1H Results for FY2023
Supplementary Materials

August 6 August 6November 10, 2023
Benesse Holdings, Inc.
Note : This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Forward-Looking Statements

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

1

（Reference）Segment change
New segments

Main business
Education
Business inJapan

Kids & Family

Nursing Careand Childcare

Others

FY23 2Q~

Shinkenzemi
School & Teacher Support business
Prep schools & Classroom business
University & Working Adultbusiness, etc.

Japan and overseas preschool
courses （Kodomo Challenge)
Lifestyle business(Tamahiyo,etc.)

Nursing Care
Nursing Care Peripheral
Childcare

Corporate expenses,HQ cost, etc.

2Main business

Education
Business inJapan

Shinkenzemi
JKodomo Challenge inJapan(preschool)
School & Teacher Support business
Prep schools & Classroombusiness, etc.

Nursing Careand Childcare

Nursing Care
Nursing Care Peripheral
Childcare

University &Working Adult

University & Working
Adult business

OthersOverseas Kodomo
Challenge(preschool)
Lifestyle business(Tamahiyo,etc.)
Corporate expenses, HQ cost, etc.

Results by Segment (YoY)
Six months ended September 30

Education Business in Japan
Nursing Care and Childcare
University & Working Adult
OthersTotal Net Sales
Education Business in Japan
Nursing Care and Childcare
University & Working Adult
Others/Reconciliations
Total Operating Income
Ordinary Income
Net Income(Millions of Yen)FY2022

FY2023

Change107,154

103,117(4,036)

65,136
9,865
19,773201,929

68,78910,421
21,178203,506

10,6288,327
5,448

11,466
8,594
5,623

11,526
1,392
682(2,973)

9,993
3,604
773
(2,905)+3,652+556+1,404+1,576(1,532)+2,211+90+68+837
+266
+175

%

(3.8)

+5.6+5.6+7.1+0.8(13.3)+158.8+13.2－+7.9+3.2+3.2

Note1: : The Company has revised its classification of reportable segments from the first half of FY2023 ended September 30, 2023. For a numerical comparison between
the results for the first half of FY2023 ended September 30, 2023, information for the first half of FY2022 ended September 30, 2022 has been revised based on
the new standard after these changes.
Note2 : “Others” include business segments that are not included in reportable segments, such as overseas Kodomo Challenge, mail-order, publishing, information
systems/ processing services, etc.
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Results : Analysis of Net Sales/Operating Income (YoY)

Education
Businessin Japan(Billions of Yen)

Net Sales

Shinkenzemi

Decrease in cumulative enrollment / positive impact of the price revision, etc.

(3.4)

Kodomo Challengein Japan(Preschool)

Decrease in cumulative enrollment / positive impact of the price revision, etc.

(0.6)

School & Teacher
Support

Positive impact of the price revision for the high school business, increase in orders for theelementary & junior high school businesses, etc.

+0.6Prep Schools &Classrooms/Kodomo
Challenge peripheralbusinesses,etc.

Decrease in No. of students in Tokyo Individualized Educational Institute, decrease in cumulativeenrollment for Kodomo Challenge English, suspension of new sales for Worldwide Kids, etc.

Nursing Care and Childcare
University & Working Adult
OthersConsolidates Kyoto Rakusai Yobiko, increase in No. of students in Tetsuryokukai, etc.
Increase in nursing home residents / positive impact of the price revision, etc.

+3.6

Increase in orders in Udemy business, consolidates Waris Co Ltd.,/decrease in orders in support forstudy abroad, etc.

+0.5

Kodomo Challenge in China: resumption of business activities that were temporarily suspended in
the same period of the previous year in China, Naoshima business, etc.
Kodomo Challenge in China: decrease in cumulative enrollment, Lifestyle related business(Tamahiyo), etc.

Operating Income

Education Business in Japan

Nursing Care and Childcare
University & Working Adult

(0.6)

+1.4

Shinkenzemi/Kodomo Challenge in Japan : lower sales,etc.

(1.3)

Increase in cost in ICT services for elementary and junior high school businesses, etc.

(0.1)

Higher sales in nursing care services/increase in labor, personnel and sales promotion expenses dueto increase in No. of new homes, etc.

+2.2Higher sales, etc.

+0.04FY2023 Full-year Forecast
Forecast announced on May 12, 2023 has not been changed.
(Millions of Yen)FY2022

FY2023(Forecast)

Change411,876

423,000+11,124+2.7

Operating Income

20,62021,500+880+4.3

Operating Income ratio（%）

5.0

5.1+0.1ー

Ordinary Income

15,896

16,000+104+0.7

Net Income

11,353

11,500+147+1.3

19.99

19.80(0.19)

ーNet Sales

Exchange Rate (CNY/JPY)5%

FY2023 Forecast by Segment(Millions of Yen)FY2023(Forecast)

FY2022

Change%Education Business in Japan

214,719

214,700(19)(0.0)

Nursing Care and Childcare

132,687

141,500+8,813+6.6

University &Working Adult

20,017

21,300+1,283+6.4

Others44,45145,500+1,049+2.4

411,876

423,000+11,124+2.7

Education Business in Japan

17,451

18,100+649+3.7

Nursing Care and Childcare

6,651

9,500+2,849+42.8

University &Working Adult

1,014

1,300+286+28.2

Others/Reconciliations(4,497)(7,400)(2,903)ーTotal Operating Income

20,62021,500+880+4.3

Total Net Sales

Note: Due to the change in reportable segments, the results for the fiscal year ended March 31, 2023 and the forecast for the fiscal year ending March 31,
2024 are based on the new classification.

6Education
Businessin Japan

Breakdown of Net Sales

Six months ended September 30(Millions of Yen)FY2022

FY2023

Change%Ratio(%)

Senior High School

5,314

4,671(642)(12.1)

4.5

Junior High School

13,397

12,245(1,151)

(8.6)

11.9

Elementary School

31,12629,485(1,641)

(5.3)

28.6

Kodomo Challengein Japan(Preschool)

9,790

9,113(676)

(6.9)

8.8

School & Teacher
Support22,313

22,955+641+2.9

22.3

Prep Schools &Classrooms

21,205

21,373+168

+0.8

20.7

Others

4,006

3,271(735)(18.3)

3.2

Total

107,154

103,117(4,036)

(3.8)

100.0

Note: ”Others” include Kodomo Challenge English, Japan Kodomo Challenge Peripheral, Challenge School (online learning), Shinkenzemi Classroom service, etc.

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Education Business in Japan
Overseas Kodomo Challenge

Cumulative Enrollment for Shinkenzemi and Kodomo Challenge

Six months ended September 30【Cumulative Enrollment for Shinkenzemi/ Kodomo Challenge(Japan)】
FY2022

FY2023

Change(Thousands)%

Senior High School564

501(62)(11.0)

Junior High School

1,905

1,725(179)(9.4)

Elementary School

7,260

6,572(688)(9.5)

Kodomo Challenge in Japan (Preschool)

4,140

3,445(694)(16.8)

13,87012,245 (1,624)(11.7)

Total【Cumulative Enrollment for Kodomo Challenge (Overseas)】
FY2022
Overseas Kodomo Challenge (Preschool)

6,141

FY2023

5,256(Thousands）

Change(885)%(14.4)•Note1: Cumulative enrollment represents the cumulative total number of people who receive materials monthly (from April to September).
•Note2: Overseas Kodomo Challenge represents total number of cumulative enrollment in China and Taiwan .
Benesse Corporation China, which is engaged in the correspondence course business in China has its fiscal year end on December 31.
Therefore, the above total enrollment figures for the first half of the consolidated fiscal year represent the total enrollment from January to June.

8EducationBusinessin Japan

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

As of October

2022

2023

Change%Senior High School8070(10)(12.3)

Junior High School280

260(20)(8.9)

Elementary School

1,140

1,030(110)(10.0)

690

580(110)(16.8)

2,200

1,930(270)(12.1)

Kodomo Challenge (Preschool)
Total (Japan)

9Overseas
KodomoChallenge

Enrollment for Kodomo Challenge as of October (Overseas)

As of October(Thousands)

2022

2023

Change%

China

820

710(110)(12.8)

Taiwan10090(10)(11.0)

Total (Overseas)920

800(120)(12.6)

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Nursing Careand Childcare

Number of Nursing Homes and Elderly Houses
Mar. 2023

Sep. 2022

Sep. 2023

Aria2728

28

Clara38

38

38

159

160

162

Madoka575757

Bon Sejour

505252

Cocochi151515

Li-Re

222Total

348

352

354

90%

90%

91%

Granny & Granda

Occupancy Rate ofExisting Facilities

11CAPEX／Depreciation and Amortization
Six months ended September 30(Millions of Yen)FY2022CAPEX

FY2023

Change12,164

9,494(2,669)

6,475

3,616(2,859)

Goodwill

120

353

+232

Others

5,568

5,525(42)

9,237

9,277

+39(Breakdown) Lease Assets

Depreciation and Amortization

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

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