3Q Results for FY2023
Supplementary Materials

August 6 August February 9, 2024
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 futureplans, 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 the Company and are subject to a number of risks,
uncertainties and assumptions. As such, actual results may differ materiallyfrom 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
Kodomo 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)
Nine months ended December 31(Millions of Yen)FY2022

FY2023

ChangeEducation Business in Japan

161,599

155,765(5,834)(3.6)

Nursing Care and Childcare

98,867
14,61533,836

103,944
15,60931,926+5,077+993(1,909)

+5.1
+6.8
(5.6)

308,919
19,6583,730

307,246
17,797
6,394(1,673)(1,861)+2,663

(0.5)
(9.5)
+71.4

688
(3,094)
20,983579(4,318)20,452(108)(1,224)(531)(15.8)－(2.5)

17,504
11,99816,402
10,086(1,101)(1,911)(6.3)(15.9)

University & Working Adult
OthersTotal Net Sales
Education Business in Japan
Nursing Care and Childcare
University & Working Adult
Others/Reconciliations
Total Operating IncomeOrdinary Income
Net Income%Note1: : The Company has revised its classification of reportable segments from the first half of FY2023 ended September 30, 2023. For anumerical comparison between the results for the 3Q of FY2023 ended December 31, 2023, information for the 3Q of FY2022 ended
December 31, 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.

3Results : Analysis of Net Sales/Operating Income (YoY)(Billions of Yen)

Shinkenzemi

Net Sales

EducationBusinessin Japan

Kodomo Challenge inJapan(Preschool)
School & Teacher
Support
Prep Schools &Classrooms/Kodomo
Challenge peripheralbusinesses,etc.

Nursing Care and Childcare
University & Working Adult

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

(5.2)

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

(1.3)

Increase in orders for the elementary & junior high school business, positive impact of the pricerevision for the high school business, , etc.

+0.6

Suspension of new sales for Worldwide Kids, decrease in No. of students in Tokyo Individualized
Educational Institute, etc.
Consolidates Kyoto Rakusai Yobiko,.etc.

(0.7)

Positive impact of price revisions, increase in the total No. of residents due to improved occupancy
rates in the nursing homes, increase in No. of newly opened nursing homes, etc.
Increase in orders in Udemy business, consolidates Waris Co Ltd.,/decrease in orders in support foruniversity, and for study abroad, etc.

+7.2+2.1

Kodomo Challenge in China/Taiwan: decrease in cumulative enrollment, Naoshima business, etc.

(1.7)

Shinkenzemi/Kodomo Challenge: lower sales, etc.

(0.8)

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

(1.2)

Nursing Care and Childcare

Higher sales in the nursing care services, etc.

+2.8

University & Working Adult

Higher sales, etc.

+0.3

Others/Reconciliations

Lower sales, etc.

(1.6)

OthersOperating Income

Education Business in Japan4

FY2023 Full-year Forecast
Forecast announced on January 29, 2024
Forecast announced on May 12, 2023 has been changed.

(Millions of Yen)FY2023(forecast)

FY2022Net SalesChangeFY2023(Forecastas of May)%

Change%411,876

412,000+124+0.0

423,000(11,000)(2.6)

Operating Income

20,62020,000▲620▲3.021,500(1,500)(7.0)

Operating Income ratio（%）

5.0

4.9

▲0.1

ー

5.1(0.2)

ーOrdinary Income

15,896

14,400▲1,496▲9.4

16,000(1,600)(10.0)Net Income

11,3537,500▲3,853▲33.9

11,500(4,000)(34.8)

5FY2023 Full-year Forecast by Segment(Millions of Yen)FY2021

FY2023(forecast)

ChangeFY2023(Forecastas of May)%

Change%Education Business in Japan

214,719

208,000(6,719)(3.1)

214,700(6,700)(3.1)

Nursing Care and Childcare

132,687

140,000+7,313+5.5

141,500(1,500)(1.1)

University & Working Adult

20,01722,000+1,983+9.9

21,300+700+3.3

Others44,45142,000(2,451)(5.5)

45,500(3,500)(7.7)

411,876

412,000

+124

+0.0

423,000(11,000)(2.6)

Education Business in Japan

17,451

15,400(2,051)(11.8)

18,100(2,700)(14.9)

Nursing Care and Childcare

6,651

9,500

+2,849+42.8

9,500+0+0.0

University & Working Adult

1,014

1,300+286+28.2

1,300+0+0.0

Others/Reconciliations(4,497)(6,200)+2,799-(7,400)+1,200-Total Operating Income

20,62020,000(620)(3.0)

21,500(1,500)(7.0)

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Analysis of Net Sales/Operating Income (Full Year Forecast)(Billions of Yen)
Shinkenzemi

Net SalesEducationBusinessin Japan

Kodomo Challenge inJapan(Preschool)
School & Teacher
Support
Prep Schools &Classrooms/Kodomo
Challenge peripheralbusinesses,etc.

Nursing Care and Childcare
University & Working Adult

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

(5.2)

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

(1.3)

Increase in orders for the elementary & junior high school business, positive impact of the pricerevision for the high school business, , etc.

+0.6

Suspension of new sales for Worldwide Kids, decrease in No. of students in Tokyo Individualized
Educational Institute, etc.
Consolidates Kyoto Rakusai Yobiko,.etc.

(0.7)

Positive impact of price revisions, increase in the total No. of residents due to improved occupancy
rates in the nursing homes, increase in No. of newly opened nursing homes, etc.
Increase in orders in Udemy business, consolidates Waris Co Ltd.,/decrease in orders in support forstudy abroad, etc.

+7.2
+2.1

Kodomo Challenge in China/Taiwan: decrease in cumulative enrollment, Naoshima business, etc.

(1.7)

Shinkenzemi/Kodomo Challenge: lower sales, etc.

(0.8)

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

(1.2)

Nursing Care and Childcare

Higher sales in the nursing care services, etc.

+2.8

University & Working Adult

Higher sales, etc.

+0.3

Others/Reconciliations

Lower sales, etc.

(1.6)

OthersOperating Income

Education Business in Japan

7

Education
Businessin Japan

Breakdown of Net Sales

Nine months ended December 31(Millions of Yen)FY2022

FY2023

Change%Ratio(%)

Senior High School

7,459

6,572(887)(11.9)

4.2

Junior High School

19,30817,832(1,476)

(7.6)

11.4

Elementary School

46,07943,833(2,246)

(4.9)

28.1

Kodomo Challengein Japan(Preschool)

14,83513,804(1,030)

(6.9)

8.9

School & Teacher
Support

35,692

36,233+541

+1.5

23.3

Prep Schools &Classrooms

31,62632,020

+393

+1.2

20.6

Other

1,866

5,469

+3,603+193.1

3.5

Total

156,648

155,765

(882)

(0.6)

100.0

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

8Education
Business in JapanKids & Family

Cumulative Enrollment for Shinkenzemi and Kodomo Challenge【Cumulative Enrollment for Shinkenzemi】
Nine months ended December 31(Thousands)

FY2022

FY2023

Change%Senior High School

790

700(90)(11.4)

Junior High School

2,722

2,470(252)(9.3)

Elementary School

10,626

9,598 (1,027)

(9.7)

6,262

5,213 (1,048)(16.7)

20,401

17,983 (2,418)(11.9)

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

8,899

Overseas Kodomo Challenge (Preschool)

FY2023

Change7,773 (1,126)(Thousands)%(12.7)•Note1: Cumulative enrollment represents the cumulative total number of people who receive materials monthly (from April to December).
•Note2: Overseas Kodomo Challenge represents total number of cumulative enrollment in China and Taiwan.
Cumulative enrollment for China represents the cumulative total number of people who receive materials monthly (from January toSeptember), due to the differences of those closing dates ended December 31 st.

9

Nursing Careand Childcare

Number of Nursing Homes and Elderly Houses
Dec. 2021

Mar. 2022

Dec. 2022

Aria

27

27

28

Clara

39

39

38

153

154

159

Madoka57

57

57

Bon Sejour

49

49

51

Cocochi

15

15

15

Li-Re222

Total

342

343

350

Granny & Granda

10