1H Results for FY2021
Supplementary Materials

November 5, 2021
Benesse Holdings, Inc.

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Results by Segment (YoY)
Six months ended September 30

Education Business in Japan
Kids & Family
Nursing Care and Childcare
Berlitz
OthersTotal Net Sales
Education Business in Japan
Kids & Family
Nursing Care and Childcare
Berlitz
Others/Reconciliations
Total Operating Income
Ordinary Income
Net Income(Millions of Yen)FY2020

FY2021

98,67335,31160,875
13,687397
208,9466,326
3,315
4,150(3,759)(1,832)
8,200
5,053
2,274

105,194
35,14563,426
13,109530
217,405
10,2542,996
4,048(1,948)(2,378)
12,972
10,5395,580

2Change6,520(166)
2,550(578)132
8,458
3,927(318)(102)
1,810(545)
4,772
5,485
3,305%

6.6(0.5)
4.2
(4.2)
33.4
4.0
62.1
(9.6)
(2.5)
－－
58.2
108.5
145.3

Analysis of Net Sales/Operating Income (YoY)
Figures prior to application of Accounting Standard for Revenue Recognition(Billions of Yen)

Impact of accounting standard change for revenue recognition.

(0.9)

Decrease in cumulative enrollment / optional course and impact of the price revision, etc.

0.2

Increased in orders for elementary and junior high school business / recovery from the impact of COVID-

1.7

Shinkenzemi

Education Business in School & Teacher 19, etc.
Support businessJapan
Impact of accounting standard change for revenue recognition.
Cram schools /Classroombusiness
Net Sales

Kids & Family

KodomoChallenge

0.1
5.4

5.4

Japan : impact of the price revision and recovery of concert business / decrease in cumulativeenrollment, etc.

0.5

0.5

Overseas : decrease in cumulative enrollment in China, etc.

(0.0)

(0.0)

0.9

0.9

Impact of accounting standard change for revenue recognition.

(1.1)

Tamahiyo business, etc.

(0.5)

LifestyleBerlitz

Education Business in Japan

1.7

Increase in No. of students / recovery from the impact of COVID-19, etc.

Forex rate impact.

Nursing Care and Childcare

0.2

Increase in nursing home residents / consolidates Proto Medical Care Co., etc.

*

1.7

(0.5)
1.7

Impact of accounting standard change for revenue recognition.

0.8

Language education business : increase in No. of lessons due to recovery from the impact of COVID-19,etc.
Overseas study support business : decrease in No. of students due to COVID-19.

(0.9)

(0.9)

Forex rate impact.

0.40.4

Shinkenzemi : impact of accounting standard change for revenue recognition.

(0.6)

Higher costs by the product revision / due to higher sales, etc.

(0.2)

(0.2)

Operating Income

Due to higher sales in the School & Teacher Support business; Cram schools and Classroom business /impact of accounting standard change for revenue recognition (+1), etc.

4.7

4.6

Japan : due to higher sales / decrease in costs, etc.

0.5

0.5

Overseas : expenses that were partially exempted in FY2020 due to COVID-19 were recorded in FY2021/ forex rate impact (+1).

(0.3)

(0.3)

Due to lower sales, etc.

(0.5)

(0.5)

Impact of accounting standard change for revenue recognition.

0.8

Due to higher sales / due to higher labor costs as increase in the No. of nursing homes / increase inmarketing costs and repairs expense, etc.

(0.9)

Berlitz

Due to lower sales / lower cost, etc.

1.8

1.8

others/Reconciliations

IT investment and corporate cost, etc.

(0.5)

(0.5)

Kids & Family

KodomoChallenge
LifestyleNursing Care and Childcare*The company converted Proto Medical Care Co. into consolidated subsidiaries as of June 1, 2021.

3(0.9)

FY2021 Forecast
Forecast announced on May 11, 2021 has not been changed.

FY2020Net Sales

FY2021(Forecast)(Millions of Yen)

Change%427,531441,000

13,469

3.2

Operating Income

13,08917,500

4,411

33.7

Operating Income ratio（%）

3.1

4.0

0.9

ー

Ordinary Income

9,260

12,000

2,740

29.6

Net Income

3,122

5,000

1,878

60.1

Exchange Rate(USD/JPY)

106.67108.001.33ー

4EducationBusinessin Japan

Breakdown of Net Sales

Six months ended September 30(Millions of Yen)FY2020FY2021

Change%Ratio(%)

Senior High School

7,073

6,270(803)(11.4)

6.0

Junior High School

15,691

15,287(404)

(2.6)

14.5

Elementary School

32,10232,522

419

1.3

30.9

23,88525,723

1,837

7.7

24.5

Other

19,92025,390

5,470

27.5

24.1

Total

98,673

105,194

6,520

6.6

100.0

School & Teacher
Support5

Kids & Family(Kodomo Challenge)

Breakdown of Net Sales

Six months ended September 30(Millions of Yen)FY2020
Kodomo Challenge

FY2021

Change%Ratio(%)

9,687

10,122434

4.5

28.8

13,446

14,2928456.340.7

Other

12,178

10,730(1,447)(11.9)

30.5

Total

35,31135,145(166)

(0.5)

100.0

in Japan (Preschool)
Overseas Kodomo
Challenge (Preschool)

6

Education
Business (Japan)
Kids & Family(Kodomo Challenge)

Cumulative Enrollment for Shinkenzemi and Kodomo Challenge【Cumulative Enrollment for Shinkenzemi】(Thousands）

Six months ended September 30

FY2020

FY2021

Change%Senior High School

778

678

(99)

(12.8)

Junior High School

2,340

2,230(110)(4.7)

Elementary School

7,704

7,744

39

0.5

10,822

10,653(169)

(1.6)

Total

【Cumulative Enrollment for Kodomo Challenge (Preschool)】

FY2020

FY2021(Thousands）

Change%Kodomo Challenge in Japan (Preschool)

4,799

4,575(223)(4.7)

Overseas Kodomo Challenge (Preschool)

7,214

7,192(22)(0.3)

12,013

11,767(246)

(2.0)

Total

•Note1: Cumulative enrollment represents the cumulative total No. of people who receive materials monthly (from April to September).
•Note2: Cumulative Enrollment for Overseas Kodomo Challenge is the total No. of cumulative enrollment for Kodomo Challenge in China, Taiwan and Indonesia.
Cumulative enrollment for China and Indonesia represents the cumulative total No. of people who receive materials monthly (from January to June), due tothe differences of those closing dates ended December 31 st.

7

Education
Business (Japan)
Kids & Family(Kodomo Challenge)

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

As of October

FY2020

FY2021

Change%Senior High School

110

90(20) (15.1)

Junior High School360

330(30)(8.1)

Elementary School

1,240

1,230(10)

(1.2)

830

780(50)

(6.3)

2,540

2,430(110)(4.4)

Kodomo Challenge (Preschool)
Total (Japan)

8Kids & Family(Kodomo Challenge)

Enrollment for Kodomo Challenge as of October (Overseas)

As of October(Thousands)

FY2020

FY2021

Change%

China

1,100

1,030(70)(6.7)

Taiwan

100

100

0

6.2

1,200

1,130(70)(5.6)

Total (Overseas)9

Nursing Careand Childcare

No. of Nursing Homes and Elderly Houses

Sep. 2020

March 2021

Sep. 2021

Aria

242527Clara

403939147

152

153

Madoka57

5757

Bon Sejour

4949

49

Cocochi151515

Li-Re222

Total334

339342

Occupancy Rate of93%

93%90%

Granny & Granda

Existing Facilities

10Berlitz No. of Lessons by Region (Berlitz operated)

Berlitz

Six months ended June 30(Thousands of Lessons)

FY2020

FY2021%

Americas

479

568

18.4

Europe

743

790

6.3

Asia

526

500

(5.0)

Total

1,749

1,858

6.2

Nine months ended September 30 (Preliminary figures) (Thousands of Lessons)

FY2020

FY2021%

Americas

722

889

23.1

Europe

1,080

1,147

6.2

Asia

809

735

(9.2)

Total

2,612

2,772

6.1

11

CAPEX／Depreciation and Amortization(Millions of Yen)

Six months ended September 30

FY2020

FY2021

13,067

13,291

224

5,222

3,636(1,586)

Goodwill

1,408

2,458

1,049

Others6,436

7,197760

9,257

9,192(64)CAPEX(Details) Lease Assets

Depreciation and Amortization

12ChangeShareholder Return【Dividend per Share/Dividend Payout Ratio】
FY2018Dividend per share(yen)Dividend payout ration(%)

FY2019FY2020

FY2021(Forecast)

5050

5050

98.2

76.6

154.3

96.413