Results for FY2022
Supplementary Materials

May 12, 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 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 informationcurrently 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

Results by Segment (YoY)(Millions of Yen)

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

FY2021

FY2022

Change212,128
71,238
127,397
20,074
1,105
431,943
19,085
1,718
8,013(2,799)(5,851)
20,167
15,404
1,064

209,056(3,072)
67,858(3,379)132,687+5,290－ (20,074)
2,274+1,169411,876(20,067)
19,163+7770(1,648)6,651(1,361)－+2,799(5,264)+586
20,620+452
15,896+491
11,353 +10,288

%

(1.4)
(4.7)
+4.2
－
+105.8(4.6)+0.4(95.9)(17.0)－－+2.2+3.2+966.8

Note: Berlitz Corporation was excluded from the reporting segments from the current fiscal year as a result of the share transfer of the company
on February 14,2022.

2

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

Shinkenzemi

EducationBusinessin Japan

School & Teacher Support

Prep Schools &Classrooms
University & WorkingAdult, OtherKids & Family

KodomoChallenge

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.
Decrease in number of students in Tokyo Individualized Educational Institute.
Increase in number of students in Tetsuryokukai, etc.

(8.3)
(0.3)

(0.3)

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

+5.9Japan : decrease in cumulative enrollment / positive impact of the price revision and recovery of concert business, etc.

(1.2)

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

(5.4)
+4.1

Forex rate impact
Tamahiyo business, etc.

(0.8)

Nursing Care and Childcare

Increase in new nursing homes, etc.

+5.2

Berlitz

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

OthersNaoshima business, etc.

+1.1

Shinkenzemi : lower sales, review of segment burden of selling expenses.
Decrease in marketing costs, elimination of impact of the product revision cost recorded in the previous year, etc.

(1.4)

Lifestyle

Education Business in Japan

Higher sales in University & Working Adult, decrease in cost in Prep Schools & Classrooms, etc.
Lower sales in School & Teacher Support, etc.

+1.5Japan : decrease in costs, lower sales, review of segment burden of selling expenses, etc.

+0.6

Overseas : lower sales, etc.

(1.9)

Lower sales, etc.

(0.3)

Nursing Care and Childcare

Prolonged COVID-19 negative impact, increase in 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

Higher sales in Naoshima, etc.

+0.5

Kids & Family

KodomoChallenge
Lifestyle3

FY2023 Full-year Forecast(Millions of Yen)FY2023

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FY2022Net Sales

Exchange Rate (CNY/JPY)(Forecast)

4%

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

FY2022
Education Business in Japan
Kids & Family
Nursing Care and Childcare
OthersTotal Net Sales
Education Business in Japan
Kids & Family
Nursing Care and Childcare
Others/Reconciliations
Total Operating Income

209,056
67,858132,687
2,274
411,876
19,16370
6,651(5,264)
20,6205Change

211,000+1,944
67,700(158)
141,500+8,813
2,800+526
423,000 +11,124
19,500+337
100+309,500+2,849(7,600)(2,336)
21,500+880%+0.9(0.2)
+6.6
+23.1
+2.7+1.8+42.9+42.8
ー+4.3

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

Education Businessin Japan

Shinkenzemi
School & Teacher
Support
Prep Schools &Classrooms

Net Sales

University & Working
Adult, Other

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

(3.9)

Positive impact of the price revision for Shinken Simulated Exams, etc.

+2.8

Positive impact of the price revision for each prep school.
Consolidates Rakusei Prep School, etc.

+1.4

Udemy business, move into new market, etc.

+1.7Japan : decrease in cumulative enrollment / positive impact of the price revision, etc.

(0.7)

Overseas : decrease in cumulative enrollment, positive impact of optional courses and the price revision,etc.

(0.3)

Tamahiyo business, etc.

+1.0

Nursing Care and Childcare

Increase in new nursing homes, improved occupancy rate, positive impact of the price revision, etc.

+8.8

OthersNaoshima business, etc.

+0.5

Shinkenzemi : decrease in marketing costs/ forex rate impact and material price hike, invest in productenhancement, lower sales,etc.

+0.7

Kids & Family

KodomoChallenge
Lifestyle

Education Business in Japan

Higher sales in University & Working Adult, etc.

Operating Income

Invest in product base for School & Teacher Support, invest in new business development for Prep Schools& Classrooms, etc.

(0.4)

Japan : decrease in costs, lower sales, etc.

+0.1

Overseas : lower sales, etc.

(0.5)

Higer sales, etc.

+0.5

Nursing Care and Childcare

Higher sales in nursing-care facility business, etc.

+2.8Others/Reconciliations

Strategic investment, etc.

(2.3)

Kids & Family

KodomoChallenge
Lifestyle6

Education
Businessin Japan

Breakdown of Net Sales(Millions of Yen)FY2021

FY2022

Change%Ratio(%)

Senior High School

11,182

9,496(1,685)(15.1)

4.5

Junior High School

28,011

24,557(3,454)(12.3)

11.7

Elementary School

63,28360,103(3,180)

(5.0)

28.7

School & Teacher
Support

48,77848,407(370)

(0.8)

23.2

Prep Schools &Classrooms

44,32643,964(362)

(0.8)

21.0

University & Working
Adult

14,28820,017+5,729+40.1

9.6Other

2,257

2,509

+252

+11.2

1.2

Total

212,128

209,056(3,072)

(1.4)

100.0

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

7

Kids & Family

Breakdown of Net Sales(Millions of Yen)FY2021

FY2022

Change%Ratio(%)

Kodomo Challengein Japan (Preschool)

20,462

19,658

(803)

(3.9)

29.0

Overseas Kodomo
Challenge (Preschool)

28,34627,237(1,109)

(3.9)

40.1

Other*

22,42920,961(1,467)

(6.5)

30.9

Total

71,23867,858(3,379)

(4.7)

100.0

* ‘’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】(Thousands）

FY2021

FY2022

Change%Senior High School1,187

993(194)(16.4)

Junior High School

4,023

3,453(569)(14.2)

Elementary School

14,901

13,868 (1,033)

(6.9)

Total

20,112

18,315 (1,797)(8.9)

【Cumulative Enrollment for Kodomo Challenge (Preschool)】
FY2021

FY2022(Thousands）

Change%Kodomo Challenge in Japan (Preschool)

9,283

8,273 (1,010)(10.9)

Overseas Kodomo Challenge (Preschool)

13,948

11,556 (2,392)(17.1)

Total

23,232

19,839 (3,392)(14.6)•Note1: Cumulative enrollment represents the cumulative total No. of people who receive materials monthly (from April to March).
•Note2:Cumulative Enrollment for Overseas Kodomo Challenge is the total No. of cumulative enrollment for Kodomo Challenge in China andTaiwan. Cumulative enrollment for China represents the cumulative total No. of people who receive materials monthly (from January toDecember), due to the differences of those closing dates ended December 31st .

9

Education
Business (Japan)
Kids & Family

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

As of April

2022

2023

Change%Senior High School110

100(10)(8.9)

Junior High School350

320(30)(8.6)

Elementary School

1,280

1,180(100)

(8.0)

750

610(140)(19.0)

2,490

2,200(290)(11.5)

Kodomo Challenge (Preschool)
Total (Japan)

10

Kids & Family

Enrollment for Kodomo Challenge as of April (Overseas)

As of April(Thousands)

2022

2023

Change%

China

950

790(160)(16.5)

Taiwan10090(10)

(5.7)

1,050

880(170)(15.5)

Total (Overseas)11

Nursing Careand Childcare

Number of Nursing Homes and Elderly Houses
Mar. 2022

Sep. 2022

Mar． 2023

Aria272728

Clara393838

154

159160Madoka

57

5757

Bon Sejour

49

5052

Cocochi151515

Li-Re222

Total

343

348352

Occupancy Rate ofExisting Facilities (%)

90

90

90

Granny & Granda

12

CAPEX／Depreciation and Amortization

FY2021CAPEX(Breakdown)

FY2022

Change23,562

24,405+842

Lease Assets

5,841

11,564+5,722

Goodwill

3,253

126(3,127)

Others

14,467

12,715(1,752)

18,85019,245

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+394

Shareholder Return【Dividend per Share/Dividend Payout Ratio】

FY2020

Dividend per share(yen)Dividend payout ration(%)

FY2021

FY2022

FY2023(Forecast)

50

50

60

60

154.3

452.9

51.0

50.3

14