Oisix ra daichi Inc.
Q2 Financial Results Briefing for the Fiscal Year Ending March 2023
November 10, 2022

Event Summary[Company Name]

Oisix ra daichi Inc.

[Company ID]

3182-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q2 Financial Results Briefing for the Fiscal Year Ending March 2023

[Fiscal Period]

FY2022 Q2[Date]

November 10, 2022

[Number of Pages]

38[Time]

16:00 – 16:59(Total: 59 minutes, Presentation: 29 minutes, Q&A: 30 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers][Analyst Names]*

1
Kohey Takashima

Representative Director, CEO

Hideki Sumi

Tokai Tokyo Research Institute*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A.

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Presentation
Shibamoto: The time has come to start the briefing. Thank you very much for taking time out of your busy
schedule to participate in Oisix ra daichi Inc.’s briefing on the financial results for Q2 of the fiscal year ending
March 31, 2023. I am Mr. Shibamoto of the Corporate Planning Department, and I will be moderating today.
Thank you for your cooperation.
Today's briefing will be divided into two major parts. In the first half, Representative Director Takashima willreport on our mid-term financial results and the growth strategy for about 30 minutes. After that, we will
move on to the Q&A session with the participants.
We will now begin.

Takashima: Hello, everyone. Thank you very much for joining us today. A lot has happened this year, and insome respects, it has been a hectic time, starting the year with the problems at distribution centers and thenthe TOB-related issues. I would like to focus on the performance of our core business from April to October.
Today's presentation is structured as follows.
First, I would like to talk about H1 results and the progress of our strategy, and then I will explain our businessexpansion strategy using two examples. Finally I will introduce a few topics of interest.

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First, the results for the past six months.
Simply put, we are growing in line with our expectations. Sales are roughly in line with the forecast, andalthough the total amount is slightly lower than last year, this is due to a YoY decrease in ARPU. However, it
is still at a higher level than before the pandemic.
When it comes to net growth, subscribers did not increase at the Oisix brand during a certain period, becauseof issues at our distribution centers. Although Q2 is usually the hardest season to increase customers because
it includes summer months, we did record a net increase.
As for EBITDA, as I have said again, we have made a lot of progress in bouncing back from our logistics troubles.
Also, the external environment was more severe than we had initially anticipated, but we are improving ourearnings in response and are making progress as expected.

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3More specifically, sales were JPY55.45 billion, and EBITDA was JPY2.77 billion for H1.

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4The trend looks like this.
Even if sales are similar, a decline in ARPU has a significant effect on profit margins.
While EBITDA may not be as good as in the previous year or two, this is not the result of some terrible event.

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5The number of subscribers for Daichi and Radish remained stagnant, but we were relieved to notice a generalincrease of all brands in Q2, when a decrease is most likely, and at a time when coronavirus was not a factor.
Let me elaborate a little.
In terms of changes from the previous year, the domestic business was down JPY1 billion in total due to adrop in ARPU and an increase in subscribers, and Purple Carrot in the US is still posting declining sales.
On the other hand, several businesses, including B2B, increased, and overall sales stayed at the same level.

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As for profits, as I mentioned earlier, if the ARPU drops, the profit margin will drop even with similar sales.
Purple Carrot, which had a very high profit level last year, recorded a JPY50 million deficit.
However, we are recovering much better than the bad scenario we had initially envisioned given the US
situation at the beginning of this year. The numbers themselves are not good for H2, but I believe they will bemuch better than we had originally expected, and that they will keep improving.
These are the results for each business segment.

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Next, I will discuss the progress of our strategy.
This fiscal year, we wanted to change our approach and scope drastically between H1 and H2. As you know,
H1 was a period of various headwinds and challenges, including our issues at the distribution center, theimpact of inflation due to rising costs, and the need for a new value proposition as the pandemic winds down.
We chose a threefold response.
First, to recover the distribution center and then start up the Food Rescue Center, which was supposed to belaunched after the distribution center but was delayed.
Then, muscularization. This is because the external environment has become more severe than it was six
months ago at the time of the briefing. We have to adapt to these new circumstances.
Finally, the development of services that can increase the number of subscribers in the post-COVID-19 era.
These were our three initiatives. Since the environment is now becoming much more favorable, we areconsidering resuming promotions in H2.

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I would like to elaborate on our initiatives for H1.
First of all, regarding logistics issues, it is safe to say that they have been mostly settled in H1.
In terms of costs, we have space rented until September, but looking at the October and November figures,
costs are back to their previous levels, and operationally the recovery was much earlier.
We are challenging ourselves to improve productivity in H2, which we had hoped to achieve when we initiallylaunched the Center. We will then work to further improve the profit margin by about one percentage point
over the current level. As such, we believe that we have finally restored profitability as planned.

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We then set up a new Food Rescue Center at that location.
Eventually we want to achieve a 3% reduction in cost of goods sold. Our company has very little food loss, but
the Food Rescue Center is designed to improve the food loss in the fields as well as our own profitability as aresult.
We receive unused produce, or produce from unexpected bumper crops, and send it to our Food Rescue
Center, where we extend the quality deadlines or process the food into meal kits, frozen foods, or upcycled
products.
Operations have started successfully, and we should feel the impact on our numbers in the future.

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10Secondly, this month there has been a series of milk price revisions and price increases for food products ingeneral, and we are looking for ways to increase profitability and user friendliness in response to the cost of
raw materials which is much higher than expected.
Oisix has several subscription services, and we are working to improve their profitability and customer
convenience at the same time.
We are doing the same for the Daichi and Radish Boya brands, and are also watching cancellation rates.
So far, overall progress is going well.

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We are working to enhance value for the post-COVID-19 period.
One big development is our investment in Yutori no kukan this spring, and we therefore resumed ourcollaboration with Mrs. Kurihara in September, although we were on a very tight schedule.
A new series will start again in November.
The course’s popularity is still overwhelming, and 17,000 people have already registered for the subscription
service within Oisix. We hope to launch several products in H2.
In addition, we are now strengthening Patto Oisix.
Until now, most meal kits were refrigerated and took 10 minutes or 20 minutes to make, but with Patto Oisix,
we have started selling products that can be prepared very quickly.
The service has also been very successful so far.

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We are also strengthening promotions in H2, with a few concrete initiatives.
We thought about using television last year during our logistics troubles, and have been moving forward at
the beginning of this year. We did a commercial with 20th Century at the end of last year and collaborated tocreate kits.
From this November, we will be broadcasting programs instead of commercials. In November, we are starting
the broadcast of a very short program, like Kuishinbo! Banzai or Three Minute Cooking, where 20th Century
members use ingredients that they would usually throw away to make delicious meals.
With TV ads and TV programs, we want to learn what kind of mass marketing is effective.

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Also, the alliance with AKACHAN HONPO, which started at the beginning of this year, [inaudible] we arereceiving a lot of know-how. We would like to strengthen this collaboration.
Also, since September, our collaboration with our affiliate, DEAN & DELUCA, has been going quite well.
Through these initiatives, we will strengthen our promotions in H2.
This concludes the presentation of our B2C strategy.

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I would now like to talk about sustainability and our green shift strategy.
Since last year, we have been aware that we cannot survive as a food distributor unless we become asustainable retailer, and we are working to become such an organization.

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Specifically, we are reducing food loss at our distributors, but also at production sites and at home.
By creating such a business model, we are expanding the concept of thoroughly reducing food loss andachieving carbon neutrality.

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16Here are our specific initiatives.
First, regarding food loss, our food loss in the distribution process is very low by nature at 0.2%. This
percentage rose when we encountered problems at Ebina, but it is now lower than before the relocation, andthere is very little disposal anymore.
We are now trying to reduce food loss at the production area, with about 160 tons of food saved in H1.
With respect to carbon neutrality, it is quite difficult to measure, but we know that our business type emits
only half the amount of carbon of a regular brick-and-mortar store, and we use as little chemical pesticides
and fertilizers as possible.
As I will explain later, we are starting to measure the amount of chemical pesticides and fertilizers we use.

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We have launched a new service called Otasuke Oisix, which aims to solve food loss caused by natural disasters
by preparing meals eaten by everyone.
In addition, Radish's service, called fuzoroi Radish, which uses non-standard ingredients, now includes about
70% of Radish’s regular member customers.
We have other meal kits which use underutilized ingredients. The example you can see here is brewer’s rice.
The production of sake creates an excess of brewer’s rice, which is then ground into powder and used in mealkits.

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Then we collaborate with various places on upcycling products from food loss.
CHOYA has been making dried fruits with the plums left over from the production of ume liqueur, and we alsocollaborate with junior high school students to develop several products.
We are also expanding external sales outside of Oisix.com, with Afternoon Tea, Natural Lawson, Marui, and
BIO-RAL, as you can see here.

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We are also verifying the extent to which our crops emit less CO2 than crops grown in the usual way, as I
mentioned earlier.
We are finding that the CO2 reduction varies considerably depending on the product and the producer, from
0% to 50%.
From now on, we intend to reduce emissions by visualizing where emissions are the lowest, and by sellingthese identified items.

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20Other initiatives include a 20% reduction in the amount of plastic used for packaging materials and a switch
to renewable energy for all distribution bases.
I will now skip the explanation of our different business segments. Many details are presented in the
document.

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Next, our business portfolio expansion.
So far, we have started B2C domestically. The sales-based distribution amount for B2C is now around JPY120
billion.
We have several brands, including our own brands such as Oisix, Daichi, Radish, and Tokushimaru, which isalso a subsidiary, and brands for “shopping refugees,” as well as brands such as ISETAN DOOR and d-meal kit,
for which we handle the infrastructure and back-end. The total value of the brands is JPY120 billion.
Overseas B2C, including the Purple Carrot service acquired from the US, Oisix in Hong Kong, and in Shanghai,
which we are currently launching, amounts to about JPY10 billion.
As for the B2C subscriptions, we are planning to expand in the same way as I explained earlier, but we are also
thinking of expanding into B2B and other areas.

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We want to start a full-fledged B2B business in Japan, since we see the meal service business as a B2B
subscription business, and we believe that we can utilize B2C’s know-how and facilities as a foundation forsuccess with B2B.
We have already mentioned sustainable retail, but in order to become a sustainable food business, we needto handle not only retail products but also the products themselves. We would like to start manufacturing andselling next-generation food products.

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Let me explain the B2B model more specifically.
We've been doing daycare for a long time, but the overall market is very large.
Some markets are expanding and others are slowly declining, depending on the industry, but overall there isa very large market, and we have skills that are very compatible with that market.
We believe we can apply an approach that has not yet been seen in the B2B area.

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We are planning to develop two specific projects, one of which is wholesale for daycare centers, which wehave been doing for some time.
The number of nursery schools is now up to 734, and so far, we have only wholesaled food ingredients, but inthe future, we will create meal kits for commercial use and wholesale those as well.
Retention and recruitment of cooks and dietitians is a very big management issue for daycare centers, so wewill reduce that burden for them.
We would like to grow our business by delivering safe and secure food that can be handled by a few people,
but also meal kits for commercial use.

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Then, there is our collaboration with SHiDAX.
We see SHiDAX as a company that provides B2B subscription services.
We went through various formalities this summer and fall and finally became a 28% shareholder of SHiDAX,
including the shares held by Unison. We are now in the process of finalizing the specifics of the collaboration.

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Discussion are just beginning, but we have already identified four collaboration areas.
One, two, and three all concern food procurement.
The first topic is the promotion of semi-cooked and fully cooked products which can be used to both B2C andB2B.
The second topic is green procurement, which we have already mentioned several times. We are trying tocreate an environment that enables the development of green procurement for SHiDAX customers.
The third topic is the reduction of costs through the organizing and streamlining of our infrastructure.
The fourth topic is slightly different and concerns B2B2C. We are thinking of patients who eat hospital meals
and follow the nutritionist’s instructions in the hospital. They may want to eat proper meals at home after
being discharged, and find themselves in a difficult situation. We believe our Oisix home delivery service canbe used to develop a service for hospital patients so that they can eat nutritionally managed food both at thehospital and at home.
There are certainly other topics but these four are the ones we are discussing during this initial stage. We willcontinue to consider a wider range of areas in the future, and we aim to settle on the feasible ideas by theend of January.
This concludes our presentation of our B2B strategy.

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Next are innovative products, and more specifically, alternative proteins, which are our focus.
We sell alternative protein products, but compared to other countries, it is difficult to say that a market has
been established in Japan yet. We are trying to create a domestic market.

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We want to start the production and sales of alternative protein products.
Of course, we will sell our products through Oisix, but we would also like to do wholesale for generalsupermarkets and restaurants.
As part of this effort, we are currently in talks with Nestlé Japan to start a collaboration that would leverage
Nestlé's technological capabilities and our marketing and sales network.

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Finally, I would like to mention two ESG topics.
Tokushimaru now operates over 1,000 vehicles, and we are working with the Consumer Affairs Agency to findways to avoid consumption issues among the elderly.

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WeSupport Family is a platform originally created during the pandemic to provide meals for hospital
healthcare workers. I think this mission has now been completed.
However, since we have created this platform, we have decided to use it for other purposes as well, so weare providing support for single-parent households that do not have enough food to eat.
In H1, the number of supported households increased to about 90,000, and several food companies joined us
and provided food.
In monetary terms, donations were just under JPY300 million and with that amount we delivered food to
90,000 households.
We are also using this platform to provide food assistance to Ukrainian evacuees.
That is all I have to report regarding H1. Thank you very much.
Shibamoto: Thank you very much, Director Takashima.

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31Question & Answer

Shibamoto [M]: Now, let's move on to the question-and-answer session. Questions from investors will befollowed by questions from the media.
Let's begin. First, we will take questions from investors.
Mr. Sumi? Please ask your questions.
Sumi [Q]: Thank you. This is Sumi from the Tokai Tokyo Research Institute. I would like to ask two questions.
First, I would like to talk about the results for H1 and your plans for the full fiscal year. In terms of the growthof Oisix subscribers, the full year plan is 398,000. If we substract the H1 figure, that means you plan to attract
about 42,000 new members in H2. Isn’t this a little ambitious? Do you think it is possible to reach this goalwith promotions for example?
My second question. I understand that your B2B business is currently focused on childcare facilities, but I
understand you will also be developing other areas such as elderly care and hospitals in the future. Your
company plans to sell high-value-added products in the B2B business, but how much room do you have for
growth? SHiDAX is mainly working on these areas, so I wonder if there is a purpose for your company toconduct sales in these areas as well. You have mentioned the situation of the overall market, but how big doyou think your particular high value-added market is?
Takashima [A]: Thank you very much. Regarding your first question, we will do the best we can.
As you said, it won’t be easy. Q1 coincides with many life changes, especially for Oisix. People move, children
start attending elementary school or kindergarten. Therefore, Q1 is usually very important, but it wasn’t very
good this year. So there’s quite a gap there. Q2 is usually more challenging, but we were able to gain more
subscribers than expected. It won’t be very easy to bridge this gap, but it won’t be absolutely impossible.
Q1 was not so good due to the fact that we were not able to promote as much as we had hoped because ofour distribution issues. However things are picking up and we hope we can reach our target.
Regarding the B2B area, in some facilities, the price is already predetermined, so products are not limited tohigh value-added products.
We have to be cost-competitive anyway, and we can offer some of those ingredients as well. I believe that
the Food Rescue center I mentioned earlier can address this cost issue, and this is a function we want todevelop.
Hospitals, schools, company cafeterias, nursing homes, and various other types of facilities exist as targets.
We think it’s better for us to learn quickly and develop services, including through partnerships with SHiDAX,
rather than strictly stick with our know-how acquired in nursery schools and start from scratch.
In terms of marketing, there are marketing synergies with the current Oisix members among mothers at
daycare centers, so we started there. We are also looking for marketing synergies with some hospitals andcompany cafeterias.
From a marketing standpoint we believe it makes sense to start with the most likely area where customers
might use our delivery service, which is the home. The scale of the project is still to be determined.
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Thank you very much, Mr. Sumi.
Sumi [M]: Thank you very much. That’s all from me.
Shibamoto [M]: Thank you very much, Mr. Sumi.
We will now take questions from the media. Mr. Mori, please go ahead.
Mori [Q]: I am Mori from the Nihon Keizai Shimbun. I have two questions.
First of all, with the current inflation, I think more and more people are cutting back on spending on food,including at supermarkets. I would like to know your thoughts on this, given the decrease of your sales. Or do
you think this is unrelated and another factor caused the decrease?
My second question. In your explanation of the collaboration with SHiDAX, you mentioned that thediscussions will be finalized by the end of January of next year. I would like to confirm what exactly will bedone at the end of January. Will you share the four topics you mentioned with SHiDAX in a more concreteway, or will you actually start conducting some type of operation?
Takashima [A]: Thank you, Mr. Mori. Regarding your first question, we are raising prices, and that generates
more cancellations, which means fewer subscribers. Of course, a certain number of customers cancel theirsubscriptions due to the price increase, but the total number of customers has increased a little. We don’t
think the impact has been really strong and we continue to increase our numbers.
On the other hand, what accounts for the slight 1% decrease in sales is that sales per capita have dropped,
and this is simply due to the fact that people eat at home less often. Customers are eating out more often andeating at home less often than during the pandemic.
However, they still eat at home more than before the pandemic, and the price per person is between the precoronavirus level and the during-coronavirus level. Rather than inflation, we believe that the number of meals
eaten at home is closely related to sales, and COVID-19 and remote work are definitely influential.
As for SHiDAX, we have only been able to discuss for a short period of time. I don't mean to imply that we areon bad terms at all, we have a very good relationship, but I'm still not sure how it will turn out in response to
your second question.
We have been discussing what we originally planned to do at the site level as recently as this time last year,
and we have some ideas about what we definitely want to do so we might be able to start ahead on certain
topics. Basically, we think it is important to materialize our plans.
For example, there is a business called Human Service in which SHiDAX collaborates with local governments,
and there is a strong affinity between this activity and Tokushimaru's activity, so we have discussed synergies
there. We will come up with concrete proposals for collaboration, including the four topics mentioned as wellas other possibilities.
However, the schedule for the collaboration will probably vary depending on the topic. Some initiatives should
start soon while others will start in the next fiscal year.
Mori [M]: I understand. Thank you very much.
Shibamoto [M]: Thank you very much, Mr. Mori. Mr. Yamashita, please go ahead.
Yamashita [Q]: My name is Yamashita from Asahi Shimbun.
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I would like to ask you about the SHiDAX collaboration as well. While the TOB was approved this time, throughdiscussions with the founding family and SHiDAX, I believe that they have agreed to fairly consider
collaborations with other companies and not simply Oisix. What do you think about this decision? Is thisdifferent from your initial understanding?
Takashima [M]: Is this your only question?
Yamashita [M]: Yes, for now.
Takashima [A]: Understood. Yes, I understand that the general goal of a negotiation is to find common ground.
What was special this time, however, was that the negotiation process was open and we were not allowed toretain insider information during the TOB period, making it very difficult to engage in conversation. I think it'sa difficult environment, but the openness is what made it special. I believe we have both made concessions
in order to find common ground.
Naturally, our initial assumptions were different, but we believe that concessions can be made in this area.
Since SHiDAX is not selling the food business, we are not competing with other companies on that front.
Because we are now a shareholder, even if this was the case, we would not kill the proposal, regardless ofwhether we also form a special committee or not. So I don’t think it is such a big topic.
However, I understand that SHiDAX’s Board of Directors prefers a clear and open situation. Even without theirinsistence on openness, we wouldn’t have behaved in a way that might have concerned them. In any case,
we have accepted their conditions and settled the matter.
Yamashita [M]: I understand. Thank you. That's all from me.
Shibamoto [Q]: Thank you, Mr. Yamashita. We will now move on to written questions. Here is the first one.
“I have the impression that the acquisition of SHiDAX's shares will not be positive for your company in termsof branding and profitability. With so much work to be done, such as the green shift and overseas initiatives,
please tell us why you are allocating resources to the acquisition of shares before these initiatives takes shapein an industry where profitability is so hard to maintain. Thanks.”
Takashima [A]: This is pretty hard to explain. This may be difficult, but I would like to try to explain once again.
Originally, as I mentioned earlier, there is a considerable affinity between the B2C domain and the B2B domain.
In terms of infrastructure, we can do a lot, such as sharing ingredients and logistics. We are promoting thegreen shift in B2C, and I believe it will be effective in the B2B area as well, but it will be very difficult and timeconsuming for us to do this starting from zero. In that sense, I believe that working together will
overwhelmingly speed up the process.
Opinions can differ regarding whether we should have provided capital before or after the materialization of
our collaboration, but basically, I do not think the timing of the capital alliance was for us to choose.
As has been the case with Daichi, Radish Boya, Tokushimaru, and Purple Carrot in the past, each project has
its own schedule, and either we can accommodate that schedule or we cannot. It’s difficult for us to impose
our own schedule.
You are correct, it would look better if, as you say, the green shift and overseas operations were to be settled
in about three years and B2B could then finally be implemented afterwards, but realistically I don't think thatwill happen.
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We have options regarding the long term, but there are things we would like to do as soon as possible andthings we would be happy to do a little later. We are trying to move forward taking into account good timing
and good relationships.
It can definitely feel premature, as you say, but I think that when we look back five years from now, we will
be glad we did it. That's all from me.
Shibamoto [M]: Thank you very much. Is there any other question?
Takashima [M]: It looks like we have another one.
Shibamoto [Q]: That’s right. I will read it out.
“The optimization of the distribution center will be felt in H2, resulting in a 1% improvement in profit margin.
This may depend on the assumption of ARPU, but is it correct to understand that ARPU is expected to be on
par with H1?
Also, should we roughly assume that a 1% improvement in H2 would result in a 0.5% overall improvement in
the profit margin? If possible, I would also like to know your target for ARPU.”
Takashima [A]: I will answer. As you say, we use an ARPU assumption. ARPU should be close to H1 level, but
it is inevitably higher in Q3, especially at the end of the year. December will have a considerable impact on
Q3, and that impact will show up in the short-term numbers. But basically, I think the ARPU will be aroundthe current level.
As you mentioned, Oisix sales are about 50% of total sales, so a 1% improvement in profit from Oisix would
mean a 0.5% improvement in company-wide profit.
As for the future ARPU, we are trying to increase it, but I think this will happen starting from the next fiscal
year rather than this fiscal year, so it’s difficult to state a target at this point. Thank you.
Shibamoto [Q]: Thank you very much. Let's move on to the next question.
“I have the impression that upcycled products are expensive to manufacture. Will the 3% cost reduction due
to the full-scale operation of the Food Rescue Center be achieved mainly through purchasing? Is it possible toreduce costs at the manufacturing stage? Thank you.”
Takashima [A]: Thank you very much. As you said, upcycling, which is transforming usual food waste into foodproducts, can be difficult. For example, daikon peels are produced when making pickled daikon radish, and alarge amount of daikon peels are thrown away, but since we have to control the temperature and sanitize
them, the cost is considerably higher than a simple disposal.
However, we have found that we have been able to sell quite a bit through this initiative since last year. If we
can sell the product, it will not cost as much as it does now as long as we create and optimize the workflow
from the start.
We don’t know yet whether costs will be half of what they are now, or two-thirds, or one-third, but we doknow that they are very high at the moment and we can definitely lower them. We would like to reduce thecost price by at least half compared to current upcycled products, and that should lead to them becoming
more popular.
As for the cost ratio of the Food Rescue Center, the process is a manufacturing process, as you pointed out. I
think our main focus will be to reduce costs in the manufacturing process of kits and frozen foods. Thank you.
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Shibamoto [Q]: Thank you very much. Let's move on to the next question.
“I understand that the broad medical food category for hospitals, care facilities, and recuperating patients isa fragmented market in Japan. Could you please share your strategies regarding manufacturing and customer
acquisition in order to gain an advantage over existing businesses? Thank you.”
Takashima [A]: We are not yet working with SHiDAX on specifics regarding how to expand our hospitalbusiness and care facility ingredients business. However, we are in the nursery school business. Nurseries are
the most fragmented market, and most of the players, in food service as well as food ingredients, are major
companies.
We are probably the second largest player, with around JPY1.2 billion. SHiDAX might be a bit larger and reachthe number one spot, but anyway, the market is very fragmented. From now on, we think providing solid
value is more important than differentiation.
In this context, what we take into account at nurseries is the rates of food completion and consumption.
Whether the children eat their lunch or leave it behind is a very big factor.
Another indicator is the labor. There is the time and effort of the cooks and nutritionists when they prepare
the food, but when they have to submit data on nutritional management to local governments.
We can reduce this time and effort, and create value because the children eat more. We are focused onachieving both of these goals. We are now serving about 730 nursery schools, and we have received many
comments about how well the children eat.
In addition, we have learned a lot from meal kits. When making meal kits for commercial use, we know thatchildren may not eat depending on the color, size, or texture, so we plan to use what we’ve learned from B2C
meal kits in B2B meal kits for preschools.
The situation is probably different in hospitals and nursing homes, but even then, simply offering nutritional
management is not enough. I think that by finding ways to increase the percentage of meal completion, we
can create hospital meals that lead to a high probability of success in treatment.
We would like to discuss this with SHiDAX, although it will be a little more in-depth than what I have just said.
That's all from me.
Shibamoto [M]: Thank you very much. There is no question left, so we will now conclude the briefing. Thankyou very much for taking time out of your busy schedule to join us today. Goodbye.
Takashima [M]: Thank you very much.
[END]______________
Document Notes
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Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
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