PERSOL HOLDINGS CO., LTD.
Held from 16:00 to 16:45 on Monday, May 13, 2024
Script of Financial Results Presentation for FY2023

[President and CEO Wada]
Hello, I am Takao Wada, CEO of PERSOL Holdings. Thank you very much for joining us today.
To begin with, I would like to present the highlights of today's presentation, including the summaryof FY2023 financial results, FY2024 financial forecasts, and a brief mention of the Mid-termManagement Plan. I will also focus on capital efficiency and shareholder returns.
First of all, let me give you the summary of the financial results. Revenue was 1 trillion 327.1 billion
yen, year on year growth of 6.8%. Operating profit was 52 billion yen, up 21.8%, and Adjusted
EBITDA was 72.2 billion yen, down 4% from last year. The results exceeded the revised forecasts
announced in February. I am very pleased to report that our financial results have improved including
SG&A expenses and gross profit.
For FY2024, revenue is forecast to be 1 trillion 417 billion yen to 1 trillion 429 billion yen, or 6.8% to7 .7% increase year on year. Operating Profit is forecast to be 52 billion yen to 55 billion yen, andAdjusted EBITDA is to be 73 billion yen to 76 billion yen. We hope to achieve our FY2025 target of
100 billion yen in Adjusted EBITDA as soon as possible after FY2026.
At the previous board meeting, we passed a resolution to buy back 20 billion yen of our own shares,in line with our management's firm understanding of the importance of capital efficiency and emphasison the cost of capital. We set the annual dividend for FY2023 at 8.6 yen, with a payout ratio of 50.5%.
We plan to increase the annual dividend for FY2024 by more than 4% to 9.0 yen. As such, we would
like to give more returns to our shareholders while continuing with growth investments. I will reiteratethat this buy back will be done once we create an environment that will enable us to do so.
Now, CFO Tokunaga, will explain the summary and the details of the financial results. CFO Tokunaga,
please.

[CFO Tokunaga] I am Tokunaga, CFO in charge of finance. I will now give an overview of the financial
results.

First of all, as CEO Wada mentioned earlier, there was an upside compared to the announcement in
February. Specifically, Operating Profit was 52 billion yen, 3 billion yen higher than the revised forecast.
Our important KPI, Adjusted EBITDA, was 72.2 billion yen, up 3.2 billion yen. Adjusted EPS, which isthe basis for dividends, was 17.03 yen.

This is revenue by SBU. Except for BPO SBU, which was affected by COVID-19 related factors, all
SBUs achieved revenue growth. In particular, the Career SBU, which was the main pillar of growth in
the previous fiscal year and current fiscal years, achieved revenue increase of approx. 23%.

This is Adjusted EBITDA by SBU. Again, BPO SBU had impact of decrease in COVID-19 related projects,
and saw Adjusted EBITDA fall from 17.8 billion yen to 8.9 billion yen, but other SBUs saw an increase.
In particular, the Staffing SBU, which is the pillar of our business, increased by 4 billion yen to 30.6
billion yen, and the Career SBU, which is the pillar of our growth, increased by about 5 billion yen to
25 billion yen.

Next is Operating Profit by SBU. The trend is similar to that of Adjusted EBITDA, so I will omit the
explanation.

This is the analysis of change in Adjusted EBITDA in FY2023 compared to FY2022.
First, Gross Profit increased by 19.3 billion yen. On the other hand, personnel expenses increased by
17.6 billion yen due to the strong investment in human resources under the current Mid-termManagement Plan.

This shows the changes in IFRS based Operating Profit from Adjusted EBITDA. Although Adjusted
EBITDA was 72.2 billion yen, depreciation cost was 12.5 billion yen, accrued paid leave were 3.7
billion yen, share-based payment expenses were 2.2 billion yen, and impairment loss of 2.5 billion
yen was posted mainly in APAC, resulting in an IFRS-based Operating Profit of 52 billion yen. We haverevenue, Adjusted EBITDA, and Operating Profit by SBU on the following pages. Please refer to themby yourself when you have time.

I will continue with a brief explanation of the balance sheet. Current assets increased by 11.2 billion
yen. Non-current assets, or in other words, fixed assets increased by 18.7 billion yen. In terms ofliabilities, we repaid about 17billion yen for bonds and borrowings, both current and non-current. On
the other hand, total equity increased by 24.7 billion yen.

This shows the cash flow. The cash flow for the year ended Mar 31, 2024 was higher than the previous
year because the last day of March was a holiday. Specifically, cash flows from operating activities
were 77.7 billion yen, cash flows from investing activities were negative 19 billion yen, resulting infree cash flows of 58.7 billion yen. However, please note that the 29.6 billion yen in depreciation andamortization includes 17 billion yen equivalent to rent, which is based on IFRS. As a result, cash andcash equivalents totaled 108.3 billion yen at the end of March.

I will now give a brief overview of the financial results by SBU and the current operating conditions.

First is Staffing SBU, which is our core SBU. It showed a solid performance, with a 5.7% increase inrevenue and a 14.6% increase in Adjusted EBITDA. As for the Q4 from Jan. to Mar., the number ofworking days was 58, so the growth rate was a little less than other quarters. However, the numberof workers increased by close to 3% to 125,000, and the unit billing rate increased by about 3%.

The 2nd SBU is BPO SBU. As I explained at the beginning, because of the absence of COVID-19
related projects, both revenue and profit declined. However, organic revenue, excluding COVID-19
related projects, increased by 12% for the year, the same as in the previous 3 quarters, and thesituation is favorable.

The 3rd is the Technology SBU. We achieved 12.5% increase in revenue and 9.3% increase in Adjusted
EBITDA for the year. Allow me to explain the 3 sub segments.
The 1st is the IT sub segment. The number of engineers increased by 14% year on year. The
operating rate improved from Q3 to approx. 90%, but we recognize that there is still room for
improvement.
The number of engineers in the mechanical and electric engineering, which is the 2nd sub segment,
increased by about 8%. The operating rate was 94%, which I understand is generally a good figure.
The 3rd sub segment, temporary staffing, decreased by approx. 1.5% year on year. Although thenumber of dispatched engineers itself decreased, the hourly billing rate was 3,936 yen, an increaseof approx. 7% from the previous year. As described at the bottom right, we are enhancing recruitingof engineers. In FY2023, we hired more than 1,100 engineers including mid-career engineers and
481 were new graduates. In April, we hired 630 new employees, 30% increase over the previous year.

Let me introduce a topic about Technology SBU.
Our mission and vision is to provide a wide range of jobs to our permanent and registered staffs, andin addition to that, we want to provide various career opportunities to freelancers. In order to provide
them with a variety of career opportunities, we have started a subcontracting service in April.
Specifically, our clients sign a quasi-mandate contract with us, and we in turn sign a quasi-mandate
contract with the freelancers to ensure the quality of the work.

Next, we have Career SBU. Revenue increased approximately 23% in a year. Adjusted EBITDA
increased by 24%. In Q4 from Jan. to Mar., the market changed slightly and revenue increased byabout 15%, year on year. On the other hand, by controlling SG&A expenses, we were able to increase
profits in Q4. The headcount of Career Advisors increased by 23% year on year. On the other hand,productivity declined by approx. 10%, and this is a challenge to be addressed in FY2024.

We have 2 topics for the SBU and I will explain about the topic on the right. We are pleased toannounce that doda X, targeting the high class, and doda Direct will be linked starting this April tobetter serve our clients.

The last SBU is the Asia Pacific SBU. We announced a Mid-term Management Plan for this SBU in
advance in 2022, and we are currently making steady progress. Specifically, we achieved 7% increase
in revenue and approx. 30% increase in Adjusted EBITDA. As for the situation in each country andgeography, China and Vietnam have not yet recovered to their pre-Covid levels, but other countries
and geography are generally recovering well. The 2nd sub segment, facility management services,maintenance services for airports, water systems, schools, etc., is also doing well here.

We have revenue, etc. for PERSOLKELLY and Programmed respectively. We posted impairment lossof more than 2 billion yen on Workmate, a HR tech service in Asia, and the figures reflect this loss.

This is Others and Adjustment. There were no major changes compared to up to Q3. However, there
is an increase in intersegment trades from FY2023. Also, as corporates enhanced their IT resources,
Adjusted EBITDA fell to negative 7.3 billion yen.
I have given the financial results summary and the current status by SBU.

[President and CEO Wada]
Now, I would like to explain the full-year earnings forecast.

First, I would like to share our view of the market with you.
First of all, we do not perceive that the market environment for temporary staffing, technology
development outsourcing, and BPO which are the areas covered by our Staffing SBU, BPO SBU, andTechnology SBU, changed significantly since the time when we first formulated our Mid-termManagement Plan. We expect the business itself to remain very strong, and that we can expect stable
growth in this area as well. On the other hand, in the placement business, we continue to see strong
market demand, however, we recognize that the market is very sensitive to various changes in theenvironment, such as selective hiring and a sense of lull in hiring. In particular, we expect that themarket will be very susceptible to geopolitical issues and economic fluctuations overseas in the future.
Under such circumstances, we are aware that it will be very difficult to predict the speed at which
companies will increase or slow down their hiring. As such, we will manage business to be able tofulfill various needs. Against such a backdrop, we are presenting our earnings forecasts including
revenue and Adjusted EBITDA for Career SBU with a range, so that we can ensure more flexible
business development over a relatively long period.

The reason why we are taking this approach is because our vision is to become a technology-driven
human resource (HR) service company, as stated in our Mid-term Management Plan. We also upholda vision of "Work and Smile”. In order to realize this "Work and Smile" vision, we need to provide
more work opportunities, a variety of work styles, and learning opportunities, and need to do so in astable manner and with a high level of satisfaction for the people who utilize these opportunities.
Therefore, we are determined to steadily build up our efforts to achieve these goals. Especially
nowadays, human capital management has become very important, and we hope to support thecompanies that employ human capital, as well as the workers, based on the understanding of thethoughts and efforts of each of the companies.

In our approach to business, we are trying to constantly change the ratio of value provided by HR,
and value provided by technology. We would like to shift from a position in which our services areprovided almost exclusively through HR to one in which the greatest value can be provided bytechnology and HR, even if human intervention is minimized through the use of digital technology.

In 2025, we would like to provide better work opportunities for about 500,000 people, and continue
to grow steadily, to be able to offer such opportunities to around 1 million people by 2030, which will
become a big swell for the Group and spread the work well-being concept throughout the world. Thisis the kind of world I want to realize.

A case of a digital platform type business is shown here. As you may already know Sharefull, as media
often report about it, they are often expressed as "spare time job" or "spot job”. In this model, forexample, if a restaurant manager says at midnight that he or she is in need of 1 or 2 more workers
for tomorrow's shift, he or she can input the information, and by 1, 2 or 3 o’clock midnight, a matchingis done and the next day's shift can be scheduled. Of course, since it is 1 or 2 o’clock in the morning,
there is no human intervention, but the system will automatically match the workers. This will be a
support to the companies and for the worker, tomorrow’s schedule can be fixed. And if needed, theworker can receive the wage in the same day. This is the Sharefull model. We believe that this service
will grow substantially, and that it will meet the needs of many people who want to work in a variety
of different ways. 6 million people have already downloaded Sharefull App and we believe that theapp will be used much more going forward. We also believe that by utilizing Sharefull, we will be able
to support companies by making shift management much easier, reducing the workload of store
managers and those in charge of staffing, and increasing the productivity of the workforce.

We are hoping that we will be able to achieve increases in both revenue and profit while continuing
to invest in growth.
Our full-year forecast is affected by our forecast of Career business which is shown with a range. We
also need to show the forecast with range for the overall business.
For the full year, we are disclosing revenue forecast in the range of 1 trillion 417 billion yen to 1 trillion
429 billion yen, Operating Profit in the range of 52 billion yen to 55 billion yen, and Adjusted EBITDA
in the range of 73 billion yen to 76 billion yen. As shown in the table, the first half has some visibility,
and the range of market fluctuation in the second half is shown in this table based on the first half
forecast.

I would like to share one more topic with you, which is about disability employment. We are very big
in terms of hiring of people with disabilities. We believe we are the 4th largest employer of people
with disabilities in Japan, and we need to actively promote such employment in the future, as
requested by the government and also to realize our vision. In order to create more work opportunities
within our group, we have special subsidiaries to be able to secure maximum and optimal number of
employment. Thus, it was important for each SBU to request work to the special subsidiaries or tocreate work to request the special subsidiaries.
However, going forward, we need to prepare an environment where people with disabilities will beable to work not only at the special subsidiaries but together at SBUs. In order to realize this, each
SBU needs to be able to calculate how many employment is needed. Therefore a new initiative isintroduced to drive this effort.

As you can see, the figures are different compared to the ones you have seen until now. They are pro
forma figures for FY2023, which are based on the new prorated cost of hiring people with disabilities,
and the comparison is shown. The top line will not change but the cost allocation will change. To be
more concrete, cost will increase for Staffing SBU and BPO SBU but on the other hand, Career SBU’sburden will decrease. This is the overview.

We have the Adjusted EBITDA and EBITDA margin as shown here, and we expect to achieve a levelof 73 billion yen to 76 billion yen for the full year, with a margin of 5.2% to 5.3%.

We also expect Operating Profit to be 52 billion yen to 55 billion yen, and Operating Profit margin to
be 3.7% to 3.8%.
CFO Tokunaga will explain again about capital efficiency and shareholder returns, please.

[CFO Tokunaga]
I will now explain capital efficiency and shareholder returns.

First of all, we have always promoted management with an awareness of cost of capital and capitalefficiency, and now that TSE has issued new guidance, I would like to reiterate our approach to costof capital and capital efficiency. Regarding our analysis and evaluation of the current situation, we
determine our cost of capital target through communication and dialogue with our investors based ona certain formula. Specifically, as of March 2024, we understand and recognize that the cost of capitalis around 8%. For the period from FY2023 to FY2025, we would like to create a plan based on this
8% of the cost of capital. The Board of Directors also monitors the cost of capital and capital efficiency,
and oversees the actions taken by the executives to improve the cost of capital and capital efficiency.
Our ROIC results are now at over 15%, well above 8% of the cost of capital.
Regarding the second point, we have set ROIC and ROE targets based on the understanding that
increasing the spread between ROIC and cost of capital is the key to increasing our corporate value.
We also intend to reduce the cost of capital over the medium to long term through more proactive
investor relations activities and an appropriate capital structure. In addition, we have alreadyintroduced LTI as a measure of achievement of the capital efficiency target in the compensation
system for directors. As I will explain later, we considered shareholder return measures in a timely
manner while taking into account the cost of capital and capital efficiency.
The third point is dialogue with shareholders and investors. We would like to have more active
dialogues with our shareholders and investors not only on the cost of capital and capital efficiency
targets, but also on how we can improve these figures, and we would like to regularly feedback thecontent of these dialogues to our Board of Directors and implement improvement measures and PDCA
cycles.

This is the results of ROIC and ROE for FY2023. ROIC was 15.1%, exceeding the target of 15%. On
the other hand, ROE was 16.6%, falling short of the target of 20%. Based on these results, weconsidered measures to return profits to shareholders, as Wada explained earlier.

Next, I would like to discuss our financial strategy. Our financial strategy consists of three financial
indicators, cash allocation, and shareholder returns. Of these, the growth potential of the financial
indicators, specifically the target of achieving Adjusted EBITDA of 100 billion in FY2025, as explained
earlier by Wada, is something we hope to achieve as soon as possible from FY2026 onward. As forthe cash allocation, we will allocate 50 billion yen for software investment, which is about the sameamount as our 3-year depreciation and amortization cost, out of the after tax EBITDA of 200 billion
yen. For the remaining 150 billion yen, we used to allocate half, which is 75 billion yen to shareholder
returns and for growth M&As respectively. However, with a downward revision this time, EBITDA after
tax will be reduced from 200 billion yen, shareholder return is expected to increase during the current
Mid-term Management Plan. There are also no changes for Adjusted EPS of approx. 50% as dividends.

This is an overview of acquisition of treasury shares. Our policy is to repurchase shares as a meansof returning profits to shareholders in a timely manner, taking into consideration our financial situationand stock price. This time, we would like to purchase up to 20 billion yen of our own shares between
June 3 and the end of March next year. We plan to write off two-thirds of the shares purchased. As
for the remaining one-third of the shares, we have a stock compensation plan for employees with avalue of approximately 3 billion yen per year, and we would like to leave one-third, or over 6 billion
yen, equivalent to two years of the stock compensation plan as it is.

Finally, as for dividends, we will pay a total of 8.6 yen per share for FY2023, consisting of 4.3 yen per
share of interim dividend and 4.3 yen per share of year-end dividend, as we have already disclosed.
For FY2024, in accordance with our dividend policy, we will pay dividends of 9.0 yen for the full year,
4.5 yen of interim dividend, and 4.5 yen of year-end dividend. I have now explained about shareholder
returns, cost of capital, and capital.

[President and CEO Wada]
Finally, I would like to share something with you.

Last year, in 2023, PERSOL Group was designated as one of the Nadeshiko Brands. Of the listedcompanies on the Tokyo Stock Exchange, only 27 were selected for the Nadeshiko Brands, and weare very proud that we were selected. In order to create a field where women can play an active role,
it is necessary to take care of men as well, and we are committed to providing care for men who areraising children together with women, supporting men's childcare leave, and providing information
about men's experiences in childcare and what women go through when they are raising children. I
believe that our efforts to create a more inclusive environment, while incorporating such systems andmechanisms to allow men to experience what it is like to raise children, were highly evaluated overall.
In the future, we will of course continue to increase the number of female managers, but we will notstop there. In doing so, we hope to create an environment where employees with high engagementin our group are able to provide services with high engagement, regardless of gender, nationality orage. I am very grateful to be chosen as one of Nadeshiko Brands.

Finally, we would like to provide you with an opportunity to deepen your understanding of our diverse
business activities in the five segments and many other areas, as well as the current status of ourbusiness, through direct dialogue with the heads of our SBUs. In July or after, we will setup a forum
where presentation by each SBU head will be made so that you can listen and ask questions. Pleaseconsider joining this forum. If you are able to attend, you will be able to get a better sense of theadvantages and strengths of the PERSOL Group, as well as its future appeal.
That is all from me. Thank you.