FY2024 1Q
Consolidated Financial Results
Chilled & Frozen Logistics Holdings Co., Ltd.

Highlights of consolidated financial results■ Operating revenue

29,800 million yen（+3.6% YoY）

▶ Consumers spending has been continuously sluggish due to such factors as
inflation. On the other hand, the Company increased operating revenue byexpanding new business, including EC related logistics.
▶ The company made progress in negotiation on price revision and willcontinue to do so appropriately as the Company, like other logistics
providers, faces the increase in costs overall.

■ Operating profit▶ increased profitability by starting new profitable businesses.

1,517 million yen（+6.7% YoY）

▶ Increased operating profit with an appropriate control of operating costwithin the range of increased operating revenue, while such cost burdens
increased as 1) labor costs for improving treatment of employees in aplanned manner, and 2) depreciation costs due to the opening of a newfacility.

* Note : In this document, we express our company name and two main business operating companies (subsidiaries) as follows;
Chilled and Frozen Logistics Co., Ltd.: “CF” MEITO TRANSPORTATION CO., LTD (subsidiary): “MU” Hutech norin Co., Ltd. (subsidiary) : “HN”

1

Highlights of consolidated financial results(Unit Million yen)

FY2023 1Q

FY2024 1Q

Ratio toOperating revenue

Structural ratio

Difference

YoYchange rate

Operating revenue

28,771100.0%

29,800100.0%

1,028

3.6%

Operating costs

26,295

91.4%

27,277

91.5%

982

3.7%

Selling, general andadministrative expenses

1,054

3.7%

1,005

3.4%

- 49-4.7%

Operating profit

1,421

4.9%

1,517

5.1%

956.7%

Ordinary profit

1,471

5.1%

1,579

5.3%

108

7.3%

Profit attributableto owners of parent

967

3.4%

767

2.6%

-200

-20.7%

2

Highlights of consolidated financial results
Operating revenue

Operating profit

Margin (%)(Million Yen)

31,00029,80030,000(Million Yen)

(％)

1,800

10.0
1,578

1,600

1,646
1,517

28,771

29,00027,791
27,43028,000

1,421

1,149

1,200

1,221
1,128

1,006
27,0008.0

1,400

28,15827,869

7.0

1,198
5.7

5.9

6.0

1,000

26,711
26,351

800

26,000 25,827

4.4
3.9

4.9

4.65.1 5.0

4.1
4.3600400
24,0002.0200FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY202404.03.0

25,00023,00009.01.0

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

0.0
3

Highlights of consolidated financial results
Ordinary profit

Profit attributable to owners of parent

Margin (%)

Margin (%)(Million Yen)

(％)

2,000

10.0 1,400

1,870

1,588

1,600

1,579
1,471
6.7 1,358

1,400

1,154 1,176

1,200800

1,194 5.7995
4.44.48.0

6.04.85.15.34.4

3.9

9.0
1,200

7.0

4.0

8.0

1,042967

1,000

7.0854774800

5.0

3.0600784789

767
4.76463.86002.94001.0200FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

0.0

6.0
5.0

2.5

2.9

2.9

3.0

4.0

3.4

3.0
2.6

2.0

4000

10.0

1,311

9.0

1,800

1,000(％)(Million Yen)

2.02001.00

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY20240.04

Operating revenue and profit by reportable segment(Unit: Million yen)FY2023 1Q

FY2024 1Q

StructuralRatio

OperatingrevenueTC
Business

Segment
profit(margin)

OperatingrevenueDC(*)
Business

Segment
Profit(margin)

Others(**)

18,433

1,154

64.1%

StructuralRatio

19,207 64.5%

1,552 60.9%

46.0%

6.3%

1,287

34.2%

10,061 33.8%

34.5%

9.2%

・decreased the handling volume along with reorganization of existing facilities.

positive・increased profitability in accordance with the progress in negotiation on pricerevision.
・started new profitable businesses.

negative・increased labor costs for the better treatment of employees, including thepromotion of part-time/temporary employees to full-time/permanent status.

positive・made progress in negotiation on price revision and will continue to do soappropriately.
・increased in the handling volume in certain existing customers.

negative・decreased the handling volume along with reorganization of existing facilities.
・decreased the handling volume of household-use frozen foods due to sluggish
consumption.

negative

489

1.7%

530

1.8%

8.6%

Segment
Profit

66

2.7%

67

2.7%

1.7%

13.6%

negative

2.2%

Operatingrevenue(margin)

・made progress in negotiation on price revision and will continue to do soappropriately.
・expanded new businesses including EC-related logistics.

928 36.4% -27.9% positive

51.3%

13.1%

positive

4.2%

8.1%

9,848

Main factors

YoY
Changerate・increased profitability in accordance with the progress in negotiation on pricerevision.
・increased labor costs for the better treatment of employees, including thepromotion of part-time/temporary employees to full-time/permanent status.
・increased depreciation cost due to the opening of the new facility.

12.8%(*)"Distribution Center" includes business in Vietnam.
(**)"Others" include "transportation business for cash, bill and valuables", "logistics operation for hospitals", "temporary staffing business" and "insurance agency business".

5Operating revenue by business category(Unit: Million yen)

FY2023 1Q

FY2024 1Q

Structural
ratio

Structuraldifferenceratio

Main factors

YoY
changerate

positive（*）

Joint delivery

17,13759.6%

17,462

58.6%

324

1.9%

・made progress in negotiation on price revision and will continue to do soappropriately.
・expanded new businesses including EC-related logistics.
・decrease in handling volume along with reorganization of existing facilities.

negative ・decrease in handling volume of household-use frozen foods due to sluggish

consumption.

Convenience
store logistics

Chain store （**）
logistics

3,740

3,398

13.0%

11.8%

4,027

3,528

13.5%

11.8%

287

129

negative・sluggish handling volume due to such factors as a decrease in the numberof delivery per day.

7.7%

・made progress in negotiation on price revision and will continue to do so

3.8% appropriately.

Wholesaler
logistics

2,429

8.4%

2,563

8.6%

134

5.5%

Bonded goods（***）/
food processing

801

2.8%

801

2.7%

00.1%

Others

1,263

4.4%

1,415

4.8%

152

【Total】

28,771 100.0%

29,800 100.0% 1,028

positive・made progress in negotiation on price revision and will continue to do soappropriately.
・increase in unit price for billing along with the increase in selling price ofhandling items.

・made progress in negotiation on price revision and will continue to do soappropriately.
・increase in the handling volume for hospitals and nursing facilities.

12.0% ・increased in the handling volume of cosmetics and miscellaneous goods
3.6%(*)The amount of "Joint delivery" is sum of operating revenue for handling frozen products in HN (Distribution Center segment) and that for handling chilled products(**)The amount of "Wholesaler logistics" includes logistics for hospitals in HN.。
(***)"Others" includes business in Vietnam

6Analysis of operating cost
(Unit: Million Yen)

Others+731

Fuel cost+45

Depreciation
andamortization+149

Labor cost+552

Increase+2,193

Operatingcost
104,851Operatingcost
104,851

FY2023 1Q

Others-7

Main factor of increase

FY2024 1Q■ Increased total amount of compensation due to 1) the promotion ofpart-time/temporary employees to full-time/permanent status for
employee retention and insourcing, and 2) improved treatment foremployees.
■Increased depreciation costs due to the opening of the new facility.
■Increased fuel costs due to a surge in crude oil prices.

7

Comparing of the number of employees and vehicles(1)Comparing number of employee
End of theprevious term(March 31, 2024)

Full-time/ permanent
Employee(included number of drivers)

Part-time/ temporaryemployee(included number of drivers)

Total(included number of drivers)

End of thecurrent term
(June 30,2024)

Difference

Main factors

5,998(3,005)

6,088(3,032)90(27)・Recruitment of new graduates.
・Promotion for part-time/ temporary employees to fulltime/ permanent ones.

5,533(1,098)5,479(1,031)-54(-67)

・Promotion for part-time/ temporary employees to fulltime/ permanent status.

11,531(4,103)

11,567(4,063)36(-40)(2)Comparing number of vehicles
End of theprevious term
(March 31, 2024)

End of thecurrent term
(June 30,2024)

Difference

Large-sized vehicle

734

738

4

Mid-sized vehicle

1,538

1,507

-31

Small-sized vehicle

489

481

-8

Cash transport vehicle

111

114

3

Total

2,872

2,840

-32

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We create new value in cold chain logistics for food products.

*This presentation material was drawn up based on information available as of creation date (August 8, 2024).
Please note that future performance may differ due to a variety of factors.
*This presentation material is intended for understanding financial highlights of our group and it is not forsoliciting to buy or sell marketing stock of Chilled & Frozen Logistics Holdings Co., Ltd.
*This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.
Any inquires concerning this presentation and IR matters to be directed to :Chilled & Frozen Logistics Holdings Co., Ltd.
Mail: cf-ir@cflogi.co.jp
Public Relations & Investor Relations Dept. / Kenichiro Sakai
9Reference information

Reference information -joint delivery modelMeito Transportation and Hutech Norin started operationalizing of Joint delivery business in each field of expertise; Chilledand Frozen logistics, prior to other logistics companies. Two companies in our group have engaged in joint delivery
business for a long time, and their know-how is one of the strong points in our group.
We can deliverproducts having morethan one name to anumber of delivery
destination with using
one vehicle.

【Logistics flow with using joint delivery (example)】
Our warehouseFactory of foodmaker A
Product
A

Factory of foodmaker B
Product
B

Chilled & Frozen
warehouse

ProductA
ProductB
ProductC

Center of foodwarehouse C
ProductC

Delivery destination 1
A

Product
A
Product
B
Product
C

StoringPrimary stockC

Delivery destination 2
A

B

Center ofDelivery
destination 2

C
Our vehicle

Delivery destination 3
A

Arrival ofgoods

B

Center ofDelivery
destination 1

B

Center ofDelivery
destination 3

C

Sorting for each delivery
destination

Shipping

If customers deliver their products by themselves ・・・They arrange vehicles and deliver their products to each delivery destination.
If customers use our service (joint delivery)・・・They only need to deliver their products to our warehouse.

Benefit from
共同配送の効果
Joint delivery

・It enables to reduce logistics costs of customers.
・It realizes stable logistics quality by our unified management
・We can cut down on the amount of exhaust with reducing the number of vehicles. 11

Reference information -description of business-

TransferCenter

Operate logistics businesses centered on the delivery of chilled products, 24hours a day, 7days a week.
Chilled products has a high turnover ratio because of the shortexpiration date and we barley have stocks

Joint delivery

Receiving variety of products from various customers and delivering them in mixed loading,destination by destination.

Convenience store logistics

Operating logistics centers of major convenience store chains and making deliveries to their stores

Chain store logistics

Operating logistics centers of chilled and dried products for supermarkets and making deliveries tostores

Areas around Tokyo

Tokyo Metropolitan Center of MT

Transportation vehicle of MT

The number ofcenters

87 centers all over the country centering around Kanto
region (except subcontractors)

Main handlingproducts■Chilled beverages and desserts for commercial
for supermarkets and convenience stores■Dried foods for commercial for supermarkets

The map of domestic centers (including subcontractors)

12

Reference information -description of business-Distribution
CenterMainly operating storing, handling and making deliveries of frozen products integrally
Operating storing, changing names of owner of products and sorting for each vehicles and delivery
destinations of many kinds of cargo in our warehouses and making deliveries with dedicatedvehiclesInventory turnover of frozen products is low because of the long best before date and,therefore we have always a certain number of stock.

Joint delivery
Logistics operation for hospital
repack processing
Overseas operation (Vietnam)

Saitama branch of HN

Receiving variety of products from various customers and delivering them in mixed loading,
destination by destination.
Operating sorting and delivery of feeding service products for 3,300 medical and welfare
institutions
Processing food products materials such as frozen vegetables into products for household-use inmass-merchant and professional-use in restaurant
Operating storage, handling and delivery of raw materials for frozen products in Vietnam(”MEITO VIETNAM CO., LTD.”,”T&M TRANSPORTATION CO., LTD.”)

Automatic warehousing system

The number ofcenters

30 centers all over the country centering aroundKanto region (except Vietnam and subcontractors)

Main handling
products■frozen processed products for professional-use
for restaurants, hospitals and nursing home■frozen processed products for commercial
for supermarkets and convenience storesThird warehouse of MEITO VIETNAM

Areas around Tokyo

The map of domestic centers (including subcontractors)

13

Reference information -description of business-Others

Operating incidental services related to logistics operations except
Distribution Center and Transfer Center as main business of us

Transportation ofcash and valuables

Operating transportation of cash, important documents such as bill treated in banking establishments in areas
around Tokyo

Logistics related tohospitals

Operating delivery and pickup of linen (sheets, towels and white coats) for medical and welfare institutions
located in Kanto region including hospitals, nursing home, healthcare centers for elderly and pharmacy

Temporary staffing
business

Temp services dedicated to logistics operation such as drivers and workers to inside and outside of groupInsurance agency
business

Operating agency business to make a suggestion of insurance products mainly centered on vehicles toemployees, their family and customers
Etc.・・・

14