2024.3 1Q Results
Oisix ra daichi lnc.

2023.8.10

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 1Q Results✓ Sales increased YOY driven by mainstay Oisix✓ EBITDA increased YOY due to sales growth, recovery fromlogistics issues, and efforts to improve profitability.

✓ As for Home Delivery Business’s subscribers, while theacquisition of new subscribers continued, net increase was only
+2,300 from the end of the previous fiscal year, due in part to thecontinuous churns of subscribers acquired by the extraordinary
promotions of the previous fiscal year's 4Q.
2

2024.3 Summary of 1Q Results
Sales: Sales increased YoY due to increased subscribers mainly in Oisix.

EBITDA : EBITDA increased YoY due to improved profitability in the 3 domestic Home DeliveryBusinesses, despite an increase in promotion expenses compared to the previous year when
promotion was restrained.

Sales

29.26bn yen

EBITDA（ YoY ＋ 5 %）OperatingProfit

1.10bn yen（ YoY + 14 %）1.67bn yen（ YoY + 12 %）Net
incomeattributable toowners of theparent

0.81bn yen（ YoY + 39 %）3

YoY：EBITDA/Operating Profit
Profitability improved by increasing subscribers in the 3 domestic Home Delivery Businesses, mainly Oisix,
and by optimizing prices.
Extraordinary cost related to the relocation of the distribution center, which occurred in the same periodof the previous fiscal year, improved this year by approx. 0.2bn yen.

- EBITDA（bn yen）

-Operating Profit （bn yen）

1.67

1.49

0.96

1.10

2023.3
1Q

2024.3
1Q+0.18 bn yen

2023.3
1Q

Sales Recovery of logistics issues
PR
Profitability improvement
increase
expensesinitiatives

3 Home Delivery BusinessOthers
Segment

Personnel expenses
System costs, etc

2024.3
1Q

4

2024.3 1Q
Business Segment ResultsSales2024.3
1Q（bn yen）

ProfitYoY

2024.3
1Q

YoY

Profitratio

Overview

Oisix

15.81

+10%

2.02

+4%

12.8％

Despite some churns related to theprevious FY’s promotions, net increased insubscribers continued partly due to theimpact of current active promotions.

Daichi

2.92

- 5%

0.58

- 6%

20.1%

We continued to develop new services foracquiring new subscribers.

Radish Boya

4.16

- 1%

0.60

+3%

14.6%

Profit margin improved due to profit
structure reforms implemented since theprevious fiscal year.

Purple Carrot*

2.37

- 8%

0.02

-0.9%

We continued to strengthen the businessstructure.
Subscribers: Decreased, ARPU: Increased
Growth in other companies' EC support businessand Nursery School Wholesale (Suku-Suku Oisix)- Results for Jan toMar

USD: 17M

Other Business4.44+12%0.55+27%

12.4%

Total Segment29.73+5%

3.79+8%

12.8％--Adjustments / Corporate
expenses
Segment depreciation
and amortization

EBITDA
Depreciation andamortization

Operating Profit-0.46

USD: 0.1M

2.52- 0.40

-

1.67

+12%

5.7％

-

0.06
0.51

---

1.10

+14%

3.8％

*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
Churn rate worsened and number of subscribers declined temporarily in reaction to the last quarter’s
extraordinary promotions, while new subscribers continued to be acquired and net growth resumed
from June onward.
- Subscribers Trends- 2024.3 1Q

3 brands at the end of 1Q

504,724(YoY +11%)

502,424

Oisix

452,864

Daichi wo Mamorukai

412,847

Radish Boya

67,825456,181

Radish Boya
68,477（+5%）

65,297

40,77040,234

330,725
302,094

Daichi wo
Mamorukai
39,538（- 2%）

393,829(real)

210,331

Oisix
396,709（＋13%）

350,650
137,300
74,000111,000
96,70082,1002013.3 2014.4 2015.3 2016.3 2017.3 2018.3 2019.3 2020.3 2021.3 2022.3 2023.3(参考)(reference)

2024.32023.3

1Q

1Q

For more information on each brand, See page 19 for details.

6Domestic B2C Subscription ARPU
Despite a decline in YoY, all 3 businesses improved ARPU on a quarterly basis.
On the other hand, 2Q is expected to decrease according to seasonality.

Oisix

Radish Boya

Daichi wo Mamorukai

11,882 yen

23,667 yen（ YoY – 3 %）（ YoY – 2 %）18,355 yen（ YoY – 3 %）25,637
19,65512,302

24,49012,257
11,873 11,882

11,892

18,947

18,355

24,13823,667
18,461
18,12523,3981Q

2023.3

2Q

3Q

4Q

1Q

2024.3

1Q

2023.3

2Q

3Q

4Q

1Q

1Q

2024.32023.3

2Q

3Q

4Q

1Q
2024.37

Sustainability Topics-①Zero Food Waste：Upcycle by Oisix
Upcycle by Oisix, which uses foodstuffs previously discarded, has contributed to reduce food waste byapprox. 89 tons since the brand establishment in 2021. Advanced initiatives that promote eating up
foodstuffs have attracted attention, and opportunities to introduce them on television programs and provide
special classes at schools have increased.

Television program broadcast
It has been featured in several popular Japanese TV
programs.

▲Food loss and waste survey in a field being filmed

Special classes at elementary schools
We started “Oisix X next-generation ‘Tomorrow’s Food’learning project”.

We provide a chance for students to learn proactively.

▲Group photo after a special class at an elementary school in Tokyo8Sustainability Topics-②Diversity : Pride Month Project
In conjunction with Pride Month in June, we launched limited-edition products in which a portion of sales
are donated. Communicating our efforts to create society that enjoys happy food lives through our web
magazine “Farble Online” which features sustainability and leaflets packaged with products.

✓Receive orders 1.6 times more than anticipated andconduct additional manufacturing.

✓Part of the sales is donated to Tokyo Rainbow Pride, aspecified nonprofit organization.

■Customer Voice
Bright color scheme brightens up the room. It was agood opportunity to participate in and contribute tothe pride month in Jun. I would like to purchase one
next year if it is available again.
▲Meal kits inspired by the six rainbow colors(top)and Flower Assortment (bottom)

9Sustainability Topics-③Family Support : WeSupport Family
Support is provided through WeSupport Family, a food support platform for needy families with children.
Strengthen activities to raise its awareness, such as soliciting food drives (food recalls) from individuals
which are not normally implemented in July.

Cumulative numberof donated goods

Cumulative numberof supported meals1,330,000

4,140,000

piecesmeals

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

▲Toward a summer holiday period without school lunch, we
solicited food drives from individuals in July.

10マスター タイトルの書式設定

Appendix・Date Sheet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
EBITDA*April 2020
Listed on TSE 1st(currently PRIME)

1,134
October 2018
Merged with Radish Boya

1,151

1,000
89710
62

October 2017
Merged with Daichi wo
Mamorukai

55625**March 2013
Listed on TSE Mothers

146

400
202

181

159
998

2013.32014.32015.3

31**

230

1010

2016.32017.3* EBITDA＝Operating profit＋
depreciation and amortization35

17

2018.32019.32020.32021.32022.32023.3＊＊ 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.

12Enhance Profitability- EBITDA Margin Target
In its mainstay domestic B2C subscription businesses, we aim to maintain a growth speed of over 10%
CAGR in total distribution value.
We aim to achieve an EBITDA margin of 10% in FY2025.3 through (1) COGS ratio improvement,(2) logistics efficiency improvement, and other ongoing profitability improvement measures.
- EBITDA Margin trend

EBITDA margin：10％

full year

6.3%

8.9%

4.9%

5.5%

5.1%

4.9%

4.2%2018.3

2019.32020.32021.32022.32023.32024.3（forecast）

2025.3（target）

13

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 byincreasing 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

14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 otherinitiatives to improve logistics efficiency.
2023.3

Logistics transfer

ORD Ebina
refrigerator station
Full-scale operationin 4Q 2022.3

Shift to profit
improvement phasefrom 3Q 2023.3

2024.32025.3

ORD Atsugi
frozen station
Full-scale operation
in 1Q 2025.3 (planned)

Deterioration in logistics cost
ratio due to relocation of theAtsugi frozen station

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

Logistics cost ratio

Mar. 2021
Levels15

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.

ProducersCustomers

Oisix ra daichi

Oisix

3

With Producers
Direct NetworkDaichi wo
Mamorukai

Regular delivery

Procurement

Our Strengths

１Radish Boya

2

Subscription
Marketing

One of the largest in Japan
Food x Subscription distribution center and meal kit manufacturing plant16

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

17

Data Sheet：Results
2022.32023.32024.3mn yen1Q

Oisix

14,14528,58045,19058,546

14,39328,45844,94659,413

15,819Daichi

3,314

6,628

10,154

13,240

3,070

6,141

9,464

12,345

2,926

Radish Boya

4,331

8,732

13,336

17,432

4,190

8,370

12,892

16,9394,164

Purple Carrot

2,842

5,536

7,893

10,208

2,586

5,171

7,544

9,798

2,371

Other Business

3,373

6,911

11,194

14,578

3,969

7,958

13,63017,946

4,448

Adjusted amount- 94- 221- 370

- 529

- 309

- 649

- 1,003- 1,267

- 462

Sales

27,911

56,16787,400113,476

27,90155,45087,475

115,176

29,268

Oisix

2,057

4,045

6,525

7,036

1,953

3,821

6,390

7,562

2,026

Daichi

663

1,319

2,010

2,619

624

1,188

1,924

2,480

587

Radish Boya

584

1,143

1,883

2,429

591

1,126

1,927

2,540

608

Purple Carrot*

549

811

985

959

- 78

- 49

- 74

- 4021Other Business

427

869

1,295

1,423

435

758

1,230

1,690

553Adjusted amount- 2,329- 4,842- 7,720- 10,296- 2,564- 5,174- 8,105- 10,886- 2,695

Operating
Profit

1,950

3,347

4,979

4,171

962

1,672

3,293

3,346

1,101

EBITDA

2,316

4,188

6,385

6,216

1,498

2,771

4,960

5,595

1,677

Net income
attributable toowners of the parent

1,293

2,156

3,294

2,727

587

892

1,942

1,807

817

1-2Q

1-3Q

1-4Q

1Q

1-2Q

1-3Q

1-4Q

1Q

*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 reflect business activities.

18

Data Sheet：Main KPIKPI trend
2022.3Oisix

Daichi*

RadishBoya2023.32024.3

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

Subscribers(number)

333,850

347,772

345,409

346,083

350,650

355,962

361,135

393,829

396,709

ARPU
（yen）

12,891

12,564

12,88012,166

12,302

11,892

12,257

11,873

11,882

6,098

6,057

6,220

6,096

5,970

5,934

6,174

6,010

5,949

2.11

2.07

2.07

2.00

2.06

2.00

1.99

1.982.00

Subscribers(number)

41,20541,73341,45941,68840,23440,73740,25940,77039,538

ARPU（yen）

25,63025,26826,052

23,89024,13824,49025,63723,39823,667

8,411

8,576

8,864

8,219

8,345

8,537

9,048

8,428

8,523

3.02

2.95

2.94

2.91

2.89

2.87

2.83

2.78

2.78

Subscribers(number)

65,32066,464

66,20665,09365,297

66,23066,43567,82568,477

ARPU（yen）

20,18819,74820,137

18,79018,947

18,461

19,655

18,125

18,355

6,402

6,407

6,589

6,247

6,4516,442

6,922

6,531

6,641

3.15

3.08

3.06

3.01

2.94

2.87

2.84

2.78

2.76

Price/
Purchase（yen）
Purchase
Frequency(number)

Price/
Purchase（yen）
Purchase
Frequency(number)

Price/
Purchase（yen）
Purchase
Frequency(number)*The definition of the number of subscribers in Daichi was revised in 2023.3 4Q,
and past results were rewritten accordingly.

19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.

20