1H Results for FY2022
Supplementary Materials

August 6 August 6November 9, 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)
Six months ended September 30(Millions of Yen)FY2021

FY2022

105,194

104,100(1,094)(1.0)

Kids & Family

35,14531,602(3,542)(10.1)

Nursing Care and Childcare

63,426

65,136+1,710+2.7

Berlitz

13,109530－
1,090(13,109)+560－+105.5

217,405

201,929(15,475)(7.1)

10,254

10,861+607+5.9

Kids & Family

2,996

901(2,095)(69.9)

Nursing Care and Childcare

4,048

1,392(2,655)(65.6)

Berlitz(1,948)+1,948－Others/Reconciliations
Total Operating Income(2,378)
12,972－(2,527)
10,628(149)(2,344)－(18.1)

Ordinary Income

10,5398,327(2,211)(21.0)

5,580

5,448(132)(2.4)

Education Business in Japan

OthersTotal Net Sales
Education Business in JapanNet Income

Change%Note: Berlitz Corporation was excluded from the scope of consolidation from the fourth quarter of the previous fiscal year as a result of the share transfer of the company.

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

Shinkenzemi

Education

School & Teacher
SupportBusinessin Japan

Prep Schools &Classrooms

Net Sales

University & Working
Adult, OtherKids & Family

KodomoChallenge(4.2)

Decrease in cumulative enrollment / positive impact of the price revision, etc.
Increase in orders for elementary and junior high school business.

+0.2

Decrease in number of students taking Shinken Simulated Exams, etc.
Decrese in number of students in Tokyo Individualized Educational Institute.

(0.0)

Increase in number of students in Tetsuryokukai, etc.
Increase in orders in support for study abroad, Udemy business, and developmental education, etc.

+3.0

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

(0.2)

Overseas : decrease in cumulative enrollment dut to COVID-19 lockdown in China, etc.

(4.7)
+1.7

Forex rate impact
Lifestyle(0.3)

Tamahiyo business, etc.

*+1.7

Nursing Care and Childcare

Increase in nursing home residents / consolidation of Heart Medical Care Co., Ltd., etc.

Berlitz

No sales contribution from Berlitz as a result of the share transfer(13.1)

OthersNaoshima business, etc.

+0.5

Shinkenzemi : lower sales / elimination of impact of the product revision cost recorded in the previous year and decrease in marketing costs(0.3)

Education Business in Japan

Higher sales in University & Working Adult, etc.
Increase in cost in School & Teacher Support / lower sales in Prep Schools & Classrooms, etc.

Operating Income

Kids & Family

KodomoChallenge
LifestyleNursing Care and Childcare+0.9Japan : decrease in costs / lower sales+0.2

Overseas : lower sales, etc.

(2.1)

Lower sales, etc.

(0.1)

Increase in marketing costs to strengthen sales promotion and utilities expenses
Higher sales in nursing-care facility business, etc.

(2.6)

Berlitz

Elimination of operating loss as a result of the share transfer+1.9

Others/Reconciliations

DX Investment / higher sales in Naoshima, etc.

(0.1)

Co. , Ltd.) into consolidated subsidiaries as of June 1, 2021.
* The company converted Heart Medical Care Co., Ltd. (the former Proto Medical Care3

FY2022 Full-year Forecast
We revised its full-year forecast announced on May 12, 2022.
(Millions of Yen)FY2022
FY2021

FY2022(RevisedChange%(Forecastforecast)

Net Sales

Change%as of May)

431,943

417,000(14,943)(3.5)

426,000(9,000)(2.1)

Operating Income

20,16721,500+1,333+6.6

25,000(3,500)(14.0)

Operating Income ratio（%）

4.7

5.2+0.5ー

5.9(0.7)

ーOrdinary Income

15,404

16,500+1,096+7.1

19,500(3,000)(15.4)Net Income

1,064

11,500+10,436+980.6

13,500(2,000)(14.8)

Exchange Rate(USD/JPY)

109.84128.00+18.16ー118.00+10.0ー4FY2022 Forecast by Segment(Millions of Yen)FY2022
FY2021

FY2022(RevisedChange%(ForecastChange%

as of May)

forecast)

212,128

209,900(2,228)(1.1)

216,600(6,700)(3.1)

71,23870,700

(538)

(0.8)

73,200(2,500)(3.4)

127,397

134,300+6,903+5.4

134,100

+200

+0.1

Berlitz

20,074-(20,074)

Others1,105

2,100+995

431,943

417,000

19,085

Kids & Family
Nursing Care and Childcare

Education Business in Japan

Kids & Family
Nursing Care and Childcare---+90.0

2,100--(14,943)(3.5)

426,000(9,000)(2.1)

20,400+1,315+6.9

22,500(2,100)

(9.3)

1,718

1,400(318)(18.5)

3,500(2,100)(60.0)

8,013

6,700(1,313)(16.4)

7,400(700)(9.5)

Berlitz▲2,799-+2,799----Others/Reconciliations▲5,851▲7,000(1,149)-▲8,400+1,400-

Total Operating Income

20,16721,500+1,333+6.6

25,000(3,500)(14.0)

Total Net Sales
Education Business in Japan

5-

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

Shinkenzemi

EducationBusinessin JapanNet Sales

Kids & Family

School & Teacher
SupportPrep Schools &Classrooms
University & WorkingAdult, OtherKodomo
Challenge

Decrease in cumulative enrollment / positive impact of the price revision, etc.
Decrease in number of students taking Shinken Simulated Exams
Increase in orders for elementary and junior high school business, etc.

Nursing Care and Childcare(0.4)

Increase in number of students in Tetsuryokukai, etc.

+0.6

Increase in orders in support for study abroad, Udemy business, and developmental education, etc.

+5.8Japan : positive impact of the price revision and recovery of concert business / decrease in cumulative enrollment, etc.

+0.0

Overseas : decrease in cumulative enrollment dut to COVID-19 lockdown in China, etc.

(4.9)
+3.6

Forex rate impact
Lifestyle(8.2)+0.8Tamahiyo business, etc.
Increase in nursing home residents, positive impact of the price revision in response to inflation,and consolidation of Heart Medical Care Co., Ltd., etc.

+6.9

Berlitz

No sales contribution from Berlitz as a result of the share transfer(20.0)

OthersNaoshima business, etc.

+0.9

Shinkenzemi : lower sales and negative impact of forex rate

Education Business in Japan

Elimination of impact of the product revision cost recorded in the privious year / decrease in marketing costs, etc.
Higher sales in University & Working Adult and Prep Schools & Classrooms

Operating Income

Lower sales in School & Teacher Support, etc.

(0.7)

+2.0

Japan : decrease in costs and lower sales, etc.

+1.4

Overseas : Lower sales and expenses to deal with COVID-19 lockdown in China, etc.

(2.2)

Higher sales, etc.

+0.5

Nursing Care and Childcare

Higher sales / Increase in labor cost, utilities expenses ,and marketing costs to strengthen sales promotion, etc.

(1.3)

Berlitz

Elimination of operating loss as a result of the share transfer+2.7

Others/Reconciliations

Strategic investment, etc.

(1.1)

Kids & Family

KodomoChallenge
Lifestyle6

Education
Businessin Japan

Breakdown of Net Sales

Six months ended September 30(Millions of Yen)FY2021

FY2022

Change%Ratio(%)

Senior High School

6,270

5,314(955)(15.2)

5.1

Junior High School

15,287

13,397(1,890)(12.4)

12.9

Elementary School

32,522

31,126(1,395)

(4.3)

29.9

22,112

22,313+200+0.9

21.4

21,28821,205(82)

(0.4)

20.4

6,968

9,865

+2,896+41.6

9.5

Other744

877+133+18.0

0.8

Total

105,194

104,100(1,094)

(1.0)

100.0

School & Teacher
Support
Prep Schools &Classrooms
University &Working Adult

Note: We revised the method of aggregation for School & Teacher Support and Other, which are included in Education Business in Japan andmentioned figures for Prep Schools & Classrooms and University & Working Adult separately from the first quarter of the current fiscal year. Alongwith these changes, figures for corresponding period of the previous fiscal year are based on new criteria.

7Kids & Family

Breakdown of Net Sales

Six months ended September 30(Millions of Yen)FY2021
Kodomo Challenge

FY2022

Change%Ratio(%)

10,1229,790(332)

(3.3)

31.0

14,292

11,822(2,469)(17.3)

37.4

Other *

10,7309,989(741)

(6.9)

31.6

Total

35,14531,602(3,542)(10.1)

100.0

in Japan (Preschool)
Overseas Kodomo
Challenge (Preschool)* ‘’Other‘’ includes Kodomo Challenge peripheral businesses such as concert business and Lifestyle-related businesses such as Tamahiyo business, etc.

8Education
Business in Japan
Kids & Family

Cumulative Enrollment for Shinkenzemi and Kodomo Challenge【Cumulative Enrollment for Shinkenzemi】
Six months ended September 30(Thousands）

FY2021

FY2022

Change%Senior High School

678

564(114)(16.9)

Junior High School

2,230

1,905(324)(14.6)

Elementary School

7,744

7,260(483)(6.2)

10,6539,729(923)

(8.7)

Total

【Cumulative Enrollment for Kodomo Challenge (Preschool)】
FY2021

FY2022(Thousands）

Change%Kodomo Challenge in Japan (Preschool)

4,575

4,140(435)(9.5)

Overseas Kodomo Challenge (Preschool)

7,192

6,141(1,050)(14.6)

11,767

10,281(1,485)(12.6)

Total•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 .
Cumulative enrollment for China represents the cumulative total number of people who receive materials monthly (from January to June), due to the differencesof those closing dates ended December 31st.
9Education
Business in Japan
Kids & Family

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

As of October

2021

2022

Change%Senior High School90

80(10) (15.1)

Junior High School

330

280

(50) (12.9)

Elementary School

1,230

1,140780

690

2,430

2,200

Kodomo Challenge (Preschool)
Total (Japan)

10(90)(7.2)(90) (10.6)
(230)

(9.4)

Kids & Family Enrollment for Kodomo Challenge as of October (Overseas)

As of October(Thousands)

2021

2022

Change%

China

1,030

820(210)(20.3)

Taiwan100100(0)(2.6)

1,130920(210)(18.7)

Total (Overseas)11

Nursing Careand Childcare

Number of Nursing Homes and Elderly Houses
Sep. 2021

Mar. 2022

Sep. 2022

Aria

27

27

27

Clara39

39

38

153

154

159

Madoka57

57

57

Bon Sejour

49

49

50

Cocochi

15

15

15

Li-Re

2

2

2

Total

342

343

348

Occupancy Rate of90%90%90%

Granny & Granda

Existing Facilities

12

CAPEX／Depreciation and Amortization(Millions of Yen)

Six months ended September 30

FY2021CAPEXFY2022

Change13,291

12,164(1,127)

3,636

6,475

+2,838Goodwill

2,458

120(2,337)

Others7,197

5,568(1,628)

9,192

9,237

+45(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”.

13Shareholder Return【Dividend per Share/Dividend Payout Ratio】
FY2019Dividend per share (yen)Dividend payout ration (%)

FY2020

FY2021

FY2022(Forecast)

50

505060

76.6

154.3

452.950.3

14