Riso Kyoiku Co., Ltd.
Q1 Financial Results Briefing for the Fiscal Year Ending February 2025
July 19, 2024

Event Summary[Company Name]

Riso Kyoiku Co., Ltd.

[Company ID]

4714-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q1 Financial Results Briefing for the Fiscal Year Ending February 2025

[Fiscal Period]

FY2025 Q1[Date]

July 19, 2024

[Number of Pages]

24[Time]

15:30 – 16:07(Total: 37 minutes, Presentation: 19 minutes, Q&A: 18 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

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2Masahiko Tenbo
Masaaki Kume

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President, Representative Director and CEO
Vice President and CFO

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Presentation
Tenbo: Hello, everyone. I am Tenbo from Riso Kyoiku Co., Ltd. Thank you.
Kume: I am Kume from Riso Kyoiku. Thank you.
Tenbo: The time has arrived, and we will now begin the presentation of financial results for Q1 of the fiscal
year ending February 28, 2025.
Since this is Q1 of the fiscal year, we have decided to hold the financial results presentation online. We
apologize for any inconvenience this may cause you, and thank you for your understanding.
Kume: As usual, this time, we are holding the event online since it is the closing of the quarter.
In today's online investor relations session, I will first briefly explain the results for Q1 of the fiscal year ending
February 28, 2025 and its background, followed by an explanation of our shareholder return policy, and thenI will explain the corrections to the prior several years' reports and summaries of financial statements, which
we recently announced. After that, I will answer your questions via the Q&A function. Please feel free to send
us your questions via the Q&A function even during the explanation.
Well then, Mr. President, please start.

Tenbo: I would like to start with an explanation of the results for Q1 of the current fiscal year ending February,
2025, which we announced last week on July 12.
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Net sales increased JPY209 million to JPY6,901 million, operating income increased JPY173 million to minus
JPY190 million, ordinary income increased JPY159 million to minus JPY197 million, and net income increased
JPY65 million to minus JPY208 million.
There are seasonal factors in our business. In Q1, which is the start of the new school year, we tend to havethe lowest number of students because we send out students for entrance examinations in February andMarch, and in Q2 and Q4, when we use the long holidays to conduct training courses, we have a higher
number of students and classes.
In addition, Q1 is a period of high expenses due to the opening of new schools, et cetera, which inevitably
results in a negative profit during this period. Nevertheless, the current situation is that the Group's deficit ismuch smaller than before due to the presence of Shingakai and School TOMAS in the Group. We believe that
Q1 will be profitable in the near future.

I will then explain the background of Q1 results.
Net sales increased by JPY209 million YoY, or 3.1%, due to higher sales in TOMAS, Shingakai, School TOMAS,
and Plus One Kyoiku, except for Meimonkai.
As for profits, although personnel expenses increased, the deficit narrowed by JPY173 million YoY due toincreased sales, as well as a strategic review of expenses.

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By segment, TOMAS sales increased JPY88 million to JPY3,416 million and operating income increased JPY66
million to minus JPY385 million.
In Q1 of the current fiscal year, MEDIC TOMAS Shibuya school was newly opened and TOMAS Minami-Urawa
school was renewed, bringing the total number of TOMAS, MEDIC TOMAS, and Spec TOMAS schools, to 103
tutoring schools and 12 Inter TOMAS English conversation schools.

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4The number of students was up 1.3% over the same month last year. We revised our prices by an average of
3% in March of this year, resulting in a 2.1% increase in sales per student compared to the same month lastyear. In addition, as we have been doing since the previous fiscal year, we are concentrating our sales efforts
on priority schools and thoroughly implementing customer service in order to strengthen our profitability. As
a result, the number of students, which was flat in the previous fiscal year, is steadily increasing.

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Next, I will explain about Meimonkai. In Meimonkai, net sales decreased JPY35 million YoY to JPY1,008 million
and operating income decreased JPY41 million YoY to minus JPY50 million. The number of schools is 35
Meimonkai, two MEDIC Meimonkai, and 10 TOMEIKAI.

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The number of students was down 3.2% YoY, partly due to the consolidation of unprofitable schools in theprevious fiscal year, ended February 2024. Meimonkai consolidated and centralized its student recruitment
department into Riso Kyoiku. It has been strengthening its sales force and conducting efficient student
recruitment and solicitation activities, resulting in a steady increase in enrollments.

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Next, we explain about Shingakai. At Shingakai, net sales increased JPY1 million YoY to JPY1,305 million andoperating income increased JPY20 million to JPY53 million. In this Q1, we opened a new Konami Sports
Shinga's Academy Musashi-Kosugi school and renewed Shinga's Club Gakudo Kichijoji school.
The number of school buildings was 22 for Shinga's Club, eight for Shinga's Club childcare centers, and 22 for
Shinga's Club Gakudo.

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The number of students was minus 2.6% compared to the same month last year. In addition, tuition fees wererevised last November, resulting in a 3.5% increase in revenue per student over the same month last year.
Shingakai continues to reiterate its commitment to thorough customer service, including systematic individualinterviews, and is also implementing new measures, such as integrating its sales departments.

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9Next, we explain about School TOMAS. At School TOMAS, net sales increased JPY134 million to JPY767 million,
up 21.3% YoY, and operating income increased JPY75 million to JPY70 million, the first time it has been in theblack at this time of year.
The number of schools in operation at the end of Q1 increased by seven schools YoY to 87. The averagemonthly sales per school during the period were up 16% from the same month last year, to approximately
JPY1.7 million, and we believe that the trust of the schools is reflected in the figures.

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Tenbo: Next, we would like to explain our shareholder return policy, which will be presented by Mr. Kume,
Vice President and CFO.
Kume: We have changed our dividend policy as announced last year. As we announced last year, we areaiming for a dividend payout ratio of 50% or more and we plan to pay a dividend of JPY10 for the current fiscal
year.
Calculated in this way, that means a dividend payout ratio of 90.3% and ROE of 16.3% for the current profit
target. We have always managed our business with ROE in mind, and we would like to maintain an ROE of
10% or more as one indicator.
This dividend is subject to change depending on the business performance, but since the businessperformance is favorable so far, we believe that we will be able to pay a dividend of JPY10 for this fiscal year
as planned.

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Kume: Next, I would like to talk about the correction of prior period reports and summaries of financial
statements.
This has been explained in the disclosure, but I would like to ask President Tenbo to explain it again here. Mr.
President, please start.
Tenbo: As I have explained before, we became a group company of Hulic Co., Ltd. in May. In line with thischange, the accounting auditor was changed to Ernst & Young ShinNihon LLC, the same firm used by Hulic.
Until the previous fiscal year, we had obtained appropriate opinions from Seiei Audit LLC through financial
statement audits and internal control audits, and had submitted our annual securities report. However, during
the review process for Q1 of the fiscal year ending February, 2025, Ernst & Young ShinNihon LLC pointed out
two issues.
The first point is that the Company should have recorded an allowance for doubtful accounts for thereceivables of a subsidiary that is insolvent in the Company's non-consolidated financial statements.
The second point is that, in applying the accounting standards for impairment of fixed assets for the Company
and its consolidated subsidiaries, there may be an error in the method used to identify signs of impairment.
As a result of confirming these points with Seiei Audit LLC, our predecessor audit firm, we recorded anallowance for doubtful accounts only in the Company's non-consolidated financial statements. We revised
the timing and the amount to be recorded concerning the impairment losses.
In addition, there was a matter that should be corrected in the amount of inventories, so the financial
statements for prior periods have been corrected, along with this matter.
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Please refer to the notice of filing of correction reports of annual securities reports, et cetera, for prior periods
and the announcement of correction of the summaries of financial statements for prior periods released last
week, on July 12, for the amount of impact of this correction. Please check the announcements.

Next, I will explain our medium-term management plan and future outlook.
First, I would like to briefly explain the background to date regarding the strengthening of our alliance with
Hulic. It started about four years ago, in September 2020, when our company, Hulic, and Konami Sports
formed a three-company business alliance for the purpose of developing an education-specific building,
Kodomo Depart. In addition to the business alliance among the three companies, the Company has also
entered into a capital and business alliance with Hulic, and in October 2021, Hulic's equity share became
20.66%, with the strengthened capital and business alliance. At that point, the Company became an equity
method affiliate.
Through a series of strengthened relationships, Hulic, which handles real estate in prime locations, has
introduced us to properties in excellent locations, and we have developed new school buildings that aresuperior to those of other companies in the same industry.
In May of this year, with the aim of further strengthening the relationship between the two companies, Hulic
acquired the Company as a group company through a tender offer and a third-party allotment of new shares.
This will allow us to continue to secure advantageous properties, and the development of Kodomo Depart willfurther promote differentiation through an enclosure strategy in the education business, which we believe
will contribute to the enhancement of our corporate value.

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Regarding developing the Kodomo Depart series, we plan to open in Nakano in Tokyo and Tama-Plaza in
Yokohama in the spring of 2025, respectively. Construction is also scheduled to be completed the following
year, in 2026, in Shibuya.
In Shibuya, in addition to developing classrooms in Kodomo Depart, we expect that the building will become
a symbol of our company, as it will also set-up a place of learning and art for children.

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Next is the medium-term management plan. Regarding the medium-term management plan, on April 8 of thisyear, we released a notice regarding the formulation of a new medium-term management plan for the three
years through the fiscal year ending February 2027.
To give you some specific figures, for the current fiscal year, our first year of operations, we plan net sales of
JPY33.96 billion, operating income and ordinary income of JPY2.67 billion, and net income of JPY1.71 billion.
For the following year, the second year ending February 2026, we plan net sales of JPY36.22 billion, operating
income and ordinary income of JPY3.12 billion, and net income of JPY1.85 billion. For the final year, the fiscal
year ending February 2027, the Company plans net sales of JPY38.26 billion, operating income and ordinary
income of JPY3.36 billion, and net income of JPY2 billion.
The development of Kodomo Depart, as I explained earlier, has not yet started and is not included in thismedium-term management plan.

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15This medium-term management plan states that we will aim to achieve an average annual growth rate of 5%
or more by increasing sales through the growth measures to be promoted by each company in the Group.
In terms of profit, we will review and optimize advertising and other expenses to improve efficiency. We are
not a company that makes and sells products, but people are our assets and products, so we plan to raisesalaries as needed to secure more talented personnel, while improving cost efficiency.
We would also like to maintain a certain level of equity capital, as we need to be prepared for emergencies,
such as the COVID-19 pandemic and other natural disasters.
As explained in the section on shareholder return policy, we would like to maintain a dividend payout ratio of
50% or more, and we would like to increase our internal reserves, but we would also like to stick to an ROE of
10% or more. We are trying to have both.

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Regarding the medium- to long-term outlook, concerning the tutoring school industry, the number ofapplicants for elementary and junior high school entrance exams is increasing in some areas of the Tokyo
metropolitan area. However, the declining birthrate is already accelerating, and this trend is expected tocontinue, so we must assume that the increase in the number of examinees will be transitory over the next
few years.
We intend to continue to grow our business by expanding our vertical axis, which is based on the growth of
our existing businesses and our strategy for retaining customers, as well as our horizontal axis, which is basedon new businesses, such as Kodomo Depart and others.
Last but not least, we believe that becoming a member of the Hulic Group will allow us to leverage synergies,
not only in the increase of our schools in the future, but also in the consideration of new business
opportunities. We will continue to provide high-quality educational services, and by driving education, one of
Hulic's four Ks, the Group will promote differentiation through further enclosure strategies to develop a newcustomer base and expand possibilities.
We look forward to your continued support as we continue to enhance our corporate value and expand our
growth.
This concludes my explanation. Thank you very much for your attention.

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Question & Answer

Kume [M]: Okay, we have given you a brief explanation. We will now have a question-and-answer session.
First, we have received three questions in advance.
Participant [Q]: First, about inbound, in short, overseas study abroad, and then outbound, education fromJapan to overseas, is there anything your company is prepared to do?
Tenbo [A]: I think the situation is still difficult for foreigners. However, we have heard that there is a greatneed for Japanese families posted abroad, so we are in the process of offering online classes through our
subsidiary, Meimonkai. This is a rather interesting niche, but we hear that there is a considerable need for it,
and we would like to expand our business there first.
Participant [Q]: Second, can you give us any thoughts on the TSE's P/B ratio measures?
Kume [A]: P/B ratio is determined by the ratio of assets to stock price. I think this is one of the criteria for 1x,
which, in essence, means 1x in terms of break-up value. In a way, I think P/B ratio is a barometer of popularity.
The P/B ratio for the fiscal year ended February 2020 was 7.4x, and the most recent is 3.96x, which meansthat the multiple is decreasing. This was a time when the share price was JPY400 or JPY500 around the fiscal
year ended February 2020, and the P/B ratio was very high. The tutoring school industry was probably popular
at this time. Now with the declining birthrate and the coronavirus, the stock price of the industry as a whole
has dropped considerably. The Company's stock price, which was JPY500, is now JPY250, so the price has
dropped by about half from its peak. Given that it has gone down in the last four years to five years, I think itmeans that the P/B ratio will naturally fall, since the net assets have not changed that much.
There are many ways to evaluate whether this is a good or bad thing, but if you consider, for example, banks
or electric power companies, there was a long period of time when P/B ratios were below 1x for a long time
and the break-up value was high. This is evidence that it was not popular.
But the fact that there are four times as many as there are at the moment suggests that there are still market
expectations. In any case, as I mentioned earlier, we will also accumulate assets, be prepared, and aim for an
ROE of at least 10% and a dividend payout ratio of at least 50%. If we can do this as our business performance
expands, dividends will increase and corporate value will also rise, so we will work toward these two goals as
our indicators. We look forward to your continued support.
Participant [Q]: Third, what are the industry trends?
Tenbo [A]: Thank you. Your question is about the industry trends.
I still think that the declining birthrate will be the keyword altogether now. Therefore, I believe thatpolarization, will continue to accelerate, and M&A will be considered more than ever in the future.
The situation is said to be good for cram schools for topnotch junior high school entrance examinations, andwhen it comes to individualized and group cram schools, sales and numbers of students are increasing forindividualized cram schools. I have often heard many stories of people who have difficulty with groups but
are making do on an individual basis, so I believe that this is the situation.

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In the future, I still believe that we must thoroughly implement a differentiation strategy and make ourcompany firmly clear that we are a preparatory school and a preparatory school with individualized instruction.
This is a bit vague, but I think that's what I'm trying to say.
Participant [Q]: Is it possible to quantify the synergies from the alliance with Hulic?
Kume [A]: It is difficult to say exactly what the synergies will be since we have not started, but if we build 20
buildings as planned, it is easy to imagine that the sales of TOMAS and Shingakai will increase by that amount.
Tenbo [A]: If not relocation.
Kume [A]: If it is not a relocation, we are in the process of verifying this, but there is definitely no negative
impact, so we will announce this somewhere as soon as the numbers are finalized.
Specifically, since Kodomo Depart will open next year, we would like to revise the medium-term management
plan while observing various reactions there. For now, we are still prudent as it hasn’t started yet so we havenot included a number in the medium-term management plan. We will be able to announce an approximate
number around the end of this year since Kodomo Depart will open in Nakano and Tama-plaza next year.
Tenbo [A]: I think we will inevitably have to show you there.
Participant [Q]: Regarding the preschool education business, overall sales have remained flat despite the large
price increases. What are the gaps or factors that led to the decline in the number of students?
Kume [A]: Regarding Shingakai, as you pointed out, the price increase was quite large, but the number ofstudents for Shingakai as a whole has not decreased so much. The main reason is that the number of students
in the examination bureau has decreased by about 200, which is about a 10% decrease as a percentage. The
profit margins and the sales of the examination bureau are the highest. They amount to about three times ashigh as those of after-school childcare programs. The reason why it has remained flats is that the number ofin the after-school childcare programs is increasing, but the number of students in the examination bureau is
decreasing.
In the meantime, we are trying to increase Shingakai's sales by increasing the number of camps and various
events starting from this summer course. Moreover, we will try to change the way Shingakai recruits students
and create a student recruitment sales force within Shingakai. The Riso Kyoiku Group has been in charge ofrecruiting students for Shingakai thus far, but starting in July or August, we will begin recruiting students byintegrating them into the Shingakai classrooms in full swing.
If this increases the number of students in the examination bureau, we naturally expect to generate moresales than the price increase. We, too, are taking a wait-and-see approach to this change in our sales approach,and we want to make this a success.
Tenbo [A]: I think the current situation is that the decrease in the number of students in the examination
bureau is directly related to sales.
Participant [Q]: The next question is, can you tell us about your company's industry position and market sharein the tutoring industry?
Tenbo [A]: Among the listed companies, I think we are now just in second or third place in terms of sales, andthere are just two companies in second place.

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It is difficult to give a market share because, in the tutoring industry, there are not only listed companies but
also non-listed and very small private tutoring schools doing well locally.
Kume [A]: Last time I checked, wasn't the share given by the number of students?
Tenbo [A]: In terms of the number of students is about 4%., that is like the situation. I think we need toincrease that a little more. That is all I have to answer here.
Participant [Q]: Next question, what are your financial management policies and target financial indicators?
Kume [A]: In terms of finance, we are very particular about the capital adequacy ratio. We have about JPY10
billion in equity capital at the moment, and the industry average is now 50.6% in terms of equity ratio. In thetutoring school industry. In some places, the rate is as high as 80% to 90%, but in others, it is 20% to 30%. The
idea is to use this 50% as one criterion.
In terms of amount, we want to have 1/3 of their annual sales in cash, which means we want to have JPY10
billion of the JPY30 billion, JPY15 billion if our yearly sales amount to JPY50 billion, or about this much,considering risk of the coronavirus pandemic, earthquakes, and so on.
Participant [Q]: Next question, other than for children for example, is there any possibility of expanding into
the educational field for adults?
Tenbo [A]: I think this is very conceivable. Inevitably, students are somewhat separated from us after college
entrance exams, and when we think about the important customer base there and the need to surround them,
we need to consider such things as well.
Currently, Inter TOMAS provides English conversation and English education services for older students, but I
think we need to consider various other options as well.
It is difficult to become the core of the project, so it has been difficult for us to get involved in this area.
However, now that we have the backing of Hulic, we believe that various possibilities will emerge in the future.
Participant [Q]: Next question, please tell us about the high rate of growth in sales at School TOMAS, thereasons for this growth, and how it will be sustained in the future.
Kume [A]: The business School TOMAS was started by us, and we now have the first-mover advantage. Thismodel is now growing as a very solution-oriented function for the problems of today's junior and high schools,
especially in Japan.Now we are working with integrated junior high and high schools, mainly private schools,
but there is a shortage of teachers at such schools and a desire to increase university entrance exam results
in response to the declining birthrate. We enter such places to take care of remedial work, listen to students,
and provide individualized services there.
This is one of the subsidiaries we are most excited about. Of course, we make the number of students inexisting businesses, like Shingakai, TOMAS, and Meimonkai grow as mainstays, but this is very much in linewith the times, and there is a lot of need, so I believe the highest growth rate will be here.
Right now, we have about 90 schools under contract. We would like to increase the number of private schools
to 200, if possible, in terms of market share. We would like to do that over about three years to five years andbring it up to double.

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Also, the profit margin here is very high, as a business model our profit margin is now about 8% for the entire
group. If we can somehow get a 10% to 15% profit margin here, it would be a great contribution to the entire
group.
The only feature of School TOMAS is that it integrates supplementary education and individualized education,a model that no other subsidiary has adopted, and it is currently growing. I believe this is one of the mainfeatures of the medium-term management plan from now on. There is plenty of sustainability in the future.
Additionally, if we work with public schools, we will have a little more growth potential, so I hope you
understand that this is still a challenge for us. That is all.
Participant [Q]: I think 4% of the share by the number of students is admirable.
Tenbo [A]: Thank you. However, I think this applies to the listed companies.
Participant [Q]: Next, please tell us about your M&A policy.
Kume [A]: This means we will do when we have the chance. We believe that it is difficult to respond to thedeclining birthrate and ensure the business's continuity with only the current businesses, as I mentioned
earlier. I think it is to participate in Kodomo Depart as part of doing various things about education in general,
not just cram school.
It means that there are many different areas of education. There's dietary education, of course, and thenthere's things like physical education. There's the Internet, which is so popular nowadays, and all kinds ofclasses and all kinds of things. I think we need to consider whether we will tie up with such places in themeantime, or whether we will do M&A, but I think we need to collaborate with them in various ways.
Also, thanks to becoming a Hulic Group company, we now have the capital strength and the funds to makeacquisitions, so I think we can be proactive if the opportunity arises.
We are discussing this with Hulic and making various assumptions, and hope to make some kind ofannouncement at some point. We want to be cautious and proactive here for the present. It is hard to say
exactly, but we want to be cautious and proactive.
Tenbo [A]: In the education industry, since we are not a company that makes and sells products, so I think wehave to be very careful in this area.
That is all for your questions. If you have any other questions, please do not hesitate to email or otherwise
contact our corporate planning department.
Since there are no further questions, we would like to close this presentation of the financial results for Q1 of
the fiscal year ending February, 2025. Thank you very much for your time today.
Kume [M]: Thank you very much.
[END]______________
Document Notes
1.
2.
SupportJapan
TollfreePortions of the document where the audio is unclear are marked with [Inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].

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3.
4.

SupportJapan
TollfreeSpeaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

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