FY 3/2025 Q１

Financial Results Briefing
PORT INC. Securities Code: 7047
Aug 13, 2024

Copyright © PORT INC. All Rights Reserved.

Company Profile

PURPOSE

Company name

PORT INC.

Change the social debt into possibilities
for the next generation.

Established

April 18, 2011

Head officeaddress

5th Floor, Shinjuku Front Tower,
2-21-1 Kitashinjuku, Shinjuku-ku,
Tokyo

Share capital

2.3 Billion yen (as of June 30,2024)

Representative

Hirofumi Kasuga, Representative
Director, President and CEO

Business

Contract support business

Number of
employees

650 (as of June 30, 2024;
consolidated)

Average age of
employees

Approx. 28 (as of June 30, 2024)

Ratio of men to
women

6:4

We will implement things that are necessary for society, notthings that are nice to have, but things that are necessary.

Securities code

7047 (TSE Growth; listed on
December 21, 2018)

We will do this to eliminate as many social debts as possible andincrease the potential of future generations of people.

Major groupcompanies

INE Inc. / Five Line Inc.
Minshu, Inc.

Our society has always given priority to now.
Meanwhile, debts have been put off and handed off to thefollowing generations.
Distortions in many different areas generate complex friction
patterns and are becoming more serious.
Because of the complexity, however, the problem still has notbeen addressed.
We must address it now—not in the future.
Instead of putting off the debts for a century, we try to identify
social issues ourselves and advance the process from proposal to
implementation using people and technology.

Copyright © PORT INC. All Rights Reserved.

2

Contents

01

FY 3/2025 Q1 Summary of Results

P802

Summary of Results by Services, Human resources Domain and Energy Domain

P22

03

Outlook for Q2 and beyond

P35

04

Summary of Financial Data (PL/BS)

P37

05

APPENDIX

P43•

About Us•

Market Environment•

Competitive Advantage•

Inorganic Investment

Copyright © PORT INC. All Rights Reserved.

3

Changes to disclosure categories of Services
We will define the human resources domain and the energy domain as our mainstay businesses, and then change the service
segments in Q1 of FY 3/2025 to show the current facts about our businesses more appropriately.

Before change

From FY 3/2025

Contract Support BusinessContract Support Business

Staffing Support Services

Human resources Domain

Sales Promotion Support Services
Energy Domain

Energy Domain

Finance Domain

Renovation Domain

New・Other Businesses

Copyright © PORT INC. All Rights Reserved.

New Businesses Domain

4Impact of Sale of DOORS Inc. Related to Accounting Standards
Reflecting the sale of DOORS Inc. on May 31, 2024, in line with the IFRS accounting standards, the business of DOORS Inc.
has been classified as discontinued operations in the financial results for Q1 of the current fiscal year ending March 31, 2025
and for the previous fiscal year ended March 31, 2024 which is the target for comparisons.

Change to the method of recording in PL

Changes to financial results presentation

The profit/loss of DOORS Inc. is reflected only in profit as profit(loss) from discontinued operations (in the results of both thecurrent fiscal year, when the sale occurred, and the previous
fiscal year, which is the target for comparisons and was adjusted
retroactively).

Reflecting the reclassification of discontinued operations, thefigures for the previous fiscal year ended March 31, 2024 werechanged as follows. The reclassification of discontinued operations
has been factored into the performance plan for the current fiscal
year.
(Million yen)

Consolidated PL(IFRS basis)

FY 3/2024

Continuing operations

Discontinued
Business
Continuing
operations+.
Discontinued
operations

AfterchangeSales revenue

16,622

15,580EBITDA

2,862

2,650

Profit before tax

EBITDA including future
earnings

3,910

3,697

Income tax expense

Operating profit

2,403

2,217

Profit from continuing
operations

Profit before tax

2,331

2,146

Discontinued operations

Profit from continuing
operations

1,530

1,399

-

130

1,530

1,530

Sales revenue

Continuation
Business

BeforechangeProfit from discontinued
operations
ProfitCopyright © PORT INC. All Rights Reserved.

Reflected
the sale of
DOORS Inc.

Profit from discontinued
operations
Profit5

Summary01

The organic growth of our financial results exceeded our assumptions due to theimplementation of the selection and consolidation of businesses into the humanresources and energy domains, including the sale of DOORS Inc.

02

Sales from personnel referral services increased 96% year on year in the humanresources domain, and sales in the energy domain increased 85% year on year,
enabling the high growth rate to be maintained. We aim to achieve sales revenue of
10.0 billion in a single business as soon as possible.

03

After fully accumulating future earnings to maximize recurring earnings, EBITDA grew04

Launched a shareholder special benefit program in addition to dividends based on

60% year on year excluding gain on sale of business.

stock earnings. Significantly strengthened shareholder return policies (benefit yield:
6.1%*).

*The stock benefit yield is calculated based on the closing price of the Company's shares on August 9, 2024, which was 1,639 yen, and taking into account the twice-yearly stock benefit in the eventthat one unit (100 shares) is held.
Copyright © PORT INC. All Rights Reserved.

6

Corporate Actions in Q1 and Their Impact on Financial Results
By taking the following actions, we implemented selection and consolidation into the human resources and energy domains.

Consolidation of Minshu, Inc.
•

It became our consolidated subsidiary in April 2024.

•

Its impact on results has been as expected, with sales increasing 225 million yen in Q1 of the current fiscal year.

Sale of the Net-Vision Academy (NVA) business•We sold the business in May 2024.

•

In Q1 of the current fiscal year, the impact of this was that sales decreased approx. 51 million yen and businessprofit decreased approx. 24 million yen. We posted a 247 million yen gain on sale of business.

Sale of DOORS Inc.
•

We sold the shares of the company we held in May 2024.

•

Under the IFRS accounting standards, DOORS Inc. has been classified as discontinued operations and excluded
from sales and EBITDA. In the previous and current fiscal years, the results of this company have been posted
as profit (loss) from discontinued operations.

•

In Q1 of the current fiscal year, the impact of this was that sales revenue decreased approx. 300 million yen
and business profit declined approx. 100 million yen.
7

Copyright © PORT INC. All Rights Reserved.

01
FY 3/2025 Q1 Financial Results

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8

FY3/2025 Q1 Financial Summary (Apr. 2024 – Jun. 2024)

Overall

Sales revenue: 4,758 million yen (up 44% yoy)

EBITDA including future earnings:

EBITDA: 1,104 million yen (up 106% yoy)

1,492 million yen (up 136% yoy)•

Sales revenue increased 44%, mainly reflecting significant growth in the human resources domain and the energy domain.

•

Despite the acquisition of 387 million yen in future earnings, EBITDA increased significantly, up 106% year on year, due to organic growth
and the posting of a gain on sale of business (up 60% after excluding gain on sale of business).

•

Recurring earnings stood 132 million yen for Q1, and continued to steadily growth in QoQ.

Human resources
DomainSales revenue: 1,857 million yen (up 61% yoy)

Business Profit: 859 million yen (up 53% yoy)•

In personnel referral services, the number of contracts received increased mainly due to initiatives to increase the number of career advisorsand people beginning their job-hunting activities earlier. An increase in the unit prices of successful contracts also contributed to sales revenue
increasing 96% year on year.

•

Sales revenue from alliance services for staffing agencies increased 61% year on year due to the contributions due to the consolidation of
Minshu, Inc. in addition to an increase in the number of contracts received, which was achieved by leveraging the solid member base.

•

Progress in the PMI of Minshu, Inc. is steady in terms of financial results, products and also organizations. In Q2, we will fully incorporate themembers of Minshu, so we expect an increase in the total number of members.

Sales revenue: 1,980 million yen (up 85% yoy)
Energy Domain

Business Profit : 290 million yen (up 40% yoy)•

The total number of contracts received increased significantly due to electric power providers increased motivation to acquire newcustomers and investments in marketing against the background of a favorable external environment.

•

In addition to the above, synergy due to roll-up M&A activities continued to enhance our presence in the market. It also contributed to anincrease in the unit prices of successful contracts.

•

We significantly enhanced measures to acquire future earnings, which resulted in year-on-year increase of 308%, to 387 million yen, in
Q1. Recurring earnings also increased to 122 million yen in the energy domain only.

Copyright © PORT INC. All Rights Reserved.

9

(Repost) Medium-term Management Plan:

Financial Guidance (FY 3/2024 – FY 3/2026)
We aim for significant growth in revenue and profit and set an ambitious plan. While we assume 30% growth of CAGR forrevenue, we aim for 30% growth of EBITDA including future earnings because we will be conscious of future earnings during
the period.

Sales revenue

EBITDA
including future earnings*

EBITDA(million yen)

3-year CAGR:(million yen)

3-year CAGR:

Approx. 30%(million yen)

3-year CAGR:

Approx. 25%

Approx. 30%

4,800

25,0004,000
3,697

15,5802,650

11,364

FY3/23Results

2,168

2,010

FY3/24
Results*

FY3/26

FY3/23Results

FY3/24
Results*

FY3/26

FY3/23

FY3/24

Results

Results*

FY3/26*The results for the fiscal year ended March 31, 2024 are after the reclassification of the results of DOORS Inc. as discontinued operations due to the sale of the shares of the company.
*EBITDA including future earnings= EBITDA + earnings which would be posted for the current fiscal year as one-time earnings under ordinary circumstances
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10

FY 3/2025 Full-Year Forecast (After Reclassification as Discontinued Operations)
The CAGR for the two businesses is expected to grow 30% or more. The sale of DOORS Inc. and its reclassification as
discontinued operations due to its sale, the acquisition of Minshu, Inc. and the transfer of NVA, which had all already occurredby the beginning of the current fiscal year, have been factored into the forecast.
IFRS（million yen）

FY 3/2025
Forecast(Ref.) FY 3/2024

YoY

Sales revenue

21,100+35%

15,580EBITDA

3,500

+32%

2,650

Future earnings

1,500

+43%

1,047

EBITDA
including future earnings

5,000

+35%

3,697

Operating profit

2,900

+31%

2,217

Profit before tax

2,830

+32%

2,146

Profit

1,870

+22%

1,530

1,850

+27%

1,456

(Including discontinued operations)

Profit attributable to owners ofparent*EBITDA = Operating profit + Depreciation and amortization + Loss on retirement of fixed assets and valuation gain or loss + Stock-based payment expenses*The results for the fiscal year ended March 31, 2024 are after the reclassification of the results of DOORS Inc. as discontinued operations due to the sale of the shares of the company.
*Future earnings: Total amount of earnings to be generated from a contract in the future. Because earnings that would be posted in the current fiscal year under ordinary circumstances will be posted into the future, the actual
performance of the Company should be measured based on EBITDA including future earnings.

Copyright © PORT INC. All Rights Reserved.

11

Results for FY 3/2025 Q1 (Apr. 2024 - Jun. 2024)(After Reclassification as Discontinued Operations)
Both sales revenue and EBITDA increased significantly due to the organic growth of each business. In particular, we achieved
record quarterly highs for EBITDA and each stage of profit due to the growth of each business and the recognition of a 247

million yen gain on transfer of business.
FY 3/2025
IFRS（million yen）

Q1

FY 3/2024

YoY
After excluding gain
on transfer

After excluding gain
on transfer

Q1

Sales revenue

4,758

-

+44%

-

3,300

EBITDA

1,104

857

+106%

+60％

537

Future earnings

387

-

+308%

-

94

EBITDA
including future earnings

1,492

1,244

+136%

+97%

632

Operating profit

945

698

+105%

+51％

461

Profit before tax

930

682

+108%

+52％

448

568

417

+83%

+34％

311

571

419

+116%

+58％

264

Profit(Including discontinued
operations)

Profit attributable toowners of parent*EBITDA = Operating profit + Depreciation and amortization + Loss on retirement of fixed assets and valuation gain or loss + Stock-based payment expenses*The results for the fiscal year ended March 31, 2024 are after the reclassification of the results of DOORS Inc. as discontinued operations due to the sale of the shares of the company.
*Future earnings: Total amount of earnings to be generated from a contract in the future. Because earnings that would be posted in the current fiscal year under ordinary circumstances will be posted into the future, the actual
performance of the Company should be measured based on EBITDA including future earnings.

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12

Progress Against Full-year Forecast(After Reclassification as Discontinued Operations)
Our start on the full-year plan has been very good, including the influence of the corporate actions in the current fiscal year,

due to the organic growth of the two businesses, despite a characteristic feature of the businesses being that figures (profits
in particular) are disproportionately higher in the second half.
(million yen)

Sales Revenue

EBITDA

Forecast
21,100

Forecast
3,500（YoY+35％）（YoY+32％）

Results
2,650

Results
15,580

4Q

4Q

739

4,973

3Q
3Q

456

Progress

3,627

Progress

2Q
3,678
1Q
3,300

FY 3/2024
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Achievement
21.2％

1Q
4,758

FY 3/2025

22.6％

2Q
916
1Q

Achievement
20.3％

1Q

31.6％

1,104

537

(247)

FY 3/2024

FY 3/2025

Gain on transfer
of a business

13

Trends in Quarterly Sales Revenue(After Reclassification as Discontinued Operations)
Amid favorable external conditions, the organic growth of both businesses and synergy due to roll-up M&A activities in theenergy domain in particular contributed to sales revenue increasing 44% year on year.

(million yen)

YoY+

Human resources Domain

44 %Energy Domain

4,973

New businesses Domain
968

3,390

1,422

1,022

1,491
926

1,500
940

400

565

560

Q1

Q2

Q3

FY3/2022

2,578

2,625

915

1,076

2,640
908

2,707

1,069

793
915

781

633

Q4

Q1

3,627

748

737

920

2,409

1,080
1,511

1,980

957

Q2

Q3

FY3/2023

YoY
-15%

1,068

1,249

1,151

Q4

Q1

Energy

YoY
+85%

1,697
Human
resources

747

939

New
businesses

3,300

1,002
1,072

881

3,678

4,758

1,418

Q2

1,192

Q3

FY3/2024

1,595

Q4

1,857

YoY
+61%

Q1
FY3
/2025

*Energy domain: INE. Inc became a consolidated subsidiary in January 2022 (Q4 FY Mar.2022) and Five Line Inc became a consolidated subsidiary in July 2023.
*Human resources Domain: Minshu, Inc. became a consolidated subsidiary in April 2024 (Q1 FY Mar 2025); Net Vision Academy was transferred in May 2024.
*New Businesses Domain: In June 2024, Doors Inc. was excluded from consolidation following the sale of its shares. (Reclassified as a discontinued operation from FY2024.)
Copyright © PORT INC. All Rights Reserved.

14

Trends in Quarterly EBITDA(After Reclassification as Discontinued Operations)
The significant growth of the two businesses absorbed the increase in the costs for increasing personnel increase in April andother expenses, and we achieved a record-high quarterly EBITDA. EBITDA excluding gain on sale of NVA also grew at a highrate, up 60% year on year.

(Million yen)

YoY+

106 %

(YoY+60% after excluding
gain on transfer)

1,104

916
739
672
857

537

510
402

147

456

423

403

185

Profit on
sale ofshares※1

76

Profit ontransfer※2

247

186

Q1

Q2

Q3

FY 3/2022

Q4

Q1

Q2

Q3

FY 3/2023

Q4

Q1

Q2

Q3

FY 3/2024

Q4

Q1
FY
3/2025*1 In July 2023, the Company sold shares of Port Engineering, Inc. A gain of 186 million yen was recorded on the sale of shares.
*2 Net Vision Academy business(NVA) was sold in May 2024. A gain of 247 million yen was recorded.
*3 EBITDA until the fiscal year ended March 31, 2023 = operating income + depreciation and amortization + stock-based compensation expenses; from the fiscal year ending March 31, 2024,
EBITDA = operating income + depreciation and amortization + loss on retirement and write-down of fixed assets + stock-based compensation expenses.
Copyright © PORT INC. All Rights Reserved.

15

Trends in Quarterly Business Profit(After Reclassification as Discontinued Operations)
Profits from both businesses grew significantly while we continued to invest aggressively in growth and acquire future earnings
in the energy domain.

(million yen)

YoY+

40 %

Human resources Domain
Energy Domain
1,192

New businesses Domain
Corporate cost
736

308
150

414

443

147

212

150
177
408

267

230

-327

-325

-315

-410

Q1

Q2

Q3

Q4

158

FY3/2022

787

779

783

242

193

183

68

130

248

960

173

228

190

273

563

68

192

YoY
+1%

931

353

290

21

713

844

859

583

517

469

-457

-373

-467

-608

-519

-564

-644

-688

-665

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

297

FY3/2023

Energy

YoY
+40%

326

207
739

New
businesses

1,266

1,159

224

1,341

FY3/2024

Human
resources

YoY
+53%

FY3/2025*Energy domain: INE. Inc became a consolidated subsidiary in January 2022 (Q4 FY Mar.2022) and Five Line Inc became a consolidated subsidiary in July 2023.
*Human resources Domain: Minshu, Inc. became a consolidated subsidiary in April 2024 (Q1 FY Mar 2025); Net Vision Academy was transferred in May 2024.
*New Businesses Domain: In June 2024, Doors Inc. was excluded from consolidation following the sale of its shares. (Reclassified as a discontinued operation from FY2024.)
Copyright © PORT INC. All Rights Reserved.

16

Trends in Quarterly Recurring Earnings
In Q1, we acquired recurring earnings of 132 million yen, which resulted in a steady quarter-on-quarter increase . In addition,
recurring earnings from the business partnership with the Lake business of Shinsei Financial Co., Ltd., which began to be
included in the new business domain in the current fiscal year, reached a certain level, so we began to disclose it.
Energy Domain(million yen)

New Businesses Domain
Recurring earnings as a percentage of EBITDA after excluding gain on sale
Recurring earnings as a percentage of EBITDA

15.5%
13.0%
5.3%

Medium-termManagement Plan
（FY 3/2026）

12.1%

EBITDA

6.8%

12.0%

132

5.5%

4,000million yen

1092
Recurring earnings as apercentage of EBITDA

65

54

122

32

92

more then

20％

65

54
32
Q1

Q2

Q3
FY 3/2024

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Q4

Q1
FY 3/2025
17

Trends in Quarterly Major Expenses(After Reclassification as Discontinued Operations)
In Q4 of the previous fiscal year, advertising expenses and outsourcing expenses increased in the peak period due to continued investment
in growth and the peak season. However, the expenses in Q1 of the current fiscal year were on par with the previous year. Labor
expenses increased because more than 100 people joined us in April 2024, including both new graduates and people hired mid-career.

Major Expenses(million yen)

Ratio of Advertising Expenses to Sales Revenue

Labor cost
4,394

Advertising expenses
Outsourcing cost

438

Depreciation amortization

3,083
2,807 2,859

2,253 2,295 2,235

1,441 1,403

1,372

136

132

118

267

286

298

656

587

547

430

411

619

34.4%34.9%
33.4%

1,036

358

38.2%

34.3%

304
684

208
612

718

714

527

2,057

1,630

1,386

1,165 1,151

1,228

1,071

992

983

1,050

501

496

515

591

610

671

739

739

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

332

347

357

460

Q1

Q2

Q3

Q4

FY３/202267

2,391 352

41.4%

38.8%
37.8%37.3%

36.5%

1,034

412

41.5%

39.4%

3,340

Other expenses

335

46.1%

371

Goodwill amortization

233

4,082

FY３/2023

FY３/2024

885

Q1
FY３

Q1

Q2

Q3

FY3/2022

Q4

Q1

Q2

Q3

FY3/2023

Q4

Q1

Q2

Q3

FY3/2024/2025*The results for the fiscal year ended March 31, 2024 are after the reclassification of the results of DOORS Inc. as discontinued operations due to the sale of the shares of the company.
Copyright © PORT INC. All Rights Reserved.

Q4

Q1
FY3
/2025
18

Financial Position
The capital adequacy ratio remained above 40%. Among non-current assets, goodwill increased 900 million yen due tochanges that resulted from the sale of DOORS Inc. and the acquisition of Minshu, Inc. Increases other than the increase of
goodwill include the relocation and expansion of INE and posting of costs for acquiring customers for the increase of future
earnings.

(million yen)

IFRS
(million yen)

FY3/2024 Q4(Mar. 31, 2024)

FY3/2025 Q1(Jun. 30, 2024)

Difference

7,353

7,947

+593

3,797

5,390

+1,592

8,882

10,437+1,553

Goodwill

3,995

4,952

+957

Contract costs

-

578

+578

Energy Domain

-

184

+184

Human Resources Domain

-

394

+394

16,235

18,384+2,149Total Current Liabilities

4,451

4,196

-254

Total Non-current Liabilities

5,031

6,737

+1,705

9,482

10,933+1,450Equity Attributable to Owners of Parent

6,752

7,452

+700

Ratio of Equity Attributable to Owners of Parent to Total Assets

41.6%

40.5%

-1.1p

6,752

7,451

+698

Total Current Assets
Cash and Cash Equivalents
Total Non-current Assets

Total Assets

Total Liabilities

Total Equity
Copyright © PORT INC. All Rights Reserved.

19

Financial Position
While goodwill and interest-bearing debt increased due to the acquisition of Minshu, Inc., neither the capital adequacy ratio
nor the goodwill net asset value ratio changed significantly from the end of the previous fiscal year due to profit and the saleof DOORS Inc.

Interest-Bearing Debt
Equity Attributable to Owners of Parent

Goodwill Net Asset Value Ratio

Interest-Bearing Debt
Ration of Equity Attributable to
Owners of Parent

Increase due to debt
financing for acquisition of
Minshu, Inc. and Increase
equity ration slightly due
to the sale of DOORS Inc.

Improve financial basethrough public offering

Increase due to debt
financing for M&A of FiveLine and acquisition of 41.9%
100% ownership of INE

Increase due to Goodwill

41.6%

for M&A of Five Line

Decrease due toGoodwill for sale of
DOORS Inc., but
Increase due toGoodwill for M&Aof Minshu, Inc.

40.5%

Target100％

33.1%
Target
30％

98.6%
85.0%

28.7%

61.2%

59.2%

66.5%

Improve financial basethrough public offering

4,787

6,549

5,595

5,321

6,907

FY3/24 Q1

FY3/24 Q2

FY3/24 Q3

FY3/24 Q4

FY3/25 Q1Copyright © PORT INC. All Rights Reserved.

FY3/24 Q1

FY3/24 Q2

FY3/24 Q3

FY3/24 Q4

FY3/25 Q1

20

Financial Position (Valuation of Goodwill)
Due to the sale of DOORS Inc., goodwill exists only in the human resources and energy domains. Both the market
environment and outlook are favorable, and impairment risk decreased significantly. Minshu, Inc. was acquired in April 2024,
and the PMI has been progressing steadily.

Market•Human Resources
Domain•In view of the expansion of thecontract support organization andregional expansion, major growth inpersonnel referral services isanticipated.

•

It is estimated that the unit cost of
hiring new graduates will continue torise due to intensifying competition
for new graduate recruitment.

•

We will bolster cross-selling
promotion for graduates and recent
graduates in the future.

•

Following the increase in regulated
electricity rates of regional electric
power companies, electric power
providers raised their rates.

••

Although there is still a risk offluctuation in electricity wholesale
rates, the market was more stable
than in 2022.

In line with growth of our market
share, our presence will increase andso will the number of contracts
signed and successful contract unit
rate.

•

The competitive environment
intensified as electric power providers
stepped up efforts to capture newcustomers and undertook aggressive
promotion of sales activities.

To increase the likelihood ofcontinuous growth, we will attach
importance to the shift to recurring
earnings.

•

We will make active investments inmarketing seeking further expansion
in market share.

Approx.

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Enrichment of the product lineup will
strengthen the new graduate
member base and increase our ability
to attract users.

The population of new graduates as
our main service targets is expected
to remain flat amid the rise in theratio of students advancing to higher
educations.

2.8 billion yen

2.1 billion yen••

Approx.

Energy Domain

The new graduate recruitment
support market is trending higher
amid a growing corporate willingness
to hire such workers and climbing
demand for them.

Outlook•21

02
FY 3/2025 Q1
Summary of Results by
Human resources Domain

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22

Human resources Domain : Sales Revenue
Record high quarterly sales revenue. Sales from personnel referral services increased significantly up 96% year on year, due

to higher unit contract prices and increased in the number of contracts (up 91% year on year). In alliance services increased
61% year on year mainly due to the consolidation of Minshu, Inc.
(million yen)

FY3/2025 Q1
Total

Alliance

Personnel Referral
ServicesOther

1,857 (YoY +61%)

1,049 (YoY +61%)

782 (YoY +96%)

25 (YoY -18%)

Alliance

YoY+

Personnel Referral Services

61 %
1,857

Other
1,595
1,418
1,249
939

565

560

230

168

400
124
258

312

351

Q1

Q2

Q3

FY3/2022
Copyright © PORT INC. All Rights Reserved.

633
200

408

690

957
389

781

681
398

526

331

211
523

Q4

405

Q1

782

1,192

1,151

501

585

Q2

Q3

FY3/2023

805

722

695

Q4

Q1

Q2

850

1,049

601

Q3

FY3/2024

Q4

Q1
FY3
/2025

23

Human resources Domain : Business Profit
The business profit ratio decreased slightly, mainly reflecting changes in the sales distribution ratio and the continuation ofbusiness investments, including test marketing aimed at enabling the sustainable growth of the human resources domain.
(million yen)

Business profit

YoY+

Business profit ratio

53 %

59%
55%

52%
47%

53%
49%

49%

47%

50%

49%
46%

41%
40%

739

844

859

Q4

Q1

713
583

563
517

469
408

267

297
230

158

Q1

Q2

Q3

FY 3/2022

Q4

Q1

Q2

Q3

FY 3/2023

Q4

Q1

Q2

Q3

FY 3/2024

FY
3/2025

Copyright © PORT INC. All Rights Reserved.

24

Human resources Domain :Market Trend (New Graduate Support Services Market)
Demand remained the largest in Q4. In Q1 of the current fiscal year, demand for personnel referral services increased morethan in the past due to the impact of earlier start to job-hunting activities.

Apr.

May.

Jun.

Jul.

Q1

Aug.

Sep.

Q2

Oct.

Nov.
Q3

Dec.

Jan.

Feb.

Mar.

Q4
Spring internship2nd-yearundergraduates△
Opening of major internshipsites

3rd-yearundergraduates/1styear graduate students

Opening of internship of directly linked torecruitment
Summer
Winterinternships
internships

△

○

○

Mar. 1: Official opening of jobhunting season
Opening of major recruitment
sites◎*Peak demand period

Jun. 1: Official start date ofjob interviews

4th-yearundergraduates/2nd-year graduate
students

Level of contribution to
the Company's sales

Unofficial job offer
ceremony◎◎◎(Before: 〇 )△Copyright © PORT INC. All Rights Reserved.

: Low

○

: Medium

◎

△
〇
◎
大◎)
(Before:△(Before: 〇 ): High25

KPIs of Human resources Domain :Number of Contracting Companies and ARPU
While the number of contracting companies increased approx. 40% due to the acquisition of Minshu, Inc. and the continued
growth of demand for personnel referral services from labor-seeking companies, the sales of the human resources domain asa whole grew significantly, resulting in a slight increase in ARPU (sales per contracting company).

4,000
Number of contracting companies

ARPU
3,500
3,000

2,500
2,000
597

1,500
402
265

302

319

329

347

341

388

408

443

423

457

1,000
500
0

Q1

Q2

Q3

FY3/2022

Q4

Q1

Q2

Q3

FY3/2023

Q4

Q1

Q2

Q3

FY3/2024

Q4

Q1
FY3
/2025

Copyright © PORT INC. All Rights Reserved.

26

千(Thousand yen)

KPIs of Human resources Domain :Number of Contracts in Personnel Referral Services
The number of contracts received in personnel referral services increased significantly, nearly twofold year on year, due tothe effect of the earlier start of job-hunting activities, the initiatives to increase the number of career advisors and the effectsof the productivity improvement program, in addition to the market environment, where demand for personnel referral
services for new graduate recruitment is increasing.

YoY+

Q1

Q2

Q3

FY3/2022

Copyright © PORT INC. All Rights Reserved.

Q4

Q1

Q2

Q3

FY3/2023

Q4

Q1

Q2

91 %

Q3

FY3/2024

Q4

Q1
FY3
/2025
27

KPIs of Human resources Domain : Members
The number of new members continued to increase steadily as the number of new members graduating in FY3/2025
increased at a higher rate than those who graduated in FY3/2024 due to their starting to search for jobs at an earlier dateand product enhancement.

Total Unique Members by Graduation Year *1,*2,*4(thousand people)(thousand people)

800
700

Total Non-Unique Members by Graduation Year *1,*3,*4800

Graduated in Mar. 2024
Graduate in Mar. 2025

700

Graduate in Mar. 2026

600

Graduated in Mar. 2024

699

Graduate in Mar. 2025
Graduate in Mar. 2026

Graduate in Mar. 2027

600

500

455

598

Graduate in Mar. 2027

500

417
400

400

300

300

200

144

114
100

188

200

143

100

0

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
FY3/2022

FY3/2023

FY3/2024

FY3
/2025

Q1

Q2

Q3

FY3/2022

Q4

Q1

Q2

Q3

FY3/2023

Q4

Q1

Q2

Q3

FY3/2024

Q4

Q1

FY3
/2025

*1 Due to a change in the definition for the number of members data, there is a slight discrepancy with the number of members of the graduate of 2024 and 2025 that was disclosed in the past.
*2 “Career Park! and “就活会議 (Shu-katsu Kaigi)" and other services operated by the our group companies.
*3 “Career Park! and “就活会議 (Shu-katsu Kaigi)" and other services operated by the our group companies.(non-unique members)*4 The number of members including “Minshu” is currently being adjusted and will be refined from Q2.
28
Copyright © PORT INC. All Rights Reserved.

02
FY 3/2025 Q1
Summary of Results by
Energy Domain

Copyright © PORT INC. All Rights Reserved.

29

Energy Domain : Sales Revenue
In the energy domain, electric power providers' motivation to acquire new customers increased due to the stable JEPX prices.
In Q1 of this fiscal year, the unit prices for successful contracts were maintained even after the high demand period in Q4 ofthe previous fiscal year. Sales revenue increased significantly, up 85% year on year, with synergy due to roll-up M&A
activities contributing to this.

(million yen)

YoY+

85 %

2,409
1,980
1,511
881

915

Q4

Q1

FY 3/2022

793

747

Q2

Q3

FY 3/2023

1,072

1,068

Q4

Q1

Q2

1,698

Q3

FY 3/2024*In the energy domain, INE, Inc. became a consolidated subsidiary in January 2022, also Five Line Inc, became a consolidated subsidiary in July 2023.
Copyright © PORT INC. All Rights Reserved.

Q4

Q1
FY 3/2025

30

Energy Domain : Business Profit
Increased unit prices for successful contracts and an increase in recurring earnings contributed the significant year on year
increase of business profit as measures focused on future earnings were being implemented strategically in the energy
domain.
(million yen)

YoY+

Business Profit

40 %Recurring Earnings

353
326
290

273
248
228
207

261

177

261

168

219

130

175
68

32
Q4
FY 3/2022

Q1

Q2

Q3

FY 3/2023

Q4

Q1

54

65

Q2

Q3

FY 3/2024*In the energy domain, INE, Inc. became a consolidated subsidiary in January 2022, also Five Line Inc, became a consolidated subsidiary in July 2023.
Copyright © PORT INC. All Rights Reserved.

92

Q4

122

Q1
FY 3/2025

31

Concept of Business Profit in the Energy Domain
Focus on future earnings to maximize recurring earnings in the energy domain. When converted to conventional one-time
earnings, the capacity to generate business profit was 677 million yen in Q1 alone.

Ability to generate business profit
in the energy domain

What is future earnings?
(million yen)

When one user's electricity contract is received as one-time earnings
or recurring earnings
Business Profit

840

Future Earnings

One-time earnings

Recurring earnings

Timing of earnings

Only the month ofsigning

User's electricity
contract term

Earnings per acontract.

10,000 yen(tentative)

2% of user's monthly
electricity bill(tentative)

677
625

353

290
438

287

276

301
273
487

168
248

326

228

99

207

130

68
28

31

38

59

Q1

Q2

Q3

Q4

FY 3/2023

Copyright © PORT INC. All Rights Reserved.

387
299

94

Q1

Earnings that is expected to continue being generated in the
future as recurring earnings

Future Earnings

165

Calculated in consideration of the monthly cancellation
Q2

Q3

FY 3/2024

Q4

Q1
FY 3/2025

rate, recurring expenses, discount rates and otherfactors by subtracting all of these factors from monthly
sales

32

KPI for Energy Domain
The total number of contracts received increased significantly year on year as individual electric power providers' motivationto acquire new customers increased and contracts for incidental products other than electricity also remained solid. The riseof unit prices for successful contracts also contributed to the significant year-on-year increase in the ARPU (sales revenue percontracting company).

Number of contracting companies

ARPU

Number of successful contracts

50

70
58
49

52

67

69

(Thousand)(Electric, Gas and Others)(million yen)

YoY+ 143 %

40

244

63

53

206

30
48

167

20

133
98

10

69

75

84

59

0
Q1

Q2

Q3

FY 3/2023

Q4

Q1

Q2

Q3

FY 3/2024

Q4

Q1
FY 3/2025

Q1

Q2

Q3

FY 3/2023

Q4

Q1

Q2

Q3

FY 3/2024

Q4

Q1
FY
3/2025※ Due to a revision of the method of calculation, some errors have arisen from the figures for the total number of contracts signed, which had been disclosed until the third quarter of FY2024.
33
Copyright © PORT INC. All Rights Reserved.

Energy Domain:Market Trend (New Graduate Support Services Market)
JEPX prices have been stable, but the risk that they may fluctuate remains. Electric power providers in the individual regions
are strengthening their efforts to acquire new customers in response to the JEPX prices. The resultant increase in their sales
promotion expenses also contributed to the rise of our unit prices for successful contracts.

Demand for customers generated by powercompanies, etc. recovers.

JEPX market prices are stabilizing.
In 2022, JEPX market prices soared due to a steep rise inresource prices and other reasons. The prices have remained at
the same level since 2023 though we need to continue to watch
this.

Market Price (*JEPX）

70

2022
2023
2024

60

Risk hedging via price fluctuation is more possible than it was
before, as can be seen in facts such as the introduction ofmarket-linked price plans and proper price pass-through tousers. As a consequence, investment in marketing has been
resumed.
FY 3/2023

Steep rise in electricity wholesale price reflecting theimpact of the weak yen and soaring resource prices
Electric power companies' reduction of sales promotion
costs

50

Electric power companies' control and suspension of newuser acquisition

40
30

FY 3/2024

20

Increase of prices under regulation implemented byregional electric power companies
Price increase implemented by electric power companies

10
Resumption of user acquisition activities
0
Jan.

Jun.

Dec.

FY 3/2025* JEPX(Japan Electric Power Exchange) https://www.jepx.jp/electricpower/market-data/spot/
Copyright © PORT INC. All Rights Reserved.

Further strengthening of sales promotion
activities in light of market priceconditions
34

03
Outlook for Q2 and beyond

Copyright © PORT INC. All Rights Reserved.

35

Outlook for Q2 and beyond

We project both businesses will perform strongly as we maintain a
CAGR of 30%.
Human Resources Domain•

While it is expected that the earlier and year-round recruitment of new graduates will have a certain degree of impact on a quarterly basis, we havenot changed our expectations regarding their positive impact throughout the year.

•

The addition of approx. 30 career advisors that were assigned in June has enabled the establishment of contract support organization with morethan 100 members. We aim to enable them to develop sufficient skills as soon as possible while also working to maintain and improve productivity.

•

The PMI of Minshu, Inc. is steadily progressing. Leveraging our solid member base, which was added to by the acquisition of Minshu, we will strive
to increase the number of contracts received and the unit prices for successful contracts by launching new services.

Energy Domain•

Individual electric power providers are expected to enhance measures to acquire new customers in and after Q2, against the backdrop of thestability of the electricity wholesale market and exchange rates, among other factors.

•

Unit prices for successful contracts will continue to rise due to our enhanced presence in the market, resulting from synergy due to M&A activities,
and an increase in the sales promotion expenses of each electric power provider.

•

Seeing this fiscal year as the perfect time to increase our market share, we will continue to boldly invest by making the maximization of the total
number of contracts received the top priority.

The impact of interest-rate increases and exchange fluctuations (the appreciation of the yen) will be
extremely minor.
•

With the rise in short-term interest rates after the Bank of Japan's additional interest rate increase, the JBA one-month Japanese Yen TIBOR
rose approx. 0.1% as of July 31 and August 5.

•

If it increases 0.2%, the increase in interest expenses will be around 14 million yen per year (around 10 million yen in the fiscal year ending
March 31, 2025), so its impact on our financial results will be minor.

•

The negative impact of the fluctuation of exchange rates (the appreciation of the yen) on the individual businesses will be limited. In the energy
domain, the impact is expected to be positive.

Copyright © PORT INC. All Rights Reserved.

36

04
Summary of Financial Data
（PL/BS）*Until fiscal year ended March 2020:Japanese GAPP

*From fiscal year ended March 2021:IFRS*Until fiscal year ended March 2023: EBITDA = Operating profit + Depreciation and amortization + Stock-based payment expenses*From fiscal year ending March 2024 onward: EBITDA = Operating profit + Depreciation and amortization + Loss on retirement of fixed assets and valuation gain or loss + Stock-based payment
expenses*Future earnings: Total amount of earnings to be generated from a contract in the future. Because earnings that would be posted in the current fiscal year under ordinary circumstances will be posted
into the future, the actual performance of the Company should be measured based on EBITDA including future earnings.

Copyright © PORT INC. All Rights Reserved.

37

PL (Quarterly)
IFRS(million yen)

Before reclassification (FY3/2024)
FY 3/2022

FY 3/2023

FY 3/2024

FY25

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

1,422

1,491

1,500

2,578

2,625

2,640

2,707

3,390

3,579

3,936

3,875

5,231

4,758

400

565

560

781

633

939

957

1,249

1,151

1,418

1,192

1,595

1,857

0

0

0

881

915

793

747

1,072

1,068

1,511

1,697

2,409

1,980

1,022

926

940

915

1,076

908

1,002

1,069

1,359

1,006

985

1,226

920

1,441

1,403

1,372

2,253

2,295

2,235

2,391

2,807

3,068

3,277

3,551

4,638

4,082

Labor cost

332

347

357

460

501

496

515

591

641

699

769

769

885

Advertising expenses

656

587

547

1,071

992

983

1,050

1,165

1,283

1,356

1,518

2,216

1,630

Outsourcing cost

267

286

298

430

411

619

527

612

747

737

717

1,068

1,036

48

49

51

56

54

67

90

85

81

116

122

131

158

-

-

-

-

-

-

-

-

-

-

-

-

-

136

132

118

233

335

67

208

352

313

367

423

452

371

308

414

443

736

787

779

783

1,192

1,062

1,254

998

1,312

1,341

158

267

230

408

297

517

469

739

563

713

583

844

859

0

0

0

177

248

68

130

228

207

273

326

353

290

150

147

212

150

242

193

183

224

291

267

89

114

192

Sales Revenue
Human resources domain

Energy domain
New businesses domain
Major Expenses

Depreciation amortization
goodwill amortization
Other expenses
Business profit
Human resources domain
Energy domain
New businesses domain
Operating profit

26

96

134

341

349

442

332

574

532

863

377

630

945

EBITDA

76

147

185

402

403

510

423

672

614

986

500

761

1,104

EBITDA including future earnings
Profit before tax（loss）
Profit attributable to owners ofparentCopyright © PORT INC. All Rights Reserved.

-

-

-

-

431

542

462

732

709

1,151

799

1,249

1,492

16

89

131

327

348

429

319

561

518

846

349

616

930

2

54

105

170

231

303

194

345

264

533

181

476

571
38

PL (Quarterly)
IFRS(million yen)

After reclassification (FY3/2024)
FY 3/2022

FY 3/2023

FY 3/2024

FY25

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

1,422

1,491

1,500

2,578

2,625

2,640

2,707

3,390

3,300

3,678

3,627

4,973

4,758

400

565

560

781

633

939

957

1,249

1,151

1,418

1,192

1,595

1,857

0

0

0

881

915

793

747

1,072

1,068

1,511

1,697

2,409

1,980

1,022

926

940

915

1,076

908

1,002

1,069

1,080

748

737

968

920

1,441

1,403

1,372

2,253

2,295

2,235

2,391

2,807

2,859

3,083

3,340

4,394

4,082

Labor cost

332

347

357

460

501

496

515

591

610

671

739

739

885

Advertising expenses

656

587

547

1,071

992

983

1,050

1,165

1,151

1,228

1,386

2,057

1,630

Outsourcing cost

267

286

298

430

411

619

527

612

718

714

684

1,034

1,036

48

49

51

56

54

67

90

85

75

110

116

124

158

-

-

-

-

-

-

-

-

-

-

-

-

-

136

132

118

233

335

67

208

352

304

358

412

438

371

308

414

443

736

787

779

783

1,192

960

1,159

931

1,266

1,341

158

267

230

408

297

517

469

739

563

713

583

844

859

0

0

0

177

248

68

130

228

207

273

326

353

290

150

147

212

150

242

193

183

224

190

173

21

68

192

Sales Revenue
Human resources domain

Energy domain
New businesses domain
Major Expenses

Depreciation amortization
goodwill amortization
Other expenses
Business profit
Human resources domain
Energy domain
New businesses domain
Operating profit

26

96

134

341

349

442

332

574

461

800

340

614

945

EBITDA

76

147

185

402

403

510

423

672

537

916

456

793

1,104

EBITDA including future earnings
Profit before tax（loss）
Profit attributable to owners ofparent

-

-

-

-

431

542

462

732

632

1,082

756

1,226

1,492

16

89

131

327

348

429

319

561

448

783

313

601

930

2

54

105

170

231

303

194

345

264

533

181

476

571

*The results for the fiscal year ended March 31, 2024 are after the reclassification of the results of DOORS Inc. as discontinued operations due to the sale of the shares of the company.
Copyright © PORT INC. All Rights Reserved.

39

PL (Yearly)

Before reclassification (FY3/2024)

IFRS (million yen)

FY 3/2021

FY 3/2022

FY 3/2023

FY 3/2024

4,689

6,994

11,364

16,622

1,471

2,308

3,779

5,357

0

881

3,528

6,687

3,233

3,803

4,056

4,577

4,770

6,470

9,730

14,536

961

1,498

2,105

2,879

2,082

2,863

4,191

6,375

Outsourcing cost

920

1,282

2,171

3,271

Depreciation amortization

81

206

297

452

goodwill amortization

173

0

0

0

Other expenses

550

620

963

1,557

1,141

1,902

3,542

4,628

689

1,064

2,023

2,704

0

177

675

1,160

451

660

843

762

Operating profit

106

599

1,699

2,403

EBITDA

290

810

2,010

2,862

-

-

2,168

3,910

Profit before tax

159

564

1,658

2,331

Profit attributable to owners of parent

160

332

1,074

1,456

Revenue
Human resources domain
Energy domain

New businesses domain
Major Expenses
Labor cost
Advertising expenses

Business profit
Human resources domain
Energy domain
New businesses domain

EBITDA including future earnings

Copyright © PORT INC. All Rights Reserved.

40

PL (Yearly)

After reclassification (FY3/2024)

IFRS (million yen)

FY 3/2021

FY 3/2022

FY 3/2023

FY 3/2024

4,689

6,994

11,364

15,580

1,471

2,308

3,779

5,357

0

881

3,528

6,687

3,233

3,803

4,056

3,535

4,770

6,470

9,730

13,678

961

1,498

2,105

2,761

2,082

2,863

4,191

5,823

Outsourcing cost

920

1,282

2,171

3,152

Depreciation amortization

81

206

297

426

goodwill amortization

173

0

0

0

Other expenses

550

620

963

1,514

1,141

1,902

3,542

4,345

689

1,064

2,023

2,704

0

177

675

1,160

451

660

843

453

Operating profit

106

599

1,699

2,217

EBITDA

290

810

2,010

2,650

-

-

2,168

3,697

Profit before tax

159

564

1,658

2,146

Profit attributable to owners of parent

160

332

1,074

1,456

Revenue
Human resources domain
Energy domain

New businesses domain
Major Expenses
Labor cost
Advertising expenses

Business profit
Human resources domain
Energy domain
New businesses domain

EBITDA including future earnings*The results for the fiscal year ended March 31, 2024 are after the reclassification of the results of DOORS Inc. as discontinued operations due to the sale of the shares of the company.
Copyright © PORT INC. All Rights Reserved.

41

BS
IFRS (million yen)
Total current assets

FY 3/2021

FY 3/2022

FY 3/2023

FY 3/2024

FY 3/2025
1Q

3,780

5,878

5,872

7,353

7,947

2,411

3,962

3,872

3,797

5,390

2,975

4,443

5,562

8,882

10,437

Property, plant and equipment

59

63

316

955

1,045

intangible assets

429

443

607

1,152

1,319

1,909

3,337

3,399

3,995

4,952

6,755

10,322

11,435

16,235

18,384

Total current liabilities

2,103

3,060

3,023

4,451

4,196

Total non-current liabilities

2,630

4,274

4,392

5,031

6,737

4,733

7,335

7,415

9,482

10,933

Total equity・net assets

2,022

2,986

4,019

6,752

7,451

Total equity attributable to owners ofparent

2,022

2,367

3,242

6,752

7,452

Ratio of equity attributable toowners of parent to total assets

29.9%

22.9%

28.4%

41.6%

40.5%

6,755

10,322

11,435

16,235

18,384

Cash and cash equivalents
Total non-current assets

Goodwill
Total assets

Total liabilities

Total liabilities and equity

Copyright © PORT INC. All Rights Reserved.

42

05
APPENDIX

Copyright © PORT INC. All Rights Reserved.

43

Management strategy
Management strategy

Create possibilities for a society with a declining workforce.
We squarely confront the decrease in the working population, the largest social debt in Japan today, in pursuit of the creation of asustainable society using people and technology.

Business model

Contract support business
Combining web marketing and sales, the contract support business solves corporate management issues leveraging a pay-forperformance business model.

Web Marketing

Sales

Sophisticated web marketing

Establish a contract support organization

techniques

to achieve a high closing rate

Copyright © PORT INC. All Rights Reserved.

44

Insight into society

Declining working population(working-age population)

Low labor productivity

The working-age population of Japan will decrease dueto the declining birthrate and aging population.*1

The labor productivity of Japan was ranked 30th among 38
OECD countries in 2022, falling in rank in recent years.*2

Forecast changes in working-age
population (15 to 64 years old)

Evolution of Hourly Labor Productivity
Rankings in Major Developed Countries(million)
75.09
80 million（rank）
05

United States ofAmerica, 9

60

45.35
million10

France, 131540Germany, 1120

United Kingdom, 16
Italy, 17
Canada, 18

20
25
0

30
2020 2022 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070

Japan, 30
2000 2005 2010 2015 2016 2017 2018 2019 2020 2021 2022

While the decrease in the working population will continue to accelerate, comparative labor productivity
is also declining. The sustainability of today’s social system as a whole is threatened.
1 White Paper on Aging Society 2023, Cabinet Office, Government of Japan
2 Japan Productivity Center, "International Comparison of Labor Productivity 2023," December 22, 2023.

Copyright © PORT INC. All Rights Reserved.

45

Themes of issues to solve

Management issue of company issales activities

Huge market potential

Management issues for companies, which constitute 90% of all
Japanese companies*1, are sales promotion and human resources*2.
In other words, they are issues related to sales activities.

Sales Promotion" and "Human Resource" are the two mostimportant management issues for companies.
huge market with a large impact when solved.

Sales and sales channel
営業・販路開拓development

61%

Human resources
人材51%

Development and improvement
商品サービスの開発・改善of products and services

36%

Finance
財務32%

Technologies
and R&D
技術・研究開発

sales promotion
expenses

Approx. 39
trillion yen

Approx.

recruiting expenses

trillion yen

15%

Use of ICT
ICT活用

10%

Production/manufacturing
生産・製造

10%

なし
None

7%

その他
Other

5%

TAM

Approx. 10
trillion yen
Promotion
expenses ＝Recruitment
expenses ＝49

Advertising market*1 + Personnel expenses forsalespeople (population x average reward/year)*2
Recruitment advertising market*3 + job placement market*3+ temporary staffing market*3 + personnel expenses forgeneral affairs and personnel affairs (population x averagereward/year)*3

Solving big corporate management issues and providing the most supported service is a big profit
opportunity for the company.
※1 https://www.chusho.meti.go.jp/koukai/chousa/chushoKigyouZentai9wari.pdf※3 https://www.dentsu.co.jp/news/release/2022/0224-010496.html※2 From “Questionnaire on Small and Medium Business Management (March 2021),” ※4 Estimated by us based on the Ministry of Health, Labor and Welfare's “Labor Force Survey” andNomura Research Institute, Ltd.
“Statistics on Japan: Average Age, Length of Service, Actual Hours Worked and Monthly Salary by Major
Occupations”.※5 https://j-hr.or.jp/wp/wp-content/uploads/JHR_JHR_2030_report_20210125.pdf
Copyright © PORT INC. All Rights Reserved.

46

About Contract Support Business ​Today, we focus on the areas of human resources and energy in the contract support business. The increase of our market
share in different areas is smoothly progressing, and there continues to be room to expand.

Contract Support Business
Human Resources Domain

Energy Domain

More than 75% of new graduate users
have used our products

Largest number of contracts in Japan(500,000 per year) for electric power, gas,
etc.

Sales ratio

Sales ratio

Approx.

32%

Approx.

40%

Recruitment and business support services forcompanies hiring new graduates

Sales promotion support services for electricand gas utilities

Alliance Services for Human Resources
Companies

Business Support Services

New and other sales account for 28% of total sales for the fiscal year ending March 31, 2024.
Copyright © PORT INC. All Rights Reserved.

47

Contract Support Business Common Business Model
With a combination of web marketing and sales, we chose a common one-stop user assistance business model encompassing
the entire process from attracting customers to signing contracts. The users are our clients’ potential customers.

ClientPersonnel Referral Services

Human Resources

Support for decision-making

Rewards for contracts
Employer

Offering of information andoptions

Contract support

Client(HumanResources
Department)

business
Acceptance of offer(decision-making)alliance

Human Resource Services

staffing
agencyUser

New
graduate,previously
graduated
etc.

Rewards for contracts

Web Marketing×
clientEnergy Domain

Improvement of the closing
process and support for
closing contracts

Sales(Contract
support)Offering of information andoptions

User

Support for decision-making
Electricity andGas
Businesses,
etc.

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One-shot earnings
OR
Recurring earnings

Acceptance of offer(decision-making)Electricity, Gas,
etc.
Customers

48

Contract support business Highly unique business model
The unique business model provides one-stop assistance up to the successful signing of a contract on a contingency fee basis
without the risk of wasting clients’ money, which inevitably increases support.

Provide Information

Internet Media Business

Request for Estimate

Sales

Sign a contract

Good at attracting prospective customers, but,complete on the Internet without going into
the sales process

Outsourcing BusinessContract Support
Business

Copyright © PORT INC. All Rights Reserved.

Good at closing contracts, but does nothave the knowledge of how to attract
prospective customers

Maximize the "number of contracts" by providing one-stop support
from attracting prospective customers to closing the contracts.

49

Contract support business: Growth mechanism making
sustained growth possible
Since in the business domain we chose, the successful contract unit rate rises in accordance with the number of successful
signings of contracts, it is important to maximize the number of successful contract signings. A growth cycle is realized
through organic growth and roll-up M&A activities.

Increase in total
number ofcontracts signed

Increase in
the number ofsuccessful
contracts

Main Investment
ApproachContract
SupportOrganization

Roll-up M&A• Selected humanresources andenergy areas as
focus businesses

Marketinginvestments

Marketing• Expansion of contract • Expansion ofadvertising expenses
support organizations• Productivity
Improvement
Measures

Contract
supportbusiness

Improving
marketpresence• New development
and productinvestment

Increase insales fromsuccessful
contracts

Increase inunit price for a
successful
contract

The cost of investments can be borne as thescale of our business grows, as the business is
expanding in the areas with high successful
contract unit rates.
Copyright © PORT INC. All Rights Reserved.

50

Contract Support Business: Important KPIs
Total sales are calculated by multiplying the number of contracting companies by the average revenue per user (ARPU).
To increase the above indicator, we position the capability of winning contracts, sales capability, and capability of attracting
users as important factors.

Revenue

Number of contracting
companies

ARPU

ユーザー

Important factors
Contract Rate

Contract unit price• Providing useful information andoptions based on the user-firstprinciple• Finding new clients tomaximize the number of
options• Concluding contracts which
are optimal for both clientsand users• Continuing to attract users
through the stock of data

• Increasing rewards forcontracts based on successful
contracts achieved actually• Increasing the number ofsuccessful contracts throughcross-sellingNumber of users

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51

Competitive Advantage
We maintain three advantages serving as a source of competitiveness in terms of the ability to attract customers, ability toclose on contracts and sales capabilities, each necessary to expand our KPIs, specifically the number of companies we havesigned up and ARPU.

Net sales

Number of contracted
companies

KPI

Importantfactors

Number of users

ARPU

Contract Rate

Contract unit priceCompetitive Advantage(1)
Web Marketing

Copyright © PORT INC. All Rights Reserved.

(2) Sales (Contract
support organization)

52

Competitive Advantage (1) Web Marketing
The Company maintains a high customer attraction capacity that enables it to attract an overwhelming number of potential
customers through its strength in web marketing. These are achieved mainly through three approaches.

Sophisticated web marketing techniques

1

2

3

User-first

Stock-type content

Provides free information sought byusers without any information
constraints. Gains the support of users.

In areas where information is highly
universal, content does not become
obsolete and becomes stock. Stable
access to the site.

user

entrepreneur

Copyright © PORT INC. All Rights Reserved.

Diversified Portfolio
Multiple product deployments and multifaceted approaches based on user
decision-making processes and userneeds.
Product
A

ProductB

information
gatheringComparison
andconsideration

Product
C
decisionmaking

53Competitive Advantage (2) Sales (Contract support organization)
A sophisticated contract support organization supports users attracted through web marketing in their decision making, thereby
achieving a high successful contract signing rate. Expand the organization while seeking a structure that does not compromise
productivity per person.

Build a contract support organization to achieve a high successful contract signing rate1

2
Improving productivity byusing technologies•

Utilize an enormous amount of accumulated
behavioral data and contract data duringbusiness negotiations•

Efficiently use it to successfully sign
contracts (receipt of orders and approval)
and to enhance productivity.

Contract
data

Copyright © PORT INC. All Rights Reserved.

Enhancing organizational
strength through thereinforcement of the recruitment
system•Recruitment activities with careful selection
based on a very high competitive ratio (thecompetitive ratio in the selection of new
graduates, for example, is about 2%)•

Implement a PDCA cycle in relation totarget human resources in accordance withsubsequent outcomes.

Recruitment

Confirm
ation ofResults

Recruitment
Targets
Review

3••

Keep the successful contract
signing rate at the current
level or increase it with our
original education system
Share manuals and knowledge about video
content, etc. and develop a risk
management system with thorough rules
Form a small team of skilled experts tostrengthen our management system andretain or increase the high successful
contract signing rate.

ManualKnowledge
Sharing

Video
Content

Risk
management

54Competitive Advantage (2) Sales (Contract support organization)
Contract support organizations account for more than 50% of the whole, and these are expected to increase more.

Percentage of staff by profession

Back Office

16%

Engineer /Designer

17%

13%

13%

Ratio of contract support staff
13%

Marketing(March 31, 2024)

13%
11%

Sales Management

Consultants

12%

1%

2%

17%

50 ％

Career Advisors

42 ％

50%

and over

17%

32%

23%
Inside Sales

Number of
employees(consolidated)

FY 3/2023

FY 3/2024

375

521

Copyright © PORT INC. All Rights Reserved.

55

Human resources Domain; Market Size
Our main target is the market of services supporting new graduate recruitment. As new graduates are the young
part of the workforce, we will gradually expand into the youth market to enable cross-selling to enlarge the market.

Overall human resources market

Approx. 10

Job advertisement market*3 + job placement market*3 + temporary
staffing market*3+ General and human resources personnel costs (population x averagecompensation/year)*4

trillion yen

Overall recruitment support market
Job advertisement market*3 + job placement market*3

Approx. 1
trillion yen

Graduates and new graduates
recruitment support service market*2
Recruitment ofyoung people
Support Service
MarketApprox. 296
New graduate recruitment support
service market*1
Approx. 146

billion yen

billion yen
Year ending March 31, 2024

Our Track Record in
Human Resources

Approx.

5.3 billion
yen
Expanding target age range through cross-selling

1 Yano Research Institute Ltd. "Research on New Graduate Recruitment Support Service Market (2024)" (released on April 26, 2024), FY2024 forecast based on service provider sales.
2 The size of the job ad market + job placement market is 1 trillion yen, multiplied by the ratio of job changers aged 15-34 from the Ministry of Health, Labor and Welfare's Labor Force Survey,
and the ratio of inexperienced job seekers is assumed to be 35% from https://www.recruit.co.jp/newsroom/pressrelease/2021/0805_9201.html. Calculated by the Company based on theassumption that the ratio of inexperienced job seekers is 35%.
3 https://j-hr.or.jp/wp/wp-content/uploads/JHR_JHR_2030_report_20210125.pdf
4 Estimated by us based on "Labor Force Survey" by the Ministry of Health, Labor and Welfare/"Average Age, Length of Service, Actual Hours Worked and Monthly Salary by Major Occupations" inJapan.

Copyright © PORT INC. All Rights Reserved.

56

Human resources Domain;Market Environment (new graduate support market)
The ratio of job openings to university graduates has significantly recovered to the pre-covid level as the recruitment demand
generated by companies recovers. The number of students who go on to university, our target population, is expected to remainunchanged for the time being, with an increase in the university enrollment rate offsetting the impact of the population decrease.

The population of new graduates is expected to remainunchanged for the time being

The ratio of job openings to university graduates is risingand the impact of economic fluctuations has been
relatively limited

The increase in the university enrollment rate offsets the impactof the decrease in the youth population. The number of new
graduates is projected to remain unchanged or slightly decrease
until around 2030.

Following the recovery of the economy after the COVID-19
pandemic, the ratio of job openings to university graduates has
been increasing in parallel with the recovery of the motivation to
recruit employees.

(million)

80

Number of Students
Enrolling in University ※1(rate)

60%

63

60

2.5

Job offer rate
(e.g. employment rate) ※2

2

1.71

40%
1.5

40
20%

20
0

0%

1
0.5

economic bubble
burst
job-hunting ice age

economic downturn
precipitated by the Lehman
Brothers bankruptcy in 2008

new strains ofcoronavirus

0

Number of students entering college
percentage of students going on to university※1 厚生労働省 「大学進学者数等の将来推計について」、文部科学省 「学校基本調査 高等教育機関卒業後の状況調査」※2 リクルートワークス研究所「第40回ワークス大卒求人倍率調査（2024年卒）」
Copyright © PORT INC. All Rights Reserved.

ratio of job openings to university graduates

whole

57

Human resources Domain;Market Environment (new graduate support market)
The talent acquisition market is expected to continue to become more competitive and the increase of recruitment unit rates
is inevitable. So that we have the wind at our back in terms of alliances for staffing companies and the personnel referral

service for companies offering jobs.

Satisfactory new graduate recruitment is getting
more difficult
As the sellers’ market strengthens, the number of students
looking for jobs is decreasing and more companies are
struggling to recruit new graduates and secure humanresources.*1

Satisfactory of New Graduate
Recruitment Plan*2

Competition to recruit new graduates is intensifying and themarket is favoring the students who are on the sell side. For thisand other reasons, new graduate recruitment unit rates are
expected to continue to rise.

• The intensification of the competition in new
graduate recruitment and the increase in thenumber of companies starting to recruit new
graduates

Graduated
2021

Graduated2022• Increase of costs borne by staffing companies
to attract job seekers in a seller’s market

Graduated2023• Increase of personnel expenses (startingsalaries) aimed at increasing recruitmentcompetitivenessGraduated
2024

0%

Rise of new graduate recruitment unit rates

20%

sufficiency

40%

60%

80%

insufficiency

other

100%

The recruitment unit rate is expected to continue
to increase.

※1 リクルート 就職みらい研究所『就職白書2024』※2 リクルート 就職みらい研究所『就職白書2024』「就活白書2023」より作成。「充足（計）」は「計画よりかなり多い」「計画より若干多い」「計画通り」の合計、「未充足（計）は「計画より若干少ない」「計画よりかなり少ない」の合計、「その他」は「選考中につき未定」 「採用数について計画を立てていない」「その他」の合計。
※ 株式会社矢野経済研究所「新卒採用支援市場の現状と展望2024年度版」
Copyright © PORT INC. All Rights Reserved.

58

Human resources Domain;Market Environment (Young human support market)
Starting with the new graduate recruitment support market, we are increasing the number of markets we are entering tosupport young people. The young employee turnover rate is rising*1 and it is projected that the need to recruit inexperienced

young people will increase.
The turnover rate is increasing, and the young employee
turnover rate is increasing the mostThe recruitment of inexperienced human resources,
mainly young people, is increasing

Companies' motivation to recruit employees has been recovering
since 2022. The overall turnover rate in 2023 was 7.5％ and thisremains high. More than 12％ of full-time employees in their 20s
have changed jobs at least once.

It is expected that the mobility of employment of young humanresources will continue to increase in combination withgovernment efforts to direct human resources to growing areasand companies' need for DX specialists.

（％）

Percentage of full-time employeeschanging jobs (by age group)*1

16

12

8

Government policy

Company

Labor Market Reform
Promotion of DX
Human Resource
Development

Identified DX
strategy andreskilling of humanresources as key
issues

4

20s

0
whole

30s

40s
men

2019 Full-time employees
2021 Full-time employees
2023 Full-time employees

50s

20s

30s

40s

50s

femaleAcceleration of human resource mobility to
growth industries, especially among young
people2020 Full-time employees
2022 Full-time employees

1 Based on "Job Change Trend Survey 2024 (2023 Results)," Mynavi Corporation, released March 12, 2024.
2 https://www.mhlw.go.jp/stf/seisakunitsuite/bunya/koyou_roudou/koyou/tp120903-1_00001.html
3 https://www.mofa.go.jp/mofaj/files/100396551.pdf, https://www.kantei.go.jp/jp/101_kishida/statement/2022/1003shoshinhyomei.html
Copyright © PORT INC. All Rights Reserved.

59

Energy Domain; Market Size
Our main target is the market of services supporting individuals signing new contracts for power, gas, etc. or services
supporting contracts for switching between service providers. The expansion into the market of services supporting corporate

customers' contracts enlarges the target markets.

Overall electricity market forindividuals and businesses

Approx. 500
billion yen*2

Individual Electricity Market

200 billion yen*3
Year ending March 31, 2024

Our Energy Domain Achievements
Approx. 7 billion yen

1 https://www.meti.go.jp/shingikai/enecho/denryoku_gas/denryoku_gas/pdf/20230210_1.pdf
2 Calculated by multiplying total electricity sales of 18 trillion yen in 2023 (compiled by the Electricity and Gas Transactions Monitoring Commission) by the actual stock
margin ratio of 3%.
3 Calculated by multiplying total low-voltage electricity sales of 7 trillion yen out of total electricity sales of 18 trillion yen in 2023 (compiled by the Electricity and Gas
Transactions Monitoring Committee) by the actual stock margin ratio of 3%)
Copyright © PORT INC. All Rights Reserved.

60

Energy Domain; Market Environment
The electricity liberalization in 2016 is speeding up the competition among power and gas companies for acquiring users. Our
target is about 7 million contracts annually and we have an enormous room for enlarging a share.

Room to enlarge market share

Acceleration of the deregulation of the electricity market
and competition to acquire users

Annually, more than 7 million users request new contracts orswitch contracts for power, gas, etc.*3 Meanwhile, our market
share is about 6％. There is enormous room for us to enlarge
our market share.

As of the end of 2023, power producers and suppliers had about
a 17％ share of the total market. Low voltage household electric
power is approximately 32% of this market. It is believed thatthe competition to acquire users will increase.

Target Scale

Our
Achievements

Approx. 7.76 million

Approx. 500,000 cases

Trends in new electric power market share in lowvoltage*1
40.0%

31.8%

30.0%

Number ofswitching*1

2.5 million
20.0%
Number of travelers
Municipal section*2

5.26 million

Share
Approx.
6%
Year ending March 31, 2024
Total number of contracts
signed

10.0%

0.0%
1

5

9

2017

1

5

9

2018

1

5

9

2019

1 Electricity and Gas Transactions Monitoring Committee
2 Basic Resident Ledger Population Movement Report 2023 (2023), Statistics Bureau, Ministry of Internal Affairs and Communications
3 (*1 + *2)
4 Data calculated from "New Electricity Net" by Energy Information Center, Inc. Source: Electricity and Gas Transactions Monitoring Committee
Copyright © PORT INC. All Rights Reserved.

1

5

9

2020

1

5

9

2021

1

5

9

2022

1

5

9

2023

61

M&A Policy Focus Area
During the current period of Medium-term Management Plan, our top priority is roll-up M&A activities aimed at enlarging theexisting contract support businesses that we are focusing on. The aim is to achieve non-continuous, inorganic growth throughactive M&A activities while remaining aware of selection and concentration.

All areas of contract
support business

M&A Priority(Affinity with existing focused business)
LOW

energy domain

Human resources domain
Mid-career recruitment support

High-voltage electricity and gas forcorporate clientsContract Support

Graduates, new graduates, etc.
Recruitment support foryoung people

New Graduate
Recruitment
SupportLow-voltage electricity andgas for corporate clientsContract Support

HIGH

Electricity and Gas
for Individuals
Contract Support

Highest priority areas with the highest affinity toexisting focused businesses
Investment scale: ~ 10 billion yen(An EBITDA multiple of around 5x is a guideline for implementation.)
Copyright © PORT INC. All Rights Reserved.

62

Investment Policy for Our Business
Clarify the investment and withdrawal criteria for different areas of business and ensure disciplined business operations andoptimal resource allocation with the aim of achieving continuously high growth. The following three quantitative requirements
will be considered as important during the current Medium-term Management Plan period.

Example criteria for making decisions regarding investments
and the withdrawal from them

Growth requirement

Contribution requirement

Size requirement

Revenue CAGR

Contribution to Group
performance

Single Business Sales
Looking at 10 billion

10% or more

yen or more

(Revenue and profit basis)(Future potential in terms of both market size andbusiness potential)

30% or more

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63

Inorganic Investment; M&A Transition
Implement roll-up M&A activities with a focus on the areas of human resources and energy and achieve non-continuous
growth. (The consolidation of Minshu, Inc. began in the first quarter of the fiscal year ending March 2025)

Graph: Sales Revenue(million yen)stockacquisitionstockacquisition

Acquisition price 860
million yen*2

businesstransfer

Contract support
and businesssupport services
related to electric
power, gas, etc.
stockacquisition

Advertising business for
new graduate recruiting
companies

Transfer price 250 million yen

IT freelance humanresources support business

Acquisition cost 2.25 billion yen

businesstransfer

Transfer price 250 million yen

Reskilling type recruiting
servicestransfer ofstocksTotal acquisition cost 3.8 billion yen*1

Transfer price 1.75 billion yen(1.95 billion yen after taking
dividends into account)

Remodeling Contract Support
Business

Contract support services
related to electricity, gas, etc.

Medium-Term
Management Plan
TargetTransfer ofseveral Internet
media

21,100Acquisition of Doors, Inc.
Acquisition price 1.6
billion yen

4,103

4,689

FY2020

FY2021

15,58011,364
6,994
FY2022

FY2023

1st Mid-term Management Plan Period

FY2024FY2025

FY2026

2nd Mid-term Management Plan Period (current)

1 INE Corporation: Acquired 50.9% of outstanding shares for 2,036 million yen in January 2022 and the remaining shares for 1,816 million yen in June 2023.
2 Five Line Co., Ltd. acquired 69% of outstanding shares for 570 million yen in July 2023 and the remaining shares for 295 million yen in January 2024.
Copyright © PORT INC. All Rights Reserved.

25,000

million yen

64Disclaimer

Note on forward-looking statements- The materials and information provided in this presentation include so-called forward-looking statements.
- These statements are based on assumptions associated with current expectations, forecasts and risks, andinclude uncertainties that could cause actual results to differ substantially from them.
- These risk and uncertainties include regular economic conditions in Japan and overseas, including regularindustry and market conditions, interest rates and currency fluctuations.
- The Company does not assume any obligations to update or revise the forward-looking statements contained inthis presentation even in response to new information or future events.

Copyright © PORT INC. All Rights Reserved.

65

Copyright © PORT INC. All Rights Reserved.

66