Consolidated Financial Resultsof 3rd Quarter of the Fiscal
Year Ending March 31, 2022
(FY2021 Q3)PERSOL HOLDINGS CO., LTD.
February 14, 2022

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Highlights
1

Summary of Financial Results for the Nine Months Ended December
31, 2021➢ Financial results for the nine months ended December 31, 2021 exceeded the yearago level in all SBUs.
➢ Progress rate of operating profit against the full-year financial forecast reached85%, making progress steadily toward the achievement of the forecast.

2

Additional Acquisition of Shares in PERSOLKELLY and Its Future
Business Strategies➢ Having entered a phase where we focus our efforts on profitability improvement,
we have decided to acquire shares additionally so that we can make businessdecisions on our own.
➢ We will drive the business strategy to increase PERSOLKELLY's profit margins by
more than twice the current level in the fiscal year ending March 31, 2026.
➢ Mid-term business strategy and numerical targets of the overall Asia Pacific SBU
are planned to be disclosed in August 2022 at the time of the announcement offinancial results for the first quarter of FY2022 ending June 30, 2022.

1
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Summary of the Consolidated
Financial Results

for the Nine Months
Ended December 31, 2021

Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Summary of Financial Results for the Nine Months Ended
December 31, 2021➢

Both sales and profit increased year on year. The progress rate of operating profit against the full-year financial
forecast reached 85%.
(million yen)
FY2020Nine Months
Results

FY2021
Nine Months
Results

YoY(Reference)
FY2021 FullYear Forecasts

Progress Rate

Net sales

703,838

780,190+10.8%

1,060,000

73.6%

Operatingprofit21,88140,811+86.5%

48,00085.0%

OP margin

3.1%

5.2%

+2.1pt4.5%-

EBITDA

34,67454,876+58.3%

66,70082.3%

Net profit*

12,52423,932+91.1%

27,700

86.4%

80.34

130.18+62.0%

155.6083.7％

Adjusted EPS(yen)*
Net profit attributable to owners of parent company
Note: Effective in the three months ended December 31, 2021, the accounting process was changed for SaaS (Software as a Service) in the Australian business in the Asia
Pacific SBU. Accordingly, the said change is reflected in the values for results of FY2020 and for results and forecasts of FY2021, respectively. (The same applies
hereinafter.)
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3

Net Sales by SBU for the Nine Months Ended December 31,
2021➢

Results exceeded the year-ago level in all SBUs, with those of the core Staffing SBU remaining strong andCareer SBU being the driving force.
(million yen)
FY2020Nine Months
Results

FY2021
Nine Months
Results(Reference)
FY2021 FullYear Forecasts

YoY

Progress Rate

Consolidated

703,838

780,190+10.8%

1,060,000

73.6%

Staffing

394,369

426,082+8.0%

576,700

73.9%

Career

43,31053,644+23.9%

73,40073.1%

Professional
Outsourcing

82,377

88,579+7.5%

119,300

74.2%

3,783

7,921

+109.3%

11,40069.5%

186,789

212,687+13.9%

286,500

74.2%

8,449

10,323+22.2%

14,20072.7%-15,240-19,047--21,500-

Solution
Asia Pacific
OthersAdjustment

4
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Operating Profit by SBU for the Nine Months Ended
December 31, 2021➢

Operating profit exceeded the year-ago level in all SBUs given growth in the highly profitable BPO sector in the
Staffing SBU and reflecting the strong recovery from COVID-19 in the Career SBU.
(million yen)
FY2020Nine Months
Results

FY2021
Nine Months
Results(Reference)
FY2021 FullYear Forecasts

YoY

Progress Rate

Consolidated

21,88140,811+86.5%

48,00085.0%

Staffing

24,67032,467+31.6%

38,90083.5%

Career

-328

5,153

-

6,100

84.5%

Professional
Outsourcing

2,471

5,125

+107.4%

6,700

76.5%

Solution-3,793-2,273--3,100-Asia Pacific-1,407

304

-

500

60.8%

Others

-597

-324

-

-500

-

Adjustment

866

357

-58.8%-600

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Financial Results by SBU –Staffing SBU–
■ Comments on results for the nine months
Both sales and profit increased because the core temporary staffing sector remained strong, given thegrowth in the number of temporary active staffs due to curb the number of contract terminations, and orders
remained robust, mainly in public related projects in BPO sector.
Net sales■ Comments on the quarterly results

Operating profit(million yen)Temporary staffing

426,082

394,369

The number of active staffs continued toincrease steadily due to efforts to curb the
number of contract terminations.

32,467➢ No. of orders: Increased approx. 30% YoY+8.0%+31,712➢ No. of confirmed contracts: Increased approx.
25% YoY

24,670

million yen➢ No. of contract terminations: Increased YoY but
remained below the pre-COVID-19 level+31.6%+7,796

BPO

million yen

FY2020 Nine
Months Results

FY2021 Nine
Months Results

FY2020 Nine
Months Results

Sales and profit increased significantly with thecontribution of strong orders received in public
related projects.
Analysis of increase/decrease in sales(main factors)

FY2021 Nine
Months Results

Sales in the overall SBU increased by 9.4% YoY.
FY2020Q3

FY2021Q3

YoY

FY2020Nine
Months

FY2021
Nine
Months+9.4%

394,369 426,082

1) Temporary staffing: Up 7.1%
YoY

Net sales

134,086 146,728

Operatingprofit(OP Margin)

8,361(6.2%)

10,606(7.2%)+26.8%(+1.0pt)

24,670(6.3%)

32,467 +31.6%(7.6%) (+1.4pt)

9,265

11,596+25.2%

27,46335,362

EBITDA+8.0%+28.8%➢ Number of active staffs: +6.9%➢ Billing rates: +0.5%➢ Operating hours, etc.: -0.3%➢ No. of operating days: ±0% (Unchanged YoY)
2) BPO: Up 35.8%

6
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Financial Results by SBU –Career SBU–
■ Comments on results for the nine months
Sales increased YoY and profit was recorded due to the strong performance of both the placement business andjob recruitment media business.
Net sales■ Comments on the quarterly results

Operating profit/loss

Sales increased YoY and profit was recorded
due to strong No. of informal appointmentsof workers in placement business and No. oforders in job recruitment media business.

(million yen)

53,64443,3105,153
Placement+5,482
million yen+23.9%➢ Sales increased by approx. 35% YoY.
➢ The number of informal appointments ofworkers increased approx. 1.4 times YoY.

+10,334
million yen

Job recruitment media➢ Sales increased approx. 30% YoY because theperformance was strong.

-328
FY2020 Nine
Months Results

FY2021 Nine
Months Results

FY2020 Nine
Months Results

FY2021 Nine
Months Results

Investment➢ Marketing investments for registering job
seekers were continued.

FY2020Q3

FY2021Q3

YoY

FY2020Nine
Months

FY2021
Nine
MonthsYoY

Net sales

13,59518,702+37.6%

43,31053,644+23.9%

Operatingprofit/loss(OP Margin)

-466
1,960
‒%
(-3.4%) (10.5%) (+13.9pt)-328(-0.8%)

5,153‒%(9.6%) (+10.4pt)

2,185

7,944 +263.5%

EBITDA

395

2,894 +631.7%

7
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Financial Results by SBU –Professional Outsourcing SBU–
■ Comments on results for the nine months
Both sales and profit increased because of the continued growth of the IT area in addition to growth in sales ofthe engineering area.
Net sales■ Comments on the quarterly results

Operating profit(million yen)

IT (Composition of sales: Approx. 40%)

88,57982,377➢ Sales increased by 7% and profit also increased
because of continued strong demand.

+107.4%+2,653➢ Operating rate: Remained approx. 95%

5,125➢ No. of engineers: Approx. 4,600 (Up 9.8% YoY)

million yen+7.5%+6,202Engineering (Approx. 25%)

million yen

2,471➢ Sales increased by 14% and profit also increased
due to the market recovery.

➢ Operating rate: Increased to approx. 95%➢ No. of engineers: Approx. 3,200 (Up 1.7% YoY)

FY2020 Nine
Months Results

FY2021 Nine
Months Results

FY2020 Nine
Months Results

FY2021 Nine
Months Results

IT/engineering temporary staffing(Approx. 35%)

FY2020Nine
Months

FY2021
Nine
Months

YoY+7.5%

FY2020Q3

FY2021Q3

YoY

Net sales

28,68030,830+7.5%

82,377

88,579Operatingprofit(OP Margin)

1,481(5.2%)

2,320 +56.6%(7.5%) (+2.4pt)

2,471(3.0%)

5,125 +107.4%(5.8%) (+2.8pt)

EBITDA

1,861

2,701

+45.1%

3,595

6,259

➢ Sales increased by 7% and profit also increased,reflecting continued strong results in the IT area
and the recovery of the engineering area.
➢ No. of active engineers*: Approx. 5,900 (Up 5.0% YoY)* The number of active engineers include registeredengineers.

+74.1%

8
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Financial Results by SBU –Solution SBU–
■ Comments on results for the nine months
Sales increased in both the "MIIDAS" career change application business and the "POS+" cloud POS business as
the core businesses, resulting in a significant increase in sales of the SBU as well. While active investments
were continued, deficit decreased due to the increase in sales.
Net sales■ Comments on the quarterly results

Operating loss
(million yen)+109.3%+4,137"MIIDAS"➢ Remained strong, resulting in a significant YoY
increase in sales.

7,921

million yen➢ The cumulative number of account companies,
mainly SMEs, increased, having reached approx.
330,000 as of December 31, 2021. (The number
in December 2020: Approx. 210,000)

3,783-2,273+1,519-3,793

FY2020 Nine
Months Results

Net sales
Operatingloss (OPMargin)EBITDAFY2021 Nine
Months Results

FY2020 Nine
Months Results

FY2020Nine
Months"POS+"

million yen

FY2021 Nine
Months Results➢ The cumulative total number of stores that
introduced the service increased by approx.
1.2 times YoY, thus continuing steadyincrease, despite worsening businesssentiment at restaurants.

FY2021
Nine
Months➢ New market segments other thanrestaurants, retailers, and hairdressing salons
were cultivated by offering "POS+" for DX at
public offices and local governments.

FY2020Q3

FY2021
Q3

1,593

2,966

+86.1%

3,783

7,921 +109.3%-1,095-708‒%-3,793-2,273

‒%

-781

-304

‒%

-3,004-1,146

‒%

YoY

YoY

(-68.8%) (-23.9%) (+44.9pt) (-100.2%) (-28.7%) (+71.5pt)

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9

Financial Results by SBU –Asia Pacific SBU (1)–■ Comments on results for the nine months
Sales increased mainly reflecting the growth of PERSOLKELLY and the strong Australian dollar, despite the impact
of COVID-19 on Programmed. Operating profit was posted due to the effect of the sales increase, despite theimpact of the application of the accounting processing.
Net sales

Operating profit/loss(million yen)

212,687
186,789304+1,712
million yen■ Comments on the quarterly results(July to September 2021)
PERSOLKELLY
Sales increased by 18% YoY and operating profit
rose by 51% YoY. High growth of the placementbusiness contributed to the significant growth inoperating profit.
[Comments in local currency basis]+13.9%➢ Temporary staffing business remained strong, andthe placement business achieved high growth. Sales
exceeded the pre-COVID-19 level in most regions.

+25,897
million yen➢ Operating profit increased significantly due to thegrowth of the highly profitable placement business.
Programmed-1,407
FY2020 Nine
Months Results

FY2021 Nine
Months Results

FY2020 Nine
Months Results

FY2021 Nine
Months Results

Situation in the Oct.-Dec. quarter in each region
PERSOLKELLY:
Both the temporary staffing business and placement business remained
steady. Efforts were made to increase personnel in the placement business,aiming for growth in the next fiscal year and onward.
Programmed:
Orders were strong in both the Staffing business and Maintenance businessdue to the lifting of lockdowns. Efforts were made to control cost in addition
to securing supply capacity to cope with the labor shortage.

Sales increased 13% YoY due mainly to thestrong Australian dollar. Operating loss of 0.55
billion yen was posted due to the impact of thechange in accounting processing for SaaS
(approx. -0.4 billion yen).
[Comments in local currency basis]➢ Recovery slowed down in Q3 because of therestrictions on operations and labor shortage that
resulted from the lockdowns. Sales of the Staffing
business remained flat YoY while those of theMaintenance business increased by approx. 10%
YoY.
➢ Cost control efforts were made to minimize theimpact of COVID-19, but operating loss was posted
due to the impact of accounting processing for SaaS.

10
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Financial Results by SBU –Asia Pacific SBU (2)–
Breakdown of financial results of PERSOLKELLY and Programmed in Asia Pacific SBU is as follows.
(million yen)

FY2020 Q3
Net sales*

YoY

FY2020Nine Months

FY2021
Nine Months

YoY

62,124

71,183+14.6%

186,789

212,687+13.9%PERSOLKELLY

16,18619,145+18.3%

53,13454,582+2.7%

Programmed

45,93852,037+13.3%

133,655

158,104+18.3%-729(-1.2%)-277(-0.4%)‒%(+0.8pt)-1,407(-0.8%)

304(0.1%)‒%(+0.9pt)PERSOLKELLY

261

395

+51.2%

-49

829

‒%

Programmed

-889

-552

‒%

-1,191

-183

‒%

772

1,394

+80.5%

3,110

5,350

+72.0%PERSOLKELLY

436

558

+28.0%

503

1,333+164.6%

Programmed

437

953

+117.7%

2,773

4,352

+56.9%

Operatingprofit/loss*(OP Margin)

EBITDA**FY2021 Q3This SBU consists of an administrative department overseeing businesses and other organizations in addition to PERSOLKELLY and Programmed. Results of the said
department, etc. are not included in the above, so the total values differ from the above if they are included.

11
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Financial Results by SBU –Others and Adjustment–
Others (Companies directly managed by
PERSOL HOLDINGS)■ Comments on the quarterly results➢ Sales increased YoY due to an increase
in internal transactions within the Groupin the disabled persons hiring businessof special subsidiaries.

➢ As a result of the abovementioned
increase in transactions, operating profit
decreased due to the increase inpersonnel cost and other costs at special
subsidiaries.

(million yen)

Net sales
Operatingprofit/loss(OP Margin)
EBITDAFY2020Q3

FY2021
Q3

3,428

3,980

+16.1%

263(7.7%)

229(5.8%)-12.9%(-1.9pt)

350

344

-1.6%

YoY

FY2020Nine
Months

FY2021
Nine
MonthsYoY

8,449

10,323+22.2%-597-324(-7.1%) (-3.1%)‒%(3.9pt)-359

Adjustment (corporate and reconciliation)‒%(million yen)
FY2020Nine
Months

FY2021
Nine
Months‒%-15,240-19,047

‒%

-55

‒%

866

357

-58.8%

164-64.1%

1,683

1,088

-35.4%FY2020Q3

FY2021
Q3-5,425-7,047

Operatingprofit/loss

191

EBITDA457■ Comments on the quarterly results➢ A slight loss was posted following an
increase in costs associated withadvertising, the response to thepromotion of remote work, workplacevaccination, and other events.

17

Net sales

YoY

YoY

12
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Full-Year Financial Forecasts
for FY2021

Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Full-Year Financial Forecasts for FY2021➢ There is no change from the full-year forecast at the time of the announcementof second quarter financial results.

(million yen)

FY2020Results

FY2021
Forecasts

YoY

Net sales

950,7221,060,000+11.5％

Operating profit

25,72448,000+86.6％

2.7％

4.5%+1.8ptEBITDA

43,17066,700+54.5％Net profit*

15,341

27,700+80.6％

Adjusted EPS (yen)100.98155.60+54.1％

OP margin* Net profit attributable to owners of parent company

14
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Sales Forecasts by SBU for FY2021(million yen)

FY2021
Nine
MonthsResults

Q4
Forecasts

FY2020Full-Year
Forecasts

Nine
MonthsResults

Q4
Results

Full-Year
Results

Consolidated

780,190279,8091,060,000

703,838

246,883

950,722

Staffing

426,082

150,617576,700

394,369

135,870

530,240

Career53,64419,75573,40043,310

16,25859,568

Professional
Outsourcing

88,57930,720

119,300

82,37730,718113,095

Solution

7,921

3,478

11,400

3,783

1,918

5,702

Asia Pacific

212,687

73,812

286,500

186,789

64,657

251,447

Others10,323

3,876

14,200

8,449

3,015

11,464

Adjustment-19,047-2,452-21,500-15,240-5,555-20,795
15

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Operating Profit Forecasts by SBU for FY2021(million yen)

FY2021
Nine
MonthsResults

Q4
Forecasts

FY2020Full-Year
Forecasts

Nine
MonthsResults

Q4
Results

Full-Year
Results

Consolidated

40,811

7,188

48,00021,881

3,842

25,724

Staffing

32,467

6,432

38,90024,670

4,452

29,123Career

5,153

946

6,100

-328

660

331

Professional
Outsourcing

5,125

1,574

6,700

2,471

1,556

4,028

Solution-2,273-826-3,100-3,793-1,016-4,809Asia Pacific

304

195

500

-1,407-828-2,235

Others

-324

-175

-500

-597

-558

-1,156

Adjustment

357

-957

-600

866

-423

442
16

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EBITDA Forecasts by SBU for FY2021(million yen)

FY2021
Nine
MonthsResults

Q4
Forecasts

FY2020Full-Year
Forecasts

Nine
MonthsResults

Q4
Results

Full-Year
Results

Consolidated

54,876

11,82366,70034,674

8,496

43,170Staffing

35,362

7,337

42,70027,463

5,387

32,851

Career

7,944

1,855

9,800

2,185

1,538

3,724

Professional
Outsourcing

6,259

1,940

8,200

3,595

1,958

5,554

Solution-1,146-553-1,700-3,004-663-3,668Asia Pacific

5,350

1,849

7,200

3,110

832

3,943

17

-17

０

-359

-462

-822

1,088

-588

500

1,683

-96

1,587

OthersAdjustment

17
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Additional Acquisition of
Shares in PERSOLKELLY and
Its Business Strategies

Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Overview of the Additional Acquisition of Shares➢ We will additionally acquire 46.5% of the 49% of shares in PERSOLKELLY Pte. Ltd. ("PERSOLKELLY"), which areheld by Kelly Services Inc. ("KSI"), a US company, thus increasing our equity stake in PERSOLKELLY to 97.5%.
➢ KSI will continue to hold a 2.5% stake to maintain its relationships with major global companies that havesigned contracts with KSI.
➢ We will apply cash on hand to the additional acquisition, and the delivery is planned to be completed on March 1,
2022, Japan time.
➢ Even after the additional acquisition of the shares, the framework for collaboration with KSI will be maintained,
and the service brand name, PERSOLKELLY, will continue to be used.

PERSOL HOLDINGS100%
PERSOL Asia Pacific Pte. Ltd.
Core holding company of
Asia Pacific SBU

Additional acquisitionof shares (46.5%)
Acquisition cost:
USD 119 million

Kelly Services Inc.

(Approx. 14.0 billion yen)

97.5%

(Currently: 51%)

2.5%

(Currently : 49%)PERSOLKELLY Pte. Ltd.

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19

Dissolution of Capital Alliance➢ We will call off our cross-shareholding with KSI and dissolve the capital alliance with the company.
➢ All of the shares in PERSOL HOLDINGS held by KSI are planned to be sold in the market on and after February
14, 2022, Japan time.
➢ For the shares in KSI that we hold, we have signed an acceptance agreement with KSI relating to theacquisition of treasury shares on February 14, 2022, Japan time.
➢ Even after the dissolution of the capital alliance, we will maintain the friendly business alliance with KSI.
➢ The impact of the dissolution on our consolidated financial results for the current fiscal year will be minor.
Common shares Class A 4.39%
Class B 0.04%

PERSOL HOLDINGS

Common shares 3.92%◼ Shares in KSI we hold

Kelly Services Inc.

◼ Shares in PERSOL HOLDINGS
held by KSIKSI Class A
KSI Class B
Common shares Common shares*
Number of shares held
Value of holding(USD million)*

1,576,169

1,475

Approx. 27 Approx. 0.03

Acquisition of treasury shares by KSI(Incoming cash of approx. 3.0 billion yen)

Common shares

Number of shares held
Value of holding(Billion yen)*

9,106,800
Approx. 28.0

Sold in the market* Calculated based on the share price as of February 9, 2022
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20

Background to the Additional Acquisition of Shares (1)➢ KSI, established PERSOLKELLY with PERSOL HOLDINGS as a JV in the APAC region, changed its businessstrategy and removed the APAC region from its list of priority investments, resulting in a divergence fromPERSOL's business strategy.
Establishment of North Asian JV
as the predecessor of
PERSOLKELLY

Calendar year
KSI'sbusinessstrategy

KSI’s investment
in PERSOL*PERSOL* investment
in KSI(*Then Tempstaff)(*Then Temp Holdings)

2005

2010

2012

Establishment of current
PERSOLKELLY by
expanding the scope of JV
to the entire APAC region

Additional acquisitionof shares anddissolution of capitalalliance

2016

2022

Global business expansion(North America, South America, APAC, and Europe)

Change of business strategy

Discrepancy with PERSOL’s business strategy of focusing on the APAC region as a priority investment destination

Decision to acquire shares additionally to expand the APAC business more proactively

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21

Background to the Additional Acquisition of Shares (2)➢ Having entered a phase where we focus our efforts on profitability improvement, we have decided to acquire
shares additionally so that we can make business decisions on our own to make investments, including DX
investment, and business transformation in an agile manner.
➢ We have judged that the ground has been prepared for implementing our own management while maintaining agood relationship with KSI.

Factors in deciding to acquire shares additionally12Discrepancy of our business strategy
with that of KSI

2020Profitability
improvement

Achievement of profitability by
PERSOLKELLY

Improvement of profitability
by refining the existing
businesses

3

Stable management enabled byaccumulated knowledge

4

Necessity of agile business decisions
for improving profitability

2014-2019
Scale expansion
Establishment of businessfoundation and scale inoverseas-2013

Establishment of astructure for providing
services intended forJapanese companies
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22

Future Business Strategies of PERSOLKELLY➢ The following three strategies will be driven to improve profitability and accelerate growth.

1

Improving productivity through DX investment➢ Automating the candidate searching process and introducing AI matching in
the placement business
2

Optimizing back-office functions➢ Integrating and consolidating back-office functions to the optimal location
to improve efficiency in the APAC region

3

Restructuring business portfolio➢ In the core businesses, focusing on highly profitable businesses andwithdrawing from low profitable businesses➢ Focusing on promising businesses that could be core businesses in the
futureCopyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

23

Business Strategy (1): DX Investment➢

Reducing person-hours and improving the hiring decision rate using AI and an internal database, so as toimprove productivity➢

Through collaboration with the Career SBU, aiming to share the Group's internal knowledge globally and createsynergy■ Allocation of working hours of a placement services consultant
At
present

Acquiring newcustomers and new
projects

Candidate searching andacquiring applications

Submitting documents andarranging interviews

Closing

Followup

20%

30%

30%

10%

10%

Introducing AI matching
Automating the candidate
searching process
Automating selection/hiring process
Afterintroduction
of DX

40%
Acquiring new customers and new projects

20%

20%

Candidate searching
Submitting
and acquiring
documents andapplications
arranging interviews

10%

10%

Closing

Followup

 It will be possible to focus our efforts on acquiring new customers and new projects, resulting in an increase in orders.
 Precision of candidate searching will be improved by using AI, resulting in the improvement of hiring decision rate.

Increase in orders x Improvement of hiring decision rate
= More than 30% productivity improvement per consultant
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

24

Business Strategy (2): Cost Reduction➢ Back-office functions were fulfilled separately by PERSOLKELLY and Programmed, an Australian subsidiary,at each company and in each country/region. These functions will be integrated and consolidated to an
appropriate location from the viewpoint of total optimization of APAC business, in an attempt to improve
efficiency.

PERSOL Asia Pacific Pte. Ltd.

PERSOLKELLY

Programmed

Shared Service
Center

Back-office functions

Subsidiaries

Back-office functions

Back-office functions

Provision of services

Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

25

Business Strategy (3): Business Portfolio Restructuring➢ Focusing our efforts on highly profitable businesses and sorting out low profitable businesses with a view towithdrawing from such businesses, so as to build a more resilient portfolio➢ Focusing our efforts on promising businesses which could be core businesses in the future, so that they growsignificantly as next-generation growth drivers

Focusing on promising businesses
 HR Tech business Healthcare businessBusinesses
to newly
focus onCore businesses

Focusing our efforts onhighly profitable businesses Placement business Temporary staffing in the office-based job
sector (emerging countries) Engineer temporary staffing sector
Withdrawing fromlow profitable businesses
 To be considered in the future by eyeing
the possibility of withdrawal

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26

Numerical Targets of PERSOLKELLY➢

Aim to achieve an operation profit margin of over 3% and an EBITDA margin of over 4% in the fiscal
year ending March 31, 2026, the final year of the next mid-term management plan, more than doubled fromthe current margins.

■ Operating Profit Margin

3%３％
over

x２

■ EBITDA Margin

Over 4％

x２
1.9%

1.3%

FY2021 (Forecast)

FY2025 (Forecast)

FY2021 (Forecast)

FY2025 (Forecast)

Mid-term business strategy and numerical targets of the overall Asia Pacific SBU
including PERSOLKELLY are planned to be disclosed in August 2022 at the time of theannouncement of financial results for the first quarter of FY2022 ending June 30, 2022.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

27

Appendix

Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

TopicPERSOL is ranked 1st in overall satisfaction level forthree consecutive years in the “Satisfaction level ranking ofstaffing companies for 2021 determined by temporary staff!” *1➢➢

18.4%*2 of the respondents answered that PERSOL TEMPSTAFF was most satisfactory.
Among the 19 "Reasons why you are satisfied," PERSOL TEMPSTAFF was highly valued in "Because theperson in charge is empathetic," "Because the person in charge is accessible," "Because dispatch
destinations are good," "Because the company introduces many job offers," "Because the person in charge
contacts me frequently for support while I am dispatched," "Because the website and my page are easy touse," and "Because I can acquire paid vacations without hesitation."*1 Announced on December 22, 2021 by the institute to research a temporary staff’s way of working “Satisfaction level ranking of staffing companies for 2021
determined by temporary staff!”*2 In this survey, a question, "Which company was most satisfactory to you?" (open question with only single-answer responses being valid) was asked to people whohave ever registered in staffing companies (regardless of whether they have the experience of working at any dispatch destination or not and of the current
employment status). The above figure is the percentage of respondents to the above question who answered that "PERSOL TEMPSTAFF was most satisfactory" among
all respondents.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

29

Appendix
ー Quarterly Results

Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Consolidated Quarterly Results(million yen)

FY2019Q4

Sales

FY2020Q1Q2

FY2021

Q3

Q4

Q1

Q2

Q3

249,411 238,222 227,533 238,083 246,883 250,432 262,415 267,342
YoY(%)

Operating
ProfitOPM(%)EBITDAEBITDA Margin(%)

Net profit*

3.7%

1.3%

-6.6%

-1.7%

-1.0%

5.1％

15.3%

12.3%

10,681

9,115

4,760

8,005

3,842

13,137

13,597

14,075

4.3%

3.8%

2.1%

3.4%

1.6%

5.2％

5.2%

5.3%

14,997

13,3898,962

12,322

8,496

17,821

18,263

18,791

6.0%

5.6%

3.9%

5.2%

3.4%

7.1％

7.0%

7.0%

8,266

4,670

2,974

4,880

2,816

8,487

7,060

8,384

*Net profit attributable to owners of parent company

31
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Staffing SBU(million yen)

FY2019Q4

Sales

FY2020Q1Q2

FY2021

Q3

Q4

Q1

Q2

Q3

130,871 130,678 129,605 134,086 135,870 137,846 141,507 146,728
YoY(%)

Operating
ProfitOPM(％)EBITDAEBITDA Margin(％)

Working days

7.2%

6.9%

2.8%

2.4%

3.8%

5.5％

9.2%

9.4%

5,905

8,921

7,387

8,361

4,452

10,428

11,433

10,606

4.5%

6.8%

5.7%

6.2%

3.3%

7.6％

8.1%

7.2%

6,885

9,914

8,283

9,265

5,387

11,37012,395

11,596

5.3%

7.6%

6.4%

6.9%

4.0%

8.2％

8.8%

7.9%

58

61

58

61

60

61

58

61

32
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Career SBU(million yen)

FY2019FY2020

FY2021

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

19,526

16,827

12,887

13,595

16,25817,602

17,33918,702-17.2%-28.5%-42.1%-24.9%-16.7%

4.6％

34.5%

37.6%

2,900

1,505

-1,367

-466

660

2,063

1,129

1,960

14.9%

8.9%

-10.6％

-3.4%

4.1%

11.7%

6.5%

10.5%

EBITDA

3,697

2,316

-526

395

1,538

3,002

2,047

2,894

EBITDA Margin(％)

18.9%

13.8%

-4.1％

2.9%

9.5%

17.1%

11.8%

15.5%

Sales
YoY(%)

Operating
Profit/Loss
OPM(％)

33
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Professional Outsourcing SBU(million yen)

FY2019FY2020

FY2021

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

28,842

26,41527,281

28,68030,71828,222

29,52630,830

10.1%

10.0%

4.4%

6.8%

6.5%

6.8%

8.2%

7.5%

3,070

315

674

1,481

1,556

1,214

1,590

2,320

10.6%

1.2%

2.5％

5.2%

5.1%

4.3%

5.4%

7.5%

EBITDA

3,216

683

1,049

1,861

1,958

1,589

1,968

2,701

EBITDA Margin(％)

11.2%

2.6%

3.8％

6.5%

6.4%

5.6%

6.7%

8.8%

Sales
YoY(%)

Operating
ProfitOPM(％)

34
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Solution SBU(million yen)

FY2019Q4

Sales
YoY(%)

Operating
Loss
OPM(%)EBITDAEBITDA Margin(%)

FY2020Q1

FY2021

Q2

Q3

Q4

Q1

Q2

Q3

1,967

952

1,237

1,593

1,918

2,181

2,773

2,966

310.8%-29.5%-32.6%-14.2%-2.5%

129.0%

124.1%

86.1%

-768

-1,437-1,260-1,095-1,016

-883

-681

-708

-39.0%-150.8%-101.8％-68.8%-53.0%-40.5%-24.6%-23.9%-340-1,204-1,018

-781

-663

-527

-314

-304

-17.3%-126.4%-82.3%-49.0%-34.6%-24.2%-11.3%-10.3%

35
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Asia Pacific SBU(million yen)

FY2019FY2020

FY2021

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

70,40365,98058,684

62,12464,65767,30674,19871,183

-0.5%

-1.5%

-15.7%

-6.2%

-8.2%

2.0%

26.4%

14.6%

451

-116

-561

-729

-828

-0

582

-277

0.6%

-0.2%

-1.0%

-1.2%

-1.3%

-0.0%

0.8%

-0.4%

2,060

1,390

947

772

832

1,675

2,281

1,394

EBITDA Margin(%)

2.9%

2.1%

1.6％

1.2%

1.3%

2.5%

3.1%

2.0%

AU GDP growth＊
(%)

2.2%

1.4％

-7.0％

-3.8％

-1.1％

1.1%

9.6%

3.9％

Yen/USD

109.0

108.9

108.2

107.5

106.8

106.1

107.8

108.6

Yen/AUD

75.8

71.6

71.1

72.8

73.7

81.9

83.1

82.4

Sales
YoY(%)

Operating
Profit/Loss
OPM(%)EBITDA* Preliminary results

36
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Others(million yen)

FY2019FY2020

FY2021

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2,803

2,364

2,656

3,428

3,015

3,314

3,028

3,980

83.1%

36.5%

2.7%

14.7%

7.5%

40.2%

14.0%

16.1%

-275

-455

-405

263

-558

-55

-497

229

-9.8%

-19.3%-15.3%

7.7%-18.5%-1.7%-16.4%

5.8%

EBITDA

-197

-380

-329

350

-462

54

-381

344

EBITDA Margin(％)-7.0%-16.1%-12.4%

10.2%-15.3%

1.7%-12.6%

8.7%

Sales
YoY(%)

Operating
Profit/Loss
OPM(％)

37
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Adjustment（Corporate and reconciliation adjustments）(million yen)

FY2019Q4

Sales
YoY(%)

Operating
Profit/Loss
OPM(％)EBITDAEBITDA Margin(％)

FY2020Q1Q2

FY2021

Q3

Q4

Q1

Q2

Q3

-5,003-4,995-4,819-5,425-5,555-6,041-5,958-7,047

-

-

-

-

-

-

-

-

-602

382

292

191

-423

371

41

-55

-

-

-

-

-

-

-

-

-325

669

556

457

-96

657

266

164

-

-

-

-

-

-

-

-

38
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Balance of Goodwill（million yen）

SBU

As of December 31, 2021

Staffing SBU

8,010

Career SBU

17,152

Professional Outsourcing SBU
Solution SBU

Asia Pacific SBU

7,865
186

26,884PERSOLKELLY

1,705

Programmed Staffing

2,205

Programmed Maintenance
Programmed Others

22,93438

Others

1,757

Total

61,85639
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Adjusted EPS➢ Shifted to a dividend policy that focuses on dividend payout ratio (25% of adjusted EPS) in FY2020➢ Adjusted EPS is calculated excluding the effects of goodwill amortization and extraordinary income
and loss amounts, etc.

Adjusted EPS

Current net
profit after
adjustment

Current net
profit after
adjustment

÷Current net profit
attributable to ownersof parent company

Average number of shares issued during the period –Average number of treasury shares during the period±

Adjusted items(excluding those
attributable to noncontrolling interests)±

Tax reconciliation
related to certain
adjustment items(million yen)

FY2021 Q1

FY2021 1st Half FY2021 Q1 to Q3

Current net profit attributableto owners of parent company

8,487

15,54723,932Adjusted items

2,486

4,659

6,497

-132

-422

-448

Tax reconciliation related tocertain adjustment items
Current net profit after
adjustment
Number of shares (share)*Adjusted EPS (yen)10,841

19,78429,980Details of adjusted items➢

Amortization of intangible assets
except goodwill by acquisitions➢

Amortization of goodwill➢

Extraordinary income/losses

230,119,423 230,187,423 230,299,930
47.11

85.95

130.18* Number of shares = average number of shares issued during the period - average number of treasury shares during the period
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

40

Appendix
ー Sustainability

Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Publication of Integrated Report 2021➢➢

The report includes a message from the CEO and interviews with management team members and covers
information about value creation by the PERSOL Group.
Promoting ESG-related initiatives and increasing ESG information to disclose, including information about
environmental measures and human capital.
Click here for Integrated Report(English Edition)

42
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Environmental Initiatives (Environment)
Decarbonized society

Forest protection

Climate change➢ Promoting paperless operations➢ Encouraging purchases ofrecyclable equipment➢ Promoting remote work

➢ Promoting paperless operations➢ Use of FSC® certified paper➢ Use of environmentally friendly
products➢ Participation in environmental
events➢ Encouraging casual office attire➢ Thorough energy conservation
measures➢ Promoting remote work

Examples of initiatives■Promoting remote work
We are building remote work environments through the proactive use of ICT, including providing employees withlaptop computers and introducing chat tools. These measures help reduce the number of commutes and lessen theamount of electricity used in offices, with the dual aims of work style reform and reduction of CO 2 emissions.

■Promoting paperless operations
The Group is promoting paperless operations by discontinuing the sending of printed New Yearcards and introducing tools for electronic contracts. We strive to preserve resources and reduce CO2
emissions by cutting back on the use of printed materials for internal meetings and thoroughly sorting andrecycling paper resources to reduce the use of paper.
【Results】
The Staffing SBU has installed a large-scale core systems called GENESIS for centralized management of things
including staff salaries, paid vacations, year-end payroll tax adjustments and customer contracts and invoices,
and is stepping up efforts to digitalize other documents. PERSOL TEMPSTAFF projects that 1.15 million pages of
documents will be digitalized during 2022, reducing CO2 emissions by 5.9 tons.
43
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Diversity, Inclusion & Equality (Social)➢➢

Accelerating initiatives by positioning Diversity, Inclusion & Equality (DI&E) as an important measure thathelps achieve the "Work, and Smile" vision.
Formulating common policies to be shared by overseas Group companies as well, so as to promote DI&E
across the entire PERSOL Group.

■ Establishment of the Gender Diversity Committee
The committee was established in September 2021 under the Headquarters Management Committee(HMC). Planning to further promote active participation by women and accelerate human resource
development and support for achieving work-life balance on a group-wide basis.
Objective

Considering and discussing measures to increase
the percentage of women in managerial positions

Subject ofdeliberation

Group-wide strategies and key measures for increasing
the percentage of women in managerial positions■ Initiatives at Programmed, an overseas subsidiary
Programmed, which provides comprehensive humanresource services in Australia and New
Zealand, holds internal seminars and events related
to DI&E on a monthly basis and uses internal andexternal news feeds to disseminate a range of
information, including policies to instill andinformation for raising awareness.

44
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Corporate Governance Structure (Governance)➢➢

Established the Corporate Governance Committee and the Nomination and Compensation Committee toincrease transparency and objectivity concerning decisions on the nomination and compensation of directors
and Group senior executives and enhance the management oversight function of the Board.
Regarding new appointment of CEO in April 2021, the Nomination and Compensation Committee deliberated
on the CEO succession plan before the resolution was passed by the Board.

45
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Business Overview
Staffing
SBU◼ Temporary staffing (clerical work, research, clinicaldevelopment, sales, light work)◼ Outsourcing (clerical work, government office contract
business, call centers, helpdesks, CRO, manufacturing)◼ Temporary job placement ahead of permanent
employment/placement service

Career
SBU◼ Placement service (mid-career, new grad recruitment)◼ Career change media, direct recruiting◼ Executive and advisory placement◼ Outplacement support◼ Career training◼ Outsourcing (IT, business)

Professional ◼ Digital solutions, system development
Outsourcing ◼ IT and business consulting◼ Engineering (design and experiment)
SBU◼ Temporary staffing (IT, engineering)

Solution
SBU

Asia Pacific
SBU◼ Digital solutions (employment, human resourcesmanagement, education)◼ Incubation programs◼ Staffing and training◼ Facility management◼ Home care
◼ Maintenance46
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Disclaimer

The statements concerning PERSOL HOLDINGS’s future businessperformances in this material such as earnings forecasts are basedon information available as of February 14, 2022 and certain
assumptions deemed to be reasonable by PERSOL HOLDINGS, anddo not mean that PERSOL HOLDINGS promises to achieve thesefigures. Actual results may differ materially from the statements
due to a variety of factors.

The figures and indicators included in this material have beenreleased to facilitate an appropriate understanding for businessresults and financial status of PERSOL Group. Kindly note that not
all the figures and indicators have been subjected to audit andreview by external auditors.

47
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