Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended November 30, 2023
[Japanese GAAP]
January 12, 2024
Company name: S Foods Inc.
Stock exchange listing: Tokyo
Code number: 2292
URL: https://www.sfoods.co.jp
Representative: Shinnosuke Murakami
President and Representative Director
Contact: Kenji Unoki
Corporate Officer Supervising Administration Group
Phone: +81-798(43)1065
Scheduled date of filing quarterly securities report: January 15, 2024
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Nine Months Ended November 30, 2023 (March 1, 2023 to November 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet salesOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended
November 30, 2023
314,425
6.4
10,393(2.2)
11,960
0.4
8,438
19.8
November 30, 2022
295,375
12.6
10,626(20.6)
11,913(14.0)
7,041(23.6)(Note) Comprehensive income:Nine months ended November 30, 2023: ¥
13,713 million [17.4%]
Nine months ended November 30, 2022: ¥
11,679 million [15.0%]
Basic earnings
per share
Nine months ended
November 30, 2023November 30, 2022

Diluted earnings pershareYen

Yen

266.78222.70-(2) Consolidated Financial Position
Total assets
Millions of yen
As ofNovember 30, 2023
228,830
February 28, 2023
204,778(Reference) Equity: As of November 30, 2023:
As of February 28, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

127,051
117,306
119,466 million
110,092 million

%

52.2
53.8

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended February 28, 2023-39.00-39.0078.00

Fiscal year ending February 29, 2024

-42.00

42.00

84.00

Year-end

Fiscal year ending February 29, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

TotalNo

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 29, 2024(March 1, 2023 to February 29, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

Full year420,000
5.2
13,500(7.4)(Note) Revision to the financial results forecast announced most recently:

14,000No% Millions of yen(11.6)

10,000%Yen(5.4)

316.10* Notes:(1) Changes in significant subsidiaries during the nine months ended November 30, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
NoNew(Company name:
Exclusion:(Company name:(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
November 30, 2023:
32,267,721 shares
February 28, 2023:
32,267,721 shares
2) Number of treasury shares at the end of the period:
November 30, 2023:
632,417 shares
February 28, 2023:
646,640 shares
3) Average number of shares outstanding during the period:
Nine months ended November 30, 2023:
Nine months ended November 30, 2022:

31,629,808 shares
31,618,566 shares))
YesQuarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of February 28, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, netLand
Other
Accumulated depreciation
Other, net
Accumulated impairment
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of November 30, 2023

46,86235,21228,304
2,049
5,644
9,778(48)127,803

44,111
43,29935,0759,278
6,385
4,503(67)
142,586

60,419(29,822)
30,597
14,98944,843(27,550)
17,293(3,796)59,08460,992(30,702)30,28914,95751,968(29,465)
22,503(2,788)64,961

197
389
586

151
326
477

13,920
180
3,391
(188)
17,304
76,974
204,778

15,491
199
5,299
(185)
20,80486,243228,830

(Millions of yen)
As of February 28, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

As of November 30, 2023

26,964
12,2752,792
1,083
12,45755,572

31,544
15,205
2,028
1,893
15,59866,270350
26,971

250
29,513

140

123

2,035
2,401
31,89987,472

2,027
3,593
35,508
101,779

4,298
18,75480,861(407)
103,507

4,298
18,79285,359(397)
108,053

3,332

4,643

(61)
3,362
(47)
6,585
7,213
117,306
204,778

(21)
6,834
(42)
11,413
7,584
127,051
228,830

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Millions of yen)
For the nine months
ended November 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from buildings
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Arrangement fee
Rent cost
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assetsGain on sale of shares of subsidiaries and associates
Gain on sale of investment securities
Subsidy income
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on store closings
Loss on temporary store closings
Loss on tax purpose reduction entry of non-currentassets
Loss on sale of investment securities
Loss on valuation of investment securities
Other
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the nine months
ended November 30, 2023

295,375
256,347
39,02728,401
10,626

314,425
274,500
39,92429,531
10,393

166
338
160

344
356
102

8

2

478
461
1,614

678
544
2,028

205
36
86
327
11,913

203
100
30
127
461
11,960

29
222
251

53
1,354
123
1,584
3,116

96
77
1
39

39
136
1-

50

1,583

7
1
274
11,890
4,568
7,321
280
7,041

4
406
2,172
12,904
3,994
8,909
471
8,438

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Millions of yen)
For the nine months
ended November 30, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

For the nine months
ended November 30, 2023

7,321

8,909(38)34
4,368(11)

1,286
40
3,471
5

4

-

4,357
11,6794,804
13,713

11,40013,267278

446