わらべや日洋ホールディングス（2918） – [Delayed]Summary of Consolidated Financial Results for the Year Ended February 28, 2022

Translation Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. Summary of Consolidated Financial Results for the Year Ended February 28, 2022 (Based on Japanese GAAP) WARABEYA NICHIYO HOLDINGS CO., LTD. Company name: Stock exchange listing: Tokyo Stock code: Representative: 2918 Representative Director, President URL https://www.warabeya.co.jp/ja/index.html Hideo Tsuji Inquiries: Scheduled date of ordinary general meeting of shareholders: Director, Senior Managing Executive Officer Naoshi Asano May 26, 2022 Scheduled date to file Securities Report: Scheduled date to commence dividend payments: May 27, 2022 May 27, 2022 TEL 03-5363-7010 April 14, 2022 Preparation of supplementary material on financial results: Holding of financial results meeting: 1. Consolidated financial results for the year ended February 28, 2022 (from March 1, 2021 to February 28, 2022) (for institutional investors and analysts) Yes Yes (Amounts less than one million yen are rounded down) (1) Consolidated operating results (Percentages indicate year-on-year changes) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Year ended February 28, 2022 Year ended February 28, 2021 33.3 22.4 (Note) Comprehensive income: Year ended February 28, 2022: ¥4,239 million [734.3%] (1.0) (9.0) Millions of yen 192,326 194,309 % Millions of yen 4,441 3,332 Year ended February 28, 2021: ¥508 million [(48.8)%] % Millions of yen 5,035 3,710 % Millions of yen 3,264 682 35.7 33.8 % 378.1 (32.4) Earnings per share Diluted earnings per share Ordinary profit/total assets Operating profit/net sales Profit attributable to owners of parent/equity Yen 186.98 39.04 Yen – – % 7.1 1.5 % 6.1 4.4 % 2.3 1.7 (Reference) Equity in earnings of affiliates: Year ended February 28, 2022: ¥(137) million Year ended February 28, 2021: ¥120 million Year ended February 28, 2022 Year ended February 28, 2021 (2) Consolidated financial position As of February 28, 2022 As of February 28, 2021 (Reference) Equity capital: (3) Consolidated cash flows Year ended February 28, 2022 Year ended February 28, 2021 Total assets Net assets Equity ratio Net assets per share Millions of yen 82,184 82,273 Millions of yen 47,901 44,372 % 57.9 53.7 Yen 2,723.51 2,530.40 As of February 28, 2022: ¥47,564 million As of February 28, 2021: ¥44,164 million Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of period Millions of yen 8,106 8,338 Millions of yen (3,963) (5,226) Millions of yen (3,546) (1,922) Millions of yen 9,671 8,946 1 2. Cash dividends Year ended February 28, 2021 Year ended February 28, 2022 Year ending February 28, 2023 (Forecast) Annual dividends per share 1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end Total Total cash dividends (Total) Dividend payout ratio (Consolidated) Ratio of dividends to net assets (Consolidated) Yen – – – Yen 0.00 0.00 0.00 Yen – – – Yen 40.00 50.00 50.00 Yen Millions of yen 40.00 50.00 50.00 704 880 % 102.5 26.7 29.1 % 1.6 1.9 (Note) Total cash dividends for the year ended February 28, 2021 and the year ended February 28, 2022, respectively, include dividends of ¥6 million and ¥7 million paid for shares of the Company held by the BIP Trust. 3. Forecast of consolidated financial results for the year ending February 28, 2023 (from March 1, 2022 to February 28, 2023) Net sales Operating profit Ordinary profit (Percentages indicate year-on-year changes) Profit attributable to owners of parent Earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Six months ending August 31, 2022 Full year 96,700 194,000 0.7 0.9 2,600 (18.6) 2,750 (30.0) 1,750 (28.1) 4,500 1.3 4,750 (5.7) 3,000 (8.1) Yen 100.20 171.78 (Note) It should be noted that since “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc. are applied from the beginning of the fiscal year ending February 28, 2023, the above forecast amounts of consolidated financial results reflect the application of the accounting standard, etc. 2 Yes No No Yes No * Notes (1) Changes in significant subsidiaries during the year ended February 28, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation): Newly consolidated: 1 company (Company name: Warabeya Nichiyo Foods Co., Ltd.) Excluded: – (2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements Changes in accounting policies due to revisions to accounting standards and other regulations: Changes in accounting policies due to other reasons: Changes in accounting estimates: Restatement of prior period financial statements: (3) Number of issued shares (common shares) Total number of issued shares at the end of the period (including treasury shares) As of February 28, 2022 17,625,660 shares As of February 28, 2021 17,625,660 shares Number of treasury shares at the end of the period Average number of shares during the period As of February 28, 2022 161,323 shares As of February 28, 2021 172,298 shares Year ended February 28, 2022 (Note) The Company has established a BIP Trust. Shares of the Company held by the trust are included in treasury shares. 17,459,154 shares Year ended February 28, 2021 17,488,363 shares (References) Overview of non-consolidated financial results 1. Non-consolidated financial results for the year ended February 28, 2022 (from March 1, 2021 to February 28, 2022) (1) Non-consolidated operating results Year ended February 28, 2022 Year ended February 28, 2021 Net sales Operating profit Ordinary profit Profit Millions of yen 2,203 1,878 % Millions of yen 365 835 17.3 (5.2) % Millions of yen 469 924 (56.2) 6.4 % Millions of yen 142 696 (49.2) 4.8 % (79.5) (7.7) Year ended February 28, 2022 Year ended February 28, 2021 (2) Non-consolidated financial position Earnings per share Diluted earnings per share Yen 8.19 39.82 Yen – – As of February 28, 2022 As of February 28, 2021 (Reference) Equity capital: As of February 28, 2022: ¥37,996 million As of February 28, 2021: ¥38,426 million Total assets Net assets Equity ratio Net assets per share Millions of yen 41,826 41,911 Millions of yen 37,996 38,426 % 90.8 91.7 Yen 2,175.63 2,201.69 * This financial summary document is outside the scope of audit conducted by certified public accountants or an audit corporation. * Explanation of appropriate use of forecasts of financial results, and other important items: Financial forecasts and other forward-looking statements in this document are based on information available at the time of preparation and on certain assumptions that are deemed to be reasonable. These forward-looking statements are not guarantees of future performance and actual results may differ materially from these forecasts due to a variety of reasons. 3 As of February 28, 2021 As of February 28, 2022 (Millions of Yen) Consolidated financial statements (1) Consolidated balance sheets Assets Current assets Cash and deposits Notes and accounts receivable – trade Merchandise and finished goods Raw materials and supplies Other Allowance for doubtful accounts Total current assets Non-current assets Property, plant and equipment Buildings and structures Accumulated depreciation Buildings and structures, net Machinery, equipment and vehicles Accumulated depreciation Machinery, equipment and vehicles, net Land Leased assets Accumulated depreciation Leased assets, net Construction in progress Other Accumulated depreciation Other, net Total property, plant and equipment Intangible assets Goodwill Leased assets Other Total intangible assets Investments and other assets Investment securities Long-term loans receivable Retirement benefit asset Guarantee deposits Deferred tax assets Other Allowance for doubtful accounts Total investments and other assets Total non-current assets Total assets 4 8,946 16,101 1,975 901 1,508 (0) 29,433 56,157 (33,304) 22,852 18,497 (15,080) 3,417 11,890 13,308 (7,243) 6,064 38 1,513 (1,299) 214 44,477 153 0 522 677 512 182 800 1,489 3,425 1,441 (166) 7,685 52,840 82,273 9,671 15,427 1,256 1,607 1,505 29,467 – 55,349 (33,153) 22,196 19,383 (15,223) 4,160 11,913 11,693 (6,260) 5,433 440 1,537 (1,305) 232 44,376 73 0 371 445 670 277 824 1,386 3,166 1,690 (121) 7,895 52,716 82,184 As of February 28, 2021 As of February 28, 2022 (Millions of Yen) 9,195 607 2,159 8,251 812 1,252 1,260 23,539 2,806 5,640 4,148 179 1,411 176 14,361 37,900 8,049 8,100 28,693 (367) 44,475 116 1 (262) (166) (311) 208 44,372 82,273 9,251 628 1,833 7,668 349 1,194 613 21,539 1,995 4,857 3,972 188 1,419 310 12,744 34,283 8,049 8,100 31,253 (334) 47,068 216 0 393 (113) 496 336 47,901 82,184 Retirement benefit liability Provision for share-based remuneration for directors (and Liabilities Current liabilities Notes and accounts payable – trade Current portion of long-term borrowings Lease obligations Accounts payable – other Income taxes payable Provision for bonuses Other Total current liabilities Non-current liabilities Long-term borrowings Lease obligations other officers) Asset retirement obligations 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-sale securities 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 5 (2) Consolidated statements of income and comprehensive income Consolidated statements of income (Millions of Yen) Fiscal year ended February 28, 2021 Fiscal year ended February 28, 2022 Net sales Cost of sales Gross profit Selling, general and administrative expenses Transportation costs Salaries, allowances and bonuses Provision for bonuses Depreciation Rent expenses Other Operating profit Non-operating income Interest income Dividend income Rental income Total selling, general and administrative expenses Gain on forgiveness of debts Subsidy income Insurance claim income Share of profit of entities accounted for using equity method Other Total non-operating income Non-operating expenses Interest expenses Rental costs Loss on retirement of non-current assets Loss on cancellation of leases Share of loss of entities accounted for using equity method Other Total non-operating expenses Ordinary profit Extraordinary income Gain on sale of non-current assets Total extraordinary income Extraordinary losses Impairment losses Other Total extraordinary losses Profit before income taxes Income taxes – current Income taxes – deferred Total income taxes Profit Profit attributable to non-controlling interests Profit attributable to owners of parent 6 194,309 162,994 31,314 11,784 6,378 545 511 1,176 7,586 27,982 3,332 8 311 176 – 66 49 120 47 780 98 129 55 32 – 84 401 3,710 61 61 1,673 96 1,770 2,001 1,166 74 1,241 760 77 682 192,326 160,214 32,112 11,709 6,218 441 476 1,060 7,764 27,670 4,441 1,122 6 286 198 326 129 47 – 128 86 154 54 43 137 52 529 – – 303 – 303 5,035 4,731 1,018 311 1,329 3,401 137 3,264 Consolidated statements of comprehensive income Profit Other 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 to) Comprehensive income attributable to owners of parent Comprehensive income attributable to non-controlling interests (Millions of Yen) Fiscal year ended February 28, 2021 Fiscal year ended February 28, 2022 760 25 (0) (280) (10) 12 (252) 508 446 61 3,401 100 (0) 528 52 157 838 4,239 4,071 168 7 Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent method Change in scope of equity Purchase of treasury shares Net changes in items other than shareholders’ equity Total changes during period (3) Consolidated statements of changes in equity Fiscal year ended February 28, 2021 Share capital Capital surplus Retained earnings Treasury shares Shareholders’ equity (Millions of Yen) Total shareholders’ equity 8,049 8,100 28,560 (213) 44,496 – – – – – – – – – – – – (704) 682 154 – – 133 28,693 – – – – (153) (153) (367) (704) 682 154 (153) – (20) 44,475 Balance at end of period 8,049 8,100 Accumulated other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on hedges Foreign currency translation adjustment Remeasurements accumulated of defined other benefit plans comprehensive Total income Non-controlling interests Total net assets Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent method Change in scope of equity Purchase of treasury shares Net changes in items other than shareholders’ equity Total changes during period Balance at end of period 90 – – – – 25 25 116 1 – – – – (0) (0) 1 (89) (156) (154) 181 44,523 – – – – – – – – – – – – (172) (172) (262) (10) (10) (166) (157) (157) (311) – – – – 27 27 208 (704) 682 154 (153) (129) (150) 44,372 8 Fiscal year ended February 28, 2022 Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Disposal of treasury shares Net changes in items other than shareholders’ equity Total changes during period – – – – – Share capital Capital surplus Retained earnings Treasury shares Shareholders’ equity 8,049 8,100 28,693 (367) 44,475 – – – – – – – (704) 3,264 2,559 31,253 (Millions of Yen) Total shareholders’ equity – – 32 – 32 (704) 3,264 32 – 2,592 47,068 Balance at end of period 8,049 8,100 (334) Accumulated other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on Foreign currency translation hedges adjustment Remeasurements accumulated of defined other benefit plans comprehensive Total income Non-controlling interests Total net assets 116 (262) (166) (311) 208 44,372 Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Disposal of treasury shares Net changes in items other than shareholders’ equity Total changes during period Balance at end of period 1 – – – (0) (0) 0 – – – 100 100 216 – – – 655 655 393 – – – 52 52 (113) – – – 807 807 496 – – – 128 128 336 (704) 3,264 32 935 3,528 47,901 9 (Millions of Yen) Fiscal year ended February 28, 2021 Fiscal year ended February 28, 2022 2,001 4,812 1,673 1 (78) 361 (319) 98 (120) (61) 55 – 1,738 1,724 (1,092) (1,868) 144 9,070 319 (98) (954) 8,338 (5,234) 291 (219) (436) 332 207 (166) (5,226) 2,034 (545) (2,516) (153) (704) (36) (1,922) (145) 1,043 7,902 8,946 4,731 5,178 303 (45) (58) (86) (292) 86 137 (21) 54 (326) 704 18 30 (616) (395) 9,403 292 (86) (1,502) 8,106 (3,762) 163 (62) (860) 762 – (202) (3,963) – (620) (2,212) – (704) (8) (3,546) 128 725 8,946 9,671 (4) Consolidated statements of cash flows Cash flows from operating activities Profit before income taxes Depreciation Impairment losses Increase (decrease) in allowance for doubtful accounts Increase (decrease) in provision for bonuses Increase (decrease) in retirement benefit liability Interest and dividend income Interest expenses Share of loss (profit) of entities accounted for using equity method Loss (gain) on sale of property, plant and equipment Loss on retirement of non-current assets Gain on forgiveness of debt Decrease (increase) in trade receivables Decrease (increase) in inventories Increase (decrease) in trade payables Increase (decrease) in accounts payable – other Other, net Subtotal Interest and dividends received Interest paid Income taxes paid Net cash provided by (used in) operating activities Cash flows from investing activities Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Purchase of intangible assets Loan advances Proceeds from collection of loans receivable Proceeds from withdrawal of time deposits Other, net Net cash provided by (used in) investing activities Cash flows from financing activities Proceeds from long-term borrowings Repayments of long-term borrowings Repayments of lease obligations Purchase of treasury shares Dividends paid Other, net Net cash provided by (used in) financing activities Effect of exchange rate change on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 10 (5) Segment information, etc. [Segment information] 1. Overview of the reportable segments The reporting segments of the Company and its consolidated subsidiaries are components for which separate financial information is available and whose operating results are regularly reviewed by the Board of Directors in order to determine the allocation of business resources to them as well as to evaluate their business performance. These segments are classified into “Food Products Business,” “Food Ingredients Business,” “Logistics Business” and “Food Engineering Business” according to their products and services. From the fiscal year ended February 28, 2022, the Temporary Staffing and Contracting Business, which was previously a reportable segment, has become insignificant due to the Company’s withdrawal from this business, and is therefore listed in “Other.” As a result, the segment information for the previous fiscal year has been restated to reflect the reportable segments adopted in the fiscal year ended February 28, 2022. The main business operations are as follows. Food Products Business: Food Ingredients Business: and chilled Japanese sweets Procurement, processing and sales of food ingredients Logistics Business: Food Engineering Business: Sales of food processing machines, etc. Sorting and delivery of food products and ingredients Manufacturing and sales of cooked foods such as cooked rice products, bread products, side dishes 2. Calculation method for the amounts of sales, profits/losses, assets/liabilities, and other items by reporting segment The figures of profit (loss) of reporting segments are recorded on an operating profit basis. Internal sales and transfers between segments are recorded based on actual market prices. 3. Information on the amounts of sales, profits/losses, assets/liabilities, and other items by reporting segment Year ended February 28, 2021 Reportable segments Food Products Business Food Ingredients Business Logistics Business Food Engineering Business Total Other (Note 1) Total Adjustment (Note 2) (Millions of Yen) Carried on consolidated statements of income (Note 3) 87 1,092 – – – – 160,417 14,994 13,121 1,473 190,005 4,303 194,309 – 194,309 – 2,451 4,828 1,902 9,181 5,299 14,480 (14,480) – 160,417 17,445 17,949 3,375 199,187 9,603 208,790 (14,480) 194,309 4,261 (757) 447 (12) 3,939 (277) 3,662 (330) 3,332 62,970 4,575 6,839 1,389 75,774 1,356 77,131 5,142 82,273 87 – 87 – 87 4,602 110 411 5,126 27 5,154 (341) 4,812 1,092 – 1,092 – 1,092 5,441 104 94 – 5,640 55 5,696 (73) 5,623 Net sales Sales to external customers Intersegment sales and transfers Total Segment profit (loss) Segment assets Other Amortization of goodwill Depreciation Investments to entities accounted for using equity method Increase in property, plant and equipment and intangible assets – 2 – 11 Notes: 1. The classification “Other” is the segment of businesses not included in the reportable segments, and includes Temporary Staffing and Contracting Business. 2. The adjustment of (330) million yen under the item of “Segment profit (loss)” includes an elimination of intersegment transactions of 372 million yen, as well as corporate expenses of (702) million yen, which are not allocated to the reportable segments. The adjustment of 5,142 million yen under the item of “Segment assets” includes an elimination of intersegment transactions of (22,533) million yen, as well as corporate assets of 27,675 million yen, which are not allocated to the reportable segments. The adjustment of (341) million yen under the item of “Depreciation” includes an elimination of intersegment transactions of (343) million yen and depreciation of 1 million yen related to corporate assets, which are not allocated to the reportable segments. The adjustment of (73) million yen under the item of “Increase in property, plant and equipment and intangible assets” includes an elimination of intersegment transactions of (73) million yen. 3. Segment profit (loss) is adjusted to reflect operating profit as recorded on the consolidated statements of income. 4. A part of businesses operated by Nichiyo Fresh Co., Ltd. was included in the Food Products Business due to changes in commercial distribution during the fiscal year ended February 28, 2021. Year ended February 28, 2022 Reportable segments Food Products Business Food Ingredients Business Logistics Business Food Engineering Business Total Other (Note 1) Total Adjustment (Note 2) (Millions of Yen) Carried on consolidated statements of income (Note 3) 162,502 13,393 13,260 3,132 192,288 38 192,326 – 192,326 – 2,514 4,898 192 7,605 961 8,567 (8,567) – 162,502 15,907 18,158 3,325 199,894 999 200,893 (8,567) 192,326 4,289 271 615 85 5,261 (138) 5,123 (681) 4,441 63,250 4,097 6,752 2,008 76,107 169 76,277 5,907 82,184 97 4,967 1,360 – 86 – 391 – – – 1 – 97 5,447 1,360 97 – 97 5,457 (278) 5,178 1,360 – 1,360 – 9 – Net sales Sales to external customers Intersegment sales and transfers Total Segment profit (loss) Segment assets Other Amortization of goodwill Depreciation Investments to entities accounted for using equity method Increase in property, plant and equipment and intangible assets 4,724 52 148 2 4,926 1 4,928 (9) 4,918 Notes: 1. The classification “Other” is the segment of businesses not included in the reportable segments, and includes Temporary Staffing and Contracting Business. 2. The adjustment of (681) million yen under the item of “Segment profit (loss)” includes an elimination of intersegment transactions of 435 million yen, as well as corporate expenses of (1,117) million yen, which are not allocated to the reportable segments. The adjustment of 5,907 million yen under the item of “Segment assets” includes an elimination of intersegment transactions of (22,176) million yen, as well as corporate assets of 28,083 million yen, which are not allocated to the reportable segments. The adjustment of (278) million yen under the item of “Depreciation” includes an elimination of intersegment transactions of (280) million yen and depreciation of 1 million yen related to corporate assets, which are not allocated to the reportable segments. The adjustment of (9) million yen under the item of “Increase in property, plant and equipment and intangible assets” includes an elimination of intersegment transactions of (9) million yen. 3. Segment profit (loss) is adjusted to reflect operating profit as recorded on the consolidated statements of income. 12