1st Quarter of the Fiscal Year Ending March 2025 (FY2025)

Financial Results
Briefing Material“Kabushiki Kaisha Confidence Interworks”(English name: “Interworks Confidence Inc.”)
Securities code ： 7374

Table ofContents

01

E xec u t ive S u m m a r y

P. 3

02

C o m pa n y O ver v iew ｜ C o n so lidated F in a n c ial
Results a nd S egment Results

P. 6

03

Dividend Distribution

P. 1 904

B u s i n e s s To p i c s

P. 2 12

01
Executive Summary

Financial Highlights of Q1 FY2025 (Cumulative)
Achieved significant year-on-year growth for both revenue and profit

FY2025(Q1 Actual
results)

The merger with Interworks in Q2 of the previous fiscal year expanded the business size. Achieved the bestquarterly results ever.
* Due to the merger in August 2023, the year-on-year comparison (Q1 FY2024) is based solely on the results of the former Confidence Inc.

-

Revenue: 2,170 million yen (＋54.0% YoY)-

Gross profit: 1,087 million yen (＋110.2% YoY） │Gross profit margin: 50.1% (+13.4 pts YoY)-

Operating profit: 349 million yen(＋23.8% YoY) │Operating profit margin: 16.1% (-4.0 pts YoY)

In comparison with the forecast for the first half, revenue grew as expected while profit levels
exceeded the forecast
The progress rate against the full year forecast was also as planned.

Revenue

FY2025(Q1 progress
rate)

Actual results

First halfearnings
forecast

4,300

50.4%

Full-year
earnings
forecast

9,000▲Progress rate (YoY) 17.6%
５０%

million yen

1,400

25.0%

million yen
２５%

570

61.3%

million yen

24.1%

0%

Operating profit

Actual results

million yen▲Progress rate (YoY) 25.2%

７５%

１００%

0%

２５%

５０%

７５%

１００%

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4

Trends in Revenue / Operating Profit Over the Years Trends in revenue and operating profit over time, including forecasts for FY2025, are shown below.
 The progress rate against the full-year forecast announced at the time of the announcement of the full-year financial results for FY2024 was

24.1% for revenue and 25.0% for operating profit, as planned.

Merger with Interworks▍Revenue+20.2%(Millions yen)

10000

+44.1%

9000
8000

9,000

◀ Earnings
forecast

7,488

Merger with Interworks▍Operating profit+17.1%(Millions yen)

+28.0% 1,400

1500◀ Earnings
forecast

1300

1,195

1100

7000

933
900

6000

5,197

5000

4,425

2000

2,604

Established inAugust 2014

46

188

Progressrate◀ 24.1%

2,004
1,140

1000
0

700

604

3,569

4000
3000

745

500

300

2,170

512

69

100

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Past results

Current
fiscal year

Progressrate◀ 25.0%

335

-100

-6

148

174

349

-15

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Past results

Current
fiscal year
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5

02
Company Overview｜Consolidated Financial
Results and Segment Results

Business Overview│Composition of Revenue

65.0%

HR Solution business (Staffing and Outsourcing)Composition of revenue

・ Specializing in the gaming andStaffing
Outsourcing
Freelancers
entertainment industries
Staffing and outsourcing services that meet the needs of each phase anddepartment
In April 2023, freelancer matching started. ▶

18.5%

HR Solution business (Recruitment)
FY2025

Revenue (Forecast)

9.0

billion yen

・ Cross-industry career-change support services centeredon middle- and high-class human resources.
Recruitment
In February 2024, Protagonist Inc. as a subsidiary ▶

16.5%

Media & Solutions Business・ Specializing in manufacturing and factories throughout Japan
Operation of job change recruitment
Media
Ad salesmedia “Kojo Works”
Media operations ▶

・ Boasting more than 30 years of experience, we are developinga recruitment outsourcing business

Recruitment
support

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7

[Consolidated] Financial Highlights of Q1 FY2025 (Cumulative) Due to the merger with Interworks in Q2 of the previous fiscal year, there was a significant increase year on year (* YoY comparison is based solely on the figures fromthe former Confidence Inc.).

 Revenue and operating profit are progressing largely as planned against the full-year forecast. Operating profit grows steadily even after amortizing goodwill.

▍Q1 Actual results(Million yen)

▼YoY comparison is based solely on the former Confidence Inc.

FY20242024(Q1)

FY2025(Q1)

Forecast

YoY(Announced on
May 10, 2024)

Progress rate

1,409

2,170

+54.0%

9,000

24.1%

1,385

1,406

+1.6%

5,853

24.0%

HR Solution Business-Recruitment

16

384

+2162.5%

1,666

23.1%

Media & Solutions Business

6379+5518.3%

1,480

25.6%

517

1,087

+110.2%

4,476

24.3%

36.7%

50.1%

+13.4 pts

49.7%

-

282

349

+23.8%

1,400

25.0%

20.1%

16.1%

-4.0 pts

15.6%-

Ordinary profit

245

350

+42.6%

1,401

25.0%

Profit attributable to owners ofparent167

223+33.7%

882

25.3%

Revenue
HR Solution Business-Staffing and Outsourcing

Gross profit
Gross profit margin

Operating profit
Operating profit margin

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8

[Consolidated] Quarterly Results Trends


Revenue and operating profit increased by 54.0% and 23.8% year on year, respectively, and both achieved record-high quarterly results.
Since the results for the same period of the previous fiscal year were based solely on the former Confidence Inc., we strive for further
earnings expansion based on the post-merger business foundation.

▍Revenue (quarterly trends)(Million yen)

▍Operating profit (quarterly trends)+54.0%: Consolidated

2,127 2,111

2,000

2,170

1,840

+23.8%: Consolidated(Million yen)

350

299

300
1,500

1,042 1,052

1,149 1,180

1,250

1,293 1,316

1,336

1,409

349

333

282
264

250

236

279

241

211

200

1,000

181

172

180

191

150

100

500

50

0

Q1 FY22.3
Q2 FY22.3
Q3 FY22.3
Q4 FY23.3
Q1 FY23.3
Q2 FY23.3
Q3 FY23.3
Q4 FY24.3
Q1 FY24.3
Q2 FY24.3
Q3 FY24.3
Q4 FY25.3
Q1
FY22.3
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
FY2022
FY2023
FY2024FY20250

Q1 FY22.3
Q2 FY22.3
Q3Q4Q1 FY23.3
Q2 FY23.3
Q3
Q4
Q1
Q2 Q3
Q1
FY22.3
FY22.3 FY23.3
FY23.3
FY24.3
FY24.3
FY24.3Q4
FY24.3 FY25.3
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
FY2022
FY2023
FY2024FY2025* Figures after eliminating internal sales within the consolidated companies are indicated.
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9

[Consolidated] Factor Analysis of Increase/Decrease in Q1 Operating Profit (YoY) Due to the merger with Interworks in Q2 of the previous fiscal year, there is an increasing trend in all items when comparing with Q1.
 Despite amortization of goodwill incurring since Q2 of the previous fiscal year, increased profit was secured by optimizing back-office expenses

and other factors to offset increased costs.
(Million yen)

Gross profit

SG&A expenses

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10

[Consolidated] Quarterly SG&A Expenses Trends
 Despite the merger with Interworks significantly changing the size and composition ratio of SG&A expenses, we maintained the organizational

structure to generate steady operating profit through thorough cost control.
▍Quarterly trends(Million yen)

Personnel expenses

Rent expenses on land and buildings

Commission expenses

Taxes and dues

Depreciation

Amortization of goodwill

Other

900
800

738

700

＊2

130
＊2

600

553

500

91

400

27
6
10
58

200

100
0

188

231

212

189

219

176

187

32
0
2
9
32
13

32
0
2
5
24
13

35
0
7
5
27
13

98

98

98

118

105

103

119

Q1

Q2

Q3

Q4

Q1

Q2

Q3

FY2022

34
0
17
11
33
14

34
0
17
7
30
15

34
0
6
7
34
16

31
0
2
7
29
15

FY2023

60
0
9
9
38
17

42

130
41
16
17
82
42

737
121
41
16
14
81
42

35

285

300

41
15
16
71

771

234
37
0
4
9
37
18

150

126

Q4

Q1

420

441

418

Q3

Q4

Q1

324

Q2

FY2024FY2025* Due to the merger in the previous fiscal year, some changes were made to the breakdown of account items fromthe second quarter of the previous fiscal year and changes have been made retroactively from previous years.
* This graph is compiled based on management accounting classification.

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11

[HR Solution Business - Staffing and Outsourcing] Financial Highlights of Q1 FY2025
 The majority of this segment is dominated by the HR Solution business of the former Confidence Inc. Although the mainstay staffing business for the

gaming industry experienced stagnant increase in the number of utilized persons, due mainly to the sluggish mobile gaming market, the freelancer
matching business launched in Q1 of the previous fiscal year began to contribute to profits, aiding the increase in the number of utilized persons andrevenue growth.

▍Q1 Actual results(Million yen)

Revenue*1
Job opening
advertisement*2
Outsourcing and others
Gross profit
Gross profit margin
Segment profit
Segment profit margin▼Figures after reclassifying to new segments

FY2024(Q1)

FY2025(Q1)

Forecast(Announced on
May 10, 2024)

YoY

Progress rate

1,385

1,406

+1.6%

5,853

24.0%

1,331

1,344

+1.0%

-

-

54

62

+15.8%

-

-

497

486

-2.2%

-

-

35.9%

34.6%

-1.3 pts

-

-

378

354

-6.2%

-

-

27.3%

25.2%

-2.1 pts--*1 Figures after eliminating internal sales within the consolidated companies are indicated*2 The freelancer matching business operated by Confidence Pro Co., Ltd. established on April 3, 2023, is included in this category and disclosed.
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12

[HR Solution Business - Staffing and Outsourcing] Trends in Major KPIs
The number of utilized persons, which forms the basis of the Company’s recurring income model, increased by 13 people from the same period of theprevious fiscal year.
While the human resource needs in the home-use game console market remain solid, slowdown in the mobile gaming market is a facto r. We aim toincrease the total number of matches by expanding into adjacent areas.

▍Number of utilized persons
freelance
matching

Staffing▍Utilization days*1 / Utilization rate*2+13 people

Outsourcing

freelance
matching

Staffing
Utilization days

Utilization rate

Outsourcing

99.5% 99.2% 99.8% 99.4% 99.6% 99.6% 98.9% 98.7% 98.6%

1000

800

661

702

742

768

805

816

855

859

874

892

897

892

887

80.0
60.0

100.0%

56.4

55.7

55.9

55.3

57.3

55.2

56.3

52.7

56.0

80.0%
60.0%

40.0

40.0%

20.0
0.0

600

20.0%
Q11QFY25Q2
Q33QFY25
Q44Q
Q11QFY23
Q22QFY23
Q33QFY23
Q4 4QFY24
Q1 1QFY24
Q2 2QFY24
Q3 3QFY24
Q4 4QFY25FY23
2QFY25
FY2025
FY2023
FY20240.0%*1 Quarterly total of the number of days arrived at by dividing the total number of days worked by each
person on a monthly basis by the number of utilized persons at the end of the month*2 The ratio obtained by dividing the total number of utilized staff at month end by the total number ofstaff that can be utilized at month end

400▍Trends in average daily overtime hours*
FY2024

200

0.60

0.55

派遣
Staffing

FY2025
0.57

0.56

0.56

0.55

0

0.50

Q11QFY22
Q22QFY22
Q33QFY22
Q44QFY23
Q11QFY23
Q22QFY23
Q33QFY23
Q44QFY24
Q11QFY24
Q22QFY24
Q33QFY24
Q44QFY25
Q11Q
FY22

FY2022*

FY2023

FY2024FY2025

Starting with financial results for Q1 FY 2025, to ensure more accurate alignment with the PL of Segment ① HR Solution Staffing and Outsourcing Business, we have retroactively adjusted to include the number of utilized persons in theoutsourcing and subcontracting businesses, in addition to those in the staffing business.

0.45

0.52
0.48

0.49

May

June

0.54

0.55

Aug.

Sep.

freelance
matching

Outsourcing

0.52

0.53

0.53

0.54

0.54

Oct.

Nov.

Dec.

Jan.

Feb.

0.56

0.40

Apr.
*

July

Mar.

Daily average obtained by dividing the average total monthly overtime hours by the average
number of actual utilization days.
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13

[HR Solution Business - Recruitment] Financial Highlights of Q1 FY2025
 The segment achieved a significant year-on-year increase in revenue and profit, as the recruitment business of the former Interworks accounts for a large portionof the segment.

 The range of revenue generation expanded as the recruitment business was significantly strengthened, centered on middle- and high-class human resources acrossthe industry.

▍Q1 results（百万円）(Million yen)

Revenue*

Recruitment
Gross profit
Gross profit margin
Segment profit
Segment profit ratio▼Figures after reclassifying to new segments

FY2024(Q1)

FY2025(Q1)

YoY

Earnings forecast(announced on
May 10, 2024)

Progress rate

16

384

+2162.5%

1,666

23.1%

16

384

+2162.5%

-

-

14

306

+2079.1%

-

-

82.8%

79.8%

-3.0 pts

-

-

7

133

+1784.6%

-

-

41.8%

34.8%

-7.0 pts--* Figures after eliminating internal sales within the consolidated companies are indicated.

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14

[HR Solution Business - Recruitment] Trends in Major KPIs


In a situation where productivity improvement is emphasized due to the increase in the number of consultants in the previous
fiscal year, we are seeing an upward trend in the number of contracts while maintaining the number of consultants at the same
average level as the previous fiscal year, resulting in a smooth start for Q1.

▍Number of contracts closed
and unit price per contract(Numberof contracts)

100
200

Number of contracts closed* Number of contracts closed and unit
price per contract: Index based on the FY2022 (Q1) at
100

Unit price per contract

106
95

101

103

105
98

106

104

99

108

▍Number of consultants(average)(Numberof people)* Calculated based on the average numberof consultants at the end of each month

Number of consultants

100

96

92

80

147
132

129

114
100

131

133

140

136

140

131

141
44

100

81

58

60

114

79

47

40

20

0

Q1

Q2

Q3

FY2022

Q4

Q1

Q2

Q3

FY2023

Q4

Q1

Q2

Q3

FY2024Q4Q1

0

FY20250

FY2021

FY2022

FY2023

FY2024FY2025

Average

Average

Average

Average

Average

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15

[Media & Solutions Business] Financial Highlights of Q1 FY2025
 The segment achieved a significant year-on-year increase in revenue and profit, as the Media & Solutions business of the former Interworks accounts for a large

portion of the segment.

 In the previous fiscal year, efforts were focused on lowering the break-even point through the reduction of fixed costs, resulting in an improvement in segment profit

margin in Q1 of the current fiscal year.

▍Q1 results（百万円）(Million yen)

▼Figures after reclassifying to new segments

FY2024(Q1)

FY2025(Q1)

Forecast(announced on
May 10, 2024)

YoY

Progress rate

6379+5518.3%

1,480

25.6%

Job opening
advertisement

-

259

-

-

-

Outsourcing andothers6

119+1676.8%

-

-

5

293

+5388.0%

-

-

79.3%

77.5%

-1.8 pts

-

-

3

124

+3129.4%

-

-

57.3%

32.9%

-24.4 pts--＊

Revenue*

Gross profit
Gross profit margin
Segment profit
Segment profit margin* Figures after eliminating internal sales within the consolidated companies are indicated.
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16

[Media & Solution Business - Job Advertisements] Trends in Major KPIs
 Number of job postings, number of trading clients, and unit price per client all remained flat.
 Continue aiming to increase media power by improving original content and UI to counter the decline in customer attraction ability resulting

from the decentralization of media platforms.

▍Kojo Works’ number of trading clients and unit priceper client▍Number of job postings on Kojo Works(No. of jobs
posted)(No. ofcompanies)

31,00630,00028,7901200

20,301(%)

Number of trading clients300

27,275959 950
23,39220,000

Unit price per client: Index based on FY2022 (Q1) at 100

22,222

23,43922,62421,989900

19,405

20,176

868

941
859

844

679

18,011

19,494

17,523

16,942812

916

Unit price per client

15,436726 746 729 741

200

600

100

114
107 108

10,000

96

87

84

89

Q2

Q3

Q4

105 105

113 113 112
100

300

0

FY2022

FY2023

FY2024

June

Apr.

May

Mar.

Jan.

Feb.

Dec.

Oct.

Nov.

Sep.

July

Aug.

June

Apr.

May

Mar.

Jan.

Feb.

Dec.

Oct.

Nov.

Sep.

July

Aug.

June

Apr.

May

Mar.

Jan.

Feb.

Dec.

Oct.

Nov.

Sep.

Apr.

May
June
July
Aug.

0

FY2025Q1Q2Q3FY2022Q4Q1

FY2023Q1Q2Q3FY2024Q4Q1

0

FY2025

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17

[Consolidated] Balance Sheets/Statements of Cash Flows In May 2024, Completion of Treasury Share Acquisition Through Off-Auction Own Share Repurchase Trading System (ToSTNeT-3). | Number ofshares acquired: 530,000 shares; Total acquisition amount: 848 million yen; Approximately 8% of the total number of issued shares.
 Continued to secure high financial stability, with net cash amounting to 3.30 billion yen and the equity ratio standing at 81.5%.

▍Balance Sheets at end of Q1 FY2025▍Q1 FY2025 C/F(Million yen)

(Million yen)

Cash and deposits

Other current
1,117
liabilities
Borrowings 10

3,317

Other current assets

868

5,150

521 million yen

Capital surplus

3,894 million yen

Retained earnings 1,559 million yen
Treasury shares
Share acquisitionrightsNon-controllinginterests

Goodwill

1,498
Non-current assets(excluding goodwill)

Net assets

Share capital

594-860 million yen
32 million yen
2 million yen

Balance of cash and deposits as of March 31, 2024

4,089

Cash flows from operating activities+283

Cash flows from investing activities-5

Cash flows from financing activities*-1,050

Increase/decrease in cash and deposits-772

Balance of cash and deposits as of June 30, 2024

3,317

• Dividends paid: -200 million yen, treasury share acquisition: -850 million yen; other, net:
+0 million yen

Financial Indicators
Net cash3.30 billion yen

Equity ratio

81.5%

ROE (Reference)*

16.0%* Profit, which is the basis for calculating ROE, is estimated based on the full-year figuresannounced for FY2025

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18

03
Dividend Distribution

Shareholder Return Policy│Dividend Results/Forecast
 Regarding shareholder returns, the Company’s basic policy is to provide continuous and stable dividends, with the goal of achieving a DOE of 10% overthe medium term Unchanged from expectations, for FY2025, we expect to increase the annual dividend by another 10 yen to 65 yen

Basic Policy on Shareholder Returns/Target Indicators
The Company regards the return of profits to shareholders as an importantmanagement issue and makes it a basic policy to pay continuous and stabledividends while retaining the necessary internal reserves for future businessexpansion and bolstering of the Company’s financial position

Dividend Results/Forecast(Forecast)

65

Consecutive
dividend
increases

55
48

since listing40

Shareholder
Returns

Higher capitalefficiency(Return on
equity)×

Payout ratio

Over

30%

Year-end dividend

30Interim dividend

28
40

ROE

35
30

＝

20

DOE

(Dividend on
equity ratio)

Over

10%

* Future achievement goals

25

FY2022

FY2023

FY2024FY2025

YoY

Payout
ratio

33.8%

35.6%

45.1%

46.4%

+1.3 pts

ROE

46.5%

33.8%

18.2%

15.3%

-2.9 pts

DOE

15.7%

12.1%

8.2%

7.1%

-1.1 pts

Dividend
yield *1

1.9%

2.6%

3.3%

3.7%

*2

+0.4 pts*1 Calculated based on the share priceat the end of the fiscal year

*2 Assumed stock price of 1,778 yen (closing price on July 31, 2024)
for dividend yield calculation
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20

04
Business Topics

Progress in Growth Strategies/Business Topics▍Summary of Business Topics [From April 2023 onwards]

Established Confidence
Pro Inc., a consolidated
subsidiary specializing infreelance matching

Invested in Indigames(engaged in offshore
game development, 3DCG outsourcing services,
etc.)

Held “Game DX Forum”
in collaboration with
GREE Advertising

Launched ”RPA Tips,”
a practical information
website on robotic
process automation(RPA)

Launched operation of“Plus Startup,”a human resource agent
service specializing in
cutting-edge technology fields

Apr 3, 2023

Sep 7, 2023

Oct 24, 2023

Jan 9, 2024

Mar 1, 2024

Aug 1, 2023

Oct 17, 2023

Nov 29, 2023

Jan 19, 2024

Started the operation of“Interworks ConfidenceInc.” as a new integrated
company

Developed a gameplanner training course incollaboration with
Precious Analytics

Started collaboration
with Penetrator Inc. todevelop training services
for human resources with
RPA skills

Affiliated Protagonist
Inc., which works on
Web 3.0 × HR Tech, as a
subsidiary

Selected for the Ministryof Economy,
Trade and Industry’s“Career Advancement
Support Projectthrough Reskilling”

Aug 5, 2024

July 18, 2024
In DX, advertising, and media fields,
services related to the staffing
business and outsourcing businesshave been launched

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22

Business Topics | Expand into New Business Areas With the expansion of the market and increasing demand for human resources in DX, advertising, and media fields, services related to the staffing business andoutsourcing business have been launched.

 In the HR Solution Staffing and Outsourcing Segment, the goal is to diversify revenue sources in areas other than the staffing business for the gaming industry.

Expand matching solutions

Expand into new business areas
Staffing andoutsourcing

DX

Media andadvertisement▍Expand into new business areasIn the gaming and entertainment industries, we assess the diverse
specialized skills of job seekers and accumulate matching expertise to theneeds of both parties.
Through horizontal expansion into the DX, advertising, and Media fields,
aiming to diversify revenue sources.

▍Strengthening human resources throughcross-selling staffing and outsourcingUsing the staffing business as an entry point,
we are advancing client development whilebuilding a system to understand corporateneeds and secure outsourcing projects.
Strengthen internal human resource
development through the establishment ofeducational courses and on-the-job training(OJT) in outsourcing projects.

▍Market scaleEntertainment
Industry

GamingIndustry

Training

On-site job
Careerexperienceenhancement

Make inroads comprehensively
in major companies in new
fields at an early stage,
leveraging a virtuous cycle ofhuman resource development

The target market is expected to expand, but there is a tendency for ashortage of corresponding human resources.
New expertise and flexible operations tailored to situations are required,
and the demand for matching companies with human resources is
expected to continue increasing.
Market Scale of the Japanese DX market*

DX
Industry

Recruitment(Billion yen)

6,519.5

Trends and Forecasts in Market Scale of theJapanese Digital Marketing Market*(Billion yen)

415.7

450.0

6,000

Web 3.0
Industry

300.0

282.8

4,000

Advertisement
and Media
Industry

Utilizing the business foundation established in thegaming and entertainment industries, aiming toapply the same methods in other industries tobecome unmatched in those categories.

2,317.3

150.0

2,000
0

0.0
FY2021 (Actual results)

FY2030 (Forecast)* Source: Fuji Chimera Research Institute, Inc. “Domestic Market
Related to DX (Investment Amount)”

FY2022

2023

2024

2025

2026

* Source: Yano Research Institute Ltd., “Actual Situation and Prospects of
the Digital Marketing Market 2023”

Copyright© Confidence Inc. All Rights Reserved.

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23

Business Topic | Selected for the Ministry of Economy, Trade and Industry’s“Career Advancement Support Project through Reskilling”

Press release dated August 5, 2024

 Selected as a subsidized operators under the Ministry of Economy, Trade and Industry’s “Career Advancement Support Project through Reskilling” (fourth

offering).

 By providing a wide variety of opportunities to creators, we promote career development and contribute to the development of the entertainment industry, which

requires creativity.

▍Ministry of Economy, Trade and Industry’s Career
Advancement Support Project through Reskilling▍Our Prospects<Example Seminar>

The Ministry of Economy, Trade and Industry isimplementing this initiative to establish asystem that integrates career “consultation
support,” allowing employees to consult withprivate experts about their careers, “reskilling,”
enabling them to take reskilling courses basedon the consultation, and “career transition
support,” facilitating reskilling and job changes
based on these efforts.

Consult
about careerplans

Reskill throughprogramparticipation

Careerconsultation andrecruitment

Achieve careeradvancement

Integrated support for career consultation, reskilling, and job transition

Basic Course for Leaning
Marketing Automation Tool
HubSpot

RPA Engineer Training Course● A proven and practical learning curriculum
We offer a learning curriculum based on successful experiences and handson practice.
This type of learning not only teaches theoretical knowledge but also theskills needed to address challenges encountered in the field.

● Comprehensive support until course completion
Each participant is assigned a mentor to support their learning.
Through regular meetings to set goals and provide tailored support aslearning progresses, efficient learning is made possible.

● Comprehensive career advancement support after
learning
Based on extensive business dealings with companies through the HR
Solution business and proven track records in career support for job seekers,
we provide career advancement support after learning.
Copyright© Confidence Inc. All Rights Reserved.

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24

Future We Want to Realize/View of the World We Aim For
 Using staffing and recruitment services as a starting point, we will establish a presence in the industry by comprehensively penetrating major

companies in specialized industries and expanding services through cross-selling media, outsourcing, etc. while promoting in-depth cultivationof the industry. Evolve into a key company that works with all stakeholders to solve industry issues

Cross-industry
problem-solving

Establish apresence in theindustry

Evolve into a key company that provides solutions toindustry issues
Solve social issues in collaboration with all stakeholders

Nextgeneration
technology
Collaboration
with relatedindustries

Training

Strengthen connections in the industries and enhance
recruiting/sales efficiency

M&A

Enhance services

Outsourcing

Start-up
supportEnvironmentalissuesSolve further needs and issues through businessMedia

Cultivate theindustry in-depth

Recruitment
StaffingNewbusinesses

Overseas
expansion

Regional
revitalization

Cross-selling of services to meet customer needs

Copyright© Confidence Inc. All Rights Reserved.

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25

Appendix.

VisionVisionEmpowering Professionals to Create the Future Together
Our goal is to help many professionals achieve their dreams in a society that values diversity, and to make a positive impact on theircompanies, industries and society, creating a society with endless opportunities.

Chronic shortageof human
resources due to aseller’s market

PROFESSIONAL

Realize
dreams ofcompanies
and workers

Changing needs fordiverse work styles

Generateincreased
value

Contribute to
the growth anddevelopmentof society

Changing skill
requirements due totimes and technology
CLIENT

Copyright© Confidence Inc. All Rights Reserved.

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27

Company Overview
Company Profile

Corporate History

Company name

Kabushiki Kaisha Confidence Interworks (English name: Interworks Confidence Inc.)

Representative

Nobuyuki Takushi, President

Established

August 2014

Head office

BYGS Shinjuku Bldg. 10F2-19-1 Shinjuku, Shinjuku-ku, Tokyo

Local Office

Nagoya │ Osaka │ Fukuoka

Consolidated
subsidiary

Dolphin Inc.│Confidence Pro Inc.│Protagonist Inc.

President

Officers

Aug. 2014

May 2018

Nobuyuki Takushi

Apr. 2020

Senior Managing
Director

Takuro Yoshikawa

Jun. 2021

Managing Director

Masatsugu Kudo

Director

Koji Nagai

Outside Director

Reona Amemiya

Outside Director

Midori Mizutani

Outside Director

Hirofumi Miki

Outside Director

Hiroshi Kawano

Outside Auditor

Takashi Yachi

Outside Auditor

Tadahiko Yasukuni

Outside Auditor

Kenya Fujimori

Outside Auditor

Yoshitaka Maruta

Paid-in capital

521 million yen (as of June 30, 2024)

Line of businessHR solution business (staffing, outsourcing, recruitment), Media & solutions businessNo. of employees

1,159 (as of June 30, 2024) [consolidated]

May 2022

Apr. 2023

Aug. 2023

Feb. 2024

Establishment of Confidence Inc.
Involved in HR solution business specializing in the gaming
industry since its inception
Made Dolphin Corporation, a company engaged in web
promotion business, a subsidiary

Set up Shinjuku-Gyoen Studio as an outsourcing base

Listed on the Tokyo Stock Exchange Mothers Market (currently
Growth Market)

Relocated head office to Shinjuku-ku, Tokyo (current office)Established Confidence Pro Inc. to provide freelance matching services

Merger by absorption of Interworks, Inc.
Changed company name to “Kabushiki Kaisha Confidence Interworks”(English name: “Interworks Confidence Inc.”)
Made Protagonist Inc., a Web 3.0 x HR Tech business, a consolidated
subsidiary

Copyright© Confidence Inc. All Rights Reserved.

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28

Management Policy│Industry-specific Vertical HR Solution Services
 Created a system capable of providing a full range of major human resource services.
 Strategy to expand services widely to other industries with reproducibility, starting from the business base cultivated in the gaming and entertainment

industries, while engaging in specialized industries narrowly and providing services to customers deeply.

Focus“Narrowly”

Deep“Deeply”

Industry-specific Vertical HR Solution Services
Entertainment
Game

Cultivate services in depth

DX

Advertising/Media

・・・

Media
Recruitment
HR
Solution
Services
OfferedOutsourcing
Freelance
Staffing
Target Industries
Wide

Covers the industry “widely”
Copyright© Confidence Inc. All Rights Reserved.

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29

Business Structure│Services
 Created an operating structure that can respond to client needs in a comprehensive manner.

Staffing │ Staffing, Freelancers
Dispatch personnel with the skills
required by the client company fromamong our own registered workers
for the required period of time

Job Advertisement │Job Advertisement
Provide opportunities to matchcompanies by posting information
on job openings on web media, etc.,
and provide information toapplicants

Career │ Recruitment
Act as an intermediary between job
seekers and companies, thereby
introducing appropriate job seekers
to companies seeking humanresources

Outsourcing │ Outsourcing
Undertake various types of work inbulk or in part from clientcompanies, and perform work on
their behalf after implementing work
instructions and worker
management

Copyright© Confidence Inc. All Rights Reserved.

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Growth Strategy │ Future Growth Indicators: Quantitative objective
 In addition to the steady growth achieved by Confidence alone since its listing, the merger has increased the bases that drive revenue
 For all businesses, select segments and aim to become the No. 1 group, by specialization target areas.

（Target）

To Expand Sales

20 billion yen

By selecting segments in all business areas
and going deep into the interior, andwe will build up a group that is No. 1 in its category
Organic growthof existing businesses

Accelerate further growththrough M&A
YoY

August 1,2023
Mergedwith Interworks

CAGR

28.0%
Upon listing on the
TSE Mothers

Established inAugust 2014

FY2021

1.19 billion yen
FY2022

Actual results

FY2023Operatingprofit（Forecast）

9.0 billion yen

3billion yen

7.48 billion yen
Operatingprofit3.56 billion yen

20.2%

FY2024

Operatingprofit1.40 billion yen
FY2025
Forecast

3-5 years later
FutureCopyright© Confidence Inc. All Rights Reserved.

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Growth Strategy │ Toward a Transition to the Prime Market
 Aim to achieve revenue of 20 billion yen and operating profit of 3 billion yen (operating profit margin of 15%) and meet the criteria of total

market capitalization of tradable shares and market capitalization for a transition to the Prime Market at an early stage▍Transition to the Prime Market: Quantitative Criteria

End ofMar. 2023

End ofMar. 2024

End ofMar. 2025

Number ofshareholders

No less than 800〇〇

Number of shares incirculation

No less than 20,000 units

×〇×

Total market
capitalization of
tradable shares

No less than 10 billion yen

××

Aim for early×
achievement

Marketcapitalization

No less than 25 billion yen

××

Aim for× earlyachievement

GovernanceRatio of tradable
sharesNo less than 35%〇〇

OperatingResults andFinancial
Condition

Revenue baseTotal profit for the last two years is no lessthan 2.5 billion yen

××

Financial Condition

Net assets of no less than 5 billion yen

××〇

Liquidity〇(Estimate)〇×(Estimate)〇(Estimate)〇×(Estimate)〇×(Estimate)
Copyright© Confidence Inc. All Rights Reserved.

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32

[Consolidated] Assumptions Underlying the Preparation of Earnings Forecast and Dividend Forecast for FY2025▍Assumptions underlying the preparation of earnings
forecast▍Assumptions underlying the preparation of dividend
forecast

Aim for growth through “industry-specific vertical HR solution
services” based on the premise of achieving both growth andprofitability, as has been the management policy to date.

Formulate a dividend policy based on the basic policy ofcontinuous and stable dividends, with a medium-term target ofachieving “DOE 10%,” which was set in the medium-term growthstrategy after listing, and also with capital efficiency in mind.

Also, set EPS growth as a target indicator
Target indicators

Revenue
growth rate

Operatingprofit margin(excluding
amortization of
goodwill)

Target indicators

15%~20%

Payout ratio

Over 30%

Over 15%

DOE

Over 10%** Future achievement goals

EPS growthrateOver 15%
Copyright© Confidence Inc. All Rights Reserved.

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33

IR Information
 In order to provide timely and easy-to-understand corporate information to our shareholders and investors, we have revamped the IR page on

our website
 Interworks Confidence Inc. will continue to disseminate information to raise awareness of and build trust in our IR activities▍Renewal of IR site

▍Participation in IR note magazine▍Enhancement of explanations forindividual investors<FY2024>
・ Wealth advisor
Online IR fair for individual investors
・ Kabu Berry Lab

https://note.com/ciw_ir

・ STOCKVOICE Asset Building Festa 2024
・ Seminar for individual investors hosted
by Nihon Securities Journal Inc.
<FY2025>

・ Shonan Investment Study Group
・NIKKEI Investor Relations Fair
(scheduled)https://ciw.jp/ir-en/@ciw_ir・ To Be Updated

Copyright© Confidence Inc. All Rights Reserved.

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34

Empowering Professionals to Create the Future Together
Inquiries about this material: IR staff, FP&A Division （ir@ciw.jp）
Handling of this material
This material includes forward-looking statements. These are nothing but the statements prepared on the basis of the information available at the time of preparing them. Moreover,such statements are not a guarantee of future results, and contain risks and uncertainties. Please note that actual results may differ significantly from future forecasts due to changes
in the business environment and other factors. Factors that may affect the actual results mentioned above include, but are not limited to, economic conditions in and outside Japanand trends of the industries related to the Company.

In addition, the information contained in this material and related to matters other than the Company has been quoted from publicized information. The Company has made no
verification about the accuracy and appropriateness, etc. of such information, and provides no guarantee about it.