・当社イメージキャラクター：お笑いコンビ 宮下草薙・当社マスコット：コプ郎

Fiscal Year Ending March 31, 2024
Financial Results for 1st Half
November 14, 2023

$0130)0-%*/(4$P -UE
Tokyo Stock Exchange‐Prime, Nagoya Stock
Exchange Premier (Ticker Symbol: 7059)

0

SECTION

01

Summary of the Consolidated Financial Results for 1st Half

02

Analysis of KPIs

03

Business Summary

04

Upward Revision of FYE2024 Earnings Forecast

05

Upward Revision of FYE2024 Dividend Forecast©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

1

Good evening, everyone. I am Mr. Kiyokawa, the president and chief executive officer. Thank you very muchfor participating in today’s briefing for investors.
I will now begin the explanation for the financial results in the second quarter of FYE2024. First, I will explain
the summary of our financial results and the KPIs for the second quarter. Next, I will discuss the businessoverview, the upward revision to the earnings forecast for FYE2024, and the revision to the dividend forecast
for FYE2024. Please refer to the corporate overview later.

1

SECTION 01
Summary of theConsolidated Financial
Results for 1st Half

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

2

2

Highlights of the Consolidated Financial Results for 1st Half
Number of Consolidated
Technicians and Engineers

Net Sales

Operating Profit

3,515people

11,137million yen

737million yen(Vs. forecast ‐3.8％)(Vs. forecast ‐0.6％)

Non‐GAAP Operating Profit

Ordinary Profit

Profit Attributable to Ownersof Parent

862million yen

810million yen

510million yen(Vs. forecast+30.7％)(Vs. forecast +43.5％)(Vs. forecast +61.4％)(YoY+36.5％)(YoY+40.6％)(YoY+28.5％)(YoY+71.8％)

過去最高(YoY+56.9％)(Vs. forecast +48.9％)(YoY+81.9％)

Point 1

Due to the highest number ever of new recruits, the number of consolidated technical employees reached a record
high of 3,515 people (+940 YoY).

Point 2

As for construction technician dispatching, while there was an increase in the number of resignations due tosome mismatches in assignments, the number of recruits exceeded initial expectations, and the number ofpeople working in SES increased, so sales were generally in line with initial expectations.

Point 3We are working to improve medium‐term profitability, and as we have achieved results such as reducing back‐office personnel costs, operating profit and other types of profit exceeded initial expectations.

* To measure essential performance in profit, non‐GAAP operating profit is calculated by adding depreciation costs, goodwill amortization and stock‐based compensation expenses back to operating profit.
* The number of consolidated technicians & engineers is the number of employees at the end of the fiscal year including IT freelancers in the SES business.

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

3

Now I will explain the summary of our financial results for the second quarter. First are the highlights of theconsolidated financial results. The slide clearly lists six items: consolidated number of technical employees,
sales, operating profit, non-GAAP operating profit, ordinary profit and current net profit.
YoY, the number of consolidated technical employees increased by 36.5%, sales were up 28.5%, operating
profit was up 56.9%, non-GAAP operating profit rose 40.6%, ordinary profit increased 71.8% andcurrent net
profit was up 81.9%, with record highs recorded in all categories.
There are three points. First, due to record high recruitment, the number of consolidated technicalemployees reached a record high of 3,515 people. The number has increased by about 940 people YoY.
Second, in our core business of dispatching construction technicians, although there has been an increasein the number of resignations due to mismatches in assignments, the number recruited exceeded initial
forecasts. Additionally, due to an increase in the number of SES workers, which is handled by our subsidiary
COPRO TECHNOLOGY, sales are generally trending as forecast.
Third, these factors boosted each type of profit. We are currently working to improve profitability over the
medium term. At the same time, we have clearly set internal goals and are striving to improve sales or
productivity per employee.
From this perspective, we were able to reduce the number of back-office employees that we had planned forat the beginning of the fiscal year, which enabled us to reduce personnel costs. As a result, this led to asignificant boost in each type of profit.

3

While continuing the sales reforms we have been working on for the past two or three years, and still revising
the recruiting process, we have also added the perspective of improving productivity for each employee fromthis fiscal year, and will continue to strive to improve our profit margins.

3

Consolidated Financial Results for 1st Half（million of yen）

FYE2023
1H results

FYE2024

Ratio

1H results

YoY Change

Ratio

Pct Change

Vs. Forecast

Amount of
ChangePct Change

Amount of
ChangeNet sales

8,670

100.0％

11,137100.0％+28.5％+2,467‐0.6%‐65

Cost of sales

6,086

70.2％

8,072

72.5%

+32.6％+1,985+0.4%+32Gross profit

2,583

29.8％

3,065

27.5％

+18.7％

+481

‐3.1%

‐96

SG&A expenses

2,113

24.4％

2,328

20.9％

+10.2％+214‐12.7%‐338

Operating profit

469

5.4％

737

6.6％

+56.9％+267+48.9%+242

Non‐GAAP operating profit*

613

7.1％

862

7.7％

+40.6％+248+30.7%+202

Ordinary profit

472

5.4％

810

7.3％

+71.8％+338+43.5%+245

Profit attributable to owners of parent

280

3.2％

510

4.6％

+81.9％+229+61.4%+194

Number of consolidated technicians &engineers (quarter end)*

2,575

－

3,515

－

+36.5%

+940

‐3.8%

‐137

*As a profit index to measure essential performance, non‐GAAP operating profit is calculated by adding depreciation costs, goodwill amortization and stock award expenses back to operating profit.
*The number of consolidated technicians & engineers is the number of employees at the end of the fiscal year including IT freelancers in the SES business.

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

4

These are the consolidated financial results for the second quarter. Sales increased 28.5% YoY to 11,137
million yen, the gross profit margin rose 18.7% YoY to 3,065 million yen, and operating profit increased
56.9% YoY to 737 million yen.
Non-GAAP operating profit increased 40.6% YoY to 862 million yen and ordinary profit rose 71.8% YoY to
810 million yen. Quarterly net profit increased 81.9% YoY to 510 million yen.

4

Quarterly Consolidated Financial Results• 2nd Quarter net sales and technician numbers both increased from the previous 1st quarter.
• Record high on a quarterly basis.

5,500

5,206
4,914

5,000
4,500
4,000
3,500

3,846
3,555
1,957

2,086

4,038
2,203

4,148
2,201

4,249
2,396

4,421

2,826

5,406
3,314

5,731

3,500

3,036

3,000

2,575

2,500
2,000

3,000
2,500

1,500
1Q

2Q

3Q

4Q

1Q

2022/3期
FYE2022
Consolidated net sales(million of yen)
QoQ change
No. of consolidated
technicians (quarter end)
QoQ change

4,000

3,515

2Q

3Q

4Q

2023/3期
FYE2023

1Q

2Q
2024/3期
FYE2024

3,555

3,846

4,038

4,148

4,249

4,421

4,914

5,206

5,406

5,731

‐5.7％

+8.2％

+5.0％

+2.7％

+2.4％

+4.0％

+11.2％

+5.9％

+3.8％

+6.0%

1,957

2,086

2,203

2,201

2,396

2,575

2,826

3,036

3,314

3,515

‐3.1％

+6.6％

+5.7％

‐0.1％

+8.9％

+7.5％

+9.8％

+7.4％

+9.2％

+6.1%

Consolidated
連結売上高
net sales

Number of consolidated
連結技術者数(期末)
technicians*The number of consolidated technicians & engineers is the number of employees at the end of the fiscal year including IT freelancers in the SES business.

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

5

I will not explain the quarterly earnings forecast. As shown in the graph on the slide, our earnings are
steadily increasing.

5

1st Half Financial Results by Subsidiaries• Sales of COPRO EG increased significantly due to the highest number of recruits ever. Operating profit increased by 169 million yen YoY,
absorbing the increase in standby labor costs during the training period, recruitment fees, and personnel costs as the number of new
graduate technical employees increased in 1Q.
• The sales and gross profit margin of ATMOS increased significantly due to improved cost of sales and the lower cost of sales ratio.
Operating profit increased by 29 million yen YoY due to a decline in the selling and administration expense ratio.
• VALUE ARK CONSULTING posted an operating profit decrease of 20 million yen YoY due to upfront costs associated with aggressive
spending on advertising.
• HD contributed an 88 million yen increase in profit YoY due to a decrease in personnel expenses from streamlining at the head office anda decrease in stock award expenses.
FYE2023
1st Half results
Net sales
COPRO‐ENGINEERD

8,670

FYE2024

YoY

Pct Change

Amount of Change

1st Half results（million of yen）

YoY
Amount of Change

Pct Change+17.1%+1,268

11,137+28.5%+2,4678,149+12.6%+911

10,299+26.4%+2,149ATMOS

428+162.0%+264

664+55.1%+236

VALUE ARK CONSULTING

92

‐

+92

173

+88.2%+81

2,583+15.7%

+349

3,065

+18.7%+481

Gross profit

2,406

+8.0%

+178

2,799

+16.3%

+392

ATMOS

COPRO‐ENGINEERD

92

‐

+86

170

+84.9%+78

VALUE ARK CONSULTING

84

‐

+84

95

+12.6%+10

2,113+32.0%

+512

2,328

+10.2%

+214

1,282

+40.1%

+367

1,506

+17.4%+223

SG&A expenses
COPRO‐ENGINEERD
ATMOS

112

+74.9%+48

161+43.2%+48

VALUE ARK CONSULTING

83+101.7%+42115+37.1%+31

COPRO‐HODINGS and others

634

+9.4%

+54

545

‐14.0%‐88469‐25.7%‐162

737+56.9%+267

Operating profit
COPRO‐ENGINEERDATMOS
VALUE ARK CONSULTING
COPRO‐HODINGS and others

1,123‐14.4%

‐189

1,293

+15.1%

+169

‐20

‐

+38

8

‐

+29

1

‐102.4%

+42

‐19

‐

‐20

‐634

‐

‐54

‐545

‐

+88

* Figures for subsidiaries are adjusted for consolidation after eliminating intra‐group transactions.
©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

6

These are the results by subsidiary for the second quarter. Originally, our main business was dispatching
technicians to the construction segment.
Even now, out of the total, about 94% is the construction
technician dispatching business. Since the second quarter is before the change in the company name,
COPRO-ENGINEERD is the construction segment.
At ATMOS and VALUE ARK, which have mechanical and electrical engineers and SES engineers, theyaccount for only about 5% of the total. However, because of the small size, we recognize that we must
rapidly expand the business results.
YoY, COPRO-ENGINEERD’s sales increased by 26.4%, ATMOS saw sales rise by 55.1%, and VALUE
ARK’s sales increased by 88.2%. Please refer to the consolidated operating profit later.

6

SECTION 02

Analysis of KPIs

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

7

7

KPIs by Subsidiaries• Due to an increase in the number of recruits centering on our mainstay COPRO EG, the number of technical employee was 3,515, an increase of 36.5%
YoY, and an increase of 940 people.
• Due to a worsening of the retention rate at COPRO EG, the retention rate for the first half was 83.7%, a decrease of 2.0pts YoY.
⇒In 2Q, we improved by 2.5pts compared to 1Q by controlling mismatches in assignments and with thorough follow‐up after assignment.
(people, thousands of yen)

FYE2023
1Q
Total recruited
COPRO‐ENGINEERD

2Q

1st Half

FYE2024
2nd Half Full‐year

1Q

2Q

1st Half

FYE2024
YoY

Full‐year(forecast)

443

360

803

944

1,747

664

502

1,166

+45.2%

+363

293

315

608

864

1,472

614

458

1,072

+76.3%

+464

2,120

48

56

+51.4%

+19

123
88

2,331

ATMOS

14

23

37

85

29

27

VALUE ARK CONSULTING

14

22

36

32

68

21

17

38

+5.6%

+2

Increase due to M&A, etc.

122

0

122

0

122

0

0

0

‐

‐

‐

248

181

429

483

912

386

301

687

+60.1%

+258

1,096

223

158

381

431

812

361

283

1,008

Turnover total

644+69.0%

+263

ATMOS

8

11

19

23

42

13

9

22

+15.8%+3

30

VALUE ARK CONSULTING

17

12

29

29

58

12

9

21

‐27.6%

‐8

58

2,396

COPRO‐ENGINEERD

2,575

2,575

3,036

3,036

3,314

3,515

3,515

+36.5%

+940

4,271

2,187

2,344

2,344

2,777

2,777

3,030

3,205

3,205

+36.7%

+861

3,889

ATMOS

122

134

134

159

159

175

193

193

+44.0%+59

252

VALUE ARK CONSULTING

87

97

97

100

100

109

117

117

+20.6%

+20

130

90.6%

93.4%

85.7%

86.3%

76.9%

89.6%

92.1%

83.7%

‐

‐2.0pt79.6%

No. of technicians and engineers
COPRO‐ENGINEERD

Retention rate
COPRO‐ENGINEERD

90.7%

93.7%

86.6%

77.4%

89.4%

ATMOS

93.8%

92.4%

87.6%

87.4%

79.1%

93.1%

95.5%

89.8%

‐

+2.2pt89.4%

VALUE ARK CONSULTING

83.7％

89.0％

77.0%

86.0%

77.5%

63.3％

90.1％

92.9%

91.9%

84.8%

83.3%

‐

‐

+7.8pt‐2.7pt

69.1%

79.4%

648

638

643

644

643

619

609

614

‐4.6%

‐30

601

COPRO‐ENGINEERD

649

641

645

645

644

618

608

613

‐5.0%

‐32

602

ATMOS

578

560

576

614

599

622

603

612

+6.3%

+37

635

VALUE ARK CONSULTING

593

553

566

592

587

656

668

662

+16.9%+96

552

Sales per engineer (period average)* The above figures, excluding sales per technical employee at VALUE ARK CONSULTING, include IT freelance engineers. The amount of sales per technical employee is for dispatched technicalemployees only, excluding IT freelancers.
* Retention rate = Number of technicians at the end of the current fiscal year (current quarter) ÷ (Number of technicians at the end of the previous fiscal year (previous quarter) + Number oftechnicians at the end of the current fiscal year (current quarter)) × 100* ATMOS sales per engineer is for dispatched engineers only, excluding subcontracting.

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

8

These are the KPI trends by subsidiary. The slide shows the number of recruits, number of resignations,
number of technical employees, the retention rate and sales per technical employee.
As I explained at the beginning, we achieved the highest number of recruits ever. While the number of
recruits and the number of technical employees has increased significantly, the number of resignations
exceeded the planned number.
Due to the increase in the number of resignations, the retention rate decreased by 2 points to 83.7% from
85.7% in the previous year. I will explain later, but the cause has already been determined. We have alreadytaken action and have improved the retention rate.

8Reference） Construction Technician Dispatching Business KPIs
• The number of recruits increased by 76.3% YoY to 1,072 people due to a significant increase in the number of inexperienced recruits because ofstrengthened process management.
• The 2Q utilization rate was 94.6%, an improvement of 1.6pts compared to 1Q, as the 154 new graduate technical employees who joined thecompany at the beginning of the period were put to work.
• Due to increased recruiting of inexperienced personnel, some mismatches occurred, and the retention rate in 1Q was 89.4%, down 1.3pts YoY.
⇒ By strengthening post‐assignment follow‐up in 2Q, the retention rate in 2Q was 91.9%, an improvement of +2.5pts compared to 1Q.

Recruitment, Turnover and Utilization rate

（people）

FYE2022

FYE2023

Full‐year

1Q

2Q

1H

FYE2024
3Q

4Q

Full‐year

1Q

2Q

1H

Full‐year(forecast)

Total recruited

834

293

315

608

417

447

1,472

614

458

1,072

New graduates

56

54

0

54

2

0

56

154

0

154

154

Mid‐career

778

239

315

554

415

447

1,416

460

458

918

1,966

Turnover total

859

223

158

381

191

240

812

361

283

644

1,008

Net change

‐25

+70

+157

+227

+226

+207

+660

+253

+175

+428

+1,112

0

+122

0

122

0

0

+122

0

0

0

‐

1,995

2,187

2,344

2,344

2,570

2,777

2,777

3,030

3,205

3,205

3,889

96.9％

96.3％

97.1％

96.7%

96.3％

95.7％

96.3％

93.0％

94.6%

93.8%

‐

Increase due to M&A, etc.
Number of technicians(quarter end)
Utilization rate (period average)

2,120

Retention rate
FYE2022

FYE2023

FYE2024
Full‐year(forecast)

Full‐year

1Q

2Q

1H

3Q

4Q

Full‐year

1Q

2Q

1H

Retention rate

69.9％

90.7％

93.7％

86.0%

93.1％

92.0％

77.4％

89.4％

91.9%

83.3%

Retention rate (FY accumulative total)

69.4％

89.7％

84.2％

84.2%

79.0％

74.4％

74.4％

89.2％

82.3%

82.3%

‐

Retention rate (Last twelve months)

69.4％

71.8％

72.3％

72.3%

72.7％

74.4％

74.4％

75.0％

73.2%

73.2%

‐

79.4％

*Retention rate = Number of technicians at the end of the current fiscal year (current quarter) ÷ (Number of technicians at the end of the previous fiscal year (previous quarter) + Number of technicians at the end of
the current fiscal year (current quarter)) × 100*Retention rate (FY accumulative total): Among the technicians who were registered at the end of the previous fourth quarter, the percentage who were still registered at the end of the relevant quarter.
*Retention rate (LTM): Among the technicians who were registered at the end of the quarter one year ago, the percentage who were still registered at the end of the same quarter one year later.
©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

9

The slide lists the KPIs for the construction technician dispatching business. The most important point
regarding the results for the first half of the year is that even though the number of recruits increased
significantly, there were a large number of resignations. It can be said that a mismatch in recruitment andassignments had an impact.
The graph at the bottom of the slide shows the trend in the retention rate. Please have a look at it later.

9Reference） Mechanical Design and Development Engineer Dispatching
and Contracting Business KPIs
• The number of new recruits increased significantly due to active investment in recruiting costs and an increase in the number of people in charge ofrecruitment, with the number of engineers increasing by 59 people YoY to 193.
• As the number of recruits increases, we will strengthen the acquisition of projects with no experience. The utilization rate remained at a high level of
97.0%.
• The 2Q retention rate was 95.5%, an improvement of +2.4pts compared to 1Q due to strengthening the cooperation between sales and recruitment.

Recruitment, Turnover and Utilization rate

（people）

FYE2022
Full‐year（June‐Mar）

FYE2023
1Q(Apr‐June)

2Q

4Q

3Q

1H

(July‐Sep)

FYE2024(Oct‐Dec)

Full‐year(Jan‐Mar)

1Q

2Q

Full‐year

1H(forecast)123

Total recruited

20

14

23

37

25

23

85

29

27

56

New graduates

0

1

０

1

0

0

1

5

0

5

4

Mid‐career

20

13

23

36

25

23

84

24

27

51

119

Turnover total

15

8

11

19

11

12

42

13

9

22

30

Net change
Number of technicians(quarter end)

+5

+6

+12

+18

+14

+11

+43

+16

+18

+34

+93

Utilization rate (period average)

116

122

134

134

148

159

159

175

193

193

252

98.6％

96.9％

96.9％

96.9%

98.6％

97.5％

97.5％

95.9％

97.9%

97.0%

‐

Retention rate
FYE2022
Full‐year

FYE2023
1Q

2Q

1H

3Q

FYE2024

4Q

Full‐year

1Q

2Q

1H

Full‐year(forecast)（June‐Mar）(Apr‐June)(July‐Sep)(Oct‐Dec)(Jan‐Mar)

‐

93.8％

92.4％

87.6%

93.1％

93.0％

79.1％

93.1％

95.5%

89.8%

Retention rate (FY accumulative total)

88.9％

93.1%

89.7%

89.7%

85.3%

81.0％

81.0％

93.7％

89.9%

89.9%

‐

Retention rate (Last twelve months)

88.9％

84.7%

85.2%

85.2%

84.9％

81.0％

81.0％

82.8％

84.2%

84.2%

‐

Retention rate

89.4％

*Retention rate = Number of technicians at the end of the current fiscal year (current quarter) ÷ (Number of technicians at the end of the previous fiscal year (previous quarter) + Number of technicians at the end of
the current fiscal year (current quarter)) × 100*Retention rate (FY accumulative total): Among the technicians who were registered at the end of the previous fourth quarter, the percentage who were still registered at the end of the relevant quarter.
*Retention rate (LTM): Among the technicians who were registered at the end of the quarter one year ago, the percentage who were still registered at the end of the same quarter one year later.
©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

10

These are the KPIs for the mechanical design and development engineer dispatching and contracting
business. Please look at the number of recruits and resignations on the slide The retention rate formechanical design and development engineers and the SES area remains at a high level compared to theconstruction segment.
The construction industry is difficult, harsh and demanding because the work is outside, but for mechanicaldesign and development engineers, their work is mainly indoors. We recognize that this is where thedifference in retention rates arises. While it may be impossible to achieve, my ideal is to have a 100%retention rate. We would like to take further action as we aim for high retention rates in construction,mechanical and electrical engineering and SES.

10

Reference） SES Business KPIs
• Our focus is on the operation of Bscareer IT , a project introduction site for IT engineers that opened in March
2023.
• The number of applicants and the number of recruits are on the rise, partly due to investment in advertising expenses in
conjunction with the release of Bscareer IT .
Recruitment, Turnover and Utilization rate

（people）

FYE2022
Full‐year

FYE2023
1Q

2Q

1H

FYE2024

3Q

4Q

Full‐year

1Q

2Q

Full‐year

1H(forecast)

Number of applicants

320

213

408

621

354

264

1,239

594

651

1,245

‐

Total recruited

16

14

22

36

17

15

68

21

17

38

88

Turnover total

16

17

12

29

6

23

58

12

9

21

58

‐

‐3

+10

+7

+11

‐8

+10

+9

+8

+17

+30

90

87

97

97

108

100

100

109

117

117

130

100.0％

100.0％

100.0％

100.0%

100.0％

100.0％

100.0％

100.0％

100.0%

100.0%‐Net change
Number of technicians(quarter end)
Utilization rate (period average)* The above figures for VALUE ARK CONSULTING include IT freelance engineers.

Retention rate
FYE2022
Full‐year
Retention rate‐

FYE2024

FYE2023
1Q

2Q

1H

3Q

4Q

83.7%

89.0%

77.0%

94.7%

81.3%

Full‐year
63.3%

1Q

2Q

1H

90.1%

92.9%

84.8%

Full‐year(forecast)

69.1％* The above figures for VALUE ARK CONSULTING include IT freelance engineers.
*Retention rate = Number of technicians at the end of the current fiscal year (current quarter) ÷ (Number of technicians at the end of the previous fiscal year (previous quarter) +Number of technicians at the end of the current fiscal year (current quarter)) × 100©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

11This slide shows the KPIs for the SES business.

11

SECTION 03

Business Summary©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

1212

Business Overview (Construction Technician Dispatching): Construction
Industry Trends
The technician dispatching market is in an expanding trend dueto the chronic labor shortage
Number of construction industry employees*1

Human resources services for the construction industry‐ Market size forecast*2

In FY 2022, a ‐30.1% reduction fromthe peakIn FY2026, it is expected to increase by
22.6% compared to FY2021(Unit: 100 mln yen)

(Unit: 10,000 people)

685

5,300

5,600

5,800

6,000

6,200

6,500

479

1997

2002

2007

2012

2017

2021

2022

2021

2022

2023

2024

2025

(Forecast)

2026

Medium‐term business plan period*1 Based on Labor Force Survey by the Ministry of Internal Affairs and Communications*2 From Yano Research Institute's "2023 Edition Current Status and Prospects for the Human Resources Business PART 2:
Human Resources Services by Industry & Occupation"©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

13

Now I will explain the business overview. The slide details the external environment for construction
technician dispatching. The graph on the left side of the slide shows the number of people employed in theconstruction industry. As of FY2022, the number has decreased by 30.1% compared to the peak, showing
the effects of the declining birthrate, an aging population and the labor shortage surrounding the constructionindustry.
The graph on the right side of the slide shows the predicted market size for human resource services for theconstruction industry. It shows how the market for companies like ours will change in the future. This isbased on data published by the Yano Research Institute.
FY2023 is the first year of our Medium-Term Management Plan, and the total market is estimated to be 580
billion yen. In 2026, one year before the final year of the Medium-Term Management Plan, we expect themarket to reach 650 billion yen, an increase of 22.6% compared to FY2021.
As the large shortage of human resources continues, we believe that the purpose, position and necessity of
a company targeting the construction industry, such as ours, will further increase in the future, creating agreat opportunity.

13

Business Overview (Construction Technician Dispatching): Construction
Industry Trends
Demand will continue to grow due to the application of the revised
Labor Standards Law*1 and active construction investment
The approaching 2024 problem

Construction industry continues to seelarge‐scale projects

While the application of the upper limit regulation isapproaching in 2024, as of FY2021,
the rate of exceeding the regulation is 59.1%, and evenwhen special provisions are applied, it is 22.7%. *2

The construction industry is facing many large‐
scale projects such as linear motor trains, theOsaka Expo, semiconductors and redevelopment‐
related construction.

Rate ofexceedingregulations is
22.7%

Rate ofexceedingregulations is
59.1%

Upper limit
regulation 40.9%
attainment
status*3

Specialprovision
attainment
status77.3%
Within upper limit regulation
Exceeding upper limit regulation

*5

上限規制内

*4

上限規制超過Upper limit regulation: 45 hours per month, 360 hours per year.
Special provisions: 720 hours per year, multi‐month average of 80 hours permonth, less than 100 hours per month (including work on holidays)*1 From April 2024, the upper limit on overtime work under the revised Labor Standards Law will begin to apply to the construction industry.
*2 From Current Status of the Construction Industry as Seen from National Statistics (FY2022) by the Japan Federation of Construction Contractors.
*3 ©Maryland GovPics, 2015, CC‐BY‐2.0, https://commons.wikimedia.org/wiki/File:SC̲Maglev̲Test̲Ride̲(18464832625).jpg*4 Provided by: Japan Association for the 2025 World Exposition*5 ©Syced, 2023, CC‐Zero, https://commons.wikimedia.org/wiki/File:Toranomon‐Azabudai̲district̲2023.jpg©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

14

Now I will explain trends in the construction industry. Demand will continue to grow due to the application of
the revised Labor Standards Law and active construction investment. On the left side of the slide, the graphshows the ``approaching 2024 problem.''
As you can see in the graph on the left, if the law were applied to the construction industry in 2024, 59.1% of
the construction industry would already exceed the legal upper limit for overtime work.
The graph on the right shows the attainment status of the special provision, but even if the "Article 36
Agreement" is newly submitted and a labor-management agreement is concluded, 22.7% of the total would
violate the upper limit regulation with penalties.
Looking at it from a different perspective, this means that from April 2024 onwards, the work that is being
done by about 23% of the total people will no longer be able to be done by one person. Therefore, we
believe that our role will continue to grow in the future.
Please look at the right side of the slide. The construction industry continues to see large-scale projects.
There are many redevelopment projects scheduled for government-ordinance-designated cities such as
Tokyo, Nagoya and Osaka, including the linear motor train and the Osaka Expo, and the labor shortage is
expected to accelerate in the future.
At that time overtime regulations such as the ``2024 problem'' will come into play. Additionally, there are anumber of big projects coming up one after another, which we believe will be a tailwind for our industry.

14

Strategy and KPI Summary (Construction Technician Dispatching)
Strategy1

Building a strong humanresources supply network in
preparation for accelerating labor
shortages

KPIs

1H results

YoY

Vs.
forecast

Total recruited◎（incl. new graduates）

Mid‐career hiring
costs

1,072

（people）

258（Mln yen）
Mid‐career hiringcosts per technician

287（thousandyen）＋76.3％ ＋1.1％

＋4.3％

＋1.1％

‐36.2％+2.0%

Strategy

2Strengthening the support system
and improving the retention rateof technical employees

KPIs

1H results

YoY

Vs.
forecast

83.3%‐6.7pts‐3.6pts

3,205＋36.7％‐3.9％

Retention
rate✕

Number oftechnicians✕（people）* The ◎ is above the plan, 〇 is in line with the plan, and x is below the plan.
©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

15

Here is the strategy and KPI summary for construction technician dispatching. This shows the KPIs that weplace importance on: number of recruits, recruiting costs, the unit price for recruitment, the retention rate andthe number of technical employees. As a self-rating within the company, and as listed at the bottom of theslide, " " is above the plan, " " is in line with the plan, and "×" is below the plan.
The number of recruits was perfect. With it up 76.3% YoY and up 1.1% versus the plan, we believe that we
can evaluate it properly within the company, and are giving it a " " rating.
Recruiting costs were 258 million yen, an increase of 4.3% YoY, and a rise of 1.1% compared to the plan, so
we gave it a rating of " ".
The unit price for recruitment was 287,000 yen, a decrease of 36.2% YoY, so our assessment is that wehave achieved greater cost control than last year. On the other hand, it was a little more than planned, so
the rating was " ".
The rating for the retention rate was “x”. The first half result was 83.3%, which is 2.7 points worse YoY. Even
compared to the plan, it is down 3.6 points.
The number of technical employees is 3,205 people. While we were able to achieve a significant increase of
36.7% YoY, we are giving it an ``x'' rating because it was 3.9% below what we were seeking in the plan.

15

Strategy ①: Building a Strong Human Resources Supply Network in
Preparation for Accelerating Labor Shortages• In order to strengthen our recruiting system, which is the basis for business expansion, we are thoroughly implementing"process management" and improving each yield rate.

Recruiting
expenses

YoY

About 4% more

Initiatives to improve the yield rate
・Efficiently acquire leads by making
appropriate approaches to the target job

Number of YoY
applications About 20% moreseeker group.

・Introducing an application management
system. Reducing lead times by automating

Number ofinterviews

YoY

About 60% more

the setting up of interviews.
・Instead of selective interviews, shifting toemploying interviews, and strengthening

Number of
hires

YoY

our appeal to job seekers.

About 60% more

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

16

We continue to focus on revising our recruiting process. At this point it is not a perfect process. There is stillroom to revise it. We would like to continue to further refine our process management, such as how much
we should spend, how many human resources we should attract, how many we should interview, and how
many we should make offers to.
As for the current situation, as you can see from the slide, recruiting costs increased by 4% YoY, but the
number of applications increased by about 20%, and the number of interviews by about 60%, so we wereable to increase by more than the investment in recruiting costs.
Additionally, the number of recruits has increased by 60%, and efforts to improve the yield rate are steadily
bearing fruit. We would like to further raise the level and build a more robust recruiting system.

16

Strategy ①: Building a Strong Human Resources Supply Network in
Preparation for Accelerating Labor Shortages• Efforts to strengthen the recruiting system have been successful, and the growth rate for the number of technical employees
remains at a high level.
• Due to the improved yield rate, the unit price for recruitment decreased significantly YoY.

Trend in the rate of increase for the number of
construction technical employees (QoQ end)*
9.6%
9.0%

9.6%

Change in the unit price for recruitment

450thousand yen

9.1%
8.1%

7.2%

7.0%

5.8%

3.0%

36.2%

287thousand yen

300

5.0%

YoY
Down

400

200

1.0%

100

‐1.0%
22/4‐6

COPRO EG
コプロEG

22/7‐922/10‐12

23/1‐3

Open Up Group
オープンアップG

23/4‐6

23/7‐9TechnoPro Holdings
テクノプロHD0

FYE2023 1H

FYE2024 1H*Created by our company based on information published by each company©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

17

The graph on the left side of the slide shows the trend in the rate of increase for the number of employed
construction technicians. This graph compares with other companies in the same industry. Additionally, thegraph on the right side of the slide shows the improvement in the unit price for recruitment. For the first halfof FYE2023, it cost 450,000 yen to recruit one person, but in the first half of this fiscal year it cost 287,000
yen, a decrease of 36.2%, allowing us to control costs.

17

Strategy ②: Strengthening the Support System and Improving the
Retention Rate of Technical Employees• In the 1Q of FYE2024, due to some mismatches in assignments because of an increase in the number of recruits, and a lack offollow‐up after assignment, the number of technical employees resigning within one year of employment increased.
• In the 2Q of FYE2024, in addition to eliminating mismatches in assignments, as a result of revising the post‐assignment support
system, the number of technical employees who soon resigned within the first year of employment has decreased, and the retention
rate has improved.

Trend in the resignation rate by number of months of
employment
FYE202
3

4Q

4.1%

1.5%

1.3%

Resignation rate
8.0%

1.1%

FY3/24

1Q

5.0%

2.4%

2.2%

1.0%

3.8%

1.5%

1.8%

Vs. 1Q

100.0%+2.5ptResignati
on rate

10.6%

FY3/24

2Q

Change in the retention rate*

Resignation rate

0.9%

91.9%

90.7%
90.0%

89.4%

87.0%

8.1%
0.0%

5.0%

10.0%

15.0%

Resignation rate within one yearof employment decreased by
2.1pts compared to 1Q
Resigning within 6 months
Resigning within 13‐36 months
Registered

80.0%
Resigning within 7‐12 months
37 months or more

1Q

2Q

3Q

FYE2022

4Q

1Q

2Q

3Q

FYE2023

4Q

1Q

2Q

FY3/24* Retention rate = Number of technical employees at the end of the current period (current quarter) ÷ (Number of technical employees at the end of the previous period(previous quarter) + Number of recruits in the current period (current quarter)) x 100©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

18

The slide shows a graph of the retention rate, comparing the fourth quarter FYE2023 and the first quarter of
FYE2024. In the fourth quarter of FYE2023, the resignation rate was 8%. As you can see in the graph, in thefirst quarter of FYE2024, 5% of employees resigned within six months of joining the company, an increase of
approximately 1 point from the previous quarter.
Due to this, the resignation rate in the first quarter of 2024 was 10.6%, but as a result of analyzing thecauses and implementing countermeasures in the second quarter, our efforts were successful, and theresignation rate improved to 8.1%.
As I explained earlier, the increase in the number of recruits has resulted in mismatches in assignments, andthe number of employees resigning after about six months to less than a year has increased, so we would
like to continue to strengthen our measures and improve the retention rate.

18

Business Overview (Mechanical Design and Development Engineer
Dispatching Business): Opening of Semiconductor Training Center• As the movement to bring semiconductor production back to Japan is gaining momentum, and in response to the increasing demand forfield engineers who are stationed 24 hours a day to handle troubleshooting and maintenance of manufacturing equipment, we plan to open
a semiconductor training center in Shin‐Yokohama in January 2024.
• We plan to conduct training using equipment that is equivalent to the work environment at the place of assignment. We welcome
employees from major semiconductor manufacturers as instructors, and aim to help those with no experience to become immediately
effective■Major semiconductor factories in Japan
Rapidus Chitose Factory

New Toshiba Kaga Toshiba Electronics
Micron Hiroshima Factory
Mitsubishi Electric Fukuyama Factory

New SUMCO Saga New factory

New Mitsubishi Electric
Kumamoto New
Factory Bldg.

NewTokyo Electron Miyagi Prefecture
Development Bldg.

New

Renesas Electronics Takasaki Factory

ROHM Apollo Chikugo FactorySony Group Nagasaki Factory

Kioxia Kitakami Factory 2nd
Manufacturing Bldg.

Renesas Electronics Kofu Factory

New

USJC Mie Factory
Kioxia Yokkaichi Factory

New

ROHM Miyazaki
New
New Factory

New ASM (TSMC)

Kumamoto Factory

New Sony Group

Kumamoto Factory*Prepared by our company based on a Nihon Keizai Shimbun article from August 16, 2023.

*The images are illustrations.

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

19

I will explain with a focus on the main points regarding the announcement. As you can see on the left side of
the slide, as a national policy it has been decided to attract semiconductor factories. As the movement tobring semiconductor production back to Japan is gaining momentum, and in response to the increasing
demand for field engineers who are stationed 24 hours a day to handle troubleshooting and maintenance of
manufacturing equipment, we plan to open a semiconductor training center in Shin-Yokohama in January2024.
In this way, we are firmly focusing on the semiconductor boom through training and producing fieldengineers, and hope to further expand sales.

19

Bscareer Kiden Opens on November 7, 2023
• Bscareer Kiden , a project introduction site for engineers in the mechanical and electrical field, opened on November 7, 2023.
• Following on from Bscareer IT , we have strengthened our branding by appointing the comedy duo Miyashita Kusanagi as brandambassadors.
• We will also update the project introduction site for technicians in the construction field, G‐Career , and enhance the brand power of the
COPRO Group.

■ Project search site for construction humanresources G‐Career

Being updated■ Project search site for mechanical and electrical humanresources Bscareer Kiden

NEW
23.11.7‐■ Project search site for IT humanresources Bscareer IT

23.3.6‐©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

20

This is with regards to our company's recruitment sites. Following the project search site “Bscareer IT” for IT
human resources, which started in March 2023, on November 7th we newly opened “Bscareer Kiden” withthe comedy duo Miyashita Kusanagi as the brand ambassadors.
We are currently in the process of renewing ``G-Career”, a project introduction site for technicians in theconstruction field. We are actively investing in advertising and would like to make the Bscareer brand one of
our recruiting strengths.

20

SECTION 04

Upward Revision of
FYE2024
Earnings Forecast©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

21

21

Upward Revision of the Full FY Earnings Forecast for FYE2024 (Summary)
Number of Consolidated
Technicians and Engineers

Net Sales

Operating Profit

4,271people

24,298Mln yen

2,042Mln yen(YoY+29.3％)(Initial forecast unchanged)（Vs. initial forecast+13.4％）(YoY+40.7％)

Non‐GAAP Operating Profit

2,342Mln yen(YoY+45.7％)（ Vs. initial forecast +9.4％ ）UpwardRevision

Ordinary Profit

2,115Mln yen(YoY+59.7％)（ Vs. initial forecast +13.1％ ）UpwardRevision(YoY+54.5％)

UpwardRevision

Profit Attributable to Ownersof Parent
UpwardRevision

1,361Mln yen(YoY+57.4％)（ Vs. initial forecast+16.6％）

Point• Regarding the full‐year consolidated earnings forecast for FYE2024, demand is expected to remain strong from the third quarter onwards, andselling, general and administrative expenses are expected to continue to be controlled.
• On the other hand, in order to securely capture expanding demand as the upper limit on overtime work will apply to the construction industry in
April 2024, since our policy is to flexibly invest in recruiting costs and other expenses and prioritize securing the number of technical employees,
our consolidated earnings forecast for the second half of the year remains unchanged from the initial forecast, and only the excess of forecasts
for the first half has been revised upward.
* To measure essential performance in profit, non‐GAAP operating profit is calculated by adding depreciation costs, goodwill amortization and stock‐based compensation expenses back to operating profit.
* The number of consolidated technicians & engineers is the number of employees at the end of the fiscal year including IT freelancers in the SES business.

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

22

Now I will explain the upward revision of the earnings forecast for FYE2024. Just like the slide we presented
for the financial results earlier, we have prepared six categories. The number of consolidated technicalemployees is seen at 4,271 people, an increase of 40.7% YoY, sales are expected to be 24,298 million yen,
an increase of 29.3% YoY, and operating profit is seen at 2,042 million yen, an increase of 54.5% YoY.
Non-GAAP operating profit is expected to be 2,342 million yen, an increase of 45.7% YoY, ordinary profit isseen at 2,115 million yen, an increase of 59.7% YoY, and current net profit is forecast to be 1,361 million
yen, an increase of 57.4% YoY, so that we have revised upward each type of profit for the portions thatexceeded our expectations in the first half. On the other hand, the initial sales forecast remains unchanged.
If we achieve all of these forecasts, we will have achieved record highs in all categories at the end of thisfiscal year. We intend to further increase our corporate value by working diligently on each type of profit.

22

Upward Revision of FYE2024 Consolidated Earnings Forecast• For each type of profit, we have upwardly revised the first half's upside.
• In order to prepare for the increasing demand for human resources due to the application of upper limits on overtime work, we plan toactively invest in recruiting costs, so the consolidated earnings forecast for the second half of the year remains unchanged from the initial
forecast.
（million of yen）

FYE2024（forecast）

FYE2023
Full‐year

Full‐year(initial
forecast)

Full‐year（revised
forecast）

Vs. initial forecast

Ratio

YoY

Pct Change

Amount of
ChangePct Change

Amount of
ChangeNet sales

18,791

24,29824,298100.0%‐‐+29.3%+5,506

Cost of sales

13,216

17,233

17,233

70.9%

‐

‐

+30.4%+4,016Gross profit

5,575

7,065

7,065

29.1%

‐

‐

+26.7%+1,489

SG&A expenses

4,253

5,265

5,023

20.7%

‐4.6％

‐242

+18.1%+769

Operating profit

1,321

1,800

2,042

8.4%

+13.4%+242+54.5%+720

Non‐GAAP operating profit*1

1,606

2,140

2,342

9.6%

+9.4%

+202

+45.7%+735

Ordinary profit

1,324

1,870

2,115

8.7%

+13.1%+245+59.7%

+790

864

1,167

1,361

5.6%

+16.6%+194+57.4%+496

Earnings per share (*2 after stock split) (¥)

46.55

62.30

72.35

ー

－

＋10.05－＋25.80

Number of consolidated technicians andengineers (quarter end)*3

3,036

4,271

4,271

－

－

－

+40.7％

Profit attributable to owners of parent*1. To measure essential performance in profit, non‐GAAP operating profit is calculated by adding depreciation costs, goodwill amortization and stock‐based compensation expenses back to operating profit.
*2. A 2‐for‐1 stock split was taken effect on Sunday, October 1, 2023.
*3. The number of consolidated technicians & engineers is the number of employees at the end of the fiscal year including IT freelancers in the SES business.

©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

23This lists the P&L. I will not explain in detail, but we have made upward revisions because each type of profit
has significantly exceeded the planned amounts.

23

Progress of the Medium‐Term Management Plan
• In the main business of construction engineer dispatching, the Company expects to realize the results of the sales and recruitment reforms it
has promoted up to the previous fiscal year, and to shift to the "Profit Generation Phase" that will enter the harvest period from FYE2024.
• We will accelerate the organic growth of our existing businesses and aim to exceed the Medium‐Term Plan performance targets for each fiscal
year.
• The company will also actively consider discontinuous growth through M&A that it has not factored into its medium‐term plan.

Non‐GAAP Operating Profit

Consolidated Net Sales
Medium‐TermPlan Targets

Medium‐TermPlan Targets

FYE2027

FYE2027¥40 bln¥5 blnFY3/26¥33 blnVs. Medium‐TermPlan Target+11.1％
Vs. Medium‐TermPlan Target+5.2％¥24.2 bln

¥26.8 bln
Vs. Medium‐TermPlan Target+17.4％

FY3/24¥21.8 bln
FYE2023¥17.8 bln

¥18.7 bln

FY3/26¥3.9 bln

FY3/25

Vs. Medium‐TermPlan Target+20.4％¥2.3 bln(Results)

FY3/24(Forecast)

FYE2023(Results)

FY3/24¥1.9 bln
FYE2023¥1.6 bln

FYE2023

FY3/25¥2.7 bln¥1.3 bln

FY3/24(Forecast)©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

24This is the progress of the Medium-Term Management Plan. The graph on the left side of the slide isconsolidated sales, and the graph on the right side is non-GAAP operating profit. Now I will explain how toread the table. Look at the numbers to the right of each graph. Starting at the bottom with 17.8 billion yen for
FYE2023, sales targets are listed for FYE2024, FYE2025, FYE2026, and FYE2027, which is the final year of
the Medium-Term Management Plan.
Results for FYE2023 were 18.7 billion yen, an increase of 5.2% compared to the Medium-Term Plan target.
This fiscal year, we are forecasting sales of 24.2 billion yen, an increase of 11.1% compared to the MediumTerm Plan target. The same view applies to non-GAAP operating profit.
With regards to the concept of the Medium-Term Management Plan until now, we have slightly changed thewording from the current financial results. With our business model, we don't think it's that realistic to bringforward the Medium-Term Management Plan by one year just by achieving organic growth.
On the other hand, as you can see in the slide, each fiscal year we aim to achieve results that are higher
than planned. While solidifying our footing with such an approach, we have changed things with the aim ofsignificantly increasing sales in the future.
Additionally, as stated in the slide, our policy is to actively consider M&A as a means of one-time
growth. By combining organic growth with M&A, we believe it is more than possible to achieve consolidated
sales and non-GAAP operating profit one year ahead of schedule in the Medium-Term Management Plan.

24

Status for Complying with Criteria to Maintain our Prime Market Listing• In order to meet the criteria of market capitalization of ¥10 billion or more for tradable shares to maintain our listing, and recognizing that further
improvement in our stock price, which is a component of market capitalization for tradable shares, is an issue, we are promoting various initiatives to
exceed the targets of the Medium‐Term Management Plan COPRO Group Build the Future 2027 (FYE2023 to FYE2027).
• While striving to improve our business performance, which is the source of our corporate value, and by raising the expectations of investors regarding our
growth potential, we aim to improve our stock price to comply with the criteria to maintain our listing. Furthermore, we will continue to position the returnof profits to shareholders as an important management issue, and will consider increasing dividends in line with profit growth.

PER
19.5x

(Million yen)

10,000
9,000

9,225

million
yen

8,000
7,000
6,000

PER
10.6x

3,000
2,000

million
yen

18
16
14
10

5,160

4,206

20

12

5,000
4,000

(x)

3,826

million
yen

1,000

8

million
yen

3,178

6
4

millionyen

2
00
End Sept. 2021

End Mar. 2022

End Sept. 2022

End Mar. 2023

Tradable Share Market Capitalization

End Sept. 2023

PER
©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

25

The graph shows our status for complying with the criteria to maintain our Prime Market listing. The blue bar
graph is the market capitalization of our tradable shares. We have not been able to clear the criteria of“market capitalization of ¥10 billion or more for tradable shares”. However, as you can see in the graphs,
sales and profits at each stage have increased significantly as a result of solid progress with recent reforms.
Under such circumstances, our stock that had a PER of 10.6 times as of the end of September 2021 hassignificantly increased to 19.5 times as of the end of September 2023. Along with this, the market
capitalization of tradable shares is 9.225 billion yen, which is close to reaching the criteria of over 10 billion
yen or more. Judging from today's stock price, we have already achieved “market capitalization of ¥10 billion
or more for tradable shares”.
Personally, I believe that our company's stock, which has been undervalued for some time, is finally being
valued at the same level as other companies in the same industry. We will continue to work hard to further
increase our corporate value.

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SECTION 05
Revision of FYE2024
Dividend Forecast(Dividend Increase)©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

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Revision of Dividend Forecast (Dividend Increase)
Dividend policy
Dividends are the basis for shareholder returns, which we consider to be one of the important management issues, and ourbasic policy is to pay stable dividends. We will not reduce dividends, but rather maintain a consolidated dividend payout ratio of
50% or more, during the period covered by the Medium‐Term Management Plan "COPRO Group Build the Future 2027" (fromFYE2023 to FYE2027), depending on the profit growth achieved through aggressive investment.
Dividend per share

Dividend & dividend payout ratio(Number of issued shares: 20 mln shares)(Number of issued shares: 20 mln shares)

 We are making progress that exceeds the initial announcementof our results for the first half of the fiscal year, and are making
progress in strengthening our sales and recruiting systems. As
a result of comprehensive consideration, including expectations
for growth in our results in the next fiscal year and beyond, as
well as investment plans and preparations for future businessgrowth, and in order to appropriately return profits to ourshareholders, we have decided to increase the year‐end
dividend by 5 yen per share to 30 yen.

Interim

FY EndTotal

60(Unit: ¥)

62.2%
53.7%

50

¥5.0

¥20.0

¥25.0

FYE2024 (Previous Forecast)*Announced May 15, 2023

¥15.0

¥25.0

¥40.0

FYE2024 (Revised Forecast)

¥15.0

¥30.0

¥45.0

6 0. 0 %5 0. 0 %

40

35.1%

39.2%
4 0. 0 %

30

26.1%

30

20.2%

3 0. 0 %

20

18.5%

10

0.5
7.5

10

FY3/18

FY3/190

FYE2023 (results)

7 0. 0 %1.25
2 0. 0 %

20

10

12.5

15

5

5

5

5

FY3/20FY3/21FYE2022

FYE2023

Commemorative dividend (FY end)

15

1 0. 0 %0 .0 %

FY3/24(Forecast)Ordinary dividend (FY end)
Ordinary dividend (intermediate)
Dividend payout ratio (%)*1 The dividend per share has been retroactively revised to take into account the impact of the one‐to‐two stock split implemented on
October 1, 2023.
©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

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We have revised our dividend forecast for FYE2024 and decided to increase the dividend. Here, I would liketo explain our dividend policy again. Dividends are the basis for shareholder returns, which we consider tobe one of the most important management issues .
Therefore, we will not reduce dividends from FYE2023 to FYE2027, which is the period covered by the
Medium-Term Management Plan “COPRO Group Build the Future 2027”. Also, our basic policy is to pay
stable dividends depending on the profit growth achieved through aggressive investment, while aiming for a
consolidated dividend payout ratio of 50% or more.
In the second quarter of FYE2024, EPS increased by 10 yen as each type of profit exceeded the plan. In linewith this, we have decided to increase the dividend by 5 yen.
As a result, the annual dividend will be 15 yen at the fiscal year half, and 30 yen at the end of the fiscal year,
for a total of 45 yen. The dividend payout ratio is expected to be 62.2% in FYE2024. We will continue toprovide appropriate returns to our shareholders.
Section 6 from pages 29 to 36 is for reference, so please take a look at it when you have some time. Thisconcludes my briefing.

〇 Greetings from Mr. Kiyokawa
Kiyokawa: Thank you for your attention. As I mentioned at the beginning, I think some parts of the briefing
may have been difficult to listen to because I was feeling a little under the weather. Also, please note that I
summarized some of the presentation and ended it early. As part of my job as a manager, I believe that I

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must always be in good physical condition, and I hope to continue this into the future.
Furthermore, as an engineer and technician-based human resource services company, we would like to aim
even higher and increase our corporate value, so we would like to thank all the investors and shareholders
who participated today for their continued support and backing.

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Disclaimer and Forward‐Looking Statements
 This document has been prepared by COPRO‐HOLDINGS. Co., Ltd. (the Company ) to assist investors inunderstanding the current status of Company.
 The information contained in this document is based on economic, social, and other conditions generally recognized
as of the date of publication and on certain assumptions deemed reasonable by Company. However, the information
may be modified without notice due to changes in the business environment or other factors.
 Materials and information provided in this document include so‐called "forward‐looking statements . These forward‐
looking statements are based on current expectations, forecasts and assumptions that involve risks anduncertainties that could cause actual results to differ materially from these statements.
 These risks and uncertainties include general industry, market conditions, general domestic and international
economic conditions such as interest rate and currency exchange rate fluctuations.
 Company undertakes no obligation to update or revise any forward‐looking statements contained in this document,
whether as a result of new information or future events.

Contact
COPRO Holdings Co, Ltd.
Corporate Planning Office,
IR Section

Message us via IR website
https://copro‐h.co.jp/en/contact/©2023 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

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