ZIGExN Co., Ltd.

Presentation for New Investors

Contents
1. Company & Business Overview
2. Competitive Advantage
3. Growth Strategy
4. Recent Financial Results
5. Financial Policy
6. Reference Materials
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1Company & Business Overview

1. Company & Business Overview

Company Overview
Overview

Basic Principle
ZIGExN aims at “maximizing opportunities in life” andseeks harmony and sustainable development withsociety by providing a platform to connect to the world

Company name

ZIGExN.Co.,Ltd

Location of
headquarters

3-4-8 Toranomon, Minato-ku, Tokyo, Japan

Listing market

Prime of TSE Market (security code: 3679)

Date of establishment June 1, 2006
Consolidated revenue 23,249 million yen (FY2024/3）

through the Internet.

Management Principle

OVER the DIMENSION！

Consolidated capital

125 million yen(as of March 31 ,2024)

Consolidated
employees

837 (as of March 31 ,2024)

Board member

Representative Director

Joe Hirao

Director

Sachiko Hatano

Director

Sato Shinji

Outside Director

Yasuo Usuba

Outside Director

Jun Sakaki

Full-time Outside Corporate Auditor

Mari Yajima

Outside Corporate Auditor

Takashi Miyazaki

Outside Corporate Auditor

Kengo Wada

Reverse common sense and values in society throughoverwhelmingly unusual services and establishment of an
overwhelmingly unusual company.

PurposeUpdate Your Story - for a better future Update the future of everyone at the crossroads of life.

Note: Consolidated employees include full-time and contract employees and exclude temporary employees (dispatched and part-time employees)
and employees dispatched by the temporary staffing business.

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1. Company & Business Overview

CEO Profile

Representative Director, President and CEO

Joe Hirao

Brief record
Born in 1982. Graduated from the Faculty ofEnvironment and Information Studies, Keio University
in 2005.
Winner of Award of Excellence in the Student
Entrepreneur Championship organized by the Tokyo
Metropolitan Small and Medium Enterprise Support
Center.
Founded two companies while at university, and joined
Recruit while still managing one company.
Won several awards in the New RING new business
contest while competing as a newcomer. Received New
Value Creation award at the Internet Marketing Office.
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Publication of the Book
Entrepreneurial Thinking

Established the forerunner to ZIGExN in 2006,
becoming a director at 23 years of age.
Appointed president and representative director
at age 25, going independent after an MBO atage 27.
2013: Listed on the TSE Mothers market at age
30
2018: Relisted in the TSE first section at age 35
2022: Transitioned to the TSE Prime Market

Issue Discovery, Solution, and PracticeTechniques that Produce Unparalleled Resultswith the “Power of Separate Solution”
Published to share his own ideas to employees and various otherstakeholders, strengthening engagement and triggering a change inconsciousness.

The author's royalties related to this book will be donated to Ashoka
Japan, a general incorporated association, and Teach For Japan, acertified non-profit organization that is taking on the challenge oftransforming public education by capturing its unique teacher
training as its main business, utilizing its network of 61 countries
around the world, in addition to finding and supporting social
entrepreneurs.

1. Company & Business Overview

History of ZIGExN
Changed from the 1st section ofAnnounced the largest-everTSE market to the Prime Market.

share buyback limit of 2.8
billion yen.

15th anniversary of establishment.
Released 2nd medium-term
management plan “Z CORE”.
Changed company name to ZIGExN Co., Ltd.

2022
2021

Moved headquarters to Shinjuku, Shnjuku-ku,
Tokyo.

2024
2023

Moved headquarters toToranomon, Minato-ku, Tokyo.

2020

Listed on the TSE

2018

Mothers Market.

2017
2014

2013

Established in Ebisu,
Shibuya-ku, Tokyo

2010
2009

2008

Platform Businessthe First Section of the TSE.
Made REJOB Co., Ltd. into a wholly
owned subsidiary.

2006

Launched the Life Media

Changed market listing to

Began providing “SMOCCA” areal estate leasing platform.

The current renovation business (Life Support)
and MIRAxS Co., Ltd. joined ZIGExN group.

Made Ties, Awesome Agents,
Struct (now UpBase), Beyond
Borders,andTSD

owned subsidiaries

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wholly1. Company & Business Overview

Performance Summary⚫ Achieved increased revenue for 13 straight terms from founding to FY2020/3.
⚫ Despite being heavily impacted by COVID-19 in the travel and Human Resource segment,

revenue and profits returned to a YoY growth trend starting from Q4 of FY2021/3 thanks to the diversified portfolio,
and in FY2024/3, the company achieved record revenue and profit.

Consolidated Revenue ・EBITDA(Unit: yen in millions)

Revenue

EBITDA

25,00020,00015,00010,0005,000

0Note: FY2025/3E is the financial forecast for the current fiscal year.

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Covid-19

1. Company & Business Overview

Overview of main services by segment

Vertical HR
Consists of mainstay
businesses specializingin particular domains in
the human resources
fields⚫

Hair salon/
health care

REJOB

Job search platform specializing in thebeauty industry

https://relax-job.com/⚫

Manufacturing

Ties

Job placement specialized in the
manufacturing industry

https://www.ee-ties.com/⚫

Nursing

MIRAxSJob placement and temporary staffing
specialized in the nursing care andchildcare industries

https://miraxs.co.jp/service/⚫

Construction

StructJob placement specialized in theconstruction industry

https://kensetsu-jobs.struct-inc.co.jp/⚫

Real estate

REAL ESTATE WORKS

Job placement specialized in the real estatehttps://realestateworks.jp/
industry⚫

Logistics

Awesome Agent

Job search platform specializing in thelogistics industry

https://awesomegroup.co.jp/service/

SmoccaPortal site for real estate leasing

https://smocca.jp

SEKAI PROPERTY

Overseas real estate agent

https://ja.sekaiproperty.com/

Real estateleasing⚫ Overseas realestate⚫

Living TechConsists of mainstay
businesses related toreal estate

Life Service
Consists of businesses
which create stable
cash flows

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Platform for comparing remodeling prices⚫

Renovation

RESHOP-NAVI⚫

Energyenepi

Platform for comparing propane gas (LPgas) prices

https://enepi.jp/⚫

Franchises

Franchise Hikaku.net

Franchise search platform

https://www.fc-hikaku.net/⚫

SystemBrainLab

Development of temporary staffing
management system

https://www.brainlab.co.jp/⚫

Automobile

TCV

Platform for the export of used cars

https://biz.tc-v.com/⚫

TravelAPPLE WORLD

Hotel Booking system for travel agencies

https://appleworld.co.jp/business.html

TRAVELIST

Comprehensive travel EC

https://travelist.jp/

TSD (Rikisha)Hotel Booking system for travel agencies

https://www.rikisha-easyrez.jp/

https://rehome-navi.com/

1. Company & Business Overview

Vertical HR segment: Business model⚫ The Vertical HR segment consists of domain-specific HR businessess (job search platform and job placement /temporary staffing).

Vertical HR

Corporate Clients
Recruitment support(job posting)

Job search platform

Users
Search and Application(Provision of job
information)

Pay-for-listings/
Pay-for-performance

Job placement
and temporary staffing
Recruitment support(employment placement/
temporary staffing)

Search and Application(Provision of job
information/
employment support)

Pay-for-performance(=hire)/
staffing compensation

Value offered

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Flow of money

Services offered by ZIGExN

1. Company & Business Overview

Living Tech segment: Business model⚫ The Living Tech consists of (1) "Aggregation platform“, which allows users to search and apply for information from multiple

websites at once, "Specialized platform" and "Business Support Tools“, which have their own direct clients, and (2) the realestate investment agent business, which introduces properties mainly in Southeast Asia to wealthy individuals in Japan.
Real estatecompanies andrenovators

Sales promotion
support(posting ofproperty
information)Media clients

Sales promotion
support(posting ofproperty
information)

Living Tech

Bulk search andinquiry (provision ofproperty information)

Aggregated andspecialized
platform

Application charging

Advertisement
charging/Application charging

Sales promotion support(information posting)Specialized platform

Search and bulk
quotes (informationand vendor referrals)

Application charging/Closed charging

Tool provision and operational support

Business support tools

Monthly fee model and pay-as-you-go

Value offered
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Flow of money

Services offered by ZIGExN

Users

1. Company & Business Overview

Living Tech segment: Business model (2)⚫ The Living Tech consists of (1) "Aggregation platform“, which allows users to search and apply for information from multiple

websites at once, "Specialized platform" and "Business Support Tools“, which have their own direct clients, and (2) the realestate investment agent business, which introduces properties mainly in Southeast Asia to wealthy individuals in Japan.

Living Tech

Developers

Attracting clients andcontract support

Overseas Real Estate
Investment Agent BusinessCommission forsuccessful deal

Users
Registration andpurchase of properties(provision of
investment real estate
information)

Commission forsuccessful dealManagement ofcontracted/purchased
properties

PM business(Asset management)
Management
fee

Value offered
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Flow of money

Services offered by ZIGExN

1. Company & Business Overview

Life Service segment: Business model (1)⚫ The Life Service segment has a vast databse similar to a core business and is recognized as the foundation of ourmanagement resources.
We have three types of business model: aggregated media, specialized media, and system development, which
includes system development and marketing support.

Companies

Life Service

Media clients
Helping to attract
customers

Employment support

Aggregatedplatform
Advertisement/Hiring/Application charging

Application
charging

Specialized platform

Used car purchase support,
franchise expansion support

Bulk search andapplication(Provision of
information aboutjob offers)

Search andApplication(provision of job
openings, support
for starting abusiness or a sidebusiness)

Application and closed charging

System development and offering

System development offering

Account charging/SI rewards

Value offered
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Flow of money

Services offered by ZIGExN

Users

1. Company & Business Overview

Life Service segment: Business model (2) (Travel)
Hotel/
AirlineHotel/Airline
ticket wholesalers
Providehotels/Air tickets

APPLE WORLD
Posting
information
on hotels/
Air tickets

Travel Agencies

Hotel/Air tickets
reservations

TravelReservations

Cost prices ofHotels/Air tickets+
charges for use

Fee for tours

BtoB Business

Hotel/Air tickets
reservations

Provision of information on Air tickets

Air ticket reservations

BtoC Business
Cost prices of air tickets

Cost prices of air tickets+
charges for use

Media Clients
Bulk comparison

Reservation
charging
Value offered
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Flow of money

Services offered by ZIGExN

Users

1. Company & Business Overview

Life Service segment: Business model (2) (Travel)
Hotels/AirlineHotel/Airline
ticket wholesalers

TSD
Airlineticketissuance

Airlineticketing

Travel Agencies

Users

Airline Ticket
Arrangement

BtoB Business

ProvidehotelsPayingfees

Airline ticket
price
Information
posting on hotels

Hotels Booking
Arrangements

Hotel Charge

Payingfees

Credit Card
Companies

Settlement
agent

TravelArrangements

Travel fees

Payingfees

Adjustment

BPOs related toInternational
airline tickets

Payingfees

Value offered
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Flow of money

Services offered by ZIGExN

2
Competitive Advantage

2. Competitive Advantage

Sources of strength (1) -Matching Technology⚫ We quickly build clients and users contact points and have collected and analyzed information on both for over ten years.
⚫ We then collect and compile more detailed information by also focusing on alliances with individual companies. This results insuccessfully establishing highly precise matching technology that promotes user behavior (assembling and moving) on a databasedriven basis.

Clients

Users①Major media clients
Analysis
Learning⇒Quick establishment of user
contact points via alliances
Distribution②Individual corporate clients

SEO, advertising, algorithm formation,
UI/UX design, app development, etc.

⇒Accumulation of detailed
information via directcontracts with individual
corporate clients

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Quick and detailed collection ofclients and user information forhighly precise matching technology

Ascertain user information basedon enormous case database・Individual attributes
・devices,・in-flow routes,
・behavior history, etc.

2. Competitive Advantage

Sources of strength (1) -Specific Example of Matching Technology -⚫ Matching technology is the ability to provide users with the most appropriate information to encourage them to take action.
⚫ Establish a cycle of analysis, learning, and distribution to generate highly accurate matching from a rich and unique database⚫ Operating multiple platforms enables us a rapid lateral expansion of various knowledge and best practices in strategies.

Specific Example of Matching Technology
Example (2) Beauty industry

Example (1) Cycle of Analysis, Learning, Distribution

Analy
sis

✓ Connect users with the most relevant
information and analyze whether or not it
has promoted actions (CV=conversion)
based on a rich database of user andclient information.

Learn
ing

✓ Build the distribution logic and provide
the optimal information by accumulating
the algorithms from the analyzed client
information and user behavior.

Distribution17✓ Under the updated logic and methods,
re-distribute information to generatehigher accuracy in matching.

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ClientNeeds in cut specialist
Needs in coloring specialist
Needs in perm specialist

User

Cut specialist
Coloring specialist
Perm specialist

From a specialization in specific fields, we analyze theneeds of users and clients to achieve highly accurate
matching from a unique and extensive database.

2. Competitive Advantage

Sources of strength (2) -ZIGExN Value Integration (ZVI)⚫ Established our unique and highly replicable PMI methodology called "ZVI (ZIGExN Value Integration)" based on the extensive
M&A experience, various knowledge and resources such as PMI personnel.
⚫ We achieve performance improvements for the target companies by finding opportunities with our unique sourcing approach,
identifying the challenges of target companies, determining the added value we can bring, and leveraging our strengths inmatching technology, sharing our management know-how, and providing personnel support.

Process of ZVI (ZIGExN Value Integration)
Execution Phase

Identifying potential targets throughour unique case sourcing

Identifying the Target Company's
Challenges and Our Added Value

Utilization of strong matching
technology and thorough management

・Planning M&A Strategies, Making ofLong/Short Lists, Corporate Approach,
Initial Analysis, etc.

・Due Diligence(DD), Business/Stock
Valuation, Making our Original Business
Plan, Investment Decision, etc.

・Utilizing Matching Technology, Personnel
support, Sharing Management know-how,
Developing a 100-day plan, etc.

✓ The accumulated expertise from a
total of 28 M&A transactions since
our listing, including our ability toassess opportunities and selecttargets✓ Thorough and detailed DD and uniquebusiness plan formulation carried out byinternal and external experts, along withbusiness officers and PMI professionals✓ Achieving growth through measures
such as provision of PMI personnel
support, leveraging matching technology,
and financial support✓ Identifying room for improvement in themarketing and exploring opportunities
for leveraging our strength in matching
technology✓ Business improvement facilitated by the
weekly management meeting "Business
General Meeting", led by CEO Hirao andbusiness officers✓ The capability of conducting not
only brought-in projects but over 50
sourcing quarterly in our own

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Post M&A Phase

Pre M&A Phase

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2. Competitive Advantage

Sources of strength (2)– Example of improvement through ZIGExN Value Integration (ZVI)⚫ Identifying opportunities for marketing improvement in M&A target companies, such as enhancing customer
acquisition and CVR (conversion rate) and achieving performance improvement in group companies by leveraging
matching technology which is our strength.

Example of improvement through ZVI：Vertical HR REJOB
Number of Sessions (Visits)

3.00

Befor e M&A

Aft er M&A

Performance trend■Revenue■O per at ing income (loss)

2.50

Over 6x

2.00
1.50

1.00

Over 39x

0.50
0.00

FY13/919

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FY24/3

2. Competitive Advantage

Sources of strength (2)– Example of improvement through ZIGExN Value Integration (ZVI)⚫ Identifying opportunities for marketing improvement in M&A target companies, such as enhancing customer
acquisition and CVR (conversion rate), and achieving performance improvement in group companies by leveraging
matching technology which is our strength.

Example of improvement through ZVI：Living Tech renovation business
Performance trend

Number of Sessions (Visits)

2.50

Befor e M&A

Aft er M&A■Revenue■O per at ing income

2.00Over 3x

1.50

1.00

Over 53x

0.50

0.00

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FY19/3

FY24/3

2. Competitive Advantage

M&A performance - Payback period ⚫ Regarding the payback period, in addition to the acquisition of the property at a fair price, the PMI, which leverages ourstrengths, has accelerated business growth, resulting in a relatively early payback period of approximately 3 to 5 years.

Payback period for each deal (p ayback period, EBITDA basis )(Unit: years)

Median : 3.4 years
Average: 4.3 years

10
9
8

7
6

Most investments are generally paid back relatively early

5

4
3
2

1
0
2013/8

2014/122016/52017/92019/2

2020/62021/102023/32024/7Note 1: The graph includes not only projects where investments have already been recovered, but also projects where the investment is expected to be recovered, calculated based onconservative assumptions. Sanko Ad and APW, which recorded impairment losses on goodwill, were excluded.
Note 2: Payback period is calculated based on EV (enterprise value) at the time of the M&A activity divided by cumulative EBITDA.
Note 3: The size of the bubble represents the size of the EV (enterprise value) at the time of the M&A activity.

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2. Competitive Advantage

Results of M&A Investment⚫ Cumulative total of 28 cases until FY2024/3, excluding 3 acquired within the past one year and 1 sold, the EBITDA forthe current period was 5.2 billion yen against a current period EV of 16 billion yen.

⚫ Annual return of 32.4%; cumulative return of 172.3%.

Results of M&A Investment

30,000(Unit: yen in millions)■ EV（accumulated）■ EBITDA（accumulated）

25,00020,00015,00010,0005,000

0FY15/3

FY16/3

FY17/3

FY18/3

FY19/3

Note: Shows only the logos of mainstay businesses acquired via M&A that fiscal year.

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FY20/3

FY21/3

FY22/3

FY23/3

FY24/33Growth Strategy

3. Growth Strategy

2nd Medium-term Management Plan “Z CORE”

PurposeUpdate Your Story ―For a Better Future
Updating the future of everyone standing at life's crossroads

In FY3/2026

Management
Plan

KPI (Key
Performance
Indicators)

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Revenue of more than 35bn yen
EBITDA of more than 10bn yen⚫ Create Z CORE (revenue of 10bn yen)⚫

Revenue CAGR (compound annual growth rate) over 5 years(FY3/2022~FY3/2026) in the main stay business of 30%

3. Growth Strategy

Progress of the 2nd Medium-term Management Plan and Projection⚫ (1) Unit price per client price is expected to increase due to M&As in high-price businesses and price increases in some sectors.
⚫ (2) We plan to focus on the development of enterprise clients and the improvement of client loyalty to increase unit price per client.
⚫ Based on the above, we aim to achieve revenue of over 35 billion yen by raising the unit price per client while continuing to stably
expand the client base of SMBs.

Projected trends in the number ofcorporate clients and unit price per client

Projected trends in consolidated revenue(Unit: yen in millions)

Aim to achieve the Medium-term Management Planby creating Z CORE (mainstay businesses withrevenue exceeding 10 billion yen)

Number ofcorporate clients(Unit: company)(Unit: yen)Over 24,000 companies

30,0001,600,000

Unit price perclient35,000~Over 1,450,000 yen
1,400,000

25,000866,585

1,043,963

745,324

27,50020,0001,200,000

662,404
1,000,000

23,24918,70915,000800,000

15,272
12,56410,00018,96820,491

21,58922,273600,000

400,000

5,000

200,000

0

FY21/3

FY22/3

FY23/3

FY24/3

FY25/3E FY26/3E

0

FY21/3

FY22/3

FY23/3■Number of corporateclients
法人顧客数
25

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FY24/3

FY25/3E

FY26/3E

顧客単価
Unit price per client3. Growth Strategy

Progress of the 2nd Medium-term Management Plan and Projection - Vertical HR -⚫ In Vertical HR, progress towards the FY26/3 revenue exceeding 10 billion yen is proceeding smoothly, and aiming to achieve it
ahead of schedule.
⚫ With Ties at the center, progress has been made particularly focusing on accumulating PMI know-how in the area of specialized
talent business and preparing for knowledge standardization.
⚫ In the future, we will strengthen lateral collaboration as Vertical HR, connecting it to the development of our business modeland achieving synergy among group companies.

Projected trends in VHR revenue(Unit: yen in millions)

Expected to achieve Z CORE (mainst ay business wit h

Projected trends in number of clientsand unit price per client (VHR)■Numberof corporate 顧客単価
clients■法人顧客数(Unit: company)(Unit: yen)

Unit price per clientr e venue excee ding 1 0 B ye n) ahe ad of schedule

715,151425,871

11,1009,580

471,268

559,50212,752

12,835

FY22/3

FY23/3

13,395

11,272

7,181
6,010

10,000~4,800

FY21/3

FY22/3

FY23/3

FY24/3

FY25/3E FY26/3E

FY21/3

FY24/3 FY25/3E FY26/3E

Note: The graph is for illustration purposes only and does not guarantee future trends.

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3. Growth Strategy

Progress of the 2nd Medium-Term Management Plan and Projection- Living Tech -⚫ In Living Tech, while achieving an increase in revenue compared to the previous year, there are still challenges remaining
towards the goal of achieving revenue of 10 billion yen by FY26/3.
⚫ In M&A, there was only one small-scale acquisition, the Yeay business. However, we entered into the buying and selling sector
in the real estate, which has a larger market size than the leasing sector.
⚫ The goal of achieving revenue exceeding 10 billion yen by FY3/26 is maintained, aiming for its accomplishment through a
combination of organic and inorganic growth, involving improvements in existing businesses and the promotion of M&A.

Proje cte d tre n ds i n LT re ve n u e(Unit: yen in millions)

Proje cte d tre n ds i n n u mbe r of cl i e n ts (Unit: company)
an d u n i t pri ce pe r cl i e n t (LT )(Unit: yen)■

10,000~

Number of corporate clients
Unit price per client
1,365,109 1,393,177

1,125,982 1,115,323

6,000

4,819

5,155

3,632

3,530

3,700

FY22/3

FY23/3

FY24/3 FY25/3E FY26/3E

3,012

4,051
3,391

FY21/3

FY22/3

FY23/3

FY24/3

FY25/3E

FY26/3E

FY21/3

Note: The graph is for illustration purposes only and does not guarantee future trends.

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3. Growth Strategy

Highlights of Strategy in Each Segment⚫ In pursuit of the creation of the mainstay business "Z CORE" with annual revenue exceeding 10 billion yen as
outlined in the second medium-term management plan, and towards achieving the performance target for FY26/3,
initiatives are being implemented from both organic growth and M&A strategy perspectives.

Details of strategies for each segment

VerticalHR

LivingTech

Life
Service28

Increase the value provided by
specializing in specific areas,
optimize the business model, andexpand into new areas
Product improvement and category
expansion in the housing area byleveraging the client and user base

Improve ability to attract users inindividual service areas andstrengthen service functions inadjacent fields

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⚫

Selecting our own target areas based on
industry/sector, user trends, supply-demand gap, etc.

⚫

Build highly unique databases/contents by
specializing in specific areas to enhance matchingcapabilities.

⚫

Diversify the value offered (business models) basedon the demand in each field⚫

Improve the value provided through product/service
updates to broaden the range of services offered,and increase the unit price accordingly.

⚫

Entry into new categories including adjacent areas⚫

Enhancement of value provided through expansionof product lineup in the travel domain, etc.

⚫

Build highly unique databases/content in eacharea to enhance user attraction

3. Growth Strategy

Market Size and Strategy in Vertical HR⚫ Considering the competitive environment and unit price in the industry, we enter into economically viable areas and optimize
the business model and expand to new areas horizontally based on the business operation know-how and successful measuresof REJOB, Ties, and others.

VHR Market

Database scouting

demand & supply)

VHR Revenue about 9.6B yen
Note 1: The human resources business market is mainly comprised of the temporary staffing and
Recruitment agency industries. The VHR market is calculated by excluding non-professional(clerical work, transportation, cleaning and packaging) from the temporary staffing industry.
Note 2: Based on Yano Research Institute Ltd. survey, Ministry of Internal Affairs and Communications
Labor Force Survey, and Ministry of Health, Labour and Welfare "Survey on Employment Trends".
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Nursing care

Construction

Real estate

Manufacturer

Logistics

Medical care

Food anddrink

FinanceNursing

IT

Medicine

RetailApparelJob type

0.3 trillion yen

Industry(Job placement business only

Hair salon

・・・

2.2 trillion yen

trillion yen Target market

29

Job placement business

Horizontal development of new areas

Market (large gap between

VHR Target areas

5.4

4.0 trillion yen

Temporary staffing

SEConstruction
management

PM

Engineer

Sales

Strategy

Accounting

Marketing

Financial
specialist

Legal
・
・
・

VHR
market＆Cross-SellmarketJob search platforms

・・・

8.2 trillion yen

Optimize the business modelBusiness model

HR market

Growth Strategies

・・・

Room for Market Expansion

3. Growth Strategy

Existing domains & horizontal collaboration in Vertical HR⚫ Analyze the strengths and success factors of each business, integrate business operation know-how in sales, marketing, systems,
etc., and share information to accelerate the speed of growth through horizontal collaboration as Vertical HR.

Business Overview
DomainStrengthHair salon/
health care

Nursing care

Construction

Real Estate

Manufacturing

logistics• It has the solidclients base with ahigh retention rate.
• Its high DB value andoptimal UX attracts alarge number of
repeat users.

• The only company inthe group to have a
temporary staffing
business.
• Continuously
accumulating knowhow.

• In the construction
domain, it has theability to provide
referrals with a highlevel of client
satisfaction.

• The company has
major clients in thereal estate domain.

• With major clients base,the company has alarge market share in
mid-career recruiting.
• The company’s
excellent consultants
can provide optimal
matching.

• In the Tokai andKanto Regions,• It has the top-classnumber of job
postings in the driver
domain.

MarketMarket Size (Growth Rate):
Approx. 26-30 billion yen(approx. 1-3%)

Market Size (Growth Rate): Market Size (Growth Rate): Market Size (Growth Rate): Market Size (Growth Rate): Market Size (Growth Rate):
Approx. 21-27 billion yen
Approx. 14-20 billion yen
Approx. 24-30 billion yen
Approx. 53-56 billion yen Approx. 17-20 billion yen(approx. 14%)(approx. 13%)(approx. 16%)(approx. 10%)(approx. 5%)

Accelerate the speed of growth through horizontal collaborationby consolidating business operation know-how and sharing information
Note: The market size is estimated by our company based on references including the Ministry of Health, Labour and Welfare's "Health Administration Report," "Job Placement Business
Report," and "Employment Trends Survey," as well as the Ministry of Internal Affairs and Communications' "Service Industry Trends Survey" and "Population, Demographic Dynamics, andHousehold Survey based on Basic Resident Registers," along with the National Tax Agency's "Private Sector Wage Structure Survey," among others.

30

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

3. Growth Strategy

Growth strategy in Vertical HR⚫

The HR market is a fragmented market, and commonality is not always optimal, so the value of domain-specific intervention is significant.

⚫

Within the HR market, we select the areas considering the size of the supply-demand gap, the competitive environment, and the characteristicsof the industry.

⚫

The company is promoting the evolution of its business model from a general domain-specific HR business to the self-user attracting HR
business, and digital matching HR business.

Vertical HR Phase
Domain-Specific Type

Self-User Attraction Type

Digital Matching Typeex)Listing ads, display adsex) Branding, SEO, SNS customer attractionex) Building up repeat customers, making applications.

Operating margin

Consulting/Operations
Optimization

Product
Enhancement
Marketing
Enhancement

In-house user attraction ratio
31

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

3. Growth Strategy

Growth Strategy in Living Tech⚫

Aim for growth through expansion of business domains centered on the platform models, the business model expansion, andenhancement of the value provided through cross-selling.

⚫

Explore opportunities for expansion into higher value-added business models while maintaining high-profit margins, leveraging ourmarketing and DX expertise and our corporate client and user base.

⚫

Although it‘s a small-scale project, we have successfully achieved domain expansion through the M&A of the real estate appraisal
service "Yeay" in the previous year.

Improvement of value proposition to the client
Value
provided

Increase unit price by expanding value provided

Customermanagement

There is a lot of room for cross-sellingand domain expansion

Payment

Contract
Sales
support/Quotations

Attraction

Real Estate
Leasing

Overseas Buying
Selling/Investing

Domestic Buying
Selling/Investing

Renovation

EnergyIncrease clients/users throughdomain expansion＋α＋αDomain32

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

3. Growth Strategy

Growth strategy in Living Tech
⚫ The users of the existing services have a wide variety of needs, and we aim to improve growth rate and profitability by adding
the cross-selling services in a way that meets their needs.
⚫ Currently, the energy sector is achieving high growth especially thanks to successful cross-selling measures between gas

switching services and electricity switching services.

Improvement of value proposition to the users

Housing and Living Related
Purchase
Assessment

Furniture &Home Appliances

Daily Necessities

Real Estate Related
Investment

EstateLiquidation

InheritanceInsurance

MovingPest Control

Remodeling/Renovation
Search for arental property

TroubleHandling

Outsourcing
Service

DisasterPrevention

Housing Loan

Rent Guarantees

Real EstateAppraisal/Sale
Real Estate
Purchase

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

Pet Service

Gas Switching

House Repair

Environment
Note: Colored items circled in green indicate the existing business domains.

Electricity
Switching

Prevention of Crime

Unneeded Items

33

Communication Equipment

Investment(Overseas Real Estate)

Professional
Consultation

Water Switching3. Growth Strategy

M&A Strategy -Overview⚫

(1) Expand TAM through MA&s with the main focus on user-attracting website, aiming for horizontal expansion into adjacent/new areas.

⚫

(2) Expand SAM through M&As based on cross-sell and up-sell synergies generated by the contact points with users and corporate clientsas a platformer.

⚫

The comprehensive investment strategy combining (1) and (2) enables the constant deal sourcing and highly reproducible discontinuous
growth through M&A activities.

Overview of investment strategy

Expansion of TAM through M&A(Unit: Trillion yen)

15
TAM of existing area

・BtoB Service

TAM in new areas

comparison
・Logistics
・Manufacture(2) M&A for enhancing
service functions(Expansion of SAM)

・Real estate・Construction

10

Market size

・Exteriors
・Franchise・Nursing care &SAM of existing
business domains(1) M&A for an
entry to new
domains(Expansion of TAM)

children・Renovation

5

・Used car export
・Travel・Hair salon

Number of business domain0
FY17/3

FY18/3

FY19/3

FY20/3

FY21/3

FY22/3

FY23/3

FY24/3Note 1: TAM stands for Total Addressable Market, which refers to the overall market size that a given business could potentially capture; SAM stands for Serviceable Available Market, which refers to the demand for thetargeted portion of TAM.
Note 2: Cumulative TAM of major businesses acquired through M&A during the fiscal year is shown.
Note 3: Based on survey data from Yano Research Institute, Ministry of Land, Infrastructure, Transport and Tourism, and Japan Tourism Agency.
Note 4: Only the promotional expenses are included as TAM.

34

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

3. Growth Strategy

M&A Strategy -an entry to new business domains⚫

In order to further promote the discontinuous growth, we will maintain our strategic investment policy, using accumulated cash flow as
funding for future M&As.

⚫

We recognize that there are plenty of domains where there is a demand to improve information asymmetry using ZVI, the Company’s methodof PMI.

⚫

We plan to carry out a strategic investment with priority on highly profitable businesses and businesses with high growth potential capableof becoming mainstay businesses in the future, considering whether or not they have assets like client bases.

Vertical HR

Room forexpansion

Elderly care

Construction

Real estate

Manufacturing

Logistics

Study abroad

Marriage

Medical care

Food & drink

Financing

Traveling

Automotive

Nursing

Medicine

IT

Sports

Education

Food

ＥＣ

Pets

Health care

Living Tech
Buying/selling

EnergyExterior

Asset formation

Accident/
incidents

Remodeling

Renovation

Outer wall
painting

Moving

Gifts

Insurance

Investment

Property
management

Rent
guarantee

Building
material

Real estatepurchase

Disassembly

Decarbona
tion

House
cleaning

Efficiency/scarcity
Synergies

35

Lifestyleopportuni
ties

Leasing

Growth potential

Selection
criteria

Life Service

Hari salon

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

…Others

Potential to grow as mainstay businesses/high profit businesses
Potential to utilize assets against investment (clients base, technologies,
products)
Affinities with mainstay businesses/profit businesses

4
Recent Financial Results

4. Recent Financial Results

Yearly financial results - Revenue Revenue 1(number of clients
focused)Consolidated
Revenue

Revenue 2(number of large
companies and its unit
price-focused)

23,249Myen 13,000Myen 10,249Myen(YoY +18.4%)(YoY +24.3%)(YoY +32.6%)⚫ Revenue 1: Steady growth is primarily attributed to thestable expansion of REJOB and the recovery andgrowth of the travel business, both of which havecontributed to consistent expansion.
⚫ Revenue 2：Significant expansion is mainly attributed
to the growth of the Job placement business, primarily
centered around Ties.

Consolidated Revenue■ Revenue 1(yen in millions)

23,249■ Revenue2

18,70910,24915,272

12,854

7,728

12,564
5,858

10,267
7,556

13,199

6,285

4,681

4,150

5,585

4,208
3,349

4,682

FY17/3

FY18/36,569

FY19/3

8,518

8,415

9,415

FY20/3

FY21/3

FY22/3

Note: Yearly financial results since the introduction of the International Financial Reporting Standards (IFRS) are shown.

37

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

10,981

FY23/313,000FY24/3

4. Recent Financial Results

Rate of achievement against the financial forecast for FY2024/3⚫ As the group, both revenue and profits have landed within the expected range outlined in the guidance.
⚫ In particular, Vertical HR and Life Service have shown strong progress, setting new record highs.
Revenue

23,249M

yen⚫ 0000000(Achievement rate: 100%)（yen in millions）

EBITDA

Operating Income

EPS

6,781Myen

5,394Myen

36.53yen(Achievement rate: 104%)(Achievement rate: 102%)(Achievement rate : 104%)

FY2023/3
Results

FY2024/3
Results

YoY(%)FY2024/3
Forecast

18,70923,249+24%

23,300100%● Vertical HR

7,181

9,580

+33%

9,300

103%

● Living Tech

4,819

5,155

+7%

5,800

89%

● Life Service

6,709

8,514

+27%

8,200

104%

EBITDA(Note 1)

5,334

6,781

+27%

6,500

104%

Operating income

4,180

5,394

+29%

5,300

102%

Net income attributable toowners of the parent
company

2,930

3,800

+30%

3,650

104%

Basic earnings per share (EPS)

27.85

36.53

+31%

35.10

104%

Revenue

Note: EBITDA = operating income (loss) + depreciation and amortization + impairment losses + loss on retirement of non-current assets and revaluation - gain on bargain purchase

38

Achievement rate(%)

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

4. Recent Financial Results

Revenue 1 (number of clients focused) vs
Revenue 2 (number of large companies and its unit price -focused)
Revenue 1

Revenue 2

3,432Myen

2,897Myen(YoY +12.1%)(YoY +14.6％)⚫ Revenue 1 (number of clients focused) primarily consists of in-house platforms suchas REJOB.
⚫ Revenue 2 (number of large companies and its unit price focused) primarily consistsof the job placement business such as Ties.
⚫ Based on the stable base of revenue 1, we aim to achieve both stability and growthby also focusing on revenue 2 that emphasizes unit price per client.

Revenue classification

Revenue 1 and Revenue 2

Revenue 1(number of clients focused)
Vertical HR：REJOB, MIRAxS (Temporary Staffing), Awesome Agent(yen in millions)■Revenue 1 (number of clients focused)■Revenue 2 (number of large companies and its unit price-focused)

6,000

Living Tech：Smocca (in-house platform), Renovation BusinessLife Service：BrainLab (ID, Option), Apple World (Wholesale), TSD, etc.

2,897

5,000

YoY
+14.6%

4,000

Revenue 2(number of large companies and its unit price -focused)
Vertical HR：Ties, MIRAxS (Job Placement), Kensetsu-Jobs,
Real Estate Works

2,528

3,000

3,432
2,000

YoY
+12.1%

3,062

1,000

Living Tech：Smocca (aggregation platform)
Life Service：BrainLab (SI), Comparison Platform (FC, Marriage, etc.),
Apple World (Travelist), HR Aggregation Platform, etc.
39

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

0
2Q

3Q
FY21/3

4Q

1Q

2Q

3Q

FY22/3

4Q

1Q

2Q

3Q

FY23/3

4Q

1Q

2Q

3Q

FY24/34Q

4. Recent Financial Results

Number and unit price of corporate clients
Number ofcorporate clients

Unit price per
corporate client⚫ The number of corporate clients has reached a record high, mainly due tocontributions from REJOB, travel business APW/TSD, and the new group-in
companies in the previous and current years.

22,273companies

1.04Myen(YoY +3.2%)(YoY +20.5%)⚫ The unit price per corporate client has steadily increased due to changes in
product mix resulting from high-unit-price business group-ins and priceincreases in certain businesses.
⚫ To achieve the financial target for FY26/3, we will work to increase corporateclients and raise the unit price per client.

Number of corporate clients

Unit price per corporate client(companies)(yen in 10 thousand)

22,27325,00021,589(YoY+3.2%)

104

120

20,000100

15,00080(YoY+20.5%)87

60

10,000

40

5,000

20

0

0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY21/3

FY22/3

FY23/3

FY24/3

1Q

2Q

FY21/3Note 1: Companies that generated revenue within one year are counted as corporate clients.
Note 2: Unit price per corporate client= Consolidated sales revenue divided by the number of corporate clients40

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

3Q

4Q

1Q

2Q

3Q

FY22/3

4Q

1Q

2Q

3Q

FY23/3

4Q

1Q

2Q

3Q

FY24/34Q

4. Recent Financial Results

Organic Growth and Inorganic (M&A) Growth⚫ Achieving accelerated revenue growth through proactive M&A initiatives. We continue to aspire to execute M&A
activities for medium to long-term growth in the future.

Organic/Inorganic Revenue
30,00025,00020,00015,000

オーガニックグロース■Organic
GrowthFY15/3
FY16/3
FY17/3
FY18/3
FY19/3
FY20/3
FY21/3
FY22/3
FY23/3
FY24/3(yen in millions)

インオーガニック(M&A)グロース■Organic
Growth (M&A)■Inorganic Growth

オーガニックグロース

YoY+28.4% 4,935
4,442
27,50010,00018,3135,000

14,2660

FY23/3

FY24/3

FY25/3 E

Note: Since the effects of PMI are expected to be achieved within about three years, the revenue of the business three years after the M&A activity has been combined with that of thecompany's own start-up business.

41

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

4. Recent Financial Results

Yearly financial results - Profits EBITDA

Operating income

6,781Myen

5,394Myen(YoY + 27.1%)(YoY + 29.1%)⚫ EBITDA and operating profit have reached record highs, partly due tothe recovery of the travel business and the contribution of a smooth

PMI centered around Ties, etc.
⚫ Post-COVID-19 profit margins have improved due to the recovery of thetravel business and a reevaluation of advertising investments.

Consolidated EBITDA and operating income■ EBITDA

7,000■ Operating income(yen in millions)■

EBITDA Margin■

Operating Margin

60.0%

6,000

50.0%

5,000

4,000

34.0%

35.0%

35.1%

35.0%

40.0%

32.9%

27.9%
32.4%

3,000

28.5%

29.2%
30.0%

31.7%
28.8%

30.3%

2,000

21.7%

22.3%

23.2%

20.0%

1,000

2,569 2,483

3,590 3,322

4,509 4,077

4,619 3,806

FY17/3

FY18/3

FY19/3

FY20/3

3,808

4,265 3,314

5,334 4,180

6,781 5,394

FY22/3

FY23/3

FY24/3

10.0%

0

-770

0.0%

Note 1: Yearly financial results since the introduction of the International Financial Reporting Standards (IFRS) are shown.
Note 2: We are not applying retrospective applications due to changes in accounting standards.
-1,000-2,00042-1,062
FY21/3-10.0%

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

4. Recent Financial Results

Quarterly financial results⚫

Revenue

EBITDA

Operating Income

6,329Myen

1,979Myen

1,534Myen⚫

(YoY +13.2%)(YoY +13.8%)(YoY +16.8%)⚫

Quarterly financial results■ Revenue■ EBITDA

Revenue and profit indicators have reached their highest levels
ever in a quarter.
Profit margins are improving driven by the recovery of APW, theinclusion of high-profit margin TSD in the group, and adiscerning assessment of the ROAS.
We recognize that the operating profit margin is a challenge.
Through improved ROAS and increased labor productivity, we
aim to achieve a 30% operating profit margin in the future.

■ Operating Income

EBITDA Margin

Operating Margin(yen in millions)

6,329
5,590

5,460

5,744

5,717

4,695

3,823

3,770

4,105

4,047

4,319

3,632

1,979
1,151
931

1Q

1,000
769

2Q

898

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

958

656

3Q
FY22/3

43

1,215

4Q

1,204
972

1Q

1,179

1,213

3Q
FY23/3

1,534

961

934

2Q

1,670
1,738
1,627
1,505
1,311
1,347
1,313
1,203

4Q

1Q

2Q

3Q
FY24/34Q

4. Recent Financial Results

Yearly financial results – Cash Flow CF from Operations

CF from InvestingCF from Financing

6,841Myen-961Myen-2,591Myen(Previous Year:(Previous Year:(Previous Year:5,706Myen)-4,601Myen)

267Myen)⚫ CF from operations: Significantly surpassed previous
records reflecting the steady growth of existing
businesses and the strong PMI centered around Ties.
⚫ CF from investing: Executing a total of three strategic
investments and software development investments todrive future growth.
⚫ CF from Financing: Repayment of loans has improved
financial stability.

Consolidated cash flows(yen in millions)■ CF from operations

8,000■ CF from investing■ CF from Financing
267

6,000
4,000
2,388

783

2,000
2,036

2,866

0

5,706
3,139
-729

-2,539-2,585-2,000-2,068

6,841

3,847
2,144

2,567

-1,642-1,746-1,160-29

FY20/3

FY21/3-961-1,283-1,391-4,601-2,591

FY23/3

FY24/3-4,000-6,000FY17/344

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

FY18/3

FY19/3

FY22/3

Note: Yearly financial results since the introduction of the International Financial Reporting Standards (IFRS) are shown.

4. Recent Financial Results

Revenue by business segment

Vertical HR

Living Tech

Life Service

2,637M yen 1,467M yen 2,224M yen(YoY +19.6%)(YoY -1.3%)(YoY +17.2%)■Vertical HR(yen in millions)⚫ Vertical HR: Organic growth due to the stable growth of REJOB, andthe growth of previous fiscal year M&A businesses such as Ties, ismaking a significant contribution.
⚫ Living Tech: Smocca and renovation businesses are experiencing flat
performance YoY due to the effects of macroeconomic stabilization.
SEKAI PROPERTY, being in the initial stages of PMI, exhibits
significant revenue volatility, and efforts are directed toward securing
stable earnings in the future.
⚫ Life Service: APW and TSD have led the growth from the recovery intravel demand.

■Living Tech ■Life Service

6,000

100
5,000

1,898

4,000

1,610

3,000

1,249

1,278

1,262

2,000

934

993

937

1,000

1,422

1,531

1,669

1,187

1,001
16

1,139
29

429

74
1,191

1,640

1,499

1,433

1,438

1,572

1,510

1,894

1Q

2Q

3Q

4Q

1Q

2Q

3Q

191
1,941

224

236

339
2,224

2,199

2,151

80
114

107
1,246

133
1,281

1,467

1,487

82
1,161

725

730

772

760

1,083

2,205

2,358

2,299

2,285

2,637

4Q

1Q

2Q

3Q

4Q

0
FY22/3

FY23/3Note1: Black figures in FY3/23 indicate revenue contribution from M&A group-in business in FY3/23
Note2: For FY3/24 Q1, some figures had errors and they have been corrected to the accurate numbers.

45

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

FY24/3

4. Recent Financial Results

Business situation in mainstay businesses - Vertical HR ⚫ Pay-for-listings: Both REJOB and Awesome Agent are
Number of clients(companies)

progressing steadily and have set new all-time highs.
⚫ Pay-for-performance: Achieved an increase in revenue
compared to the same period last year, mainly due to thestable growth of REJOB and the smooth PMI of Ties.

Revenue

13,395

12,83512,000
8,000
4,000
0

(yen in millions)

1Q

2Q

3Q

4Q

1Q

FY22/3

Unit price per client(thousand yen)

■ Pay-for-listings■ Pay-for-performance (=hire)■ Others

3,000
2,500

2,000
1,500

2Q

3Q

4Q

1Q

FY23/32Q

3Q

4Q

FY24/3

715
560

600
400
200
0
1Q

1,000

2Q

3Q

4Q

1Q

FY22/3

2Q

3Q

4Q

1Q

FY23/32Q

3Q

4Q

FY24/3

500

1Q

2Q

3Q

4Q

1Q

FY22/3

2Q

3Q

FY23/3

4Q

1Q

2Q

3Q

FY24/3Note 1: The number of clients is counted as the number of corporate clients for which revenue has
been generated within one year from each quarter-end (=LTM basis)
Note 2: The number of members is cumulative.
Note 3: Pay-for-listings refers to the revenue generated from the Pay-for-listings revenue of
REJOB and Awesome Agent.
Note 4: Pay-for-performance is composed of the revenue from the performance-based
revenue of REJOB and employment placement businesses such as Ties.

46

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

4Q

Number of members(thousand people)

0

1,200

962

804

900
600
300
0
1Q

2Q

3Q

FY22/3

4Q

1Q

2Q

3Q

FY23/3

4Q

1Q

2Q

3Q

FY24/34Q

4. Recent Financial Results

Business situation in mainstay businesses -Living Tech-

3,000
2,000

1,000
0
1Q

Unit price per client(thousand yen)

1,200
1,000

800

3Q

4Q

1Q

2Q

3Q

4Q

1Q

FY23/3

1,500

2Q

3Q

4Q

FY24/3

1,393

1,365

1,000
500

0
1Q

600

200

0
1Q

2Q

3Q

4Q

FY22/3

1Q

2Q

3Q

FY23/3

4Q

1Q

2Q

3Q

4Q

FY24/3Note 1: The real estate sector mainly includes Smocca and SEKAI PROPERTY(acquired in Q2 of FY23/3)
and the renovation sector mainly includes Reshop-Navi.
Note 2: The number of members is cumulative.

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

Number of members(thousand people)

400

47

2Q

(yen in millions)■ Real estate sector
Renovation sector
Energy sector

1,400

3,700

3,530

FY22/3

Revenue
1,600

4,000
Number of clients(companies)⚫ As a result of the change in mix due to new M&A activities,
the customer base has increased, while the unit price hasremained relatively stable.
⚫ The renovation and housing sector has remained relatively
stable YoY due to the effects of macroeconomic
stabilization and competitive pressures.
⚫ The energy sector is seeing increased revenue trends,
driven by the entry into the electricity switching domain.

2Q

3Q

4Q

1Q

FY22/3

2Q

3Q

4Q

1Q

FY23/3

2Q

3Q

FY24/3

4,000

3,174

2,698

3,000

4Q

2,000
1,000

0
1Q

2Q

3Q

FY22/3

4Q

1Q

2Q

3Q

FY23/3

4Q

1Q

2Q

3Q

FY24/34Q

4. Recent Financial Results

Other business situation -Life Service: Travel domain⚫ Overseas: Stable growth trends are being maintained due to the recovery of the macro environment and the steady
accumulation of customer numbers.
⚫ Domestic: Stabilization in marketing improvements has progressed, leading to a return to a QoQ growth trend in revenue andprofit. Moving forward, we will focus on enhancing profitability by strengthening cross-selling of new products andimplementing repeat strategies through the app.
⚫ We aim to elevate our growth trajectory through initiatives that effectively capture the macroeconomic environment and therelease of new products.

Operating income (loss)

Revenue■ Overseas Travel■ Domestic Travel■ Overseas Travel■ Domestic Travel

YoY +87%

YoY +209%

250

300

200

250

150

200

100
50

150

Income

0

100

loss

-50

50

-100

0

-150
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

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

FY20/3

FY20/3

FY21/3

FY22/3

FY23/3

FY24/3

FY21/3Note 1: Revenue and operating income (loss) are indexed to 100, the record high before the Covid-19 pandemic in Q2 FY3/20.
Note 2: Services related to domestic travel were acquired in Q4 of FY3/20.
Note 3: The upper dotted line in the bar chart shows the contribution from TSD, which was acquired in February 2023.

48

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

FY22/3

FY23/3

FY24/3

4. Recent Financial Results

Financial forecast for FY2025/3⚫ Planning a revenue and profit growth in FY2025/3 to achieve the 2nd mid-term management plan.
Revenue

EBITDA

Operating income

27,500M yen

7,700M yen

6,300M yen

Vertical HR(YoY: 118%)(YoY: 114%)(YoY: 117%)

Expect high growth driven
by the stable growth ofexisting businesses and thesmooth PMI centeredaround Ties and otherinitiatives.

(yen in millions)

FY2024/3
Results

FY2025/3
Forecast

YoY

23,24927,500118%● Vertical HR

9,580

11,100116%

Living Tech

● Living Tech

5,155

6,000

116%

● Life Service

8,514

10,400122%

EBITDA(Note 1)

6,781

7,700

114%

Expect a steady
performance growth throughproduct improvements inexisting businesses and theadvancement of PMI in newgroup inclusion initiatives.

Operating Income

5,394

6,300

117%

Net income attributable toowners of the parent
company

3,800

4,300

113%

Basic earnings per share
(EPS)

36.53

41.90

115%

Revenue

Note 1: EBITDA = operating income (loss) + depreciation and amortization + impairment losses + loss on retirement of non-current assets andrevaluation - gain on bargain purchase49

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

Life Service
Expect strong performance
growth due to capturing
demand resulting from themacroeconomic recovery inthe travel sector.

5Financial Policy

5. Financial Policy

Financial policy⚫ In principle, we continue the financial policy that the maximum amount of share buyback limit for the following year shall be theamount of net income for the year less the amount of strategic investments and the total amount of dividends.

⚫ The acquired treasury shares will be used for considerations in future M&A activities, etc.

Policy on medium-term shareholder returns

Dividend
payout ratio

Sharebuyback

Acquisition limit for share buybacks

12 - 20%
Implemented by
setting a maximum
limit on sharebuybacks

Net income
attributable toowners of the parent
company for the“n”th fiscal year

Strategic
investmentsin the “n”th
fiscal year

Total
amount ofdividends inthe “n”thfiscal year

Maximum limit
on sharebuyback for“n”th +1 fiscal
year

Note 1:The amount of strategic investment refers to the amount of the company investment in M&A projects, capital tie-ups, etc. to obtain the managerial resources which are highly likely to
be included as assets in the balance sheet.
Note 2: In case the level of financial conditions or the preconditions of market situation change substantially from the present ones, it is possible that we will flexibly modify the financial policy.

51

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

5. Financial Policy

Financial strategy and strategic investments (M&A)
Strategic
investment

Dividend
forecast

244M yen

7.5 yen(Previous year:(Previous year:

4.32B)

6.5 yen)⚫ For FY2025/3, the share buyback is set at 2.8 billion yen (with an upper limit of 4.2
million share: 4.04% of the total outstanding shares (excluding treasury stocks)).
⚫ For FY2024/3, the dividend per share is set at 6.5 yen, consisting of an ordinary
dividend of 5.0 yen per share plus a commemorative dividend of 1.5 yen per share,
anticipating future revenue and profit growth. For the FY2025/3, a dividend increase
to 7.5 yen per share is planned.
⚫ In principle, we continue the financial policy that the maximum amount of sharebuyback limit for the following year shall be the amount of net income for the year
less the amount of strategic investments and the total amount of dividends.
⚫ The amount will be determined by considering factors such as the free float ratio within
the limit and other relevant considerations.

Cash flows and shareholder returns

FY2023/3

FY2024/3

Net income attributable to ownersof the parent company

2,930

3,800

- Strategic investment

4,323

244

416

676

4.0yen6.5yen7.5yen

1,400

0

2,800

(yen in millions)- Total dividends
Dividend per share
Limit for share buybacks

Note 1: The amounts of strategic investments refer to the amounts of investments we made to acquire management resources with a highly asset-like nature, such as M&As and capital tie-ups.
Note 2: We could flexibly revise the policy if conditions in markets, financial conditions, etc. differ significantly from our assumptions.
Note 3: The amounts of strategic investments include the investment in Retty made on December 16, 2022.
Note 4: : The strategic investment amount of FY2024/3 includes specialist fees for deals that were not concluded in FY3/2024, as well as investments in shares of listed companies for FY3/2025.

52

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

FY2025/3

5. Financial Policy

Balance sheet condition
Goodwill-to-capitalratio

Total amount of
goodwill⚫ Financial health remained solid with the goodwill-to-capital ratio of

0.5X

10,001M yen

total assets at 56.3%, which are within the Company's financial

0.5x and the ratio of equity attributable to owners of the parent tostandards.

Balance
財政状態計算書(B/S)
Sheet (B/S)

Balance Sheet (B/S)

Total Assets (liabilities and capital): 34,535M yen

Goodwill-to-capitalratio: 0.5x

Goodwill

Capital10,001M yen

19,449M yen

10,001M yen
REJOB

1,756M yen

Ties

1,393M yen

Life Support

1,108M yen

Brain Lab (CP)988M yenPartner Solution

782M yen

TSD

668M yen

Others3,306M yen

Note 1: Same cash generating unit (CGU) as the one used for goodwill impairment testing
Note 2: Life Support refers to renovation and energy businesses such as the former IACC. The former IACC was merged with ZIGExN in July 2020.
Note 3: BrainLab (CP) refers to the Career Plus system business for human resource introduction companies.
Note 4: Partner Solution refers to the comparison media business acquired from Basic Inc. through a business transfer.

53

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

5. Financial Policy

Goodwill impairment testing⚫ A total of 17 CGUs comprising goodwill were tested for impairment by comparing the carrying amount with the recoverable
amount in accordance with IFRS.
⚫ No impairment losses are recognized as the recoverable amounts exceed the carrying amounts significantly in the major CGUs
with significant goodwill amounts.

Goodwill

Impairment Testing
Total amount of goodwill：

10,001M yen■Valuein Use 帳簿価額
■Book Value
使⽤価値

100%

REJOB

1,756M yen

Ties

1,393M yen

Life Support

1,108M yen

Brain Lab (CP)988M yenPartner Solution

782M yen

TSD

668M yen

Others3,306M yen

0%
REJOB

Ties

Life
BrainLab Partner TSD
Support (CP)
Solution

Note 1: In impairment testing, the recoverable amount is the value in use or the fair value after subtracting disposal cost, whichever is higher,
but the above graph shows a comparison of the book value with the value in use calculated on a cash flow basis in accordance with business plans.
Note 2: In each cash generating unit (CGU), the ratio of the value in use to the book value when the value in use is set to 1 is shown.
Note 3: The base date for the impairment test is the end of December 2023.

54

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

Others6
Reference Materials

6. Reference materials

Executive structure -Officers and corporate⚫ Promote sophistication of business execution functions from the perspectives of both business growth and expansion of
corporate functions.

⚫ A rich executive structure with diverse skills through a variety of routes, including professionals, mid-career workers, andgroup joins through M&A.

56

Name

Main Position

CareerJoe Hirao

Representative Director and President, Operating
Officer and CEO

Entrepreneur as a student; appointed Representative Director of ZIGExN in 2008, after working for Recruit.

Ippei Suzuki

Operating Officer, President and Representative
Director of REJOB

Joined the Company in 2011 after serving as Director of VOLARE (now NYLE) and in other positions

Sachiko Hatano

Operating Officer,
Head of Business Management Dept.

Joined the Company in 2018 after working at AZSA & Co. (now KPMG AZSA LLC) and Lifenet Insurance Company

Shinji Sato

Operating Officer,
Head of Management Promotion Dept.

Joined the Company in 2020 after Founding "I AND C-Cruise, Inc." (now Life Support Div.) as Director and COO

Ryosuke Imai

Operating Officer
President and Representative Director of Ties Co.,
Ltd. and UpBase Inc.

Joined the Company in 2013 as a new graduate

Takeshi Fukada

Operating Officer
President and Representative Director of AppleWorld Inc. and TSD Inc.

Joined the Company in 2018 after working in SAP Japan, KPMG FAS, Nexon, DeNA Travel

Sho Hayakawa

Head of Management Strategy Dept.
President and Representative Director of and A
company

Joined the Company in 2020 after working at Mori Hamada & Matsumoto

Mayuko Sugihara

Head of Office, Public Relations and Sustainability
Promotion

Joined the Company in 2019 after serving as Operating Officer of Voltage

Yuji Takano

Head of Information System Office

Joined the Company in 2018 after working at SE Holdings and Incubations Group, AirTrip and other firms

Ryota Takeya

Head of Internal Auditing Office

Joined the Company in 2020 after working at Yahoo!, PricewaterhouseCoopers Arata, DeNA and other firms

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

6. Reference materials

Executive structure -Business officers and specialists⚫ Abundant business officers and specialists with diverse backgrounds and skills lead the business and execute PMI for M&A.

57

Name

Businesses and Areas of Responsibility

CareerIppei Suzuki

REJOB

Joined the Company in 2011 after serving as Director of VOLARE (now NYLE) and in other positions

Ryota Aoki

Ties

Joined the Company in 2022 after founding Struct (now UpBase) and serving as its president and representative director.

Keisuke Iwaya

UpBaseJoined the Company in 2022 after founding Struct (now UpBase) and serving as its Director and in other positions

Takanori Amano

MIRAxS

Joined the Company in 2016 after working in the Recruit Group

Haruhisa Daita

Awesome Agents, Sanko Ad

Joined the Company in 2019 after serving as head of the Taiyo Kikaku Sales Group

Tadayoshi Endo

Beyond Borders

Founded Beyond Borders after working for S.M.S. and joined the Company in 2022

Mirai Ogura

Real Estate

Joined the Company in 2018 as a new graduate

Yu Ishizuka

Life Support

Joined I&C Cruises (now Life Support Div.) as a new graduate in 2017, joined the Company in 2020

Nakae Norihiro

BrainLab

Joined the Company in 2014 after working at Staffservice, Asterisk and Techfirm

Takeshi Fukada

APW, TSD

Joined the Company in 2018 after working at SAP Japan, KPMG FAS, DeNA Travel, and other firms

Tetsushi Yuki

Partner Solution, CORDA

After working for Benesse Group, joined our subsidiary in 2019, transferred to the Company in 2021

Shinji Sato

Automobile, TCV

Joined the Company in 2020 after Founding "I AND C-Cruise, Inc." as Director and COO

Ryosuke ImaiHR

Joined the Company in 2013 as a new graduate

Taisaku Nishio

Marketing

Joined the Company in 2017 as a new graduate

Tatsuya Nagai

Engineer, Products

Joined the Company in 2017 after working for a web production company

Daichi Ishiguro

Engineer (Vietnam Offshore Base）

Joined the Company in 2018 as a new graduate

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

6. Reference materials

Members of the Board of Directors and Board of Statutory Auditors

58⚫

The committee consists of members with extensive experience and expertise.

⚫

The Board of Directors is positioned as a supervisory body for business execution and an important decision-making body.

Name

Main Position

CareerJoe Hirao

Representative
Director

Entrepreneur as a student; appointed Representative Director (current) of ZIGExN in 2008,
after working for Recruit.

SachikoHatanoDirector

After working at AZSA & Co. (now KPMG AZSA LLC) and Lifenet Insurance Company, joined the Company in 2018. Certified
public accountant.
Currently serves as a Director , operating officer of the Company , head of the Business Management Department andDirector at other Group companies.

Shinji Sato

Director

Joined the Company in 2020 after Founding "I AND C-Cruise, Inc." (now Life Support Div.) as Director and COO

Yasuo Usuba

Outside Director

After working at Recruit, IBM, and GE Commercial Finance and serving as head of Channel Sales at Google, currently serves
as Director and COO at LocationMind, outside Director of the Company since June 2021.

Jun Sakaki

Outside Director

After working at Dai-ichi Kangyo Bank (currently Mizuho Bank), completed Master's course at Stanford University. Worked at
the Boston Consulting Group and AlixPartners.
Currently serves as CEO of IKYU Corporation and operating officer and General Manager, Commerce Company Travel
Management Division, LINE Yahoo!, outside Director of the Company since June 2022.

Mari Yajima

Full-Time
Outside Director

Worked for Ernst & Young ShinNihon (now EY Ernst & Young ShinNihon LLC), AXA Life Insurance, and AXA Direct Life
Insurance as a Director of Internal Audit. She is a certified public accountant.

TakashiMiyazakiOutside Auditor

Partner at Nagashima Ohno & Tsunematsu. Attorney at law.
Outside Auditor of the Company since June 2016.

Kengo Wada

Outside Auditor

After working at KPMG AZSA LLC, GCA, and serves as Representative Director at
AI Partners, Inc. . Certified public accountant, certified public tax accountant.
Outside Auditor of the Company since June 2017.

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

6. Reference materials

Board of Directors⚫ The Company aims to grow its core business and manage the expanding business through a management team that is bothoffensive and defensive, by infusing the experience in business operations and strategy execution at other companies that thecandidate for outside director possesses.

Skill Matrix of Directors
Director
Hirao

Corporate
managementManagement
strategyMarketing/ Technology

Organization /
HR

●

●

●

●
●

Hatano
Sato

●

●

Usuba

●

●

●

●

Sakaki●●●●

Accounting/ Finance

●

●

59

●

●

●

●

●

●

●

Independence

GenderAge

Hirao

InternalMale

41 years old

HatanoInternal

Female41 years old

SatoInternalMale

40 years old

Usuba

IndependentMale

61 years old

SakakiIndependentMale

51 years old

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

SDGs / ESG●

Diversity Matrix of Directors
Director

M&A / PMI

6. Reference materials

SDGs materiality of ZIGExN⚫ Create value for all stakeholders, making efforts from those through business, such as updating society/industry by

DX/cultivating SDGs engagement by businesses to those related to the increased satisfaction of employees.
ZIGExN's materiality

Update society and industry withDX
Fostering SDGs engagement
through the media
Meaningful work environment

Major efforts⚫

Support for DX at SMEs
Business support through “LeadCloud” , and “CAREER PLUS” of Brainlab,
Inc.
Support in attracting users through Media Platform.

⚫

Promotion of ZIGExN Media × SDGs (SDGs Award, etc.)⚫

Selection and systematic training of candidates for next-generation
business managers
Implementation of Next Leader Project.
Conducting surveys for visualization of engagements

⚫
⚫

⚫

⚫
⚫

Creation of local communities⚫
⚫

⚫

Equality of employment opportunity

Empowerment of diverse humanresources
Environmentally conscious
corporate and business activities

⚫

⚫
⚫
⚫

⚫
⚫
⚫

Stronger governance,
ensuring transparency

⚫
⚫

60

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

Job creation, IT, and development of global human resource in Oita Office
Cooperation with the Oita Industrial Human Resource Center (Oita
Sangyo-Human resource Center)
Recruitment of interns and organization of events in Kyoto
Promotion of vocational education by holding representative lectures incooperation with universities and educational institutions
Special lecture at SFC and implementation of industry-university
collaborative projects with APU

Empowerment of women and increase in the ratio of women in
managerial positions
Facilitating exchanges with overseas branches.
Management framework for sustainability-related risks.
Responses to CDP and disclosure of information based on TCFD
recommendations.
Promotion of environmentally friendly management.
Conducting iR for domestic and international institutional
investors/individual investors.
Reviewing institutional design such as compensation committees,
nominating committees, etc.
Engagement of new outside directors.

Relevant
SDGs items

6. Reference materials

Major SDG/ESG initiatives (1)⚫ We position efforts in human capital management and sustainability as increasingly vital management challenges,
promoting their integration with business strategies

Meaningful work environment
Employee development aimed at creating“UPDATERs”
Updated the training system for the medium to long term,with a focus on onboarding, to support employee
development and skill enhancement, creating anenvironment conducive to employee success.
The annual program for new graduate employees has
concluded, recognizing new graduate MVPs. This systemacknowledges growth achieved with the support of OJT andmentors.

Events were held every month by
ZNOW, an organization that
promotes company-widecommunication. At the end of the
fiscal year, an offline companywide gathering celebrated theachievements of employees.
61

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

Eco-friendly corporate and business activities
Responses to CDPStarting from the fiscal year 2023, we began
responding to the international environmental
NGO, “CDP”.

The establishment of the Sustainability
Committee
Under the monitoring of ZIGExN’s Board of Directors, there is a collaboration
between the Risk and Compliance Committee and the Environment &Sustainability Committee to address risks associated with environmental
sustainability.
It serves as a platform for reporting and consulting with the management teamregarding the sustainability of the group, as well as making decisions andreviewing necessary policies and initiatives. (The inaugural Sustainability
Committee meeting was also held on April 19th)
Based on the framework of the
Task Force on Climate-related
Financial Disclosures (TCFD),an assessment was conducted
to understand the risks andopportunities posed by futureclimate change on businessactivities. This information
was also disclosed on thecorporate website.

6. Reference materials

Major SDG/ESG initiatives (2)⚫ To realize our hope of “Change people’s lives through interaction with ZIGExN” embedded in our purpose “UPDATEYOUR STORY-For a Better Future”, we provide platforms for connections in various situations.

Diverse active talents
Implementation of alumni
Aiming for the continuous growth of the organization andthe promotion of value creation, we held our inauguralalumni gathering.
We conducted lectures for current employees on careers
and business, facilitated mutual introductions of diverse
talents connected through authenticity, and createdbusiness opportunities. These initiatives aim to activate
innovation and provide a platform for new connections.

Creation of local communities
Initiatives in Kyoto Prefecture
In 2022, the company established an office in Kyoto City, Kyoto, andoperates a 3x3 pro team called "ZIGExN UPDATERS.EXE".
In September 2023, we hosted the "3x3UNITED Area Final KYOTO
Round." event, where interns from the Kyoto office and players wereinvolved in planning and managing the event, which drew significant
attention and excitement.

Additionally, the activities of "ZIGExNUPDATERS.EXE" and initiatives in the
Kyoto office have been extensively
covered by the media.
62

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

6. Reference materials

Number of clients posting ads on the platform of the mainstay businesses

Vertical HR
Number of clients posting
ads on the platform

Living Tech
Number of clients posting
ads on the platform

83,08428,647(YoY: +9.1%)(YoY: +8.3%)⚫ Vertical HR: Due to prioritizing the improvement of service quality per client,
there was a slight decrease QoQ. However, stable growth YoY was achieved
thanks to the stable expansion of REJOB and contributions from the previous
period's M&A business.
⚫ Living Tech: Steady progress in renovation and leasing sectors, pushing forsales reinforcement for further expansion.

Vertical HR Number of clients posting ads on the platform(Unit: Clients)

100,000

76,13680,00083,084

Living Tech Number of clients posting ads on the platform(Unit: Clients)

35,00030,00026,45728,64725,00060,00020,00015,00040,00010,00020,0005,000

001Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY21/3

FY22/3

FY23/3

FY24/31Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY21/3

FY22/3

FY23/3

FY24/3Note 1: The number of clients posting ads on the platform of Vertical HR includes that of clients posting free ads that may be charged in the future.
Note 2: The number of establishments listed on Living Tech is calculated only for establishments that have made one or more listings during the final month of each quarter, excluding establishments with ongoing freelistings.
Note 3: The graph depicting the transition of the above-mentioned establishment numbers includes the transition of establishment numbers before the acquisition of shares in MIRAxS (formerly HITOWA Career Support)
and Life Support Div. (formerly I&S Cruise).
Note4: Figures on Vertical HR are retroactively corrected due to the aggregation error.

63

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

6. Reference materials

Trend in the number of employees at end of quarter⚫ The number of employees stood at 837. While carefully selecting hiring positions, we will continue to strengthen our organizationas our business expands.

Number of employees by job function

767
689
629

104
429

104

420

92

431

93

63

62

67

102

102

101

160

164

170

1Q

2Q

3Q

465

127
65
99

483

85
118

133
70

119
85
125

594

598

88

78

82

81

146

148

570

581

576

78

82

51

85

91

79

136

90

184

4Q

1Q

187

85

284

278

291

264

272

268

2Q

3Q

4Q

1Q

2Q

3Q

4Q

FY22/3

842

837

68

73

69 Others

88

86

86

90 Corporate

227

233

240

240 Product

436

443

438 ・CS

2Q

3Q

4Q

814

823

69

96

200

176

172

307

FY21/3

94

81
79
168

143

83

111

174

FY20/3

613

645

94

802

319

349

1Q

2Q

396

412

430

3Q

4Q

1Q

FY23/3Sales

FY24/3Note 1: Employees of temporary staffing business in MIRAxS are not included.
Note 2: The product consists of marketing, engineers , and designers. Others consist of business officers, managers, etc. Sales/CS includes sales management.
Note 3: From FY23/3 onwards, sales management will be transferred from other departments to sales and customer service for refinement. From FY24/3 onwards, contracted employees
will be excluded from the count."64

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6. Reference materials

Quarterly trend of expenses⚫ Advertising and promotional expenses, as well as personnel-related costs, are expected to remain stable through appropriate
cost-control measures.
⚫ There are no plans for significant investments in the future, and the policy is to maintain a generally consistent level with thecurrent situation.

Quarterly trend of expenses
26.9%(Unit：yen in millions)
30.8% 30.3%

28.2%
24.7%

24.9%

23.5%

23.6% 23.1%

25.5%

23.4% 22.6% 22.7% 22.4%

26.8%

28.4% 27.4% 28.8%

22.5%
21.9% 21.3% 22.6%
20.7% 21.7%

26.3%

23.7%

Ads + Promotion
Expenses Ratio (%)
25.2% 25.0% 25.4%
24.6% 24.1%

22.0%

Personnel-relatedExpenses (SG&A)
24.1% 23.2% 23.6% 23.0% Ratio (%)
Other SG&A +18.4% 18.4% 18.4%
15.9%

711

649

640

785 Other Revenue

542
464
3,999

407

383
555

938

334

438

577

568

776

725

641

435

431

836

838

486
384
656

718

819

838

432
889

973

625
652

755

948

1,458 Personnel-relatedExpenses(SG&A)

1,114
Ads +

1,150 1,125 1,244
1,024 1,160 1,100

1,237

1,406 1,366 1,459 1,348

1,525 Promotion
Expenses

222

257

275

328

353

355 Others(COGS)

136
408

138
353

125
365

136
408

134
334

175
279

123
449

145
442

155
443

167
458

175
441

198

231

221

455

454

482

620

671

652

672

619

671 Personnel-related

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

FY20/3

FY21/3

Note: The dotted line in FY21/3 2Q indicates impairment losses, such as goodwill.

65

803

440

1,334 1,405
1,232 1,314

743

983
700

413

448

and Expenses

645

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

FY22/3

FY23/3

FY24/3

Expenses(COGS)

6. Reference materials

Trend of balance sheets as at the end of quarters
Equity attributable to ownersof the parent to total assets

Goodwill-to-capital ratio

56.3%

0.5x

⚫ The percentage of equity attributable to the ownersof the parent (the equity ratio in the JGAAP) stood at

56.3% and the goodwill-to-capital ratio was 0.5 times.

FY3/2023(yen in millions)

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Current Assets

11,152

11,38011,026

14,30814,24815,436

13,376

18,879

8,186

8,155

7,815

9,953

9,776

10,5798,934

13,241

11,034

11,54813,657

16,086

16,062

16,06815,905

15,656

Goodwill

7,107

7,556

9,227

9,911

9,911

9,911

9,955

10,001Intangible Assets

1,713

1,836

2,004

2,419

2,434

2,456

2,466

2,441

Total Assets

22,18622,92824,68330,39330,31031,50429,281

34,535

Liabilities

7,504

8,269

9,494

14,32013,801

14,054

10,87515,086

6,522

7,366

7,572

11,037

10,30911,023

8,396

13,087

Short-term Loans

2,040

2,057

2,632

3,051

2,296

2,140

2,071

2,255

Non-Current Liabilities

983

903

1,922

3,283

3,493

3,031

2,479

1,999

Short-term Loans

448

415

1,461

2,178

2,486

2,118

1,663

1,299

Capital14,682

14,65915,18916,073

16,50917,45018,406

19,449Total liabilities & Capital

22,18622,92824,68330,39330,31031,50429,281

34,535Attributable to owners of theparent to Total assets(%)

66.2%

63.9%

61.5%

52.9%

54.5%

55.4%

62.9%

56.3%

Current Assets

2,488

2,472

4,093

5,229

4,782

4,258

3,734

3,554

Cash & Cash Equivalents
Non-Current Assets

Current Liabilities

66

FY3/2024

Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.

6. Reference materials

Financial Strategy: Shareholder Structure⚫ At the end of FY24/3, the institutional investor ratio (domestic corporations + foreign corporations) increased by 2.9% fromthe end of FY23/3 to 31.7%.
0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.5%

0.5%

0.5%

3.0%

3.2%

3.2%

3.2%

6.6%

6.9%

6.9%

6.9%
Treasury Stock

50.9% 50.9% 51.0% 50.9% 50.3%

49.3% 49.0% 48.5% 48.3%

67.4%
71.4% 69.8% 70.0%

0.3%

0.3%

0.4%

0.3%

0.4%

0.4%

0.2%

0.3%

48.3% 48.3% 48.3% 48.3% Management

1.0%
1.0%

0.4%

0.7%

0.4% Other
Companies

0.7%
7.8%

0.3%

0.2%

0.3%
13.0%

15.1% 14.7%

21.5% 21.5% 10.9% 11.9% 11.0%

2.8%
3.8%

10.0%

10.4% 11.4%

9.3%

4.4%
17.3%

13.1%
17.5% 17.5%
16.4% 16.6% 14.8%
12.0% 12.7% 12.4% 15.1% Domestic
21.8%
23.0% 22.8%

9.9%

9.9%

12.6% 13.9% 16.0%

14.0%

Institutions
and individuals

14.7% 16.1%
19.2% 16.6% Foreign

18.4% 17.0% 17.2% 20.3% 17.4% 15.6%
14.2% 13.6% 16.0%
12.5% 12.7% Individuals

16/3期 16/9期 17/3期 17/9期 18/3期 18/9期 19/3期 19/9期 20/3期 20/9期 21/3期 21/9期 22/3期 22/9期 23/3期 23/9期 24/3期
67

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Institutions
and individuals

and Others

6. Reference materials

EPS & PER
⚫ EPS reached a new record high due to solid performance growth in existing businesses and PMI of new M&A companies .
⚫ In FY2025/3, we aim to further increase EPS by further promoting PMI centered on Ties, implementing strategic investments, andconducting sharebuybacks.

EPS & PEREPS(yen)

PER(x)

Earnings Per Share(EPS)(Left)

Price-to-Earnings Ratio(P/E)(Right)

50

41.9
36.5

49.8

40

43.4

30

25.2

37.6

50

27.9

24

20.9

40

20
10

19.7
10.9

30

23.2

14

0

14.4

11

-10

17.3

17.0

20
10

-20

-18.1
0

-30
FY16/3

FY17/3Note 1: Figures for FY25/3 are earnings forecasts.
Note 2: A net loss was recorded in FY3/21.

68

60

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FY18/3

FY19/3

FY20/3

FY21/3

FY22/3

FY23/3

FY24/3 FY25/3E

Disclaimer

This briefing and briefing materials are based on information available as of the date of the announcement and the judgment of
the company. We will assume no obligation for updating or changing the information if future events changed the details.
In addition, please understand that actual results may differ from future prospects included in this briefing and briefing
materials due to changes in various factors because the prospects include many uncertain factors.

69

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