・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 Ended March 31, 2024
Financial Results for FYE2024
May 14, 2024

COPRO-HOLDINGS. Co., Ltd.
Tokyo Stock Exchange-Prime, Nagoya Stock
Exchange Premier (Ticker Symbol: 7059)

0

FYE2024/FYE2025 Forecast Message from Management
Our main business of construction technician dispatch continues to progress at
a brisk speed
The serious manpower shortage situation is persisting against the backdrop of regulations capping overtime work that began in April
2024, and large-scale construction projects. Given the favorable external environment, we are committed to our own independent
recruiting, and we will continue to fulfill our mission as a staff dispatching company by providing a wealth of talented young humanresources to client companies suffering from labor shortages. In FYE2024, the number of recruits increased by nearly 40% YoY, but
the plan was not achieved, and it was a year in which we faced challenges that will lead to the next step. In FYE2025, we willfurther refine our recruitment process system, leading to high growth not only in FYE2025, but also in FYE2026 and beyond.

Mechanical and electrical/IT engineer dispatch is growing considerably as well
We are moving forward with our entry into semiconductor engineer dispatching as a new business field, and are aiming to achieve a
top-line revenue growth rate that exceeds our main business of construction technician dispatching. COPRO TECHNOLOGY. Co., Ltd.
is still in the phase of expanding its business size and pursuing market share, but as the percentage that it accounts for in ourconsolidated business results gradually increases, we will also maintain strict control from the perspective of profitability.

For FYE2025, we set an earnings forecast that exceeds the targets in the MediumTerm Plan and aim for high growth with an eye on FYE2026 and beyond
In FYE2025, we expect to have the highest number of recruits ever, with the number of technical employees employed in the group
going past the 5,000 mark to reach 5,168 people. As a result, both sales and each type of profit are expected to reach record highs
and exceed targets in the Medium-Term Plan. We are intent on improving our sales and recruitment processes in each business sothat we can take advantage of the tailwind in the business environment due to labor shortages. We will continue to focus on
medium-term growth, not just for a single year, and aim to achieve results that exceed the performance targets set in the MediumTerm Management Plan (Medium-Term Management Plan targets for FYE2025: consolidated sales of 26.8 billion yen, and non-GAAP
operating profit of 2.7 billion yen).
©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

1

Kosuke Kiyokawa (hereafter referred to as Kiyokawa): Good evening, everyone. I am Kiyokawa, president
and representative director of COPRO-HOLDINGS. Co., Ltd. I would like to thank our shareholders andinvestors for joining us today. I will now begin with an explanation of our financial results.
First, we have summarized a message from management regarding FYE2024, which just ended, and ourforecast for FYE2025, the current fiscal year. Since there is also a section where we look back, I will read it
out.
First, our main business of construction technician dispatch continues to progress at a brisk speed “Theserious manpower shortage situation is persisting against the backdrop of regulations capping overtime workthat began in April 2024, and large-scale construction projects. Given the favorable external environment,
we are committed to our own independent recruiting, and we will continue to fulfill our mission as a staff
dispatching company by providing a wealth of talented young human resources to client companies sufferingfrom labor shortages. In FYE2024, the number of recruits increased by nearly 40% YoY, but the plan was
not achieved, and it was a year in which we faced challenges that will lead to the next step. In FYE2025, we
will further refine our recruitment process system, leading to high growth not only in FYE2025, but also in
FYE2026 and beyond.”
Next, the mechanical, electrical and IT engineer dispatch business is experiencing high growth as well. “We
are moving forward with our entry into semiconductor engineer dispatching as a new business field, and areaiming to achieve a top-line revenue growth rate that exceeds our main business of construction technician
dispatching.
COPRO TECHNOLOGY. Co., Ltd. s still in the phase of expanding its business size and pursuing market
share, but as the percentage that it accounts for in our consolidated business results gradually increases, we

1will also maintain strict control from the perspective of profitability”.
For FYE2025, we have set an earnings forecast that exceeds the targets of our Medium-Term Management
Plan. We aim to achieve high growth in FYE2026 and beyond. “In FYE2025, we expect to have the highest
number of recruits ever, with the number of technical employees employed in the group going past the 5,000
mark to reach 5,168 people. As a result, both sales and each type of profit are expected to reach record highs
and exceed targets in the Medium-Term Management Plan. We are intent on improving our sales andrecruitment processes in each business so that we can take advantage of the tailwind in the businessenvironment due to labor shortages. We will continue to focus on medium-term growth, not just for a single
year, and aim to achieve results that exceed the performance targets set in the Medium-Term Management
Plan (Medium-Term Management Plan targets for FYE2025: consolidated sales of 26.8 billion yen, and NonGAAP operating profit of 2.7 billion yen).”1

SECTION
1
2
3

Summary of the Consolidated Financial
Results for FYE2024
Analysis of KPIs
FYE2025 Business Summary and Growth
Strategy

4

FYE2025 Earnings Forecast

5

FYE2025 Dividend Forecast

67
8

Measures to Be Taken to Implement aManagement that is Conscious of the Capital Costand the Stock Price
Announcement of the Appointment of the
President and Chief Executive Officer of COPROCONSTRUCTION. Co., Ltd. (Scheduled)【Appendix】Company Outline©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

2

From here, I will explain each section in order. Today we have prepared sections 1 through 8, but section 8
is included for your reference only. Please take a look at it when you have the time.

2

SECTION 01
Summary of theConsolidated Financial
Results for FYE2024©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

3

3

Highlights of the Consolidated Financial Results for FYE2024
Number of Consolidated
Technicians and Engineers

Net Sales

Operating Profit

3,929people

24,098million yen

2,141million yen(Vs. Forecast -8.0％)(Vs. Forecast -0.8％)(Vs. Forecast +4.9％)

Non-GAAP Operating Profit

Ordinary Profit

Profit Attributable to
Owners of Parent

2,437million yen

2,211million yen

1,463million yen(Vs. Forecast +4.1％)(Vs. Forecast +4.6％)(YoY+29.4％)(YoY+51.7％)(YoY+28.2％)(YoY+67.0％)(YoY+62.0％)

過去最高(YoY+69.3％)(Vs. Forecast +7.5％)

Point 1

Due to the highest number ever of new recruits, the number of consolidated technical employees
reached a record high of 3,929 people (+893 YoY).

Point 2

As a result of improvements in profitability by streamlining operations mainly in the back office, eachsegment of profits from operating profit on down exceeded the earnings forecast that was revised
upward on November 14th.

* 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

I would like to give an overview of our financial results for FYE2024, which has just ended. First are thehighlights for the consolidated financial results. The consolidated number of technical employees was 3,929,
up 29.4% YoY, and 8% below the forecast.
Consolidated sales were 24,098 million yen, up 28.2% YoY, and 0.8% below the forecast. Operating profit
was 2,141 million yen, up 62% YoY, and 4.9% above the forecast.
Non-GAAP operating profit was 2,437 million yen, up 51.7% YoY, and 4.1% above the forecast.
Ordinary profit was 2,211 million yen, up 67% YoY, and 4.6% above the forecast.
Finally, net profit for the fiscal year was 1,463 million yen, up 69.3% YoY, and 7.5% above the forecast, withnew records set in all six of these categories.
On the other hand, the number of consolidated technical employees and top-line sales fell slightly short of
the upwardly revised forecasts. We have taken this seriously and will be creating figures that are committed
to the budget from this fiscal year onwards.
As mentioned in the management message, the first point is that, due to the highest number of recruits ever,the consolidated number of technical employees has reached an all-time high of 3,929 people, an increaseof 893 YoY.
The second point is that, while we place importance on the top line, each type of profit and KPIs, we also
pay close attention to internal productivity. As a result of improvements in productivity by streamlining4

operations mainly in the back office, each segment of profit from operating profit on down exceeded theearnings forecast that was revised upward on November 14th.
We are focusing even more on productivity, and we want to achieve results by focusing on how much sales
and profit each employee can generate.

4

Consolidated Financial Results for FYE2024(million of yen）

FYE2023
Full Year
Results

FYE2024
Full Year
Results

Ratio

Ratio

Vs. Initial
Forecast

YoY

Vs. Revised
Forecast

Net sales

18,791100.0％

24,098100.0%+28.2%

-0.8%

-0.8%

Cost of sales

13,21670.3％

17,32371.9%+31.1%

+0.5%

+0.5%

Gross profit

5,575

29.7％

6,774

28.1%

+21.5%

-4.1%

-4.1%

SG&A expenses

4,253

22.6％

4,632

19.2%

+8.9%

-12.0%-7.8%

Operating profit

1,321

7.0％

2,141

8.9%

+62.0%+19.0%+4.9%

Non-GAAP operating profit*

1,606

8.6％

2,437

10.1%

+51.7%+13.9%+4.1%

Ordinary profit

1,324

7.0％

2,211

9.2%

+67.0%+18.3%

+4.6%

864

4.6％

1,463

6.1%

+69.3%+25.4%

+7.5%

3,036

-

3,929

-

+893

-342

-342

Profit attributable to ownersof parent
Number of consolidated
technicians & engineers(quarter end)**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.

5This slide shows the P/L for the consolidated financial results for FYE2024.

5

Quarterly Consolidated Financial Results• Both sales and the number of technical employees in the fourth quarter increased from the previous quarter.
• It was a record high on a quarterly basis.

7,000

6,359

6,500

6,000

5,500

4,914

5,000

4,500

4,000

3,555
3,500

1,957

3,846
2,085

4,038

4,148

2,204

2,201

4,249
2,396

4,421
2,575

2,826

5,206

5,406
3,314

5,731
3,515

3,709

6,601
3,929

4 ,5 0 0

4 ,0 0 0

3 ,5 0 0

3,036
3 ,0 0 0

2 ,5 0 0

2 ,0 0 0

3,000

2,500

1 ,5 0 0

1Q

2Q

3Q

4Q

1Q

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

2Q

3Q

4Q

1Q

2Q

3Q

4Q

FYE20242024/3期

FYE20232023/3期

3,555

3,846

4,038

4,148

4,249

4,421

4,914

5,206

5,406

5,731

6,359

6,601

-5.7％

+8.2％

+5.0％

+2.7％

+2.4％

+4.0％

+11.2％

+5.9％

+3.8％

+6.0%

+11.0%

+3.8%

1,957

2,085

2,204

2,201

2,396

2,575

2,826

3,036

3,314

3,515

3,709

3,929

-3.1％

+6.5％

+5.7％

-0.1％

+8.9％

+7.5％

+9.7％

+7.4％

+9.2％

+6.1%

+5.5%

+5.9%

Consolidated
net連結売上高
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

These are the quarterly consolidated results. The staff dispatching business is what is known as a stock-typebusiness. We will increase the number of employees by recruiting technicians and engineers and increasing
the retention rate. As you can see from the graph, everything has been progressing steadily this quarter.

6

FYE2024 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 746 million yen YoY.
• In addition to the cost anticipation due to conducting investments upfront by aggressively allocating advertising and publicity costs inorder to expand the number of recruits, focusing on “Bscareer Mechanical and Electrical” and “Bscareer IT” in particular, COPROTECHNOLOGY. Co., Ltd. recorded M&A-related expenses associated with the acquisition of the SES business from Pacific Information
Consultants, which contributed to a 35 million yen YoY decline in profit.
• COPRO-HOLDINGS. Co., Ltd. contributed a 108 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)

FYE2023
Full Year
Results
Net sales

FYE2024
YoY
Amount of
ChangePct Change

Full Year
Results

YoY
Amount of
ChangePct Change

18,791+20.5%+3,20224,098+28.2%+5,306

COPRO CONSTRUCTION

17,550+18.3%+2,71821,883+24.7%+4,333

COPRO TECHNOLOGY

1,241+63.8%

+483

2,214

+78.4%

+973

5,575

+15.1%

+730

6,774

+21.5%+1,199Gross profit
COPRO CONSTRUCTION

5,136+10.5%

+487

6,204

+20.8%+1,068COPRO TECHNOLOGY

438+124.5%+243

569+29.9%

+131

4,253

+32.0%+1,030

4,632

+8.9%

+379

COPRO CONSTRUCTION

2,584+43.9%

+788

2,906

+12.4%+321

COPRO TECHNOLOGY

414+61.5%+157

580+40.1%

+166

1,254

+7.2%

+84

1,144

-8.7%

-108

1,321

-18.5%

-299

2,141

+62.0%

+820

2,551

-10.6%

-301

3,298

+29.3%

+746

24

-

+85

-10

-

-35

-1,254--84-1,145-+108

SG&A expenses

COPRO-HOLDINGS and others

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 results by subsidiary for FYE2024. On a consolidated basis, it is divided into COPROCONSTRUCTION. Co., Ltd. (construction division) and COPRO TECHNOLOGY. Co., Ltd. (mechanical andelectrical and IT division). Please refer to the table on the slide for the results of each subsidiary.
This year we focused on recruitment. We operate our own recruitment website called "Bscareer" and havethree versions: “Bscareer Mechanical and Electrical”, “Bscareer IT” and “Bscareer Construction”. With the“Bscareer” brand, our efforts to beat the competition for recruits are beginning to pay off.

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 893, or +29.4% YoY, to 3,929.
(people, thousand of yen)

FYE2023
1H

2H

FYE2024
Full-Year

1H

2H

Full-Year

YoY
Pct Change

Amount of Change

803

944

1,747

1,166

1,056

2,222

+27.2%+475

Construction technician dispatch

608

864

1,472

1,072

952

2,024

+37.5%+552

Mechanical design engineer

37

48

85

56

62

118

+38.8%

+33

SES

36

32

68

38

34

72

+5.9%

+4

Increase due to M&A, etc.

122

0

122

0

8

8

-93.4%-114

Total recruited

429

483

912

687

642

1,329

+45.7%+417

Construction technician dispatch

381

431

812

644

589

1,233

+51.8%+421

Mechanical design engineer

19

23

42

22

32

54

+28.6%

+12

SES

29

29

58

21

21

42

-27.6%

-16

2,575

3,036

3,036

3,515

3,929

3,929

+29.4%

+893

2,344

2,777

2,777

3,205

3,568

3,568

+28.5%

+791

134

159

159

193

223

223

+40.3%

138+38.0%+38-2.8ptTurnover total

No. of technicians and engineers
Construction technician dispatch
Mechanical design engineer

+64

97

100

100

117

138

86.0%

86.6%

77.5%

83.7%

85.3%

74.7%

-

Construction technician dispatch

86.0%

86.6%

77.4%

83.3%

85.8%

74.3%

-

-3.1ptMechanical design engineer

87.6%

87.4%

79.1%

89.8%

87.5%

80.5%

-

+1.4pt

SES

70.0%

90.0%

78.3%

91.7%

79.4%

75.8%

-

-2.5ptSales per engineer(period average)

643

644

643

614

611

612

-4.8%

-31

Construction technician dispatch

645

645

644

613

609

611

-5.3%

-34

Mechanical design engineer

576

614

599

612

624

618

+3.2%

+19

SES

566

592

587

662

722

699

+19.1%+112

SES
Retention rate

*The above figures, excluding sales per technical employee and retention rate at SES include IT freelance engineers. The amount of sales per technical employee and retention rate is for dispatchedtechnical employees only, excluding IT freelancers.
*Mechanical design engineer sales per engineer is for dispatched engineers only, excluding subcontracting.
* 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.

9This is analysis of the KPIs. First, let's look at the KPI trend by business. The table shows the number of
recruits, number of resignations, number of technical employees (at the end of the period), the retention rate,and sales per technical employee (average during the period). We have achieved an all-time high in terms ofnumbers recruited.
When it comes to recruiting, we are strongly committed to our own independent recruiting. As a company
that provides staff dispatching services, we believe that by having our own recruiters conduct recruitment
through job postings that we publish, rather than going through an external recruitment agency, we can build
a strong foundation that is not affected by external factors.
We will continue to focus on our own independent recruiting, and have a policy of enhancing our competitive
advantage by implementing recruitment processes that are conscious of both cost and quality.
And the retention rate is key. It was 74.7% for the full fiscal year of FYE2024, a significant deterioration fromthe previous fiscal year. This is a major challenge for us, and I will explain our strategy for improving theretention rate later.
Sales per technical employee was 612,000 yen, down 4.8% YoY, a decrease of 31,000 yen in terms of theamount. We will explain the factors behind this later.

9Reference） Construction Technician Dispatching Business KPIs
• The number of recruits increased by 37.5% YoY to 2,024 due to improved process management.
• The retention rate decreased by 3.1 points YoY to 74.3% due to an increase in the number of newly recruitedtechnical employees resigning in the first quarter, and the retirement of senior personnel in the third quarter.

Recruitment, Turnover and Utilization Rate(people)FYE2022Full-Year

FYE2023
1Q

2Q

3Q

FYE2024
4Q

Full-Year

1Q

2Q

3Q

4Q

Full-Year

Total recruited

834

293

315

417

447

1,472

614

458

467

485

New graduates

56

54

0

2

0

56

154

0

0

0

154

Mid-career

778

239

315

415

447

1,416

460

458

467

485

1,870

Turnover total

859

223

158

191

240

812

361

283

299

290

1,233

Net change

-25

+70

+157

+226

+207

+660

+253

+175

+168

+195

+791

Number of technicians(quarter end)

0

+122

0

0

0

+122

0

0

0

0

0

1,995

2,187

2,344

2,570

2,777

2,777

3,030

3,205

3,373

3,568

3,568

Utilization rate (period average)

96.9％

96.3％

97.1％

96.3％

95.7％

96.3％

93.0％

94.6%

95.7%

94.9%

94.6%

Full-Year

1Q

2Q

3Q

4Q

Full-Year

1Q

2Q

3Q

4Q

Full-Year

69.9％

90.7％

93.7％

93.1％

92.0％

77.4％

89.4％

91.9%

91.9%

92.5%

74.3%

69.4％

89.7％

84.2％

79.0％

74.4％

74.4％

89.2％

82.3%

76.2%

72.1%

72.1%

69.4％

71.8％

72.3％

72.7％

74.4％

74.4％

75.0％

73.2%

71.6%

72.1%

72.1%

Increase due to M&A, etc.

2,024

Retention Rate
FYE2022

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

FYE2023

FYE2024*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

The following slides show the KPIs for each business. Please look at these slides for such details as thenumber of recruits, number of resignations, the utilization rate, and the retention rate for each business.

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 thenumber of people in charge of recruitment, with the technical employees increasing by 40.3% YoY to 223.
• The retention rate was 80.5%, an increase of 1.4 points YoY due to strengthening the cooperation between sales andrecruitment.
Recruitment, Turnover and Utilization Rate(people)FYE2022Full-Year

FYE2023
1Q

2Q

3Q

FYE2024

4Q

Full-Year

1Q

2Q

3Q

4Q

Full-Year（June-Mar）(Apr-June)(July-Sep)(Oct-Dec)(Jan-Mar)

Total recruited

20

14

23

25

23

85

29

27

28

34

New graduates

0

1

０

0

0

1

5

0

0

0

5

Mid-career

20

13

23

25

23

84

24

27

28

34

113

118

Turnover total

15

8

11

11

12

42

13

9

17

15

54

Net change

+5

+6

+12

+14

+11

+43

+16

+18

+11

+19

+64

Number of technicians(quarter end)
Utilization rate (period average)

116

122

134

148

159

159

175

193

204

223

223

98.6％

96.9％

96.9％

98.6％

97.5％

97.5％

95.9％

97.9%

96.8%

97.3%

97.0%

1Q

2Q

4Q

Full-Year

1Q

2Q

Retention Rate
FYE2022Full-Year

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

FYE2023

3Q

FYE2024（June-Mar）(Apr-June)(July-Sep)(Oct-Dec)(Jan-Mar)

3Q

4Q

Full-Year

-

93.8％

92.4％

93.1％

93.0％

79.1％

93.1％

95.5%

92.3%

93.7%

80.5%

88.9％

93.1%

89.7%

85.3%

81.0％

81.0％

93.7％

89.9%

85.4%

82.3%

82.3%

88.9％

84.7%

85.2%

84.9％

81.0％

81.0％

82.8％

84.2%

90.2%

82.3%

82.3%

*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
• As a result of focusing on the operation of “Bscareer IT”, a project introduction site for IT engineers that opened in
March 2023, the number of applicants has increased.
• Eight technical employees were added to the group after it took over the SES business of Pacific Information
Consultants as of November 30, 2023.
Recruitment, Turnover and Utilization Rate(people)FYE2022Full-year

FYE2023
1Q

2Q

3Q

FYE2024
4Q

Full-year

1Q

2Q

3Q

4Q

Full-year

Number of applicants

320

213

408

354

264

1,239

594

651

696

689

2,630

Total recruited

16

14

22

17

15

68

21

17

17

17

72

Turnover total

16

17

12

6

23

58

12

9

6

15

42

-

-3

+10

+11

-8

+10

+9

+8

+11

+2

+30

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

0

0

0

0

0

0

0

0

4

4

8

90

87

97

108

100

100

109

117

132

138

138

* The above figures include IT freelance engineers.

Retention Rate
FYE2022Full-year
Retention rate-

FYE2023

FYE2024

1Q

2Q

3Q

4Q

75.0%

87.5%

100.0%

90.0%

Full-year
78.3%

1Q

2Q

3Q

4Q

89.3%

100.0%

87.0%

87.7%

Full-year
75.8%*The above figures is for dispatched technical employees only, excluding IT freelancers.
*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
FYE2025 Business
Summary and
Growth Strategy©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
due to the chronic labor shortage
Number of construction industry employees*1

Human resources services for the constructionindustry - Market size forecast*2

In FY2022,
a -30.1% reduction from the peak

In FY2026, it is expected to increaseby 22.6% compared to FY2021(Bln of yen)

(10,000 people)

685

530

560

580

600

620

650

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 an overview of our business and growth strategy for FYE2025. From here on, I will focus on our main
business, the dispatching of construction technicians.
First, looking at the external environment, as we all know, the number of employees is decreasing,
especially in the construction industry, due to the declining birthrate and aging population. The number in1997 was 6.85 million people, while in 2022 it was 4.79 million, which means that as of fiscal 2022, thenumber had decreased by about 30% from the peak.
On the other hand, the market size of human resource services for the construction industry, shown in thegraph on the right side of the slide, is expected to steadily expand from 2021 to 2026. There is a correlation
between the decreasing number of employed people and the increasing need for dispatching technicians,
and in fact, demand from customers is increasing year by year.

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
Construction industry continues to seelarge-scale projects

The approaching 2024 problem■In response to the question “Will it be possible to meet the regulations
for overtime work?”, about 42% of the major construction companies
answered “Not possible”*2

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

■In response to the question, "What measures are you
implementing or considering in preparation for the 2024 problem?
28 companies responded "Use of temporary staffing (Construction
manager)” *２※3

Use of temporary staffing(Construction manager)

58.0%

28

※5

42.0%
Securing human resources bystrengthening recruitment of new
graduates and mid-career hires

26※4

Not possible
Possible23

Use of outsourcing

0

10

20

30

（company）*Out of 31 companies (multiple responses possible)*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 Nikkei XTECH’s "40% of General Contractors Have No Prospect of Meeting Overtime Work Regulations - the 2024 Problem"*3 ©Maryland GovPics, 2015, CC-BY-2.0, https://commons.wikimedia.org/wiki/File:SC_Maglev_Test_Ride_(18464832625).jpg*4 Provided by: Japan Association for the 2025 World Exposition*5 ©Syced, 2023, CC-Zero, https://commons.wikimedia.org/wiki/File:Toranomon-Azabudai_district_2023.jpg©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

15

First, as shown on the left side of the slide, as a trend in the construction industry, there is the 2024 problem
for the construction industry. The reference material cited is from Nikkei xTECH. In response to the question,"Will it be possible to meet the regulations for overtime work?", about 42% of major construction companies
answered, “Not possible”.
In response to the question, "What measures are you implementing or considering in preparation for the2024 problem?", 28 companies answered, "Use of temporary staffing (construction manager".
The pie chart on the left shows whether or not it is possible, while the bar chart on the right shows themethods that will be used to make up for this labor shortage. Many companies responded that they would
like to use temporary staffing agencies like ours.
Also, as shown on the right side of the slide, various large-scale projects continue to be planned in Japan.
We are experiencing high demand due to linear motor trains and the Osaka Expo, as well as redevelopment
projects in major cities such as Nagoya, Osaka and Tokyo.
In response to such needs, we intend to thoroughly stick to our basic approach, which is the essence of astaffing agency: "selecting talent with our own eyes, recruiting them, and attending to customers."

15

Growth Strategy (Construction Technician Dispatch)
 Continuing from FYE2024, in order to capture the tailwind of the business environment,
we will increase the number of hires in FYE2025 as well, and we will aim to expand thenumber of technical employees and the scale of our business We will focus more on technical employee retention, and develop a middle tier with ahigh unit price

Recruitment

Retention

 While refining our process management, we will continue to do
our own recruitment, which is our strength and has the highest
level in our industry.
 In addition to the media in which we place job openings, we will
expand our recruiting channels by using our own recruiting
website "Bscareer Construction" and referral recruiting, etc.

 We will focus more on improving the retention rate offirst and second-year technical employees.
 By improving the retention rate, we will increase thenumber of technical employees with a high unit price.

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

16

Our growth strategy has two key points, “recruiting” and “retention”.
Regarding of recruitment, we will continue to improve our recruitment process and raise the level. As werefine our process management, we will be able to instantly discover "where and what type of failure isoccurring" and reliably clear up the area where the failure occurred.
While we continue to refine this process management, we would like to remain thoroughly committed to ourmajor strength, which is "our own independent recruiting at the highest level in the industry."
In addition to paid recruitment media, we also plan to expand our recruitment channels by proactively
utilizing our own recruitment websites, the "Bscareer" brand, and referral recruitment.
In terms of retention, we will be focusing on improving the retention rate of first- and second-year technicalemployees. By improving the retention rate, we hope to increase the number of technical employees with ahigh unit price.

16

Growth Strategy ①:Further Expansion of Recruitment
 While refining our process management, we will continue to do our own
recruitment, which is our strength and has the highest level in our industry
Following on from FYE2024, we will expand
the number of recruits in FYE2025 as well■Comparison of recruiting costs（thousand of yen）

■Transition in the number of recruits（people）
3,000

2,000

CAGR
+40.2%

356

333

FYE2023
23/3期

FYE2024
24/3期

365

2,299
2,024

1,472

1,000

Continuing our own recruiting, which has
the highest level in our industry

FYE2025
25/3期(forecast)(予想)■Transition in the rate of increase for thenumber of technical employees （QoQ）

834

Our

当社
Company
Average of
他社平均

10%

other companies

5%0

FYE2022
22/3期

FYE2023
23/3期

FYE2024
24/3期

FYE2025
25/3期(plan)
(計画)

0%
1Q

2Q

3Q

FYE2023

4Q

1Q

2Q

3Q

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

17

As I have explained earlier, with regards to recruiting, while refining our process management, we willcontinue to do our own independent recruiting at the highest level in the industry, which is one of ourstrengths. As shown in the graph on the left side of the slide, we plan to recruit 2,299 people in theconstruction technician dispatching business in FYE2025, and we plan to further increase the number of
recruits from FYE2024, which recorded the highest number of recruits ever.
And we also place great importance on the unit price for recruitment. As shown on the right side of the slide,our internal goal is to keep the cost of recruiting one technical employee at 300,000-yen level. In FYE2024 it
was 333,000 yen, and for FYE2025 the planned number is 365,000 yen.
The recruitment industry is going to become even more competitive from now on. While we are ready for an
increase in unit prices, by sticking to our own independent recruiting, we will be able to recruit good
personnel at a low cost.

17

Growth Strategy ①:Further Expansion of Recruitment
 Expanding our recruiting channels by utilizing such things as our own
recruitment website “Bscareer Construction” and referral recruitment
Our own website“Bscareer Construction”
In March 2024, we opened “Bscareer Construction”.
In order to respond to the labor shortage that is
growing, beginning with the 2024 problem, we arestrengthening our own recruitment website to attract
more people.

Point 1

Improving user satisfaction through updating

By changing from “Gen-Kyari” to “Bscareer Construction”, the UI has beensignificantly updated. We expect to increase the number of applicants byproviding a specification that allows a wide range of projects to bepresented to users.

Point 2Mainly targeted at those with experience

With an advertising strategy that focuses primarily on people withexperience in the industry, we expect an increase in the ratio of
applications from experienced workers and an improvement in hiring
efficiency.

Point 3

Precise job guidance for targeted job seekers with
MA tool

Using the MA tool, distributing precise recruitment guidance based on
past applicant data. We aim to obtain more applications by increasing thenumber of contacts.

FYE2025 Bscareer Recruitment Plan

The number of
recruits+107%（YoY）

The unit pricefor recruitment-33%（YoY）※ MA tool; Marketing Automation. A generic term for tools that manage, automate, and streamline a series of marketing initiatives for acquiring new customers.

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

18

In order to further expand recruitment, we are leveraging the "Bscareer" brand and actively investing inadvertising to increase awareness.
“Bscareer” has begun to gain popularity with the younger generation by us using the comedy duo Miyashita
Kusanagi as brand ambassadors. While further strengthening our brand power, we hope to use this toincrease recruitment.
I will explain the key points of this initiative. First, for Point 1, we have significantly updated the UI by
renewing our brand from “Gen-Kyari” to “Bscareer Construction”. With specifications that present to users awide range of projects, it is increasing the number of applicants.
For Point 2, we are increasing our applicant-to-hire ratio by mainly targeting experienced people. By
implementing an advertising strategy aimed at experienced candidates, we aim to increase the ratio ofexperienced applicants and improve recruitment efficiency.
For Point 3, with the MA (marketing automation) tool we will provide pertinent job offer information to ourtarget audience. By using the MA tool, we aim to receive more applications by delivering pertinent job offer
information based on past applicant data and increasing the number of contacts.
Through these measures, in FYE2025 we are planning an increase of 107% YoY for the number recruitedfrom “Bscareer”. In addition, we are planning to reduce the unit price for recruitment by 33% YoY.

18

Growth Strategy ②: Retention of First & Second-Year Technical Employees We will focus more on technical employee retention, and develop a middle tier with ahigh unit price
Trend of increasing from the third year
the unit price charged

Strengthening the segment whose
unit price is on the rise

■ Trends in unit price charged
700■ Change in the composition of technical employees+10.5%+8.9%

Company-wide target
level of 3% or higher+2.2%+ 10 .0 %

+6.0%

+5.2%

+5.8%

4,000
+ 5. 0%

3年目以降
More than 3 years
2年目
2nd year
1年目
1st year

+3.4%

3,568

+ 0. 0%600

3,000-+5 . 0%

2,777

1,208

issue.

-+1 0 .0 %

1,092
2,000
-+1 5 .0 %500-+2 5 .0 %-+3 5 .0 %

1st

2nd

3rd

4th

5th

6th

7th

8th

year

year

year

year

year

year

year

year orThrough the "Technician

1,000

1,294

-+3 0 .0 %

400

792

391

-+2 0 .0 %While the absolute numberof technical employees who
have been with thecompany for three years ormore is increasing,
retention in the first andsecond-year remains an

1,568

Support Platform," we are
improving the retention rate
while strengthening training
for first and second-year

0

FYE2023
23/3期

FYE2024
24/3期

employees.

more
Unit price charged

Rate of increase©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

19

Growth strategy ② is the retention rate. Looking at our industry as a whole, there is a high resignation rate
for technical employees within the first year or two of joining the company. This is true for our company, andI believe it is true for other industries as well.
We believe that it is important to encourage technical employees to stay during their first or second year
after joining the company, and whether that leads to them staying with the company for a third year or more,or to helping them advance their careers.
The graph on the left side of the slide shows the trend for the unit price charged. The horizontal axis
represents the number of years since joining the company, and the vertical axis represents the unit pricecharged. The black line shows the unit price charged, which starts at approximately 450,000 yen in the firstyear and exceeds about 650,000 yen for employees in their eighth year or later.
The light blue line shows the annual increase in the unit price charged. The increase rate from the second to
third year, highlighted by the box of light blue, shows that we achieved an 8.9% rate of increase in theamount charged.
The important thing is to steadily increase the unit price charged every year, from the third, fourth, and fifth
years onwards, but there is also the issue of price negotiations with customers and the need to find abalance. Therefore, while we of course have high goals in mind, our company-wide target level is anaverage of 3% or more.
Currently, there are calls across the country for wage increases. We believe it is extremely important toincrease unit prices at a rate that exceeds the rate of inflation in society, and to raise the salaries and19benefits of technical employees.
To put it simply, for technical employees who are in their first or second year with the company, a very
important issue is how to get them to stay for three years or more. We would like to firmly focus on this andmove forward with our business strategies.
Additionally, on the right side of the slide it says, “Strengthening the segment whose unit price is on the rise”.
The lightest blue bar in the graph represents the first year, the slightly darker light blue the second year, andthe navy blue the third year and beyond. The key is how to retain first- and second-year technical employees
and help them become third-year and longer technical employees.
To that end, we will increase the retention rate of first- and second-year technical employees by further
refining training and detailed follow-up through the operation of our “Technician Support Platform”.
By improving this part, the overall retention rate will inevitably increase. And we hope that this will lead tosignificant increases in sales and profits.

19

SECTION 04

FYE2025 Earnings
Forecast©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

20

20

Full FY Earnings Forecast for FYE2025 (Summary)
Number of Consolidated
Technicians and Engineers

Net Sales

5,168people

30,000million yen

2,700million yen

Non-GAAP Operating Profit

Ordinary Profit

Profit Attributable to
Owners of Parent

3,162million yen

2,714million yen

1,755million yen

YoY +31.5％

YoY +29.7％

YoY +24.5％

YoY +22.7％

Operating Profit

過去
最高

過去
最高

YoY +26.1％

YoY +19.9％

Point 1

We aim to accelerate the expansion of our scale while continuing to invest in growth, mainly inrecruiting costs for the dispatching of construction technicians.

Point 2

While continuing to invest in growth, we plan to improve productivity, mainly in the back office, andwill maintain a high growth rate for each type of 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.
* 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©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

21

Now I will explain the earnings forecast for FYE2025. The slide is a summary of the full-year forecast. The
consolidated number of technical employees is 5,168, up 31.5% YoY. Consolidated sales are 30,000 million
yen, up 24.5% YoY.
Operating profit is 2,700 million yen, up 26.1% YoY, non-GAAP operating profit is 3,162 million yen, up
29.7% YoY, and ordinary profit is 2,714 million yen, up 22.7% YoY.
Current net profit is 1,755 million yen, up 19.9% YoY. With this, we expect to achieve record highs in allareas.
There are two points for FYE2025. For Point 1, we aim to further accelerate the expansion of our market
share by continuing to actively invest in growth, such as recruiting costs, while focusing on our main
business of dispatching construction technicians.
For Point 2, while continuing to invest in growth, we plan to improve productivity, mainly in the back office,and will maintain a high growth rate for each type of profit.

21

FYE2025 Consolidated Earnings Forecast（million of yen）

FYE2025 (Forecast)

FYE2024
Full Year
Results

Ratio

Full-Year

YoY

Ratio

Pct Change

Amount of
ChangeNet sales

24,098100.0%

30,000100.0%+24.5%+5,901

Cost of sales

17,32371.9%

21,551

71.8%+24.4%+4,227Gross profit

6,774

28.1%

8,449

28.2%

+24.7%+1,674

SG&A expenses

4,632

19.2%

5,749

19.2%

+24.1%+1,116

Operating profit

2,141

8.9%

2,700

9.0%

+26.1%+558

Non-GAAP operating profit*1

2,437

10.1%

3,162

10.5%

+29.7%+724

Ordinary profit

2,211

9.2%

2,714

9.0%

+22.7%+502

Profit attributable to owners of parent

1,463

6.1%

1,755

5.9%

+19.9%+291

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

77.68

-

91.97

-

+18.4%+14.29Number of consolidated technicians andengineers (quarter end)*3

3,929

-

5,168

-

+31.5%+1,239

*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.
Earnings per share is calculated on the assumption that the stock split was conducted at the beginning of FYE2024.
*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.

22

The details regarding the full-year forecast are as shown on the slide.

22

-

FYE2025 KPIs by Business (Forecast)(people, thousand of yen)

FYE2024
1H

FYE2025

2H

YoY

Full-Year(Forecast)

Full-Year

Amount of
ChangePct Change

1,166

1,056

2,222

2,776

+24.9%

+554

1,072

952

2,024

2,299

+13.6%+275

Mechanical design engineer

56

62

118

207

+75.4%

+89

SES

38

34

72

270

+275.0%+198

Total recruited
Construction technician dispatch

Increase due to M&A, etc.
Turnover total

0

8

8

-

-

-8

687

642

1,329

1,537

+15.7%

+208
+205

644

589

1,233

1,438

+16.6%

Mechanical design engineer

22

32

54

49

-9.3%

-5

SES

21

21

42

50

+19.0%

+8

3,515

3,929

3,929

5,168

+31.5%+1,239

3,205

3,568

3,568

4,429

+24.1%+861

Mechanical design engineer

193

223

223

381

+70.9%

+158

SES

117

138

138

358

+159.4%

+220

83.7%

85.8%

74.7%

76.6%

-

+1.9ptConstruction technician dispatch

83.3%

85.8%

74.3%

75.5%

-

+1.2ptMechanical design engineer

89.8%

87.5%

80.5%

88.6%

-

+8.1pt

SES

91.7%

79.4%

75.8%

87.9%

-

+12.1pt

Construction technician dispatch

No. of technicians and engineers
Construction technician dispatch

Retention rate

* The above figures, excluding retention rate of SES, include IT freelance engineers. The retention rate is for dispatched technical 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.

23

These are the KPIs for each business subsidiary in FYE2025. It is divided into "construction technician
dispatching", "mechanical design engineer dispatching", "SES" and "increase due to M&A". Please see theslide for details.

23

SECTION 05

FYE2025
Dividend Forecast©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

24

24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 & Dividend
Payout Ratio

Dividend Per Share

65.2%

（yen）
60

Interim

FY EndCommemorative
Dividend

70.0%

64.4%

Total

53.7%

50

5

60.0%

50.0%

FYE2024

15.0円

30.0円

5.0円

50.0円

40

35.1%
30

FYE2025(Forecast)

20.0円

40.0円

-

60.0円

20

40.0%

30

26.1%
20.2% 18.5%
0.5

10* 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.

40

39.2%

7.5

10

0

FYE2018

FYE2019

30.0%

1.25
20.0%

20

10

12.5

15

5

5

5

5

FYE2020

FYE2021

FYE2022

FYE2023

15

20

10.0%

0.0%

FYE2024

FYE2025

18/3期 19/3期 20/3期 21/3期 22/3期 23/3期 24/3期 (Forecast)
25/3期
(予想)
普通配当(中間)

普通配当(期末)

記念配当(期末)

配当性向(%)©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

25

These are the dividend forecast for FYE2025. First is dividend per share. For FYE2025, we forecast aninterim dividend of 20 yen per share, a fiscal year-end dividend of 40 yen per share, and an annual dividendof 60 yen.
The right side of the slide shows the trend in dividends and dividend payout ratios. For FYE2025, thecompany forecasts an interim dividend of 20 yen, a fiscal year-end dividend of 40 yen, and an annual
dividend of 60 yen, which works out to a dividend payout ratio of 65.2% based on the planned profits.
This dividend forecast does not change our dividend policy. “Dividends are the basis for shareholder returns,
which we consider to be one of the important management issues, and our basic policy is to pay stabledividends. 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 Future2027" (from FYE2023 to FYE2027), depending on the profit growth achieved through aggressive
investment.”
We will continue to improve our business results, which is the source of increased corporate value, while
meeting the expectations of our shareholders and investors.

25

Status for Complying with Criteria to Maintain our Prime Market Listing• In order to meet the criteria of “market capitalization of 10 billion yen 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 the initiatives, the criteria for the market capitalization of tradable shares were met as of the end of March
2024, as described in the "Notice Concerning Compliance with the Continued Listing Criteria of the Prime Market to
Maintain Our Listing". 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 inaccordance with our profit growth.
PER
25.3x

(million of yen)

15,000(x)

14,059Mln yen

26
24
22
20
18

10,00014

Mln yen

12
10

5,000

4,206
Mln yen

0

16

9,225

PER
10.6x

End of

2021.9末
Sep. 2021

8

5,160
3,826
Mln yenEnd of

2022.3末Mar. 2022

3,178

6

Mln yen4

Mln yenEnd of2
End of

2022.9末
Sep. 2022

2023.3末Mar. 2023

Tradable Share Market
流通株式時価総額
Capitalization

PER*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 of

2023.9末
Sep. 2023

End of02024.3末Mar. 2024©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

26

This is the status for complying with criteria to maintain our Prime Market listing. While our business results
were good, there was a period when our stock was not highly valued. However, the market capitalization of
tradable shares at the end of FYE2024 finally reached 14,059 million yen, surpassing the 10,000 million yen
mark. The current market capitalization is over 30,000 million yen.
However, rather than continuing to aim for the low level of 10,000 million yen in market capitalization of
tradable shares, we would like to increase our business results and market capitalization so that we canachieve this without having to worry about such standards.

26

SECTION 06

Measures to Be Taken to
Implement a Managementthat is Conscious of theCapital Cost and the StockPrice©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

27

27

Measures to Be Taken to Implement a Management that is Conscious of the Capital Costand the Stock Price

Analysis of the Current Situation

Future Policy• Due to strong business results and a review of shareholder
returns, our PBR is on an upward trend and is currently
around 4 times.

• With the construction technician dispatching business as themain driver, we have achieved profit growth by expanding themechanical design engineer dispatching & SES business andcreating synergies between business areas.

• In FYE2024, we achieved return on capital (ROE: 19.4%)
that exceeded the cost of shareholders' equity (about 8%).
FY-end closing stock price

FY-end BPS• We aim to increase EPS (net profit per share) by promoting
strategies based on the Medium-Term Management Plan
“COPRO Group Build the Future 2027” (FYE2023-FYE2027).

FY-end PBR

(yen)

(x)

2,000

4.3

5.0
4.0

2.2

1,000

0

1.5

1.4
394

291

FYE2020
20/3期

726

328

FYE2021
21/3期

529

352

FYE2022
22/3期

1.9

703

3.0
1,831

2.0

379

422

FYE2023
23/3期

FYE2024
24/3期

Net Sales(Bln 売上高
of yen)0.0

Non-GAAP

Operating Profit
Non-GAAP営業利益

EPS(Bln of yen)

(Bln of yen)

(yen)

17.2%

19.4%
15.0%

15%

12.7%

10

5%

0
FYE2021
21/3期

FYE2022
22/3期

FYE2023
23/3期

FYE2024
24/3期

180

150

150
120

92

30

78

20

Cost of shareholders’ equity about 8%

FYE2020
20/3期

More than

40

21.3%

20%

10%

• While business results are growing, equity capital is increasing
due to the accumulation of internal reserves. Since improving
financial soundness beyond the current level will lead to a
deterioration in future capital efficiency, we will actively returnsurplus funds to shareholders while taking business andinvestment plans into consideration.

50

ROE
25%

1.0

• Introducing performance-based stock acquisition rights linked
to Medium-Term Plan financial targets (announced on April 12,2024).

47
18

24
1.6

90

2.4

40

33

30
3.1

3.9

60
5.0

FYE2023

FYE2024

FYE2025

FYE2026

FYE2027(Results)(Results)(Forecast)(Mid-termManagement Plan)(Mid-termManagement Plan)

23/3期
(実績)

24/3期
(実績)

25/3期
(予想)

26/3期

(中計目標)

30
0

27/3期

(中計目標)©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

28

In response to a request from the Tokyo Stock Exchange, we have added a new document to our latest
financial result materials entitled, "Measures to Realize a Management that is Conscious of Capital Costs
and the Stock Price”. The left side of the slide summarizes the current situation, and the right sidesummarizes our future policy.
First, let's analyze the current situation. Due to strong business results and a review of shareholder returns,
our PBR is on an upward trend and is currently around 4 times. For FYE2024, we achieved a return on
capital ROE of 19.4% that exceeded the approximately 8% cost of shareholders' equity.
The bar graphs show the FY-end stock price, FY-end BPS, and FY-end PBR. The ROE shown in the line
graph reached 19.4% in FYE2024, achieving a relatively high level of ROE.
The future policy shown on the right side of the slide is a very important point. First, “With the construction
technician dispatching business as the main driver, we have achieved profit growth by expanding themechanical design engineer dispatching & SES business and creating synergies between business areas.”
Second, “We aim to increase EPS (net profit per share) by promoting strategies based on the Medium-Term
Management Plan ‘COPRO Group Build the Future 2027’ (FYE2023-FYE2027).”
Third, “Introducing performance-based stock acquisition rights linked to Medium-Term Plan financial targets(announced on April 12, 2024).”
Fourth, “While business results are growing, equity capital is increasing due to the accumulation of internal
reserves. Since improving financial soundness beyond the current level will lead to a deterioration in future28

capital efficiency, we will actively return surplus funds to shareholders while taking business and investment
plans into consideration.”
The bar graphs show sales and non-GAAP operating profit, and the line graph shows EPS. Please see theslide for details.

28

SECTION 07

Announcement of the
Appointment of the
President and Chief
Executive Officer of
COPRO CONSTRUCTION.
Co., Ltd.

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

29

29

Announcement of the Appointment of the President and Chief Executive Officer of
COPRO CONSTRUCTION. Co., Ltd. (Scheduled) Start of a new structure towards further breakthroughs
In June 2024, COPRO CONSTRUCTION. Co., Ltd., which operates a construction technician dispatching business, is scheduled to appoint
Yusuke Koshikawa (former director) as the president and chief executive officer.
Mr. Koshikawa has held the positions of branch manager, recruitment strategy head and general manager of sales at COPROCONSTRUCTION. Co., Ltd., and after gaining comprehensive business experience in the construction technician dispatching business for 16
years, he will assume the position of president and chief executive officer.
This appointment is aimed at achieving the Medium-Term Management Plan “COPRO Group Build the Future 2027”, and while further
strengthening both sales and recruiting activities, the purpose is to expand business and increase corporate value over the medium to longterm. The former representative, Mr. Kiyokawa, will remain on the board of directors of COPRO CONSTRUCTION. Co., Ltd. and continue tofollow up with the new representative, Mr. Koshikawa, and we will strive to improve our corporate value by contributing to the solving of
problems in the construction industry while refining the services we provide.

COPRO CONSTRUCTION. Co., Ltd.
President and chief executive officer: Yusuke Koshikawa
Mar. 2008

Started working at Trusty Crew Co., Ltd. (currently our Company)

Feb. 2011

Manager of the Nagoya branch of the Company

May 2013

Manager of the Tokyo metropolitan branch of the Company

Jun. 2016

COPRO-HOLDINGS. Co., Ltd.
Executive Officer & Head of Recruitment Strategy at Headquarters

Mar. 2017

COPRO-HOLDINGS. Co., Ltd.
Appointed as Director & Recruitment Strategy Head
Appointed as Director at COPRO-ENGINEERD. Co., Ltd.
(currently COPRO CONSTRUCTION. Co., Ltd.)

Apr. 2020

COPRO-HOLDINGS. Co., Ltd.
Director & Human Resources Strategy Head

Apr. 2021

COPRO-ENGINEERD. Co., Ltd.
Director & General Manager of Sales

Jun. 2024

COPRO CONSTRUCTION. Co., Ltd.
Appointed President and Chief Executive Officer©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

30

Finally, for your reference, we have included the “Announcement of the Appointment of the President andChief Executive Officer of COPRO CONSTRUCTION. Co., Ltd. (Scheduled)”.
Until now, I have served as the president and chief executive officer of both COPRO-HOLDINGS. Co., Ltd.
and COPRO CONSTRUCTION. Co., Ltd., which handles the construction technician dispatching business.
Following the general shareholders' meeting in June of this year, we would like to appoint Yusuke
Koshikawa as president and chief executive officer of COPRO CONSTRUCTION. Co., Ltd.
The reasons for the appointment are stated on the slide as “Start of a new structure towards further
breakthroughs”. “In June 2024, COPRO CONSTRUCTION. Co., Ltd., which operates a construction
technician dispatching business, is scheduled to appoint Yusuke Koshikawa (former director) as thepresident and chief executive officer.
Mr. Koshikawa has held the positions of branch manager, recruitment strategy head and general manager ofsales at COPRO CONSTRUCTION. Co., Ltd., and after gaining extensive business experience in theconstruction technician dispatching business for 16 years, he will assume the position of president and chief
executive officer.
This appointment is aimed at achieving the Medium-Term Management Plan “COPRO Group Build the
Future 2027”, and while further strengthening both sales and recruiting activities, the purpose is to speed up
management decision-making at business subsidiaries.
I will keep focusing on group management, and will remain as a director of COPRO CONSTRUCTION. Co.,
Ltd., to increase the Company's value while providing full support to the new representative, Mr. Koshikawa."

30

The biography of Mr. Koshikawa, who is scheduled to become the new representative, is listed in the slides,
so please take a look. I would like to talk about Mr. Koshikawa’s character and his suitability as arepresentative. In short, I believe that he is truly a diligent person with the power to steadily and reliably pushforward with the business strategy that we have established.
I am still only 46 years old, which makes me a relatively young executive, but as I pass the baton to Mr.
Koshikawa, I will support and follow up with him and encourage him to grow into an even greater president.
At this point, I would like to hand over the reins to the even younger Mr. Koshikawa and work towards further
expanding the business of COPRO CONSTRUCTION. Co., Ltd. I ask that you all please look forward to thesuccess of Mr. Koshikawa.
While it might have been a bit rushed, this concludes my explanation of our full-year financial results for
FYE2024.
[Greetings from Mr. Kiyokawa]
Mr. Kiyokawa: Thank you all so much for participating. Having announced our full-year financial results for the
18th fiscal year, I personally believe we have been able to disclose both the full-year figures and our forecasts
for the current fiscal year in a good way. Dividends, which are shareholder returns, are also forecast to
increase.
In this situation, I personally believe that our stock price is still undervalued despite the announcement ofsuch large financial results.
I believe that we face a real challenge this fiscal year. In the first and second quarters, while steadily
achieving the figures we have committed to for each quarter, we will aim to increase the company's value, ormarket capitalization, to even greater heights.
Our next target is a market capitalization of 50 billion yen, and eventually we would like to continue to strive
towards 100 billion yen. We ask for the continued support of our shareholders and investors. Thank you.

30

SECTION 08【Appendix】
Company
Outline©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

31

31

Company Outline
Company
Name

COPRO-HOLDINGS. Co., Ltd.

Representa
tive

Kosuke Kiyokawa, CEO

Head
OfficeDai Nagoya Building 25F, 3-28-12
Meieki, Nakamura-ku, Nagoya, Aichi

Established

October 2006

FiscalYear-EndMarch

Listing
Market• Tokyo Stock Exchange, Prime Market• Nagoya Stock Exchange, Premier Market

TickerSymbol7059

Listing
Date• Mar. 2019
Listed for the public trading on the
Mothers section of the Tokyo Stock
Exchange and the Centrex sectionof the Nagoya Stock Exchange• Sep. 2020
Listed in the First Section of the Tokyo
Stock Exchange and the First Section of
the Nagoya Stock Exchange

Domestic
Subsidiaries• COPRO CONSTRUCTION. Co., Ltd.
• COPRO TECHNOLOGY. Co., Ltd.

Overseas
Subsidiaries• COPRO VIETNAM CO., LTD.

Business
Details• Construction Technician Dispatching
Business• Mechanical Design and Development
Engineer Dispatching and Contracting
Business• SES Business

Number of
Employees

4,189(as of March 31, 2024, Consolidated)©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

32

32

Introduction of the Management Team COPRO-HOLDINGS. Co., Ltd.

 COPRO CONSTRUCTION. Co., Ltd.

President and Representative Director

President and Representative Director

Kosuke Kiyokawa

Yusuke Koshikawa

 COPRO TECHNOLOGY. Co., Ltd.
President and Representative Director
Hideki Nishioka Born in Aichi on October 16th, 1977

 Born in Shizuoka on October 15th, 1985

 Born in Aichi on September 17th, 1971

 After graduating from Nagoya Technical Joined Trusty Crew Co., Ltd. (currently COPRO- Started working at ATMOS Co., Ltd. in 2006.

College, he worked as a site foreman at a local
construction company for two years.
 After five years of experience in sales at a major

HOLDINGS. Co., Ltd.) in 2008

(currently COPRO TECHNOLOGY. Co., Ltd.) After working as the Nagoya branch manager, After joining the Company, and following 14

recruitment strategy head and general manager

years of experience as the manager of theconstruction-related worker dispatchingof sales, he will be appointed as the president

corporate planning office, he was appointed ascompany and then serving as the company’s

and chief executive officer of COPROa director of the Company in May 2020. In April

president, he founded our company in 2006.

CONSTRUCTION. Co., Ltd. in June 2024.

2021, he was appointed as the president andchief executive officer of the Company.
©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

33

33

Company History
2006

Oct.

2008

Mar. The Company name changed to COPRO-ENGINEERD Co., Ltd.

2015

May

2019

Mar. Listed on the Mothers market of the Tokyo Stock Exchange
and the Centrax market of the Nagoya Stock Exchange

2020

Apr. COPRO GLOBALS PTE. LTD. established (Singapore)
Sep.

2021

Trusty Crew Co., Ltd. established

Shifted to a holdings (holding company) system with COPRO-HOLDINGS. Co., Ltd.
as pure holding company

Moved the market to the First Section of the Tokyo Stock Exchange
and the First Section of the Nagoya Stock Exchange

Apr. COPRO VIETNAM CO., LTD. established (Vietnam)
ATMOS Co., Ltd acquired as a wholly-owned subsidiary
Sep.

2022

VALUE ARK CONSULTING Co., Ltd acquired as a wholly-owned subsidiary

Apr. Temporary staffing and fee-charging employment business of Hucoss. Co., Ltd
taken over through an absorption-type demerger
Moved the market to the Prime section of the Tokyo Stock Exchange
and the Premier section of the Nagoya Stock Exchange

2023

Oct.

Changed the name of COPRO-ENGINEERD. Co., Ltd. to COPRO CONSTRUCTION. Co., Ltd.
ATMOS Co., Ltd. absorbed and merged VALUE ARK CONSULTING Co., Ltd. and change thecorporate name to COPRO TECHNOLOGY. Co., Ltd.

Nov.

Acquired the system engineering service business (SES) from Pacific Information Consultants©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

34

34

Business Outline
Engineer
Employment
contract

Employment contract

Outsourcing *1
contract

Construction Technician
Dispatching Business

Mechanical Design and Development Engineer
Dispatching and Contracting / SES Business

COPRO CONSTRUCTION. Co., Ltd.

COPRO TECHNOLOGY. Co., Ltd.
Providinglabor

Number ofEngineers :3,568*as of March 31, 2024

Number ofEngineers :361
*as of March 31, 2024

COPRO-HOLDINGS. Co., Ltd.
Dispatch
contract

Dispatch contract

Quasi-mandate *2
contract

Clientcompanies*1 - In the SES business of COPRO TECHNOLOGY, some of the engineers are freelancers, so it is an outsourcing contract.
*2 - In the SES business of COPRO TECHNOLOGY, some of the engineers are freelancers, so it is a quasi-mandate contract.
©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

35

35

企業理念
Issues of the Construction Industry

MISSION
Creating a dynamic”human driven” society

VISION

Becoming a humanresource development
company that ignites
people’s hearts

VALUE

Aging ofengineers

Delay of Digital
Transformation

Chronic labor
shortage

Resolve the Construction Industry Issues

Realization of Our Purpose

Expanding the recruiting of
inexperienced people

The best “work style”
and the best “workers.”

Promoting retention
through careful follow-up

Career support tailored to thelevel of the technical employee

Working with a sense of
purpose©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

36

36

Dispatch Area:Construction Technician Dispatching
Area of Technician Dispatching

Role of Construction Management

local governments,
Ordering party (Country,
developers, etc.)

The main duties are coordination and preparation

Orderingsuch as adjusting construction progress, ordering
materials and ensuring safe work.

Construction company (general contractors, etc.)

Site agent

Construction manager

Workers

Three main areasof management

Responsible fornegotiations with theordering party, etc.,
and oversight of theconstruction site.
Responsible for managing
processes, quality andsafety, etc., to ensurethat construction
progresses smoothly.
Doing the work at theconstruction site, such as
carpenters, construction
workers and electricians.

Quality
management

Process
management
Construction
manager

Safetymanagement©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

37

37

Business Characteristics
A “stock-type business” with high growth potential(Bln of yen, people）

By increasing sales in proportion to the number of dispatched technical employees,
stable earnings growth can be expected

5,168
3 50

4 50 0

3 00

3,929

Achieved 17 consecutive years ofrevenue growth since our founding

30.0

2 50

3 50 0

3,036

24.2
2 00

2 50 01,984
1,591
1 50 0

2,020

2,201

18.7
1 50

14.8

15.5

13.1
1 00

5 00

50

-5 00

0

FYE2007(1st FY)

Consolidate
net sales

FYE2020 FYE2021 FYE2022 FYE2023 FYE2024 FYE2025(Forecast)

Number of consolidated
technicians & engineers*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.

38

38

Group Business Scale
Market size of human resource services for theconstruction industry (comparison of 9 listed companies)（Bln of yen）
O社O

40.1

O社O

23.1

COPRO
コプロCN
CONSTRUCTION

21.8

T社T

21.6

T社T

16.2

N社N

16.0

W社W

10.4

U社U

5.2

W社W

5.0

Market Share

3.9％

Net Sales Ratio（FYE2024）

Consolidated Net Sales

24,098million yen

Market Scale※

560Bln yen*From Yano Research Institute's "2023 Edition Current Status and Prospects for the
Human Resources Business PART 2: Human Resources Services by Industry & Occupation"*Figures for the dispatch of construction technicians are posted
from the latest financial statements of each company.

 The market share of the nine listed companies is low at about
28%, and many are small and medium-sized companies.
 As competition for human resources intensifies, it is forecast that
small and medium-sized enterprises will find it difficult to grow on
their own.
 It is forecast that higher-ranking companies will gain more market
share from lower-ranking companies in the future.

COPRO CONSTRUCTION

Construction Technician Dispatching
Business

COPRO TECHNOLOGY

Mechanical Design and Development
Engineer Dispatching and Contracting/SES Business:90.8％:9.2％©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

39

39

Branch OfficeConstruction Technician Dispatching

11 base

Mechanical Design and Development Engineer
Dispatching and Contracting
SES

4 base1 baseOverseas

1 base*As of December 2023

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

40

40

Progress of the Medium-Term Management Plan
• While making investments in growth, such as recruiting costs mainly in the construction technician dispatching business, we
aim to accelerate the organic growth of existing businesses and exceed the Medium-Term Plan performance targets for eachfiscal year.
• We will also actively consider intermittent growth through M&A, which is not factored into the Medium-Term Plan.

Consolidated Net Sales

Non-GAAP Operating Profit
Mid-termmanagement plan

Mid-termmanagement plan

FYE2027

FYE2027

40.0Bln yen

Vs. Mid-term
management plan

FYE2026

30.0Bln yen

FYE2025＋11.9％

Vs. Mid-term
management plan

＋10.5％

Vs. Mid-term
management plan

＋5.2％

24.0Bln yen

5.0Bln yen

33.0Bln yen

FYE2026
Vs. Mid-term
management plan

＋17.1％

26.8Bln yen
Vs. Mid-term
management plan

FYE2024

21.8Bln yen＋28.3％

FYE2023

17.8Bln yen

18.7Bln yen

Vs. Mid-term
management plan

＋20.4％

3.1Bln yen

2.4Bln yen

24/3期
FYE2024

25/3期
FYE2025(Forecast)

23/3期
FYE2023

FYE2025

2.7Bln yen

FYE2024

1.9Bln yen

FYE2023

1.6Bln yen

23/3期
FYE2023

3.9Bln yen

1.3Bln yen

24/3期
FYE2024

25/3期
FYE2025(Forecast)(予想)©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

41

41

Consolidated Financial Results
Net Sales

Non-GAAP Operating Profit

Operating Profit（Mln of yen）

（Mln of yen）

（Mln of yen）

2,700
30,00014,836 15,589

FYE2021
21/3期

FYE2022
22/3期

1,437

18,791FYE2023
23/3期

FYE2024
24/3期

FYE2025
25/3期(予想)(Forecast)Ordinary Profit

3,162

2,141

24,098FYE2021
21/3期

1,621

FYE2022
22/3期

2,437
1,321

FYE2023
23/3期

1,530

FYE2024
24/3期

FYE2025
25/3期(予想)(Forecast)

FYE2021
21/3期

FYE2022
22/3期

1,606

FYE2023
23/3期

FYE2024
24/3期

FYE2025
25/3期(予想)(Forecast)

Earnings per share

Profit Attributable to Owners of Parent（Mln of yen）

1,841

（Mln of yen）

2,714

1,755

（yen）

91.97

10 0

77.68

90

1,463

2,211

80

70

1,439

1,619

1,009

1,324

962

60

864

53.37

51.06

46.54

50

40

30

20

10

0

FYE2021
21/3期

FYE2022
22/3期

FYE2023
23/3期

FYE2024
24/3期

FYE2025
25/3期(予想)

FYE2021
21/3期

FYE2022
22/3期

FYE2023
23/3期(Forecast)

FYE2024
24/3期

FYE2025
25/3期(予想)(Forecast)

FYE2021
21/3期

FYE2022
22/3期

FYE2023
23/3期

FYE2024
24/3期

FYE2025
25/3期(予想)(Forecast)*A 2-for-1 stock split was implemented on the effective date of October 1, 2023 (Sunday).
*Net profit per share has been retroactively revised to take into account the impact of the stock split mentioned above.
©2024 COPRO-HOLDINGS. Co., Ltd. All rights reserved.

4242

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 forwardlooking 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.

4343