3Q Results for FY2021
Supplementary Materials(revised on February 14)

February 14, 2022
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Results by Segment (YoY)
Nine months ended December 31

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

Change%151,118
53,701
92,261
19,683
821
317,585
14,118
4,124
6,943(5,673)(2,850)16,662
13,434
7,027

158,638
53,304
95,602
20,074859
328,478
19,352
4,042
6,531(2,792)(3,890)23,243
19,577
9,301

7,519
(397)
3,341
390
37
10,893
5,234
(82)
(412)
2,881
(1,039)
6,581
6,142
2,274

5.0
(0.7)
3.6
2.0
4.6
3.4
37.1
(2.0)
(5.9)
－－
39.5
45.7
32.4

Reason for the revision: The Board of directors has resolved to waive debts owed by its consolidated subsidiary Berlitz
Corporation, and transfer all shares of Berlitz which Benesse holds to a special purpose company, which is owned by ILSC
Holdings LP on February 14, 2022. We have conducted a review of realizability of deferred tax assets as a result of reviewing
the impact on the consolidated financial statements.
2

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

Shinkenzemi

Impact of accounting standard change for revenue recognition.

(0.3)

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

Education Business in School & Teacher 19, etc.
SupportJapan
Impact of accounting standard change for revenue recognition.

Cram schools /Increase in No. of students due to recovery from the impact of COVID-19, etc.
Classroom, other
Net Sales

Kids & Family

KodomoChallenge

Nursing Care and Childcare

Berlitz

Education Business in Japan

Operating Income

Kids & Family

KodomoChallenge
LifestyleNursing Care and Childcare

1.7

5.9

5.9

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

0.8

0.8

Overseas : decrease in cumulative enrollment in China, etc.

(0.6)

(0.6)

1.9

1.9

Forex rate impact.
Lifestyle

0.4

(0.2)

Impact of accounting standard change for revenue recognition.

(1.7)

Tamahiyo business, etc.

(0.7)*(0.7)

Consolidates Heart Medical Care Co., Ltd. / increase in nursing home residents, etc.

2.5

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.

(0.4)

(0.4)

Forex rate impact.

0.7

0.7

Shinkenzemi : impact of accounting standard change for revenue recognition.

(0.1)

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

(0.3)

2.5

(0.3)

Due to higher sales in the School & Teacher Support business; Cram schools and Classroom business /impact of accounting standard change for revenue recognition (+0.3), etc.

5.6

5.3

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

0.6

0.6

Overseas : expenses that were partially exempted in FY2020 due to COVID-19 were recorded in FY2021/ forex rate impact (+0.2).

(0.3)

(0.3)

Due to lower sales, etc.

(0.3)

(0.3)

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.

(1.2)

(1.2)

Berlitz

Due to lower sales / lower cost, etc.

2.8

2.8

others/ReconciliationsIT investment and corporate cost, etc.

(1.0)

(1.0)

* Proto Medical Care Co., Ltd. changed its trade name to Heart Medical Care Co., Ltd. as of December 1, 2021.

3

Highlights of FY2021 Full-year Forecast Due to the transfer of shares of consolidated subsidiary Berlitz
Corporation, the full-year forecast for FY2021 released on May
11, 2021 has been revised as shown below.
 No change in the forecast of ¥25 per share year-end dividend(¥50 for full year)（Unit：Millions of yen）

FY21（Forecast）

FY20ChangeChange(%)

FY21（as of May 2021）

Change(%)

Change427,531433,000

5,469

1.3

13,08917,500

4,411

33.7

17,500ー

ー

3.1

4.0

0.9ー

4.0ー

ー

Ordinary income

9,260

12,000

2,740

29.6

12,000ーー

Net income attributable toowners of the parent

3,122

0 （3,122)ー

5,000 （5,000)

ーExchange Rate (USD/JPY)

106.67ー

108.00ー

Net sales
Operating income
Operating Income ratio（%）

109.502.834441,000 （8,000)

1.50（1.8)

Education
Businessin Japan

Breakdown of Net Sales

Nine months ended December 31(Millions of Yen)FY2020

FY2021

Change%Ratio(%)

Senior High School

9,896

8,769

(1,126)(11.4)

5.5

Junior High School

22,543

21,991

(551)

(2.4)

13.9

Elementary School

47,29348,381

1,088

2.3

30.5

39,166

41,305

2,139

5.5

26.0

32,21738,188

5,970

18.5

24.1

151,118

158,638

7,519

5.0

100.0

School & Teacher
SupportCram schools /Classroom, Other
Total

5

Kids & Family

Breakdown of Net Sales

Nine months ended December 31(Millions of Yen)FY2020
Kodomo Challenge

FY2021

Change%Ratio(%)

14,76815,340

572

3.9

28.8

19,92921,370

1,441

7.2

40.1

Other*19,003

16,592(2,410)(12.7)

31.1

Total

53,70153,304(397)

(0.7)

100.0

in Japan (Preschool)
Overseas Kodomo
Challenge (Preschool)* “Other” includes concert business belonging to the Kodomo Challenge business and Tamahiyo business belinging to the Lifestyle business, etc.

6Education
Business (Japan)
Kids & Family

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

Nine months ended December 31

FY2020

FY2021

Change%Senior High School

1,089945(143)(13.2)

Junior High School

3,371

3,177(193)(5.7)

Elementary School

11,385

11,383(2)

(0.0)

Total

15,846

15,506(339)(2.1)

【Cumulative Enrollment for Kodomo Challenge (Preschool)】

FY2020

FY2021(Thousands）

Change%Kodomo Challenge in Japan (Preschool)

7,344

6,948(396)(5.4)

Overseas Kodomo Challenge (Preschool)

10,77910,669(109)

(1.0)

Total

18,123

17,617(506)(2.8)•Note1: Cumulative enrollment represents the cumulative total No. of people who receive materials monthly (from April to December).
•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 September),due to the differences of those closing dates ended December 31st.

7

Nursing Careand Childcare

No. of Nursing Homes and Elderly Houses

Dec. 2020

Mar. 2021

Sep. 2021

Dec. 2021

Aria

24

25

27

27

Clara39

39

39

39

150

152

153

153

Madoka

57

57

57

57

Bon Sejour

49

49

49

49

Cocochi15151515

Li-Re2222Total

336339342

342

Granny & Granda8

Berlitz

Berlitz No. of Lessons by Region (Berlitz operated)

Nine months ended September 30(Thousands of Lessons)

FY2020

FY2021%

Americas

722

889

23.0

Europe

1,080

1,147

6.2

Asia

809

735

(9.2)

Total

2,612

2,771

6.1

9