Start of operation in March 2021Tochigi Factory Financial Results for the 2nd Quarter of Fiscal Year Ending July 31, 2024 SILVER LIFE CO., LTD. The Standard Market of the Tokyo Stock Exchange (9262) Fiscal Year Ending July 2024 2nd Quarter Performance Highlights
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Net sales Gross profit Operating profit + 11.6% Sales increased in all sales categories, driven especially by direct sales and others (OEM, frozen bento, warehousing) +20.5% due to increased sales and in-house production, and improved production efficiency. +17.6% Cost reductions due to improved production efficiency absorbed increased SG&A expenses, and operating income margin also improved.
Franchise chains Number of Stores FY23 Q2 FY24 Q1 FY23 Q3 FY24 Q2 FY23 Q4 Vs. FY2023 Q2 Sales : Slight increase Maintain sales YoY with September 2023 price revision (3% price increase)Existing stores sales YoY continued to grow at 108.2% *1 Approximately 85% of f ood sales to franchised stores are regular meals and Approximately 15% are special meals*2 Regular meals are priced in the 500 yen range at stores and continue to grow (+6.2%) Sales of special meals will be in the 700 yen range at stores, and will decrease (-9.8%) The sharp decline in sales that occurred in the fall and winter of 2022 will not occur. Estimated that there were not as many hospitalizations of the elderly in the fall winter of 2023 as there were last year Number of stores: 948 stores, with a continuous back-and-forth of store openings and closings New contract plan to reduce initial investment was launched as a measure to open new stores Started taking over sales using an external M&A site as a measure to exit stores *1  Special diets include carbohydrate calorie adjusted meals, protein adjusted meals, and mousse meals. *2  Comparison between stores that existed in both the previous fiscal year and this fiscal year, excluding stores that were withdrawn. ■■ Takushoku Life   ■ Haishokuno Fureai   ■ Magokoro Bento
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Facilities for the elderly FY23 Q2  FY23 Q3  FY23 Q4  FY24 Q1  FY24 Q2 Vs. FY2023 Q2 Chilled food sales were maintained, while frozen food sales increased. Demand for fully-prepared products from facilities is becoming even stronger due to labor shortages. Frozen: 58.5% of division sales Chilled: 41.5% of division sales Unit:million yen Vs. FY2023 Q2 Direct sales: Sales declined due to a 4% price hike in October,Policy change due in part to improved manufacturing efficiency; price reductions of 10- 15% since February to first pursue sales volume; 67.2% of sales are with in the division OEM: Increased sales to new customers. Sales ratio in the division was 28.0%. Warehousing: Ratio of intra-departmental sales was 4.8%.
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+ 11.6% YoY Franchise store sales maintained a slight increase due to a 3% price revision and an 8.2% increase in sales at existing stores, despite the impact of a decrease in the number of stores. Sales to elderly care facilities increased due to the growing demand for inexpensive and convenient fully-prepared frozen foodstuffs against the backdrop of chronic labor shortages at these facilities. Direct sales and others increased due to strong OEM sales and warehousing business, despite sluggish sales of frozen bento via in house e-commerce due to price hikes in

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Sales increased by 20.5% and gross profit margin improved by 2.4%. Gross profit improved due to increase in sales and decrease in purchase of outsourced products by in house production

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Value increased 14.9%, ordinary income margin improved 0.3% SG&A expenses increased mainly in personnel, freight, and advertising expenses due to the in house production of logistics and sales increase. However, the increase was absorbed by the improvement in gross profit.

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Past : Raised in house production rate from 40% to 60% in October 2022,took a wait and see approach for a few months and waited for the site to stabilize. Past : Acquired several new OEM projects in March 2023,determined that new equipment was needed/immediately placed an order, and halted the progress of in house production until it arrived. Future: Equipment is scheduled to arrive at t the end of March 2024, and after a trial run, the in house production rate is expected to increase from 60% to 80% from the end of April. Percentage change in manufacturing breakdown due to in house production in house manufactured outsourcing :  Factories to continue some outsourcing to supplement :  manufacturing schedules between Factories and hedge risks. Change in cost ratio and operating margin Operating profit | cost rate Cost ratio decreased (raw material cost ratio increased due to inflation, but labor cost per production volume significantly decreased due to capital investment); SG&A expenses increased due to increased warehouse staffing as logistics was brought in-house, but operating income margin continued to improve
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ratio

Centralized shipping origin to Kazo Distribution Center in
Saitama Prefecture
Currently, shipments are dispersed to two locations, Saitama and Hiroshima; from May, they will be centralized at t the Saitama store and invested in distribution facilities (sorting machines, sealing machines, automatic labelers, etc.) to improve efficiency. At this time, two locations are decentralized Advantages : Risk diversification is effective !  Disadvantage : Consignment costs are high Centralized consolidation after the end of April preparation Added a sorter (automatic sorter) Three machines in total Addition of automatic labeler and sealer Installation of a berth for 10t trucks Advantages : Cost reduction Flexibility Disadvantage: No risk diversification Mitigated by maintaining 20% outsourcing and keeping emergency frozen foodstuffs in the store
Former Akaiwa Distribution Center to become a cut vegetable
center
Renovation of the former Akaiwa Distribution Center In house production of cut vegetables purchased from other companies Reduction of raw material costs only, without changing quality Test run until January, soft run from February, and full operation from May to June.
preparation
Sanitary equipment work, floor waterproofing work, introduction of washing machines, installation of ventilation equipment,Installation of water supply and drainage equipment, installation of metal detector, installation of cutting machine,Installation of coring machine, dewatering machine, rest room locker and office Advantages : Cost reduction :  Disadvantage : None in particular Akaiwa Cutting Center
Preparation and transition period for in house production and distribution consolidation Aggressive marketing efforts to acquire new business opportunities against a backdrop of capital investment The shift to in-house production of cut vegetables through the operation of the Akaiwa Cut Center is proceeding cautiously, while monitoring on-site proficiency. Tochigi factory, preparation of in-house production facilities and personnel Preparation of Kazo Center, equipment and personnel In house production of outsourced foodstuffs since the end of April. Centralized logistics consolidation of Kazo Center started at the end of April. Special meals for franchiseesCost reduction (= chilled packaged meals)
Began production and delivery of Origin nori bento in January February. Akaiwa Cutting Center Began manufacturing only for use at the Gunma Plant in February. Price revision of frozen bento from Feb.(10-15% drastic price reduction, price reduction possible with productivity improvement) Began shipping dairy beverages to franchisees in early fall Expand into home delivery of dairy products using existing delivery network Akaiwa Cutting Center Production for use at Tochigi factory to begin in May and June Aggressive acquisition of other OEM projects
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Japanese food prices fell 0.1% month-on-month in December 2023, the first decline in two years since December 2021. In this context, the attempt to increase frozen bento prices since October = increased advertising expenses due to increased profits = increased customer traffic is judged to be a failure. Although the taste is said to have improved, the motivation for using frozen foods is still different from that for freshly prepared foods. We assume that the most important motivation for using frozen food is that it is cheap and convenient. Among the many companies selling frozen bento, the company redefined its strength to be its price advantage. We aim to achieve stable growth that outperforms the market through a cost leadership strategy (to the extent that capital investment allows), distancing ourselves from value-added and brand strategies. Food Delivery Market and Our Sales Trends Food delivery market and our sales CAGR (compound annual growth rate)
home delivery
our company ※Data for the food delivery market is from Yano Research Institute Ltd.'s "Research on the Food Delivery Market (2023)" (released on September 22, 2023) Note 1: Based on business sales Note 2: Figures are forecasts for FY2023 and beyond. The Company's sales forecast for 2024 is for the current fiscal year; the forecast for 2025-27 has not yet been announced; and the figures for 2028 are from the mid-term plan. FY28  Net sales180 million yen, CAGR  8.3% Aiming for growth rate exceeding that of the food delivery market See page 21 of the financial results for the fiscal year ended July 31, 2023 disclosed on September 11, 2023 for the mid-term plan.
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Environmental Initiatives
Use of solar power (to produce electricity) Install solar power generation in all factories and warehouses by 2022 Currently, about 10% of electricity usage is covered by solar power generation Additional installation planned for Kazo Distribution Center Kazo Distribution Center Tochigi Factory
Reduce electricity consumption (reduce electricity)
Installed fluid agitators (power improvement by agitating coolant in air conditioning and refrigeration equipment) in all plants and warehouses in 2022 Introduced power improvement equipment (reduction of current loss from transformers) in September 2023, measured and confirmed 15% reduction in usage
Reduction of Food Waste
Installed a food waste disposal machine at Tochigi Plant in December 2023 Reduced the amount of food residues disposed of, and the disposal rate is expected to improve further in the current fiscal year

Other Activities to Reduce Environmental Impact
Rentals of EV vehicles (COMS) to franchise operators increased by 4 additional vehicles as of the end of January 2024, for a total of 27 vehicles rented to help franchisees reduce CO2 emissions.
Diversity & Inclusion
Submission of action plan to the Law for Measures to Support the Development of the Next Generation and the Law for the Promotion of Women's Activities in August 2023. Target ratio of women in management positions to be 30% or more by 2028 Percentage of Women in Management Positions ※Ratio of female managers in listed companies 9.4%
Targeting an average of less than 15 hours of overtime for all employees Average employee overtime hours ※Average overtime hours in listed companies: 21.9 hours
Promote employment of persons with disabilities Legal employment rate target of 2.7% by July 2026 Number and Percentage of Employees with Disabilities

Employee Engagement
Promoting the use of annual paid leave Annual Paid Leave Utilization Rate ※The paid leave utilization rate for listed companies is 62.1%
Scholarship Repayment Support Program Trends in the number of users
The company will repay the full amount of the scholarship in 7- year installments on behalf of the student.
Strengthening Corporate Governance
Number of committee meetings held
Compliance and
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No change in progress of earnings forecast for this fiscal year Sales are expected to grow 6.7%, mainly from Franchise chains and Direct Sales / Others. Operating profit margin is expected to improve by 0.3% due to the improvement of production and Distribution systems, personnel allocation, cost control Unit : million yen
*Profit for the FY2023 includes a tax credit of 35 million due to the first dividend
Sales are expected to grow only moderately in Franchise chains, Facilities for the elderly. Direct Sales / Others grew strongly with increased demand for frozen bento meals, with overall growth of 6.7%. Operating profit improved significantly due to the in-house production that had been undertaken since the Q1 of the previous year
Net sales Cost of sales margin &SG&A expense margin
Operating profit margin
+30.0% 100.0% =Cost margin 100.0% 1,500 ■ Operating profit 20.0% ● Operating profit margin Unit :  million yen 50.0% 50.0% +0.0% 0.0% 0.0% FY19 FY20 FY21 FY22 FY23 ROE 150.0 30.0% Total assets
Capital adequacy margin
PBR → Profit per share YOROE Unit : yen 0.0% Unit : million yen 100.0% 50.0% 0.0%

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Population trends and forecasts for the elderly (over 65 years old) and late elderly (over 75 years old) Source: Government materials
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Changes in the Working Generation and the Elderly Population The working generation (15 to 64 years old) is decreasing, and the elderly population is increasing Moving toward society where 1.3 people of the working generation will support 1 person aged over 65.Social security deposit benefits per person will decrease The increase of expenditure toward COVID-19 measures in 2020 makes it even more difficult to secure financial resources for care and welfare Unit : cases (90% of sales rely on care insurance) care business is destined to become difficult in the future. In this upcoming era, only businesses such as food distribution services for the elderly, which can be managed without relying on insurance, can support the lives of the rapidly increasing elderly population Source: local Government materials
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Overwhelming number of stores
Since opening its first store in “Setagaya” in November 2007, it has 990 stores as of the end of July 2022. This unparalleled number of stores in the industry enables you to enjoy economies of scale in terms of productivity, purchasing, and cost reduction
Low-cost opening
Since the FC stores that we are developing are not visit-type stores, there are advantages such as a wide range of location options and rent reduction. In addition, we have prepared a plan that does not require a large kitchen facility and can be operated by one person, and a plan with a low initial cost profit and loss statement of FC stores Sales Costs 100  * Available at the lowest price on the market * Stable purchase of high quality without cooking 40 60 Gross profit expenses 20 * Easy operation without cooking * Low initial investment and location-free rent profit 40 * Low fixed cost ratio generates profits
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Food Pack
Menu : More than 1,000 items Sold to : FC and Facilities for the Elderly varieties  : chilled • frozen feature : Nutritional balance for the elderly Food pack for FC stores, which are our main company. Since it is a daily meal, it is served refrigerated so that it does not lose its taste. In addition, we also provide frozen due to the expiration date loss and convenience required by the facility. Chilled Pack After serving at FC stores
Frozen bento meals
menu：  More than 70 items Sold to : EC & FC varieties : Health balance and large cuts Carbohydrate calorie and protein adjustment Moose diet and salt-restricted diet feature : Suitable for all ages, short-time cooking, health management We make frozen bento meals to meet diverse dietary needs, including convenience, time efficiency, and health management. Copyright©2024 SILVER LIFE CO., LTD.  All Rights Reserved.

High-mix random production
With an overwhelming number of stores, even the high-mix random production required for chilled food delivery services enjoys economies of scale in terms of purchasing and productivity Manufacturing line required in a general food factory (dedicated line for a single product group) Meat bun factory (1 million meat buns a day flow from a machine dedicated to manju to the conveyor. Although there are differences in meat buns and bean buns, they are the same product group) Manufacturing line required for food distribution service (line that can handle random production of other varieties) Since meals are distributed daily, the same product group cannot be provided every day. 12 items made today, 12 items made , all should be different
Diversity of products
Chilled and frozen meals Frozen bento pillow type Frozen bento Top Seal type In addition to more than 1,000 chilled meals, we manufacture a wide range of frozen bento such as a variety of frozen meals, protein-adjusted meals, and mousse meals. In addition, for frozen bento, both pillow type and top seal type can be manufactured.
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Products for FC https://www.magokoro-bento.com/ Products for Elderly Facilities https://kodawari-chef.com/lp EC site https://magokoro-care-shoku.com/ EC site https://l-meal.com/ OEM Business Site OEM Business Business introduction Business Introduction https://www.silver-life.co.jp/oem https://www.silver-life.co.jp/product
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Product Development
• Our Product Development Office is situated in our factory, facilitating close collaboration with the production team for high-quality and authentic product reproduction ・Our product development team consists mainly of qualified registered dietitians who utilize their advanced knowledge to achieve optimal nutritional balance and deliciousness 【gualification holders】 28 registered dietitians 3 nutritionists 6 health managers roduct Development)
Quality and Sanitation Management
・Gunma Factory acquires FSSC 22000 certification, building an advanced safety management system that meets international standards • Sanitation management team conducts bacterial testing, hygiene guidance and supervision in the factory. •  In order to improve the taste of the bento boxes provided to customers, tastings are held every day (foreign matter inspection) (Bacterial testing) Copyright©2024 SILVER LIFE CO., LTD.  All Rights Reserved.
Purpose and Features • Cost advantage due to mass production • Product development based on customer feedback (franchise chain stores) • Ensure the "Safety and Security" • Efficiency of storage and delivery • OEM sales expansion Food distribution service for the elderly
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【Management Philosophy】
We will create a society where everyone can grow old with peace of mind from the perspective of food.
【Our Mission】
We prepare bento’s at reasonable prices and deliver to your home every day so that elderly people living alone or needing care who have difficulty cooking or going out to shop can eat without any trouble.
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Change to TSE Standard Market Oct. 2023 Kazo Center begins operations Launched  “Life Meal” LifeMeal「 Mar.2023 Mar. 2022 Change to TSE Prime Market Apr. 2022 Listing shifted to the TSE, First Section Jan. 2020 Jul. 2020 ]Accomplished a total of 700 "Magokoro May. 2019 |Bento" & “Haishokuno Fureai” stores Listed on TSE Mothers Oct. 2017 Distribution center opened to Chiyoda-machi, Ora-gun, Gunma Enfranchisement of all directly managed stores Oct. 2014 Feb. 2016 Acquired ISO9001 certification for Gunma Factory Launch of our second franchise chain “Haishokuno Fureai” Feb. 2014 Apr. 2014 Launch of OEM sales Purchase of the Company factory site in Ora-machi, Ora-gun, Gunma Feb. 2013 Accomplished 300 "Magokoro Bento" stores May. 2013 Launch of our food ingredient delivery service "Magokoro Shokuzai Service" to Jun. 2012 senior-care facilities Sep. 2010 Accomplished 100 "Magokoro Bento" stores Apr. 2009 Launched our first franchise chain "Magokoro Bento" Nov. 2007 Opened the 1st directly managed store in Setagaya-ku, Tokyo Oct. 2007 Company established Copyright©2024 SILVER LIFE CO., LTD.  All Rights Reserved. Accomplished a total of 500 "Magokoro Bento" & “Haishokuno Fureai” stores Sep. 2016 Launch of our third franchise chain “Takushoku Life” Tochigi Factory begins operations Mar. 2021 Sep. 2021

Schematics of our Business Operation
Raw materials providers / Out-sourcing factories Foods, Payment Cooked foods FY2023 Sales composition Mainly Wholesale Ingredients A continuous profit system in which our food net sales increases proportionally to the growth in net sales (number of meals) of franchise chain stores. (Food net sales include sales for facilities for the elderly, Direct Sales and OEM. *As of the end of July 2023
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■ The statements in this document regarding future-prospects are based on current information and may fluctuate due to economic trends, market environment, our related industry trends, and other internal and external factors. Therefore, please have in mind that there are risks and uncertainties that the actual results may differ from those described in this document regarding future-prospects. ■ This document does not constitute or solicit an application for acquisition of any securities, an application for sale, or an application for purchase (hereinafter referred to as “solicitation”) and is not intended to perform any solicitation activities and may not be the basis of any contracts or obligations. ■ Although we take the utmost care for the information in this document, there may be errors in the posted information, and you may experience damage from data falsification or data downloaded by a third party, but we do not take any responsibility for any reason.
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