Riso Kyoiku Co., Ltd.
Q2 Financial Results Briefing for the Fiscal Year Ending February 2022
October 8, 2021

Event Summary[Company Name]

Riso Kyoiku Co., Ltd.

[Company ID]

4714-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q2 Financial Results Briefing for the Fiscal Year Ending February 2022

[Fiscal Period]

FY2021 Q2[Date]

October 8, 2021

[Number of Pages]

27[Time]

15:30 – 16:04(Total: 34 minutes, Presentation: 12 minutes, Q&A: 22 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

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Shigenori Hirano
Masaaki Kume

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President and CEO
Vice President and CFO

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Presentation
Hirano: Hello, everyone. I am Hirano from Riso Kyoiku Co., Ltd. Thank you for joining us today.
Kume: This is Kume from Riso Kyoiku. Thanks.
Hirano: We will now begin the conference call for the second quarter of the fiscal year ending February 28,
2022.
Again, as part of our infection prevention measures, we decided to hold the financial results briefing online.
We apologize for any inconvenience this may cause and thank you for your understanding.
Kume: Today, as in the previous session, I would like to start by discussing the results of the second quarterfor FY02/2022 based on the materials, and the upward revision of the earnings forecast that was announced
yesterday. I would also like to explain about dividends and the medium-term management plan.
After explaining the background behind the strong performance and outlook, we will answer your questions
through the Q&A function. You can send us your questions even during the explanation.
We will begin by explaining the results for the second quarter of FY02/2022 from President Hirano. Thanks.

Hirano: I would like to start my explanation.
Net sales increased JPY3,503 million from the previous fiscal year to JPY14,612 million.
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Operating income increased JPY1,791 million to JPY1,331 million.
Ordinary income increased JPY1,789 million to JPY1,373 million.
Net income for the quarter was JPY874 million, an increase of JPY1,342 million from the previous fiscal year.
Compared to the second quarter of the fiscal year ending February 29, 2020, before the COVID-19 disaster,
both sales and profits have increased, indicating that the business is performing well.

In response to the strong performance in the second quarter, we announced a second upward revision to ourfull-year earnings forecast yesterday, October 7.
The details are as follows.
Sales will be JPY30,000 million. Operating income will be JPY3,010 million. Ordinary income will be JPY3,000
million. Net income for the year will be JPY2,100 million.

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As for dividends, we plan to pay a lump-sum year-end dividend of JPY12 per share, as announced in thefinancial results.
We are currently considering the number of dividends to be paid, taking into account the revision of theearnings forecast. If there is anything we can announce in the future, we will announce it in a timely manner.

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4Next, as for the 3-year medium-term management plan, we have revised it upward again for the current fiscal
year ending February 28, 2022, as I explained earlier, and are forecasting net sales of JPY30,000 million,
ordinary income of JPY3,000 million, and net income of JPY2,100 million.
For the fiscal year ending February 28, 2023, the Company plans net sales of JPY32,000 million, ordinary
income of JPY3,200 million, and net income of JPY2,100 million.
For the fiscal year ending February 29, 2024, we plan net sales of JPY35,500 million, ordinary income of
JPY3,700 million, and net income of JPY2,500 million.

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We believe that the primary reason for the strong results and outlook is the increase in the number of students.
The Group's total number of students increased by 10.7% YoY to 26,645, and by 10.4% compared to August
2019.

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In addition to our unique infection-prevention measures, we vaccinated approximately 10,000 of ouremployees, instructors, and parents of students -- the largest number in the cram school industry -- against
COVID-19.
We have established an environment where students can receive face-to-face lessons with even greater peaceof mind.

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Furthermore, each company is aggressively developing new schools this fiscal year.
Specifically, TOMAS opened the new TOMAS Ageo School and Inter TOMAS Tamachi School in March. We hadan expansion and renovation of TOMAS Tamachi School. In April, Medic TOMAS Kichijoji School and Omiya
School were newly opened. We had an expansion and renovation of TOMAS Omiya School.
TOMAS Ofuna School was newly opened in May. TOMAS Kinshicho School was expanded and renovated inJune. In July, TOMAS Tsukishima School and TOMAS Nagareyama Otakanomori School were opened, andTOMAS Kaihin Makuhari School was expanded and renovated.
Together with the existing schools, the total number of schools now stands at 93.

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As a result, the number of TOMAS students at the end of August 2021 was 13,781, up 8.1% from the samemonth last year. This is an increase of 9% compared to August 2019, before the COVID-19 disaster.

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9In March, Meimonkai expanded and renovated the TOMEIKAI Kagoshima School. TOMEIKAI Niigata School
was newly opened in April. In May, Meimonkai Tenjin Ekimae School was expanded and renovated. TOMEIKAI
Tenjin School was newly opened in June. The Meimonkai Kagoshima and Kumamoto schools were newly
opened in July, and the TOMEIKAI Nagasaki Ekimae School is scheduled for expansion and renovation in
October.

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10In addition, for those who are anxious about going out of their houses, or for students living in rural areas, weoffer online lessons through Meimonkai Online, which has received applications from both domestic andoverseas students.

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As a result, the number of Meimonkai students at the end of August 2021 was 4,143, up 15.3% from the samemonth last year. This is also an increase of 9.3% over August 2019.

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12In March, Shingakai expanded and renovated the Shingakai Urawa Classroom. In April, we opened Shinga’sclub childcare Ogikubo School, Shinga’s club after school Kichijoji School, and in May, Shingakai Kichijojiclassroom, and in September, we are planning to open Shinga’s club after school Omiya School.

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Shingakai holds group guidance programs, but like TOMAS, students wear masks and face shields, and thenumber of students per class is reduced so that there is more space between students.
In addition, we provide online “exam preparation courses” and “success guidance courses” to our members,
which have been very well received.

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As a result, the number of Shingakai students at the end of August 2021 was 4,939, up 13% from the samemonth last year. This is also an increase of 20.3% over August 2019.

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In addition to the conventional 1-on-1 tutoring and self-study systems that are available at schools and thatallow students to ask questions freely, School TOMAS is receiving an increasing number of inquiries about its
online tutoring and AI teaching materials that can be used flexibly even under the COVID-19 circumstances.
As of the end of August, the number of schools using the system has reached 82 on a contract basis.
We expect an increase in revenue not only from number of schools introduced, but also from the increase in
the number of grades introduced.

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Support
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In addition to the aggressive development of new schools, the Company is currently promoting thedevelopment of Kodomo Depart through a 3-way business alliance between the Company, Hulic Co., Ltd., andKonami Sports Co., Ltd.: a business alliance with Hulic, a business alliance between Shingakai and Konami
Sports, and a business alliance between School TOMAS and KDDI Matomete-office Co., Ltd.,We are aiming to return to the previous growth line and pursue further growth by developing a new strategy
of enclosure through business alliances with different industries.
We will continue to provide a safe learning environment and high-quality, genuine educational services, while
striving for sustainable growth and increased corporate value.
Finally, the declaration of the state of emergency has been lifted, but the education of children has been
greatly affected by dispersed school attendance and home study with online classes. Some other cram schools
are switching their classes to online.
Against this backdrop, we insist on face-to-face educational guidance. Real education can only be delivered
face-to-face. We are proud of the fact that we have been working on infection prevention measures with amuch higher awareness than other companies in our industry, including the large-scale construction of
infection prevention equipment and vaccination of employees last year.
I would like to lead the Company with a strong will to deliver genuine education for the bright future ofchildren.
Thank you.

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Question & Answer

Kume: Now, we will have a question-and-answer session. Let’s start.
Hirano: I will announce the first question. I have the impression that the mid-term management plan was
based on conservative figures. You also revised the financial forecast, and the net income is the same as thenext year's figure in the mid-term management plan, but are you thinking of revising the mid-term
management plan?
The current situation is progressing very well. The number of students enrolled in the school has been
increasing since August last year, thanks to the approval of our infection prevention measures, and sales andprofits have been increasing steadily along with the development of the new school. Naturally, I expect that
we will be able to revise our medium-term management plan in the future considering this performance.
Kume: When we released our medium-term business plan, we were in the middle of the COVID-19 crisis lastyear, and our sales dropped considerably. Also, the plan to open new schools had not yet been realized in a
concrete way. Since the end of last year, we have felt a great response to our efforts, as the opening of newschools has been realized and the number of students has been steadily increasing.
We have made 2 upward revisions since the beginning of this fiscal year, and we still feel strong momentum.
So, naturally, we will be reviewing our mid-term plan at some point during this fiscal year, and we will
announce it. This is the end of my response.
Hirano: Moving the next question. Is the revised full year forecast also based on conservative assumptions?
I think this one is clear from the explanation I just gave, so please allow me to omit.
Moving the next question. There was a mass infection at Shonan Seminar, but do you feel you should refrain
face-to-face lessons? On the other hand, was there an influx of people who appreciated the infection control
measures?
Basically, there is no evidence of mass infection in our company. Naturally, we are checking the infection
status of students, employees, and instructors, but we have contacted the public health center, et cetera, andthey have confirmed that there is no risk of cluster or mass infection, so we have been operating as usual.
The influx of students appreciating this infection control has been so great that all who have visited ourfacilities have checked all the classrooms and our preventive measures. Likewise, we have received thereputation that there is no other company in our industry that has taken such measures to prevent infection,and this has often led to membership.
We have seen an increase in the number of external students enrolling in the program based on the infection
control measures, so we would like to continue conducting them.
Moving the next question. In the second half of this fiscal year, you are expecting a 9% increase in revenue
compared to the second half of the previous year, and with the increase in the number of students at the endof the first half of the fiscal year, I think you are almost on track to achieve this goal, but have you considered
the price increase effects?
I haven't read that part of the report yet, so as I said earlier, I am predicting that we will be able to report evenbetter for the full year.
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Kume: The upward revision is as mentioned, and it is certainly a rather conservative estimate based on actual
results and the initial plan for the second half. Therefore, as we move into the third and fourth quarters, if we
can maintain the current increase in the number of students, as you said, the effect of the price increase will
naturally come into play, so the upward revision that we made today should, in theory, go further than that.
I look at it this way.
However, I can't be sure of this until I see the results. The timing of the upward revision was also because we
wanted to see the figures of September. After the financial results for August were done, we wanted to lookat the September figures, and in essence, after the figures for the first month of the third quarter were
finalized, we were going to issue an upward revision. As a result, we made an upward revision to our forecast.
From now on, we will disclose information as it becomes available, while keeping an eye on the current figures.
Moving the next question. What are the projected sales and profit per school for Konami Sports Shinga's
Academy?
This is the first facility that Shingakai will open together with Konami Sports, and it will be called Konami Sports
Shinga’s Academy, which will be located in the Konami Sports Club in Shinagawa. This will be the first of the
20 locations planned with Konami Sports, which I mentioned in the IR before.
The annual sales forecast is roughly JPY100 million per school, and a rough idea of the profit base is that weare expecting a profit of about 20%. This is our forecast. So, if we think that we will be working with Konami
Sports for about 20 schools over the next 5 years, we can expect JPY2,000 million in sales and JPY400 million
in profits from those schools alone.
Hirano: Moving to the next question. Since you mentioned strong momentum, what is your opening strategy
for next year and beyond? Is it correct to assume that the number is practically the same as the current fiscal
year, or will it be accelerated? Will we see the effects of the partnership with Hulic?
As for the schools opening plan, we are currently looking at properties as needed, and we are working toaccelerate the pace of the project. Hulic has been introducing us to properties in prime locations in front ofstations, so we are expecting to see more benefits from the partnership in the future.
Kume: Right now, we are working with Hulic on 2 large-scale projects, and we are going to do the bidding
together. We have 2 locations: 1 in the center of Tokyo and the other in a very popular area of Tokyo.
Specifically, we are planning to participate in the redevelopment project in front of the station.
This is quite a monumental and very symbolic place, so this will mainly house Shingakai and TOMAS. We are
currently working with Hulic to finalize a plan that will include a full line of Shingakai and TOMAS schools,
Shingakai's after-school activity class, childcare, entrance examination courses, and TOMAS.
If this becomes a reality -- as we will announce in the IR when it is decided -- I think we will be able to create
something different from the TOMAS and Shingakai of the past. Something like a combination of ourclassrooms and cultural facilities. I would say that I envision a place that includes everything similar to the
Ikebukuro School, but the plan is to create a place where synergy effects can be achieved at each grade level,so I am expecting that we will be able to create a different type of TOMAS and Shingakai. We will announce
this when it becomes more concrete.
Hirano: Next, how is the response to the School TOMAS I feel that when the Delta strain of COVID-19 spreadin August, it exposed the fact that many schools are still concerned about online education. This was aquestion about the School TOMAS, asking about the effects of the alliance with the KDDI Group, and strategies
for the next school year and beyond.

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As explained earlier, School TOMAS has been working with schools since last year's COVID-19 disaster toexplore the possibility of online tutoring and AI-based tutoring, so schools that have concerns about online
education at school can turn to School TOMAS. This has had a positive effect, and the number of schools using
School TOMAS is now actually increasing.
The effect of the partnership with the KDDI Group is gradually becoming apparent, and I expect the numberof schools using the system to increase at an accelerated pace in the future.
Kume: Next, how about the progress of each business alliance?
Regarding the business alliance, first, President Hirano just explained about the business alliance with KDDI
that School TOMAS is currently working on. KDDI has already introduced us to several schools, and we havebeen working on sales.
As you know, most of the School TOMAS start in the new school year, and most of the contracts are for next
April, but we are currently conducting sales activities for the schools introduced by KDDI. I can't give you any
specifics right now, but we have received reports that the response has been good, so I think we will be able
to make some concrete announcements around the fourth quarter.
Also, in terms of the relationship with Konami Sports, the first after-school activity class that I mentioned
earlier will open in April next year, and we have already started recruiting students. This means that we aremaking steady progress.
Regarding the business alliance with Hulic and Konami Sports, as I mentioned earlier, we are working together
on several specific projects, such as joint bidding for properties in “Kodomo Depart” and joint use of properties,
and we are starting to see some results by the end of this year. I think that by the fourth quarter, we will beable to talk about what we are going to do specifically.
What's good about our partnership with Hulic is that we can introduce classrooms and properties to them at
any time, and we are currently working together to find properties for new schools. If Hulic has a property ina very good location, they can introduce it to us. Also, Hulic has been making proposals to develop this area,
and I think this has really helped our property search more than ever.
Hirano: Next, it seems that the problem of university places outnumbering applicants due to the declining
birthrate is accelerating. Is there any impact on TOMAS? The question also asks if there are any plans to launcha project like School TOMAS to provide support to universities that are struggling to attract students due tothe declining birth rate.
In the first place, our products have been designed on the premise that the birthrate is declining. We offer adifferentiated product that no other company in the industry can imitate: a 1-on-1, individualized tutoring
service.
Parents who are worried about the future due to the declining birthrate, and the declining birthrate meansthat the cost of education per student is going up, so more and more people are joining our company because
they want to receive a more secure and reliable education, and this trend is continuing. We would like tocontinue delivering a more differentiated education.
This time, with the COVID-19 disaster, it seems that other companies in the same industry, which do not havedistinctive features, struggled a very difficult time. Against this backdrop, our company has been steadily
increasing its business performance, as you can see from our recent business results.

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We have no current plans to launch a class at School TOMAS to support universities that are struggling withdeclining birthrates, but we may consider it in the future.
Next, In the second quarter, which I believe is the time of the summer semester, have there been any changes
in the number of classes per student compared to last year or the year before?
I think the point of this question is to ask how the number of classes in the summer semester was per student.
I believe that the number of classes a student takes represents the evaluation of our services for the students.
As our services continue to improve, we will see an increase in requests for more classes, and thankfully, thenumber of classes per student has increased this year.
It is true that last year, due to the COVID-19 disaster, summer vacation was short, so the time and days
devoted to summer classes were longer this year. This means that our services have received a certain levelof recognition from our customers. That's all.
Kume: Moving to the next question, What factor strong growth in Shingakai.
Regarding Shingakai, I explained earlier that the number of students increased by 13% compared to theprevious term, but in particular, the number of Shingakai students for entrance examinations course increased
by 15.6%, and the after-school activity class increased by 17.9%. The most profitable part of Shingakai is theentrance examinations course. It is my understanding that the growth by 15% has contributed greatly to
profits.
I think that COVID-19 is 1 of the reasons why the student numbers are growing so much. The parents ofchildren who are so anxious about entrance exams because of COVID-19 are very attracted to the fact thatthey can enter a famous elementary school and go straight to high school and college.
I believe that the number of elementary school entrance exams is increasing in general, as is the case with
our own school. Among them, Shingakai has a 60-year track record, and I have heard that Shingakai's books
are being used at various early childhood education cram schools, so I think Shingakai is highly regarded forthat.
As for the after-school activity class, it is true that there is a demand for them, but our after-school activity
classes are designed for entrance examinations, mainly for junior high school entrance examinations. The
number of junior high school entrance examinations is also increasing due to the reasons mentioned earlier.
We have seen an increase of 17.9% over last year. These 2 factors are very significant.
So, in addition to the anxiety of various parents, I think that the increasing number of both working parents
and vague concerns about entrance exams are the reasons why there is an increasing need for children to
take entrance exams from elementary school and kindergarten.
In case you don’t know about Shingakai, they conduct group lessons. So there is still a lot of room to increase
the number of students, and I believe that this place has very strong potential, even within our current
capacity. I believe this will contribute greatly to our profits in the second half of this year and into the next
fiscal year and beyond. Thanks.
Hirano: Next question. The school TOMAS has become profitable in the second quarter, so please share yourthoughts on future trends.
School TOMAS is currently being introduced to schools, and is also being introduced by KDDI, and is now
growing steadily. In addition, although we started with 1 grade level the first year we introduced the program,the number of grades has been increasing every year, and as the years go by, we will become more profitable.
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Kume: Regarding the School TOMAS, the reduction of fixed costs is different from last year. We alsoannounced that we have closed our English conversation tutor center in Cebu, Philippines. We had to pay forreal estate and instructors for a long time for this facility, and although we originally wanted to make
instructors a variable cost, they have always been a fixed cost. This amount has been reduced to 0.
As for Online-English conversation, our strategy is to outsource it. The change of English conversation to avariable cost has contributed significantly to cost reduction, and I think it will contribute about JPY100 million
per year from this fiscal year. I believe that the school TOMAS will become more profitable in the future, which
will perform positive every year.
Hirano: Do we have any other questions?
Thank you very much for your questions. As the time has come, we will now close the briefing on the financial
results for the second quarter of the fiscal year ending February 28, 2020. Thanks.
Kume: Thank you for your precious time today.
[END]______________
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