December  15,  2023 Prime Market of Tokyo Stock Exchange Kobe Bussan Co., Ltd. Company name: Listing: Securities code: URL: https://www.kobebussan.co.jp/english/ 3038 Representative: Hirokazu Numata, President and Representative Director Masahiro Sakamoto, Manager, Corporate Planning Department Contact: Phone: +81-79-458-0339 Scheduled date to hold ordinary general meeting of shareholders: January 30, 2024 Scheduled date to file Annual Securities Report: January 31, 2024 January 15, 2024 Scheduled date to commence payment of dividends: Preparation of supplementary material on financial results: Holding of financial results briefing: Yes (https://www.kobebussan.co.jp/english/ir/news.php) Yes (for institutional investors and securities analysts) (Amounts less than one million yen have been omitted.) Consolidated financial results for the fiscal year ended October 31, 2023 (from November 1, 2022 to October 31, 2023) Note: Comprehensive income For the fiscal year ended October 31, 2023: ¥19,987 million [(8.6)%] For the fiscal year ended October 31, 2022: ¥21,876 million [8.9%] As of October 31, 2023: ¥111,691 million As of October 31, 2022: ¥94,990 million

Consolidated financial forecast for the fiscal year ending October 31, 2024 (from November 1, 2023 to October 31, 2024)

(1) Changes in significant subsidiaries during the current period (Changes in specified subsidiaries resulting in the change in scope of consolidation): Yes Newly included:   None Excluded: 3 companies (Company name:  KB GLOBAL PARTNERS, INC., J.J. DINING, INC., KOBE BUSSAN USA, INC.) [Notes] (2) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements (i) Changes in accounting policies due to application of new or revised accounting standards: Yes (ii) Changes in accounting policies due to reasons other than above (i): None (iii) Changes in accounting estimates: None None (iv) Restatements of prior period financial statements: Please refer to "3. Consolidated Financial Statements and Notes (5) Notes to consolidated financial statements Note: (Changes in accounting policies)" on page 14 of the Attached Materials. (3) Number of shares issued (common shares) Number of shares issued at the end of the period (including treasury shares) (i) As of October 31, 2023: 273,600,000 shares 273,600,000 shares As of October 31, 2022: (ii) Number of shares of treasury shares at the end of the period As of October 31, 2023: 52,968,055 shares As of October 31, 2022: 54,490,520 shares (iii) Average number of shares of common shares outstanding during the period Fiscal year ended October 31, 2023: 219,677,661shares Fiscal year ended October 31, 2022: 218,489,985 shares The number of shares of Kobe Bussan held by Custody Bank of Japan, Ltd. (the "Trust Account") as trust property for Note: a Board Benefit Trust was included in the number of shares of treasury shares at the end of the period (275,200 shares as of October 31, 2023 and 168,400 shares as of October 31, 2022). Also, the number of shares of Kobe Bussan held by the Trust Account was included in the number of shares of treasury shares to be deducted from the calculation of the average number of shares of common shares outstanding during the period (202,635 shares for the fiscal year ended October 31, 2023 and 168,400 shares for the fiscal year ended October 31, 2022).
[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended October 31, 2023 (from November 1, 2022 to October 31, 2023)
Note: from the Accounting of the previous fiscal year. the figures for the fiscal year ended October 31, 2022 reflect the adoption of
As of October 31, 2023:¥95,745 million As of October 31, 2022: ¥81,189 million * This financial results report is not subject to audit procedures to be performed by certified public accountants or an audit firm. * [Proper use of earning forecast, and other special notes] The forward-looking statements including earnings forecast contained in this document are based on information currently available to us and certain assumptions that we believe are reasonable. Accordingly, actual results may differ significantly from the results anticipated in these forward-looking statements due to a variety of factors. For more information on the assumptions and disclaimers with respect to earnings and other forecasts, please refer to "1. Overview of Operating Results (4) Outlook for the fiscal year ending October 31, 2024" on page 4 of the Attached Materials. Contents of Attached Materials

1. Overview of Operating Results
(1) Analysis of operating results
During the fiscal year ended October 31, 2023 (from November 1, 2022 to October 31, 2023) (hereinafter the "period under review" or the "current fiscal year"), Japan further normalized its socioeconomic activities thanks to the lifting of movement and immigration restrictions due to COVID-19 as well as the reclassification of COVID-19 into Category V infectious disease (the same category as common infectious diseases) in May. Nevertheless, the economic outlook has still remained unclear due to the prolonged Russian-Ukraine situation, the concern about the economic slowdown caused by monetary tightening around the world, precarious fluctuations in foreign exchange rates, and soaring energy costs. Players in the food retail industry have continued to face severe circumstances, including a fall in demand for the home cooking with more consumers dining out and a rise in a savings-oriented attitude of consumers caused by the galloping inflations, as well as an increase in various costs. Under such circumstances, in line with the Group's goal of further strengthening "Integrated Food Production & Distribution Operations," the Kobe Bussan Group has enhanced its competitiveness through increased production capacity and proactive product development. Also, we have been engaged in a business that is attentive and responsive to customers' needs by enhancing our strength to provide them with high-quality and attractive products at best prices. Consequently, in terms of operating results for the period under review, we reported net sales of ¥41,546 million (up 13.5% year on year), operating profit of ¥30,717 million (up 10.4%), ordinary profit of ¥29,970 million (down 6.7%), and profit attributable to owners of parent of ¥20,560 million (down 1.3%). The operating results by business segment are as follows: [Gyomu Super Business] This business segment covers Gyomu Super stores, which mainly sell products at best prices including those originally produced by our group's domestic plants or those with attractive private labels directly imported by ourselves under the concept of providing authentic food products from around the world. In the period under review, Gyomu Super stores have expanded nationwide with 1,048 stores as a result of a net increase of 41 stores after opening 53 stores and closing 12. The breakdown of new store openings was 38 stores in directly managed areas and 15 stores in indirectly managed areas. While we work on store openings in all locations in Japan, we put a particular focusing on the Kyusyu area, and strongly encourage some of our franchisees to relocate stores which have deteriorated after many years in operations. In terms of operating results, we have continued expanding business performance. This is because we have overcome a rise in purchase costs caused by the sharp fluctuations in foreign exchange rates and price hikes through a successfully implemented pricing strategy as well as a great deal of media coverage of our private label products, which represent Gyomu Super's attractiveness. Consequently, net sales of the Gyomu Super Business for the period under review stood at ¥446,908 million (up 12.8% year on year). [Restaurant & Delicatessen Business] This business segment covers Kobe Cook World Buffet, one of the largest buffet-style restaurant chains in Japan; Premium Karubi, a served a-la-carte buffet style BBQ restaurant chain where customers enjoy the best selected premium meats and in- house made desserts; and Chisouna, a delicatessen shop chain under the concept of offering everyday dining with a focus on foods made in-house and available at affordable prices. In the period under review, Kobe Cook World Buffet opened three restaurants and closed none, resulting in 14 restaurants nationwide. We strived to improve customer satisfaction through measures such as menu changes. Our efforts paid off with the number of customer visits almost recovering to the level before the COVID-19 pandemic backed by the Japanese government lifting the mask mandate and the limit on the number of people per table as well as more tourists from abroad visiting Japan. Premium Karubi opened four restaurants and closed none, resulting in 20 restaurants nationwide. The attention to this restaurant brand grew year by year thanks to increased media coverage. Given this environment, we successfully improved our operational efficiency by not only increasing customer visits at the existing restaurants but also pursuing the economy of scale through increasing the number of restaurants. Chisouna opened 29 shops and closed two, resulting in 114 shops nationwide. While more customers were attracted by a variety of foods relevant to their needs and an introduction of new dishes, such a significant increase in the number of shops helped boost net sales. Consequently, net sales of the Restaurant & Delicatessen Business for the period under review stood at ¥10,950 million (up 49.5% year on year). [Eco Renewable Energy Business] This business segment covers renewable energies generated by our own solar and woody biomass power plants. Having opened one solar power plant in Higashimatsushima-shi, Miyagi since October in the period under review, we currently operate 19 solar power plants collectively generating approximately 81.0 MW and one woody biomass power plant generating approximately 6.2 MW. The existing power plants also continue generating electricity steadily. Consequently, net sales of the Eco Renewable Energy Business for the period under review stood at ¥3,646 million (up 15.7% year on year).
(2)  Analysis of financial position
(Assets) Total assets as of October 31, 2023 increased by ¥31,615 million from the end of the previous fiscal year to ¥211,891 million (up 17.5% year on year). This was mostly attributable to an increase in current assets of ¥25,629 million to ¥141,641 million (up 22.1% year on year). This was mainly due to increases in cash and deposits of ¥25,550 million. (Liabilities) Total liabilities as of October 31, 2023 increased by ¥14,384 million from the end of the previous fiscal year to ¥97,439 million (up 17.3% year on year). This was mostly attributable to an increase in non-current liabilities of ¥13,314 million. Non-current liabilities amounted to ¥48,382 million (up 38.0% year on year). This was mainly due to an increase in long-term borrowings of ¥10,682 million to be used for the facility enhancement of our group's domestic plants. (Net assets) Total net assets as of October 31, 2023 increased by ¥17,230 million from the end of the previous fiscal year to ¥114,451 million (up 17.7% year on year). This was mainly due to an increase in retained earnings of ¥15,736 million. Consequently,  the equity ratio as of October 31, 2023 remained at 52.7%, unchanged from the end of the previous fiscal year. Net assets per share stood at ¥506.23 for the current fiscal year compared to ¥433.53 for the previous fiscal year.
(3)  Analysis of cash flows
Total cash and cash equivalents as of October 31, 2023 (hereinafter "net cash") increased by ¥25,512 million from the end of the previous fiscal year to ¥91,265 million. The status of each cash flow and its factors are as follows: (Cash flows from operating activities) Net cash provided by operating activities for the period under review amounted to an inflow of ¥30,343 million (up ¥8,760 million year on year). This was mainly due to decreases in inventories of ¥5,897 million and income taxes paid of ¥1,552 million, partially offset by an increase in loss on valuation of derivatives of ¥4,560 million (Cash flows from investing activities) Net cash used in investing activities for the period under review amounted to an outflow of ¥6,821 million (down ¥5,662 million year on year). This was mainly due to a decrease in an outflow of ¥2,419 million resulting from purchase of property, plant and equipment. (Cash flows from financing activities) Net cash used in financing activities for the period under review amounted to an inflow of ¥80 million (down ¥3,832 million year on year). This was mainly due to a decrease in an outflow of ¥6,937 million due to repayments of long-term borrowings.
(4)  Outlook for the fiscal year ending October 31, 2024
We are planning to further grow our mainstay Gyomu Super Business with an aim to have 1,083 Gyomu Super stores (net increase of 35 stores) by the end of the fiscal year ending October 31, 2024. To further enhance private label products derived from Gyomu Super's strength of "Integrated Food Production & Distribution Operations," we continue to make capital investment in facilities of our group's plants and expand the variety of our directly imported products. In the Restaurant & Delicatessen Business, we work on developing and expanding the competitive business formats by addressing constantly changing consumer needs and taking advantage of our product strength. We carry on striving to expand our business performance as described above, although the outlook has still remained unclear due to precarious fluctuations in foreign exchange rates, changes in the military situations around the world, and Japan's 2024 problem in transportation and logistics industries (an expected shortage of truck drivers resulting from their overtime hours cap). All in all, in terms of operating results for the fiscal year ending October 31, 2024, we forecast nets sales of ¥498,000 million, operating profit of ¥31,000 million, ordinary profit of ¥33,000 million, and profit attributable to owners of parent of ¥21,500 million on a consolidated basis.
2. Basic Policy Regarding Selection of Accounting Standards
With respect to accounting standards, we apply Japanese GAAP to ensure comparability with other domestic competitors.
3. Consolidated Financial Statements and Notes

(3) Consolidated statements of changes in equity
For the fiscal year ended October 31, 2022 (From November 1, 2021 to October 31, 2022)

For the fiscal year ended October 31, 2023 (From November 1, 2022 to October 31, 2023)

(5) Notes to consolidated financial statements
(Going concern assumption) Not applicable.
(Changes in accounting policies)
(Application of the Accounting Standard for Fair Value Measurement, etc.) The Company has applied the Accounting Standard for Fair Value Measurement (ASBJ Guidance No.31; June 17, 2021; hereinafter, the "Fair Value Accounting Standards") since the beginning of the first quarter of this fiscal year. In accordance with the transitional treatment set forth in paragraph 27-2 of the Fair Value Accounting Standards, the Company has applied the new accounting policies set forth by the Fair Value Accounting Standard prospectively. There is no effect on the quarterly consolidated financial statements by applying the standard.
(Segment information)
1. Overview of reportable segment The reportable segment of the Company are components for which discrete financial information is available and whose operating results are regularly reviewed by the Board of Directors to make decisions about allocation of resources and assess its performance. We have business headquarters in head office to manage stores and restaurants as a franchisor of each business, and work on business activities based on comprehensive domestic and overseas strategies for our products and services. Also, to resolve power shortage by stably supplying safe and reliable energy and address environmental issues including global warming, we engage in the solar power business and the biomass power business in accordance with Feed-in Tariffs (FIT) for renewable energy sources under the "Act on Special Measures concerning the Procurement of Renewable Electric Energy by Operators of Electric Utilities of Japan" enacted on July 1, 2012. 2. Method of calculating the amount of net sales, profit or loss, assets, and other items by reportable segment The accounting standards and methods for the business segments subject to segment reporting are largely identical to the description in "Significant Accounting Policies for the Consolidated Financial Statements." Segment profit is the figure on a basis of operating profit. Intersegment sales or transfers is calculated at prevailing market prices. 3. Information on amounts of net sales, profit or loss, assets, and other items by reportable segment
Details of adjustment are as follows: (1) The amount of adjustment for net sales represents eliminations of intersegment transactions. (2) The amount of adjustment for segment profit (loss) of ¥(4,310) million is corporate expenses unallocated to each reportable segment. The expenses are general and administrative expenses unattributable to any reportable segments. (3) The amount of adjustment for segment assets of ¥26,814 million is corporate assets unattributable to any reportable segments. The assets are attributable to the Company's administrative departments. (4) The amount of adjustment for depreciation of ¥180 million is the amount of corporate expenses unattributable to any reportable segments. (5) The amount of adjustment for increases in property, plant and equipment and intangible assets of ¥602 million is an increase in corporate assets unattributable to any reportable segments. Increases in property, plant and equipment and intangible assets include recognition and amortization of long-term prepaid expense. *3
(1) The amount of adjustment for net sales represents eliminations of intersegment transactions. (2) The amount of adjustment for segment profit (loss) of ¥(4,819) million is corporate expenses unallocated to each reportable segment. The expenses are general and administrative expenses unattributable to any reportable segments. (3) The amount of adjustment for segment assets of ¥22,541 million is corporate assets unattributable to any reportable segments. The assets are attributable to the Company's administrative departments. (4) The amount of adjustment for depreciation of ¥226 million is the amount of corporate expenses unattributable to any reportable segments. (5) The amount of adjustment for increases in property, plant and equipment and intangible assets of ¥874 million is an increase in corporate assets unattributable to any reportable segments. Increases in property, plant and equipment and intangible assets include recognition and amortization of long-term prepaid expense. *3
For the purpose of calculating the amount of net assets per share, the number of shares of the Company held by a Board l. Benefit Trust (275,200 shares as of October 31, 2023 and 168,400 shares as of October 31, 2022) was included in the number of treasury shares, which was to be deducted from the number of shares issued at the end of the fiscal year. For the purpose of calculating basic earnings per share and diluted earnings per share, the number of shares of the Company held by the Trust (202,635 shares as of October 31, 2023 and 168,400 shares as of October 31, 2022) was included in the number of treasury shares, which was to be deducted from the calculation of the average number of shares of common shares outstanding during the period. 2. The calculation basis for basic earnings per share and diluted earnings per share are shown as follows.
(Subsequent events) Not applicable