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Subaru (9778) · RiskReframedLatest Earnings (2026-10-15): "Restated"

Declining School-Age Population Due to the Falling Birthrate and Intensifying Competition Among Private Tutoring Schools

First written in FY2017. 9 of 20 entries say "Restated". Latest entry: 2026-10-15.

20entries
10years
3from disclosures
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How it moved
ProgressHeldSoftenedWorseReframedFY2018 – FY2019RestatedFY2020 – FY2021RestatedFY2023-Q3 – FY2024WorsenedFY2025-Q1 – 2026-04-272017: 120172018: 120182019: 120192020: 220202021: 220212022: 220222023: 220232024: 320242025: 220252026: 42026
Same theme, other companies
Declining Demand for Cram Schools Due to the Falling Birthrate and AI EducationA theme 6 companies write about · 6 as a headwind · 0 as a tailwind

Subaru moved to the "Worse" side of this theme in 2018, 7 years before the typical company in this theme (2025).

1 other company's latest entry also says "Restated".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. FY2026ReframedAnnual report

    「The cram-school industry is facing a decline in the school-age population due to the declining birth rate. The decline in the absolute number of students has reduced the motivation to attend cram schools as entrance examinations have become easier, while intensifying competition among companies to attract students. If these conditions persist, they may affect business performance.」

    The company identifies the declining birth rate, the decline in the school-age population, weaker motivation to attend cram schools due to easier entrance examinations, and competition to attract students as its main risks. The effects of high prices and free tuition, noted in the most recent interim period, are not prominently presented in the risk section.
  2. 2026-04-27WorsenedGeneral Meetings of Shareholders

    「In addition, as the impact of free high school tuition has broadened the option of attending distinctive private high schools, the need to attend cram school for high school entrance examinations has been trending somewhat lower.」

    The Company identifies the broader choice of private high schools resulting from free high school tuition and the decline in demand for cram schools aimed at high school entrance examinations as full-year challenges.
  3. FY2026-H1WorsenedAnnual report

    「The current educational environment surrounding the cram-school industry has seen a wider range of options for attending private high schools, partly due to the impact of free high school tuition, resulting in more public high schools with lower competition ratios. Many high schools and departments in the regions where we operate also have unfilled enrollment capacity. The perceived need for families to send their children to cram schools to prepare for high school entrance examinations has also declined, while persistently high consumer prices have contributed to the lack of growth in cram-school attendance.」

    The company points to lower competition ratios and unfilled capacity at public high schools, a wider range of private high school options due to free high school tuition, weaker demand for cram schools for high school entrance examinations, and sluggish cram-school attendance due to high prices.
  4. FY2025WorsenedAnnual report

    「Furthermore, amid high prices, stagnating real wages constrained spending on education outside school, and the number of elementary and junior high school students attending our cram schools remained sluggish.」

    In addition to the declining birth rate and intensifying competition, the company points to constrained spending on education outside school due to stagnating real wages and a lack of growth in cram-school attendance among elementary and junior high school students.
  5. FY2025-H1WorsenedAnnual report

    「In addition, amid high prices and declining real wages, the number of students attending cram schools remained sluggish as households became increasingly focused on protecting their livelihoods.」

    In addition to the declining birth rate and intensifying competition, the company points to the lack of growth in cram-school attendance due to high prices, declining real wages and heightened household efforts to protect their livelihoods.
  6. FY2025-Q1WorsenedAnnual report

    「In the cram-school industry, schools and extracurricular activities have regained momentum as the impact of COVID-19 has waned since last year. However, this has not extended to a recovery in extracurricular learning activity, and the number of students attending cram schools has not yet increased. In addition, household education spending has been trending down due to declining real wages, which has had a material impact on the lack of growth in the number of students attending cram schools.」

    In addition to the declining birth rate and intensifying competition, the company points to declining household education spending due to lower real wages and a lack of growth in the number of students attending cram schools, adding demand-side risk factors.
  7. FY2024RestatedAnnual report

    「The cram-school industry is facing a decline in the school-age population due to the declining birth rate. The decline in the absolute number of students has reduced the motivation to attend cram schools as entrance examinations have become easier, while intensifying competition among companies to attract students. If these conditions persist, they may affect business performance.」

    The company restates the declining birth rate, the decline in the school-age population, weaker motivation to attend cram schools due to easier entrance examinations, and intensifying competition to attract students as industry risks.
  8. FY2023RestatedAnnual report

    「The cram-school industry is facing a decline in the school-age population due to the declining birth rate. The decline in the absolute number of students has reduced the motivation to attend cram schools as entrance examinations have become easier, while intensifying competition among companies to attract students. If these conditions persist, they may affect business performance.」

    The company restates the declining birth rate, the decline in the school-age population, weaker motivation to attend cram schools due to easier entrance examinations, and intensifying competition to attract students as industry risks.
  9. FY2023-Q3RestatedAnnual report

    「In the cram-school industry, the competitive environment has become increasingly intense amid the structural contraction in demand caused by the declining birth rate and the entry of new competitors from other industries.」

    The company continues to describe intensifying competition in the cram-school industry against the backdrop of shrinking demand due to the declining birth rate and new entrants from other industries.
  10. FY2023-Q2WorsenedAnnual report

    「In the cram-school industry, competition has become even more intense due to the declining birth rate and new entrants from other industries.」

    The company states that competition within the industry has become even more intense due to new entrants from other industries, in addition to competition associated with the declining birth rate.
  11. FY2022WorsenedAnnual report

    「Meanwhile, as the declining school-age population accelerates competition to attract students, demand for online education services has grown amid the COVID-19 pandemic. This has encouraged new entrants from other industries and accelerated industry restructuring, further intensifying competition among companies.」

    The company explains that, in addition to competition to attract students due to the declining birth rate, new entrants from other industries and accelerated industry restructuring driven by demand for online education have further intensified competition among companies.
  12. FY2021RestatedAnnual report

    「The cram-school industry is facing a decline in the school-age population due to the declining birth rate. The decline in the absolute number of students has reduced the motivation to attend cram schools as entrance examinations have become easier, while intensifying competition among companies to attract students. If these conditions persist, they may affect business performance.」

    The company restates the declining birth rate, the decline in the school-age population, weaker motivation to attend cram schools due to easier entrance examinations, and intensifying competition to attract students as industry risks.
  13. FY2021-Q3RestatedAnnual report

    「In the cram-school industry, the market environment has been challenging as the declining birth rate reduces the target population. Under the government's state of emergency, the closure of schools served as a catalyst for the rapid shift to online classes, significantly changing the business environment.」

    The company continues to point to a decline in the target population due to the declining birth rate and a challenging market environment, and identifies the shift to online classes triggered by school closures as a change in the business environment.
  14. FY2021-Q2RestatedAnnual report

    「In the cram-school industry, the business environment has changed significantly. The market has remained stagnant amid the declining birth rate, while many companies began delivering classes online under the government's state of emergency.」

    The company continues to point to stagnation in the cram-school market against the backdrop of the declining birth rate, and also notes changes in the business environment resulting from online classes delivered under the state of emergency.
  15. FY2020RestatedAnnual report

    「The cram-school industry is facing a decline in the school-age population due to the declining birth rate. The decline in the absolute number of students has reduced the motivation to attend cram schools as entrance examinations have become easier, while intensifying competition among companies to attract students. If these conditions persist, they may affect business performance.」

    The company restates the declining birth rate, the decline in the school-age population, weaker motivation to attend cram schools due to easier entrance examinations, and intensifying competition to attract students as industry risks.
  16. FY2019ReframedAnnual report

    「The cram-school industry is facing a decline in the school-age population due to the declining birth rate. The decline in the absolute number of students has reduced the motivation to attend cram schools as entrance examinations have become easier, while intensifying competition among companies to attract students. If these conditions persist, they may affect business performance.」

    The company specifies as risks the declining birth rate and school-age population, weaker motivation to attend cram schools due to easier entrance examinations, and competition to attract students.
  17. FY2018ReframedAnnual report

    「In Japan's declining-birth-rate society, mergers and acquisitions have occurred one after another in the cram-school industry, and some observers believe that a wave of large-scale industry restructuring may be forthcoming.」

    In addition to the issues of the declining school-age population and competition associated with the declining birth rate, the company notes successive mergers and acquisitions in the industry and the possibility of large-scale restructuring.
  18. FY2017First statedAnnual report

    「In the cram-school industry, cram schools have become increasingly prevalent amid Japan's worsening declining-birth-rate society, and competition is intensifying.」

    The company identifies market contraction due to the declining birth rate and the proliferation and intensifying competition among cram schools as risks in the industry environment.
Moved together

"Uncertainty Surrounding Economic Recovery, Falling Stock Prices, Yen Appreciation and Stagnant Personal Consumption" moved the same way as this thread, in the same document, in 8 of its 20 moves.

85422★12345
  1. ★This thread
  2. 1Uncertainty Surrounding Economic Recovery, Falling Stock Prices, Yen Appreciation and Stagnant Personal Consumption8×
  3. 2Impact of Public High Schools Operating Below Capacity on Students’ Motivation to Learn and the Development of Local Human Resources5×
  4. 3Temporary Closure and Reopening of Classes Due to COVID-194×
  5. 4Increasing difficulty securing personnel against a backdrop of the declining birthrate2×
  6. 5Recovery of customer acquisition in the cram-school industry to pre-pandemic levels2×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
No upcoming earnings preview for Subaru yet. It last moved in the Earnings of 2026-10-15: "Restated".
News
No news is linked to this thread yet. When an article touches it, it will appear here by date.
Declining School-Age Population Due to the Falling Birthrate and Intensifying Competition Among Private Tutoring Schools | SUBARU CO.,LTD. (9778) | Komori