Consolidated Business Results
for the First Quarter of the Fiscal YearEnding December 2024 (Jan.–Mar. 2024)
May 10, 2024

FULLCAST HOLDINGS CO., LTD. (4848)

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japaneseoriginal, the original shall prevail. Our Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved

Agenda1 1Q FY12/24 Consolidated Business Highlights (Jan.–Mar. 2024)
2 1Q FY12/24 Segment Highlights (Jan.–Mar. 2024)
3 1Q FY12/24 Progress Relative to Business Forecasts
4 Transfer of shares related to changes in subsidiaries

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1Q FY12/24
Consolidated BusinessHighlights (Jan.–Mar. 2024)

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved3Consolidated: 1Q FY12/24
Year-on-Year Comparison

Net sales increased by 7.3% year-on-year, due
to the inclusion of profit and loss from the“Restaurant Business.”
Operating profit however declined by 1.1%
year-on-year (operating profit ratio declined by1.2PT) due to the drop in COVID-19-related
special demand as expected and in “MyNumber Management” special demand,
despite the acquisition of the expanding
customer demand related to the normalizationof economic and social activities as the impact
from COVID-19 subsided leading to growth inboth “Placement” and “BPO” services in the“Short-Term Operational Support Business.”

Net sales Operating profit＋7.3%(Million yen)

Net sales

17,133

15,963Operatingprofit ratio
Operatingprofit ratio

14.9%

Organic gross profit, which excludes theimpact of the “Restaurant Business, ” andCOVID-19-related and “My NumberManagement” operations, exceeded that of thesame period of the previous year.

(1.1)%

2,382

1Q FY12/23

13.7%

Operating profit

2,356
1Q FY12/24

In the first quarter of the current fiscal year,
recorded expenses related to strategic
investments factored into our forecast s wereunsubstantial.
Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved4Consolidated: 1Q FY12/24
Year-on-Year Comparison(Million yen)
1Q FY12/23

1Q FY12/24

Difference

Rate ofchange

Net sales

15,963

17,133

1,170

7.3%

Gross profit

5,255

6,319

1,065

20.3%

SG&A expenses

2,872

3,963

1,091

38.0%

Operating profit

2,382

2,356(26)(1.1)%

Operating profit ratio

14.9%

13.7%

-(1.2)PT

Ordinary profit

2,393

2,332(61)(2.5)%

Profit attributable toowners of parent

1,578

2,202624

39.5%

Ordinary profit declined by 2.5% year-on-year,
due to the same factors as operating profit.
In the first quarter of the current year, profit
attributable to owners of parent increased by
39.5% year-on-year, due to the booking of a1,295 million yen gain on sale of shares ofsubsidiaries as extraordinary income following
the transfer of the consolidated subsidiary
BOD Co., Ltd.

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5

1Q FY12/24
Segment Highlights(Jan.–Mar. 2024)

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6

Short-Term: 1Q FY12/24
Year-on-Year Comparison

Net sales decreased by 4.8% due to thedrop in COVID-19-related special demand
as expected and “My Number Management”
special demand, despite the acquisition of
the expanding customer demand related to
the normalization of economic and social
activities as the impact from COVID-19
subsided leading to growth of the mainstay“Placement” and “BPO” services in the“Short-Term Operational Support Business.”
Operating profit decreased by 6.1% yearon-year (and operating profit margindecreased by 0.2PT) mainly due to thedecrease in net sales.
Organic gross profit, which excludes theimpact of the COVID-19-related and “My
Number Management” operations,exceeded that of the same period of theprevious year.

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Net sales Operating profit(4.8)%(6.1)%(Million yen)

Net sales
14,71814,007
Operatingprofit ratio
Operatingprofit ratio

17.7%

2,599

1Q FY12/23

17.4%

Operating profit

2,441
1Q FY12/24

7

Short-Term: 1Q FY12/24
Year-on-Year Comparison(By Service Category)[Placement and BPO]
Gross profit in the mainstay “Placement” and“BPO” services increased, due to the captureof customer demand related to re-openings.
[Dispatching]In “Dispatching,” net sales and gross profit
decreased by 7.3% and 3.5% year-on-year,
respectively, mainly due to a fall in public
sector projects related to COVID-19-related
operations.
[Outsourcing]
Net sales and gross profit decreased in“Outsourcing,” mainly due to a fall in public
sector projects related to COVID-19-related
operations and "My Number Management"
operations. Excluding these effects, grossprofit in “Outsourcing” remains at a similarlevel as the same period the previous year.

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved(Million yen)

1Q FY12/23

1Q FY12/24

Difference

Rate ofchange

14,71814,007(710)(4.8)%

Placement

1,581

2,016435

27.5%

BPO

2,569

2,536(33)(1.3)%

Dispatching

8,553

7,927(626)(7.3)%

Outsourcing

2,015

1,529(486)(24.1)%

4,948

5,096

148

3.0%

Placement

1,545

1,968

423

27.4%

BPO

1,757

1,789

33

1.9%

Dispatching

897865(32)(3.5)%

Outsourcing

749473(276)(36.8)%Net sales

Gross profit

8Sales Support : 1Q FY12/24
Year-on-Year Comparison

In sales of Internet access, which is amainstay business, net sales increased by
23.9% year-on-year due to the good
performance of sales of telecommunications
products using a network of agents.

Net sales

Operating profit+23.9% +35 million yen

Operating profit increased by 35 million yen
year-on-year due to the growth in net sales.

(Million yen)

Net sales

832672
Operatingprofit ratio

3.4%

Operatingprofit ratio

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved(0.9)%

Operating profit

(6)

29

1Q FY12/23

1Q FY12/24

9Restaurant: 1Q FY12/24
Year-on-Year Comparison

Net sales were 1,702 million yen due to thecontinued recovery of demand in thedomestic business.
Operating profit was 142 million yen due tobooking of net sales of 1,702 million yen
and the effect of cuts in SG&A expenses.
We are also continuing to extend businesshours, renovate some stores and revise ourmenus.

(Million yen)

Net sales

1,702

Operatingprofit ratio

8.3%※ Since results of the previous period are notdisclosed, only results for the first quarter of thefiscal year ending December 31, 2024 are stated.

Operating profit

142
1Q FY12/24

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10Security, Other : 1Q FY12/24
Year-on-Year Comparison

Net sales Operating profit
Net sales increased by 3.0% year-on-year,
mainly due to the acquisition of permanent
security projects, despite a decrease in thenumber of temporary security projects
related to COVID-19.
Despite the increase in net sales, operating
profit decreased by 4.3% year-on-year(operating profit margin decreased by 0.7PT), mainly due to the acquisition of
temporary security projects concerning
COVID-19-related operations with arelatively high gross margin in the previous
fiscal year.

Copyright © 2024 by FULLCAST HOLDINGS CO., LTD. All rights reserved+3.0%(4.3)%(Million yen)

Net sales

591

574

Operatingprofit ratio

9.6%

Operatingprofit ratio

10.3%

Operating profit

5957

1Q FY12/23

1Q FY12/24

11

1Q FY12/24
Progress Relative toBusiness Forecasts

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12Consolidated: 1Q FY12/24 Progress Relative to Business Forecasts
Our consolidated business performance is trending steadily centered on the mainstay “Short-Term Operational SupportBusiness” within the assumptions estimated at the beginning of the fiscal year.
Since our Group’s consolidated business performance during the first quarter was progressing at a level which does notrequire a revision of the business forecast, and since strategic investments will generate costs from the second quarter
onward, our Company does not revise the business forecasts for the second quarter of the current fiscal year and for thefull year ending December 31, 2024.
(Million yen)
1Q FY12/24
Results

Business forecasts
for 1H FY12/24

Rate of progress

Business forecasts
for FY12/24

Rate of progress

Net sales

17,13334,75649.3%

70,50024.3%

Gross profit

6,319

12,292

51.4%

25,03025.2%

Operating profit

2,356

4,200

56.1%

7,200

32.7%

Ordinary profit

2,332

4,202

55.5%

7,233

32.2%

Profit attributable to owners ofparent

2,202

2,906

75.8%

5,045

43.7%

Net sales

14,007－－58,565

23.9%

Placement

2,016－－

8,695

23.2%

BPO

2,536－－

6,976

36.3%

Dispatching

7,927－－35,493

22.3%

Outsourcing

1,529－－

7,402

20.7%

Sales Support
Business

Net sales

832－－

3,121

26.7%

Restaurant
Business

Net sales

1,702－－

6,428

26.5%

Security, Other
Businesses

Net sales

591－－

2,387

24.8%

Short-Term
OperationalSupport
Business

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13

Transfer of shares
related to changes insubsidiaries

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14

Transfer of shares related to changes in subsidiaries
Transfer of BOD Co., Ltd.
(1) Reason for the share transfer
Because it was determined that it will contribute to further improvement of its corporate value of BOD Co., Ltd.
to make prompt decisions and proceed with its business operations, without being influenced by our Group’s
consolidated management policies and income expenditure plans.
(2) Name of the counterparty to the share transfer
BOD POWER Co., Ltd.
(3) Date of the share transfer
March 29, 2024
(4) Overview of the subsidiary
BOD Co., Ltd. and its subsidiaries mentioned below
HR Management Co., Ltd./Progress, Inc./BPC, Inc.
(5) Number of shares to be transferred, transfer price, profit and loss from transfer and equity ratio after transfer
1) Number of shares to be transferred 255
2) Transfer price
1,963.5 million yen
3) Equity ratio after transfer-％(6) Outline of the accounting treatment to be applied
The difference of 1,295 million yen between the consolidated book value of our company to be transferred andthe transfer price will be recorded as extraordinary income.
The results of BOD Co., Ltd. are recorded in the financial statements for the first quarter of the fiscal year
ending December 31, 2024.

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15

(Reference) Basic Stance on Capital Policy■Basic Stance on Capital Policy
The Fullcast Group maintains a basic policy of maximizing capital efficiency andsecuring financial soundness to achieve sustained improvement in corporate
value.

• Maintaining a total return ratio of 50% relative to shareholders as an indicator tosupport sustained improvement in corporate value and to maximize capitalefficiency.

• Our goal of enhancing corporate value is to maintain an ROE of 20% or greater.
• We will maintain a maximum D/E ratio of 1.0x in order to enhance corporate
value and to maintain financial soundness.

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(Reference) Sustainability Policy
We endorse all 17 goals of SDGs.
In addition, we consider contributing to the following the goals of SDGs by implementing andpromoting our corporate philosophy of “Providing the best place for people to bring out theirbest” as a core value of our Company.
8. Descent Work and Economic GrowthOur Group will constantly offer employment opportunities to job seekers and a workforce to hiring companies by continually providing
matching opportunities for short-term positions to job seekers and hiring companies.
Thereby, we will contribute to providing descent work for job seekers and economic growth for hiring companies.

5. Gender Equality
We will contribute to gender equality by providing job seekers with employment opportunities not tied to age, gender or attribution.

10. Reduced Inequalities
We will contribute to reducing inequalities by providing job seekers with employment opportunities not tied to region or nationality.

9. Industry, Innovation and Infrastructure
In response to Japan’s labor environment, which is experiencing a declining workforce, we will contribute to industrial growth and building
infrastructures for technological innovation by providing matching services for short- term positions to companies seeking growth orinnovation, thus expanding their workforce in the process.

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17

(Reference) Group Companies List
Fullcast Holdings Co., Ltd.

Optimizes Group-wide resources andstrategies, as well as directing the business
operations of group companies

Fullcast Business SupportCo., Ltd.

Consolidates and conducts various intraGroup operations on behalf of our Group

Fullcast Co., Ltd.

Provides short-term human resource
services in various business sectors

Top Spot Co., Ltd.

Community-based brand, provides shortterm human resource services focused on
specific Regions

Fullcast Advance Co., Ltd.

Provides business process outsourcing,including construction, repairs, and event
planning and management, humanresource services for reception andinformation services, and security services,
including permanent security, crowd control,
and traffic security

Work & Smile Co., Ltd.

Provides “prompt” and “reliable” servicescentered on the Tokyo metropolitan area tomeet the human resource needs that arise
in various industries and business sectors

Provides human resource services foractive seniors focused on the Tokyo
Fullcast Senior Works Co., Ltd. metropolitan area (Tokyo City and threeprefectures)

Fullcast Porter Co., Ltd.

Provides human resource services with an
exclusive focus on drivers

Otetsudai Networks Inc.

Operates “Otetsudai Networks,” short-term
human resource services that utilize
location information

Fullcast Global Co., Ltd.

Provides human resources services
focused on foreign nationals

Fullcast International Co., Ltd.

Provides human resource placement
services for placement of foreign nationals
with specified skill visas who are ready towork immediately

Minimaid ServiceCo., Ltd.

Provides housekeeping services

Hayfield inc.

Human resource placement specializing in the realestate industry

App X, Inc.
Imple, Inc.
Releasebase Inc.

Job search application services, softwaredevelopment

F-PLAINCorporation.

M’s Line Co., Ltd.

Operates the sales agency service business for IT
and telecommunications products utilizing callcenters and a distributor agency network

FSP Co., Ltd.

GLOBEAT JAPANINC.

Restaurant chains businesses

Beat Co., Ltd.

Provides comprehensive humanresource outsourcing services, mainly businessprocess outsourcing

Deli Art Co., Ltd.

Provides human resource outsourcing services

Advancer Global
LimitedProvides human resource services for foreign
national workers, focused on Southeast Asia

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Disclaimer•

Fullcast Holdings’ IR materials have been prepared for the purpose of providing information about our Company, and are not a solicitation for investment.
Readers are advised to use these materials at their own discretion and are solely responsible for all decisions based on such use. Although every effort has
been taken to ensure the accuracy of the information provided herein, Fullcast Holdings Co., Ltd. makes no guarantees with regard to the contents. Fullcast
Holdings Co., Ltd. assumes no responsibility for any damages resulting from the use of this information, either directly, indirectly or to any extent, whichoriginates from any cause including but not limited to the accuracy, reliability and safety concerning the text, data or other information herein. Fullcast Holdings’
IR materials are copyrighted and use without Fullcast Holdings’ express written consent is strictly prohibited.

Notes
About this Document•

In this document, the “Short-Term Operational Support Business” is referred to as “Short-Term”, the “Sales Support Business” is referred to as “Sales,” the “Restaurant Business”
as “Restaurant,” and the “Security, Other Businesses” as “Security, Other” in some parts.

•In this document, names of services are written in an abbreviated form; “Part-Time Worker Placement” service, Hayfield inc.’s staffing service specializing in the real estate industry
and job search application service by App X Group are referred to as “Placement”; and “Part-Time Worker Payroll Management”, “My Number Management”, “Year-End TaxAdjustment Management”, and the back office BPO services by BOD Group are referred to as “BPO” in the “Short-Term Operational Support Business”, which were launchedalong with the implementation of the Revised Worker Dispatching Act on October 1, 2012. In addition, “Long-Term Dispatching” services with a contract period of 31 days or longer,
which has been conducted after the implementation of the Revised Worker Dispatching Act, is referred to as “Dispatching.”

Short-Term Operational Support Business•“BPO” services represent the aggregated total of “Part-Time Worker Payroll Management”, “My Number Management”, “Year-End Tax Adjustment Management”, and the backoffice BPO services by BOD Group.

•The figures for each service category of the “Short-Term Operational Support Business” segment represent reference figures and have not been audited by our accounting auditor.

Sales Support Business•

The “Sales Support Business” segment is mainly comprised of the “call center”, “online”, “alliance”, and “entertainment” businesses.

•The “call center”, “online” and “alliance” businesses each involve the sale of Internet access.

Restaurant Business•

The new segment “Restaurant Business” was created in the second quarter of the fiscal year ended December 31, 2023. Moreover, since there are no results for the previous fiscalyear, which would allow comparisons, only results for the first quarter of the fiscal year ending December 31, 2024 are disclosed without year-on-year comparisons.

Business Forecasts for FY12/24•The business forecasts of the first half for segment net sales has not been disclosed.

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Providing the best place forpeople to bring out their best.

[Inquiries]
IR: +81-3-4530-4830
URL : https://www.fullcastholdings.co.jp/en/
Email : IR@fullcast.co.jp

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