Riso Kyoiku Co., Ltd.
Q3 Financial Results Briefing for the Fiscal Year Ending February 2024
January 18, 2024

Event Summary[Company Name]

Riso Kyoiku Co., Ltd.

[Company ID]

4714-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q3 Financial Results Briefing for the Fiscal Year Ending February 2024

[Fiscal Period]

FY2024 Q3[Date]

January 18, 2024

[Number of Pages]

25[Time]

15:30 – 16:09(Total: 39 minutes, Presentation: 18 minutes, Q&A: 21 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 for your cooperation.
Kume: I am Kume from Riso Kyoiku. Thank you.
Tenbo: The time has arrived, and we will now begin the presentation of the financial results for Q3 of the
fiscal year ending February 2024. Since this is Q3 of the fiscal year, we have decided to hold the financial
results presentation online. We apologize for any inconvenience this may cause and appreciate yourunderstanding.

Kume: I will explain the results for Q3 of the fiscal year ending February 2024, the background of the results,
the shareholder return policy, the medium-term business plan, and the future outlook, based on thepresentation materials, and then answer the questions that you have sent to me via the Q&A function. Pleasefeel free to send us your questions through the Q&A function even during the explanation.
Well, then, Mr. President, please start.

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Tenbo: I will now explain the results for Q3 of the current fiscal year ending February 2024.
Net sales increased 2.3% YoY to JPY23.771 billion, operating profit increased 2.8% YoY to JPY1.67 billion,
recurring profit increased 1.9% YoY to JPY1.691 billion, and net income increased 15.1% YoY to JPY1.176 billion.

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As background to this performance, net sales were slightly better than the previous year, thanks to increased
sales in the tutoring schools business segment, which is our mainstay, as well as the in-school one-on-one
instruction segment and the character-building training camp education segment.
Profits were also slightly higher than the previous year, thanks to increased sales and a strategic review of
expenses.
In particular, the increase in profits at subsidiaries Meimonkai and School TOMAS, which increased profits by
JPY124 million and JPY214 million, respectively, from the same period of the previous year, had a significant
impact on the performance.

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By segment, in the tutoring schools business segment, TOMAS opened a new Nakameguro school andrenewed three schools, which are the Futakotamagawa, Center Kita, and Chiba schools in Q1.
In addition, 2 schools, the Nerima and Yotsuya schools, were renewed in Q2.
In Q3, we opened three new schools, which are the Kachidoki, Jiyugaoka 2 building, and Ochanomizu schools.
By Q3, a total of 4 new schools have been opened and 5 schools have been renewed.
As for the number of schools at the end of Q3, the total number of tutoring schools, including TOMAS, MedicTOMAS, and Spec. TOMAS, is 103. There are 12 English conversation schools.
In Q4, the Funabashi school opened in December.

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5The number of students at the end of Q3 was down 1.4% from the same month last year.
However, due to the impact of price revisions implemented in March, the average unit price at the end of Q3
was up 3.3% from the same month last year.
In TOMAS, the sales department selected a priority school and concentrated its sales efforts in this fiscal year.
In addition, since Q3, the teaching department has improved its customer service by revising its strategy of
TEL visits, which involve communicating by phone to report progress and share issues, and it has resulted in
the prevention of withdrawals, and the number of students is on the road to recovery.
Currently, in December, the number of students has returned to almost the same level as the previous year.

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Next, in the tutor dispatched education segment, the Meimonkai Kyoto Ekimae school 2 building was newly
opened and the Chiba Ekimae school was integrated into the Tsudanuma Ekimae school in Q1.
In Q2, the Nishi Hiroshima Ekimae school was integrated into the Hiroshima Ekimae school.
As of the end of Q3, there are 36 Meimonkai schools, 2 MEDIC Meimonkai schools, and 12 TOMEIKAI schools.
In Q4, the Meimonkai Okayama Satellite school was integrated into the Okayama Ekimae school in January,and 2 TOMEIKAI schools will be closed in February.

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The number of students at the end of Q3 was down 9.3% from the same month last year.
The average unit price at the end of Q3 was up 9.5% from the same period of the month year due to theimpact of price revisions implemented in March.
In Meimonkai, as reported earlier, profits increased by JPY124 million compared to the same month of lastyear, thanks to cost reductions resulting from the more efficient use of expenses.

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8Next, in the early childhood education segment, we opened new schools in Q1, which are Shinga's Club
Gakudo, an after-school, the Futakotamagawa school, and the Konami Sports Shinga's Academy Nishinomiya
school. We also renewed the Shingakai Futakotamagawa school and the Konami Sports Shinga's Academy
Shinagawa school.
In Q3, we closed 2 schools in the Kansai region, the Shingakai Shijo-Karasuma and Nishinomiya-Kitaguchi
schools.
As for the number of schools at the end of Q3, Shingakai had 22 schools. There are 8 Shinga's Club childcare
centers and 21 Shinga's Club Gakudo, including Konami Sports Shinga's Academy.

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9The number of students at the end of Q3 was down 3.5% from the same month of last year.
Since we have implemented price revisions in the summer session and the changeover of the school year in
November, the average unit price at the end of Q3 was up 1.9% from the same month of last year.

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10Next is the in-school one-on-one instruction segment, which had 81 schools in operation at the end of Q3.
School TOMAS is finally stabilizing its operations, with the average unit price increase of 19.8% from the samemonth last year at the end of Q3.
The number of schools with average monthly sales of at least JPY3 million, which is our target, is 38 schools,
for a total increase of 7 schools compared to the same month of last year. The number of schools with amonthly average of JPY5 million or more also increased by 4 schools, bringing the total to 10 schools.
Recently, we have seen quite a few other companies in the same industry enter the market. We believe thatour point of differentiation is that we contribute to the improvement of schools' academic performance byproperly managing students' learning progress based on TOMAS's know-how of individualized instruction forhigher education.
In addition to supporting the schools' academic performance, it is also being evaluated as a means of solving
the issue of long working hours for teachers.
We are still receiving inquiries from many schools, and we are also conducting sales activities and are on theverge of introducing service to 100 schools.
In addition, the range of school grades in schools that are already using our service is expected to expand year
by year, which means that we are anticipating an increase in future revenues.
We expect that by continuing to carefully develop our schools, this will become the fourth pillar of ourbusiness, following the three main businesses of TOMAS, Meimonkai, and Shingakai.

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11Next, Mr. Kume, Vice President, will explain our shareholder return policy.

Kume: As the disclosure was made on April 21 of last year. From this fiscal year, our policy of enhancing
retained earnings while giving consideration to stable profit returns remains unchanged.
We would like to implement as planned the dividend of JPY10 per share announced at that time.
The dividend payout ratio will be 74.9% if the Company makes a profit as planned.
The devidend yield, it is now about 4.2%, and I think it is a little low, but we will continue to pay dividends asplanned.
President Tenbo will now explain the medium-term business plan. Please.

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Tenbo: I would now like to explain the outlook for the future.
First of all, regarding the medium-term business plan, although we announced the new medium-termbusiness plan on April 21 of last year, the situation has changed considerably since then, with continued
increases in labor costs and other prices.
In light of this, we are currently formulating a new medium-term business plan, since the figures are still
being calculated. The new medium-term business plan is scheduled to be announced around Q4, which is thefull-year results of the fiscal year, we hope you will wait for the announcement.

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As for the medium- to long-term outlook, in the tutoring schools industry, the number of students taking
entrance examinations for elementary and junior high schools in the Tokyo metropolitan area is on the rise.
However, the declining birthrate is expected to continue in the future, and the feverishness of the entrance
examinations will reach its peak at some point, so it must be considered as a temporary phenomenon.
We are aiming for continuous growth by expanding a strategy of enclosure and our alliances with otherindustries. The enclosure strategy is the growth of existing businesses that we have been promoting, andalliances with other industries are the new businesses that we will develop, such as the Kodomo department
store project.

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First of all, for a new project, TOMAS has started a new self-study room for junior high and high school
students in November. As featured on a TBS morning program the other day, this members-only self-study
room is for students who wish to study at so-called top-ranked universities and the unique selling point is thatcurrent and capable University of Tokyo students are staffed as tutors and can be asked questions at any time.
If you study at home or in the library, you are likely to leave the parts you don't understand and ask questionsat school or at prep school on some other day, but if you study here, you can immediately ask questions toyour tutor, a University of Tokyo student, when there is something you find a little tricky.
In addition, in collaboration with TOMAS, if the students who wish to gain a deeper understanding of a unit,
they can receive optional one-on-one instruction from TOMAS.
We believe that for highly conscious top-class students who aspire to enter the University of Tokyo, Kyoto
University, national medical schools, etc., they can study more efficiently, and we think we can help students
pass the entrance examinations to top-ranked universities.
We believe that this could lead to a new customer segment of students who have not attended TOMAS in thepast and we believe that they will contribute to the higher education performance.

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Next, I will explain our DX promotion.
In the current fiscal year, we have established the DX Strategy Promotion Committee to discuss future DX
strategies with the consulting services by a consulting firm.
By integrating databases that are currently managed separately by each company, we will be able to unify
systems with duplicated functions, reduce unnecessary costs, and most importantly, effectively utilize thedatabases to conduct cross-group approaches and customer approaches, which will further promote ourstrategy of enclosure.
According to current estimates, the digitalization of operations is expected to save 580,000 hours per year,
which will allow employees to focus on their primary job of communicating with students, parents, andinstructors, thereby improving customer satisfaction, preventing membership withdrawal, and increasing newmemberships.
We will develop new educational service by maximizing customer service from achieving operational
efficiency and utilizing our strengths.

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The next is alliances with different industries.
As I have explained many times in the past, the Kodomo department store series developed by our company,
Hulic, Konami Sports, and the Konami Sports Shinga's Academy developed by Shingakai and Konami Sports
are the core services.
As for the Kodomo department store series, which was reported in the Nikkei MJ the other day, constructionis scheduled to be completed in Nakano and Tama Plaza in 2025. The next one is scheduled to open in Shibuya
in 2026. The increase in the number of working parents has increased the need for cram schools, lessons, andGakudo.
We are also considering introducing a clinic in the Kodomo department store to handle sudden illnesses ofchildren. We also intend to capture the demand of families with small children by reducing the burden to
travel between classes for lessons and providing a one-stop service.
Currently, a total of seven properties, including three from Nakano, Tama Plaza, and Shibuya, are in theprocess of being materialized, and we plan to expand the number of buildings to 20 by 2029.

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Next, I would like to explain our alliance with Konami Sports.
The alliance between Shingakai for early childhood education and Konami Sports is developing a new brand,
Konami Sports Shinga's Academy, which helps students balance study and sports.
The Shinagawa school opened in April 2022, and thanks to its full capacity, the school expanded last April. In
April last year, we opened the Nishinomiya school and are planning to open the Musashi-Kosugi school in April
this year, though it will be the next term. Including these three schools, we plan to expand to 20 schools in
the Tokyo metropolitan area and Kansai area in the future.
Lastly, this year has begun with shocking news. We express our deepest sympathies to those affected.
In the tutoring schools industry, the entrance examination for private junior high schools began this monthon January 10, starting with Saitama Prefecture. In addition, the Common Test for University Admissions washeld last weekend on January 13 and 14. The situation is that the examination is finally in full swing. We arecommitted to providing care and flexible guidance to our students so that as many students as possible canpass the entrance examination to their first-choice school.
We intend to continue to enhance our corporate value and expand our growth by providing high quality
educational services while respecting the individuality of our students. We look forward to your continued
support as we strive for sustainable growth and increased corporate value.
This concludes my presentation. Thank you for your kind attention.

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Question & Answer

Kume [M]: Now, we will have time for questions and answers. As always, we will be happy to take yourquestions from the Q&A section at the bottom of the screen, so please send us your questions.
Participant [Q]: The full-year performanceforecast remains unchanged, but to achieve it, you need to earn
about JPY1.3 billion in Q4. What are your thoughts on the probability and feasibility of this?
Kume [A]: As we have already disclosed, the progress of the achievement rate, to be honest, for operating
profit is not too bad, and recurring profit is a little behind. For net income, we see a possibility that it will bevery close to the full-year forecast.
As President Tenbo explained earlier, the number of students at TOMAS was declining last year, but it has
been on a recovery trend since December. Shingakai has raised price overall from November this year,
although it is a little behind the sector. The effects of this will be seen from November to February, so if thebudget goes as planned, I don't think there is any need to revise the net income at all. Operating profit will
also recover considerably. As for recurring profit, I think it is a little tough.
We are not thinking correct it at this time and have the feeling dividend on this is definitely fine.
As I mentioned earlier, in Q4, the number of students is back on track, and the winter session is also goingwell and Then, given that the student contract is in good shape for the next term, we do not think it isnecessary to make any modifications at this time.
Tenbo [A]: Currently, we are working hard to achieve this goal.
Participant [Q]: There is a request for enhanced disclosure about consolidated subsidiary. Could you provide
comments on this matter?
Kume [A]: I am aware of that. We have not yet put together how we will disclose, what the roles are, and how
well we will work together, so once they are settled, we will disclose.
However, we are aware of the request and hope you understand that we are working on it.
Participant [Q]: Please share the expected grouth rate, scale and performance impact of in-school tutoring?
Tenbo [A]: I believe it is about School TOMAS. What makes the situation better this quarter is that we did nottake the easy way out. We have made a firm proposal to receive the amount of money that will enable us toprovide the service well; in other words the unit price per month, so I think the speed will be a little slower.
However, I believe that we will reach the point where we can hope for 100 schools in the next term, and in
the future, I believe that the number of schools will increase to 120 and 150.
We would like to carefully expand the scale, so the impact and scale will be, as it stands now, JPY10 billion for
the target. We would like to carefully grow this business.
I hope it answered your question.
Participant [Q]: How about your intention to disclose the measures for management, with an awareness ofcapital cost and stock price?

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Kume [A]: This overlaps with my earlier response, but we are currently working on various aspects for the TSE
request in the planning department, so we will announce it as soon as it is finalized. Please wait for it. We are
fully aware of the request.
Tenbo [M]: Thank you very much for your patience.
Participant [Q]: I have heard that the overall trend for the university entrance examination is that more andmore students are deciding to go to higher education by the end of the year. Do you see more withdrawals
than the normal level?
Tenbo [A]: As for the university entrance examination, such trends are increasing. The situation of an early
entrance examination and an early withdrowal. However, since we are providing one-on-one instruction, we
will make sure that such students are also taken care of until the end. Even after the examination is over,some of the students are still taking classes to prepare for university.
In addition, there are many students who are aiming for top-ranked universities and medical schools, so they
will continue to study there until the entrance examination.
However, it is a fact that the number of students who are passing admission office entrance examinations orcomprehensive selection entrance examinations is increasing.
Participant [Q]: The number of students is decreasing. What are your thoughts on the situation of competitionby the business type in the existing business?
Kume [A]: The Meimonkai and, for example, TOMAS are overlapping. I believe it is what would it be theanswer to the situation of competition by the business type in the existing business.
Tenbo [A]: If the question is about cannibalization by the competition, I don't think there is, not much.
Kume [A]: Maybe you are saying that if we operate School TOMAS, there will be fewer people going to TOMAS,
but there really is no such thing.
Tenbo [A]: I think the situation is that the new students are increasing.
Kume [A]: Rather, this is the opposite. Actually each company has its own information on students in existing
businesses, and we have not yet been able to share this information with the Group as a whole. For example,
the people at TOMAS don't have information on Shingakai, and the people at Meimonkai don't have it either,which is why we are now trying to do it with DX.
Of course, it is customer information, so once we have that system in place, we will get the parents to agree
to share their customer information, but we are in the process of trying to link that information to each otherright now. This means, on the contrary, that we are trying to create more synergies by doing so between
companies.
We are trying to complete this in about 3years. That is another major pillar of what we are doing in the DX
Strategy Committee that I mentioned earlier.
Participant [Q]: Why do you believe that stock prices are stagnant?
Kume [A]: It was JPY500 at one time. Since it is already less than half and the yield is also 4.2%. I consider it
to be stagnant.

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I believe that the most direct cause of our company's low stock price is the fact that we have revised ourdividend policy. I believe it is also true that investors who wanted dividends have left us but we are now
steering our management with an emphasis on growth strategies.
If we can demonstrate this, we will be reevaluated again. Also, looking at our industry as a whole, I believethat the market's evaluation of our industry has become much lower due to the declining birthrate.
Therefore, we have been in the education business for a long time, but we run our company from theperspective of providing a service.
As I explained in the earlier, by expanding the enclosure strategy and alliance, we intend to broaden the scopeof our education in collaboration not only with cram schools, but also with others, and we hope this willcontribute to our growth. If we can show that, we believe our reputation will improve.
Therefore, in response to this question, I would say that we are in the doldrums, considering that it is difficultfor investors to understand what we are trying to do.
Tenbo [A]: I think that the stock price will be evaluated by doing our best and performing well.
Participant [Q]: How about the trends at the time of enrollment in Shingakai's examination department andShinga's Club Gakudo?
Tenbo [A]: The examination department is still in a situation where the number of students is decreasing quite
a bit. However, we have heard the intention to firmly rebuild from November, and they are now working
diligently to rebuild.
Gakudo is growing steadily. The number of schools has increased, and the increasing number of students
enrolled has not changed.
Participant [Q]: How is your company positioned for Hulic having your stock? Are you a part of Hulic's
building? Is there any advantage for your company to be in a Hulic's building with a good location in front ofa station at a preferential rent?
Kume [A]: As you can see from Hulic's disclosure, Hulic has disclosed that in addition to the building businessand real estate business, they are also planning to do other businesses with a K letter, such as senior citizen・
health(Koreisha・kenko) , “tourism(kanko)“ and “environment(Kankyo)”.
As one of the Ks, they are trying to broaden the scope of activities to include education.
So, what Hulic is proposing to us now is that we can see the Kodomo department store in concrete form, but
in terms of education, we are also thinking of doing something related to overall education, such as food andnutrition education, medical care, and creating interest in money. They are doing them through Riso Kyoiku.
It is our understanding that Hulic is doing it with this thought on positioning.
We understand that Hulic probably positions our company as the core of such an education business, and wehave heard this from Hulic as well.
It is true that Hulic owns a building in a good location in front of a station, but there is no preferential rent.
However, they give us the information first. Of course, they accept our negotiation on the rent, so it is notpreferential rent, but they will treat us preferentially, which is obviously a benefit. We have the right to choose,
and we are not talking about being forced to choose, which is very beneficial.

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The rent for this Kodomo department store is being proposed at a reasonable price, so we are moving in.
Participant [Q]: Is there any concern that noticeable price increases at Shingakai will cause a loss ofcustomers?
Tenbo [A]: Basically, we don't think that raising prices will cause customers to leave, but it is about whether
the service is worth it or not. The management side is thinking that the important thing is not about the cost
but the content of the service.
Participant [Q]: I understand that there is no conflict between different types of businesses, but is thecompetition with competitors for securing students intensifying, and is your advantage deteriorating?
Tenbo [A]: We have no choice but to constantly improve our services and to differentiate our services. We
believe that is the only way.
Such areas must also be leveraged. We, of course, take that as a challenge now. I see that competition isintensifying. You are right.
Kume [A]: Looking at the current financial results of other companies, I don't really think we are losing against
similar tutoring schools. As I mentioned many times before, we were one of the first companies to launch acompletely one-on-one instruction, and I feel that the understanding we have received from parents has notdeteriorated compared to other companies in our industry, if we only look at the figures.
As I said before, I think the drop in the number of students is due to the services we provide, so I don't feelthat we are losing there.
Tenbo [A]: I think we are in a situation where we have to constantly brush up on our service.
Participant [Q]: Considering the capacity of famous elementary schools,I think most of the children who cometo Shingakai will not be able to pass the exam as expected and will go to public schools or elementary schools
below their second choice.To what extent can you win such students over to the junior high school entrance
exam?
Tenbo [A]: For how well we are able to win Shingakai students over to junior high school, the connection is
not very big here yet. Of course, there are students who have attended Shingakai, and then come to TOMAS,
but it does not mean they are smoothly.
The elementary school entrance examination ends in November of the senior class students. I think it would
be difficult to think of TOMAS immediately after that. As for when they think take the junior high school
entrance examination, second grade is at the earliest. There is first grade as well although the number is small.
Then, I think it’s not that much.
Kume [A]: The very point of your question is exactly where we are a little short, and that is connected to the
explanation of the DX that we are working on now.
Enhancing synergy by sharing students’ information in each group is not systemized, so as I mentioned earlier,the Strategy Committee is currently working on a plan to implement DX as a major theme in the next three
years. This is the plan we are working on right now.
Tenbo [A]: Also, right now, we are very focused on the continuation from Shingakai's examination department
to Gakudo. In this way, there is a flow from Gakudo to TOMAS, and we believe that we are on the verge ofcreating a buffer for this type of activity.

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Kume [M]: Thank you for all your questions. Well, then, it is time, so I will end the briefing.
Tenbo [M]: With that, I would like to close this financial results meeting. If you have any new questions, pleasecontact the corporate planning department at any time. Thank you very much for your time today.
[END]______________
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Speaker 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.
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