.49)(2.61)--

Operating Profit

-

-

5.14

+54%

3.5％

Vehicle operation service business*

Other businessCorporate adjustments and expenses

Sales/EBITDA

USD: (1)M

Full Year(Apr.-Mar.)

Q4(Jan.-Mar.)
Full year for Suku suku Oisix＊Segment profit other than Other business differs from the segment figures in the financial
results of Tanshin because the effects of amortization of goodwill is deducted.

Full Year(Apr.-Mar.)

7

Domestic B2C Subscription
Subscriber Numbers
Oisix: Decreased YoY, as most of the subscribers increased due to extraordinary PR conducted from the end of
FY2023.3 were transient users and we reviewed and curbed its promotions to attract new subscribers.

Daichi wo Mamorukai : Positioned as a period for new service development and curbed PR to attract subscribers.
Radish Boya

: Continued quarterly net increase in subscribers, mainly among the target group (those with highinterest in supporting producers)- Subscriber Trend- FY2024.3 YoY
3brands total

502,424

Oisix

452,864

Daichi wo Mamorukai

412,847

Radish Boya

502,424

67,82567,82540,77040,770475,239(YoY (5)%)
Radish Boya
70,582 (+4%)
Daichi wo Mamorukai

330,725
302,094

393,829
Of these,
Kit Oisix
275,717

210,331

74,00035,943 ((12)%)137,300
111,000
96,70082,1002013.3 2014.4 2015.3 2016.3 2017.3 2018.3 2019.3 2020.3 2021.3 2022.3 2023.3

See datasheet by brand on P.43 for details.

Oisix
368,714 ((6)%)

393,829
Of these,
Kit Oisix
275,717(Reference)(参考)2023.32023.3Of these,
Kit Oisix
266,772 ((6)%)

2024.32024.38

Domestic B2C Subscription ARPU
Oisix

: Purchase frequency declined YoY, although price per purchase increased in 3Q and 4Q from theprevious quarter due to a review of service prices and a revision of shipping charges.

Daichi wo Mamorukai : Increased both per purchase price and frequency of purchases by existing subscribers.
Radish Boya

: Both purchase price per purchase and purchase frequency of subscribers decreased, partly due to anincrease in newly acquired users.

Oisix

Daichi wo Mamorukai

Radish Boya

11,644 yen

23,754 yen

16,761 yen

ー YoY (2)％ー YoY +2％

ー YoY (8)％25,48011,87319,022

18,125

11,882
11,562

18,355

11,644

11,30523,754

23,667

17,93323,39823,558

16,761
4Q

2023.3

1Q

2024.3

2Q

3Q

4Q

4Q

2023.3

1Q

2024.3

2Q

3Q

4Q

4Q

2023.3

1Q

2Q

3Q

4Q

2024.39

Non-consolidated SHiDAX Q4 Results
and Impact of New Consolidation on OP
Although OP of BtoB subscription business (food service business) declined by 140 million yen YoY due to the impact of soaring
raw material prices and other factors, social service and vehicle operation service successfully captured changes in the afterCOVID-19 business environment, and Q4 OP of SHiDAX on a non-consolidated basis increased by 60 million yen YoY.
Excluding goodwill amortization and acquisition costs, the impact of the new consolidation of SHiDAX on OP was a negative
impact of (130) million yen.
Impact of New Consolidation in
FY2024.3 (bn yen)

Non-consolidated SHiDAX OP YoY Comparison (bn yen)

+60 million yen

0.72(0.13)

2023.3
Q4

Food
Service

SocialService

VehicleOperation
Service

Other
Adjustment

2024.3Q42024.3
4Q
Amortization Acquisition costof goodwill(one-off)
Impact ofConsolidation

10

SHiDAX KPIs
FY2023.3
Food Service
No. of contract store

Beginning

May

June

July

AugustSeptember

H1

OctoberNovember December

January

February

March

End

Increase

13

1

3

4

2

4

27

2

0

1

4

6

5

Decrease

8

2

1

5

7

1

24

2

3

0

3

6

31

69

1,061

1,060

1,062

1,061

1,056

1,059

1,059

1,059

1,056

1,057

1,058

1,058

1,032

1,032

Increase

31

1

0

1

2

2

37

6

2

4

2

3

3

57

Decrease

0

2

1

0

0

1

4

2

8

1

1

7

19

42

Total
Food Service
No. of medical store

April

Total

1,056

769

768

767

768

770

771

771

775

769

772

773

769

753

753

Increase

309

17

23

17

23

13

402

19

19

18

23

17

6

504

Vehicle Operation Service
Decrease
No. of operated vehicle

237

9

8

8

8

2

272

18

20

9

8

7

8

342

Total
Social Service
No. of straff managed

3,695

3,703

3,718

3,727

3,742

3,753

3,753

3,754

3,753

3,762

3,777

3,787

3,785

3,785

Increase

939

351

333

983

743

337

3,686

136

149

433

63

254

1,907

6,628

Decrease

222

275

234

262

336

338

1,667

196

190

317

186

174

1,669

4,399

17,664

18,381

18,457

18,556

19,277

19,684

19,683

19,683

19,623

19,582

19,69819,575

19,65519,89319,893

Beginning

April

May

June

July

AugustSeptember

H1

OctoberNovember December

March

End

Total
FY2024.3
Food Service
No. of contract store

738

45

3,623

January

February

Increase

22

3

3

1

3

4

36

2

2

1

2

6

4

53

Decrease

2

3

2

6

2

3

18

0

8

1

2

7

19

55

1,052

1,052

1,053

1,048

1,049

1,050

1,050

1,052

1,046

1,046

1,046

1,045

1,030

1,030

25

2

3

1

4

5

40

2

3

5

1

3

4

58

Total

1,032

Increase
Food Service
No. of medical store

Decrease
Total

753

Increase
Vehicle Operation Service
Decrease
No. of operated vehicle

Total

3,785

Increase
Social Service
No. of straff managed

Decrease
Total

19,893

1

3

1

3

3

4

15

2

2

2

0

3

21

45

777

776

778

776

777

778

778

778

779

782

783

783

766

766

283

22

21

30

24

25

405

43

17

19

18

7

4

513

202

15

4

21

12

7

261

23

24

9

25

8

8

358

3,866

3,873

3,890

3,899

3,911

3,929

3,929

3,949

3,942

3,952

3,945

3,944

3,940

3,940

1,210

514

1,433

1,208

1,261

747

6,373

291

313

325

200

266

377

8,145

309

233

247

278

357

364

1,788

1,240

398

501

1,123

218

287

5,555

20,794

21,07522,261

23,191

24,09524,47824,47823,52923,44423,26822,34522,39322,48322,48311

Sustainability Activities- Reduction of CO2 Emissions and Food Loss
CO2 emission: Maintain low level of CO2 emissions (Scope 1 and 2) emitted by the company. We will consider future activities,
including those of SHiDAX.
Food loss: Steadily increased reductions through efforts such as promoting the use of harvested products and previously
unutilized food ingredients in Kit Oisix.

Reduction of Food Loss

Reduction of CO2 emissions✓ The company's CO2 emissions (Scope 1 and 2) are lower
than those of a typical retailer because it has no stores andwe have completed the switch to 100% renewable energy
in FY2023.3.
(Oisix ra daichi Only)✓ Food loss in ORD's distribution is as low as about
0.2%, and we focus on activities to reduce food loss atthe place of origin and processing, and at home.
✓ Steady increase in food loss reduction since FY2022.3,
when initiatives to reduce food loss began in earnest✓ Considering activities to reduce emissions under a new
structure that includes SHiDAX✓ "Upcycle by Oisix" strengthens development of Kit
Oisix products and collaborative products with othercompanies, selling 54 new products per year.

- Scope 1,2 CO2 Emission Trend- Amount of Food Loss Reduction

Unit: t-CO2e (Oisix ra daichi only)

8,155
5,732

Completed switch to 100% renewable energy forelectric power
Maintained approx. 80% reduction in in-house
CO2 emissions

Scope 2

Scope 1

2,383

2022.31,151
2023.3

Approx. 480t

Approx. 500t

Approx. 300t

1,549

2024.32022.32023.32024.312

Sustainability Activities- Support for the Noto Region Earthquake
The company entered the disaster area on January 1, 2024, and continued to provide hospital meals in the affected area incooperation with new group companies, including SHiDAX.
Tokushimaru, which has been active in the affected areas since immediately after the earthquake, has also provided ongoingsupport, such as operating outside of evacuation shelters.
Support activities immediately after the earthquake✓ Maintaining the provision of hospital meals, distributing
relief supplies free of charge, and using in-house logistics todeliver supplies to areas where shipments have beensuspended.

Ongoing Support✓ Mobile supermarket Tokushimaru continues to provide
support for disaster victims in areas other than evacuation
shelters, distributing free sweets and organizing events forpeople to enjoy cherry blossom viewing.

✓ Group companies work together in a flexible manner▲Provide meal in evacuation shelter▲ Moved to non-shelter area to provide support

13

Table of Contents

１. FY2024.3 Financial Results
1-1. Total Performance Summary
1-2. Each Business Segment Summary

２．Strategy for Growth2-1. Business Portfolio

2-2. Business Strategy of Food Subscription Business
2-3. Business Strategy for Social Business

３. FY2025.3 Business Forecasts■ APPENDIX・DATA SHEET

14

Business Portfolio of
the New Oisix ra daichi Group＋
Current Business Portfolio(A) Food Subscription Business
Domestic BtoC Subscription Service(Home meal delivery)

Sales
approx. 90.0 bn yen
No. of Subscriber
approx. 470 thousand

BtoB Subscription Service(Meal service)

Sales
Approx. 55.0 bn yen

Driving growth as acore business thatsolves social food issues(B) Social BusinessSocial Service(Municipal outsourcing business)

Sales
approx. 45.0 bn yen

Vehicle Operation Service(Vehicle outsourcing business)

Sales
approx. 25.0 bn yen

Growth by solving
society's labor shortage
issues(C) Solution Business
Other Company EC support Service
Retail Media Service

Sales
approx. 10.0 bn yen

Secure earnings as asource of growth

Sales of New Oisix ra daich Group including Other Business: approx. 240.0 bn yen
FY2024.3 Full year sales (SHiDAX also converted to full year results)

15

(A) Food Subscription Business①BtoC, ②BtoB Growth Model(A) Food Subscription BusinessWe aim for total sales of 300 billion yen in FY2030.3
through organic growth of 80 billion yen and discontinuous
growth of 75 billion yen from 145 billion yen in sales in
FY2024.3.
①Domestic BtoC Subscription Service
FY2030.3

Sales

160.0 200.0 bn yen

90.0

Organic Growth(CAGR10%*1)+700

Discontinuous
Growth+400①Domestic BtoC Subscription Service■Organic Growth✓ Among the main target of dual-earnerhouseholds with children, existing members
account for about 5%*3 and there is ample
room for expansion.

■Discontinuous Growth✓ We are seeing a customer base that is looking
for shorter meal kits, and we will broaden ourtarget by further evolving our shortening time
products.

②BtoB Subscription Service■Organic Growth②BtoB Subscription Service
Sales
staff canteen
nursery school
hospital food service
elderly facilities

55.0

FY2030.3

65.0

Organic Growth（CAGR2%*2）+100

100.0 bn yen
Discontinuous
Growth+350✓ Continued gradual increase in the market foroutsourced school lunch services against a
backdrop of labor shortages, etc.

■Discontinuous Growth(B) Social Business✓ Establish and respond to a small-group
operation model through the use of commercial
meal kits, leveraging strengths cultivated in thedomestic BtoC subscription service.

(C) Solution Business✓ Aiming for growth through M&A as theindustry merges.
*1: FY2020.3 - FY2024.3*2: FY2021.3 - FY2024.3*3: Estimated 7 million two-parent households

16

(A) Food Subscription Business①BtoC, ②BtoB Growth ModelIn FY2025.3, we will first create an environment that generates synergies with SHiDAX and refine acquisition
methods and products for the re-growth of Oisix.
From FY2026.3 onward, the two businesses of domestic BtoC and BtoB subscription services will drive renewed
growth, aiming for total sales of 300.0 billion yen in FY2030.3.

FY2030.3②BtoB Subscription Service

Domestic BtoC＋BtoB

300.0 bn yen

Discontinuous
GrowthOrganic Growth（CAGR2％*2）

35.0

Aiming for sales of 100.0 billion yen byleading a new school lunch model

65.0
FY2024.3①Domestic BtoC Subscription Service

Approx. 145.0 bn yen
including full year result of FoodBusiness in SHiDAX

BtoB
55.0

40.0

Discontinuous
Growth160.0

Organic Growth（CAGR10％*1）

Domestic
BtoC
90.0
Environmental
Improvement Period

Aiming for 1 million subscribers(370,000 at the end of FY2024.3) andsales of 200.0 billion yen by expanding
recognition among main targets andexpanding targets through product andservice evolution.

Growth Period*1: FY2020.3 - FY2024.3*2: FY2021.3 - FY2024.3

17

(A) Food Subscription Business
Future Development Model (③,④)(A) Food Subscription Business
Product
Development④
Next Gen Food

Retail (BtoC) Business①Domestic BtoC Subscription Service(Food Tech Product)
Product
development tocreate future
demand②BtoB Subscription Service③Overseas BtoC Subscription Service✓ Aiming to expand globally with Purple Carrot,a plant-based meal delivery company in the
U.S.
✓ Purple Carrot has established a fulfillment andmarketing structure and moved into thesubscriber acquisition phase starting in
FY2025.3③Overseas BtoC Subscription Service

Sales▲Plan based meat

▲Upcycle*

9.0 bn yen④Next Generation Food
(Food Tech Product)✓ Develop and sell products that create future
demand, such as private brand's plant-based
meat "P-Meat"(B) Social Business(C) Solution Business* Products that add value to previously discarded items and upgrade them.

18

(B) Social Business(B) Social Business①Social Service (Municipal outsourcing business)(A) Food Subscription Business
250①Domestic BtoC Subscription Service④Next Gen Food
(Food Tech Product)②BtoB Subscription Service③Overseas BtoC Subscription Service■Business Overview✓ Businesses for municipalities that operate and manage
tourist facilities, school meals, etc., in addition to childcare
for schoolchildren, where we are the No. 1 player.
■Future Prospects✓ The outsourcing market is steadily growing due torising costs and labor shortages in government services
caused by the declining birthrate and aging population.

(B) Social Business①Social Service (Municipal outsourcing business)
Sales

45.0 bn yen②Vehicle Operation Service (Vehicle outsourcing business)

25.0 bn yen
More than 3,900
vehicles undermanagement(C) Solution Business▲ Library Management② Vehicle Operation Service (Vehicle outsourcing business)More than 2,600
facilities undermanagement

Sales▲Care of Schoolchildren■Business Overview✓ Provides vehicle fleet management services, such as
operation of route buses and community/demand/schoolbuses, in addition to executive vehicles, which are in thedominant No. 1 position.
■Future Prospects✓ Demand for school buses/community buses is on therise as drivers age and bus routes are withdrawn orconsolidated✓ Consider accepting local version of ridesharing(demand buses)▲ Executive Vehicles▲School Bus

19

(C) Solution Business(A) Food Subscription Business250④Next Gen Food
(Food Tech Product)(C) Solution Business①Domestic BtoC Subscription Service①Other Company EC support Service②BtoB Subscription Service■Business Overview✓ Support other companies' businesses by utilizing ourfacilities and know-how (logistics warehouse,marketing, procurement capabilities, etc.)③Overseas BtoC Subscription Service■Future Prospects✓ Differences in accessibility and product assortment
for shopping by region, uncovering the need for an ecommerce online department store shopping experience
outside of urban areas.

(B) Social Business②Retail Media Service(C) Solution Business■Business Overview✓ Operate advertising space on BtoC order sites andproduct bundling to provide useful information tocustomers.

Sales 10.0 bn yen①Other Company EC
support Service②Retail Media Service▲ EC sitemanagement, shipping▲ Operation of flyers
bundled with products■Future Prospects✓ Increased need for efficient approach methods(customer databases, channels for reliable reach, etc.)
to meet diversifying consumer needs.

20

Table of Contents

１. FY2024.3 Financial Results
1-1. Total Performance Summary
1-2. Each Business Segment Summary

２．Strategy for Growth2-1. Business Portfolio

2-2. Business Strategy of Food Subscription Business
2-3. Business Strategy for Social Business

３. FY2025.3 Business Forecasts■ APPENDIX・DATA SHEET21

Food Subscription Business

Growth Strategy Leveraging
Synergies Between BtoC and BtoB

Social Business
Solution BusinessIn the BtoC subscription domain, Oisix has expanded its business by shifting the perception of "shortening time" from"shortening time = easy but cut corners" to "premium shortening time" experience, which is not only shortening time but alsopremium. In the BtoB subscription domain as well, Oisix will realize both a response to labor shortages and an increase in added

value by developing the value of "premium shortening time" in the BtoB subscription domain as well.

BtoB Subscrpiton Service(Meal Service)
Diverse families can easily achieve fun and healthy eating habits.

Define and provide "good school lunches" that arechosen by facilities and end users

Plenty of vegetables can betaken without being
conscious of their health.

Glamorous enough to upload
on social networking sites.

- Nursery SchoolChildren's Body Building- Staff Canteen
Improve employee health andproductivity- Hospitals
Patient Recovery- Elderly Facilities
Lifelong Well-Being

Manufacturing
and development

capabilities

Premium

Premium

The joy of a handmade
experience for the wholefamilySocial actions that can reducefood loss at home and in the
production area

Satisfaction
Improvement
Know-how+

Shortening
time

Shortening
time

Creation of extra time for home cooks+

Realization of work execution by saving
manpower in response to manpower shortage inthe corporation

Expand business in both BtoC and BtoB by introducing "premium shortened hours" to BtoB subscription service(meal service) and revolutionizing the industry.
22

Food Subscription Business

Strengths that Create Synergy
Between BtoC and BtoB

Social Business
Solution Business

Both home delivery and meal service are subscription models that provide different menus to the same customers throughstable procurement. We will leverage the strengths we have honed in the BtoC subscription domain to achieve "premium
shortening time" in the two areas.

manufacturing
plant

ProducerBtoC◆Meal Kit
Personnel
Kit Oisix

Customers◆Menu
Development
・Collaboration
・For Vegan
・Original Dish

+

↑

↑

B
t
o
B

Logistics

Commercial
Meal Kit

・ Menu for childcare,
hospitals, and otherconsiderations for
those who need to betaken into accountNursery
SchoolHospital

High-quality, low-costbulk procurement

Our
Strengths

Procurement capabilities
based on highly accurate
demand forecasting using a
subscriber model

Manufacturing
facilities for inhouse products
Ability to develop andmanufacture meal kits andoriginal prepared foods
using our own facilities

Ability to adjust to
reduce waste
Ability to adjust supply
and demand throughweb-based sales
promotions according tocrop growth conditions

Brand Strength
Brand strength
through thedevelopment of BtoC
services specializingin "premium

Understanding
Customers
Providing meals based onan understanding ofneeds deepened throughrepeated meal service.

DX promotion through system construction capabilities cultivated through the operation of BtoC services

23

Food Subscription Business

Examples of Synergy Creation
to DateSocial Business
Solution BusinessNew contracts through synergy are in progress at each BtoB subscription (meal service) facility.
Aiming for business growth by providing services chosen by end-users based on "premium shortening time" know-how cultivatedin the BtoC subscription business.

Care of Schoolchildren

Nursery School The introduction of Oisix's commercial meal kits has enabled the company toexpand its business to facilities it had been unable to approach before, and 19
facilities have been confirmed to have adopted the kits.

Elderly Facilities✓ Adopted by Benesse's fee-based
nursing home, resident to be
confirmed fastest in the series.

✓ Second spring break test ofproviding lunch boxes during longvacations at 13 facilities nationwide

Staff Canteen

Outdoor event facilities (ballpark)✓ Collaboration menu using meal kits
was highly supported by customers.

✓ Oisix Niigata Albirex BC to serve menus
supervised by a certified sports nutritionist
from SHiDAX at its ballpark in kitchen cars.

24

Prospects for Synergy Creation
in FY2025.3

Providing school lunches
using Oisix ingredients✓ Plans to establish a situation in which food ingredientscan be introduced to elderly facilities, staff canteens,nursery schools, etc., mainly in the Kanto area during
FY2025.3, without raising the price of food ingredients.

Food Subscription BusinessSocial Business
Solution Business

Full-scale rollout of lunchboxes in care of schoolchildren
during long vacations begins✓ Full-scale development will begin during thesummer vacations of 2024. We plan to offer morethan 100,000 meals at approximately 500 facilities.

25

BtoC Subscription Service
FY2025.3 Strategy

Food Subscription BusinessSocial Business
Solution Business

Regarding Oisix, our mainstay business, we view FY2025.3 as a phase to test hypotheses based on the knowledge we havegained in response to the after-COVID-19, and we will solidify the foundation of activities as a period to prepare for renewed
growth.

１

Product evolution "Premium x ultra-shortening time"２

Establish efficient new subscriber acquisition methods

３

Launch of the first course for specific needs"Healthcare Oisix" created with cancer patients26

Food Subscription Business

BtoC Subscription Service FY2025.3 Strategy①Product Evolution

Social Business
Solution Business

Against the backdrop of the growing need for shorter cooking times in the home, Oisix has developed a wide range of "premiumx "ultra-shortening time" products that are a further evolution of the premium shortening time products that Oisix has offered in

the past.

■Launch of "Deli Oisix"
Launch of "Deli Oisix," a super-time saving service thatis ready just by taking it out of the refrigerator andheating it up.

■ Evolution and Super Shortening Time of Meal Kits
✓ Expansion of local menus and collaboration menus withcelebrities and TV programs✓ Development of menus that can be completed without theuse of cooking utensils.

✓ Aim to achieve a cumulative total of 10 million meals
sold by the end of FY2027.3✓ Users' spending per purchase in the first week of launch
is 1.5 times the average of all subscribers.

■ Development of ultra-short-time products such as boxed lunches✓ A plate of three microwave-cooked side dishes for a meal by
yourself or as a snack.

27

Food Subscription Business

BtoC Subscription Service FY2025.3 Strategy②New Subscribers Acquisition③Start Courses for Specific Applications

Social Business
Solution Business②New Subscribers Acquisition③Start Courses for Specific Applications

NEW

Develop efficient subscriber acquisition and communication

New course on dietary support for cancer patients.

methods in H1 and begin full-fledged subscriber acquisition

Plans to launch other courses for specific needs as thisagain in H2 and beyond.

course progresses.

✓ Development of promotion-efficient acquisition methods✓ First of a series of courses for specific needs, "HealthCare Course" for cancer patients, launched today (May 14).

-

Leverage media such as TikTok and affiliates that we have notbeen focusing on.
Review of communication with customers after purchasing trial
sets.

✓ Increased recognition rate and quality-

Awareness of Oisix is 51%, including light users, and we will
increase the awareness rate.
The number of people who are aware of Oisix and intend to use it
is low at 12%, but the evolution to "premium x "ultra-shorteningtime" will increase the number of people who intend to use Oisix.

-

Developed with more than 30 medical professionals and 15
patient support groups
At the same time, we plan to establish the "Institute of
Eating Habits to Support Cancer Treatment" to conductclinical research and disseminate evidence on dietary habits
and treatment.

✓ Japan's first dietary support service for cancer patients■ Awareness of Oisix and intention to use Oisix
Do not know
Oisix (49%)

increase theawareness rate

Know Oisix(51%)
Intend to use Oisix(12%)

Broaden the base ofpeople who intend touse the product.

28

BtoB Subscription Service
FY2025.3 Strategy

Food Subscription BusinessSocial Business
Solution BusinessIn the BtoB subscription service (meal service), to address the "labor shortage" and "rising raw material costs,"
which are issues facing the industry as a whole, we will improve profitability through labor savings and pricerevisions, and on top of that, build a weapon that enables discontinuous growth by leveraging Oisix's productprocurement and development know-how.

１

Eliminate labor shortages by saving manpower and improving
compensation

２

Eliminate loss-making & low-profit stores through appropriate
price revisions

３

Create a weapon for discontinuous growth through the use of
Oisix food ingredients29

Food Subscription Business

BtoB Subscription Service
FY2025.3 Strategy

Social Business
Solution Business①Eliminate labor shortages by②Eliminate loss-making &③Create a weapon forsaving manpower andlow-profit stores throughdiscontinuous growth throughimproving compensation

appropriate price revisions

the use of Oisix food ingredients✓ Build labor-saving operations✓ Price review due to price✓ Introduction of menus using

through meal kits and fully pre-hikes, etc., in response to

Oisix standard vegetables

prepared food production

soaring raw material prices.

✓ Improved employee✓ Review of low profit & loss

compensation, including base salaryterms or withdrawal

increases for the first time inapproximately 20 years✓

Menu development using Oisix's

popular celebrity and restaurant
collaboration menus and the knowhow of group companies

30

Table of Contents

１. FY2024.3 Financial Results
1-1. Total Performance Summary
1-2. Each Business Segment Summary

２．Strategy for Growth2-1. Business Portfolio

2-2. Business Strategy of Food Subscription Business
2-3. Business Strategy for Social Business

３. FY2025.3 Business Forecasts■ APPENDIX・DATA SHEET

31

Food Subscription Business

Solution Service
FY2025.3 Strategy

Social Business
Solution BusinessSocial Service(Municipal outsourcing business)

Vehicle Operation Service(Vehicle outsourcing business)✓ The industry's overwhelming No. 1 provider of careof schoolchildren achieves 20% growth in sales✓ Expansion of the industry's No. 1 executive vehicle
fleet management service

⁻⁻

The private outsourcing market is expanding due in part to thegovernment's policy aimed at strengthening measures for care ofschoolchildren.
No. 1 track record in public and private childcare services forchildren (more than 2,000 units) and expansion of the number ofcontracts by offering new value-added services, such as lunch✓ School meal service business, the No. 2 group in theindustry, is expected to grow 10% in sales.
⁻⁻

Municipalities’ needs for improving operational efficiency are
growing even higher
Realization of streamlining across business domains, unique toour company with experience in a wide range of outsourced
operations

Outsourcing rate is on the rise, but labor shortage is an issue.
Securing drivers by improving compensation, and continuing toacquire new drivers based on the overwhelming No. 1 numberof vehicles managed and track record in the industry✓ Expansion of community bus/demand bus operation
contract to serve as a local transportation system⁻Outsourcing rate of school meal preparation continues to rise

✓ Expansion of comprehensive outsourcing services formunicipalities utilizing a broad service lineup, including
management of facilities such as libraries and roadsidestations⁻⁻⁻

Increased demand for demand/school buses due to theelimination or withdrawal of bus routes in rural and theprogress of plans to consolidate elementary and junior highschools✓ Consideration of local version of ridesharing business⁻

Based on the industry's No. 1 track record in vehicle fleet
management, promote the study of providing solutions formobile refugees, who are facing challenges especially in rural
areas.

32

Table of Contents

１. FY2024.3 Financial Results
1-1. Total Performance Summary
1-2. Each Business Segment Summary

２．Strategy for Growth2-1. Business Portfolio

2-2. Business Strategy of Food Subscription Business
2-3. Business Strategy for Social Business

３. FY2025.3 Business Forecasts■ APPENDIX・DATA SHEET33

FY2025.3 Business Forecasts

Sales

Operating
ProfitExpenses
expected to be
incurred on an
ongoing basis

255.0 bn yen
ー YoY +72%

7.0 bn yen
ー YoY +36%
EBITDA→OP
Amortization of goodwill: 1.8 bn yen
Depreciation: 2.2 bn yen

EBITDA

Profitattributable toowners of theparent11.0 bn yen
ー YoY +34%

3.2 bn yen
ー YoY (23)%

OP→Profit attributable to owners of the parent
Interest expenses: 0.3 bn yen※ 34% of net income of SHiDAX is net income
attributable to noncontrolling interests34

YoY：EBITDA/Operating Profit
EBITDA and OP increased, partly due to three quarters of additional profits from each of the newly consolidated
businesses (BtoB subscription service, Social service, and Vehicle operation service), despite an increase in fixed
costs due to the contribution of the consolidation impact of SHiDAX.
-EBITDA (bn yen)

-OP (bn yen)

YoY

＋34％
＋2.75

YoY

＋36％
＋1.86

11.00
7.00
5.14

2024.3

BtoC
BtoB
subscription
subscription

Socialservice

VehicleOperation
service

Other

Amortization 2025.3
Corporate of goodwill
expenses Depreciation

2024.32025.335

FY2025.3 Segment Results Forecast(billion yen)

Sales

Segment Profit

FY2025.3

YoY

FY2025.3

ProfitMarginYoY

100.00

+1%

9.10

+1%

9.1％

(Oisix)

61.00

(2)%

6.00

+1%

9.8％

(Daichi wo
Mamorukai)

11.00

(3)%

1.45

(5)%

13.2%

(Radish Boya)

17.00

+2%

1.80

+1%

10.6%

11.00

＋21%

(0.15)-(1.4)%

BtoC subscription business*(Purple Carrot*)- Jan. – Dec.

USD: 73M

BtoB subscription business*

66.60

+345%

2.40

+530%

3.6%

Social service business*

51.30

+351%

2.45

+519%

4.8%

Vehicle operation service business*

25.90

+312%

2.75

+583%

10.6%

Other business

11.20

(38)%

1.20

(1)%

10.7%

-

△69.0

-

-

255.00

+72%

11.00

+34%

4.3％

Amortization of goodwill
Depreciation--(1.80)(2.20)--

Operating Profit

-

-

7.00

+36%

2.7％

Corporate adjustments and expenses

Sales/EBITDA

USD: △1M＊Segment profit other than Other business differs from the segment figures in the financial
results of Tanshin because the effects of amortization of goodwill is deducted.

36

Domestic B2C Subscription
Subscriber Numbers Forecast

488,500（approx. +13,000）

502,424475,239452,864

67,82570,58265,093

40,77035,94340,758Radish Boya

Radishapprox. +6,400

77,000Daichi wo Mamorukai

Daichi36,500approx. +500
Oisix

346,083

393,829368,714approx. +6,300
2022.32023.32024.3Oisix
375,000

2025.3(Forecast)37

Acquisition of Treasury Stock- Approach to Cash Allocation<Approach to Cash Allocation>
1.

Of the 11-13 billion yen per year cash generation over the next few years, the basic policy is to allocate 3.54.5 billion yen of surplus cash, excluding taxes, repayment of loans and other ordinary expenses, toinvestment for growth (*).
2.

In FY2024.3, we made major growth investments (making SHiDAX a consolidated subsidiary and investingin ORD Atsugi Freezing Station), but in FY2025.3, we will focus on soft investments such as "re-growth of
BtoC subscription service (product development and marketing)" and "synergy creation with SHiDAX(business integration, premium shortening time of BtoB subscription service, etc.)".

3.

In light of the above situation, we raise the efficiency of shareholders' equity by repurchasing our own
shares this time, and also expect to use the shares acquired and held for future M&A, etc.

* Main growth investment areas
1 BtoC subscription service:development of new services, advertisement investments, system investments,
logistics systems and facility enhancements, etc.

2 BtoB subscription business: M&A for business expansion, strengthening of logistics and manufacturingfunctions, etc.
The equity ratio is expected to recover to around 25% within a few years as future profits increase.

(Equity ratio at the end of FY2024.3: 20.2%)

38Acquisition of Treasury Stock- Reason and details of the repurchase<Reasons for acquisition of treasury shares>
Based on the concept of cash allocation, we aim to improve capital efficiency and enhance shareholder returns.
<Details of the acquisition>(1) Class of shares to be acquired:

Common stock(2) Total number of shares to be acquired: Up to 1,825,000 shares(Equal to 5.0% of total issued shares excluding treasury shares)(1) Total amount of shares to be acquired: Up to 3,000 million yen(2) Acquisition method:

Market purchase on the Tokyo Stock Exchange(3) Acquisition period:

May 15, 2024 ~ October 31, 2024

39

マスター タイトルの書式設定

DATA SHEET・ APPENDIX

Change in reportable segment
Beginning with the current fiscal year, we changed the segment profit calculation method and reportable segments, taking theopportunity of making SHiDAX a consolidated subsidiary to reconfigure its business portfolio and the associated performance
evaluation and analysis indicators by the Board of Directors.

① Change in segment profit calculation method✓ Newly include in segment costs a portion of personnel
and other costs that were not previously included.
✓ No change in operating profit because the above costs
were recorded as fixed costs (adjustments)

Until FY2024.3 Q3
Accounts
item

COGS

Cost of goods (purchased,
manufactured), disposal.

SG&A

Shipping cost, center cost, sales
promotion cost.

Operating Profit

Name
Change &Integration

BtoC subscription

New

BtoB subscription(Daichi wo Mamorukai)Home Delivery(Purple Carrot)

New

Personnel expenses for backoffice departments, recruitment,
head office rent, etc.

New
Segment
ProfitSocial Business
Care of schoolchildren
Public school lunch service
Social service

Personnel expenses for businessplanning departments, etc.

Others(including Suku suku
Oisix (nursery school
wholesales))Home Delivery (Oisix)
Home Delivery (Daichi)
Home Delivery (Radish)Home Delivery (Purple
Carrot)Contract Food
Medical Food
Suku suku Oisix
Other

Home Delivery(Radish Boya)

Contribution Profit

Fixed Cost

Home Delivery(Oisix)Home Delivery

Remarks(Major items)

Marginal Profit
FormerSegment
ProfitFY2024.3 Q4 onwards

Until FY2024.3 Q3FY2024.3 Q4 onwards

Sales

Personnel
Cost②Change in reportable segment

New
Reclassification

Vehicle Operation Business
Executive vehicle management
General vehicle management
Passenger transport

Other
41

(Reference) FY2023.3 Segment Performance
Figures after change of segment profit definition(billion yen)

１
Sales

(Reference)
Former Segment Profit

New Segment Profit

FY2023.3

ProfitMarginFY2023.3

Changes in Segment Results

ProfitMargin2023.3① Segment profit definition

98.46

7.34

7.5％

12.54

12.7％

(Oisix)

59.41

4.23

7.1％

7.56

12.7％

(Daichi wo
Mamorukai)

12.34

1.45

11.8%

2.48

20.1%

(Radish Boya)

16.93

1.69

10.0%

2.54

15.0%

(0.4)%(0.04)(0.4)%

BtoC subscription business*

9.76(0.04)

USD: 74M

USD: (0)M

1.29(0.00)(0.5)%

0.11

8.6%

Social service business*

-

-

-

-

-

Vehicle operation service business*

-

-

-

-

-

16.65

0.84

6.9%

1.57

9.4%

(1.23)(2.58)-(8.64)-

115.17

5.59

4.9％

5.59

4.9％

Amortization of goodwill
Depreciation-(0.26)(1.98)-(0.26)(1.98)-

Operating Profit

-

3.34

2.9％

3.34

2.9％

(Purple Carrot*)- Jan. – Dec.

BtoB subscription business*

Other business*
Corporate adjustments and expenses

Sales/EBITDA

2

USD: (0)M(Old) Marginal profit perbusiness(New) Contribution profit
per business*See P.41 for details.

②Reportable Segment
The results of each brandin the BtoC subscription
service are managed as a
sub-segment.
Change the segment ofnursery school wholesale
business (Suku suku
Oisix).
*See P.41 for details.

＊Segment profit other than BtoC subscription business differs from the segment figures in thefinancial results of Tanshin because the effects of amortization of goodwill, etc. are deducted.

42

Data Sheet：Main KPIKPI trend
2022.3
1Q
Subscribers(number)

Oisix

Daichi

RadishBoya

2Q

2023.3

3Q

4Q

1Q

2Q

2024.3

3Q

4Q

1Q

2Q

3Q

4Q

333,850 347,772 345,409 346,083 350,650 355,962 361,135 393,829 396,709 398,958 380,075 368,714

ARPU
（yen）

12,891

12,564

12,88012,166

12,302

11,892

12,257

11,873

11,882

11,305

11,562

11,644

Price/
Purchase
（yen）

6,098

6,057

6,220

6,096

5,970

5,934

6,174

6,010

5,949

5,910

6,214

6,274

Purchase
Frequency(monthly)

2.11

2.07

2.07

2.00

2.06

2.00

1.99

1.98

2.00

1.91

1.86

1.86

Subscribers(number)

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

36,40235,943

ARPU（yen）

25,63025,26826,052

23,89024,13824,49025,63723,39823,66723,55825,48023,754

Price/
Purchase
（yen）

8,411

8,576

8,864

8,219

8,345

8,537

9,048

8,428

8,523

8,652

9,182

8,503

Purchase
Frequency(monthly)

3.02

2.95

2.94

2.91

2.89

2.87

2.83

2.78

2.78

2.72

2.78

2.79

Subscribers(number)

65,32066,464

66,20665,09365,297

66,23066,43567,82568,477

69,40070,23370,582

ARPU（yen）

20,18819,74820,137

18,79018,947

18,461

19,655

18,125

18,355

17,93319,022

17,174

Price/
Purchase
（yen）

6,402

6,407

6,589

6,247

6,451

6,442

6,922

6,531

6,641

6,684

7,035

6,423

Purchase
Frequency(monthly)

3.15

3.08

3.06

3.01

2.94

2.87

2.84

2.78

2.76

2.68

2.70

2.67

43

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

Sales (billion yen)
EBITDA margin

October 2018
Merged with Radish Boya

8.9%

January 2024
Merged with
SHiDAX
April 2020
Listed on TSE 1st(currently PRIME)

148.4

5.9%

October 2017
Merged with Daichi wo
Mamorukai

113.4

5.6%
4.6%

4.9%

4.9%
4.3%

5.1%

5.6%

100.0

4.2%

5.5%
64.0

March 2013
Listed on TSE Mothers

115.1

4.9%

71.0

39.9
14.5

15.9

18.0

20.1

23.0

2013.32014.32015.32016.32017.32018.32019.32020.32021.32022.32023.3* EBITDA＝Operating profit ＋ depreciation + amortization

2024.344

Enhance Profitability- ①Improvement of COGS

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

- Food Rescue Center- Kit manufacturing plant

Example of Conventional Food Loss
- good harvest- Uneven shape

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

Examples of Application

Speedyprocessing andvalue-added

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

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

possible via packaging and other technologies.

✓ Acceleration of in-house processing▲Paprika with scars

via expansion of manufacturing capacity.
▲Upcycle Products▲tips of eggplant45

Enhance Profitability- ② Logistics Efficiency
ORD Ebina Refrigerating Station (refrigerator) has moved to a phase of improving profitability.
We work to improve logistics costs by relocating of ORD Atsugi Freezing Station (frozen) and taking other initiatives toimprove logistics efficiency.
2023.3

Logistics Fee Rate

Shift to profit
improvement phasefrom 3Q 2023.3

2024.32025.3

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

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

Mar. 2021
LevelsRelocation &Operating Costs

ORD Atsugi
Freezing Station

Increased migration costs

0.4~0.5bn yen

depreciation：approx. 0.9bn yen／year
Interest expense：0.1bn yen／year46

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

Producers

Customers

Oisix ra daichi

Oisix

Our Strengths

With Producers
Direct Network

3

Daichi wo
Mamorukai

Regular delivery

Procurement

１

Radish Boya

2

Subscription
Marketing

One of the largest in Japan
Food x Subscription distribution center and meal kit manufacturing plant47

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

Households who want toenjoy cooking

Senior householdwith two people

Meals that can be boasted
without taking time

Contributing to society
through cooking

Easy feeling of health

Producers48

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

Specialty

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
49

Joint Management with SHiDAXTOB for SHiDAX with SHIDA HD as the purchaser commenced on Nov. 13, 2023, and we tendered its sharesin this TOB
Subsequently, we subscribed for 66% of SHIDA HD shares through a third-party allotment, and the founding
family of SHiDAX and we are now united in joint management of SHiDAX.

B2C subscription business withover 500,000 domestic homedelivery subscribers

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

×Become one of the largest food subscription companies
in Japan with B2B and B2C business50

Joint Management with SHiDAX

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

Sales: approx.

240.0 bn yen

No. of meals served per year

Approx.

500 mn meals

OP: approx. 7.6 bn yen

No. of annual service users

No. of clients served

Approx.

2,000 companies

Approx.

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

No. of employees: approx.

37,000 people* Simple total of both companies' 2023.3 results51Collaboration with SHiDAX①Food Service Business: Market Overview

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

Risk

Opportunities

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

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

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

Meal Service Market Size*

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

・・・
2018 2019 2021

Timing of Industry Transformation*Source: Yano Research Institute Ltd.

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Collaboration with SHiDAX①Food Service Business: Productivity Enhancement

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

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

Cooking Time
Approx.

30％ reduction

Before introduction

8.5 hours

Food and Labor Costs
Approx.

18％ reduction

After introduction

6 hours

Labor
Cost

Labor
Cost

Food
Cost

Food
Cost

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

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Collaboration with SHiDAX①Food Service Business: Satisfaction Improvement

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

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

Eating Up Ratio+6％

After introduction
Before introduction

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

70％

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Collaboration with SHiDAX①Food Service Business: Value Added Examples

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

Large-scale employee cafeteria

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

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

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

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

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

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Collaboration with SHiDAX②Social Service Business: Value Added Examples

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

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

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

▲Offer Oisix-standard lunch menus

56Collaboration with SHiDAX③Building up B2B2C Business Model

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

B2B
Hospital/Nursery School

Provide meals after
returning home

B2C
Home

Proactive selection offacilities offered

Expanding opportunities to approach food and life

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

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

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

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