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 Three Months Ended May 31, 2024
[Japanese GAAP]
July 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: July 16, 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 Three Months Ended May 31, 2024 (March 1, 2024 to May 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended
May 31, 2024
109,600
6.4
1,272(68.1)
1,681(58.2)
671(81.9)
May 31, 2023
103,0437.9
3,985(16.7)
4,019(23.0)
3,704
10.8(Note) Comprehensive income:Three months ended May 31, 2024:¥
4,053 million [(16.3) %]Three months ended May 31, 2023:¥
4,842 million [18.1%]
Basic earnings
per share
Three months ended
May 31, 2024
May 31, 2023

Diluted earnings pershare
YenYen21.23
117.14-(2) Consolidated Financial Position
Total assets
As ofMay 31, 2024
February 29, 2024
(Reference) Equity:

Millions of yen

Net assets
Millions of yen

232,085
224,240
As of May 31, 2024:
As of February 29, 2024:

Capital adequacy ratio¥¥

129,195
126,576
121,336 million
118,783 million

%

52.3
53.0

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended February 29, 2024

-42.00-42.0084.00

Fiscal year ending February 28, 2025

44.00-45.00

89.00

Fiscal year ending February 28, 2025
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-endTotal

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 28, 2025(March 1, 2024 to February 28, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of parent
shareMillions ofyen%Millions ofyen%Millions ofyen

Full year
445,000
4.7 11,500(9.3) 12,500(Note) Revision to the financial results forecast announced most recently:
No%

Millions ofyen%

Yen(13.1)

8,000(11.8)

252.88* Notes:(1) Changes in significant subsidiaries during the three months ended May 31, 2024
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:
Exclusion:(Company name:No(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):May 31, 2024:
32,267,721 shares
February 29, 2024:
32,267,721 shares
2) Number of treasury shares at the end of the period:
May 31, 2024:
632,576 shares
February 29, 2024:
632,484 shares
3) Average number of shares outstanding during the period:
Three months ended May 31, 2024:
Three months ended May 31, 2023:

31,635,175 shares
31,621,079 shares))
YesQuarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of February 29, 2024
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 May 31, 2024

49,85840,21627,382
9,529
4,845
4,328
(46)
136,11441,94744,881
33,596
8,986
4,461
4,725
(53)
138,545

61,128(31,105)
30,023
15,81453,157(29,830)
23,327(2,796)
66,36961,391(31,631)
29,75915,85757,351(30,560)
26,790(2,741)
69,666

253
306
559

231
300
531

16,611
200
4,576
(193)
21,196
88,125224,240

17,616
202
5,709
(186)
23,341
93,540232,085

(Millions of yen)
As of February 29, 2024
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 May 31, 2024

25,803
7,866
1,989
1,36317,858
54,881

32,931
11,0901,135
1,560
15,72862,445250
35,516200
33,583

128

99

1,818
5,069
42,782
97,664

1,773
4,788
40,444
102,890

4,298
18,792
85,994(397)
108,688

4,298
18,79085,337(397)
108,028

5,155

5,849

(70)
4,930
79
10,095
7,792
126,576
224,240

30
7,351
76
13,307
7,858
129,195
232,085

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Millions of yen)
For the three months
ended May 31, 2023
Net salesCost 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
Foreign exchange losses
Rent cost
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain 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
Loss on store closings
Loss on tax purpose reduction entry of non-current
assetsLoss on sale of investment securities
Loss on valuation of investment securities
Loss on transfer of subsidiary
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the three months
ended May 31, 2024

103,043
89,252
13,7909,805
3,985

109,600
98,256
11,344
10,072
1,272

61
546

185
555

11161
276

119
139
507

61
144
1026
243
4,019

63
12
22
97
1,681

3
1,388
4
1,584
2,980

3
3

15
1

5-

1,583-

4352
1,957
5,041
1,155
3,886
181
3,704

149
154
1,530
688
842
171
671

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Millions of yen)
For the three months
ended May 31, 2023
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 taxTotal other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

For the three months
ended May 31, 2024
3,886

842

270
82
602
1
956
4,842

693
101
2,420
(4)
3,211
4,053

4,649

3,883

193170