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FY2025 Second Quarter Financial Results Briefing Materials Nov 13, 2025 Synchro Food Co., Ltd. <3963>
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 1 Vision・Mission・Value (the world we are aiming at) Spread happiness derived from various eating and drinking experience all over Japan and the world. (mission we fulfill for customers) Establish a platform which enables those who take on a challenge to food and drink businesses to embody their thought. (promise to members) Create an environment where they can devote themselves in work in which we support their challenge and opportunities in which they can grow as they want. (platform of Synchro Food’s value) Create new value and provide it simply and speedily. Create innovative services that solve issues based on accumulated data. Provide various options that help take on challenges in the food and drink industry.
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Regarding the acquisition of Ideal Inc. Summary of Financial Results for the Second Quarter of the FY20251 Performance and key indicators for each business segment2 Topics for the Second Quarter of the FY20253 Appendix4 ＊
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Regarding the acquisition of Ideal Inc.＊ Acquired shares in Ideal Inc., a commercial real estate sublease business specializing in prime properties near stations in the Tokyo metropolitan area, effective September 30, 2025. With a customer base overlapping with “Restaurant.com,” we will expand our restaurant management and operations support platform by creating synergies centered on the opening and closing phases of restaurant establishments. Ideal inc. Founded：October 2007 Representative： Keisuke Hama Number of Employees： 41（permanent employees） Key Services Sublease business Retail Space Brokerage Others External Environment and Business Activities ➢ Commercial Real Estate Subleasing: A market of approximately 132,000 properties*¹, driven by high turnover rates in restaurants. Owners' demand for comprehensive management and stable income remains robust, with significant room for market share expansion. ➢ Approximately 90% of revenue comes from stable recurring income. Property occupancy rates are maintained at nearly 100%. ➢ Leveraging Ideal Inc.'s customer base, we anticipate mutual synergies such as expanding the number of store properties and M&A deals handled by our company, as well as increasing sublease properties utilizing our customer base. 2,792 3,060 3,452 347 399 534 0 1,000 2,000 3,000 4,000 FY Ending June 2023 FY Ending June 2024 FY Ending June 2025 +11.2% Trends in Revenue and EBITDA*² （million yen） 393 429 461 0 200 400 600 FY Ending June 2023 FY Ending June 2024 FY Ending June 2025 +8.3% Number of Properties in Operation (Master Lease & Rental Space) （cases） Sublease business for stores primarily located near stations in the Tokyo metropolitan area Leasing brokerage business primarily focused on stores near stations in the Tokyo metropolitan area Commercial real estate brokerage services, office leasing, etc. 86.3 6.7 7.0 Fiscal Year Ending June 2025 Revenue Share(%) *1 Number of Food and Beverage Establishments in the Greater Tokyo Area (Tokyo Metropolis and Three Prefectures) (Ministry of In ternal Affairs and Communications Statistics Bureau “2021 Economic Census - Activity Survey”) *2 Horizon 14 Co., Ltd., the parent company of Ideal Inc., Consolidated Figures +23.9% ※ The arrows in the graph indicate the CAGR (compound annual growth rate) from the period ending June 2023 to the period ending June 2025. 3
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Revision to Full-Year Earnings Forecasts Following Acquisition of Ideal Inc.＊ Following the acquisition of Ideal Inc., consolidated revenue will increase significantly for the full fiscal year as the company's performance will be consolidated starting from the third quarter of the fiscal year ending March 2026. Regarding the acquisition effect of Ideal Inc., we anticipate a profit contribution that absorbs the goodwill amortization expense incurred from the acquisition. On the other hand, the core recruitment advertising service was significantly impacted by market conditions, resulting in sales falling below initial projections. Additionally, temporary shareholder-related expenses (including costs for convening an extraordinary shareholders' meeting, estimated at approximately 30 million yen) and borrowing costs associated with the Ideal acquisition are expected to arise in the second half. Consequently, downward revisions have been made to operating profit and lower-level profits. * Please refer to the “Notice Regarding Revision of Full-Year Earnings Forecast” announced on November 13, 2025. 4
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Update on the Mid-Term Management Plan＊ In the previously announced mid-term management plan (left table), while the core recruitment advertising service is expected toslow due to market conditions, other services continue to perform well. Therefore, the revenue projections for existing businesses (FY2026: 4.6 billion yen, FY2027: 5.4 billion yen) remain unchanged. This update (right table) revises revenue and each stage of profit by adding stable recurring revenue from the acquisition ofIdeal Inc. to the existing medium-term management plan (fiscal years ending March 2027 and March 2028). * Please refer to the “Notice Regarding Revision of the Mid-Term Management Plan” announced on November 13, 2025. * EBITDA is calculated by adding depreciation and amortization of intangible assets (including goodwill amortization) to operating income. 5
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Regarding the acquisition of Ideal Inc. Summary of Financial Results for the Second Quarter of the FY20251 Performance and key indicators for each business segment2 Topics for the Second Quarter of the FY20253 Appendix4 ＊
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 7 Executive Summary Consolidated Financial Results (Q2 cumulative) Main Topics ⚫ Revenues amounted to 908 million yen(down 5.0% year-on-year), while operating profit reached 178 million yen (down 37.7% year-on-year). Although M&A intermediary services showed signs of recovery, the primary factor behind the revenue decline was a slowdown in our core recruitment advertising services due to market conditions. ⚫ Regarding operating profit, the primary factors affecting fluctuations include the aforementioned revenue decline, along with continued strategic investments (enhanced recruitment and advertising spending) aimed at building a foundation for medium- to long-term growth. With an eye toward accelerating future growth, we are strengthening personnel structures for business expansion and investing in growth areas and AI utilization, steadily advancing our foundation-building efforts. ⚫ Despite the job advertising service being affected by market conditions, we are continuing our proactive investment phase aimed at growth. We will continue to position this as an investment phase for future growth and drive forward the strengthening of our business foundation. 1. Steady growth of our customer base and driving the shift to apps Our core job advertising service was impacted by market conditions, yet membership, business listings, and job seeker numbers continued to grow steadily. Concurrently, we advanced our app shift by promoting app usage for job advertising services and launching new initiatives like the SNS short-video job platform “Gourmet Baito-Chan”. 2. The development of growth businesses is progressing smoothly Food truck matching service “Mobimaru” saw inquiries nearly double year-on-year, resulting in a significant increase in total operating units. Additionally, the SNS short-video job platform “gourmet_baito_chan” expanded its total followers to 79,000. Progress continues steadily in developing new growth drivers that will become pillars of revenue. 3. AI-driven productivity gains are gaining momentum The company-wide project is steadily advancing productivity improvements. By the end of the second quarter, we anticipate reducing work hours by approximately 12,700 hours annually. To further reallocate resources toward strategic operations, we have also begun leveraging advanced tools.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 8 Highlights of Second Quarter Results for FY20251 Revenue 908 Million yen Operating profit ratio 19.6 ％ Operating profit 178 Million yen YoY -5.0％ QoQ -3.7％ The ratio of advertising costs to revenue 6.0 ％ YoY +0.7pt QoQ +0.1pt YoY -10.3pt QoQ +0.1pt Number of employees* 218 Revenue per salesperson 9.8 Million yen YoY -18.2％ QoQ -4.7％ YoY +7.9％ QoQ -0.5％ YoY -37.7％ QoQ -3.0％ Our core recruitment advertising service performed well but slowed significantly due to market conditions. While continuing strategic investments (recruitment enhancement, advertising investment, outsourcing costs), we maintained the operating profit margin at the previous quarter's level through appropriate cost control. * Number of employees excluding Ideal Inc. and Horizon 14 Co., Ltd., whose shares were acquired on September 30, 2025
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 9 ※ In the second quarter of the fiscal year ending March 31 2025, tentative accounting related to business combination was finalized. Figures for the fiscal year ended March 31, 2024 reflect the contents of the finalization of tentative accounting. Summary of Financial Results for the Second Quarter of the FY20251 The SG&A ratio reached a temporary high of 60.5% cumulatively. This reflects increased hiring, advertising, and AI investments aimed at medium-to-long-term growth, along with outsourcing costs for operational improvements and productivity enhancements. These investments will serve as growth drivers in the medium term, leveraging their impact to fuel business expansion and profit recovery.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Consolidated Statement of Cash Flows1 In connection with the acquisition of shares in Ideal Inc., borrowings and investments were executed. Operating cash flow increased by 214 million yen compared to the same period last year. 10 *1 *2 *1 Mainly due to expenditures for the acquisition of shares in Horizon 14 Co., Ltd./Ideal Inc. *2 Mainly due to proceeds from long-term borrowings of 4,000 million yen, expenditures of 418 million yen for the acquisition of treasury stock, and expenditures of 409 million yen for dividend payments.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 11 Consolidated Balance Sheet1 The acquisition of Ideal Inc. shares significantly increased assets. On the other hand, fixed liabilities also increased significantly due to long-term bank loans. While the equity ratio reached 40.1%, this is positioned as part of strategic investments for business growth.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Annual trends in revenues, operating profit, and operating profit ratio1 Progress against the full-year budget has been slightly delayed due to a slowdown in our core recruitment advertising service. Starting in the third quarter, revenue growth is expected to accelerate significantly as we begin incorporating Ideal Corporation's performance. 1,958 2,930 3,602 1,852 450 876 1,038 1,097 362 23.0 29.9 28.8 27.8 0 5 10 15 20 25 30 35 40 0 1,000 2,000 3,000 4,000 5,000 6,000 FY2021 FY2022 FY2023 FY2024 FY2025 Q2 3,951 Revenue Operating profit Operating profit ratio （％） FY2025 Q2 Progress ratio （ vs Revised Earnings Forecast ） Revenue 33.1 ％ （1,852 Million yen / 5,600 Million yen） Operating profit 52.9 ％ （362 Million yen / 685 Million yen） 19.5 5,600 12.2 685 （Million yen） 12
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Quarterly trends in revenues, operating profit, and operating profit ratio1 The impact of market contraction in our core business was offset by productivity improvements, increased contributions from new businesses, and a recovery in M&A intermediary services, maintaining the operating profit margin at the same level as the first quarter. Revenue 908 Million yen Operating profit 178 Million yen Operating profit ratio 19.6 ％ YoY -5.0％ QoQ -3.7％ YoY -37.7％ QoQ -3.0％ YoY -10.3pt QoQ +0.1pt 370 423 572 592 648 714 742 845 913 947 1,010 956 955 1,028 943 908 24 75 178 30.6 29.6 32.2 32.9 32.1 31.8 0 10 20 30 40 0 200 400 600 800 1,000 1,200 Q4 26.8 Q1 Q2 Q3 27.6 Q4 21.7 Q1 Q2 Q3 29.2 Q4 29.6 Q1 30.0 Q2 26.7 Q3 24.9 Q4 19.5 Q1 19.6 Q2 Q3 Q4 6.7 175 175 173 229 244 824 Q1 227 17.8 895 287 Q2 290 276 183 286 254 256 183 Q3 299 Revenue Operating profit Operating profit ratio FY2021 FY2022 FY2023 FY2024 FY2025 （Million yen） 13 （％）
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Analysis of changes in operating profit (compared to the same quarter of the previous year)1 Operating profit was 178 million yen, a 37.7% decrease compared to the same period last year. The top factors affecting this were, as in the previous quarter, revenue, personnel expenses, and cost of sales. Revenue：47 million yen decrease • Market conditions increasingly impact recruitment advertising services Cost of Sales：33 million yen increase • Significant growth in Mobimaru (event venue fees) • Net increase in vehicle sales (purchased vehicles) Personnel Costs：19 million yen increase • Personnel expansion for growth, including 18 new graduates in Q1, and increased personnel expenses 1 3 2 FY2024 Q2 ▲47,399 Revenue ▲33,934 Cost of Sales ▲19,392 Rent Costs on Land and Buildings +2,349 Other FY2025 Q2 ▲262 Outsourcing Costs Advertising Costs ▲5,312 ▲3,963 286,195 178,279 Personnel Costs -37.7％ 1 2 3 （Thousand yen） 14
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Quarterly trends in revenue breakdown1 Revenue amounted to 908 million yen, a decrease of 5.0% compared to the same period last year. Operating services and other services decreased year-on-year, while store opening and closing business services exceeded the previous year's level. FY2021 FY2022 FY2023 FY2024 FY2025 （Million yen） Other service：11 million yen decrease • The impact of the previous year's large-scale projects in the restaurant research service and the previous year's performance in recruitment interior design accounted for the majority. • “Nogyo Job”(Agrijob) ’s substantial growth continues Store Opening and closing business service：11 million yen decrease • Net increase in vehicle revenue (trial) • Steady accumulation of completed M&A deals Operating service：47 million yen decrease • Recruitment advertisements are holding their own, but market conditions have a significant impact. （direct sales:-13.2%, agencies：-0.9％） • “Mobimaru”'s substantial growth continues 83 92 92 82 83 97 36 41 42 54 43 50 46 55 50 54 53 91 59 77 60 93 64 66 0 200 400 600 800 1,000 1,200 436 Q3 455 Q4 521 Q1 114 549 Q2 102 593 Q3 127 641 Q4 697 Q1 106 734 Q2 124 736 Q3 111 744 Q4 184 766 Q1 116 761 Q2 171 722 Q3 191 744 Q4 121 757 Q1 128 714 Q2 Q3 Q4 250 Q1 290 Q2 423 572 592 648 714 742 824 845 370 913 947 1,010 956 955 1,028 943 908895 -5.0％ Other service Store opening and closing business service Operating service 15
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 1 Quarterly trends in selling, general and administrative expenses Selling, general, and administrative expenses totaled 546 million yen, a 5.1% increase compared to the same period last year. Personnel expenses saw the largest increase, followed by outsourcing expenses. Furthermore, similar to the first quarter, goodwill amortization decreased due to impairment charges related to interior construction and agricultural jobs. Other (including amortization of goodwill): 2 million yen decrease • Impact of impairment charges at the end of March 2025 Outsourcing expenses: 5 million yen increase • Investment for Business Improvement and Productivity Enhancement Personnel costs: 19 million yen increase • With an eye toward future growth, we are expanding our workforce by hiring 18 new graduates and adding experienced professionals who can contribute immediately. FY2021 FY2022 FY2023 FY2024 FY2025 （Million yen） Other (including amortization of goodwill) Outsourcing Costs Rent Costs on Land and Buildings Advertising Costs Personnel Costs 39 45 35 42 52 72 66 52 49 63 51 50 47 61 55 54 26 24 33 34 22 22 22 22 29 32 32 32 32 32 32 32 6 5 4 11 23 38 30 26 25 20 51 51 56 60 97 83 78 87 85 93 98 0 100 200 300 400 500 600 700 26 18 186 Q2 Q3 13 198 Q4 14 217 Q1 190 223 Q2 11 238 Q3 262 Q4 128 255 Q1 279 Q2 280 Q3 113 287 Q4 131 16 312 Q1 101 14 319 Q2 103 16 328 Q3 109 18 327 Q4 124 16 345 Q1 339 Q2 Q3 Q4 26 17 188 Q1 290 288 317 341 399 395 402 467 510 470 479 523 544 519 528 550 574 546 +5.1% 16
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Number of Employees (Consolidated)1 We will continue our proactive investment in talent. To respond to the rapidly changing competitive environment, we will continue our proactive hiring, focusing on sales and marketing roles in Q2. 61 72 77 84 93 27 39 47 48 52 28 34 43 49 51 13 13 20 22 22 0 50 100 150 200 250 FY2021 FY2022 FY2023 FY2024 FY2025 Q2 129 158 187 203 218 +15 Corporate functions*2 Engineers and designers Product and planning functions Sales and marketing functions Number of hires (cumulative) 26 YoY : ±0 ➢ Overall*1 Expanding headcount across all positions, primarily in sales and marketing, including 18 new graduates. ➢ Mid-career hiring In addition to engineers to promote AI utilization, we are advancing the hiring of immediately productive personnel across all job categories. ➢ New graduate hiring Aiming to develop them into early combat forces through training. ➢ Other Progress in AI adoption has enabled us to maintain a comfortable working environment with reduced overtime hours. We will continue striving for further reductions. *1 Number of employees excluding Horizon 14 Co., Ltd. and its wholly owned subsidiary Ideal Inc. acquired on September 30, 2025 *2 Corporate planning office and administration department, including employees on leave 17
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Regarding the acquisition of Ideal Inc. Summary of Financial Results for the Second Quarter of the FY20251 Performance and key indicators for each business segment2 Topics for the Second Quarter of the FY20253 Appendix4 ＊
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Revenue is classified into three services: “Operating service” “Store opening and closing business service” and “Other service”. Segments are reported as media platform business and M&A business. We have established a structure that provides comprehensive support for restaurant operations, opening, and growth, from job advertisements to M&A services. 19 Revenue Classification2 Revenue Classification Users Reporting segmentRelated Business Operators Operating service Store opening and closing business service Synchro food Wit Other service Wit Synchro food Synchro food • Recruitment ads • PlaceOrders • Food truck sharing and matching (Mobimaru) • gourmet_baito_chan • Inshokuten Premium (monthly subscription service) • Kitchen goods (EC) • M&As • Searching for suppliers • Store design • Interior furnishing • Real estate properties • A fully furnished asset transfer • Restaurants research • Advertisement insertion and newsletters • Interior job seeking • Comparison service (POS/FC) • Nogyo Job(Agrijob) • Food Accounting Association M&A service business Media platform business * Starting from the third quarter of the fiscal year ending March 2026, the business operations of Ideal Inc. acquired through a stock purchase, will be added as the “Property Management Business”.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 20 Media Platform Business ～ Review Summary2 Segment revenue 847 Million yen Segment profit ratio 21.3 ％ Segment profit 180 Million yen Number of Inshokuten.com registered users 328 thousand Job seekers 400 thousand Number of business operators 5,257 The biggest ever The biggest ever The biggest ever YoY -5.8％ QoQ -5.3％ YoY +18.1％ QoQ +4.3％ YoY +4.0％ QoQ +1.0％ YoY -10.4pt QoQ +1.0pt YoY +7.4％ QoQ +1.9％ YoY -36.8％ QoQ -0.6％ Our core job advertising service saw revenue decline due to market conditions, yet performed well above macroeconomic indicators. We continue to steadily increase restaurant members, business partners, and job seekers, making progress in building the foundation for a return to the next growth trend.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 21 Media Platform Business ～ Quarterly trends in revenue and profit (loss)2 (Million yen) 336 382 532 562 618 656 695 758 811 845 849 899 889 899 871 964 895 847 27 65 180 0 250 500 750 1,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 175 177 179 207 234 202 198 284 277 284 239 285 215 243 181 -5.8%Revenue Segment profit FY2022 FY2023 FY2024 FY2025FY2021 While peripheral businesses continued to grow, our core recruitment advertising business was impacted by market conditions, resulting in a decline in both revenue and profit. We are advancing strategic investments and portfolio shifts toward growth areas. Although we plan for a temporary profit decline this fiscal year, we aim to maximize profits over the medium term. ➢ Reasons for increased revenue • “Mobimaru” and “Nogyo Job(Agrijob)” continues double-digit growth, but our core recruitment advertising business sees revenue decline due to market conditions. ➢ Reasons for decreased revenue • Decrease in recruitment advertising business • Increase in personnel costs (compared to the same period last year: +17 employees) • Expansion of growth area businesses (relatively low profit margins in terms of business phase) Mid-term profit maximization
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 22 213 220 228 236 243 251 257 264 271 278 284 292 299 306 311 317 322 328 50 100 150 200 250 300 350 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +7.4% Media Platform Business ～ Trend of number of Inshokuten.com registered users（Q2）2 FY2022 FY2023 FY2024 FY2025FY2021 (万件） Membership is approaching 330,000, accelerating the pace of customer base expansion. This growth is offsetting the slowdown in the job advertising market and expanding its role as a key growth driver supporting cross-selling and monetizing new businesses. (Thousand accounts)Inshokuten.com registered users ➢ Review of Q2 • Breaking away from the trend of the previous quarter, where growth slowed due to the impact of search algorithms. ➢ Success factors（Continuing from Q1） • Increase in number of properties listed • Rapidly implement large-scale SEO measures Expanding Growth Drivers
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 23 * Total of real estate companies, design companies and foodstuff purchasing companies registered as of the end of month Media Platform Business ～ Trend of the Business operators and Job Seekers（Q2）2 4,520 4,567 4,632 4,666 4,708 4,744 4,784 4,819 4,866 4,920 4,951 4,973 5,028 5,057 5,085 5,112 5,203 5,257 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +4.0% * Number of users registered with Kyujin@inshokuten as job seekers (excluding temporary member registration and withdrawal) 199 206 213 219 228 236 243 256 272 284 297 310 325 339 351 364 383 400 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +18.1% Business operators Job Seekers FY2022 FY2023 FY2024 FY2025FY2021 FY2022 FY2023 FY2024 FY2025FY2021 The platform's network value is steadily increasing to enhance future matching accuracy and expand cross-selling strategies. Among the key KPIs supporting these efforts, the number of businesses continues to grow steadily, while the number of job seekers also maintains an upward trend. (User operators) (Thousand accounts)
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. We continue our strategic approach to address diversification of recruitment methods and changing cost awareness. Although Q2 saw a significant market impact and a decrease in the number of listed stores, we continued to perform better than macro indicators. 24 Number of job advertisements posted, external environment, and revenue trends for the job advertisement service2 6,029 6,065 5,799 6,430 6,083 6,230 6,133 7,101 6,178 5,611 0 2,000 4,000 6,000 8,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -9.9% Total number of stores listed (as of the end of the quarter) Trend of revenue for the recruitment advertising service and the number of active job openings year on year FY2023 FY2024 FY2025 ⚫ Average revenue of recruitment advertisement services for the last three months (Q2) compared to the previous year 88.5％ ⚫ Average number of effective job openings* in the food and beverage industry over the last three months (Q2) compared to the previous year 86.9％ (Stores) * Number of active job openings for food and drink preparatory worker, hospitality and service workers (full-time, excluding part-time workers) year on year (%) (Employment referrals for general workers, Ministry of Health, Labour and Welfare)
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 25 M&A service business ～ Review Summary2 Segment revenue 61 Million yen Segment profit ratio 13.8 ％ Segment profit 8.4 Million yen Inquiries on assets sale* 187 * Total of stock transfers, business transfers, and fully-furnished asset transfers plus plan YoY +8.2％ QoQ +25.6％ Number of inquiries from buyers* 1,675 * Total of stock transfers, business transfers, and fully-furnished asset transfers plus plan YoY -19.6％ QoQ -22.4％ Deals concretized* 106 * Total of stock transfers, business transfers, and fully-furnished asset transfers plus plan YoY +5.0％ QoQ +11.6％ YoY +19.6pt QoQ +17.1pt YoY -9.7％ QoQ +8.1％ YoY － QoQ － We steadily advanced the closing of deals that had been postponed since the first quarter, driving revenue and profit growth. We are efficiently advancing deal development, and the foundation for future segment revenue and profit expansion is progressing smoothly.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 26 M&A service business ～ Quarterly trends in revenue and profit (loss)2 (Million yen) 31 40 39 29 30 58 46 66 34 49 64 48 121 56 83 64 48 61 0 7 -1 -2 -5 22 9 25 -14 2 11 -7 56 -3 35 9 -1 8 -20 0 20 40 60 80 100 120 140 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +8.2％ Revenue Segment profit FY2022 FY2023 FY2024 FY2025FY2021 In Q2, revenue and profits increased as deals were closed, marking a recovery trend. We are steadily advancing our approach to large-scale M&A deals to further expand segment revenue and profit. ➢ Status of small and medium- sized deals • We will steadily accumulate closed deals, including those postponed from Q1, to contribute to sales recovery. ➢ Status of large deals • Project progress is trending toward longer timelines, but multiple deals are currently in progress. Steadily progress toward closing deals to increase revenue and profit
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 27 M&A service business ～ Trend of the inquiries on assets sale and the deals concretized 2 204 195 165 191 207 207 160 187 173 187 0 100 200 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -9.7％ Trend of the inquiries on assets sale Trend of the deals concretized The year-on-year decline in sales consultation inquiries continues, but enhanced inside sales efforts have improved the conversion rate (CVR), driving progress in shifting toward forming higher-quality opportunities. Following the bottom reached in the third quarter of the fiscal year ending March 2025, the recovery trend in the number of opportunities formed continues. FY2023 FY2024 FY2025 90 82 66 109 104 101 71 81 95 106 0 50 100 150 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +5.0％ Deal concretized rate 56.7 ％ YoY: +7.9 pt FY2023 FY2024 FY2025 * Total of stock transfers, business transfers, and fully-furnished asset transfers plus plan
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Regarding the acquisition of Ideal Inc. Summary of Financial Results for the Second Quarter of the FY20251 Performance and key indicators for each business segment2 Topics for the Second Quarter of the FY20253 Appendix4 ＊
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 29 Media Platform Business ～ Product measures for job advertisement services3 MAU growth rate (compared to previous year) +42.3 ％ 2,351 1,954 2,021 5,838 3,932 4,969 4,193 4,701 8,124 8,244 0 5,000 10,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 13,696 0 20 40 0 15,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 21.4 Q2 Q3 Q4 FY2023 FY2024 FY2025 Number of app installations Number of app applications and application share FY2023 FY2024 FY2025 The shift to app usage, driven by changes in the market environment (economic downturn, intensified competition, and AI evolution), has proven successful, expanding our user base nationwide. App-based applications have become an effective channel, forming a stable foundation that supports our business.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Subscription registrations remained steady, with inquiries doubling year-on-year and total operational units also increasing significantly. Additionally, alongside the Osaka Expo, initiatives for regional revitalization at local government festivals progressed, contributing to both business growth and enhancing our brand value. 30 Media Platform Business ～ “Mobimaru”（Food truck sharing and matching）3 Cumulative number of registrations 5,367 QoQ : +6.5％ 323 325 220 265 402 502 282 294 514 999 0 200 400 600 800 1,000 1,200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Municipal Festivals × Regional Revitalization Revitalization of Local Government Events By offering visitors new culinary experiences and promoting movement and interaction within the area, we contribute to creating a vibrant atmosphere throughout the region. Supporting smooth and worry-free event hosting Through our partnership with Columbusman Inc., we are also taking on new challenges such as providing festival stalls alongside our food trucks. 6,204 5,462 6,304 5,855 7,678 5,906 6,585 6,128 8,493 7,580 0 2,000 4,000 6,000 8,000 10,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2023 Fy2024 FY2025 Number of inquiries from organizers (locations) Total number of operating units FY2023 FY2024 FY2025 The number of subscription registrations 1,046 QoQ : +2.1％
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Highly viewed viral videos 【Soreyuke! Toriyaro-! Takadanobaba 】 【Tsukiji Soratsuki Monzeki-dori】 In Q2, we continued to generate viral videos with high view counts, steadily expanding our follower base and user touchpoints. Additionally, we enhanced the quality of the user experience through our unique app, which seamlessly connects users from discovery to application. 31 Media Platform Business ～ “gourmet_baito_chan”3 222 349 435 511 614 696 793 0 200 400 600 800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 23 28 34 39 53 67 79 0 10 20 30 40 50 60 70 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2023 FY2024 FY2025 Total number of listings*1 Total number of followers*2 FY2023 Fy2024 FY2025 App version released By enabling seamless transitions from searching by style freedom to watching videos that reveal workplace atmosphere and applying, we enhance the user experience. We will continue to enhance convenience through the addition of new features and improvements. 2.26 million views 7.88 million views Accurate measurements began in Q4 of the same year due to the start-up period. *1 Total number of listings including repeat listings *2 TikTok/Instagram/YouTube Accurate measurements began in Q4 of the same year due to the start-up period. (Stores) (Thousand people)
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 32 Company-wide ～ Improving productivity through AI utilization 3 In Q2, we focused on implementing the operational reductions planned in Q1. Concurrently, we secured further reduction potential (compared to end-Q1: +3,140 hours/year, progress rate +8.2%). In the second half, we will accelerate both productivity improvement projections and implementation progress through advanced tool adoption and other measures. * 30% reduction target in three years, 10% reduction target by the end of the current fiscal year (compared to FY2024)Calculated based on the estimated annual working hours of employees excluding senior management(200 employees × 8 hours × 20 days × 12 months = 384,000 hours) Progress in reducing man-hours for the company-wide cross-functional project • We are advancing the replacement of tasks with AI as assessed in Q1 and the application of AI to identified bottlenecks, leading to progress in reducing operational workloads. Initiating the introduction of advanced tools to achieve further reductions in man-hours • Initiating the implementation of AI workflow tools (Dify, n8n). • Establishing a foundation for all employees, including non-engineers, to generate code using AI. Company-wide Company-wide AI utilization in recruitment advertisement copywriting is progressing smoothly • Implementation of a semi-automated tool for production requests between sales and writers completed. • Feasibility study for AI-driven manuscript creation by writers completed; aiming for reduced man-hours in the second half of the fiscal year. Domain specialization Value Creation Annual estimated reduction in working hours at the end of Q2 12,700hours *Target progress rate：33.1％ Progressing as planned
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 33 Phase 1： Progress during the growth preparation period (FY2025) ～ Review3 Phase 1（FY2025） Growth Preparation Phase 2（FY2026） Growth Transition Phase 3（FY2027） Growth Acceleration Evaluation Progress as of the end of Q2 of FY2025ThemeSegment / Service MPF M&A • HR recruitment advertising • M&A Service • A fully furnished asset transfer/Food Accounting Continuity and stable growth in existing businesses Accelerating the growth of new businesses MPF AI × Value Creation Improving Productivity ALL • Company-wide • Domain specialization ➢ Product development and sales expansion for major companies ➢ Organizational optimization through structural reform ➢ Acquisition of large-scale projects by specialized teams ➢ Increase in closing rate for small-scale projects ➢ Achieving AI native status for all employees ➢ Large-scale improvements in specific tasks ➢ Expanding sales through agencies and promoting app development ➢ Subscription expansion and automatic matching ➢ Utilizing customer bases and streamlining with AI • “gourmet_baito_chan” • Mobimaru • HR employment agency • Other than HR ➢ Profitability with success-based compensation ➢ Performance remains solid despite significant market impact. Preparing feasibility verification for new products. ➢ Advancing operational improvements through IT/AI solutions for defined challenges. ➢ The recovery in M&A deal volume continues, with quality assured through the involvement of specialized teams. ➢ Lead times to closing are also shortening, steadily accumulating successful deals. ➢ Company-wide operational streamlining is progressing smoothly, with further productivity enhancements now underway. ➢ Implementation of a tool for requesting ad copy production and verification of AI-driven copy creation completed. ➢ Promoted orders through agency channels and enhanced the user experience with the app release. ➢ Subscription registrations steadily increase, and event booths expand nationwide. ➢ Leveraging our customer base to secure job openings, establishing vertical integration at the job seeker touchpoint. ➢ Nogyo Job(Agrijob) Job placement services continue significant quarter-over-quarter growth. ➢ Measures to further enhance profitability across all services are currently being implemented. Progress continues on existing businesses, including preparations for new products and operational improvements through AI adoption. Growth businesses are also steadily building foundations through channel expansion, UX enhancements, and increased subscription registrations. Productivity gains through AI adoption continue to yield results, such as the completion of AI integration forproduction tools.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Regarding measures for the impact of market conditions on HR recruitment advertising services3 To respond to the changing market environment amid a slowdown, we implemented a fundamental overhaul of our sales processes. We are advancing both “creating resources through efficiency improvements” and “enhancing the quality of sales,” focusing on strengthening our business foundation to remain the preferred choice in an evolving market. Streamlining the sales process (ensuring volume) • To reduce inefficient indirect and routine tasks and redirect the freed-up resources toward high-value-added work, we are promoting operational improvements in sales processes through the use of IT/AI. Enhancement of Sales Activities (Improving Quality) • To deliver high-value proposals tailored to customer challenges and needs, we are systematizing the “sales skills” of top performers and will begin implementing them across the entire sales organization starting in Q3. Customer Base Maintenance and Deepening (Repeat Promotion) • To prevent customer churn and build high-retention relationships that keep customers choosing us, we leverage the touchpoints gained through efficiency and the skills gained through sophistication to deeply explore our customers' hiring challenges. ✓ Establish high-value- added proposal capabilities and high productivity that are less susceptible to market fluctuations ✓ Build a highly competitive revenue base 34
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Regarding the acquisition of Ideal Inc. Summary of Financial Results for the Second Quarter of the FY20251 Performance and key indicators for each business segment2 Topics for the Second Quarter of the FY20253 Appendix4 ＊
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 36 Company Data4 Company Name: Synchro Food Co., Ltd. Representative: Shinichi Fujishiro Founded: April 2003 Locations: Head Office :EBIS SOUTH1, 1-7-8, Ebisu Minami, Shibuya-ku, Tokyo HR Services Unit Office :13F , Ebisu Garden Place Tower, Ebisu, 4-20-3,Shibuya-ku, Tokyo Osaka Branch Office: 8F , MAINICHI SHINBUN BUILDING, 3-4-5, Umeda, Kita-ku, Osaka-shi, Osaka Nagoya Branch Office: 3F , CHIKUBU BUILDING, 3-12-12, Meieki, Nakamura-ku, Nagoya-shi, Aichi Fukuoka Branch Office :TENJIN BUILDING PLUS, 4-8-2, Tenjin, Chuo-ku, Fukuoka-shi, Fukuoka Sapporo Branch Office :2F , Sunshine Building, Higashi 2-1, Ninami 2-jo, Chuo-ku, Sapporo-shi, Hokkaido Capital: 882 million yen Number of Employees: 259 (Consolidated basis/permanent employees/as of Sep. 30, 2025) Business: Management of a media platform for food and drink businesses Subsidiaries: Wit Co., Ltd. (M&A service business specializing in food and drink businesses) Horizon 14 Co., Ltd. / Ideal Inc. (Commercial real estate services)
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 37 Directors & Auditors4 Director Tsuguhiro Nakagawa Apr.1984 Joined Recruit Co., Ltd. (currently Recruit Holdings Co., Ltd.) Apr.2006 Operating Officer of Recruit Co., Ltd. (currently Recruit Holdings Co., Ltd.) Managing Executive Officer of Recruit Staffing Co., Ltd. Oct.2012 Operating Officer of Recruit Marketing Partners Co., Ltd. Apr.2016 Advisor of Recruit Marketing Partners Co., Ltd. Jun.2017 Outside Director of Synchro Food Co., Ltd. Director of Premium Group Co., Ltd. (current office) Jun.2019 Director of Synchro Food Co., Ltd. (current office) Outside director Ryota Matsuzaki Apr.1991 Joined The Industrial Bank of Japan, Ltd (currently Mizuho Financial Group, Inc.) Feb.2000 Joined Rakuten, Inc. Feb.2011 Established Thirdgear. Ltd. (current office) Nov.2011 Member of the Board, Cloud Works Ltd. Feb.2013 Established Kibidango, Inc. (current office) Jan.2016 Director of Synchro Food Co., Ltd. (current office) Sep.2019 Director of User Local, Inc. (current office) Outside Audit (Full time) & Supervisory Board Member Ryuichi Makino Outside Audit & Supervisory Board Member Yasutomo Inoue Outside Audit & Supervisory Board Member Toshihide Nakayama President and CEO and Chief of Operating for the Business Department Shinichi Fujishiro Mar.1997 Bachelor of Science and Technology, Tokyo University of Science, Tokyo, Japan Mar.1999 Master of Interdisciplinary Graduate School of Science and Engineering, Tokyo Institute of Technology, Tokyo, Japan Jun.1999 Joined Andersen Consulting (currently Accenture Japan Ltd) Apr.2003 Established Synchro Food Co., Ltd. (current office) Director & Chief of Operating for the Administrative Department Masaki Morita May 1999 Joined Andersen Consulting (currently Accenture Japan Ltd) Apr.2003 Outside Director of Synchro Food Co., Ltd. Apr.2015 Director of Synchro Food Co., Ltd. (current office) Director & Chief of the Development Department Shun Ohkubo Apr.2005 Joined Mizkan Holdings Co., Ltd. Apr.2008 Joined Synchro Food Co., Ltd. Apr.2015 Chief of the Development Department of Synchro Food Co., Ltd. Jun.2018 Director of Synchro Food Co., Ltd. (current office) Outside director Mihoko Nagai Apr.1988 Joined Shiseido Company, Limited Oct.1988 Shiseido Institute of Beauty Sciences Apr.2015 General Manager of the Corporate Communications Department of Shiseido Company, Limited Jul.2019 Director and Secretary General of General Incorporated Association Japan Humanitude Association Dec.2019 Director of Mammy Mart Corporation (current office) Jun.2022 Director of Synchro Food Co., Ltd. (current office) Mar.2024 Outside Audit & Supervisory Board Member of Broadleaf Co., Ltd. (current office) May 2024 Representative Partner, EdgeBridge LLC (current office) Jul.2024 Director of General Incorporated Association Japan Humanitude Association (current office)
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 38 History4 2003 2005 2006 2007 2011 2013 2015 2016 2017 2018 2019 2020 2021 2022 Established Synchro Food Co., Ltd. Started running a restaurant operations support site "Inshokuten.com” Created a recruiting site for interior decoration companies "Tenpodesign.com” Developed a recruitment information site for interior industry "Kyujin＠interiordesing” Launched a recruitment information site for food and drink industry "Kyujin@inshokuten.com” Launched a commercial real estate purchase price assessment site "Inukijyouhou.com” Launched a recruitment information site specialized in KANSAI area "Kyujin@inshokuten.com” Added an ingredients supplier locator section to Inshokuten.com site "Shokuzaishiiresakisagashi" Launched WEB magazine "Foodist Media" Launched a property information site specialized in KANSAI area “Inshokuten.com tenpobukensagashi" Released food material order system "PlaceOrders" Launched a restaurant M&A support service “Inshoku M&A” Launched a recruitment information site specialized in TOKAI area "Kyujin@inshokuten.com” Launched a questionnaire survey system “Restaurants Research” Launched a property information site specialized in TOKAI area “Inshokuten.com tenpobukensagashi" Launched a recruitment information site specialized in KYUSHU area "Kyujin@inshokuten.com” Launched a recruitment information site specialized in HOKKAIDO and TOHOKU area "Kyujin@inshokuten.com” Launched a recruitment information site for foreigners specialized food and drink industry “Food Job Japan” Launch of facial recognition attendance management "Restaurant Staff Time Cards" smartphone app Launched a property information site specialized in KYUSHU area “Inshokuten.com tenpobukensagashi" Released renewal version of food material order system "PlaceOrders“ and started charging Released an order management system for ingredients ”ReceiveOrders” Launched a monthly subscription service “Inshokuten.com Premium” Launched food truck sharing and matching website “Mobimaru” Launched side-job matching website “Nicoshigoto” Launched franchise comparison website “Inshoku FC Comparison” Released renewal version of scout service of recruitment information site “Kyujin@inshokuten.com”. Apr Sept Mar Nov Oct Sept May Sept May Oct Mar Dec May Jun Sept Dec Apr Jun Sept Jan Mar May Aug Oct Oct 2023 2024 2025 Completed renewal of main service brands (each service name above at the time of release) Launched an SNS short video part-time job service “gourmet_baito_chan” Released a web edition of the SNS short video part-time job service “gourmet_baito_chan” Released a matching service for restaurants and accounting firms “Inshokuten.com Find Your Tax Consultant” Launched the “Inshokuten.com certification mark” service, in which food and beverage experts taste and evaluate products Launched a subscription service for Mobility Service Launched “Insurance to Protect Your Business,” which covers various risks for restaurants Launched a recruitment information site specialized in HOKURIKU and KOSHINETSU area “Kyujin@inshokuten.com” Completed renewal of area “Inshokuten.com tenpobukensagashi" Renamed M&A Lite Plan as “Fully-Furnished Asset Transfers Plus Plan” Expanded mobimaru to Hokkaido and Tohoku regions(service now available nationwide) Mar May Sept Oct Dec Jul. Oct Dec Apr. May
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Our unique platform provides comprehensive support throughout the entire restaurant business lifecycle, keeping user acquisition costs low and achieving high profit margins. Our multi-monetization structure and diverse revenue sources cover everything from opening to operation to closing, achieving both stability and growth. 39 Uniqueness 1 Profitability 2 ✓ A proprietary and consistent platform for the management cycle of restaurants ✓ Migration effect due to total service Stability 3 ✓ Users can be obtained from various channels, thus user acquisition cost is low ✓ Combined with our monthly billing model, we achieve a high profit margin ✓ Multi-point-monetization earns revenue from both users / business owners ✓ Multiple monetization channels are available even when the economy is stagnant (deliver a fully furnished asset, M&A) Preparation Opening Operating Closing “End to End” Platform Property search Food materials order Kitchen goods purchase Seek design company Restaurant staff employment Food materials wholesaler search M&A Business planning Inflow of visitors Search Engine Word of mouth ReferralInshokuten.COM Journal AdvertisementOther media Preparation Opening Operating Closing Real estate agent Design company Wholesaler Sellers of properties Users Our Platform M&A Buyers/ Sellers Strengths of our business model4 Use Continuously No Operating Costs for New customer acquisition Membership fees Advertising fees Merchandise sales Pay per contract Service Fees
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Through the “Inshokuten.com” brand, we have built a platform that provides comprehensive support for the entire restaurant life cycle, from restaurant property information to kitchen equipment, job recruitment, and suppliers. 40 The restaurant market and the restaurant life cycle ～ 4 phases : Preparation, Opening, Operating, and Closing4 * Source : Ministry of Internal Affairs and Communications “economic research“ 2014. (The number of business places equivalent to “bars, cabarets and nightclubs” are excluded.) ** Calculated based on the new and closed business places in the above “economic research” 2014. Operating Open ing Clos ing Preparation 516,000* 36,000 per year** 36,000 per year** The restaurant market The restaurant life cycle Business planning Sales promotion・cash register sales・Staff management etc. PreparationNotice of cancellation Closing Deterioration in business performance Open a store Life Cycle Location diagnosis Property search Store Design・ Construction Kitchen furniture purchase Kitchen goods purchase Food materials wholesaler search Food materials order Restaurant staff employment Restoration Industrial waste treatment A fully furnished asset transfer M&A Opening Operating Property determination
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Inshokuten.com Inshokuten.COM provides a one-stop service used for restaurant preparation, opening and operation. Some examples include providing information on store properties, kitchen fixtures, food suppliers, and the recruitment of management, etc. Users can use services required for restaurant opening and operation such as purchasing of store properties, food materials and kitchen fixtures for free (some of the services are charged). Inshokuten.COM SHIRESAKISAGASHI Inshokuten.COM offers food suppliers who are looking to sell food and drink, with food buyers who are in the market to purchase commercial food ingredients and alcohol. Food buyers can post information on their company and products they handle and respond to matching requests from food suppliers by registering on this website. Food suppliers can search for food buyers’ information and use matching services for free. Kyujin Inshokuten.com Kyujin Inshokuten.COM provides specialized job offering services to accommodate the recruitment needs of restaurants. It focuses mainly in the Kanto and Kansai areas, with full time employees specialized in food and drink, as well as a part-time job recruiting information site. Restaurant owners can post job information on the website for a fee. Job seekers can view the job information and apply for jobs for free. Through the “Inshokuten.com” brand, we have built a platform that provides comprehensive support for the entire restaurant life cycle, from restaurant property information to kitchen equipment, job recruitment, and suppliers. 41 Our Internet Media Business（1/3）4
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Inshokuten.COM M&A Inshokuten.com M&A service offers a platform for restaurant M&As and business transfers. Buyers who want to purchase a business or restaurant can receive information they want by registering on this website. Those who want to sell their business can estimate selling prices with the online assessment service on the website and receive consultation on selling for free. Sellers can also use “self-plan,” in which they register their selling information and directly contact those who want to purchase their business. Inshokuten.COM FC (Franchise) Comparison FC Comparison is a website to match restaurants owners/those who plan to open a store with franchise business headquarters. Information on many brands specialized in delivery and to-go orders has been placed on the website, in addition to conventional franchise outlets. You can look for excellent brands, by organizing and comparing diverse information on franchise brands. Inshokuten.COM Restaurants Research Restaurants Research conducts various questionnaire surveys to the users on restaurant management and discloses their results and related reports. Users can view the disclosed information to utilize as a tip for their store management. Business owners such as food and beverage makers can conduct restaurant surveys and research to use their results for the development of food or beverages and for understanding the needs when creating a plan for restaurants. Supports business succession as a platform for the sale and acquisition of restaurants, enabling smooth M&A through online appraisals and self-planning functions. In addition, it expands revenue opportunities by visualizing store management issues through “restaurant research” and matching franchises through “restaurant FC comparison.” 42 Our Internet Media Business（2/3）4
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Place Orders PlaceOrders is a web-ordering service dedicated to restaurants and provided by Inshokuten.COM. Users can send a purchase order that is automatically converted for FAX or e-mail to food buyers who are in the market to purchase food ingredients and alcohol by just sending order information from a smartphone. They can also check order history on the smartphone. All the services are available for free. Inshokuten.COM Journal Inshokuten.COM Journal distributes media distributing important food and drink trends and information to various people involved in the food industry. The articles posted on the media were written by writers exclusive to the Company. All the articles on the media are available for free for users and others. Tenpodesign.COM Tenpodesign.COM is a service providing information on interior service providers that design and construct stores, to users who are planning to open or refurbish stores. Interior service providers can post information on their past construction work and respond to matching requests of design and construction from users by registering on this website for a fee. Users can search for interior service providers’ information and use matching services for free. In addition to the “Inshouten.COM” brand, we maximize revenue opportunities through a variety of services such as “Place Orders” and “Tenpodesign.COM.” We have established ourselves as a leading company in the restaurant industry. 43 Our Internet Media Business（3/3）4
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 44 Market size of our business domain4 In addition to our existing services, we have added HR recruitment services. There is significant room for growth in the restaurant management support market, and we expect further business growth in the future. HR Recruitment ads service area SNS video area Calculation Method • Calculated based on restaurant companies’ budgets for job advertising(regular employee) on media*1 58 billion yen Market Size Mobility service area － (Not estimable) － SAM Platform service area For design companies • Calculated based on budget hearing by client size and on our share in the number of design companies/ architectural design companies*2 2.5 billion yen SAM M&A service • Considering the increasing trend in the annual number of deals in small M&A market, including business successions*3 2 billion yen SAM HR Employment agency service area • Calculated based on fee collections in the Employment Placement Business Report*4 17.5 billion yen SAM TAM : Total Addressable Market SAM : Serviceable Available Market Part-time job offering • Calculated based on restaurant companies’ budgets for job advertising(part-time job) on media*1 143 billion yen TAM Service Area *1 Calculated by the Company based on information posted by job advertising media companies for full-time and part-time employment market from January 202 to December 2022 (offered by HROG Co., Ltd.) *2 Calculated by the Company based on the number of design companies/architectural design companies in 2016 Economic Census for Business Activity *3 Calculated by the Company based on M＆A trend survey for January-December 2022 by RECOFDATA Corporation and financial results briefing materials of major listed M&A service companies *4 Total commissions for “food and beverage preparation occupations” and “customer service and serving occupations” in the Ministry of Health, Labor and Welfare's “Preliminary Report on Employment Placement Business in FY2023”
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Business model of Ideal Inc.4 Primarily engaged in store-specific sublease operations, the company possesses three key strengths: direct sales to building owners, an accumulated database of over 50,000 owners, and a tenant pool of 10,000, enabling a stable revenue structure. 1 2 3 Over 50,000 owner records 10,000 stock items （+ Development platform available） 461* （Prime locations near stations in Tokyo and three prefectures, with an occupancy rate of approximately 100%） 32 Build a proprietary tenant network Directly develop owners of prime properties through independent sales efforts 1 Team Structure × Proprietary Database × Sales Support System Ideal Inc. Sublease the property Non-public property information Take custody of the property Master Lease Sublease Asset utilization support ¥¥ Lessor (Building Owner) Borrower * As of the end of June 2025 Number of operational properties 45
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 46 Long-term Goal ～ Our Successful Model4 We have built a strong capability to support the entire restaurant lifecycle through rapid system development and UX improvement, business efficiency based on data analysis, and applicability to retail customers. Recruitment ads Real estate properties M&A SNS short video A fully furnished Asset transfer Food truck matching Tax accountant Food ordering Kitchen goods Store design What we have achieved and the skills we have acquired Management of media platform for restaurants ⚫ Established a business model that attracts users at low cost by hooking them with real estate property searches, and monetizes it significantly through recruitment advertisements ⚫ Providing total services through a single integrated system by releasing services one after another through speedy system development ⚫ Acquired product management experience and UI/UX improvement skills in a number of web matching services ⚫ Improvement of operations, efficiency, and systems based on various data analysis, and acquisition of the ability to apply them to the transferred business ⚫ Established the ability to thoroughly streamline and structure sales activities for retail customers (small restaurants)
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. Based on the business model of “diversified monetization using property search as a hook” cultivated in the restaurant business field, we will expand into three areas: “Real store business”, “Human resources” and “Web matching media,” to achieve discontinuous growth. 47 Long-term Goal ～ Direction of Business Expansion4 Real store business Human resources Web matching media Developing similar business models in the clinic, beauty, and sports facility industries • Providing total services such as recruitment advertisement, M&A, and removal of stores, etc., using the search for store properties as a hook, etc. Providing human resource services in the areas of new graduates, mid-career and part-time work, regardless of industry. • Developing SNS short video recruitment service and joint information sessions for new graduates to improve efficiency and profitability by applying recruitment advertising know-how, etc. Acquiring companies and businesses in the web matching media area and create synergies • Web product management, UI/UX improvement, applying know- how on business efficiency and structuring to increase sales growth and profitability, etc. Restaurant Support * For the Mid-Term Management Plan (Fiscal Years Ending March 2026 to March 2028), refer to the “Notice Regarding Revision of Mid-Term Management Plan” announced on November 13, 2025. Horizon 14 Co., Ltd./Ideal Inc. acquired on September 30, 2025, have been added to the store business segment.
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 48 Sustainability Policy4 Based on our basic policy, we have set six key themes (materiality), including “improving the operational efficiency of restaurants” and “contributing to regional revitalization by providing diverse opportunities”. We aim to realize a sustainable society by contributing to the achievement of the SDGs through our core business. Basic Policy ⚫ The origin of Synchro Food is our desire to support people who take on challenges in the restaurant industry with will and belief. This includes optimal encounter with properties and personnel, streamlining of management and reduction of wasteful costs. ⚫ We have helped restaurants enhance sustainability of their management by indicating solutions or options of solutions to issues that may arise in a flow from opening preparation to operating and closing of restaurants. ⚫ The services required by restaurant owners change as the world changes. We will actively work on new businesses by sensitively recognizing the changes. We are also willing to work to raise awareness of SDGs from the aspect of food by considering food waste, food production and global environment, etc. ⚫ We will create sustainable world through businesses by facing issues in the restaurant industry seriously. Improve the operational efficiency of restaurants Contribute to regional revitalization by providing diverse opportunities Minimize mismatches by providing diverse employment opportunities Promote a circular economy through support for restaurant succession Secure data and protect privacy Create a rewarding workplace in which diverse human resources can play active roles Six Key Themes (Materiality) SDGs Objectives
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Copyright (C) 2003-2025 Synchro Food Co., Ltd. All Rights Reserved. 49 The information provided in this document is based on assumptions with current expectations, forecasts, and risks based on macroeconomic trends, the market environment, and related industry trends of the Company. Other Internal and external factors may vary. Therefore, the results may differ from the description of future prospects described in this material. When there is new information, events etc. in the future we will not update this document. We are not obliged to update or modify the information provided. Important Notice4