Results for FY2021
Supplementary Materials

May 12, 2022
Benesse Holdings, Inc.
Note : This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Forward-Looking Statements

This presentation contains forward-looking statements concerning the future plans,
strategies, beliefs and performance of Benesse Holdings, Inc. and its subsidiaries.
These forward-looking statements are not historical facts. They are expectations,estimates, forecasts and projections based on information currently available to theCompany and are subject to a number of risks, uncertainties and assumptions. As
such, actual results may differ materially from those projected.

1

Results by Segment (YoY)(Millions of Yen)

Education Business in Japan
Kids & Family
Nursing Care and Childcare
Berlitz
OthersTotal Net Sales
Education Business in Japan
Kids & Family
Nursing Care and Childcare
Berlitz
Others/Reconciliations
Total Operating Income
Ordinary Income
Net Income

FY2020

FY2021

Change%204,40271,856
123,807
26,401
1,062
427,531
11,9182,001
10,393(6,715)(4,509)13,0899,260
3,122

212,128
71,238
127,397
20,074
1,105
431,943
19,085
1,718
8,013(2,799)(5,851)
20,167
15,404
1,064+7,725(618)+3,589(6,327)+42+4,412+7,167(282)(2,380)+3,916(1,342)+7,077+6,144(2,058)

+3.8
(0.9)
+2.9
(24.0)
+4.0
+1.0
+60.1
(14.1)(22.9)－－+54.1+66.3(65.9)

Note: 1.Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) has been applied from FY2021 ended March 31, 2022.
2.The Company has also revised its classification of reportable segments from FY2021 ended March 31, 2022. For a numerical comparison between the results for thefiscal year ended March 31, 2022, information for the fiscal year ended March 31,2021 has been presented based on the new classification after these changes.

2

Results : Analysis of Net Sales/Operating Income (YoY)
Figures prior to application of Accounting Standard for Revenue Recognition(Billions of Yen)

Shinkenzemi
Education Businessin JapanNet Sales

Kids & Family

Decrease in cumulative enrollment / positive impact of optional courses and the price revisions, etc.

(1.2)

Impact of accounting standard change for revenue recognition.

(0.0)

School &Increased in orders for elementary and junior high school business / recovery from the impact of COVID-19, etc.
Teacher
Impact of accounting standard change for revenue recognition.
SupportCram schools /Classrooms,
Increase in No. of students due to recovery from the impact of COVID-19, etc.
otherKodomo
Challenge

Nursing Care and Childcare
Berlitz+1.3+7.2

Japan : positive impact of the price revisions and recovery of concert business / decrease in cumulativeenrollment, etc.

+1.0

+1.0Overseas : decrease in cumulative enrollment in China, etc.

(1.4)

(1.4)

+2.9

+2.9

Impact of accounting standard change for revenue recognition.

(2.2)

Tamahiyo business, etc.

(0.9)

Consolidates Heart Medical Care Co., Ltd.*, etc.

+2.9

Impact of accounting standard change for revenue recognition.

+0.6

No sales contribution from Berlitz in the fourth quarter of FY2021, as a result of the share transfer, etc.

(7.0)

(7.0)

Forex rate impact.

+0.7+0.7(0.5)

Shinkenzemi : due to lower sales, etc
Education Business in Japan+0.4+7.2

Forex rate impact.
Lifestyle

+1.3

(1.2)

Impact of accounting standard change for revenue recognition.

+0.1

(0.9)
+2.9(0.5)

Operating Income

Due to higher sales in the School & Teacher Support business; Cram schools and Classrooms business / impactof accounting standard change for revenue recognition (+0.6), etc.

+7.5

+6.9

KodomoChallenge

Japan : due to higher sales / increase in costs, etc.

(0.4)

(0.4)

Overseas : due to lower sales / forex rate impact (+0.1), etc.

(0.0)

(0.0)

LifestyleDue to lower sales, etc. / decrese in corporate cost, etc.

+0.2

+0.2

Due to higher labor costs as increase in the No. of nursing homes / increase in marketing costs and utilities
expenses, etc.

(2.9)

Impact of accounting standard change for revenue recognition.

+0.6

Berlitz

Due to lower costs associated with structural reforms, etc.

+3.9

+3.9

others/Reconciliations

Corporate cost, etc.

(1.3)

(1.3)

Kids & Family

Nursing Care and Childcare*Proto Medical Care Co., Ltd. changed its trade name to Heart Medical Care Co., Ltd. as of December 1, 2021.

3(2.9)

FY2022 Full-year Forecast(Millions of Yen)FY2021Net Sales

FY2022(Forecast)

Change%431,943

426,000(5,943)(1.4)

Operating Income

20,16725,000+4,833+24.0

Operating Income ratio（%）

4.7

5.9+1.2ーOrdinary Income

15,404

19,500+4,096+26.6

Net Income

1,064

13,500+12,436ーExchange Rate(USD/JPY)

109.84118.00+8.16ー

4FY2022 Forecast by Segment(Millions of Yen)FY2022

FY2021
Education Business in Japan
Kids & Family
Nursing Care and Childcare
Berlitz
OthersTotal Net Sales
Education Business in Japan
Kids & Family
Nursing Care and Childcare
Berlitz
Others/Reconciliations
Total Operating Income(Forecast)

212,128
71,238
127,397
20,074
1,105
431,943
19,085
1,718
8,013(2,799)(5,851)
20,1675216,600
73,200134,100
02,100
426,000
22,500
3,500
7,400
0
(8,400)25,000Change%+4,472+2.1+1,962+2.8+6,703+5.3(20,074) (100.0)
+995
+90.0
(5,943)(1.4)+3,415+17.9+1,782 +103.7
(613)
(7.7)
+2,799ー(2,549)
ー+4,833+24.0

Forecast : Analysis of Net Sales/Operating Income (YoY)(Billions of Yen)

Education Businessin JapanNet Sales

Shinkenzemi

Decrease in cumulative enrollment / positive impact of optional courses and the price revisions, etc.

(5.8)

School & Teacher
SupportCram schools /Classrooms, other

Recovery in high school business and increase in orders from elementary and junior high schools,
etc.

+3.0

Increase in No. of students, etc.

+7.2

Japan : positive impact of the price revisions and increase in concert business / decrease inculmulative enrollment+0.4

Overseas : decrease in cumulative enrollment in China, etc.

(2.2)

Kids & Family

KodomoChallenge+2.5

Forex rate impact.
Tamahiyo business, etc.

+1.2

Nursing Care and Childcare

Increase in nursing home residents and increase in HR recruitment business, etc.

+6.7

Berlitz

No sales contribution from Berlitz as a result of the share transfer(20.0)

Other

Higher sales in Naoshima business,etc.

+0.9Shinkenzemi : due to lower sales / lower costs, etc.

+0.1

Due to higher sales in the School & Teacher Support business; Cram schools and Classrooms
business, etc.

+3.3

Japan : due to higher sales.

+1.8Overseas : due to lower sales in China. / forex rate impact (+0.1), etc.

(0.6)

Due to higher sales, etc.

+0.5

Nursing Care and Childcare

Due to higher sales / increase in costs, etc.

(0.6)

Berlitz

No impact on operateing loss from Berlitz as a result of the share transfer+2.7

others/Reconciliations

Strategic investment, etc.

(2.5)

Lifestyle

Education Business in Japan

Operating Income

Kids & Family

KodomoChallenge
Lifestyle6

Education
Businessin Japan

Breakdown of Net Sales(Millions of Yen)FY2020

FY2021

Change%Ratio(%)

Senior High School12,52911,182(1,347)(10.8)

5.3

Junior High School

28,81028,011(799)

(2.8)

13.2

Elementary School

62,34663,283+937

+1.5

29.8

55,00856,725+1,717+3.1

26.7

45,70752,925+7,217

+15.8

24.9

204,402212,128+7,725+3.8

100.0

School & Teacher
SupportCram schools /Classrooms, Other
Total

7

Kids & Family

Breakdown of Net Sales(Millions of Yen)FY2020
Kodomo Challenge

FY2021

Change%Ratio(%)

19,801

20,462+660

+3.3

28.7

26,531

28,346+1,814+6.8

39.8

Other*

25,52322,429(3,094)(12.1)

31.5

Total

71,856

71,238(618)

(0.9)

100.0

in Japan (Preschool)
Overseas Kodomo
Challenge (Preschool)* ''Other'' includes Kodomo Challenge related businesses such as concert business and Lifestyle-related businesses such as Tamahiyo business, etc.

8Education
Business (Japan)
Kids & Family

Cumulative Enrollment for Shinkenzemi and Kodomo Challenge【Cumulative Enrollment for Shinkenzemi】(Thousands）

FY2020

FY2021

Change%Senior High School

1,374

1,187(187)(13.6)

Junior High School

4,310

4,023(286)(6.7)

Elementary School

15,024

14,901(122)

(0.8)

Total

20,70920,112(596)(2.9)

【Cumulative Enrollment for Kodomo Challenge (Preschool)】

FY2020

FY2021(Thousands）

Change%Kodomo Challenge in Japan (Preschool)

9,870

9,283(586)(5.9)

Overseas Kodomo Challenge (Preschool)

14,334

13,948(385)

(2.7)

Total

24,20423,232

(972)

(4.0)

•Note1: Cumulative enrollment represents the cumulative total No. of people who receive materials monthly (from April to March).
•Note2: ‘’Overseas Kodomo Challenge’’represents total No. of cumulative enrollment in China, Taiwan and Indonesia .
Cumulative enrollment for China and Indonesia represents the cumulative total No. of people who receive materials monthly (from January to December), due tothe differences of those closing dates ended December 31st.

9Education
Business (Japan)
Kids & Family

Enrollment for Shinkenzemi and Kodomo Challenge as of April (Japan)(Thousands)

As of April

2021

2022

Change%Senior High School140

110(30) (21.2)

Junior High School

410

350(60) (14.8)

Elementary School

1,360

1,280(80)

(5.8)

810

750(60)

(7.2)

2,720

2,490(230)(8.3)

Kodomo Challenge (Preschool)
Total (Japan)

10

Kids & Family

Enrollment for Kodomo Challenge as of April (Overseas)

As of April(Thousands)

2021

China
TaiwanTotal (Overseas)

2022

Change%1,120

950(170)(15.2)

90

100+10+3.7

1,210

1,050(160)(13.8)

11

Nursing Careand Childcare

No. of Nursing Homes and Elderly Houses

Mar. 2021

Sep. 2021

Mar． 2022

Aria

252727

Clara

39

39

39

152

153

154

Madoka57

57

57

Bon Sejour

49

49

49

Cocochi151515

Li-Re222

Total339

342

343

Occupancy Rate of93

90

90

Granny & Granda

Existing Facilities (%)

12CAPEX／Depreciation and Amortization(Millions of Yen)FY2020CAPEX(Breakdown)

FY2021

Change29,24323,562(5,680)

Lease Assets

11,477

5,841(5,636)

Goodwill

3,153

3,253

+99

Others

14,612

14,467(144)

18,88518,850(35)

Depreciation and Amortization

・Note¹: ‘‘CAPEX’’ shows the ”increase in tangible fixed assets and intangible fixed assets“.
・Note²: ‘’Depreciation and amortization’’ shows the total amount of ”depreciation and amortization” and ”amortization of goodwill”.

13Shareholder Return【Dividend per Share/Dividend Payout Ratio】
FY2019Dividend per share(yen)Dividend payout ration(%)

FY2020

FY2021

FY2022(Forecast)

50

50

5060

76.6

154.3

452.9

42.814