EAT& : Consolidated Financial Results for the Year Ended February 28, 2022

Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results for the Year Ended February 28, 2022

[Japanese GAAP]

April 12, 2022

Company name: EAT&HOLDINGS Co.,Ltd Stock exchange listing: Tokyo

Code number: 2882

URL:https://www.eat-and.jp/ Representative: Naoki Fumino Contact: Tatsuya KatoChairman and representative director, CEO Director-general business administration headquarters

Phone: 03-5769-5050

Scheduled date of Annual General Meeting of Shareholders: May 27, 2022 Scheduled date of commencing dividend payments: May 30, 2022 Scheduled date of filing annual securities report: May 30, 2022

Availability of supplementary briefing material on annual financial results: Yes Schedule of annual financial results briefing session: No

(Amounts of less than one million yen are rounded down)

1. Consolidated Financial Results for the Fiscal Year Ended February 28, 2022 (March 01, 2021 to February 28, 2022)

(% indicates changes from the previous corresponding period.)

(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended February 28, 2022: ¥ - million Fiscal year ended February 28, 2021: ¥ (1) million

(Note)Due to the change in the fiscal year-end, the previous fiscal year was an 11-month period from April 1, 2020 to February 28, 2021. Consequently, since the period of the fiscal year under review (March 1, 2021 to February 28, 2022) and the period of the previous fiscal year (April 1, 2020 to February 28, 2021) are different and not comparable, the year-on-year ratio is not stated.

(2) Consolidated Financial Position

(3) Consolidated Cash Flows

2. Dividends

Commemorative dividend Special dividend

- yen - yen

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 28, 2023 (March 01, 2022 to February 28, 2023)

(% indicates changes from the previous corresponding period.)

* Notes:

• (1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No

  New - (Company name: Exclusion: - (Company name:

  ) )

• (2) Changes in accounting policies, changes in accounting estimates and retrospective restatement

• 1) Changes in accounting policies due to the revision of accounting standards:No

• 2) Changes in accounting policies other than 1) above: No

• 3) Changes in accounting estimates: No

• 4) Retrospective restatement: No

(3) Total number of issued shares (common shares)

1) Total number of issued shares at the end of the period (including treasury shares):February 28, 2022:

February 28, 2021:

10,158,190 shares 10,158,190 shares

2) Total number of treasury shares at the end of the period:February 28, 2022:

February 28, 2021:

959 shares 921 shares

3) Average number of shares during the period:

Fiscal Year ended February 28, 2022: Fiscal Year ended February 28, 2021:

10,157,264 shares 10,157,269 shares

Table of Contents - Attachments

1. Overview of Operating Results, etc. ...................................................................................................... 2

(1) Overview of Operating Results for the Fiscal Year under Review .................................................... 2

(2) Overview of Financial Position for the Fiscal Year under Review .................................................... 4

(3) Overview of Cash Flows for the Fiscal Year under Review .............................................................. 5

(4) Future Outlook ................................................................................................................................... 6

2. Basic Stance Regarding Selection of Accounting Standards ................................................................. 6

3. Consolidated Financial Statements and Principal Notes ....................................................................... 7

(1) Consolidated Balance Sheets ............................................................................................................. 7

(2) Consolidated Statements of Income and Comprehensive Income ..................................................... 9

(3) Consolidated Statements of Changes in Net Assets ............................................................................ 11

(4) Consolidated Statements of Cash Flows .......................................................................................... 13

(5) Notes to Consolidated Financial Statements ................................................................................... 15

(Notes on going concern assumption) .......................................................................................... 15

(Changes in significant subsidiaries) ............................................................................................ 15

(Additional information) .............................................................................................................. 15

(Segment information, etc.) .......................................................................................................... 16

(Per share information) ................................................................................................................. 21

(Significant subsequent events) .................................................................................................... 21

1. Overview of Operating Results, etc.

Due to the change in the fiscal year-end, the previous fiscal year covered 11-month period from April 1, 2020 to February 28, 2021. Consequently, since the period of the fiscal year under review (from March 1, 2021 to February 28, 2022) and the period of the previous fiscal year (from April 1, 2020 to February 28, 2021) do not match and are not comparable, the year-on-year ratio is not stated.

(1) Overview of Operating Results for the Fiscal Year under Review

In the fiscal year under review, the outlook for the Japanese economy continued to be uncertain. Private consumption declined mainly in face-to-face services, due to the state of emergency declaration issued following the fifth wave of COVID-19 infections, and the sixth wave of infections due to the Omicron variant.

Regarding market trends in frozen foods and restaurants, which are mainstay businesses of the Company, the frozen food market grew steadily amid the trend of growing demand for eating at home, while the restaurant market did not recover to pre-COVID levels, and the restrictions on business hours and alcoholic beverage provision at restaurants due to the state of emergency declaration in major metropolitan areas and priority measures to prevent the spread of infections in other regions continued to impact the Restaurant Business.

Under such circumstances, riding on the wave of the market expansion, the Company endeavored to further increase sales in the Food Business and promoted further improvements in productivity and cost reduction, mainly at Kanto 2nd Plant. In the Restaurant Business, under the harsh conditions with a prolonged state of emergency declaration, we continued to promote the scrap-and-build approach for stores, enhanced the attractiveness of existing stores through the micromanagement, etc. of each store, and actively responded to the robust takeaway demand stemming from the COVID-19 crisis.

In addition, for new businesses, we implemented various initiatives including the following: opening of "OSAKA FUN DINING, OSAKA OHSHO" in Shanghai, China; opening of "Sapporo Misogyoza", an unmanned direct sales store of raw frozen gyoza limited to the Sapporo area; and developing the restaurants e-commerce website "RAMEN JOURNEY."

As a result, net sales for the fiscal year under review were ¥30,881 million and operating profit was ¥834 million, achieving an increase in sales and a significant increase in operating profit. In addition, in the Restaurant Business, owing to income provided by local governments as the compensation for cooperation in preventing the spread of COVID-19, the Company recorded ordinary profit of ¥1,476 million, and profit attributable to the parent company's shareholders of ¥773 million.

The operating results for each segment are as follows.

• 1) Food Business

  In the Food Business, we maintained the strong sales, as our mainstay product "OSAKA OHSHO Hanetsuki Gyoza" continued to grow, and the new product "OSAKA OHSHO Hanetsuki Stamina Meat Gyoza," launched in February 2021, became a hit product. As a result, the net sales in the Food Business for the fiscal year under review were ¥18,789 million.

  The operating profit was ¥1,153 million, as a result of improving the gross margin ratio through enhancing the productivity via the introduction of state-of-the-art equipment at the new line at Kanto 2nd Plant, which began its operations in January 2021.

• 2) Restaurant Business

  Regarding the Restaurant Business, in the "OSAKA OHSHO" business category, in addition to continued efforts from the previous fiscal year in closing unprofitable stores, we actively opened new stores at locations close to residential areas. We also proceeded with endeavor to respond to changes in the business environment due to the COVID-19 crisis such as the expansion of the takeout and delivery menus, and strove to bolster existing stores through the development of limited-time menus and the introduction of micromanagement. As a result, in the fiscal year under review, the net sales were ¥12,091 million and the operating profit was ¥11 million, showing a steady recovery.

In the fiscal year under review, the Group opened a total of 37 stores, including 25 directly managed stores and 12 FC stores, and closed a total of 35 stores, including 8 directly managed stores and 27 FC stores. At the end of the fiscal year under review, the total number of stores was 472 (including 28 overseas stores), with 107 directly managed stores (including 7 overseas stores) and 365 FC stores (including 21 overseas stores). Furthermore, in line with the switch in operating format, 1 store was changed from a FC store to a directly managed store.

The breakdown of the number of stores in the Restaurant Business is as follows.

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