ベネフィット・ワン（2412） – [Delayed]Operating Performance at Benefit One for the First Nine Months of the Fiscal Year Ending March 2022

Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/ February 1, 2022 Operating Performance at Benefit One for the First Nine Months of the Fiscal Year Ending March 2022 (cumulative Q3 FY03/22) Summary of Consolidated Operating Results for cumulative Q3 FY03/22 The Healthcare business contributed significantly to overall performance; consolidated operating income up 37.9% consolidated earnings. COVID-19 vaccination support operations expanded in the Healthcare business, boosting Towards the end of 2021, member usage of services provided through the Employee Benefit Services business grew, and rebate-related expenditures were on the rise. With the conversion of JTB Benefit Service, Inc. into a subsidiary, total member count exceeded 10 million(Note 1). This change will be reflected in the Company’s consolidated income statement starting The Company’s adoption of new accounting standards had a downward impact of ¥5,835 million on sales and an insignificant impact on income. The Company has made no changes to the full-year projections it announced on May 12, 2021. Note 1: Total number of members including Employee Benefit Services members, Individual Benefit Services members, and CRM in Q4. members. 1. Consolidated operating performance in cumulative Q3 FY03/22 (April 1–December 31, 2021) Nine months ended Nine months ended December 31, 2020 December 31, 2021 YoY Full-year forecast (Millions of yen) Amount Amount Change % Amount vs. % of sales % of sales Sales 27,074 – 27,068 – ▲5 ▲0.0% 37,310 72.6% Cost of sales 15,215 56.2% 12,256 45.3% ▲2,959 ▲19.5% Gross profit 11,858 43.8% 14,812 54.7% +2,954 +24.9% SG&A expenses 4,942 18.3% 5,274 19.5% +332 +6.7% Operating income 6,916 25.5% 9,538 35.2% +2,621 +37.9% 11,750 81.2% Ordinary income 6,960 25.7% 9,552 35.3% +2,591 +37.2% 11,830 80.7% Net income attributable to owners of parent 4,772 17.6% 6,663 24.6% +1,890 +39.6% 8,120 82.1% Note 2: The Company’s application of the Accounting Standard for Revenue Recognition from the start of FY03/22 had downward impacts of ¥5,835 million on sales, ¥5,821 million on cost of sales, and ¥14 million on income. Progress forecast – – – – – – 1 Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/ ２．Performance of Major Businesses (April 1, 2021–December 31, 2021) (Millions of yen) Sales Reasons for change YoY Operating YoY Change % income Change % Employee Benefit Services Individual Benefit Services 13,075 ▲279 ▲2.1% 1,444 ▲134 ▲8.5% CRM 328 +7 +2.3% 6,889 +718 +11.6% million Incentive 2,586 ▲323 ▲11.1% 612 ▲73 ▲10.7% Healthcare 7,441 +561 +8.1% 3,570 +3,227 +942.3% Purchase and Settlement Service 477 ▲27 ▲5.3% 60 +18 +44.0% Payment 8 +1 +21.6% ▲54 ▲59 – upfront spending associated Overseas 1,080 +97 +9.8% ▲105 ▲23 – customers strong despite Other (company-wide shared expenses, etc.) 629 +92 – ▲1,434 ▲1,187 – stemming from changes in Total 27,068 ▲5 ▲0.0% 9,538 +2,621 +37.9% Recovery in member service usage; increase in rebate-related expenditures Sales impact of change in accounting standards: -¥368 Income impact of changes in the allocation method for companywide shared expenses: +¥928 million Decline in service usage from major existing clients Contribution from expansion in COVID-19 vaccination support Sales impact of change in accounting standards: -¥5,467 services million Continued to incur COVID-19-related impact despite recovery in the use of the service on business trips Launch of Kyutokubarai and with the launch Transactions with existing COVID-19-related impact Increase in expenses expense allocation method 2 ３．Performance of Major Businesses, by Quarter Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/ (Millions of yen) Employee Benefit Services Individual Benefit Services CRM Incentive Healthcare Purchase and Settlement Service Payment Overseas Other Sales Gross profit Employee Benefit Benefit Services + CRM Incentive Healthcare Purchase and Settlement Service Payment Overseas Other (company-wide shared expenses, etc.) Operating income margin (%) (%) Ordinary income margin Net income attributable to owners of parent ＦＹ03/20 ＦＹ03/21 ＦＹ03/22 1Ｑ 2Ｑ 3Ｑ 4Ｑ 1Ｑ 2Ｑ 3Ｑ 4Ｑ 1Ｑ 2Ｑ 3Ｑ 4,359 4,471 4,396 4,484 4,441 4,443 4,470 4,577 4,372 4,344 4,359 647 650 628 589 539 536 503 478 498 484 462 130 1,295 114 770 103 630 142 986 109 111 101 151 995 1,120 794 1,048 109 981 110 921 108 683 1,837 2,711 2,737 3,313 1,616 2,123 3,141 3,486 1,811 3,733 1,897 189 187 179 195 160 162 182 191 165 161 150 – 107 115 – 253 122 – 227 205 – 268 233 – 230 158 – 331 115 – 422 271 – 441 395 3 348 196 2 293 217 3 438 219 8,679 9,278 9,105 10,210 8,248 8,941 9,884 10,767 8,483 10,265 8,319 3,553 3,406 3,754 4,089 3,832 3,951 4,076 4,564 4,600 5,790 4,421 Gross profit margin (%) 40.9% 36.7% 41.2% 40.0% 46.5% 44.2% 41.2% 42.4% 54.2% 56.4% 53.1% SG&A expenses 1,636 1,560 1,562 1,649 1,666 1,662 1,614 1,707 1,754 1,746 1,773 Services + Individual 1,624 1,605 1,849 1,801 1,999 2,074 2,098 2,218 2,285 2,451 2,153 289 85 127 233 122 325 252 489 233 291 29 50 161 264 290 413 269 216 792 1,882 127 896 34 21 22 32 16 22 31 17 15 28 – – – – – – – ▲23 ▲17 ▲14 ▲75 ▲66 ▲48 ▲42 ▲37 ▲25 ▲20 ▲22 ▲41 ▲33 ▲31 ▲41 ▲74 ▲78 ▲92 ▲75 ▲105 ▲63 ▲72 ▲453 ▲470 ▲512 4 – Operating income 1,916 1,846 2,192 2,440 2,165 2,289 2,462 2,858 2,846 4,044 2,647 22.1% 19.9% 24.1% 23.9% 26.3% 25.6% 24.9% 26.5% 33.6% 39.4% 31.8% Ordinary income 1,925 1,870 2,208 2,459 2,179 2,307 2,474 2,898 2,877 4,010 2,664 22.2% 20.2% 24.3% 24.1% 26.4% 25.8% 25.0% 26.9% 33.9% 39.1% 32.0% 1,314 1,289 1,504 1,534 1,489 1,582 1,701 1,994 2,051 2,774 1,837 Net income margin (%) 15.1% 13.9% 16.5% 15.0% 18.1% 17.7% 17.2% 18.5% 24.2% 27.0% 22.1% 3 Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/ ４．Quarterly member count by business Ten thousand ＦＹ03/20 ＦＹ03/21 ＦＹ03/22 members Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Employee Benefit Services Individual Benefit Services CRM Total members (Note 3) 513 （-） 137 （-） 119 （-） 769 （-） 522 （-） 141 （-） 118 （-） 781 （-） 522 （-） 140 （-） 117 （-） 779 （-） 522 （-） 134 （-） 124 （-） 780 （-） 590 （-） 125 （-） 124 （-） 839 （-） 624 （-） 120 （-） 124 （-） 868 （-） 624 （-） 115 （-） 125 （-） 864 （-） 621 （-） 111 （-） 130 （-） 862 （-） 634 （-） 106 （-） 127 （-） 867 （-） 635 893 （-） （258） 101 105 （-） （11） 127 139 （-） （12） 863 1,137 （-） （281） Note 3: JTB Benefit Service, Inc.’s contributions to individual member counts are displayed in parentheses (to be reflected in the consolidated income statement starting in Q4). ５．Number of consultations in the Healthcre business ＦＹ03/20 ＦＹ03/21 ＦＹ03/22 1Ｑ 2Ｑ 3Ｑ 4Ｑ 1Ｑ 2Ｑ 3Ｑ 4Ｑ 1Ｑ 2Ｑ 3Ｑ 15 23 13 10 1 28 16 13 16 25 14 2 – 2 – 3 – 4 – 1 – 2 – 3 – 4 – 3 3 3 34 72 25 Note 4: “Health checkup: number of checkups” refers to the number of health checkups for which Benefit One made appointments on behalf of service members. Note 5: “Specific health guidance: number of initial consultations” refers to the number of initial consultations members eligible for this service had with specialist staff. Note 6: “COVID-19 vaccinations” refers to the number of COVID-19 vaccinations that were arranged by the Company and administered by municipal governments or at workplaces. (10,000 cases) Health checkup: number of consultations(Note 4) Specific health guidance: number of initial consultations(Note 5) COVID-19 vaccinations(Note 6) 4 Benefit One Inc. TSE 1, Security Code: 2412 https://corp.benefit-one.co.jp/ ６．Qualitative information regarding consolidated operating performance forecast (April 1, 2021–March 31, 2022) (Assumptions underlying the forecast as of the date of its release on May 12, 2021) In the operating performance forecast for the fiscal year ending March 2022 (FY03/22) announced on May 12, 2021, we expected the impact of the COVID-19 pandemic on the service usage by members in the Employee Benefit Services business and the use of the service on business trips in the Purchase and Settlement Service business would gradually dissipate over the second half of the fiscal year. We did not anticipate the pandemic to have a significant impact on other businesses, and formulated the forecast based on the assumption that transactions and profit would increase primarily in the Healthcare business. (Consolidated operating results for cumulative Q3) In the Employee Benefit Services business, recovery in member usage of services was initially hampered by states of emergency issued in response to the COVID-19 pandemic, but we began to observe steady recovery from October 2021 once the state of emergency was lifted. Meanwhile, in the Healthcare business, contribution from COVID-19 vaccination support operations expanded, driving overall growth in consolidated income. (Assumptions for operating performance outlook going forward) We project ongoing recovery in member usage of services offered through our Employee Benefit Services business, and through our Healthcare business, we expect to provide additional support for the third dose of COVID-19 vaccinations moving forward. However, we also acknowledge that these projections, as well as performance in other business areas, could be affected by changing trends associated with the COVID-19 pandemic. We plan to begin reflecting financial results generated through JTB Benefit Service, Inc. (acquired as a subsidiary on October 29, 2021) within our consolidated income statement in Q4. The Company projects that JTB Benefit Service’s impact on FY03/22 consolidated financial results will be limited because its period of inclusion within these results will be short and synergies stemming from its organizational integration are not anticipated until FY03/23. In light of these factors, we have maintained the full-year projections we previously released on May 12, These materials are intended to provide information pertaining to financial results. They are not intended to solicit investments in securities issued by the Company. These materials were prepared on the basis of data as of December 31, 2021. Accordingly, opinions or forecasts contained in these materials are based on the judgment of the Company as of the date the materials were prepared. The Company makes no guarantees or pledges as to the accuracy or completeness of this information. Furthermore, this information may be changed without notice. IR contact: Corporate Planning Division TEL：03-6870-3802／MAIL：ir_inquiry@benefit-one.co.jp 2021. 5