・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 Nine Months
February 14, 2024

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

0

SECTION

01

Summary of the Consolidated Financial Results for Nine Months

02

Analysis of KPIs

03

Business Summary

04

Earnings Forecast for FYE2024

05

Dividend Forecast for FYE2024©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

1

Mr. Kosuke Kiyokawa: Welcome to everyone. I am Mr. Kiyokawa, president and representative director of
COPRO-HOLDINGS. Co., Ltd. We will begin the financial results briefing for the third quarter of FYE2024.
We have prepared from sections No. 1 to No. 5 for today. I will explain things in the order of the slides.

1

FYE2024 3Q Message from Management
Our main business of construction technician dispatch is progressing ata brisk speed
The serious manpower shortage situation is persisting against the backdrop of regulations capping overtime work that will go into effect inApril 2024 and large‐scale construction projects. Amid a fortunate external environment, our recruiting capability, which we have refined
through our strong emphasis on independent recruiting, has led to a positive growth rate in the number of technical employees who
outperform the industry average. In the fiscal term under review, while our number of recruits is slightly under target, our actual
recruiting process system is operating stably, and we are devoting ourselves to its improvement. We believe we have clear visibility onachieving high growth in the number of recruits in the next FY as well.

Mechanical and electrical employee/IT engineer dispatch is growing
considerably as well
Having aggressively conducted intra‐group investment through an M&A in 2021, while the sales scale of COPRO TECHNOLOGY. Co., Ltd.
is still small, we are realizing a revenue growth rate on our top line that exceeds that for our leading construction technician dispatch
business. In addition to continuing to fortify our sales and recruiting efforts, we are steadily pushing forward with measures aimed atfurther growth such as conducting M&As and entering the semiconductor engineer dispatch business.

Commenced discussions geared towards budget for next FYInternal discussions geared towards our forecast for the next FY (FYE2025), which we will provide information on in our next financial
results announcement in May 2024, are being conducted. With the aim of surpassing the performance targets that we set forth in our
Medium‐Term Management Plan (FYE2025 Medium‐Term Plan Targets of 26,800 million yen in consolidated sales and 2,700 million yen in
non‐GAAP operating profit), in the immediate term of 4Q, we will proceed to build up assigned personnel as much as possible so that wemay get the next FY off the ground from the highest conceivable launchpad.

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

2

As a start, we have included a message on this slide that focuses on a review of the third quarter of
FYE2024.
First, our main business of construction technician dispatch is progressing at a brisk speed. The serious
manpower shortage situation is persisting against the backdrop of regulations capping overtime work thatwill go into effect in April 2024 and large-scale construction projects. Amid this kind of a fortunate external
environment, our recruiting capability, which we have refined through our thorough emphasis on independent
recruiting, has led to a positive growth rate in the number of technical employees who greatly outperform theindustry average.
While there was some shortfall in our recruitment plans in the current fiscal year, the recruitment processitself is operating stably. Furthermore, we are working hard to improve things, so the outlook is good forachieving high growth next fiscal year as well.
Regarding the dispatch of construction technicians for major projects, in addition to the change in the lawthat will impose upper limits on overtime work from April 2024, big construction projects are coming up. We
see these circumstances as a major tailwind and opportunity for our industry.
Amid growing concerns about labor shortages, we will continue to focus on our independent recruiting.
Rather than outsourcing to other companies and paying high fees to recruit talent, we are working tothoroughly refine and strengthen our own recruitment process. While some aspects are already fully
operational, there is still room to update the process, so we will continue to strengthen things.
As for the second point, the mechanical, electrical and IT engineer dispatch business is experiencing highgrowth as well. We are actively investing in COPRO TECHNOLOGY. Co., Ltd., which was brought into thegroup through M&A in 2021, and although the scale of sales is still small, we have achieved a top-line
revenue growth rate that far exceeds that of our leading construction technician dispatch business. In
addition to continuing to fortify our sales and recruiting efforts, we are steadily pushing forward with2

measures aimed at further growth such as actively conducting M&A and entering the semiconductor engineer
dispatch business.
While the scale of sales is still small in the mechanical, electrical and IT fields that COPRO TECHNOLOGY.
Co., Ltd. is responsible for, there is plenty of room for growth. After it joined the group through M&A, we havebeen actively investing in recruitment and sales.
This is the year when we step on the accelerator in the areas where we have invested in so far, and webelieve this will continue from the end of this fiscal year into next fiscal year. Therefore, in the future, we willfurther expand the sales and recruitment systems that we have cultivated to date in the mechanical, electricaland IT fields, with the aim of further expanding our market share in the mechanical, electrical and IT fields.
Thirdly, we have commenced discussions geared towards the budget for next fiscal year. We are currently
having internal discussions about the next fiscal year forecast (FYE2025), which will be announced in May
2024 at the time of the fourth quarter financial results.
In the performance plan set out in the Medium-Term Management Plan, the Medium-Term Plan target for
FYE2025 is 26,800 million yen in consolidated sales and 2,700 million yen in non-GAAP operating profit.
Aiming to achieve results that exceed this target, we would like to increase the number of assigned personnel
during the current fourth quarter so that we can start the next fiscal year from the highest launchpad possible.

2

SECTION 01
Summary of theConsolidated Financial
Results for Nine Months©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

3

3

Highlights of the Consolidated Financial Results for Nine Months
Number of Consolidated
Technicians and Engineers

Net Sales

Operating Profit

3,709people

17,496million yen

1,406million yen(YoY+31.2％)(Forecast Progress 86.8％)(YoY+28.8％)(Forecast Progress 72.0％)

Historicalhigh(YoY+63.0％)(Forecast Progress 68.9％)

Non‐GAAP Operating Profit

Ordinary Profit

Profit Attributable to Ownersof Parent

1,611million yen

1,480million yen

936million yen(YoY+49.7％)(Forecast Progress 68.8％)(YoY+70.8％)(Forecast Progress 70.0％)(YoY+79.7％)(Forecast Progress 68.8％)

Point 1

Due to the highest number ever of new recruits, the number of consolidated technical employees reached a record
high of 3,709 people (+883 YoY).

Point 2

Net sales and each line of profit from operating profit on down is by and large proceeding according to plan
relative to the earnings forecast that we revised upwards on November 14.

* 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.

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

4

Now I will explain the summary of our financial results for the third quarter. First are the highlights of theconsolidated financial results.
The number of consolidated technical employees was 3,709, an increase of 31.2% YoY, and sales were
17,496 million yen, an increase of 28.8% YoY, both of which were new record highs. Operating profit was
1,406 million yen, an increase of 63% YoY, and non-GAAP operating profit was 1,611 million yen, an
increase of 49.7% YoY, both of which were also new record highs.
Ordinary profit was 1,480 million yen, an increase of 70.8% YoY, and net profit was 936 million yen, an
increase of 79.7% YoY, all new record highs.
There are two points. First, due to record high recruitment numbers, the number of consolidated technicalemployees reached a record high of 3,709, an increase of 883 people YoY. Second, sales and each line ofprofit from operating profit on down are by and large proceeding according to plan relative to the earnings
forecast that we revised upwards on November 14th.

4

Consolidated Financial Results for Nine Months(million of yen）

FYE2023

FYE2024

3Q
Vs Full Year
3Q
cumulative
Results
cumulative

YoY Change

Ratio

Forecast Progress

Pct Change

Amount of
ChangeFull Year
Forecast

Forecast
Progress

13,58473.9%

17,496100.0%+28.8%+3,912

24,29872.0%

Cost of sales

9,530

74.6%

12,61672.1%+32.4%+3,086

17,233

73.2%

Gross profit

4,054

72.4%

4,880

27.9%

+20.4%

+826

7,065

69.1%

SG&A expenses

3,191

72.6%

3,474

19.9%

+8.9%

+282

5,023

69.2%

Operating profit

862

71.6%

1,406

8.0%

+63.0%

+543

2,042

68.9%

1,076

70.7%

1,611

9.2%

+49.7%

+535

2,342

68.8%

Ordinary profit

866

71.8%

1,480

8.5%

+70.8%

+613

2,115

70.0%

Profit attributable to owners of parent

521

71.7%

936

5.4%

+79.7%

+415

1,361

68.8%

Number of consolidated technicians &engineers (quarter end)*

2,826

93.4%

3,709

－

+31.2%

+883

4,271

86.8%

Net sales

Non‐GAAP operating profit**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.

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

5

These are the consolidated financial results for the third quarter. The slide shows the P/L. I already talked
about the key numbers earlier, so I won’t go into further detail here. Please take a look at it when you havethe time.

5

Quarterly Consolidated Financial Results• 3rd Quarter net sales and technician numbers both increased from the previous 2nd quarter.
• Record high on a quarterly basis.

6,359
6,000
5,500

4,914

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

5,206

3,555
1,957

3,846
2,085

4,038

4,148

2,204

2,201

4,249
2,396

4,421
2,575

5,406
3,314

5,731
3,515

3,709

3,500

3,036

2,826

3,000
2,500
2,000

3,000

1,500

2,500
1Q

2Q

3Q

4Q

1Q

FYE20222022/3期
Consolidated net sales(million of yen)
QoQ change
No. of consolidated
technicians (quarter end)
QoQ change

4,000

2Q

3Q

4Q

1Q

FYE20232023/3期

2Q

3Q

FYE20242024/3期

3,555

3,846

4,038

4,148

4,249

4,421

4,914

5,206

5,406

5,731

6,359

‐5.7％

+8.2％

+5.0％

+2.7％

+2.4％

+4.0％

+11.2％

+5.9％

+3.8％

+6.0%

+11.0%

1,957

2,085

2,204

2,201

2,396

2,575

2,826

3,036

3,314

3,515

3,709

‐3.1％

+6.5％

+5.7％

‐0.1％

+8.9％

+7.5％

+9.7％

+7.4％

+9.2％

+6.1%

+5.5%

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.

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

6

Regarding quarterly consolidated earnings and trends in the number of technical employees, the graph on
the slide shows the room for growth from FYE2022, two years ago.
Two years ago, in FYE2022, the growth rate was slightly stagnant, but in FYE2023 and the current fiscal
year, the red line graph is characterized by remarkable growth. There is a strong tailwind blowing in our
industry, and by upgrading and updating various measures within the company, we will continue to achieve
an upward trend in sales.
Under these circumstances, you can see that the revision and improvement of the sales process and therecruitment process that we have been working on since FYE2022 has been successful, and that the
upward trend has been increasing from FYE2023.
We are not satisfied with the degree of this, and will continue to refine and improve each measure to achievea rapid increase in the red line graph or blue bar graph.

6

Nine Month Financial Results by Subsidiaries• Sales of COPRO CONSTRUCTION. Co., Ltd. increased significantly due to the highest number of recruits ever. This subsidiary also
absorbed the increase in recruiting costs and personnel costs to achieve an increase in operating profit of 404 million yen YoY.
• Due to conducting investment upfront by aggressively allocating advertising and publicity costs in order to expand the number of
recruits, focusing on Bscareer Mechanical and Electrical and Bscareer IT in particular, COPRO TECHNOLOGY. Co., Ltd.
experienced a decline in operating profit of 16 million yen YoY.
• COPRO‐HOLDINGS. Co., Ltd. contributed a 156 million yen increase in profit YoY due to a decrease in personnel expenses fromstreamlining at the head office and a decrease in stock award expenses.
(million of yen)

FYE2023Net Sales
COPRO CONSTRUCTION
COPRO TECHNOLOGYFYE2024
YoY

3Q
cumulative

Pct Change

13,584+18.7%

12,732

YoY

3Q
cumulative

Pct Change+2,144

17,496+28.8%+15.4%+1,69915,991+25.6%+3,258Amount of
ChangeAmount of
Change+3,912852+109.1%

+444

1,505

+76.7%

+653

4,054

+14.8%

+524

4,880

+20.4%+826

COPRO CONSTRUCTION

3,754

+8.9%

+307

4,459

+18.8%+705

COPRO TECHNOLOGY

299+261.0%+216

420+40.4%

+121

3,191

+32.5%

+782

3,474

+8.9%

+282

COPRO CONSTRUCTION

1,940+42.6%

+579

2,240

+15.5%+300

COPRO TECHNOLOGY303+71.7%+126

441+45.5%+138

COPRO‐HOLDINGS and others

947

+8.8%

+76

791

‐16.5%‐156

862‐23.1%

‐258

1,406

+63.0%

+543

1,814

‐13.0%

‐271

2,219

+22.3%

+404

‐3

‐

+89

‐20

‐

‐16

‐947

‐

‐76

‐791

‐

+156

Gross profit

SG&A expenses

Operating profit
COPRO CONSTRUCTION
COPRO TECHNOLOGYCOPRO‐HOLDINGS and others* Figures for subsidiaries are adjusted for consolidation after eliminating intra‐group transactions.
©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

7

These are the cumulative results by subsidiary for the third quarter. The slide lists sales, gross profit margin,
selling, general & administrative expenses, and operating profit for COPRO CONSTRUCTION. Co., Ltd. and
COPRO TECHNOLOGY. Co., Ltd., so please take a look when you have the time.

7

SECTION 02

Analysis of KPIs

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

8

8

KPIs by Business‐• The number of recruits grew considerably, particularly at COPRO CONSTRUCTION. Co., Ltd. This led to the number of technicalemployees increasing by 883, or +31.2% YoY, to 3,709.
(people, thousands of yen)

FYE2023
1Q

2Q

FYE2024
3Q
cumulative

3Q

Full
year

1Q

2Q

FYE2024

3Q
cumulative

3Q

Full‐year
Forecast

YoY

443

360

459

1,262

1,747

664

502

516

1,682

+33.3%

+420

2,331

Construction technician dispatch

293

315

417

1,025

1,472

614

458

467

1,539

+50.1%

+514

2,120

Mechanical design engineer

14

23

25

62

85

29

27

28

84

+35.5%

+22

123

SES

14

22

17

53

68

21

17

17

55

+3.8%

+2

88

Increase due to M&A, etc.

122

0

0

122

122

0

0

4

4

‐96.7%

‐118

‐

248

181

208

637

912

386

301

322

1,009

+58.4%

+372

1,096

Total recruited

Turnover total

223

158

191

572

812

361

283

299

943

+64.9%

+371

1,008

Mechanical design engineer

8

11

11

30

42

13

9

17

39

+30.0%

+9

30

SES

17

12

6

35

58

12

9

6

27

‐22.9%

‐8

58

2,396

2,575

2,826

2,826

3,036

3,314

3,515

3,709

3,709

+31.2%

+883

4,271

Construction technician dispatch

No. of technicians and engineers

2,187

2,344

2,570

2,570

2,777

3,030

3,205

3,373

3,373

+31.2%

+803

3,889

Mechanical design engineer

122

134

148

148

159

175

193

204

204

+37.8%

+56

252

SES

87

97

108

108

100

109

117

132

132

+22.2%

+24

130

90.6%

93.4%

93.1%

81.6%

76.9%

89.6%

92.1%

92.0%

78.6%

‐

‐3.0pt

79.6%
79.4%

Construction technician dispatch

Retention rate
Construction technician dispatch

90.7%

93.7%

93.1%

81.8%

77.4%

89.4%

91.9%

91.9%

78.2%

‐

‐3.6ptMechanical design engineer

93.8%

92.4%

93.1%

83.1%

79.1%

93.1%

95.5%

92.3%

84.0%

‐

+0.9pt

89.4%

SES

83.7％

89.0％

94.7%

75.5%

63.3％

90.1％

92.9%

95.7%

83.0%

‐

+7.5pt69.1%
601

Sales per engineer(period average)

648

638

650

646

643

619

609

614

614

‐4.9%

‐32

Construction technician dispatch

649

641

652

647

644

618

608

612

612

‐5.3%

‐35

602

Mechanical design engineer

578

560

600

586

599

622

603

637

621

+6.1%

+36

635

SES

593

553

568

567

587

656

668

697

676

+19.1%+109

552* The above figures, excluding sales per technical employee at VALUE ARK CONSULTING Co., Ltd., include IT freelance engineers. The amount of sales per technical employee is for dispatchedtechnical employees 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©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.
* ATMOS Co., Ltd. sales per engineer is for dispatched engineers only, excluding subcontracting.

9

Now I will explain the KPI analysis. First, let's look at the KPI trend by business. The slide shows a detailed
breakdown including the areas of construction technician dispatch, mechanical design engineers, SES andincreases due to M&A, etc.
Please take a look at FYE2024 that is shown in red on the slide. The number of consolidated recruits for the
cumulative third quarter of FYE2024 was 1,682 people, an increase of 33.3% YoY. As I explained at the
beginning, our self-assessment is that our recruitment process is operating in a very good manner.
On the other hand, we continue to be slightly short of our target of 2,331 people for FYE2024. As we arenearing the end of the fourth quarter, as a final push we will currently accelerate growth in recruiting. We areworking together within the company to get to the point where we can properly achieve the planned figures
for the full-year forecast.
The following is with regards to the number of resignations, number of technical employees and the retention
rate. As a company, we are aware of some slight failures, namely with regards to the number of resignationsor the retention rate associated with the number of resignations. Currently, we are increasing the number of
recruits, and we are working to improve not only quality but also the yield rate by keeping proper track of thenumbers.
There is a slight mismatch in such areas, so the number of resignations increased, and we know that the
failure is that the retention rate will decrease as a result. In the future, we will maintain a solid sense of ourchallenges and continue to increase the absolute number of employees recruited.
How we reduce the number of resignations and increase the retention rate will lead to even greater growth
as we further push down on the accelerator, so we will continue to implement solid measures and make
improvements.

9Reference） Construction Technician Dispatching Business KPIs
• The cumulative number of recruits for 3Q increased by 50.1% YoY to 1,539 people due to a significant increase in the numberof inexperienced recruits because of strengthened process management for recruiting.
• By doing more to eliminate mismatches and follow up on assignments, we brought down the turnover of technical employees
in less than one year of their registration. However, because senior personnel retirements coincided with each other in 3Q, thecumulative retention rate for that quarter worsened by 3.6 pts YoY to 78.2%.

Recruitment, Turnover and Utilization rate

(people)FYE2022

FYE2023

Full‐year

3Q

4Q

Full‐year

Full‐year
3Q
cumulative Forecast

1Q

2Q

3Q

834

293

315

417

1,025

447

1,472

614

458

467

New graduates

56

54

0

2

56

0

56

154

0

0

154

154

Mid‐career

778

239

315

415

969

447

1,416

460

458

467

1,385

1,966

Turnover total

859

223

158

191

572

240

812

361

283

299

943

1,008

Net change

‐25

+70

+157

+226

+453

+207

+660

+253

+175

+168

+596

+1,112

Utilization rate (period average)

2Q

3Q
cumulative

Total recruited

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

1Q

FYE2024

1,539

2,120

0

+122

0

0

+122

0

+122

0

0

0

0

‐

1,995

2,187

2,344

2,570

2,570

2,777

2,777

3,030

3,205

3,373

3,373

3,889

96.9％

96.3％

97.1％

96.3％

96.6%

95.7％

96.3％

93.0％

94.6%

95.7%

94.5%

‐

Retention rate
FYE2022

Retention rate
Retention rate (FY accumulative
total)
Retention rate (Last twelve months)

FYE2023

FYE2024
Full‐year
3Q
cumulative Forecast

Full‐year

1Q

2Q

3Q

3Q
cumulative

4Q

Full‐year

1Q

2Q

3Q

69.9％

90.7％

93.7％

93.1％

81.8%

92.0％

77.4％

89.4％

91.9%

91.9%

78.2%

79.4％

69.4％

89.7%

84.2％

79.0％

79.0%

74.4％

74.4％

89.2％

82.3%

76.2%

76.2%

‐

69.4％

71.8％

72.3％

72.7％

72.7%

74.4％

74.4％

75.0％

73.2%

71.6%

71.6%

‐

*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.
©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

10

From slide 10 onwards, the KPIs for construction technician dispatch, the mechanical design anddevelopment engineer dispatch & contracting business, and the SES business are listed. Please have a lookat it.

10

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 numberof people in charge of recruitment, with the number of engineers increasing by 56 people YoY to 204.
• On the other hand, the growth in the number of recruits resulted in insufficient post‐assignment follow‐up. The cumulative
number of resignations for 3Q progressed over target as a result.
⇒ From 4Q onward, we will review our follow‐up system as well as increase forums for exchange with technical employees as
we endeavor to improve retention rates.

Recruitment, Turnover and Utilization rate

(people)FYE2022
Full‐year

FYE2024

FYE2023
1Q

2Q

3Q
3Q
(Oct‐Dec) cumulative

4Q

Full‐year

1Q

2Q

3Q
Full‐year
cumulative (forecast)

3Q（June‐Mar）(Apr‐June)(July‐Sep)

Total recruited

20

14

23

25

62

23

85

29

27

28

84

New graduates

0

1

0

0

1

0

1

5

0

0

5

4

Mid‐career

20

13

23

25

61

23

84

24

27

28

79

119

(Jan‐Mar)

123

Turnover total

15

8

11

11

30

12

42

13

9

17

39

30

Net change
Number of technicians(quarter end)

+5

+6

+12

+14

+32

+11

+43

+16

+18

+11

+45

+93

Utilization rate (period average)

116

122

134

148

148

159

159

175

193

204

204

252

98.6％

96.9％

96.9％

98.6％

97.5%

97.5％

97.5％

95.9％

97.9%

96.8%

96.9%

‐

4Q

Full‐year

1Q

2Q

3Q

Retention rate
FYE2022
Full‐year（June‐Mar）

FYE2023
1Q

2Q

3Q
3Q
(Oct‐Dec) cumulative

FYE2024
3Q
Full‐year
cumulative (forecast)(Apr‐June)(July‐Sep)

‐

93.8％

92.4％

93.1％

83.1%

93.0％

79.1％

93.1％

95.5%

92.3%

84.0%

89.4％

Retention rate (FY accumulative total)

88.9%

93.1%

89.7%

85.3%

85.3%

81.0％

81.0％

93.7％

89.9%

85.4%

85.4%

‐

Retention rate (Last twelve months)

88.9%

84.7%

85.2%

84.9％

84.9％

81.0％

81.0％

82.8％

84.2%

90.2%

90.2%

‐

Retention rate

(Jan‐Mar)*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.
©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

1111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 .
• Four technical employees were added to the group after it took over the SES business of Pacific Information
Consultants Co., Ltd. as of November 30, 2023.
Recruitment, Turnover and Utilization rate

(people)FYE2022

FYE2023

Full‐year

3Q

4Q

Full year

Full‐year
3Q
cumulative Forecast

1Q

2Q

3Q

320

213

408

354

975

264

1,239

594

651

696

Total recruited

16

14

22

17

53

15

68

21

17

17

Turnover total

16

17

12

6

35

23

58

12

9

6

27

58

‐

‐3

+10

+11

+18

‐8

+10

+9

+8

+11

+28

+30

Increase due to M&A, etc.

2Q

3Q
cumulative

Number of applicants

Net change

1Q

FYE2024

1,941

‐

55

88

0

0

0

0

0

0

0

0

0

4

4

0

90

87

97

108

108

100

100

109

117

132

132

130

100.0%

100.0%

100.0%

100.0% 100.0%

100.0%

100.0% 100.0%

100.0%

‐

1Q

2Q

3Q

83.7%

89.0%

94.7%

Number of technicians(quarter end)

Utilization rate (period average)

100.0% 100.0%* The above figures include IT freelance engineers.

Retention rate
FYE2022
Full‐year
Retention rate‐

FYE2023
3Q
cumulative

75.5%

FYE2024
4Q
81.3%

Full year
63.3%

1Q

2Q

3Q

90.1%

92.9%

95.7%

3Q
cumulative

Full‐year
Forecast

83.0%

69.1%

*The above figures include IT freelance engineers.
*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 100g
©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

1212

SECTION 03

Business Summary©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

13

13

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"©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

14This is the business overview. I will explain the current trends in the industry, focusing on the field ofconstruction technician dispatch.
The line graph on the left side of the slide shows the trend in the number of people employed in theconstruction industry. Compared to the peak of 6.85 million people in 1997, by 2022 the number had
decreased by 30.1%. A variety of reasons have led to this drop, including Japan's declining birthrate andaging population, and a failure to fully communicate the appeal of working in the construction industry.
On the other hand, as shown in the bar graph on the right, the market size of human resource services forthe construction industry is expected to expand from 530 billion yen in 2021 to 650 billion yen in 2026. At thebottom of the bar graph, the period of our Medium-Term Management Plan starting from 2023 is shown inlight blue.
While the number of people working in the construction industry is decreasing, the market for humanresource services for the construction industry is expanding at an ever-increasing rate, which we see as a
big opportunity. If we fit how to provide services to customers from our position, or what job seekers should
do to join our group, in the future we will properly approach each of these areas because we believe that thiswill naturally lead to significant business expansion.

14

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 FY2022,
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*4

Within upper limit regulation
Exceeding upper limit regulation

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©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

15

The left side of the slide shows the approaching 2024 problem, and the right side shows the constructionindustry, where large-scale projects continue. The point is that demand will continue to grow due to theapplication of the revised Labor Standards Law and active construction investment.
The construction industry was given a five-year deferment regarding overtime work regulations under laws
related to work style reform. However, the end of the deferment period is approaching, and overtime work
will be regulated immediately from April 2024.
Due to this, since the upper limit on the amount of work each person can handle will be lowered, for aworkload that a single person handled by working overtime, it can be said that an additional supply of humanresources will be needed, such as 1.3, 1.5, 1.8 or 2 people.
In addition, there are currently a number of large-scale projects in the construction industry underway or
pending, including the construction for linear motor trains, the Osaka Expo, the construction of new
semiconductor factories, and construction related to urban redevelopment. In the construction industry,where there is a chronic labor shortage, overtime regulations will start from 2024, and big projects continue,
so we believe that the need for the human resource services that we provide will continue to grow.
In the future, while fine tuning the systems and experience we have cultivated over the years, we will focus
not only on an ability to stably supply human resources, but also on the quality of human resources, which
will lead to better service for our customers.

15

Our Growth Strategy (Construction Technician Dispatch)

Strategy Building a Strong Human Resources1

Supply Network in Preparation for
Accelerating Labor Shortages

Strategy

2Strengthening the Support System andImproving the Retention Rate of Technical
Employees

Improve recruitment efficiency (the unit price for

Improve the retention rate by proceeding to provide

recruitment) while proceeding to grow the number ofcomprehensive support to technical employees,

recruits in order to stably supply personnel to client

including matching with companies to post‐assignment

companies

follow‐up

Actual no. of recruits andunit price for recruitment
Unit price ofrecruitment of

2,200

379,000 yen

Down 18.7%

YoY

Unit price ofrecruitment of

400,000

300,000

1,320

440

Initiatives aimed at improving
retention rate

Examples of support for technicalemployees

Recruiting

Realizing proper matching with anample number of job openings

308,000 yen

1,760

880

No. of recruits
the unit price for recruitment

No. ofrecruits:

No. ofrecruits:

1,539
people1,025
peopleUp 50.1%

FYE2023 3Q
cumulative

FYE2024 3Q
cumulative

200,000

100,000

Assignment
Realizing long‐term employment

Supporting stable employment withregular visits and interviews
Designing systems conducive to workand providing opportunities for training

YoY

0

0

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

16

I will explain our growth strategy divided into strategies 1 and 2. We have been working on Strategy 1,“Building a strong human resources supply network in preparation for accelerating labor shortages,'' forabout two years. We thoroughly revised and continued to refine our independent recruiting process, resulting
in the current system. We will continue to make further improvements on a daily basis while detecting where
failures are occurring in real time.
As shown in the graph, in the cumulative total for the third quarter of FYE2023, the unit price for recruitment
for one technical employee was 379,000 yen. The cumulative total for the third quarter of FYE2024 is308,000 yen, a reduction of about 70,000 yen. It was necessary to thoroughly revise the internal recruitment
process, gather enough people, increase the rate of interviews, and honestly proceed with initiatives that willlead to an increase in the employment ratio.
This industry relies on so-called human resource introductions, paying a high unit price for recruitment andfees to external companies. Therefore, we first want to strengthen our recruitment process by thoroughly
refining our unique recruitment process so that we do not have to pay a high unit price for recruitment andfees.
In Strategy 2, we aim to improve the retention rate of technical employees by strengthening our support
system. We aim to realize long-term employment through recruitment and assignment. When it comes torecruitment, it is important to achieve appropriate matching with a large number of jobs.
When you think about what technical employees are looking for when they come to our company, the firstconsideration is, of course, the salary, but what is also extremely important is how many jobs are suitable forthem. For this reason, we will continue to secure both the number and quality of jobs based on thoroughinterviews with our customers.
Once the match is made, the next step is assignment. It doesn't end once they are assigned, but follow-up
after the assignment is also important. In terms of "designing systems conducive to work and providing

16

opportunities for training," allowing employees to work for a long time at one company without having tochange places frequently will lead to improved retention rates.
If we were to express the Technician Support Platform that we are currently working on with horizontal andvertical axes, the horizontal axis will be the years of experience or years of employment, and the vertical axis
will be the employee's salary. By properly structuring these two axes, we will help people visualize where they
are in their careers. By repeating this, we hope to lead to long-term employment.

16

Strategy ①: Building a Strong Human Resources Supply Network in
Preparation for Accelerating Labor Shortages• On a YoY basis, the trend of improvement in yield rates continued from 1H due to the thorough implementation of process
management.
• On a versus target basis, in the non‐cumulative 3Q, mismatches occurred with the formation of the applicant population, whichcaused the interview implementation rate to drop and, in turn, the number of interviews to be insufficient. As a result, in addition to
the number of recruits falling short of target, the unit price for recruitment also exceeded target.
→ In 4Q and beyond, we will ascertain the media in which we place job openings and boost the precision of our recruiting
process as well as make additional allocations of recruiting costs in our aim to engineer a recovery in order to meet target.

Recruiting
expenses

YoY

About 8% more

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

Number of YoY
applications About 30% moreseeker group.

・Introducing an application management

Challenges in meeting andaccompanying measures
Mismatches occurred with theformation of the applicant
population, causing the post‐
application interview
implementation rate to drop. As
a result, the number of recruits
fell short of target, and the unit
price for recruitment also
exceeded target.

system. Reducing lead times by

Number ofinterviews

YoY

About 50% more

Automating the setting up of interviews.
・Instead of selective interviews, shifting
To employing interviews, andNumber of
hires

YoY

strengthening Our appeal to job seekers.

In 4Q and beyond, we will
ascertain the media in which weplace job openings, eliminate
mismatches with the applicant
population, and establish asystem that enables us toleverage our advanced
recruiting capability.

About 40% more
©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

17This is about building a strong human resources supply network in preparation for accelerating labor
shortages which is Strategy 1. I mentioned earlier that we thoroughly manage the recruitment process, but
now I would like to explain the yield rate.
Please take a look at the flow chart on the left-hand of the slide. Recruiting costs, which are recruitment
advertising expenses, increased about 8% YoY. We are actively investing in order to receive a sufficientnumber of applications.
In order to make a solid return on this investment, we need to boost the next part, which is applications, andthat has increased by about 30% YoY. The interviews that follow are also very important, and we haveachieved significant results with an increase of approximately 50% YoY. Ultimately, recruitment increased byabout 40% YoY.
We believe that it is extremely important to operate the recruitment process properly and to further improve
it. Please take a look at the important points of our efforts to improve the yield rate, listed for each stage.
This is about the challenges and measures to achieve the plan for this fiscal year. We believe that a numberof mismatches have occurred in the formation of the applicant population, which is an issue. From the fourth
quarter onwards, we are aiming to achieve the planned number of recruits while ascertaining the media
where we place recruitment ads, and improving the accuracy of the recruitment process.

17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)*

Change in the unit price for recruitment

13.0%

9.6%

10.0%

7.2%

8.1%

9.1%
400

5.8%

7.0%

5.2%

4.0%

379 thousand yen

300

YoY

18.7%

Down

308 thousand yen

200

1.0%

100

‐2.0%
22/7‐9 22/10‐12 23/1‐3

COPRO
COPRO CNCN

23/4‐6OpenUp
GOpen UpGroup

23/7‐9 23/10‐12

TechnoPro
HD
TechnoPro
Holdings

0

FYE2023 3Q

FYE2024 3Q

cumulative

cumulative*Created by our company based on information published by each company©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

18

I have already explained the trends in the rate of increase for the number of registered construction
technicians and the improvement in the unit price for recruitment. The line graph on the left side of the slide
includes other companies in the same industry as a benchmark for comparison. If you look at it, you will seethat COPRO CONSTRUCTION. Co., Ltd. always maintains a high position.
As I explained earlier, the unit price for recruitment decreased by about 70,000 yen YoY, an improvement of-18.7%. By refining the starting point of the recruitment process, such as how much it will cost and how
many people to invite, we could further increase the number of interviews and the number recruited. With
regards to the unit price for recruitment, we want to always work with a high level of awareness.

18

Strategy ②: Strengthening the Support System and Improving the
Retention Rate of Technical Employees• The cumulative retention rate for 3Q was 78.2%, falling 3.6 pts YoY. The rate was impacted by resignations within one year of joining
the company increasing in 1Q as well as by senior personnel retirements coinciding with each other in 3Q.
• For the retention rate in the non‐cumulative 3Q, we maintained the level from the non‐cumulative 2Q. 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 continued to improve from 2Q, thereby offsetting the negative factor of senior personnel
retirements.

Change in the retention rate(Cumulative)*
100.0%

90.0%

87.0%

Change in the retention rate(Quarterly)*
100.0%

90.7%

89.4%
81.8%

80.0%

Maintained
2Q level

78.2%

YoY

70.0%

90.7%
90.0%

‐3.6pts

91.9%
89.4%

87.0%

60.0%

50.0%
80.0%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

FYE2022

FYE2023

FYE2024

FYE2022

FYE2023

FYE2024* 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©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

19

Change in the retention rate. The left side of the slide shows the cumulative total graph, and the right sideshows the non-cumulative quarterly graph. The cumulative total for the period was -3.6 points YoY, which isa slight decline. We have already caught up on the cause and are now working on overcoming the issue.
On a non-cumulative quarterly basis, we were able to maintain the level of the second quarter, but
personally, I don't think we should be satisfied with the 91.9% figure. Therefore, we would like to continue
implementing measures to further increase the retention rate.

19

Business Overview (Mechanical Design and Development Engineer
Dispatching Business): Opening of Semiconductor Engineer Training Center• On February 1, 2024, COPRO TECHNOLOGY. Co., Ltd. opened and commenced operation of Semicon Techno Lab, a training
center dedicated to the development of engineers to handle semiconductor manufacturing system maintenance andinspections, in the city of Yokohama.
• In FYE2025, the next FY, we will aim to train around 100 graduates. In FYE2026, the FY that follows, we will aim to trainaround 200 graduates, making for approx. 300 graduates to train in total over those two years.
■Characteristics of Semicon Techno Lab semiconductor
training center■Instructors who were originally first‐rateengineers

1

By employing first‐rate engineers who
originally worked at major semiconductor
manufacturers as instructors, we have ahighly‐precise system of learning in place thatoffers working‐level practical skills combinedwith advanced classroom training.
■High‐level learning with the use of actual
equipment

2

At the training center, systems used in actual
semiconductor manufacturing processes are
installed. This is to help cultivate immediate
work‐readiness through experiencescomparable with working‐level ones.
■Recruiting and development of inexperienced
personnel

3

In addition to new hires, technical employees
in the group from other domains can also
participate in training through our job change
service. We also promote reskilling (learning
again from scratch).

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

20

I will now explain the opening of the new semiconductor engineer training center. On February 1, 2024,
COPRO TECHNOLOGY. Co., Ltd. opened and commenced operation of “Semicon Techno Lab,” a training
center dedicated to the development of engineers to handle semiconductor manufacturing system
maintenance and inspections, in the city of Yokohama.
We will train around 100 graduates in FYE2025 and about 200 in FYE2026, for a total of around 300 people
over two years with the aim of providing dispatch work.
The Semicon Techno Lab has three characteristics. The first is that we invite instructors who are top
engineers. By employing first-rate engineers who originally worked at major semiconductor manufacturers
as instructors, we have a highly-precise system of learning in place that offers working-level practical skills
combined with advanced classroom training.
The second is high-level learning with the use of actual equipment. At the training center, equipment used in
actual semiconductor manufacturing processes is installed. By having the same level of experience as in theworkplace, we hope to have people who are immediately work-ready.
The third is recruiting and development of inexperienced personnel. In addition to new recruits, technicalemployees in our group from other fields can also participate in training through our job change service, andwe promote reskilling (learning anew).
Looking at past data, in the field of construction technician dispatch, there are slightly more cases in which
inexperienced workers leave within six months or a year after joining the company. I think the same can besaid for any industry, but the resignation rate within the first year of employment tends to be high due tovarious factors such as “I entered the industry and tried it, but it was a very difficult industry'' and “I didn't getalong well with the people.''It would be a huge blow to the company if the people we recruited at a cost of 300,000 yen per person left

20the group after less than a year. For those who enter the construction industry and try their best but quit within
a year because they think it's not a good fit for them, we promote changing their jobs for a second career by
issuing a guide about career enhancement as a semiconductor engineer.
Through these initiatives, we hope to properly control recruitment costs across the whole group and further
expand our sales.

20

Business Overview (SES): Acquiring the SES Business of PacificInformation Consultants Co., Ltd.
• As of November 30, 2023, our consolidated subsidiary COPRO TECHNOLOGY. Co., Ltd. ( COPRO TECHNOLOGY ) took over thesystem engineering service business (SES) from Pacific Information Consultants Co., Ltd. (Headquarters: Chuo‐ku, Tokyo;
Representative Director: Hajime Nakayama; ( PIC ), which operates web and software development and system consulting
businesses.
• By taking over the SES business of PIC, in addition to getting highly skilled IT engineers, we are aiming to further expand
business our by acquiring PIC's customer network, which includes prime contractor SIers.

Getting highly skilled IT
engineers.
Acquiring customer
company accounts where
sales channels have been
limited.

Speeding up business expansion
in preparation for the accelerated
shortage of IT engineers.

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

21

Here I will discuss the SES field. As we have already announced by IR, we acquired the SES business ofPacific Information Consultants Co., Ltd. (PIC) .
PIC does a lot of business with upstream process companies, which is essential for business growth, and isvery attractive, so we decided to take over the business.
In the future, we aim to further expand our business by getting highly skilled IT engineers who were
employed by PIC, and by taking over the company's customer network, including its main contractor system
integrator.

21

SECTION 04

Earning Forecast
for FYE2024©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

22

22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+40.7％)(YoY+29.3％)(YoY+54.5％)

Non‐GAAP Operating Profit

Ordinary Profit

Profit Attributable to Ownersof Parent

2,342Mln yen

2,115Mln yen

1,361Mln yen(YoY+45.7％)(YoY+59.7％)(YoY+57.4％)

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.
* 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.

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

23

These are the earnings forecast for FYE2024. The number of consolidated technical employees 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, with all expected to reachrecord highs.
Non-GAAP operating profit is expected to 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 net profit is seen at 1,361 million yen, an increaseof 57.4% YoY, with each category seen reaching record highs.
There are two points. Regarding the full-year earnings for FYE2024, demand is expected to remain strong
from the third quarter onwards, and selling, general and administrative expenses are expected to continue tobe controlled. We believe that efforts to properly control costs while steadily increasing sales are extremely
important.
In addition, in order to securely capture the expanding demand as upper limits on overtime work will beapplied to the construction industry from April 2024, our policy is to actively invest in recruiting costs andother expenses to prioritize securing the number of technical employees.
In the new business year starting from April of this year, it will be very important to launch from a fairly highplace, so we would like to continue to make aggressive investments in this fourth quarter with an eye toward
next fiscal year.

23

Upward Revision of FYE2024 Consolidated Earnings Forecast（million of yen）

FYE2024（Forecast）

FYE2023
Full year

Full year(Revision on
Nov.14)

YoY

Ratio

Pct change

Amount of
ChangeNet sales

18,791

24,298100.0%+29.3%+5,506

Cost of sales

13,216

17,23370.9%+30.4%+4,016Gross profit

5,575

7,065

29.1%

+26.7%+1,489

SG&A expenses

4,253

5,023

20.7%

+18.1%+769

Operating profit

1,321

2,042

8.4%

+54.5%+720

Non‐GAAP operating profit*1

1,606

2,342

9.6%

+45.7%+735

Ordinary profit

1,324

2,115

8.7%

+59.7%

+790

864

1,361

5.6%

+57.4%+496

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

46.55

72.26

ー

－

＋25.71

Number of consolidated technicians and engineers(quarter end)*3

3,036

4,271

－

+40.7％+1,235

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.

©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

24This slide shows the P/L of the full-year earnings forecast for FYE2024. Please take a look at the forecaststhat were revised upward on November 14th.

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, andrecognizing 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).
⇒ As a result of our initiatives, our most recent market capitalization of tradable shares was 12,524 million yen,
thereby meeting our standard (which is based on the closing price on January 31, 2024). With the aim of further
expanding our shareholder value going forward, we will continue to examine improving our business performance,
which forms the source of our shareholder value, and expanding dividends in accordance with our profit growth.
(Million yen)

15,000

PER
22.9x

(x)

12,52420

25

Mln yen

10,000

15

9,225

PER
10.6x

Mln yen

10

5,000

4,206
Mln yen

3,826
Mln yen

5,160
3,178

5

Mln yenMln yen

0

0
End Sept.2021 End Mar.2022 End Sept.2022 End Mar.2023 End Sept.2023

Tradable Share Market Capitalization*The market capitalization of tradable shares is calculated based on the number of tradable shares andthe closing price as of the closing date of the quarter in question.

End Jan.2024

PER©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

25

I will explain our progress in complying with the criteria to maintain our Prime Market listing. As shown in thegraph on the slide, the PER at the end of September 2021 was 10.6 times, and the market capitalization of
tradable shares was 4,206 million yen.
Since then, we have steadily worked to expand sales and profits, and properly implemented our MediumTerm Management Plan, resulting in the PER rising to 22.9 times by the end of January 2024. Along with
this, the market capitalization of tradable shares reached 12,524 million yen.
The company is finally starting to be properly valued, but I think it is extremely important to not be satisfied
with the current situation, and to continue to improve the company's value while steadily improving
performance and considering dividends that are in line with our profit growth. We will continue to makeefforts to take the COPRO brand, which has finally been properly valued in the stock market, to an evenhigher level.

25

SECTION 05

FYE2024
Dividend Forecast©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

26

26

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)

60

Interim

FY End

Total

62.3%

（yen）
53.7%

50

7 0. 0 %6 0. 0 %5 0. 0 %40

FYE2023 (results)

¥5.0

¥20.0

¥25.0

35.1%

20

¥15.0

¥30.0

4 0. 0 %

30

26.1%

30

20.2%

FYE2024(Revised Forecast)

39.2%

¥45.0

18.5%
0.5

10

7.5

10

FYE2018

FYE2019

3 0. 0 %1.25
2 0. 0 %

20

10

12.5

15

5

5

5

5

FYE2020

FYE2021

FYE2022

FYE2023

15*1 The dividend per share has been retroactively revised totake into account the impact of the one‐to‐two stock split
implemented on October 1, 2023.

1 0. 0 %0 .0 %

0Commemorative dividend (FY end)

FYE2024(Forecast)Ordinary dividend (FY end)
Ordinary dividend (intermediate)
Dividend payout ratio (%)©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

27

These are the dividend forecast for FYE2024. Here, I would like to explain our dividend policy again.
Dividends are the basis for shareholder returns, which we consider to be one of the most importantmanagement 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, with the aim of aconsolidated dividend payout ratio of 50% or more.
Based on this basic policy, on November 14th we revised our dividend forecast and decided to increase thedividend. For this fiscal year, we forecast an interim dividend of 15 yen, a year-end dividend of 30 yen, anannual dividend of 45 yen, and a dividend payout ratio of 62.3%.
We would like to work hard to become a COPRO Group that is valued by our shareholders as “having a very
high growth rate and paying dividends well,'' and to further commit to paying dividends and delivering themto everyone.
Greetings from Mr. Kiyokawa
Finally, we will continue to make efforts to further increase the value of the COPRO Group. We would like to
ask all of our shareholders and investors for their continued support and help as we strive for future growthand expanding business results.
This concludes the briefing about our financial results for the third quarter of FYE2024. Thank you.

27

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/©2024 COPRO‐HOLDINGS. Co., Ltd. All rights reserved.

28

28