2023.3 Q3 Results
Explanatory Materials
Oisix ra daichi lnc.

2023.2.9

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 Q3Achievements

1-1. Consolidated Financial Results
1-2. Strategy and Progress
1-3. Results on Business Segment

２． Cooperation with SHiDAX

３. ESG Topics■ APPENDIX・DATA SHEET

2

マスター タイトルの書式設定

1. 2023.3 Q3 Achievements
1-1. Consolidated Financial Results
1-2. Strategy and Progress
1-3. Results on Business Segment

1-1. Achievements

Exective Summary-2023/3 Q3 Achievements
Sales
Led by Oisix, we have continued to increase subscribers whilst at the same time maintaining ARPU at levels
exceeding initial forecasts. In addition the “Other Businesses” segment are recovering.
As a result, Q3 alone sales increased YoY for the first time since 4Q FY3/22.

◆

3 home delivery business✓Subscribers：The number of subscribers, mainly in Oisix, increased by roughly +14,000 YoY. （3 brands total）
While implementing initiatives to expand brand recognition so as to maximize new customer acquisitions
in 4Q, we have continued to steadily increase net subscriptions.
✓ ARPU◆：Despite the headwinds from the deregulation of COVID-19 ARPU remained at a high level.

Other Businss✓ Wholesale businesses (such as nursery school wholesale, fishery products wholesale) that had been declined by
COVID-19 are seeing signs of recovery.

EBITDA
Against COVID-19 driven rising profit margins last year, EBITDA fell YoY.
Owing to profitability enhancement measures implemented in 1H,
EBITDA margins have improved in line with initial expectations and began spending to acquire subscribers.

◆

3 home delivery business✓ EBITDA margin improved by about 1pt structurally compared to 2Q due to the effect of efforts to strengthen
profitability, which have been implemented continuously since 1H. Further improved by approximately 1pt due toseasonality, resulting in a total improvement of approximately 2pt.
✓ Profitability has improved, and we will step up spending on new acquisitions as planned from the 2H.

◆

Other Businss✓ Purple Carrot (U.S.) is expected to be less deficit than initial forecast.
This is due to the impact of the 2Q price increase and the fact that subscribers remain more than expected.
52023/3 Q3 total Achievements(Nine months)
Sales：3Q recovered to exceed last year's level, and cumulative 3Q recovered to 100% YoY
for the first time in half a year.

EBITDA ：Against COVID-19 driven rising profit margins last year, EBITDA fell YoY.
However, the EBITDA margin has landed as planned.

Sales

87.47bn yen

EBITDA（ YoY – 22 %）（ YoY + 0 %）Operating
Income3.29bn yen（ YoY – 34 %）4.96bn yen

NetincomeAttributable toowners of theparent1.94bn yen（ YoY – 41 %）6

2023/3 Q3 alone Achievements(Three months)
Sales：In spite of headwinds presented by relaxation of COVID-19 related activity restrictions,
was a net increase in Subscribers for three brands, sales increased YoY reflecting in part therecovery of other businesses.

EBITDA ：Profit margins saw large improvement versus 1H on successQ3 alone EBITDA recovered to 100% YoY.

Sales

32.02bn yen

EBITDA（ YoY +3 %）Operating
Income1.62bn yen（ YoY – 1 %）2.18bn yen（ YoY 0 %）Net
incomeAttributable toowners of theparent1.04bn yen（ YoY – 8 %）7Consolidated Results Overview
Sales： Sales were flat YoY reflecting in part the recovery of the “other businesses”.
Subscribers for the three brands increased by a total of about +14,000 YoY (3 brands total).

EBITDA ： EBITDA fell YoY reflecting last year’s high one-off profit margins and inflation’s impact on
profitability at Purple Carrot (US). On the other hand, profitability has been improving since 3Q
meaning the Landing in line with initial forecasts.
Sales

87.40

Net income

87.47
7.19

74.79
47.3.1Attributable to owners of the parent

EBITDA

6.38

4.96

52.42

3.90
2.81 2.38

3.29

1.94

2.46
0.69

2019.3 2020.3 2021.3 2022.3
Q3*
Q3
Q3
Q3

2023.3Q3

2019.3 2020.3 2021.3 2022.3
Q3 *
Q3
Q3
Q3

2023.3Q3

2019.3Q3 *2020.3 2021.3 2022.3 2023.3
Q3
Q3
Q3
Q3
（bn yen）*For the purposes of like-for-like vs Target comparisons, one extra monthof Radish Boya data (March 2018) was deducted from 2019.3 data.

8

YoY：Sales
Domestic home delivery business centered on Oisix increased by about +14,000 subscribers YoY.
ARPU remained at a high level, exceeding the level prior to COVID-19.
Sales were flat YoY reflecting in part the recovery of the “Other businesses”.

- Sales（bn yen）

１・Increase in sales due to increase in subscribers

1 Decrease in sales of 3：about ＋0.4 bn yen

home delivery
business

・Decrease in sales due to decrease in ARPU

87.47

87.40
about
- 1.4

about
1.8

about

- 0.3

2

3
Decrease in salesof Purple Carrot

2022.3
Q3

Decrease in sales of 3 home delivery
business： about – 1.4 bn yen：about - 1.8 bn yen
２ Decrease in sales of Purple Carrot： about – 0.3 bn yen
・Downward trend in Subscriber after peaking in theprevious Q1

Sales
increase
Other

３2023.3
Q3

Sales increase of Other： about + 1.8 bn yen
・EC support
・Kindergarten wholesale・Hong Kong/ Shanghai
・Consolidated subsidiaries
9

YoY：EBITDA
EBITDA fell owing to the negative repercussion effect of COVID-19 driven inflated profitability last year.
Whilst Purple Carrot posted a loss reflecting such factors as soaring raw material and labor costs,
losses are expected to narrow more than expected.

Breakdown-EBITDA（bn yen）

１ Decrease in profits in the3 domestic
1home delivery businesses

Decrease in sales of
3 home delivery business

6.38： about – 0.1 bn yen
２

about -0.1
about
-1.1
about

-0.2

2

Purple Carrot
Profit decline

4.96

・2022.3 Q3 1.0bn yen⇒2023.3 Q3 ：-0.7bn yen
・Loss in the current fiscal year due to the impact of inflationin addition to the decrease in sales

3 Fixed cost
increase

３2022.3Q3

Purple Carrot (U.S) Reaching a deficit： about – 1.1 bn yen

2023.3Q3Companywide fixed costs increase： about – 0.2 bn yen
・ Preparatory expenses for renewal of system infrastructure(enhancement of speed and data utilization).
・ Strengthening personnel for business enhancement andexpansion

10

Business segment Results
Sales

Oisix

Daichi

RadishBoya

PurpleCarrot*(Q3)

OtherBusines*

Segment profit*

44.94 bn yen

6.39 bn yen(YoY - 1％)(YoY - 2％)

9.46 bn yen

1.92 bn yen(YoY - 7％)(YoY - 4％)

12.89 bn yen

1.92 bn yen(YoY - 3％)(YoY + 2％)

7.54 bn yen-0.07bn yen(YoY - 4％)(YoY – 1.06 bn yen)

13.63 bn yen

1.23 bn yen(YoY +22％)(YoY - 5％)

Overview
・Subscriptions increased by roughly 16,000 YoY.
Net increase of +5200 persons due to strengthening of
new PR.
・ARPU was maintained at a level of -5% YoY despite
lifestyle changes concomitant with increased
opportunities to go out.
・ We continue to experiment with the development of
new subscriber acquisition methods. Net decrease bothYoY and end-Q due to insufficient promotional efforts.
・ARPU was maintained at a level of -3% YoY despite
lifestyle changes concomitant with increased
opportunities to go out.
・Whilst price increases resulted in churn rate, Customer
acquisitions at “fuzoroi Radish” saw progress and wereflat even as a review of services has been in progress.
・ARPU returned to levels prior to COVID-19 when highly
loyal customers played a major role. Unit prices,
however, are rising and profitability has improved.
・Sales continued to decline as a reaction to post-COVID19's Subscribers, resulting in a decline in YoY.
・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 continued to grow on
membership increases.
・The Nursery School Wholesale business has
implemented measures to expand the business partner
base as well as to develop meal kits for commercial use.
・Hong Kong and Shanghai continue to develop localized
products and services*Segment profit of Purple Carrot, and other businesses differs from the segment figures in the Financial Results
due to the deduction of goodwill amortizations and the impact of Earn-out.

11

Business segment
Results Overview
Sales

87.47
Other
Businessbn yenSegment profits

9.0％

Segment costs

Purple Segment profitsSegment costs▲1.0％
Carrot*RadishBoya

Segment profits

Daichi

Segment profits

15.0％

Total segment costs

Segment costs

76.08bn yen

Segment costs

Total
Segment profits

20.3％

11.39

bn yenCompanywide fixed costs

7.61bn yen

Segment profits

Oisix

14.2％

Segment costs（Of depreciation andamortization
Segment costs posted)**

1.17bn yen

EBITDA

4.96

Depreciation and amortization

1.66bn yen
bn yenOperating Income

3.29*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 yen12

1-2. Strategy and ProgressStrategy and ProgressContinue to promote Enhance profitability measures initiated by the 1H of the fiscal year. and improve
profitability structurally. Initiated activities to resume growth-oriented investments such as promotions.
Since Jan, the pace of net increases in subscriptions has accelerated.

Promotion of initiatives from the beginning of the period

Full-fledged from the 2H of 2023.3

１ continuation of profitability enhancement

4 Resumption of growth investments

measures initiated in the 1H✓ Recovery process relating to problems at our logistics
center complete,
which have now recovered to levels prior to relocation.
✓ Price optimization and profitability enhancement as acountermeasure against inflation✓ EBITDA margins saw a structural improvement of 1 ppt
versus 2Q.

2 Developing high-value-added products insuch as promotions

Increasing subscriber acquisitions via expandedbrand recognition.

＋

response to changes in the external
environment✓ Responding to Changes in Behavioral Patterns by COVID-19✓ Television programs featuring idols 20th Century✓ Reaching new customer segments by building onbrands with strong affinity with Oisix

Refining customer acquisition methods✓ Expanding customer acquisition channels via
posting-flyers and introductions at physical stores✓ Enhancement of lineup in preparation for heightened awarenessof life defense due to higher prices

3 Green Shift: Addressing new challenges

in the food domain.
✓ Development of products that solve social issues✓ Started in-house production and sales of next-generation foods(P-meat)Accelerate net increase insubscribers from Jan. onward14

④2H Strategy：
Full fledged acquisition of subscribers
We are implementing measures to expand brand recognition via TV program content and promotions using
collaborative kits with high affinity brands as bait. We aim also to accelerate new customer acquisitions
ahead of the spring season via development of non-Web based acquisition channels.

- TV program
We have been airing TV shows
employing celebrities

Resumeinvestment for growth- Brand Collaborationfrom the 2Hof the fiscal year

Expansion of brand collaboration
planning and development
through channel advertising▲ Collaboration products with Harumi Kurihara
and DEAN&DELUCA- Development of acquisition channels
Develop methods other thanWEB, such as leaflets and actual
Shop▲ How fliers and AKACHAN HONPO Store front

15

④2H Strategy：
Full fledged acquisition of subscribers
Despite headwinds in the current fiscal year, the number of Oisix subscribers continued to increase steadily byapproximately +5,000 per quarter. In addition, the pace of net membership growth accelerated with an increaseof approximately 5,000 members in one month since the resumption of membership acquisition in Jan.

-Trends in Oisix Subscribers

From January

Subscribers Accelerate
Net Increase
During the transition to After COVID-19

End of Jan.
About 366,000

Continue steady net increase（+ over 5,000 /month）

361,135（+ about 5,100/3mon）
Quarterly net increase

355,962（+ about 5,300/3mon）

350,650（+ about 4,500/3mon）2023.3 1Q(end of Jun)

2023.3 2Q(end of Sep)

2023.3 3Q 2023.3(end of Dec)
Jan

2023.3 Q4（end of Mar）

2023.3 4Q

16

①Enhance profitability
With logistics problems at Oisix New Ebina behind and implementation of profitability enhancement
measures, profitability recovered led by the three main brands.
EBITDA margins saw a 1 pt structural improvement,Growth investment resumed in the 2H as planned.

-EBITDA
Transient improvement due to seasonal factors
High unit-price items, such as seasonal year-end
products and caldron products, saw good growth in 3Q
which allowed for a temporary increase in ARPU andexpanding profits.

By Enhance profitability
a roughly 1 pt structural
Transient improvement
due to seasonal factors

6.8%

Improved by Enhance profitability

5.6%

Due to the effects of measures initiated in the 1H of the
fiscal year,Structurally improve return on about 1pt

4.6%✓ Completion of recovery from relocation problems✓

Q2
Results

Q3
Entering
profitability

Q3
Results

Execution of measures to improve profitability

Including new promotions
Resume growth-oriented17

②Developing time-saving andlow price products
Reinforcing product development meeting changing customer needs vis-à-vis the impact of rising prices andsuch factors as expanding participation of those new to cooking and new lunch demand owing to remote work.

-Super Easy Kit Series✓ Develop 21 series that can bemade in 10 minutes in responseto the trend of new to cooking.

-Patto Oisix✓ Sales of the vegetable-rich seriesof frozen foods 1,260,000 meals in
1 year in response to ultra-shorttimes needs.

-980yen Kit✓ Meal kits in low price range toprepare for food cost revision
due to price hikes.

18

③ Sustainable Retail～Promote sales of products that solve social issues～

To attain “Sustainable Retail,” we promote product development that seeks to solve social issues.
In “Upcycle by Oisix” we are also jointly developing products, contributed to a near 70-ton reduction infood loss. We plan expanded sales of crops utilizing biochar which promises .
-Expansion of Upcycle by Oisix initiatives-Sales of crops utilizing biochar✓ “Upcycle by Oisix” contributing to a near 70-ton
reduction in food loss.

✓ Via the use of “biochar” in agricultural production, as
demonstrated by tests, it is hoped that CO2 emissions
can be reduced to 50-0% of conventional methods.

✓ Commenced sales of products jointly developedwith CHOYA Inc. and Published a total of 14
media on information programs and Web media.

✓ 10 agricultural products are available for sale,with plans to expand in the future.

Reduction of CO2▲Joint product presentation at a hands-on Shop

▲Examples of Crops for Sale

19

③ Sustainable Retail～Next generation food Start of production and sales～

Started sales of plant meat “P meat” manufactured in-house ,in Dec.
Three processed products using "P meat" are now available at Oisix. New products are under development,
and the lineup will be expanded.

-Plant Meat "P-meat" production and sales begins✓ We look to expand the breadth of food options
friendly to both the body and planet earth.
✓ We began sales on Oisix in Dec,
Acquired a high evaluation of 4.3 points (out of 5
points) for healthy taste-Customer Voice
healthy and delicious
I was surprised at the quality of the
dumplings, they didn't even look like soy
meat! If I had been served it without being
told, I would have eaten it as a normal
dumpling.I would eat them again, eventhough they are a bit pricey, because they
are healthy and don't upset my stomach, butthey are still a good side dish.

New protein for those who don't like meat
I am eating less meat. It's not so much that it
tastes amazing, but I am satisfied with thetaste without meat.
▲Dumplings made with "P-meat"201-3. Results on Business Segment

Oisix KPI
Subscribers ：Subscriptions maintained a net increase of +5200 on 4Q improvements to brand recognition,
adjustments to advertising strategies, and ongoing member acquisition efforts.

ARPU ：Continued to exceed initial forecasts, up +8% from the pre-COVID-19 (-5% YoY),
and remained at a high level compared to the pre-COVID-19 level.
Subscribers

ARPU

12,257361,135（ YoY + 5％）

yen2023.3（ YoY - 5％ , vs 2020/3 +8％）2022.3 （Previous period）

2020/3（3 years ago<before-COVID>）

361,135

355,962***
347,772 345,409 346,083 350,650
333,850

12,891

12,88012,564

308,899

12,166285,168
274,929

12,257

12,302
11,892

11,745

252,303
11,379
11,095
10,6342021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3 2023/3 2023/3 2023/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

1Q

2Q

3Q

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

4Q

22

Oisix KPIKit Oisix Course subscriptions (included in Oisix subscriptions) grew 13% YoY driving growth in overall.

No. of Kit Oisix course subscribers*

246,324（ YoY◆Features of Kit Oisix
You can make one main and one side dishes✓ in less than 20 minutes(Includes Oisix subscribers)

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

+13％）
246,324

209,964

217,680

226,710

231,831✓ Reducing food loss by using up all
ingredients

238,497

198,821
181,930
156,416

163,496

140,934

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

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

*The number of meal kit Oisix subscribers including Kit Oisix course and "Sakutto Oisix course.

23

Daichi KPI
Subscribers ：Continue to prioritize the creation of products and services aimed at acquiring new subscribers,
subscribers trended flat.
ARPU ：Despite gradual stabilization due to the relaxation of action restrictions,
up +5% from the pre-COVID-19 (-3% YoY) and remained at a high level comparedto the pre-COVID-19 level.
Subscribers

ARPU

43,68023,418yen（YoY - 4％）（ YoY - 3％ 、vs 2020/3 +5％）2023.32022/3（Previous period）
2020/3（3 years ago<before-COVID>）

43,94144,878 44,998 45,307 45,196 45,394

45,730 45,534

43,68043,955 44,092

24,07923,02523,251

23,41821,72821,98622,192

22,391
21,604

21,15920,8212021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3 2023/3 2023/3 2023/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

1Q

2Q

3Q

* ARPU=Average Revenue Per User

4Q

24

Radish Boya KPI
Subscribers ：Customer acquisitions at “fuzoroiRadish” saw progress and were flat even as a review
of services has been in progress.
ARPU ：A revamp of delivery fees and mainstay vegetable “omakase” box services resulted inhigher customer basket values and an overall improvement to profitability.
Subscribers

ARPU

66,435

19,655yen（YoY - 0 ％）（ YoY - 2％ 、vs 2020/3 0％）2023.32022/3（Previous period）
2020/3（3 years ago<before-COVID>）

65,32062,515 61,822

61,51866,464 66,206

66,43565,093 65,297 66,230

62,751
20,18820,137
19,74819,65918,202
18,461

19,655

18,79018,621
18,947
17,9262021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3 2023/3 2023/3 2023/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

1Q

2Q

3Q

* ARPU=Average Revenue Per User

4Q

25

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

Subsidiary

Purple Carrot＜ U.S. ＞

May, 2019~

Sales continued to decline due to the impact of AfterCOVID-19, but the initial forecast was exceeded.
Profits are becoming more resilient as a result of price optimization efforts and operational excellence initiatives.
Whilst full-year losses are still expected, even with the impact of sharp inflation,
the magnitude of losses is likely to see significant shrinkage versus initial forecast.
Quarterly results（bn yen）
sales
Net sales vs. initial plan

+1.0 to 2.0 bn yen (Forecast)

Sales
Segment profits

Sales increase due to
COVID-19 impact✓ The decline in subscriptions has been less than forecast
owing to development of logistics systems and reduced
churn rates stemming from quality improvements madepossible from transfer of domestic know-how.

Full year
about 9.0~10.0

10.2✓ Rapid depreciation of the yen pushes up
consolidated sales(Forecast)

8.8

Full year 8.0

Q3

7.5

✓ Whilst profitability deteriorated sharply reflecting theeffects of inflation, it is seeing structural improvementwith 2Q implementation of price hikes for products
and delivery services.

4.5

0.9

0.9

- 0.3
2019.122020.122021.12

profit(Initial forecast)

Full year ＊about-1.0（Forecast）
2022.12(Forecast)- 0.5✓ We aim to increase both customer basket values（Initial forecast） and profitability through product expansion.

2022.12(Initial forecast)

Segment profit vs. initial plan

Narrowing losses（Forecast）

In segment sales and profits
Expected to exceed the initial plan

＊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.

26

Domestic Delivery Topics（Osechi）
With relaxation of COVID-19 related activity restrictions, home dining demand during year-end holidays wasseen to weaken. As a countermeasure, sales efforts to non-subscribers were reinforced and new products
were developed. The end result was that both unit volumes and sales saw 9% growth.

・Strengthen sales to people outside
Regular subscribers

・Sales of new products were strong.

・Progress through New Challenges in
Sales Promotion

・On the back of high demand stemmingfrom gatherings of relatives, products forlarge numbers of adults saw growth.

・In response to COVID-19 driven
needs such as apportioning of dishes
and/or a desire to eat at one’s own
pace, we developed new singleserving New Year’s dishes.

・Implementation of initiatives such as
products sales to be used as thank you
gifts under the hometown tax credit
program as well as advance sales to pastbuyers.

All 3 brands sale record sales volume and sales
27

マスター タイトルの書式設定

2. Cooperation with SHiDAX

Business alliance with SHiDAX
Subsequent to acquisition of SHIDAX shares, discussions for collaboration were initiated. Since Feb.,
collaborative ideas have moved to the implementation phase. We look firstly to create a service model
development team in the medical field as it relates to childcare and senior citizen facilities. We aim to initiate
test marketing in 1H FY3/24.
Consideration phase

Focusing on the 4 directions of collaboration
studies,
Considering a wide range of specificcollaborative proposals①Improving productivity and value

Execution phase

In the medical field of childcare and seniorcitizen facilities①Started collaboration on productivity
improvement and high value-added creation
Creation of higher added value✓Differentiate from competitors by offering restaurant-like meals easily
with menus supervised by famous restaurants and chefs.

addition at Food services sites②Strengthen added value in the sustainable field③Joint procurement and delivery of food ingredients

Productivity improvement④Food service for discharged patients✓To address “human resource sourcing issue” in the meal services
market, we have made effort to reduce on-site burdens via
commercial meal kits and fully prepared foods.

×

Test marketing is scheduled tocommence in 1H FY3/24.
29

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: Based on shares acquired as of March-end, dividend income of 150 million yen is expected
to be generated in 2024.3 Q1.
②Dividend income①Equity in earnings of affiliates
Estimated amount

Dividend income (forecast)*

Impact is expected to be minor

About 150 million yen

The following calculations would be madestock holdingsA）profit contribution

15,582,759 Stocks

Of the net income of SIDACS for the quarter, theCompany's share (28.47%) is included in the net
income of SHiDAX's. Our share (28.47%)‐
B）Goodwill amortization
Amortization period of goodwill andgoodwill is under calculation

Time 2023.3 (current term) Q4～

×
Dividend per share (forecast)

10~17yen/share※SHiDAX's medium-term management plan

Time (planned)

2024.3 (coming term) Q1

Scheduled to be recorded in Ordinary Profit＊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

30

Resolution on the appointment ofSHiDAX as a director
At the extraordinary general meeting of stockholders of SHiDAX held on Jan. 24, the appointment of ourpresident and Takashima as directors was resolved.

Company

SHiDAX CORPORATION

Established

January 1959

Employees

9,499,as of the end of March 2022

Kinichi Shida
InsideTsutomu Shida
Shinichi Shibayama

Board ofDirectors
Composition

Makoto Kawai
OutsideMasatoshi Hori
Kohey Takashima
new31

マスター タイトルの書式設定

3. ESG Topics

Upcycle by Oisix
At the 10th Food Industry Mottainai Awards Ceremony which promotes sustainable development of the foodindustry, we received the “MoAFF’s Secretary-General Award.”
Additionally, Sonoko Toukairin, an executive officer who heads up “Upcycle by Oisix,” was designated as aSpecially Appointed Professor at Tohoku University.
10th Food Industry Mottainai Award“MoAFF’s Secretary-General Award.”

Executive Officers and Toukairin
Appointed Special Professor at Tohoku University

・With the aim of realizing sustainable
development of the food industry, the program
seeks to recognize companies that have achieved
exceptional results.

・Appointed as a Specially Appointed Professor at Tohoku
University on Nov. 1, 2022

33

WeSupport Family
Since 2021, we have been operating WeSupport Family, a food support platform for poor families with children.
Cumulative about Support for 120,000 households with 0.3 bn yen worth of food.
In addition, sales of donation products and continued support for Ukrainian evacuees.

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

Food support for Ukrainian evacuees coming
to Japan through the WeSupport platform.

✓ Provided food for approximately 2,500
evacuees from Ukraine

Supported
households（Unique）

Amount of donations

15,0000.3

households

bn yenNumber of
Supported Meals

Supported times

2,710,000
meals(cumulative)476
34

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：3,994 mm yen

Employees：

986 (consolidated), as of the end of March 2022

37

Overview of Affiliates
Percentage ofShares Held

Oisix
オイシックス・ra
ラ・大地daichi

Subsidiarycompany

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

Tokushi-maru

90％

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

Yutori no kukan

20％

Recipes and product development by chefs Harumi Kurihara
and Shinpei Kurihara

Oisix Shanghai
Oisix Inc

Future Food Fund No.1
investment limited partnership

Main
Affiliates

Main Businesses

38

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

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

Sales
EBITDA*

113.4
100.0
8.9

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

October 2017
Merged with Daichi wo
Mamorukai

71.0

89
6.2

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

March 2013
Listed on TSE Mothers

14.6

0.9

2013.3

15.9

20.2

18.1
0.9

2014.30.8
2015.31.0

2016.3

62.5*

40.0
3.1*

23.0
1.0

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

3.5

1.7

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

39

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

334,600

Daichi wo Mamorukai

309,700

Radish Boya

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

40,20045,000308,900

346,000

137,300
240,000

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

74,0002013.32014.32015.32016.32017.32018.32019.32020.32021.32022.340

In the domestic B2C Subscription business
Strengths of Business Models

Our Business Model
Our main business is safe and secure foods that are carefully selected based on our own standards,
Subscription-type food EC-commerce business delivered to approximately 470,000 households
throughout Japan

Producers

Oisix ra daichi

consumers

fruit and vegetable producer
Approximately 4,000
households nationwide

Domestic Delivery business

About 470,000 people

Oisix
Daichi wo
Mamorukai

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

Regular delivery

Procurement

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

42

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

Producers

consumers

Oisix ra daichi

Oisix

With Producers
Direct Network

Daichi wo
Mamorukai

Regular delivery

Procurement

Our Strengths

１

Radish Boya

2

Subscription
Marketing3

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

① Direct network withproducers
Direct transactions with about 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
decisions44

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

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

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

Building a sustained profit stream
ProfitCPA
recovery
periodProfit LTV

Price
per
purchase

Profitabledeliveries

0
Time
CPA

CPA: cost per acquisition
Profit LTV: lifetime acquisition value

Loss-making
deliveries
sbscribers

45

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

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

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

Uniquely developed
Sales and inventory system

Meal kit production plant

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

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

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

46

Domestic B2C Subscription Business Details

Differences in the assetsof the three brands

How tojoin

WEB mainly

How toorder

WEB mainly

Logistics
bases

1 placein Kanagawa

Last One
Mile

Yamato trucks
about 99％

WEB/
door-to-door sales

WEB/
Paper catalogs/
TEL

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

WEB mainly

WEB/
Paper catalogs/
TEL

1 placein Chiba

Our trucks
about 80％
（area aroundmetropolitan area）
48

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

Households who want toenjoy cooking

Senior householdwith two people

Meals that can be boasted
without taking time

Contributing to Society
through Cooking

Easy feeling of health

Producers

49

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

Main target

Businessreorganization/muscularization phase

Product andservice creation

Business
Expansion"quick and proud" needs
Creating services for

For balancing
childcare and work
Busy working
households

・Patto Oisix

・Chanto Oisix ・Kit Oisix

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

Contributing to Society
through Cooking

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

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

- Seasonal changes in normal conditions

Sales*

Q1(4-6)

Q2(7-9)

Q3(10-12)

Q4(1-3)slight increase

Decrease

Increaseslight decrease

Increase in sales forMother's Day and otherevents Slight increase

Decrease in sales due tosummer vacation andObon vacations

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

Sales decrease due
to spring vacation
Slightly decreaseflat

aggravation

improvement

flat

Spring PR costinvestment

Deterioration due todecrease in ARPU

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

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

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

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

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

product development
Development and provision of
products that meet client needs

52

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

Contractual fees
Royalties

Brands, expertise,
information provision

Regional supermarkets
Bases for supply of products

overview

Operating a mobile supermarket for seniors

aim

Provide value to customers who cannot beapproached through EC

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

Products

Product gross profits
30％
17％

Sales partners

In-person
sales

Owner-operators＋5 yen＋5 yenCustomers+10~20yen rule53

Other BusinessDomestic B2C Subscription
Overseas B2C Subscription

Overseas B2C Subscription Business

Domestic B2B Subscription

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

U.S. Meal Kit Market*

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

$2.5
bn
USD

2017

$9
bn
USD
2025

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

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

55

Nursery School Wholesale（suku-suku Oisix）

Domestic B2C Subscription
Overseas B2C Subscription
Domestic B2B Subscription

Food tech

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

Nursery Schoolmenu～shippingmenu

Procurement
packagingoverviewaimshipping- Image of nursery school

menu selection

Menu suggestions
products and food education tools

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

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

Domestic B2C Subscription

Shop in Shop

Overseas B2C Subscription
Domestic B2B Subscription

Food tech

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

supermarket- Image of affiliated supermarkets

products

overviewaim

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

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

Domestic B2C Subscription

Future Food Fund

Overseas B2C Subscription
Domestic B2B Subscription
Food tech

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

Food Tech Startups

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

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

Agritech

Raised 2 billion funding from LP14
58

Domestic B2C Subscription

Future Food Fund

Overseas B2C Subscription
Domestic B2B Subscription
Food tech

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

Businessidea

Financing

Product /serviceconstruction

Business growth/
EXIT

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

Collaboration and support withproven American VCs and incubators

Service experiment utilizing startup
specialty EC sales floor◆ Example
Sales

Import /Logistics

Infrastructure59

Stock-Related and Governance Information

Stock Price and Trading Value
Compared to 2018, when the 3 companies merged, the stock price grew up.
Trading value: Approx. 900 million/day, annual turnover rate of over 200%
5,500
14,000,000

5,000
4,500

12,000,000

10,000,000

3,500
3,000

yen

2,500

）

2,000

8,000,000（

6,000,000

1,500

million*（Trading value

stock prices

4,000

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

61

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

End of Mar. 2019

End of Mar. 2022
Ratio of institutional investors
49％

Ratio of institutional investors
25％

Management Member/Internal Relationships
34％

Strategic
Partners
21％

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

Management members/company stock/
Internal Relationships
29％

overseas
investor
31％

Strategic
Partners
12％

Domestic
Investors
18％
individual
investor
10％

62

Financial Condition
・B/S

・Selected financial data
End of March 2022

（Millions）

End of March 2022

Current assets

28,514Equity Ratio

42.0%

Cash and cash equivalents

13,071

ROA

9.1%

24,119ROE

13.2%

Fixed assets
Total assets

52,634Current liabilities

15,914

Short-term interest-bearing debts

1,010

Long-term liabilities

12,847Long-term interest-bearing debt

101

Total liabilities

28,762

Shareholders' equity

21,954

Total net assets

23,872

Total liabilities and net assets

52,634

Financial leverage

2.4

Total asset turnover

2.1

Net income margin

2.4%

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

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

63

Trend in No. of Employees
986

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

66%

48%

735
680

421

210
163

2013.3179

2014.3

192

2015.32016.32017.32018.32019.32020.32021.32022.364

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

■Inside Directors

President and CEO
Kohey Takashima
Appointed 2000
Vice Chairmen of Japan 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" established65

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

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

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

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

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

66

KPI Data Sheets

DATA SHEET：Results
Results
2021.32022.3mn yen

1Q

1-2Q

1-3Q

Sales

23,132

47,567

Operating
Profit2,076

EBITDANet income
Attributable toowners of theparent

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

27,90155,45087,475

3,976

6,131

7,465

1,950

3,347

4,979

4,171

962

1,672

3,293

2,419

4,679

7,198

8,902

2,316

4,188

6,385

6,216

1,498

2,771

4,960

1,184

2,452

3,900

5,031

1,293

2,156

3,294

2,727

587

892

1,942

68

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

Oisix

Daichi

Radish Boya

Purple Carrot

Other
Business*2022.32023.3

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

Sales

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

14,39328,45844,946

Segment
profits

2,367

4,335

7,012

8,984

2,057

4,045

6,525

7,036

1,953

3,821

6,390

Sales

3,636

7,094

10,761

13,978

3,314

6,628

10,154

13,240

3,070

6,141

9,464

Segment
profits

724

1,368

2,160

2,751

663

1,319

2,010

2,619

624

1,188

1,924

Sales

4,721

9,083

13,653

17,704

4,331

8,732

13,336

17,432

4,190

8,370

12,892

Segment
profits

899

1,626

2,449

3,023

584

1,143

1,883

2,429

591

1,126

1,927

Sales

-

-

-

-

2,842

5,536

7,893

10,208

2,586

5,171

7,544

Segment
profits

-

-

-

-

549

811

985

959

△78

△49

△74

Sales

3,601

8,522

13,60018,922

3,373

6,911

11,194

14,578

3,969

7,958

13,630

Segment
profits

391

1,038

1,599

2,320

427

869

1,295

1,423

435

758

1,230

2,305

4,391

7,089

9,655

2,329

4,842

7,720

10,296

2,564

5,174

8,105

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

69

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

Oisix

Daichi

RadishBoya

2Q

2022.3
3Q

4Q

1Q

2Q

2023.3
3Q

4Q

1Q

2Q

3Q

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

12,986

13,106

13,042

12,891

12,564

12,88012,166

12,302

11,892

12,257
12,257

6,748

6,201

6,315

6,215

6,098

6,057

6,220

6,096

5,970

5,934

6,174
6,174

2.05

2.09

2.08

2.10

2.11

2.07

2.07

2.00

2.06

2.00

1.99
1.99

Subscribers(number)

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

43,95544,092

43,68043,680

ARPU（yen）

27,117

24,12824,35623,52023,02523,251

24,07921,72821,98622,192

23,41823,418

9,234

8,610

9,000

8,729

8,425

8,557

9,002

8,218

8,344

8,521

9,044
9,044

2.94

2.80

2.71

2.69

2.73

2.72

2.67

2.64

2.64

2.60

2.59
2.59

Subscribers(number)

62,51561,822

61,51862,751

65,32066,464

66,20665,09365,297

66,23066,43566,435

ARPU（yen）

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

18,79018,947

18,461

19,655
19,655

7,028

6,373

6,696

6,441

6,402

6,407

6,589

6,247

6,451

6,442

6,922
6,922

3.30

3.28

3.14

3.15

3.15

3.08

3.06

3.01

2.94

2.87

2.84
2.84

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

Price/
purchase（yen）
Purchase
Frequency(number)

Price/
purchase（yen）
Purchase
Frequency(number)70Effect of accounting change
on depreciation and operating expenses
Rents for New Ebina distribution center was accounted for as finance leases in accordance with accounting standards.
Due to the change in recorded items compared to the previous location Differences in EBITDA and ordinary income comparedto the same period of the previous year. The accounting items have been changed from SG&A expenses to depreciation andinterest 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
income71

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.

72