PERSOL HOLDINGS CO., LTD.
Held from 15:15 to 16:00 on Thursday, August 8, 2024
Script of Financial Results Presentation for FY2024 Q1

[President and CEO Wada]
Hello, I am Wada, CEO of PERSOL Holdings. Thank you very much for joining us today.
I have 3 points I would like to convey to you today. The 1st is the summary of the financial resultsfor FY2024 Q1. The 2nd is FY2024 full-year financial forecasts. And the 3rd is the topics of our group.
Let me start with the Q1 financial results summary. Revenue was 360.8 billion yen, an increase of
9.8% yoy, while adjusted EBITDA amounted to 22.9 billion yen, an increase of 20.7% yoy. Operating
profit totaled 16.9 billion yen, an increase of 15.6% yoy.
Adjusted EBITDA made 30.2-31.4% progress toward the full-year financial forecasts.
The 2nd point is FY2024 full-year financial forecasts. Although the market is becoming more uncertain
due to fluctuations in recent stock prices and significant changes in foreign exchange rates, we would
like to be fully aware of the situation and will respond to it, but in light of these factors, we intend tokeep our full-year forecasts within the range of assumptions we announced at the beginning of thefiscal year.
As of the end of Q1, we have some unutilized marketing and recruitment investments. This
contributed partially to an upside in Q1, but we will continue to monitor the market conditions andplan to execute these investments appropriately.
The 3rd is topics. There are great news we’d like to share, as we upholding human capitalmanagement.
The 1st, is that we won Excellent Award at the 6th Platinum Career Award. We also won ExcellenceAward at the 9th HR Technology Award. Furthermore, we won Award for Excellence in Human
Resource Management at the 13th Japan HR Challenge Awards. The contents will be explained later.
Now, first, we will have CFO Tokunaga explain the financial results.

[CFO Tokunaga] Hello, I’m Tokunaga, CFO. Please allow me to explain the Q1 financial results ofFY2024.

As was mentioned earlier, revenue increased about 10% yoy to 360.8 billion yen. Gross profit
increased 12% to 84.1 billion yen. Operating profit based on IFRS increased about 15% yoy to 16.9billion yen. As for adjusted EBITDA, which the top management focuses on, increased about 20% to22.9 billion yen. Q1 profit increased 38% yoy to 12.9 billion yen due to tax refund of about 1.3 billion
yen at Programmed in Australia.

Next is the adjusted EBITDA gap yoy. Adjusted EBITDA in Q1 of FY2023 was 19.0 billion yen but in
Q1 of FY2024 was 22.9 billion yen, due to gross profit increased 9.8 billion yen and SG&A expenses
increased 5.9 billion yen. The impact of foreign exchange rate on the gross profit was 1.4 billion yen
and on SG&A was 1.2 billion yen. Against the initial plan, (excluding the impact of foreign exchangerate,) gross profit grew around 2.0 billion yen, while SG&A was around 4.0 billion yen less.

This is FY2024 Q1 adjusted EBITDA and IFRS based operating profit breakdown. Adjusted EBITDA
was 22.9 billion yen but IFRS based operating profit was 16.9 billion yen, as depreciation cost
increased 0.3 billion yen yoy to 3.2 billion yen and accrued paid leave increased 0.4 billion yen yoy
to 1.7 billion yen. Main reason for the increase in provision for paid leave is due to wage hike ofemployees.

This is revenue by SBU. As you can see, we achieved increase in revenue in all the segments. Weachieved 16% revenue increase in Career SBU, which is the pillar of growth this fiscal year.

This is adjusted EBITDA by SBU. BPO SBU saw a decrease of 33% as projects related to COVID-19
have almost been eliminated, but other SBUs achieved significant increase, as you can see.

This is yoy operating profit by SBU. As this is similar to adjusted EBITDA, I will omit explaining aboutit.

Next is the financial results by SBU and the major KPIs.

Let me start with Staffing SBU, the pillar of our business.
Revenue increased over 4% yoy. We also achieved adjusted EBITDA increase of about 10% yoy. It ismainly because of 30% yoy growth in the placement business. KPIs for temporary staffing are written
on the right hand table. Number of active staffs increased by around 3% to 130,000 and averagecharge price increased by around 2%.

The 2nd SBU is BPO SBU. As explained earlier, because of the decline of COVID-19-related projects,profit decreased. However, other than COVID-19-related projects, what we call organic revenue,increased by around 14%. And the number of customers increased more than 20% and we are
performing favorably.

At BPO SBU, we are planning to integrate the companies on this October 1 and the company name isplanned to be changed to Persol Business Process Design. We are going to restructure the grouporganization. However, there will be no changes in the segments.

The 3rd is Technology SBU. Revenue increased about 10%, adjusted EBITDA increased about 23%.
Details are described in the below table. The number of IT engineers increased by around 20%*.
Mechanical and electric engineers increased by about 7% to around 3,400 engineers. On the otherhand, as is described at the very bottom, the number of registered temporary staffs decreased slightly.
*The IT/DX Solutions business took over the security services business in FY2024. Approximately halfof the about 20% yoy increase in the number of engineers is attributable to the succession of thesecurity services business.

We have the number of active engineers and their operating rate in the graph. As we had 627 newgraduate joiners in April this year, exceeding last year, operating rate will temporarily decrease but
we are expecting to see improvement from Q2 onward, just like last year.
Also, as described at the bottom, we were able to raise the average sales per unit by around 4% yoy
from last fiscal year’s 936 thousand yen to 978 thousand yen.

The 4th SBU is Career SBU. As explained at the beginning, there was slight upside compared to theforecasts at the beginning of this year, revenue grew approximately 16% yoy. Adjusted EBITDA
increased significantly by 37% to 9.4 billion yen.
As for the KPIs for Career SBU, the number of consultants increased 14% yoy, although we arecontrolling the hiring of consultants compared to Q4 of last fiscal year. In Q4, productivity ofconsultants decreased slightly, but compared to Q1 of last fiscal year, productivity has recovered tosimilar level at 3.16 million yen.

The last is Asia Pacific SBU. Again, as mentioned in the beginning, there was a foreign exchangeimpact of about 12%, but excluding that, we achieved 5% growth in revenue on a local currency
basis. Adjusted EBITDA grew about 28%.
Looking at each of the business, placement business has not yet gotten back to pre-COVID-19 level,
but temporary staffing business continues to perform strongly. Revenue of facility managementbusiness in Australia grew double digit on a local currency basis.

Now, R&D Function Unit included in Others, is making investments mainly in Shareful, and as a result,profit decreased slightly. As for the Adjustment, adjusted EBITDA improved yoy.

For Shareful, we achieved 7 million downloads.
This is all for the Q1 results.

[President and CEO Wada] I will continue with the group’s topics.

We won Excellent Award for the 1st time at the 6th Platinum Career Awards. We were recognized for
declaring to be a “Career Well-being” creation company, and pursuing efforts proactively including
career ownership support and the promotion of DEI. As a result, we were able to receive Excellent
Award at Platinum Career Award.

At the same time, we received the 9th HR Technology Awards and the 13th Japan HR ChallengeAwards. We won the Excellent Award for Human Capital Management and also Excellent Award for
Human Resource Management respectively. We prepared a platform for creating a system that helps
foster career ownership and allows individuals to make their own choices about how they work. TheHR Technology Award was given first and foremost in recognition of the efforts of the platform andthe results achieved in improving engagement.
We also set up a career scout system. When an individual registers for a career, somebody in thecompany, in another division, or group company can scout them. This was highly recognized asachieving results in enhancing employee engagement, and as a result, led to winning the award.
We will continue to promote these initiatives as human resources platform to be able to show casethe human resources related actions.

Last of all, we transitioned to a new structure in APAC from this August 1, so I would like to update
you about it.
We promoted Mr. Francis Koh, who has been overseeing staffing Business in APAC to CEO of Asia
Pacific SBU and at the same time, welcome him as an executive officer of Persol Holdings to build astructure to further promote APAC business and to drive growth.
His predecessor Mr. Yamazaki will graduate from Persol Group on this August 31. We will further
globalize the executives and the board members, and proactively accommodate diversity to reinforce
our business format.
That is all from me today. Thank you.