2022/3 Q4 Results
Explanatory Materials
Oisix ra daichi lnc.

2022.5.12

Table of Contents

１. 2022.3 Financial Achievements 【P2】1-1. 2022.3 Achievements＋ New DC Current Status＋ Inflation Impact
1-2. Results on Business Segment

２．Medium-Term Growth Strategies 【P31】2-1. Sustainable Retail Strategy
2-2. Domestic B2C Subscription Strategy
1) Business Model2) 2023.3 Strategy

2-3. Expansion of Business Domain (Domestic B2B Subscription Business)

2-4. Enhance profitability

３．2023.3 Outlook 【P59】４. ESG Topics 【P49】■ APPENDIX・DATA SHEET
1

マスター タイトルの書式設定

1. 2022.3 Financial Achievements
1-1. 2022.3 Achievements+ New DC Current Status+ Inflation Impact
1-2. Results on Business Segment

1-1. 2022.3 Achievements

Executive Summary-2022/3 Q4 Results
Sales

The sales impact of issues relating to relocation of Oisix new Ebina Station cameto roughly -1.0 bn yen as estimated in February. On the other hand, recovery
plans are proceeding nicely with purchase frequency and unit basket prices
recovering to levels prior to said relocation issues.
✓ Subscribers ：Owing to issues at Oisix new Ebina Station, １: New subscriber acquisition stopped(about ▲10,000), ２: Temporary increase in cancellations (about ▲5,000).
However, with the help of the likes of TV commercials from late-February, customer
acquisitions saw gradual recovery and in fact saw net growth relative to 3Q.

✓ ARPU

Domestic Delivery business ARPU have been gradually settling down due to lifestylechanges, and landed at -8%YoY (vs pre-COVID-19 about +5%) .

：EBITDA・ Relocation problems and recovery costs were invested almost as planned.
Lower-than-expected impact on sales resulted in loss of profit of -1.3 bn yen
・ Increased recovery costs are expected to continue until 1H of 2023.3(see below for details).
✓ The breakdown of the decrease of about -1.3 bn yen in profit due to the trouble is as follows: Increase in logistics costs and product disposal due to the response to the trouble,
and actual loss of point cost, etc.: about-1.0 bn yen. Loss of profit of lost sales: about -0.3 bn yen.
✓ At Oisix, new spring promotional budgets, for such items as TV commercials,
were expended as planned in 4Q.
4Executive Summary-2022.3 Full-year results
Sales

Led by Oisix, subscriptions and ARPU performed well relative to initial forecast.
They were in line with revised forecasts made in February.
◆ Domestic B2C Subsk Business✓ Subscribers： The 3 main brands added roughly 40,000 new subscribers in 2022.3.
The Oisix brand saw an increase of roughly 37,000. Processing of membership cancellations of low
frequency subscribers was implemented in the 2H. Owing to suspension of new PR activities vis-à-vis
issues at Oisix new Ebina Station, a one-off customer acquisition loss was incurred.
Centered on new services, Radish Boya resumed new customer acquisitions resulting in an increase ofroughly 2,000 subscrbers.

✓ ARPU：

Although there has been a gradual slowdown since 3Q,
all 3 business segments have continued to see +5% growth vs pre-COVID-19 levels.

◆ Other Businss✓ Reflecting renewed economic activity, Purple Carrot (U.S.), which saw sales and subscribers double in 2021.3,
saw a decline in subscriptions. Results, however, were above expectations.
✓ Other business segments, led by EC support and nursery school wholesale, saw solid business expansion.

EBITDA

Results were in line with the revised February forecast.
✓ Led by Oisix, the domestic B2C subscription business saw solid gains in the number of subscribers an ARPU.
✓ Operating margins at Purple Carrot (U.S.) saw substantial deterioration in the 2H owing to inflation driven
raw material and logistical cost increases.
Operating income：1H roughly 0.8 bn yen → 2H roughly 0.15 bn yen

52022.3 Achievements
Sales：Led by Oisix, subscriptions and ARPU performed well relative to initial forecast.
They were in line with revised forecasts made in February.

EBITDA ：Results were in line with the revised February forecast.

Sales

113.47bn yen

EBITDA（ YoY - 30%）

（ YoY + 13%）

Operating
Income4.17bn yen（ YoY - 44%）

6.21bn yen

NetincomeAttributable toowners of theparent2.72bn yen（ YoY - 46%）

6

*(Note) Calculation of ARPU assumption.
To eliminate the one-off boost effects of COVID-19 on
ARPU, we assume ARPU to be equal to 2020.3 or thelevel posted before COVID-19.

Consolidated Results Overview-SalesContinued high-level growth reflects Oisix led subscription growth and high ARPU.
Sales

113.47

CAGR

22.1%
about
90.0

100.06（ YoY +13%)
About
109.0

71.04

Results

2021.3

Actual value *2020.3Results

2019.3* *Actual value *62.42

2022.3* * For the purposes of like-for-like vs Target comparisons, one extra
month of Radish Boya data (March 2018) was deducted from 2019/3 data.

7

*(Note) Calculation of ARPU assumption.
To eliminate the one-off boost effects of COVID-19 on
ARPU, we assume ARPU to be equal to 2020.3 or thelevel posted before COVID-19.

Consolidated Results Overview-Profits

Relative to the irregular Covid-19 driven increase in ARPU in FY3/21, profits fell YoY.
Excluding the impact of roughly 1.3bn yen in costs related to Oisix new Ebina Station,
real adjusted profits saw solid gains.
Attributable to owners of the parent

Operating Income

EBITDANet income

In FY2022/3, lost profit of about 1.3 bn yen due to trouble
at Oisix new Ebina Station

8.90
7.46

6.21
（ YoY - 30%)

about
5.4

4.17

2021.3Results

2019.3 * * 2020.3

about
2.1
Actual value *0.79

Actual value *2022.3

1.10（ YoY - 46%)

Resultsabout
3.0

Results

2021.3

2.72

about
3.4
Actual value *2019.3 * * 2020.3

Results

2.46

Actual value *2022.3

2.24

5.03（ YoY - 44%)

about
4.0

Results

2021.3

Actual value *2019.3 * * 2020.3

Results

3.08

Actual value *

3.59

about
5.4

2022.3* * 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

2022.3 Progress of Strategic Initiatives-①Sustainable Retail
We plan/implement strategic initiatives to achieve further reduction in GHG emissions and food wastethat are already low given the characteristics of our business model. In one year, food waste at farms
was reduced by roughly 310t.
Zero Food Waste

カーボンニュートラル
carbonneutral✓ food waste at farms was reduced by roughly 310t.
Promote development and sales oforiginal products for further utilization

Formulation of visualization andreduction plans for GHG emissions✓ Activities with the goal of being carbon neutral
by the end of March 2026

Upcycle.
FuzoroiRadish✓ our business model results in GHG emissions
that is just 50% of the Physical Retail Average evenaccounting for home delivery.
■GHG emissions per sales (including all of Scope 1, 2, and 3)
Our company’s
emissions areabout 50% lower
than those of othercompanies.

Oisix・Daichi
Food Waste
Reduction Products

Annual food waste
reduction

2Q

40t
Reduction of

80t in 6 months

Newvisualization

120t ＋ 190t＝

310t
Reducing
food waste

In the future,
we plan to calculate fuzoroi raw
materials used in Kit Oisix andother applications.
Physical Retail Average**We calculated the average of five companies that disclose information on CO2emissions in Scope 1, 2, and 3. Sales of each company are calculated on aconsolidated basis for the relevant fiscal year (based on our research).

92022.3 Progress of Strategic Initiatives-②expanding fulfillment functions-③Execution of large-scale promotions

To support sales growth at Oixis, we are expanding fulfillment functions and implementing new promotions
utilizing celebrities. Centered on Oisix, we are building the foundation to secure future business growth.
③Execution of large-scale promotions②expanding fulfillment functions-System enhancement in response tobusiness expansion✓ Renewal of systems infrastructure was completed asscheduled. Represents a departure from our old systems
which underwent countless add-on modifications andwhich has been in use since company founding.
Flexible
Expandability

Development Environment
Functional Improvements

Expedite facility
expansion

BCP
reinforce

TV commercials✓ Since mid-Feb. we have been airing TV commercials
employing celebrities. We look to create
new opportunities for customers unaware of Oisix topurchase ‘The Trial Set.’×-Relocation of Oisix refrigerated warehouses✓ The impact of the relocation trouble was a loss of bothsales and profit. Shipment capacity will be increased,
and the outlook for efficiency improvement
In the 2H of 2023.3 is established.
NEW
OLD
transfer

10New Ebina DC Status
Relative to the recovery plan announced in Feb., quality of delivery services was restored as scheduled in Mar.
The out-of-stock-ratio improved to roughly 0.2% and ARPU recovered to pre-trouble levels.
Regarding profitability improvement, service quality has improved but remains about 2% higher than pre-troubles levels.

2022.3詳細of the1 Expansion
Quantitythe2 Improving
QualityAug.
New DCJan.
TroubleRecoverycompleted onschedule.

✓ Recovery of quality
and quantity of deliveries
is completed ahead of schedule.

◆ Image of logistics costs in FY2021

3

profitability
improvement✓ Immediately implemented
measures such as (1)strengthening logistics
personnel and (2) extending
line operating hours in order torecover quality and quantity✓ Although costs were reduced
step by step immediately
after the trouble, theyremained about 2% higher
than the pre-trouble level atthe end of the fiscal year.

Increased
relocation
preparation costs

about 2% higher
than pre-troubles levels.
Previous level

11Inflation Impact
We are in the process of assessing the impact of inflation on the domestic B2C subscription business.
We are closely monitoring trends for those products where we have already raised prices owing to rising
manufacturing costs.
As Purple Carrot (U.S.) has been significantly impacted by rising raw material/logistical costs,
we expect to implement countermeasures such as raising prices.
Domestic B2C（Oisix、Daichi、Radish Boya）

Overseas B2C（US：Purple Carrot）✓ The main products we handle are domestically produced
and private brands, Price hikes were implemented forsome products due to an increase in production costs.

✓ Due to rapid inflation since the 2H of last year,
Significant increase in costs, including personnel
costs for raw materials and warehouse work staff

present condition
Future Policies⇒At present, there have been no major changes in customer
trends, Effects are still being assessed.

⇒Operating income for the previous
period: 1H: 0.8 bn yen in the 1H ⇒ inthe 2H : 0.15 bn yen
Significant deterioration in profit
margins

We will be assessing pricing strategies as wemonitor subscriber behavioral trends andimplement appropriate pricing in the event oflarge raw material price increases and/or
where inflation is prolonged.

Such as raising prices for meal kits andchanging suppliers Early
implementation of initiatives to improve
profitability（Refer to pages 66 for details）
12

YoY：Sales
The domestic home delivery business, led by Oisix, saw subscriptions increase by roughly 40K in FY3/22.
Additionally, ARPU has remained high versus pre-COVID-19 levels allowing for a ¥13.4bn increase inrevenues.
- Sales（bn yen）

3

（B）
about

-4.3

about
-1.0

(A)
about
13.0

2
1

about
1.3

4

100.06

１

Sales increase:Purple Carrot

113.47

Sales increase of 3 home delivery
business：about +8.7bn yen
・(A) Increase in subscribers ： about 13.0 bn yen

about
4.4

・(B) Increase in ARPU

： about - 4.3 bn yen

２ Decrease in sales due to relocation

Sales
increase:Othertroubles： about - 1.0bn yen
３

Decrease in sales oflogistics troubles

Sales increase of Purple Carrot： about +1.3bn yen
・Although Subscriber has been decreasing since peaking
in 1Q, Sales were higher than forecast in the same periodof the previous fiscal year.

Sales increase:
3 home delivery
business(A) subscribers(B)ARPU

４ Sales increase of Other：about +4.4bn yen

2021/32022/3・EC support
・Kindergarten wholesale・Hong Kong/ Shanghai
・Consolidated subsidiaries(include new consolidation by "Toyoichi")13

YoY：EBITDA
Aggressively invest in growth-oriented businesses, including new PR costs for the 3 home delivery
businesses and costs for transitioning to Oisix new Ebina Station (including depreciation).
On the other hand, profit margin decline due to lower ARPU and troubles at the Oisix new Ebina Station
relocation resulted in a profit decline of about 2.7 bn yen compared to the previous year
-EBITDA（bn yen）

１ Profits increase of 3 home delivery
business：about1.7 bn yen

2
Decrease in sales oflogistics troubles（B）・(A) Increase in subscribers ：about 2.6 bn yen

about

8.90

(A)
about
2.6

・(B) Increase in ARPU

-0.9
about

-1.3

4

1

Sales increase:
3 home delivery
business(A) subscribers(B)ARPU

about
–3.1

3
growth investment
・ PR investment
・ Increase in new
distribution centercosts

2021/3

約▲13

2Trouble profit decline：about -1.3 bn yen

3

Increased investment in growth：about - 3.1 bn yen

PurpleCarro・
Profits
Increase:Other
about

+0.1

5

about

-0.1

：about –0.9 bn yen：about-2.8bn yen
・(C) PR investment
・(D) Increase in logistics costs for ：about-0.3bn.yen
new Oisix distribution center

6.21*In addition, depreciation and amortization increased
by about 0.3 bn yen, affecting operating income.

4

Profit increase of Purple Carrot and Other：about 0.1bn yen

5Companywide fixed costs increase：about - 0.1bn yen

Fixed cost
increase・Strengthening personnel for business enhancement and expansion
・Preparatory expenses for renewal of system infrastructure (enhancement ofspeed and data utilization).

2022/314

Business segment Results
Sales

Oisix

Daichi*

RadishBoya
PurpleCarrot*(Results for Jan
to Dec)Segment profit*58.54 bn yen

7.03 bn yen(YoY +17％)(YoY - 22％)

13.24 bn yen

2.61 bn yen(YoY - 5％)(YoY - 5％)

17.43 bn yen

2.42 bn yen(YoY - 2％)(YoY - 20％)

10.20 bn yen

0.95 bn yen(YoY +17％)(YoY +16％)

Overview
・Subscriptions saw solid growth mainly in the 1H. Reflecting,however, subscription cancellation processing for lowfrequency users in the 2H (appx. 10,000 subscribers) andissues at Oisix new Ebina Station, cumulative subscriptions
increased by just 37,000 for the full year.
・ARPU fell reflecting increased outdoor activity. That said,
strong demand in the 1H allowed for a 12% full year
increase versus pre-COVID-19 levels.

・We continue to experiment with the development of
new subscriber acquisition methods. Promotion Limited
growth in subscriber base due to inadequate spending
・ARPU has weakened reflecting such factors asincreased outdoor activity by users, at +7% YoY for thefull year versus pre-COVID-19 levels.
・In subscribers, despite a decline in the 2H due in part torevisions to delivery fees, acquisition methods such as fuzoroi
Radish are being established, and the cumulative total of about
2,000 subscribers increased this fiscal year.
・ARPU has weakened reflecting such factors as increased
outdoor activity by users, at +6% YoY for the full year versus
pre-COVID-19 levels.

・Subscriptions and sales that saw a doubling in
FY3/21 saw a gradual weakening in the current
FY3/22. The impact, however, was lower than
expected. Whilst profit fell owing to inflation driven
higher raw material and labor costs, it continued to
be positive in 4Q.
・EC support services continued to see strong performance.

Other
Business*

14.57 bn yen

1.42 bn yen(YoY +43％)(YoY - 6％)

・The SinS/Nursery School Wholesale business saw
sales expansion on steady growth in the number of subscribers

・To help with localization of products/services, overseas
travel to Hong Kong/Shanghai were resumed in the 2H
to conduct surveys.

*Segment profit of Daichi, 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.

15

Business segment
Results Overview
Sales

113.47bn yenSegment profits
Segment costs

9.8％

Segment profitsSegment costs

9.3％
Segment profits
Segment costs

14.0％

Segment profitsSegment costs

20.0％

Total segment costs

99.02bn yen
Total
Segment profits

14.45

bn yenCompanywide fixed costs

8.24bn yen

EBITDA
Segment profitsSegment costs

12.0％

6.21

Depreciation and amortization

2.04bn yen

bn yenOperating Income

4.17

bn yen16

1-2. Business Segment Summary

Overview of Business Segments

1

Domestic Delivery business（Three major brands）｜ Oisix｜ Daichi｜ Radish Boya

2

Domestic Delivery business（Other）｜ EC support business for other companies（Alliance）｜ Tokushimaru（Subsidiary）

3

Overseas Business｜ Purple Carrot(U.S.)｜ Hong Kong, Shanghai

4

Other Business18

Domestic Delivery business（Three major brands）

Oisix KPI

Domestic Delivery business（Other）

Overseas Business

Subscribers：Owing to temporary suspension of new customer acquisitions vis-à-vis issues at
Oisix new Ebina Station, subscriptions fell.benefit of a large-scale TVCM campaign
aired from mid-Feb, Subscribers increased slightly and profits rose 12% YOY.

Other Business

ARPU ：ARPU decreased 7% YoY due to changes in lifestyles, such as increased opportunities
to go out, delivery cancellations due to problems at the new distribution center,and a decrease in unit price due to limited SKUs.
No. of subscribers

ARPU

346,083

12,166（ YoY + 12％）

346,083
347,772 345,409

yen2022/3（ YoY - 7％ , vs 2020/3 +4％）

2021/3*2020/3

333,850
13,822308,899
285,168
274,929

12,891

12,986

13,106

13,042

252,303
12,880239,837
230,393
226,187
221,612

12,564

12,166
11,745
11,379

11,095*COVID-19 from March 2020
ARPU increase impact

10,6342020/3 2020/3 2020/3 2020/3 2021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

1Q

2Q

3Q

4Q

4Q

＊ 2022/3 In 2Q and 3Q, we implemented cancellation procedures for customers who order very infrequently.
The number of subscribers decreased by approximately 10,000 in the 3Q cumulative total, with almost no impact
on sales.

19Domestic Delivery business（Three major brands）

Oisix KPI

Domestic Delivery business（Other）

Overseas Business
Other Business

Kit Oisix Course subscriptions (included in Oisix subscriptions) grew 25% YoY driving growth in overall
Oisix subscriptions. In 4Q, we re-proposed courses in line with subscriber purchasing patterns.
As a result, roughly 8,000 subscribers switched from other courses to Kit Oisix courses.
No. of Kit Oisix course subscribers*

226,594（ YoY◆Features of Kit Oisix
You can make one main and one side dishes✓ in less than 20 minutes(Includes Oisix subscribers)

226,594+25％）

217,680
209,964

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

✓ Reducing food loss by using up all

198,821ingredients

181,930
163,496
156,416

119,458

130,165
124,753 128,320

140,934

2020/32020/32020/32020/32021/32021/32021/32021/32022/32022/32022/32022/3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

*From 2022/3, “Chanto Oisix course" will be excluded from the number of Kit Oisix course subscribers.
*The number of meal kit Oisix subscribers including Kit Oisix course and "Sakutto Oisix course.

20

Domestic Delivery business（Three major brands）

Daichi KPIDomestic Delivery business（Other）

Overseas Business
Other Business

Subscribers：Slight decrease as a result of sales promotion restraints and lower efficiency in new acquisitions.
Whilst customer acquisition knowledge has been enhanced, it grew just +1% YoY.
ARPU ：Unit purchase prices have been gradually settling down due to lifestyle changes, and landed
at -8% YOY.
ARPU

Subscribers

45,534

21,728（YoY +1％）（ YoY - 8％ 、vs 2020/3 +1％）

yen

2022/344,878 44,998 45,307 45,196
43,941

38,51745,3942021/345,73045,5342020/3
27,11737,532 37,121 37,127

24,12824,35623,52024,07923,02523,251

21,604

21,15920,821

2020/3 2020/3 2020/3 2020/3 2021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

21,72822,391*COVID-19 from March 2020
ARPU increase impact
2Q

3Q* ARPU=Average Revenue Per User

4Q

21

Domestic Delivery business（Three major brands）

Radish Boya KPI

Domestic Delivery business（Other）

Overseas Business
Other Business

Subscribers：Whilst subscriptions saw a one-off decline owing to delivery charge revisions andsubsequent cancellations, sales increased 4% YoY and in line with initial plans.
ARPU ：Unit purchase prices have been gradually settling down due to lifestyle changes, and landed
at -7% YOY.
Subscribers

ARPU

65,093

18,790yen（ YoY - 7％ 、vs 2020/3 +1％）

（YoY +4％）

2022/32021/3

66,20665,320 66,464
61,00962,515 61,822
59,40058,52861,51865,0932020/362,751
23,18956,93520,88421,00020,25920,137

20,18818,202

19,74818,79019,65918,621
17,926*COVID-19 from March 2020
ARPU increase impact

2020/3 2020/3 2020/3 2020/3 2021/3 2021/3 2021/3 2021/3 2022/3 2022/3 2022/3 2022/3
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

* ARPU=Average Revenue Per User

4Q

22

Overview of Business Segments

1

Domestic Delivery business（Three major brands）｜ Oisix｜ Daichi｜ Radish Boya

2

Domestic Delivery business（Other）｜ EC support business for other companies（Alliance）｜ Tokushimaru（Subsidiary）

3

Overseas Business｜ Purple Carrot(U.S.)｜ Hong Kong, Shanghai

4

Other Business23

Domestic Delivery business（Three major brands）

EC Support

Domestic Delivery business（Other）

Overseas Business
Other Business

The number of subscribers for each service was bottomed out due to COVID-19, and GMV* increased about+40% YoY. Continue to develop unique services and products based on knowledge of each customer's needs.

Support Isetan Mitsukoshi’s EC businessfrom operation and management of EC
sites to distribution and delivery.

Started in July 2019 in collaboration withNTT Docomo. Offer regular delivery
services, mainly meal kit for NTT Docomo’s
customers.

Results
・ Both subscribers and sales exceeded the previous year

Results
・ Both subscribers and sales exceeded the previous year

Topics・ Better understanding of effective planning forthe event season

Topics・ Strengthen development of kits for d-meal kit
subscribers with strong time-saving needs* Indicates GMV (total value of goods purchased by customers) at “EC Suppport”,
which differs from sales at ”EC Support” sales.

24

Tokushimaru

Subsidiary

Mobile supermarkets for
shopping refuges

May.2016～
2016年5月～

Domestic Delivery business（Three major brands）
Domestic Delivery business（Other）

Overseas Business
Other Business

Owing to growth in mobile store demand, GMV (Gross Merchandise Value) +38% YoY andcontinued to see high growth. Vehicles in operation have been growing nationwide andwith the help of TV documentary/ newspaper media coverage, brand recognition has been rising.
Impact scale
2022.3 GMV (gross merchandise value)*22.76

bn yen（YoY +38%）◆Documentary airing

Number of vehicles
in operation

969✓ Nationally broadcast documentary TV
program closely follows Tokushimaru（YoY +229）✓ The interaction with customers andsales partners and mobile supermarkets
was televised and received a favorable
response.

22.76
16.51
10.71

969

740

7.90
5.55
303
2018/3515
385
2019/32020/32021/32022/3* Indicates GMV (total value of goods purchased by customers) at Tokushimaru,
which differs from sales at subsidiary Tokushimaru

25

Overview of Business Segments

1

Domestic Delivery business（Three major brands）｜ Oisix｜ Daichi｜ Radish Boya

2

Domestic Delivery business（Other）｜ EC support business for other companies（Alliance）｜ Tokushimaru（Subsidiary）

3

Overseas Business｜ Purple Carrot(U.S.)｜ Hong Kong, Shanghai

4

Other Business

26

Purple Carrot＜ U.S. ＞

Subsidiary
May, 2019~2019年5月～

Domestic Delivery business（Three major brands）※Purple Carrot shows the businessperiod from Jan. to Dec of 2021.

Domestic Delivery business（Other）

Overseas Business
Other Business

Sales declined in stages from the beginning of the period as subscribers continued to decline due to the impact of
COVID-19.In addition, the operating profit margin deteriorated significantly in the second half of the fiscal year
due to inflationary increases in raw material and logistics costs.
Quarterly results（$mn）

Business Overview
・ 100% Vigan meal kits and ready-to-eat foods
・ Weekly home delivery to 48 states in thecontinental U.S. subscription model

Sales decline
After COVID-19

Sales
Operating Income

Operating income ratio

27

・ Veganism is a lifestyle that does not consume
food of animal origin.
In recent years, the style has spread to enjoy
only a few days a week.

24

23

Consolidated

22

22

21

20

OP margin deteriorated
significantly

15

2021.12 2H~
18.0%
13.0%
10.4%
7.1%

11.8%

9.5%

7.8%

▲1.6％
1Q

2Q

3Q

2019.12

4Q

1Q

2Q

3Q

2020.12

4Q

1Q

2Q

3Q

2021.1227

4Q

Domestic Delivery business（Three major brands）

Hong Kong/Shanghai

Domestic Delivery business（Other）

Overseas Business
Other Business

Hoang Kong：Subscriptions rose with resurgent Covid-19. While ensuring stable supply,
we are also advancing service improvements and building a foundation in line with local needs.
Shanghai ：Began developing a localized Kit Oisix meal kit based on detailed understanding of local needs

Hong Kong
Launched the service in 2009.
A model that delivers both cross-border and locally sourced goods

Results
・ Re-expansion of CCOVID-19 in Hong Kong revived demand forhome delivery and increased subscribers.
Topics・ Our staff begins their stay in the area and builds a business operation system.
・ Implemented new services, including the launch of the Oisix Hong Kong app

ShanghaiBusiness experiment started in 2017. Deliver productsthat meet Oisix product standards by local procurement

Topics・ Our staff will stay in the area to better understandthe social issues of food in the local community.
・ Localization “Kit Oisix” being created and subscribers
are continuing to use them.

28

Overview of Business Segments

1

Domestic Delivery business（Three major brands）｜ Oisix｜ Daichi｜ Radish Boya

2

Domestic Delivery business（Other）｜ EC support business for other companies（Alliance）｜ Tokushimaru（Subsidiary）

3

Overseas Business｜ Purple Carrot(U.S.)｜ Hong Kong, Shanghai

4

Other Business29

Domestic Delivery business（Three major brands）

Nursery School Wholesale/SinS

Domestic Delivery business（Other）

Overseas Business
Other Business

Nursery School Wholesale：No. of trading nursery school increased due to labor-saving cooking and support for dietary education.
SinS：Focused on increasing No. of stores selling Kit Oisix, resulting in +73 stores in YoY, contributing to increased awareness of the Oisix brand.

Nursery School Wholesale

Shop in Shop（suku-suku Oisix）(SinS)

Sales of nutritionally controlled menus and ingredientsfor nursery schools

Selling KitOisix and fruit and vegetableproducts at the supermarkets of our clients

Sales

1.20
ー YoY

Sales

0.88

bn yen

+33％

ー YoY

No. of trading nursery school+4％

No. of shops

690
ー YoY

bn yen

257

＋145

ー YoY

＋73

1.20
0.96

0.72

0.91＊

0.78

0.77

0.85

690

0.88

257店

545
351

2019/3373

2020/31342021/32022/3

2019/3

157

184

2020/32021/32022/3*In the 2021/3 period, the nursery school was closed one after anotherdue to COVID-19, resulting in an irregular decrease in sales.

30

マスター タイトルの書式設定

2. Medium-Term Growth Strategy
2-1. Sustainable Retail Strategy
2-2. Domestic B2C Subscription Strategy
1) business model2) Strategy for 2023.3

2-3. Expansion of Business Domain(Domestic B2B Subscription Business)

2-4. Enhance profitability
2-5. Future Growth Image2-1. Sustainable Retail Strategy

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.
33

Growth strategy

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

Sustainable Retail34

Expand B2C subscription businessWe are one of the few companies in the world that operate a large number of brands in subscription
home delivery for B2C, both domestically and internationally.

Domestic B2C brands

Overseas B2C brands
U.S.

Hong Kong
Hong Kong

Shanghai（EC Support）（EC Support）

Shanghai

35

Using Business Models

Using business models and technology

Using Technology（Re-investigation：2022.3 2Q）
Stable demand throughsubscription model✓ Utilizing food loss
in the field✓ Promoting
sustainable production

Sale

Produce
Crop condition
data for 4,000
houses nationwide.

Agri-tech and otherstate-of-the-art
production
technologies.

Optimal supply/demandmatching using proprietaryalgorithms

CVC to invest in the future of food

✓ Food loss reduction via
services that eliminate
raw ingredient surpluses.
✓ Expanding awareness ofvegan food.

Purchase data ofroughly 400,000
customers x 52
weeks.

Eat

Alternative protein being one
example, we see expansionof a new food culture.

Realization of zero food loss and carbon neutrality36

2-2.Domestic “B2C” Subscription Strategy
1) Business Model2) 2023.3 Strategy

1.BusinessModel-Our “B2C”subscription
We have 6 B2C subscription home delivery brands in Japan, including an e-commerce support
business for other enterprises. Our sales-based total distribution amount is approximately 120 billion
yen, and the number of subscribers expanded to reach roughly 600,000.

sales-based total distribution amountAbout

120bn yen
Number of Subscribers

600,000
38

1.BusinessModel-Market Size
The market size of the domestic food delivery market in which we operate is approximately 2.5
trillion yen.

the domestic food delivery market

about120bn yen

about2.5tri yen*

*Reference：Yano Research Institute Ltd」

39

1.BusinessModel-Domestic food delivery market
The domestic food delivery market has been revitalized by changes in consumer trends due to COVID-19 and theentry of various domestic and foreign players. FY2020 recorded a market increase of 15% compared to theprevious year, and steady growth is expected to continue.

Environmental change

Domestic food delivery market *-Increased opportunities to eat at home

2.9tri yen
2.5tri yen
YoY

+15％

- New entry of EC player

2018

2019

2020

*Reference：Yano Research Institute Ltd」

2025
（Forecast）

40

1.BusinessModel-Positioning
In the food delivery market, players can be broadly categorized into "specialty vs. reasonable" and "subscription vs. one-timepurchase”. Among these, the areas where many companies are entering the market and there is significant activity are 1):
Specialty x Subscription and 2): Reasonable x Spot.

- Conpetitor

Speciality

Speciality × Subscription

Direct delivery

Spot

Subscription

Reasonable × Spot
Food Delivery

Net Supermarket

Reasonable41

1.BusinessModel-Speciality × Subscription
The "Specialty x Subscription" market is expanding due to stable income from subscriptions and consumers'
increasing preference for specialty products.We are the No. 1 player in sales in the "1): Specialty x Subscription"
domain.Leveraging the strengths of our "business model and technology," we have built a high barrier to entry in the"specialty x subscription" area by differentiating our products and services.

Speciality

Speciality × Subscription
No.1

1

High quality and low cost procurement throughdirect network with high level producers

2

Low-cost fulfillment of logistics and distribution

3

Skills in developing high value-added
products and services in line with customer
needs

Spot

Subscription

Build highbarriers to entry

Reasonable42

2-2.Domestic “B2C” Subscripution Strategy
1) Business Model2) 2023.3 Strategy

FY2022 Strategy
FY2022 Strategy

Sustainable Retail Strategy

Business Model

1×- Strengthening "Premium Value- Shifting to the "super" time-saving

Technology＝
Sustenablity

Polish our specialty of
products and services

2

3

Strengthen brand recognitionin the food delivery market

Promote sustainability
throughout the service

44

①Polish our specialty of products
and services-Strengthening "Premium Value

We further enhance the value provided by our meal kit, Kit Oisix,
based on the existing value proposition of offering plentiful vegetables.
We have also enhanced products in collaboration with Disney and other brands that have a high affinity
with the values we offer, as well as offer solutions to customers’ breakfast needs as well.
-Disney Kit Oisix-Progression of Breakfast Menus✓ Utilize a different character each month,
to capture children's interest in food.

✓ For our soup meal kit, we are considering adding a gut-healthfocused menu and a menu that includes more vegetables.

©Disney©Disney. Based on the “Winnie the Pooh”
works by A.A. Milne and E.H. Shepard.

45

①Polish our specialty of products
and services-Shifting to the "super" time-saving

The concept was shifted from premium time-saving to premium "super" time-saving.
This evolution of the product lineup and services enabled the creation of high-quality menus
with plenty of vegetables in a shorter amount of time.

-"Patto Oisix" frozen

New "Super Easy Kit Series-Recipe video service✓ New "Patto Oisix" frozen foods
with plenty of vegetables menu
doubled✓ New "Super Easy Kit Series"that even beginner cooks canmake in a short time released✓ Recipe video service
exclusively for Kit Oisix will
begin in June46

②Strengthen brand recognitionin the food delivery market
Utilizing TV commercials and developing new sales channels for households with children, as well as creatinga customer experience that meets customer expectations, we acquired new customers while achieving
brand recognition and a high level of satisfaction among a wide range of customers.
-Kit collaborations with celebrities✓ Kit collaborations with celebrities featured in the
TV commercials are now available for purchase✓ Plans are in the works to create more fun forcustomers who started using the service as a resultof the TV commercial.

-Oisix with AkachanHonpo✓ Promotions to attract new customers at Akachanhonpo
stores, which mainly target households with children,
have received a large number of responses as expected.
✓ As the first step of the collaboration, a dedicatedcourse "Oisix with Akachanhonpo" will be launchedthis spring as planned.

47

③ Promote sustainability
throughout the service
To realize our company as a sustainable retailer, we promote sales of nonuniform, food ingredients andplant-based food ingredients. We proactively develop products that can actualize sustainability through foodactions, which is becoming a growing customer need.

-Time Saving×Sustenability✓ Strengthen development and sales of sustainable products, expanding to 100 products in one year48

③ Promote sustainability
throughout the service
To realize our company as a sustainable retailer, we promote sales of nonuniform, food ingredients andplant-based food ingredients. We proactively develop products that can actualize sustainability through foodactions, which is becoming a growing customer need.

-Food waste Reduction items-PlantBased49

③ Promote sustainability
throughout the service
Strengthening improvements in materials and packaging to achieve sustainable retail.

-Reducing Plastic in Kit Oisix Packets✓ Reduce plastic by 22% from current levelby the end of March 2023

-Introduction ofcorrugated cardboard
boxes with variableheight✓ Review of the thickness of the BioPath plastic outer bag✓ Review of individual vegetable package size
✓ Elimination of vegetable clips-Introduction of label-less packages

50

Future Growth Image
For the domestic B2C subscription business, we will continue to target an organic growth goal
exceeding 10% CAGR for the total distribution amount and number of subscribers.

CAGR of・Total distribution amount・Number of subscribers

over＋10％・・・

2017.32018.32019.32020.32021.32022.32023.32024.32025.32026.351

2-3. Expansion of Business Domain(Domestic B2B Subscription Business)

Business Portfolio Expansion
Aiming for discontinuous sales growth by launching a new service in the "Domestic B2B Subscription"business, leveraging the know-how of the "Domestic B2C Subscription" business.

Domestic “B2B”
Subscription
B
2
B

B
2
C

NEW
Wholesale of food ingredientsfor facilities

Domestic “B2C”
Subscription

Overseas“B2C”
Subscription

Hong Kong

Domestic

Shanghai

Overseas53

Domestic “B2B”Subscription
StrategyNEW

We have introduced meal kits for enterprise use in the nursery school wholesale business, which has been
gaining popularity for its ability to reduce the burden of food purchasing and preparation at nursery schools.
We aim to achieve a sales target of 10 billion yen within five years through further growth in the number ofnurseries and plan to consider subscriber businesses in other areas for the mid-term-Launch of "B2B Meal Kit" service

Providing "premium time-saving" value
for both nursery school and children

Meal kits for enterprise use in the nursery school
wholesale businessChildrenNursery school

Menu development knowhow cultivated through B2C
subscriptions

Launchin Jun✓Relieve manpower
shortages at daycare
centers and reduce theworkload at meal sites✓

Improvement of picky
eaters and support for
nutrition education

We aim to achieve a sales target of
10 billion yen within five years542-4. Enhance profitabilityEnhance profitability-1. CoGs
We will accelerate in-house production processing and improve the manufacturing efficiency of selfmanufactured products such as Kit Oisix by utilizing manufacturing bases. In addition, by increasing thesales mix of private brand products with high originality, the company aims to reduce costs by roughly
3% from FY2022/03 to FY2025/03 through overall cost improvement and increased royalties.

-CoGs

1-1. Improved efficiencyof the Kit manufacturing process
and internalization of processing

Cost reduction through improved manufacturing
efficiency of in-house products using the new Kit
manufacturing plant and Food Rescue Center

Bumper crop, uneven ingredients

Food Waste

1-2. Increase ratio of PB products
Enhance the composition of original products
and services to improve continuous use andcost ratio.

-Ratio of PB products

85％
Old DC

59％

57％

Food Resche Center

56

Enhance profitability-1. Distribution
In the first half of 2023.3, the company will carefully implement measures to restore profitability
to the cost level prior to the logistics trouble.In the second half of the year, further improvement measures and higher utilization rates
are expected to bring costs gradually back to the level projected in the pre-transfer plan.
After 2024.3, the company aims to achieve a 4% improvement in Oisix sales (2% with consolidated impact) by 2025.3 (compared to theend of 2022.3), including the relocation to newDC for frozen foods.

-Oisix Distribution cost reduction
2023.32022.3
Aug.
NewDC

Jan.
Trouble2024.32025.3

New FrozenDC
2H

1H

Against Oisix sales

4% improvement(compared the end of 2022.3)
Increased
relocation
preparation costs

Previous level

Recoveredto previous cost levels

about 2% higher
than pre-troubles
levels.

Increased
relocation
preparation costs

Even better withnew frozen DC in
operation

Shift to profitability
improvement phase1%
improvement(1) Maintain service quality＋(2) Carefully implement measures to improve profitability
・Consolidate and return satellite centers
・Shorten line operating hours
・ Increase ratio of direct employment, etc.

2%
improvement57

Outlook of EBITDA Margin
In the first half of 2023.3, the company will carefully implement measures to restore profitability to the costlevel before the logistics trouble. In the second half of the year, further improvement measures and higher
utilization rates are expected to bring costs gradually back to the levels projected in the pre-transfer plan.
2025.3Target-Outlook of EBITDA Margin

10％

EBITDAMargin：
In 2023.3, we plan to・Recovery of profitability of new DC ⇒ Improvement
・Inflationary measures at Purple Carrot (U.S.)
Priority will be placed on measures to address
factors that will worsen profit margins.

10%

Total
If no trouble

about5.5%

6.5%
6.1%

2H

6~7%

5.5%
1H

5.1%

about4%4.9%
4.1%
2018.32019.32020.32021.32022.32023.3（Forecast）

2024.32025.3（target）

58

マスター タイトルの書式設定

3. 2023.3 Outlook

2023.3 Outlook✓

Regarding the forecast for the next fiscal year, we have factored in the possibility of a slowdown in membership
growth due to Post COVID-19 pandemic atmosphere and a further decline in ARPU from this fiscal year's level.

Sales

・ Domestic B2C subscription: membership growth slowed due to Post COVID-19, and ARPU may decline further from thisyear's level
・ Purple Carrot (U.S.): Includes impact of sales decline of -2.0 billion yen
・ As a result, sales are expected to increase by 7.0 billion yen (+6%) year on year.

EBITDA ・ Domestic B2C subscription: Decline in profit margin due to further decline in ARPU from this fiscal year's level・ Impact of a cautious schedule to improve the profitability of the new distribution center・ Purple Carrot (U.S.): - billion yen in profit decline
・ As a result, EBITDA is expected to increase by 0.3 billion yen (+5%) year-on-year.

Sales

120.00bn yen

EBITDA（ YoY + 6%）

Operating
Income4.50bn yen（ YoY + 8%）

6.50bn yen（ YoY + 5%）

Net
incomeAttributable toowners of theparent2.50bn yen（ YoY - 8%）60

** (Note) Calculation of ARPU assumption.
To eliminate the one-off boost effects of COVID-19 on
ARPU, we assume ARPU to be equal to 2020.3 or thelevel posted before COVID-19.

2023.3 Consolidated Results
Overview Sales

Sales ・ Domestic B2C subscription: membership growth slowed due to Post COVID-19, and
ARPU may decline further from this year's level
・ Purple Carrot (U.S.): Includes impact of sales decline of -2.0 bn yen
・ As a result, sales are expected to increase by 7.0 bn yen (+6%) year on year.
Sales

120.00

CAGR

22.1%

（ YoY +6%)

about
90.0

100.0

about
109.0

113.3071.0

Results

2021.3

Actual value * *2020.3Results

2019.3*

Actual value * *62.4

2022.32023.3（Forecast）* For the purposes of like-for-like vs Target comparisons, one extra monthof Radish Boya data (March 2018) was deducted from 2019/3 data.

61

(Note) Calculation of ARPU assumption.
To eliminate the one-off boost effects of COVID-19 on
ARPU, we assume ARPU to be equal to 2020.3 or thelevel posted before COVID-19.

2023.3 Consolidated Results
Overview Profits

EBITDA ・ Domestic B2C subscription: Decline in profit margin due to further decline in ARPU from this fiscal year’s level・ Impact of a cautious schedule to improve the profitability of the new Ebina Station
・ Purple Carrot (U.S.): -1.5 bn yen in profit decline
・ As a result, EBITDA is expected to increase by 0.3 billion yen (+5%) year-on-year.
Operating Income
・ Depreciation of the new distribution center increased, while amortization of goodwill was completed.
・ As a result, depreciation and amortization (depreciation, amortization of goodwill) did not change significantly
from the previous year.

8.90

6.50

4.50

6.20
about

4.22

2021.3

2.50（ YoY - 8%)

3.4

Results

2019.3* 2020.3

5.03

about

Actual value

2023.3（Forecast）

2.46

Results2022.3

2.24

Actual value

2021.3

4.0

Results

2020.3about

Actual value

2019.3*Results

3.08

Actual value

3.59（ YoY +7%)

5.4

5.4

Net income

7.46（ YoY +5%)

about

Attributable to owners of the parent

Operating Income

EBITDA

2022.32023.3（Forecast）

2.71
1.10

2019.3*0.79

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

62

Policies and Outlook for
1H and 2H
1H：・ Improvement of profitability of the new distribution center is a top priority. Priority was placed on improving the profitability of
the new distribution center, and measures such as the return of satellite centers were implemented in stages.
2H：・ Further improve logistics efficiency and move into the phase of improving profitability.Aim to move into the phase of improving
profitability by further improving logistics efficiency. New promotions will be aggressively launched by utilizing customer-attraction
methods and product services that are compatible with Post COVID-19.

1H

2H

Improvement of profitability of the new
distribution center as a top priority

Entering profitability improvement
phase, resumption of growthinvestments such as promotions, etc.

✓ subscribers：Possibility of decrease in new
acquisitions and increase in churn rate

Sales

✓ ARPU：Possible return to pre-COVID-19 levels⇒ Develop AfterCOVID and inflationcompliant methods of attracting customers,
products and services✓ Decrease in income due to slower Subscribers
growth and lower ARPU

Profit✓ Oisix new Ebina Station's profitability
recovery is complete

+

+

+

Reinforce promotions by utilizing methods andproducts developed in the first half of the fiscal
year to attract customers.

Profitability recovery phase completed.
Aiming to improve profitability comparedto the former DC through further improvements.

Started operation of Food Rescue Center topromote in-house processing and reduce
product costs (from July).

63

Purple Carrot（US）
Strategy
Purple Carrot (U.S.) currently expects sales and operating profit to decline by -2.0 billion yen and -1.5 billion yen,respectively, in the next fiscal year due to a significant deterioration in profitability caused by a decline in membership due
to After COVID-19 and inflation. We aim to return to profitability as soon as possible by raising LTV through service quality
improvements and implementing inflation countermeasures as quickly as possible.

FY2021 Status

FY2022 Strategy

Sales

Sales

✓ Decrease in Subscribers due to After COVID

Outlook

Profit✓ Focused on raw material and logistics costs
Profitability deteriorated significantly due
to the impact of inflation-2018~2022 Result

MeasureSales：10b→8b（▲2b）

ProfitOutlook（▲1.5b）

FY2020

FY2021

FY2022（Outlook）✓ Due to the possibility of further worsening of inflation,
income is expected to decrease by approximately -1.5
billion yen YoY.

✓ Controlling cost ratio by reviewing procurement sources

MeasureFY2019✓ To improve logistics quality, which has declined due tothe rapid increase in the number of subscribers,we once
again shared its expertise in the domestic home delivery
business to reduce the complaint rate.

✓ Product price increase

Profit：1b→▲0.5b

FY2018✓ YoY: -2.0 bn decrease expected, mainly due to theimpact of continued subscribers decrease by After
COVID✓ Expansion of products other than meal kits, such as"Ready to eat Improvement of profit margin per purchase✓ Change the shipping bar

642023.3 Sales-SalesIncrease of
Other business

Decrease of
Purple Carrot

▲2.0

120.0

4.5

113.4

4.5

90.0
Increase ofDomesctic B2C

71.0

Actual Value

Result2020.32021.32022.32023.3(outlook)652023.3 EBITDA-EBITDA
Increase of Oisix
DC costs in 2023.3
Derease of
Oisix New DC cost（A）Trouble cost（B）Preparation cost

6.20

(A)
▲1.0

▲0.6

Oisix New DC cost(new Ebina station torouble)

0.7

1.0
Increase of
Otherbusiness
Increase of
Oisix

5.4

▲1.5

▲0.3

6.50

Increased
fixed costs,
etc.

ResultActual Value

3.08

Derease of
Daichi/Radish

▲0.3
（B）
▲0.3

Decrease of
Purple Carrot

2020.3 2021.3 2022.3

2023.3(Outlook)66

Segment Outlook
Sales

Oisix

Daichi

RadishBoya
PurpleCarrot*(Results for Jan
to Dec)Other
Business*

Segment Profit

64.00bn yen

8.70bn yen- YoY +9％

- YoY +21％

12.50bn yen

2.50bn yen- YoY -5％

- YoY 6％170.0bn yen

2.20bn yen- YoY -2％

- YoY -9%8.00bn yen ▲0.50bn yen- YoY -22％

- YoY -1.5bn yen

18.50bn yen

2.10bn yen- YoY +42％

- YoY +48％

2023.3 Growth Image
・Oisix sales are expected to increase by approximately
52,000 members, despite the pace of membership growth
and the possibility of ARPU decline due to Post COVID-19.
・Profitability recovery at the new distribution center wascompleted in the first half. Aim for further improvement in
2H and beyond.

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

・Radish Boya expands food loss reduction type services
and items such as "Pallette" and "Fuzoroi Radish・Expand brand recognition that can contribute to thecreation of a sustainable society by graduallystrengthening new customer acquisitions.

・Purple Carrot has given top priority to addressing
the deterioration in profit margins caused by the
inflationary rise in raw material and logistics costs.

・Continued steady growth in the number of members is
expected for other companies' e-commerce support
services.
・Domestic B2B subscriber business (nursery school
business) and Tokushimaru are also expected to increase
sales and profits compared to the previous year

*Segment profit of Purple Carrot, and other businesses differs from the segment figures in the Financial Results due tothe deduction of goodwill amortizations and the impact of Earn-out.

67

Number of Subscribers- Outlook of Number of Subscribers

511,000（+54,000）
457,000
417,000

65,093339,000

Radish Bo-ya

Radish+5,00070,000Daichi
62,75145,53456,935

Daichi
43,000▲2,00045,307
37,127

Oisix
239,8372020.3308,8992021.3

346,083

Oisix
398,000+52,000

2022.32023.3（outlook）

68

マスター タイトルの書式設定

4. ESG Topics

Working with Producers

We host a "Nouka (Farmers) of the Year Award"
where our subscribers place votes based on their assessment of "deliciousness."
From among some 4,000 farmers/manufacturers nationwide,
we made one award per brand to those producers seeing particularly high support.

70

WeSupport
WeSupport Family, a food support platform for children's distressed families, is offered by 34 foodand retailing support corporates.
The number of support households has greatly increased to 30 thousand households.

In addition, food aid for Ukrainian displaced persons visiting Japan has begun.
WeSupport Family
Mainly for those led by single parents,
WeSupport Family is a food support platform forneedy families. Via such initiatives as use ofexcess inventories among supporting entities, we
also aim to help solve the problem of food waste.

SupportCompany

34
Food and retail companies

Through WeSupport platforms,
Started providing food assistance to Ukrainian evacuees visiting Japan

Recipient of
support

About

30,000household＋▲Handling vegetable juices to evacuees at a college dormitory（ Japan University of Economics ）71

マスター タイトルの書式設定

APPENDIX・DATA SHEET

72

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 2021

74

Overview of Affiliates

Oisix radaichi

subsidiarycompany

Percentage ofShares Held

Main Businesses

Tokushi-maru

90％

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

Fruits Basket

100％

Handles processing, product development, and sales,
for agricultural produce, including fruits and vegetables.

Karabiner

70％

Develops and operates platform systems for EC
sites; produces websites.

Crazy Kitchen

100％

Handles catering, event production, and space
production businesses.

Oisix Hong Kong

100％

Operates our businesses in Hong Kong under contract.

Oisix Shanghai

100％

Operates the food products home delivery business in
China.

Oisix Inc

100％

Overseas investment business100％

Meal kit delivery service in the United States

100％

Investment business for food-related startup companies

10％

Investment business for food-related startup companies

Toyosu gyosho sanchoku ichiba(Toyoichi)

51％

Wholesale sales of marine products mainly forthe food service industry

Nihon Agri

34％

Exports agricultural products.

DEAN & DELUCA

20％

Lifestyle business through retail and restaurant
businesses

Purple Carrot
Future Food Fund
Future Food Fund No.1
investment limited partnership

Main
Affiliates

75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 acquisitionof the U.S. Purple Carrot
May 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

2018/3

2019/32020/32021/32022/3＊ Due to a change in the consolidated fiscal year, FY2019/3 includes one extra
month (4-months in 1Q resulting in 13-months total). For the purposes of like-forlike YoY comparisons, one month of Radish Boya data (March) was deducted.

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

339,300

Daichi wo Mamorukai

309,700

Radish Boya

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

40,20045,000308,900

346,000

137,300
244,700

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

74,0002013.32014.32015.32016.32017.32018.32019.32020.32021.32022.377

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 460000 households throughout
Japan

Producers

Oisix ra daichi

consumers

fruit and vegetable producer
Approximately 4000
households nationwide

Domestic Delivery business

About 460,000 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)

79

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 plant80

① Direct network withproducers
Direct transactions with about 4000 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 4000
producers

Clear revenue projections toback sound investment
decisions81

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

82

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

83

Domestic B2C Subscription Business Details

Differences in the assetsof the three brands

How tojoin

How toorder

WEB mainly

WEB mainly

Logistics
bases

4 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）
85

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

Producers86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 2Q)

Service development
in line with needs
・Daichi no marugohan・completion(FY2021/3 4Q)

With new values as a weapon
Transitioned to a re-expansion phase

・Palette
・fuzoroi-Radish
87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 3Q due to sales of high unit price products during the year-end
and New Year holidays, while sales and profit margins declined in 2Q due to the summer vacation.

- Seasonal changes in normal conditions

Sales*

1Q(4-6)2Q(7-9)3Q(10-12)

4Q(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 expected to return to normal in the future.

*Sales: Image of seasonal changes in sales assuming a constant number of suscribers 88*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

89

“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 yen rule90

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』

92

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.
93

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.
94

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
95

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

Infrastructure

96

Stock-Related and Governance Information

Stock Price and Trading Value
Compared to 2018, when the 3 companies merged, the stock price grew approximately 5 times.
Trading value: Approx. 1 billion/day, annual turnover rate of over 200%
5,500

14,000,000

5,000
4,500

10,000,000
3,500
3,000

8,000,000

2,500

（

6,000,000
2,000
1,500

）

4,000,000

1,000
2,000,000

02022/1/16

2021/11…

2021/9/16

2021/7/16

2021/5/16

2021/3/16

2021/1/16

2020/11…

2020/9/16

2020/7/16

2020/5/16

2020/3/16

2020/1/16

2019/11…

2019/9/16

2019/7/16

2019/5/16

2019/3/16

2019/1/16

2018/11…

2018/9/16

2018/7/16

2018/5/16

2018/3/16

2018/1/16

2017/9/16

2017/7/16

0

2017/11…

500

2017/5/16*

million

yen

）

4,000

Trading value

stock prices（

12,000,000

98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
Domestic
Partners
Investors
12％
18％
individual
investor
10％

99

Financial Condition
・B/S

・Selected financial data
End of March 2022

（Millions）

Current assets

28,514

Cash and cash equivalents

13,071

End of March 2022
Equity Ratio

42.0%

ROA

9.1%

ROE

13.2%

Fixed assets

24,135

Total assets

52,650Current liabilities

15,917

Short-term interest-bearing debts

1,010

Long-term liabilities

12,845Long-term interest-bearing debt

101

・ Level of cash holdings

Total liabilities

28,762

Shareholders' equity

21,966

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.

Shareholders' equity

Financial leverage

2.4

Total asset turnover

2.1

Net income margin

2.4%

・ ROE/ROIC target level

Total net assets

23,887

Total liabilities and net assets

52,650Continuous achievement of ROE10% above theassumed cost of capital (5-6%)

100

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

2015.32016.32017.32018.32019.32020.32021.32022.3101

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

Chairman
Yoshikazu Fujita
Appointed 2017
Director of Fruit Basket Co., Ltd

President and CEO
Kohey Takashima
Appointed 2000
Vice Chairmen of Japan Association of
Corporate Exectives,Director ofBenesse Holdings, Inc,Chief Directorof Eat, and Energize the East.,Japan
Wheelchair Rugby Federation
Chairman of the Board of Directors

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

Director
Kouhei Matsumoto
Appointed 2018

Executive Officer of Oisix Inc.,
General Manager of Human
Resources Division

Executive Officer of Oisix Inc.,
General Manager of Corporate
Planning Division
Representative Director of Future
Food Fund, Inc.

Director
Wakako Sakurai
Appointed 2018

Director
Misato Kowaki
Appointed 2021

■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.

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.

Sabae City Advisor, Female
Advancement Promotion.
AdvisorWeb media "MOTHERS
editorial department" established102

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.

103

KPI Data Sheets

DATA SHEET：Results
Results
2020.32021.32022.3mn yen

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

Sales

16,26532,552

52,42571,04023,132

47,567

Operating
Profit

543

900

1,597

2,467

2,076

EBITDA

755

1,348

2,381

3,595

Net income
Attributableto owners of
the parent

270

390

695

790

1-4Q

1Q

1-2Q

1-3Q

1-4Q

74,790 100,061

27,911

56,16787,400 113,476

3,976

6,131

7,465

1,950

3,347

4,979

4,171

2,419

4,679

7,198

8,902

2,316

4,188

6,385

6,216

1,184

2,452

3,900

5,031

1,293

2,156

3,294

2,727

105

DATA SHEET：Business Segment Result
Business Segment Result
2020.3（mn yen）

2021.32022.3

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

1-4Q

Sales

8,308

16,524

26,52235,82911,26523,04737,03649,86314,14528,58045,19058,546

Segment
profits

933

1,868

3,261

4,801

2,367

4,335

7,012

8,984

2,057

4,045

6,525

7,036

Sales

2,587

5,137

7,936

10,541

3,636

7,094

10,761

13,978

3,314

6,628

10,154

13,240

Segment
profits

457

885

1,397

1,889

724

1,368

2,160

2,751

663

1,319

2,010

2,619

Sales

3,770

7,459

11,41014,980

4,721

9,083

13,653

17,704

4,331

8,732

13,336

17,432

Segment
profits

688

1,273

2,001

2,667

899

1,626

2,449

3,023

584

1,143

1,883

2,429

Sales

-

-

-

-

-

-

-

-

2,842

5,536

7,893

10,208Segment
profits

-

-

-

-

-

-

-

-

549

811

985

959

Sales

1,663

3,529

6,383

9,497

3,601

8,522

13,60018,922

3,373

6,911

11,194

14,578Segment
profits

256

557

656

846

391

1,038

1,599

2,320

427

869

1,295

1,423

Companywide fixed
costs, Goodwill etc

1,792

3,683

5,719

7,736

2,305

4,391

7,089

9,655

2,329

4,842

7,720

10,296

Oisix

Daichi

Radish Boya

PurpleCarrotOther
Business**From 2022/3, Purple Carrot has been separated from other businesses and disclosed. 106

Data Sheet：Main KPIKPI trend
2020.3

1Q

2Q

2021.3

3Q

4Q

1Q

2Q

2022.3

3Q

4Q

1Q

2Q

3Q

4Q

Subscribers(number) 221,612 226,187 230,393 239,837 252,303 274,929 285,168 308,899 333,850 347,772 345,409 346,083

Oisix

Daichi

ARPU（yen）

11,095

10,634

11,37911,745

13,822

12,986

13,106

13,042

12,891

12,564

12,88012,166

5,884

5,840

6,055

6,166

6,748

6,201

6,315

6,215

6,098

6,057

6,220

6,096

1.89

1.82

1.88

1.90

2.05

2.09

2.08

2.10

2.11

2.07

2.07

2.00

Subscribers(number)

38,51737,532

37,121

37,12743,94144,87844,99845,30745,19645,39445,73045,534

ARPU（yen）

20,821

21,15922,391

21,604

27,117

24,12824,35623,52023,02523,251

24,07921,728

8,195

8,292

8,732

8,508

9,234

8,610

9,000

8,729

8,425

8,557

9,002

8,218

2.54

2.55

2.56

2.54

2.94

2.80

2.71

2.69

2.73

2.72

2.67

2.64

Subscribers(number)

61,00959,40058,52856,93562,51561,822

61,51862,751

65,32066,464

66,20665,093

ARPU

18,202

17,926

19,65918,621

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

18,790

6,055

6,060

6,398

6,206

7,028

6,373

6,696

6,441

6,402

6,407

6,589

6,247

3.01

2.96

3.07

3.00

3.30

3.28

3.14

3.15

3.15

3.08

3.06

3.01

Price/
purchase（yen）
Purchase
Frequency(number)

Price/
purchase（yen）
Purchase
Frequency(number)

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

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

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