Note: This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Nine Months Ended June 30, 2024
[Japanese GAAP]
August 9, 2024
Company name:
Gakken Holdings Co., Ltd.
Stock exchange listing:Tokyo Stock Exchange
Securities code:
9470
URL:
https://www.gakken.co.jp/
Representative:
Hiroaki Miyahara, President, Representative Director
Contact:
Takashi Sawada, Senior Corporate Officer and General Manager of Financial Strategy Office
Phone:+81-3-6431-1050
Scheduled date of commencing dividend payments:－
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Nine Months Ended June 30, 2024 (October 1, 2022 to June 30, 2024)(1) Consolidated Operating Results (cumulative)(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Ordinary profit

Nine months ended
Million yen%
Million yen%
Million yen
June 30, 2024
138,151
15.7
515
56.0
5,119
June 30, 2023
119,3612.0
3,307(30.9)
3,486(Note) Comprehensive income: Nine months ended June 30, 2024: ¥2,216 million [(3.5) %]%46.8(30.4)

Profit attributable toowners of parent
Million yen

1,870
1,153

Nine months ended June 30, 2023: ¥2,297 million [ 4.8 %]Profit per share
Nine months ended
June 30, 2024
June 30, 2023

Diluted profit per share
Yen

Yen

43.72
26.20

43.39
25.97

(2) Consolidated Financial Position
Total assets
Million yen

As of June 30, 2024
132,520
As of September 30, 2023
136,328(Reference) Equity: As of June 30, 2024:
As of September 30, 2023:

Net assets

Equity ratio

Million yen%

54,10655,034¥51,816 million¥52,748 million

39.1
38.7

2. Dividends
Annual dividends
1st quarter-end 2nd quarter-end 3rd quarter-end
Yen

Yen

Fiscal year ended–
12.50
September 30, 2023
Fiscal year ending–
12.50
September 30, 2024
Fiscal year ending
September 30, 2024
(Forecast)(Note) Revision of dividends forecast since the last announcement: None

Year-end

Total

Yen

Yen

Yen

–

12.50

25.00

12.50

25.00

–

%

62.3
(59.5)

3. Consolidated Financial Results Forecast for the Fiscal Year Ending September 30, 2023 (October 1, 2022 to September 30,
2024)
Net sales
Million yen

Operating profit%

Million yen%(Percentages indicate year-on-year changes.)
Profit attributable toOrdinary profit
Profit per shareowners of parent
Million yen

Full year
185,000 12.7
6,400
3.7
6,600
(Note) Revision of financial results forecast since the last announcement: None%

1.9

Million yen%

2,700 (15.5)

Yen

63.09

* Notes:(1) Significant Changes in the scope of consolidation during the period under review: Yes
Newly added: 1 (Name) Grand Unilife Care Service Co., Ltd. Excluded: – (Name) –(2) Application of special accounting treatments in preparing quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and retrospective restatement

1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of issued shares (common stock)1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
September 30, 2023:

44,633,232 shares
44,633,232 shares2) Total number of treasury shares at the end of the period:
June 30, 2024:
September 30, 2023:

2,415,788 shares
525,839 shares

3) The average number of shares during the period:
Nine months ended June 30, 2024:
Nine months ended June 30, 2023:

42,796,528 shares
44,035,418 shares

The Company has a trust-type employee shareholding incentive plan in place. The average number of shares during the period is
calculated with the number of treasury shares deducted; the number of treasury shares deducted includes the number of the Company’s
shares held under this plan by The Nomura Trust & Banking Co., Ltd. (the dedicated trust account for Gakken Employees’
Shareholding Association): 6,660 shares at the end of the nine months ended June 30, 2023.
* Review of the accompanying quarterly consolidated financial statements by a certified public accountant or auditing corporation: None
* Proper use of earnings forecasts, and other special matters(Note on forward-looking statements, etc.)
Financial performance forecasts and other forward-looking statements herein are based on information currently available to theCompany and certain assumptions it deems rational. The actual results may vary significantly due to various factors.

Table of Contents - Attachments
1. Qualitative Information on Financial Results for the Period under Review ......................................................................2(1) Explanation of Business Results ...................................................................................................................................2(2) Explanation of Financial Position .................................................................................................................................7(3) Consolidated Financial Results Forecast and Other Forward-looking Statements .......................................................7
2. Quarterly Consolidated Financial Statements and Primary Notes ....................................................................................8(1) Quarterly Consolidated Balance Sheets ........................................................................................................................8(2) Quarterly Consolidated Statements of Income and Comprehensive Income .............................................................. 10(3) Notes to the Quarterly Consolidated Financial Statements ........................................................................................ 12(Notes on Going Concern Assumption) ........................................................................................................................ 12(Notes When There Are Significant Changes in Amounts of Equity) ........................................................................... 12(Application of Special Accounting Treatments in Preparing Quarterly Consolidated Financial Statements) ............. 12(Segment Information, etc.) ........................................................................................................................................... 13(Notes to Quarterly Consolidated Statements of Cash Flows) ...................................................................................... 141

1. Qualitative Information on Financial Results for the Period under Review(1) Explanation of Business Results
In the domestic economy, the Nikkei Stock Average exceeded 39,000 yen at the end of June and has remainedin the 40,000yen range since then, and the household survey report for July 2024 showed the first real increase inactual income for working households in 20 months. However, prices have also continued to rise due to theweakening of the yen in the foreign exchange market, and consumption expenditures have turned downward due
to a decrease in spending on culture and entertainment services.
Under the market conditions described above, consolidated net sales for the first nine months of the current fiscal
year were 138,151 million yen (up 15.7% YoY), operating profit was 5,159 million yen (up 56.0% YoY), ordinary
profit was 5,119 million yen (up 46.8% YoY), and net income attributable to owners of the parent was 1, 870
million yen (up 62.3% YoY).
Net sales increased 18,789 million yen YoY due to growth in sales of Workforce development and language
learning in the Education domain and textbooks and instructional materials for elementary schools in the School
business, an increase in facilities and high occupancy rates in the Healthcare and Nursing domain, and theconsolidation of Ichishin Holdings and N.E. Holdings since the fourth quarter of the previous fiscal year and GrandUni Life Care Service since the second quarter of this fiscal year.
Operating profit increased by 1,851million yen YoY due to the above-mentioned increase in revenue as well asa restructuring of unprofitable businesses.
Ordinary profit increased by 1,632million yen YoY due to an increase in operating profit and a decrease inforeign exchange losses, despite a decrease in equity in earnings of affiliates.
Net profit attributable to shareholders of the parent company increased by 717million yen YoY, partly due tothe impact of the loss on sales of shares recorded in the first quarter.
Business performance by segment is summarized below.

Reportable segments
Education domain

Nine months ended
June 30, 2023
Operating
Net sales
profit57,268
1,956(Million yen)

Nine months ended
June 30, 2024
Operating
Net sales
profit69,1402,918

11,872

Operatingprofit
962

3,166

6,646

714

4,641

417

269

82

－

92

18,7891,851

Healthcare and nursing Domain

57,721

2,451

64,368

Other

4,371

334

Adjustment
Group total－△1,434－△1,342

119,361

3,307

138,151

5,159

2

ChangeNet sales

I. Renaming and removal of businesses (medium classification)

1) The former category “medical and nursing business” in the publishing and content business was removed as aresult of the reclassification of individual businesses.
2) The former category “businesses other than publishing” in the publishing and content business was renamed as“workforce development and language learning business” in the same category.
3) The former category “working adult business” in the kindergarten and school business was removed as a resultof reclassification of individual businesses.

II. Reclassification and transfer of individual businesses (small category)1) Business of publishing and selling learning materials, etc. for learning centers: [Old] Publishing and content
business > Publishing business → [New] Classroom and learning center business > Learning center business
2) Business of publishing and selling books on medicine and nursing: [Old] Publishing and content business >Medical and nursing business → [New] Same > Publishing business
3) Business of e-learning for nurses: [Old] Publishing and content business > Medical and nursing business →[New] Same > Workforce development and language learning business4) Corporate training business: [Old] Kindergarten and school business > Working adult business → [New]Publishing and content business > Workforce development and language learning business5) Elderly care service business of Ichishin Holdings Co., Ltd.: [Old] Healthcare and nursing Domain > Grouphomes for the elderly with dementia business → [New] Education domain > Classroom and learning center
business > Learning center businessClassification of the Group’s products and services after incorporating the above changes is as follows:
Reportingsegment
Education
domainLargeclassification

Mediumclassification
Classroombusiness

Classroom andlearningcenter Learningbusiness
centerbusiness

Publishingbusiness
Publishingand content
business

Kindergarten
and school
business
Healthcare
and nursing
DomainWorkforcedevelopment
and language
learning
business

Operation of classrooms for a range of children from preschoolers to juniorhigh school students (mainly elementary school students)
Operation of learning centers for a range of children from elementary school
students to senior high school students
Publishing and sale of learning materials for learning centers, assessment, andother materials
Publishing and sale of publications through distributors and bookstores
Operation of e-learning for training programs targeting nurses
Operation of online English conversation services
Operation of experience-based English learning facilities
Sale of corporate training contents and services

Preschooler
business

Procurement, planning, production, and sale of publications, child-care
products, equipment, and playground equipment for kindergartens and nurseryschools, as well as apparel items for teachers

Schoolbusiness

Planning, production, and sale of textbooks, instruction guides for teachers,
supplemental, digital learning materials, special needs education materials, andshort essay tutoring services

Elderly housing businessGroup homes for the elderlywith dementia businessChild raising support business

Other Domain

Individual business (small classification)

Planning, development, and operation of bases for elderly care services,
mainly serviced apartments for the elderly
Planning, development, and operation of bases for elderly care services,
mainly group homes for the elderly with dementia
Development, and operation of nursery schools, daycare centers, afterschool
children’s clubs, etc.
Logistics business, operation of relevant systems, undertaking of contract
work, etc.
Planning, contract work, and implementation of ODA business, and promotionof the Group’s overseas business
Planning and development of digital products and support for Group DX

3

[Education domain]

Net sales: 69,140 million yen (Up 20.7% YoY) / Operating profit: 2,918 million yen (Up 962 million yen or 49.2% YoY)
(Million yen)

Main businesses
Classroom and learning center
business
Publishing and content business

Nine months ended
June 30, 2023
Operating
Net sales
profitKindergarten and school business

Nine months ended
June 30, 2024
Operating
Net sales
profitChangeNet sales

Operatingprofit26,649684

39,181817

12,531

133

20,355

1,331

19,474

1,561

(880)

229

10,26355

10,484

852

221

797

－

(115)

－

(313)

－

(198)

Goodwill
Segment total

57,268
1,956
69,1402,918
11,872*The figures for the previous fiscal year have been retroactively adjusted due to business reclassification.

962(Classroom and learning center business)
Net sales: 39,181 million yen (Up 40.7% YoY) / Operating profit: 817 million yen (Up ¥133 million or 19.5% YoY)
In the Classrooms and Learning centers business, the environment has been prone to customer attrition after thedisaster of COVID19 due to the declining birthrate, which led to the enrollment of all public high schools, and theimpact of general families spending less on education, but signs of a gradual recovery are beginning to emerge. In
the Learning center business, there has been a marked recovery in the high school student sector, where demand forindividual tutoring has increased, and the use of Wingnet has played a role in this turnaround. In addition, eachcompany is focusing on preventing students from leaving the Learning center, and the results of these efforts are
beginning to emerge. In the classroom business, Gakken Schools secured a large increase in new classrooms overthe previous year, and this has been the driving force behind a recovery in membership.
Within this context, net sales increased due to the consolidation of Ichishin Holdings and N.E. Holdings, whichwere included in the group from the previous fiscal year, in the Learning center business, despite the impact of adecline in the number of preschool and elementary school students, the main customers for the Classrooms andLearning centers business.
Operating profit also increased, partly due to the consolidation of the two new companies mentioned above, despitea decrease in revenue from the classroom business.
(Publishing and content business)

Net sales: 19,474million yen (Down 4.3% YoY) / Operating profit: 1,561million yen (Up ¥229 million yen or 17.2% YoY)

In the Publishing Contents Business, the number of bookstores and print publications are declining, butopportunities to acquire information and learn through non-paper media and tools are increasing. In such anenvironment, if we look at the third quarter alone, the return rate has improved from the previous year, and there aresigns of improvement in the increasing trend of returns.
Sales in some businesses grew steadily, such as " Chikyu-no-Arukikata" in the publishing business, which
continued to be a hit with the J series focusing on domestic regions and collaborations with popular IPs, an increasein the number of hospitals contracted for e-learning for nurses in the Workforce development and language learningbusiness, and an increase in the number of students of the online English conversation service "Kimini". However,overall sales decreased due to the significant impact of struggling sales of children's books in the publishing businessand the impact of the change of an educational toy sales company, formerly in the non-publishing business, to an
equity method affiliate from the fourth quarter of the previous fiscal year.
Operating profit increased due to higher sales in " Chikyu-no-Arukikata", growth in the Workforce development
and language learning business, and a decrease in expenses resulting from the conversion of an educational toy sales
company into an equity-method affiliate.
(Kindergarten and school business)

Net sales: 10,484 million yen (Up 2.2% YoY) / Operating profit: 852 million yen (Up 797 million yen or 1,428.2% YoY)

In the kindergarten and school business, the number of children in kindergartens and kindergartens continues todecline. In school education, there is a need to respond to new learning guidelines, such as the digitalization of
textbooks and GIGA school adaptation.
In this environment, net sales declined in the preschooler business, due largely to factors that reduced the numberof kindergarten and preschool students. However, in the school business, textbooks for elementary schools wererevised this fiscal year, resulting in a YoY increase in the number of textbooks sold, as well as subject instruction
books, supplementary reading books, etc., and an overall increase in sales of Kindergarten and school business.
Operating profit also increased due to higher revenue from the revision of textbooks in the school business and anincrease in the number of instructional books sold.

4

[Healthcare and nursing Domain domain]

Net sales: 64,368 million yen (Up 11.5% YoY) / Operating profit: 3,166 million yen (Up 714 million yen or 29.1% YoY)
(Million yen)

Main businesses
Elderly housing businessGroup homes for the elderlywith dementia businessChild raising support business
Goodwill

Nine months ended
June 30, 2023
Operating
Net sales
profit26,527984

Segment total

26,549Nine months ended
June 30, 2024
Operating
Net sales
profit30,895
1,653

Change4,367

Operatingprofit
669

1,757

1,676

34

Net sales

1,722

28,225

4,644

92

5,247

195

602

102

－

(347)

－

(440)

－

(92)

57,721

2,451

64,368

3,166

6,646

714

(Elderly housing business)

Net sales: 30,895 million yen (Up 16.5% YoY) / Operating profit: 1,653 million yen (Up \669million or 68.0% YoY)

In the elderly housing business, although the challenging environment continues for new openings due to soaring
construction costs, sales activities in each area are steadily capturing the needs for resettlement after COVID 19
disasters, and we are responding to increasing demand by increasing the number of units per building and continuing
M&A and business succession activities. We are responding to increasing demand by increasing the number of units
per building and continuing M&A and business succession activities.
Net sales increased due to the opening of a total of 11 new elderly housing facilities by the end of this third quarter(9 internally developed and 2 through M&A), the continued high occupancy rate of approximately 97%, and theconsolidation of Grand Uni Life Care Service (with 15 facilities) from the 2Q of this fiscal year.
Operating profit also increased due to the consolidation of the above mentioned Grand Uni Life Care Service andhigh occupancy rates, despite higher prices for foodstuffs and supplies and labor costs.

(Group homes for the elderly with dementia business)

Net sales: 28,225 million yen (Up 6.3% YoY) / Operating profit: 1,757 million yen (Up 34million yen or 2.0% YoY)

In the Group homes for the elderly with dementia business, the number of late-stage elderly people aged 75 andover continues to increase, and the importance of dementia care is growing every year.
Under such circumstances, the number of locations has steadily expanded, with a total of 13 new buildings openedby the end of the quarter, eight developed in-house and five through mergers and acquisitions. Net sales increased
due to the increase in the number of locations and the continued high existing occupancy rate of approximately 96%.
Operating profit also increased due to the effect of higher sales, despite the impact of higher prices for foodingredients and other items and upfront investments in new businesses.

(Child raising support business)

Net sales: 5,247 million yen (Up 13.0% YoY) / Operating profit: 195 million yen (Up 102million yen or 110.8% YoY)

In the childcare support business, the number of children on waiting lists has largely been eliminated outside of
the Tokyo metropolitan area due to the decline in the number of births and the promotion of the development oflicensed nursery schools, but the need of children's club for afterschool activities known as the "first grade barrier,"
is increasing year by year due to the increase in dual-income households.
In this environment, net sales increased due to a continued high and stable nursery school capacity utilization rateof approximately 95%, as well as the stabilization of operations at newly commissioned children's club forafterschool activities.
Operating profit also increased due to an increase in the number of nursery school children.

5(Other)

Net sales: 4,641 million yen (Up 6.2% YoY) / Operating profit: 417 million yen (Up 82million yen or 24.7% YoY)

In the Other Business, in Southeast Asia, the number of children is increasing and demand for investment ineducation is rising. In addition, the use of digital educational materials and tools at home, Learning centers, andschools is increasing at an accelerating pace, making it imperative to develop a set-up for product and service
development.
Within this environment, net sales increased due to strong growth in ODA for emerging countries in the global
business and in the overseas expansion support business for companies in the private sector.
Operating profit increased from the same period of the previous year due to the aforementioned growth in the
ODA business, despite continued strategic investments in the digital field, particularly in the qualification business.

6(2) Explanation of Financial Position(Million yen)
As of September
30, 2023

Item
Current assets

As of June30, 2024

Change62,62065,152

2,531

20,836

22,101

1,265

Non-current assets

73,70767,368(6,339)Total assets

136,328

132,520(3,807)

Current liabilities

44,55046,146

1,595

Non-current liabilities

36,74332,268(4,474)

Total liabilities

81,29478,414(2,879)43,371

40,597(2,774)

Total net assets

55,034

54,106(928)

Total liabilities and net assets

136,328

132,520(3,807)

Equity ratio (%)*2

38.7

39.1

0.4

D/E ratio (times)*3

0.82

0.78

(0.04)Cash and deposits

Interest-bearing debt*1*1: Interest-bearing debt = Borrowings + Bonds payable + Lease obligations*2: Equity ratio = Equity / Total assets*3: D/E ratio = Interest-bearing debt / Equity

The total assets for the third quarter of the fiscal year ending September 30, 2024 amounted to ¥132,520 million,
decreasing by ¥3,807 million from the end of the preceding fiscal year. The main changes were an increase of¥1,265 million in cash and deposits, an increase of ¥2,193 million in notes and accounts receivable - trade, adecrease of ¥326 million in merchandise and finished goods, an increase of ¥375 million in intangible assets, and adecrease of ¥9,296 million in investment securities.
The total liabilities amounted to ¥78,414 million, decreasing by ¥2,879 million from the end of the preceding
fiscal year. The main changes were an increase of ¥311 million in notes and accounts payable - trade, a decreaseof ¥3,506 million in short-term borrowings, and an increase of ¥1,279 million in long-term borrowings.
The total net assets amounted to ¥54,106 million, decreasing by ¥928 million from the end of the preceding
fiscal year. The main changes were an increase of ¥791 million in retained earnings, an increase of ¥1,877 million
in treasury shares, and an increase of ¥365 million in Valuation difference on available-for-sale securities.
(3) Consolidated Financial Results Forecast and Other Forward-looking Statements
There is no change from the consolidated earnings forecast announced on November 10, 2023. The impact of theLong term care insurance fee revision on the Company's performance for the current fiscal year is judged to be
negligible.
Consolidated Financial
Results for the Fiscal YearEnding September 30, 2023
Net Sales

ChangesMillion yen

185,000

Million yen＋12.7 ％

Operating Profits

6,170 Million yen

6,400

Million yen＋3.7 ％

Ordinary Profits

6,477 Million yen

6,600

Million yen＋1.9 ％

Profit attributable to owners of parent

3,194 Million yen

2,700Million yen(15.5) ％Profit per share

164,116

Consolidated Financial
Results Forecast for the
Fiscal Year Ending
September 30, 2024

72.51

yen

63.09

yen

(13.0) ％The above forecasts are determined based on information currently available to the Company and include potential
risks and uncertainties. Please note that actual performance may vary significantly due to various factors.

7

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Million yen)
As of September 30, 2023

As of June 30, 2024

AssetsCurrent assets
Cash and deposits

20,836

22,101

Notes and accounts receivable - trade
Merchandise and finished goods

21,9199,606

24,113
9,279

Real estate for sale
Work in process

386
2,429

827
2,426

Raw materials and supplies
Other
Allowance for doubtful accounts

211
7,271
(41)

Total current assets

62,620

160
6,267
(25)

65,152

Buildings and structures, net
Machinery, equipment and vehicles, net

13,06456

13,22474

Land
Construction in progress
Other, net

4,499
10
1,557

4,552
174
1,538

Total property, plant and equipment

19,18919,564

Goodwill
Other

7,754
3,189

10,091
3,308

Total intangible assets

10,943

13,399Investments and other assets
Investment securities

27,64018,344

Other
Allowance for doubtful accounts

16,124(190)

Total investments and other assets

43,574

16,171(112)

Non-current assets
Property, plant and equipment

Intangible assets

Total non-current assets

73,707

Total assets

136,3288

34,40367,368132,520

(Million yen)
As of September 30, 2023

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

6,834

7,146

Short-term borrowings
Current portion of bonds payable
Current portion of long-term borrowings

6,956
10,245

3,450
6,000
9,784

Income taxes payable
Provision for bonuses

1,347
2,326

459
1,922

Other

16,84017,382

Total current liabilities

44,55046,146

Bonds payable
Long-term borrowings

6,000
19,052

20,331Retirement benefit liability
Other

4,684
7,006

4,708
7,228

Total non-current liabilities

36,74332,26881,29478,414

Shareholders’ equity
Share capital

19,817

19,817

Capital surplus
Retained earnings
Treasury shares

12,37017,433(315)

Total shareholders’ equity

49,306

12,29918,225(2,192)

Non-current liabilities

Total liabilities－

Net assets

Accumulated other comprehensive income

48,150

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

1,857
1

2,223
0

Foreign currency translation adjustment
Remeasurements of defined benefit plans

271
1,310

299
1,142

Total accumulated other comprehensive income

3,441

3,665

229
2,056

203
2,086

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

955,034

54,106

136,328

132,530

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income(Million yen)
For the nine months
ended June 30, 2023

For the nine months
ended June 30, 2024

Net sales

119,361

138,151

Cost of sales

85,604

100,975

Gross profit

33,757

37,175

Selling, general and administrative expenses

30,44932,015

Operating profit

3,307

5,159

Interest income
Dividend income
Share of profit of entities accounted for using equity
Method
Other

12
171

14
176

167
175

241

Total non-operating income

526

432

145

240

Non-operating income

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
Method

－

29

Other

202

202

Total non-operating expenses

348

472

3,486

5,119

4
117

0
452

Other

16

121

Total extraordinary income

137

575

2
3

190
86
1,089

Loss on valuation of investment securities

682

269

Other

98

73

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities

Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Loss on sale of investment securities

786

1,709

Profit before income taxes

Total extraordinary losses

2,837

3,985

Income taxes

1,543

2,018

Profit

1,293

1,966

Profit attributable to non-controlling interests
Profit attributable to owners of parent

10

140

96

1,153

1,870

Quarterly Consolidated Statements of Comprehensive Income(Million yen)
For the nine months
ended June 30, 2023

For the nine months
ended June 30, 2024

Profit

1,293

1,966

Other comprehensive income
Valuation difference on available-for-sale securities

1,130

371

Deferred gains or losses on hedges

2

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method

(14)
(112)

Total other comprehensive income

1,003

249

2,297

2,216

2,160

2,095

136

121

(0)

Comprehensive income

17
(138)
(3)

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to noncontrolling interests11(3) Notes to the Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.
(Notes When There Are Significant Changes in Amounts of Equity)
For the nine months ended June, 2024
There is no relevant information.
(Application of Special Accounting Treatments in Preparing Quarterly Consolidated Financial Statements)(Calculation of tax expenses)
Tax expenses are calculated by making a reasonable estimate of the effective tax rate after applying tax effectaccounting to profit before income taxes for the fiscal year, including the third quarter ended June 30, 2023, andmultiplying the profit before income taxes by this estimated effective tax rate.

12

(Segment Information, etc.)
I For the nine months ended June 30, 2023
1. Information on the amounts of net sales and profit or loss by reportable segment(Million yen)

Adjustment(Note) 2

Amountrecorded in thequarterly
consolidated
statements ofincome(Note) 3

119,361–

119,361

7,040

7,275

(7,275)–

115,225

11,411

126,637(7,275)

119,361

4,408

334

4,742

(1,434)3,307

Reportable segment
Other(Note) 1

Educational
DomainHealthcare andnursing Domain

57,26857,721

114,990

4,371

174

60

235

57,44357,782

1,956

2,451

Total

Total

Net sales
Net sales to externalcustomers
Inter–segment net sales ortransfers
Total
Segment profit(Notes)1.
2.
3.

“Other” includes logistics and other businesses that are not included in the reportable segments.
The adjustment of negative ¥1,434 million for “Segment profit” includes negative ¥1,440 million in company-wide
expenses that were not allocated to specific reportable segments. Company-wide expenses are mainly general andadministrative expenses that are not attributable to a reportable segment.
Total amount of “segment profit” is adjusted based on operating profit reported in the quarterly consolidated statements ofincome.

2. Information concerning impairment losses on non-current assets or goodwill, etc. by reportable segment
There is no relevant information.
II For the nine months ended June 30, 2024
1. Information on the amounts of net sales and profit or loss by reportable segment(Million yen)

Adjustment(Note) 2

Amountrecorded in thequarterly
consolidated
statements ofincome(Note) 3

138,151–

138,151

6,367

6,604

(6,604)–

133,746

11,008144,755(6,604)

138,151

6,084

417

6,501

(1,342)

5,159

Reportable segment
Other(Note) 1

Educational
DomainHealthcare andnursing Domain

69,14064,368

133,509

4,641

180

56

236

69,32164,424

2,918

3,166

Total

Total

Net sales
Net sales to externalcustomers
Inter–segment net sales ortransfers
Total
Segment profit(Notes)1.
2.
3.

“Other” includes logistics and other businesses that are not included in the reportable segments.
The adjustment of negative ¥1,342 million for “Segment profit” includes negative ¥1,347million in company-wide
expenses that were not allocated to specific reportable segments. Company-wide expenses are mainly general andadministrative expenses that are not attributable to a reportable segment.
Total amount of “segment profit” is adjusted based on operating profit reported in the quarterly consolidated statements ofincome.

2. Information concerning impairment losses on non-current assets or goodwill, etc. by reportable segment
There is no relevant information.

13

(Notes to Quarterly Consolidated Statements of Cash Flows)
We have not prepared a quarterly consolidated statement of cash flows for the nine months ended June30, 2024. Depreciation (including amortization related to intangible assets excluding goodwill) andAmortization of goodwill for the nine-month period are as follows.

Depreciation
Amortization of goodwill

Former 3rd Quarter Consolidated
Cumulative Period(from October 1, 2022 to June 30, 2023)
1,637 million yen
562 million yen

14

Current 3rd Quarter Consolidated
Cumulative Period(from October 1, 2023 to June 30, 2024)
2,144 million yen
873 million yen