2024.3 3Q Results
Oisix ra daichi Inc.

2024.2.13

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

Executive Summary-2024.3 3Q Results✓ EBITDA continued to increase by double digits YoY mainly due to steady progress in measures toimprove profitability.
Sales increased YoY in the mainstay Oisix business and overall sales increased +2% YoY.

✓ The number of Oisix subscribers declined compared to 3Q. This was within the expected range
due to the continued churn of subscribers acquired in the first half of this fiscal year and theimpact of the shipping fee revision implemented in 3Q.
The number of subscribers increased by approximately 19,000 YoY.

✓ Revised full-year consolidated earnings forecast after consolidation of SHiDAX as follows
Sales 147.0bn yen ／ EBITDA 7.2bn yen ／ Operating Profit 4.2bn yen ／Profit attributable to owners of the parent 3.5bn yen

The forecast for Oisix ra daichi alone, excluding one-time gains and losses*, is as follows*One-time gains/losses:
・Gains and losses arising from the consolidation of SHiDAX as a consolidated subsidiary
・ORD Atsugi freezing station (distribution center) relocation impacts, etc.
Sales 116.5bn yen (YoY+1%) ／ EBITDA 7.3bn yen (YoY+30%) ／Operating Profit 4.8bn yen (YoY+43%)／
Profit attributable to owners of the parent 3.0bn yen (YoY+66%)※Details are on P10 - P122

2024.3 Summary of 3Q Results
Sales ：Sales in the mainstay Oisix and other businesses increased YoY and overall sales rose +2% YoY.
EBITDA ：Double-digit profit growth YoY continued, despite higher new subscriber acquisition costs, due to progressin measures to improve profitability and the effect of increased revenues.

Sales

89.65bn yen

EBITDA（ YoY ＋ 2 %）Operating
Profit

4.29bn yen（ YoY + 30 %）6.05bn yen（ YoY + 22 %）Profitattributable toowners of theparent3.01bn yen（ YoY + 55 %）3

YoY：EBITDA/Operating Profit

Profitability has steadily improved due to reviews of sales methods including price increases and logistics
operations, including the impact of approx. 0.3bn yen related to the recovery of previous year’s logistics issues.

-EBITDA（bn yen）

-Operating Profit（bn yen）

＋1.09

6.05

＋1.00

4.29
3.29

2023.3
3Q

Salesincrease

Recovery of logistics issues
Profitability improvement
initiatives

PR
expenses

OthersSegment

Fixed expenses, etc

2024.33Q

2023.32023.3
3Q累計
3Q

2024.32024.3
3Q累計
3Q

3 Home Delivery Business4

2024.3 3Q
Business Segment Results（bn yen）

Sales
2024.3
3Q

ProfitYoY

2024.3
3Q

Profitratio

YoY

Overview

Oisix

47.73

+6%

6.89

+8%

14.4％

Subscribers increased YoY.
New services are being developed to attract andretain new subscribers.
Transition of frozen DC went as planned.

Daichi

8.74

- 8%

1.86

- 3%

21.3%

Suppressed to acquire new subscribers andcontinued to develop new services.

Radish Boya

12.67

- 2%

1.91

- 1%

15.1%

Subscribers increased steadily.
Strengthen measures to increase purchasefrequency.

Purple Carrot*

6.88

- 9%

- 0.07-- 1.1%

Continued to strengthen the business structure.
(Development of new menus, relocation of logistics
bases, etc.)
Subscribers: Decreased, ARPU: Increased

Growth in other companies' EC support businessand Nursery School Wholesale (Suku-Suku Oisix)- Results for Jan to Sep

USD: 49M

Other Business

14.89

Total Segment
Adjustments / Corporate expenses
Segment depreciation and amortization

EBITDA
Depreciation and amortization

Operating Profit

USD: - 2M

+9%

1.66

+35%

11.2%

+3%

12.25

+8%

13.5％

- 1.28- 7.43
1.22

-

-

-

6.05

+22%

6.8％

-

- 0.2
- 1.55

-

-

-

4.29

+30%

4.8％

90.94

*Segment profits of Purple Carrot and Other businesses differ from the segment figures in the
Financial Results due to the deduction of amortizations of goodwill etc.

5Domestic B2C Subscription
Subscriber Numbers
Oisix
Radish Boya

：Decreased compared to 3Q, but within expectations and higher than in YoY.
：Maintained net growth driven by an increase in the number of subscribers, mainly among
those who are interested in supporting producers, which is the target of the brand.
Daichi wo Mamorukai ：Developing services to resume acquiring new subscribers with low PR expenses.

- Subscribers Trend- 2024.3 3Q
3 brands at the end of 3Q

486,710502,424

Oisix

452,864

Daichi wo Mamorukai

412,847

Radish Boya

67,825467,829(YoY +4%)
Radish Boya
70,233（+6%）

66,43540,77040,259330,725
302,094

210,331

Daichi36,402（- 10%）

393,829(actual)Of these,
Kit Oisix
275,717

Oisix
380,075（+5%）

361,135
137,300
74,0002013.3 2014.4 2015.3 2016.3 2017.3 2018.3 2019.3 2020.3 2021.3 2022.3 2023.3

Of these,
Kit Oisix
274,479（+11%）

Of these,
Kit Oisix
246,324

111,000
96,70082,100(Reference)(参考)2023.32023.33Q

2024.32024.3
3Q
3Q累計

3Q累計

For more information on each brand, See P18 for details.

6

※Purchase price and purchase frequency, which are components of ARPU,
are shown on the next page.

Domestic B2C Subscription ARPU

Oisix and Radish Boya revised their service contents including the revision of free shipping charges, and each business
improved unit purchase price. On the other hand, due to the impact of changes in consumer purchasing behavior and eachbusiness’s subscriber composition, purchase frequency declined, resulting in lower ARPU YoY in all businesses.

Oisix

Daichi wo Mamorukai

Radish Boya

11,562yen

25,480yen

19,022yen（ YoY – 6 %）（ YoY – 1 %）（ YoY – 3 %）25,63725,48019,655

12,257

11,87319,022

11,882

11,562
11,305

18,35523,667

18,12523,55817,93323,3983Q

2023.34Q

1Q

2024.3

2Q

3Q

3Q

2023.34Q

1Q

2024.3

2Q

3Q

3Q

2023.3

4Q

1Q

2Q

3Q

2024.37

Changes in ARPU Components- Purchase Price（yen）- Purchase Frequency（number/month）

COVID-19 Impact Period

Radish Boya

Daichi wo Mamorukai【Oisix】• The recent upward trend has been seen due to a review of the freeshipping charge implemented in 3Q of this fiscal year and a review
of product unit prices in response to higher raw material prices, etc.
※For 4Q of this fiscal year, a temporary decline is expected due to the relocation of
the frozen distribution center【Radish Boya】• The upward trend is continuing driven by the effects of the unit
price increases of main products implemented in the previous
fiscal year and a review of the free shipping charge implemented
in 3Q of this fiscal year, etc.
【Daichi wo Mamorukai】• Continuous increases of unit price of products, and the purchaseprice in 3Q of this fiscal year exceeded the COVID-19 period.

COVID-19 Impact Period

Radish Boya

Daichi wo Mamorukai【Oisix】• The COVID-19 period saw an increase but has returned topre-COVID-19 levels in the current period.
【Radish Boya】• The trend of a large increase immediately after the start of the
COVID-19 period, followed by a gradual decline, is continuing.
This is largely due to the increase in the composition of low
frequent users as the number of subscribers increases.
【Daichi wo Mamorukai】• Like Radish Boya, it was affected by the COVID-19 period.
However, the subscriber composition is returning to theprevious levels, and purchase frequency is approaching preCOVID-19 levels.

8

Other Businesses
Tokushimaru：Steady increase in the number of vehicles in operation. Received an award sponsored by
the Consumer Affairs Agency.

Nursery School Wholesale ：Continue to promoting awareness through events and seminars for managements, etc.
Increased processing ratio of commercial meal kits and expanded introduction of meal kits tomajor corporations driven by DX process of food service-related operations.

Tokushimaru

Nursery School Wholesale

No. of vehicles in operation

GMV

No. of trading nursery school

Sales

1,163

22.83bn yen

800

1.20bn yen(YoY +6％)(YoY +12％)(YoY +9％)(YoY +16％)

1.20
22.83

1.03

20.45

0.90

16.89
12.14
7.83

1,101

1,163

0.73

0.66

948

671

363

735

800

656

429

473

2020.3
3Q累計
3Q

2021.3
3Q累計
3Q

2022.3
3Q累計
3Q

2023.3
3Q累計
3Q

2024.32020.32021.32022.32023.32024.3

3Q累計
3Q

3Q
3Q累計

3Q
3Q累計

3Q
3Q累計

3Q
3Q累計

3Q
3Q累計

9

Overview of Revisions ofFull Year Results Forecast①Include 4Q results and the related gains/losses from the consolidation of SHiDAX and SHIDA HD.
②Reflects current business outlook.
(including revisions to business performance associated with the relocation of the ORD Atsugi freezing station)*Overall breakdown is on P11; detail on operating profit is on P12.

Sales

147.00bn yen

EBITDA（ YoY ＋ 28 %）Operating
Profit4.20bn yen（ YoY + 26 %）7.20bn yen（ YoY + 29 %）Profitattributable toowners of theparent3.50bn yen（ YoY + 94 %）10Revisions of Full Year Results Forecast- Breakdown
These effects are expected to occur in 4Q: 1) temporary impact on profit/loss due to making SHiDAX a consolidated
subsidiary, 2) intentional sales restraint due to the relocation of ORD Atsugi Freezing Station, and 3) one-time
expenses related to the relocation of that station.
SHiDAX expects to increase the revenue YoY and the impact of higher raw material and labor costs, mainly in the foodservice business, will continue in 4Q.
Unit: bn yen
Revised Full Year
Forecast（A＋B）

Initial Forecast

B
4Q forecast

A
3Q cumulative

Oisix ra daichi

ORD*

ORD* : 1year＋
SHiDAX : 3 months

ORD*

ORD*

EBITDA **8.0

Operating Profit

6.0

147.0
7.2 =
4.2

Profitattributable toowners of theparent

3.8

3.5

Sales

126.5

Sales
EBITDA **

89.7

Total

Excluding ②(①+②＋③＋④)①(*1)
special factors②

new consolidation(*2)
SHiDAXTOB fee
③
④

57.4

26.7

-0.2

30.9

0.0

1.2

1.3

-0.6

0.7

-0.2

4.3

-0.1

0.5

-0.6

0.6

-0.6

3.0

0.5

0.0

1.6

0.2

-1.3

6.1

+

*1
Sales restraint due to the relocation
Sales restraint, transition fee, rent fee increase
OthersOperating Profit

Above impacts

Profit attributable to owners of
the parent

Above impacts andExtraordinary income related to TOB
Corporation tax related to extraordinary income
Others

*2
-0.4
-0.5
TOB related FA fee-0.1
Above impacts andAmortization of goodwill and intangible assets-0.2

Above impacts and+3.4
Bank borrowing fees
-1.3
Others
-0.2

-0.5
-0.2

* ORD：Oisix ra daichi Group at the beginning of the period** EBITDA＝Operating profit ＋ depreciation + amortization

-0.4

11

Appendix: Revisions of Forecast- Operating Profit Outlook for the Full Year
In 4Q, Oisix ra daichi on a non-consolidated basis (excluding consolidated subsidiaries) expects to generate operating profits of
0.8bn yen due to progress in improving profitability, while testing new marketing measures including TV commercials.
On the other hand, total ORD operating profit will remain almost flat due to special factors such as the relocation of the ORD
Atsugi freezing station.
In the forecast after consolidation of SHiDAX, expenses associated with the consolidation of SHiDAX as a subsidiary are expected
to be approximately the same amount as the operating profits of SHiDAX.

New Consolidation

ORD* (Excluding SHiDAX, etc.)（Effect of consolidation of SHiDAX, etc. ）

0.8

4.3

(bn yen）

0.6
6
-0.3

4.2
-0.6

4.2

-0.4
Amortization of
goodwill andintangible assets-0.2
TOB related FA
fees, etc.
(Transient)- 0.6

Operating loss of2024.3
ORD
existing
3Q
non-consolidated
consolidated（results） Operating profit
subsidiaries, etc.

2024.3 4Q

Excluding SHiDAX, etc.
SHiDAX 4Q
Full Year 2024.3
Operating profit Operating Profit（Forecast）（Forecast）

Effect of
relocation of
Atsugi Freezing
Station, etc.

Expenses related toacquisition of SHiDAX

Full Year2024.3Operating profit（Forecast）

2024.3 4Q* ORD：Oisix ra daichi Group at the beginning of the period

12Schedule for taking SHiDAX private,
and changes in funds
After SHiDAX's extraordinary shareholders' meeting on February 28 and other events, we plan to complete the process of taking
SHiDAX private by the end of March and announce the future business plan at the time of this fiscal year's closing. Acquired
shares of SHIDA HD by utilizing the extraordinary profit generated from the tender offer for shares of SHiDAX and completed theconversion of SHIDA HD and SHiDAX into subsidiaries.

- Major Schedules- Business Structure and Funds①Affiliated to SHiDAX *now a subsidiary as a result of ②
2022
Oct 25.

■Purchase and sale of SHiDAX shares①Acquisition（Oct. 2022）
Ownership：0%→28%
purchase price：approx. 8.4bn yen

Acquisition of 28% of SHiDAX shares（@541yen）*3.4bn yen as reflected in consolidated
results②Tender offer application②Third-party allotment of SHIDA HD shares(SHIDA HD and SHiDAX become subsidiaries)2023
Dec 26.
2024

Decision to underwrite a third-party
allotment of SHIDA HD and tender its
shares in the tender offer for SHiDAX
sharesJan 5

Third-Party Allotment of SHIDA HDSHIDA HD and SHiDAX become subsidiaries

Feb 28(scheduled)

Extraordinary General Meeting of
Shareholders of SHiDAX held

Mar 18SHiDAX shares are privatized.

(scheduled)

Mid-May(scheduled)

Gain on sales of stocks(non-consolidated): 4.0bn
yen on this 4Q（Dec. 2023）

ownership ：28%→0%sales amount：approx. 12.5bn yen（@800yen）Founder of SHiDAX②Acquisition of SHIDA HD shares
Ownership： 0%→66%
purchase price：approx. 14.2bn yen

Ownership：34％

SHIDA HD
②Acquisition of SHiDAX shares by
SHIDA HD
Ownership： 17%→81%*
purchase price：approx. 28.4bn yen

Business plan to be announced at thetime of this earnings announcement
For specific initiatives, refer to P28 - P36.
*Plans to acquire 100% of SHiDAX shares through squeeze-out procedures

13

Sustainability Topics-Support for the Noto Region Earthquake

SHiDAX：Continued to provide meals at facilities in the affected areas under contract.
Tokushimaru ：Free distribution of relief goods in cooperation with the government at a total of 204 locations.
Home Delivery：Joint delivery of ordered products and relief supplies to customers in areas where regular home delivery is difficult.

Group companies collaborate flexibly and utilize facilities, product procurement capabilities, etc.

14

Sustainability Topics-Family Support : WeSupport Family

We continued the support through WeSupport Family, a food assistance platform for needy families with children.
Held a Christmas event that leads to donations. Expanding initiatives that easily lead to donation actions.

Cumulative numberof donated goods

Amount of Donation

1.72 mn pieces

620 mn yen✓ 6 pairs of 14 parents and children participatedParticipants

Families supported

Food Education Experience

Christmas Gift Giving

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

15

マスター タイトルの書式設定

DATA SHEET・ APPENDIX

Data Sheet：Results
2022.32023.32024.3mn yen

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

Oisix

14,14528,58045,19058,546

14,39328,45844,94659,413

15,81930,74047,736

Daichi

3,314

6,628

10,154

13,240

3,070

6,141

9,464

12,345

2,926

5,731

8,746

Radish Boya

4,331

8,732

13,336

17,432

4,190

8,370

12,892

16,939

4,164

8,244

12,671

Purple Carrot

2,842

5,536

7,893

10,208

2,586

5,171

7,544

9,798

2,371

4,663

6,888

Other Business

3,373

6,911

11,194

14,578

3,969

7,958

13,63017,946

4,448

8,966

14,898Adjusted amount

- 94

- 221

- 370

- 529

- 309

- 649

- 1,003- 1,267

- 462

- 907

- 1,284

Sales

27,911

56,16787,400 113,476

27,90155,45087,475 115,176

29,26857,43889,656

Oisix

2,057

4,045

6,525

7,036

1,953

3,821

6,390

7,562

2,026

4,053

6,892

Daichi

663

1,319

2,010

2,619

624

1,188

1,924

2,480

587

1,149

1,860

Radish Boya

584

1,143

1,883

2,429

591

1,126

1,927

2,540

608

1,131

1,912

Purple Carrot*

549

811

985

959

- 78

- 49

- 74

- 40

21

- 28

- 74

Other Business

427

869

1,295

1,423

435

758

1,230

1,690

553

1,084

1,664

Adjusted amount- 2,329- 4,842- 7,720- 10,296- 2,564- 5,174- 8,105- 10,886- 2,695- 5,319- 7,962

Operating
Profit

1,950

3,347

4,979

4,171

962

1,672

3,293

3,346

1,101

2,070

4,293

EBITDA

2,316

4,188

6,385

6,216

1,498

2,771

4,960

5,595

1,677

3,234

6,052

Profitattributable to
Owners of Parent

1,293

2,156

3,294

2,727

587

892

1,942

1,807

817

1,401

3,015

*Segment results for Purple Carrot differ from the segment figures in the financial statements
because they exclude the effects of amortization of goodwill and other items that do not reflectbusiness activities.

17

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

Oisix

Daichi

Radish
Boya

ARPU
（yen）

2Q

2023.3
3Q

4Q

1Q

2Q

2024.3
3Q

333,850 347,772 345,409 346,083 350,650 355,962 361,135

4Q（actual)393,829

1Q

2Q

3Q

396,709 398,958 380,075

12,891

12,564

12,88012,166

12,302

11,892

12,257

11,873

11,882

11,305

11,562

6,098

6,057

6,220

6,096

5,970

5,934

6,174

6,010

5,949

5,910

6,214

2.11

2.07

2.07

2.00

2.06

2.00

1.99

1.98

2.00

1.91

1.86

Subscribers(number)

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

36,402

ARPU（yen）

25,63025,26826,052

23,89024,13824,49025,63723,39823,66723,55825,480

8,411

8,576

8,864

8,219

8,345

8,537

9,048

8,428

8,523

8,652

9,182

3.02

2.95

2.94

2.91

2.89

2.87

2.83

2.78

2.78

2.72

2.78

Subscribers(number)

65,32066,464

66,20665,09365,297

66,23066,43567,82568,477

69,40070,233

ARPU（yen）

20,18819,74820,137

18,79018,947

18,461

19,655

18,125

18,355

17,93319,022

6,402

6,407

6,589

6,247

6,451

6,442

6,922

6,531

6,641

6,684

7,035

3.15

3.08

3.06

3.01

2.94

2.87

2.84

2.78

2.76

2.68

2.70

Price/
Purchase（yen）
Purchase
Frequency(monthly)

Price/
Purchase（yen）
Purchase
Frequency(monthly)

Price/
Purchase（yen）
Purchase
Frequency(monthly)18

Growth Trajectory
The Company has expanded business scale significantly based on Oisix with mergers with Daichi wo Mamorukai
and Radish Boya.
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)
売上（百万円）October 2018
Merged with Radish Boya

EBITDA*EBITDAマージン

5.9%

8.9%

October 2017
Merged with Daichi wo
Mamorukai

113.4

4.9%

4.9%
4.3%

115.1

100.0

5.6%
4.6%

April 2020
Listed on TSE 1st(currently PRIME)

4.2%

5.1%
5.5%

71.0
64.0

4.9%

March 2013
Listed on TSE Mothers

39.9

14.5

15.9

18.0

2013.32014.32015.320.1

23.0

2016.32017.32018.32019.32020.32021.32022.3* EBITDA＝Operating profit ＋ depreciation + amortization

2023.319

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 in manufacturing/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 eggplant

20

Enhance Profitability- ② Logistics Efficiency

Ebina Logistics Station (refrigerator) has moved to a phase of improving profitability.
We work to improve logistics costs by relocating of Atsugi Logistics 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
through systemization

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／year

21

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 plant

22

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

Producers

23

Appendix: SHiDAX 3Q Results

24Appendix: SHiDAX 3Q Results- Food Services

25Appendix: SHiDAX 3Q Results- Vehicle Operation Services

26

Appendix: SHiDAX 3Q Results- Social Services

27

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 business28

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 results29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.

30

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

33

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

34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

35

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

36

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.

37