Financial Results Briefing
for the Fiscal Year Ended
December 31, 2023
February 23, 2023

COACH A Co., Ltd.
（Code: 9339, The Standard Market of the TSE）

Company Profile
History

Company Profile
Company
nameEstablished

1997
1999

CEO

Yoshiyuki Suzuki

LocationsTokyo, New York, Shanghai, Hong Kong,
BangkokConsolidated: 147 (As of December 31, 2022)August 2001
2-1-30, Kudan Minami, Chiyoda-ku, Tokyo

Number of
employees

COACH A Co., Ltd.

Head officelocation



2001



2007



2010



2011



Coach 21, Ltd. established as a coach training institute
Coach Training Program (CTP) launched
Executive Coaching launched for business leaders
Coach 21, Ltd. restructured into Coach 21 Co., Ltd.
Coach 21 Co., Ltd. spins off corporate business division toform COACH A Co., Ltd.
Coaching Research Institute (CRI) established(In 2017, research capabilities transferred to COACH A)
Subsidiaries established in Shanghai, Hong Kong andSingapore respectively(In 2019, subsidiary in Singapore liquidated)(In 2022, subsidiary in Hong Kong under liquidation)



COACH A Co., Ltd. and Coach 21 Co., Ltd. merged
Shares of COACH A Co., Ltd. acquired(In 2017, liquidated)
Driving Corporate Dynamism (DCD) launched

2013



A subsidiary established in Thailand

2015



Coachacademia™ (now COACH A Academia) launched

2019



Coach U, Inc. acquired

2020



3-Mimute Coaching Workshop launched

2021



2022





Dialogue Activation for Innovative Business Execution(DAIBE) launched
Listed on the Standard Market of the Tokyo Stock
Exchange2

目次

Our Purpose and Business------- 5

Executive Summary------- 17

Financial Results in FY 2022------- 19

Financial Forecasts for FY 2023 ------- 24

Our Purpose and BusinessOur Purpose, Meaning of Existence in Society

Our Purpose
We contribute to society by generating opportunities
for people around the world to engage in dialogue.

5What is Coaching?
Coaching is an ongoing dialogue process that maximizes the client’s capabilities,
resources, and potential for achieving goals through “dialogue.”
The coach works with the client to collaboratively create “new meaning” through“dialogue” and facilitates subjectivation and behavioral changes on the client.

Maximizing the client’s capabilities, resources and potential
Dialogue

New meaning

Coach

Subjectivation

Behavioral changes

Client6

What is Systemic Coaching™?


Developing not just the individual but the organization as a whole
Encouraging dialogue between individuals who have been subjectivated for thecreation of new ideas, etc.
VisionNew ideas

Subjectivation Subjectivation

Subjectivation
Coaching

Development of next
generation leaders

Dialogue

Subjectivation
Coaching

Dialogue

Dialogue

Dialogue
Subjectivation

Subjectivation

Dialogue
Coaching

Dialogue

Dialogue

Coaching
7

Main Domain: Business of Organizational Development
through Systemic Coaching™
Our primary focus is on providing organizational development services through
Systemic Coaching™ for listed companies and their subsidiaries.
Range of coaching services
for facilitating organizationtransformation
Japan

GlobalLeader development throughcoach training programs(Japan and the United States)

Approx. 17%

Organizational development
through
Systemic Coaching ™
(Main countries of operation:
Japan, Thailand, China)

Senior management

Management teamCore Essential ProgramCore Essential Fast Track Program

Approx. 83%

Middle management

Note

Employees

Note: Sales component ratios of each business in consolidated net sales for FY ended December 31, 2022

8

Main Services

Our six key services supporting Systemic Coaching™
Organizational development through Systemic Coaching™

Senior management

Management teamMiddle management


Employees



Leader development through coach training programsCore Essential Program Professional Fast Track Program

9Feature 1: Stable Client Base

Approximately 80% of our clients are listed companies and their subsidiaries.

Sales proportion for listed and non-listed companies*(Fiscal year ended December 31, 2022)

Non-listed companies
20.2%

Companies listedon the Prime Market
77.7%

Listed companies
79.8%* Share of total value of transactions with corporate clients in FY ended December 31, 2022

If the parent company of a consolidated subsidiary is publicly listed, the subsidiary is classified as a listed company.

10Feature 2: Global Coaching Firm

Offering multilingual services in English, Chinese (Mandarin/ Cantonese) and Thai,enabling us to provide our services to the overseas branches of Japanese companies

Number of ICF-credentialed anddomestically credentialed coaches at
COACH A(As of December 31, 2022)

Tokyo
COACH A Co., Ltd.(Shanghai)

Total numberof coaches

COACH A (Thailand) Co., Ltd.

116

84
104
■ Coaches with the ICF credential1■ Coaches to obtain the ICF credential
Pie chart (outer ring) ■ Coaches with the Japanese coach credential2■ Coaches to obtain the Japanese coach credential
Pie chart (inner ring)

73
98 55

Note: The figures in the chart have not been audited.

<Note>
1: Coaches credentialed by the International Coaching Federation
2: Coaches credentialed by the Foundation of Global Life Learning Center11

Feature 3: Coaching Research Institute: Striving to Improve Quality


The cycle of survey, research and development of the Coaching Research Institutedelivers evidence-based coaching

Services and tools are developed
based on new knowledge obtained
through the research
Desired State
Current State

COO
CEO

COO
CEO

Development

EvidenceBased

SurveyGathering and accumulatimg new data
about leaders and organizations
through our services and tools

Research

Clarifying mechanisms of organizationaltransformation and coaching based ondata gathered and accumulated throughthe surveys
12Our Business Strategies and Positioning

There are few competitors offering coaching services specifically targeted towards
organizational development
Coaching[Organizational development through System
Coaching™][Leader development throughcoach training program]

Coaching firms

Personnel
development

Organizational
development

Leading HR consulting firms

Consulting

Leading strategic
consulting firms

13Focuses and Expectations for Human Capital Investment


Although investors place high importance on investing in human resources, Japanese companies
tend to allocate a lower percentage of their budget towards this compared to companies in othercountries.
Supplementary Principle 3-1-3 of the Corporate Governance Code requires companies to disclose
information about their investment in human capital. Therefore, there is an expectation that suchinvestment will continue to rise in the future.

Themes which should be considered important in medium-andlong-term investment and financial strategies (2021)
Investors
60%

Companies

40%

Companies should appropriately disclose their initiatives onsustainability when disclosing their management strategies. They
should also provide information on investments in human capitaland intellectual properties in an understandable and specificmanner, while being conscious of the consistency with their own
management strategies and issues.
In particular, companies listed on the Prime Market should collectand analyze the necessary data on the impact of climate changerelated risks and earning opportunities on their business activities
and profits, and enhance the quality and quantity of disclosure
based on the TCFD recommendations, which are an internationallywell-established disclosure framework, or an equivalent framework.

Repayment ofinterest-bearing debt

M＆A

Shareholder returns

Capital investment

Optimization of capital structure

R&D investment

IT investment

Human resource investment

20%

0%

Corporate Governance Code, Supplementary Principle 3-1-3

Source: Survey Concerning Initiatives for Enhancement of Corporate Value published by The Life Insurance Association of Japan

14

Current Status of Human Resource Investment


The size of the Japanese corporate training service market is expected to remainaround 500 billion yen.
Investment in HR development among Japanese companies lags significantly behindthat of their European and American counterparts.
Corporate spending on HR development
as percent of GDP by country

Size of corporate training service market in Japan(Billion yen)

517

523

527

521

532
2.1%

482

31.0

1.8%

1.2%

418.7
1.1%

1.1%

0.1%
(FY)

2017

2018

2019

2020

2021

2022
(Forecast)

Source: Corporate Training Service Market 2022 published by Yano Research Institute Ltd. (July 2021)

UnitedStatesFranceGermany

Italy

UnitedKingdomJapan

Source: Analysis of Labor Economy published by Ministry of Health, Labour and Welfare, 201815

Executive Summary

Executive Summary
Business

Our main business domain is the organizational development through
Systemic Coaching™

Important Management Indicators
Net sales and operating profit

Summary of Results in the Fiscal Year Ended December 31, 2022
Our results were higher than estimated at the time of listing, with 8.9% yearon-year increase in net sales and 30.7% increase in operating profit.

Business Priorities for the Fiscal Year Ending December 31, 2023
- Hiring and training of coaches- Preparation for overseas business expansion

Forecasts for the Fiscal Year Ending December 31, 2023

Growth of approximately 9.4% in net sales and 18.4% in operating profit.
17

Summary of Results in the Fiscal Year
Ended December 31, 2022

Consolidated Profit & Loss Statement for the Fiscal Year
Ended December 31, 2022 (Summary)(Million yen)

FY 2021

FY 2022
Ratio tonet sales

YoY

Factors for changes

Net Sales

3,306

3,600

100.0%+8.9%

Gross Profit

1,468

1,927

53.5%

+31.2%

Selling, General and
Administrative
Expenses

1,106

1,454

40.4%

+31.4%

361

473

13.1%

+30.7%

54

44

ー

ー

Ordinary Profit

416

517

14.4%

+24.2%

Extraordinary income
and loss

(28)

(8)

ー

ー

Operating Profit
Non-operating profit
and expenses

Total corporate tax,
etc.

143

90

ー

ー

Net Profit

245

418

11.6%

+70.8%

16.6%

18.6%

ー

ー

ROE

• Strong performance in the business oforganizational development through Systemic
Coaching™, including EC and DCD, reflecting theconcentration of efforts on sales activities
targeting large transactions/priority clients• Increase in employees’ bonuses as a result ofstrong business performance• Increase in personnel expenses due toredeployment of personnel to strengthen backoffice operations in connection with listing• Recording of pro forma standard taxation inconnection with a capital increase• Increase in foreign exchange gain due to loan tooverseas subsidiary• Increase in listing expenses• Temporary drop in effective tax rate due to theapplication of tax effect accounting in connection
with the liquidation of dormant subsidiary

Amount: Fractions less than one million yen are omitted.
YoY:
Percentages are rounded to the second decimal place.

19Changes in Consolidated Business Results(Million yen)

Changes in composition of net sales

Changes in operating profit
and operating margin

Coaching personnel development businessBusiness of organizational development through Systemic
Coaching™

3,306

473

3,600

361

17%

10.9%

23%

13.1%

2,432
22%

77%

83%

78%

-15.7%(381)

FY2020/12

FY2021/12

Note: Sales component ratios are rough estimates

FY2022/12

FY2020/12

FY2021/12

FY2022/12
20

Consolidated Balance Sheet for the Fiscal Year
Ended December 31, 2022 (Summary)Strengthened financial base through listing to enable further investment in growth(Million yen)

December 31, 2021

December 31, 2022

2022年12月末

Current
Liabilities

Current
Assets2,340

Fixed Assets

780

Current
Liabilities

1,449

Current
Assets

3,467

1,496

Fixed Liability

29

Fixed Liability

28

Net Assets

1,643

Net Assets
Fixed Assets

2,873[Stock listing]• Share capital +Capital surplus+0.76 billion• Retained earnings+0.39 billion

932

Equity Ratio

Equity Ratio

52.6%

65.3%

21

Consolidated Cash Flow Statement for the Fiscal
Year Ended December 31, 2022 (Summary)(Million yen)

708
470
2,146

▲9

3,260

Effect ofexchange
rate change

December 31,
2022
Cash and cash
equivalents▲55

Main Items

December 31,
2021
Cash and cash
equivalents

Increasein net profit
509 million yen

Softwaredevelopment
51 million yen

Operating CF

Investing CF

Issuanceof shares
761 million yen

Financing CF

22

Business Plan for the Fiscal YearEnding December 31, 2023

Medium-to-long-term Growth ProjectionGrowing not only as a Japanese coaching firm but also as a global coaching firm

Target for medium-termsales growth rate
Approx.

10%

Provision of services to nonJapanese companies overseas

Provision of services to Japanesecompanies overseas

Provision of services to Japanesecompanies in Japan

Present

202X
24

Business Themes in the Fiscal Year Ending December 31, 2023

Upfront investment for development ofsolid business base in anticipation of
growth in medium to long term

25

Focus Areas for the Fiscal Year Ending December 31, 2023

Increase in numberof coaches

Increase in numberof overseas locations

Approx.

+2

15% UP

new locations(under consideration)

26

Focus Area: Increase in Number of Coaches - Main Measures

Increase in numberof coaches

 Strengthen referral recruiting especially of
Executive Coach candidates Accelerate recruitment PR activities

Approx.

15% UP Enhance our recruitment approaches forthe coachAcademia graduates Enhance the quality of coaching staffs

27

Focus Area: Increase in Number of Coaches- Internal System for Enhancing the Quality of Coaching Staffs
Promotion to
Executive Coach

Basic learning andacquisition of credentials

Improving and updating coaching skills

Support for the acquisition ofcoach credentials

Executive Coach training Support for the acquisition ofdomestic coach credentials1

 Support for the acquisition of the
ICF coach credentials2

Basic learning Completion of the ICF-accredited

coachAcademia course Completion of the DCD course Basic coach training

Coachingskills 1-on-1 training provided by highly

Improving and updating coachingskillsexperienced and highly skilled topcoaches Training provided by top coaches in

the US Study groups and training provided

by highly experienced internalcoaches based on global cutting-edgecoaching research papers

Timeelapsed<Note>1: Coach credentials accredited by the Foundation of Global Life Learning Center
2: Coach credentials accredited by the International Coaching Federation

28

Focus Area : Increase in Number of Overseas Locations - Main Measures

Increase in numberof overseas locations+2

 Establish new locations in Europe andNorth America (under consideration)
 Intensify efforts to expand services tooverseas locations of existing clients Strengthen approaches to local
companies with Japanese capital
participation

new locations(under consideration)

29

Focus Area : Increase in Number of Overseas Locations - Main Measures(1) Expansion of the market for Japanesecompanies
Expand the market for Japanese companies in the UnitedStates, ASEAN and China

EUROPE(1) Market development(2) Expansion of market for non-Japanesecompanies (B2C Business)
Expand the market for non-Japanese companies in the UnitedStates, ASEAN and Japan(2) Market development

ASEAN

×

(3) Expansion of the market for non-Japanese companies (B2B Business)

Expand Systemic Coaching through collaboration combining COACH A’s human resources and knowledge and COACH U’s humanresources who are well-versed in the B2B coaching business30

Measures for Development of Solid Business Base (1)Leverage high rating of senior management and management team members who
have received Executive Coaching to roll out other services such as DAIBE, DCD and
3-Munite Coaching Workshop through a top-down approach(1) Executive Coaching
Partner for organizational transformation(2)Dialogue Activation for Innovative Business Execution(DAIBE)
Platform of dialogue to create a collaborative management
team

Seniormanagement

Management
team members(3) Driving Corporate Dynamism (DCD)
Leaders develop the next leaders to create a "chain of
subjectivation”

Leaders(4) 3-Minute Coaching Workshop

Experience and co-create dialogue that drives organizationaltransformation

All employees

31

Measures for Development of Solid Business Base (2)Leverage high rating of senior management and management team members who havereceived our coaching services to roll out services to every operating department andgroup company on the initiative of their HR departments

Existing clients
HR department(1) Executive CoachingSales
department

Manufacturing
department

Businessplanning
department

R&D
department

Operating departments andgroup companies

Approaches to senior management
and management team members(2) DAIBE(3) DCD

Introduction of our services on initiative of
departments they belong to(4) 3-Minute Coaching
Workshop32

Consolidated Business Performance Plan for the Fiscal YearEnding December 31, 2023


We aim for stable growth in net sales and operating profit whilst making upfront
investment for the next growth phase(Million yen)
FY2023/12(Plan)FY2022/12

Ratio tonet sales

YoY

Factors

Net sales

3,600

3,938

100.0%+9.4%• Continue to focus onorganizational development
business including EC and DCD

Operating expenses

3,127

3,378

85.8%

+8.0%

• Strengthen recruitment of coachhuman resources in Japan andoverseas

Operating profit

473

560

14.2%

+18.4%

Ordinary profit

517

541

13.7%

+4.5%

Profit attributable toowners of parent

418

376

December 31, 2021
December 31, 2021
Order backlog

1,157

9.6%

(10.0%)• Assuming effective tax rate atusual level(*) As stated on p19, in the fiscal
year ended December 31, 2022,
there was a temporary drop in theeffective tax rate due to theapplication of tax effectaccounting in connection with theliquidation of a dormant
subsidiary

December 31, 2022
December 31, 2022

1,337

Amount: Fractions less than one million yen are omitted.
YOY:
Percentages are rounded to the nearest decimal place.

33

Shareholder Returns
[Basic policy] We aim to provide continuous and stable returns to shareholders,taking factors such as the business environment and level of profit into
consideration(Note) The dividend payout ratio in the Summary of Consolidated Financial Results is calculated using the formula “Individual
dividend per share/Profit per share (based on average number of shares during the period) × 100” and was 8.4% in thefiscal year ended December 31, 2022; however, the Company calculates its dividend payout ratio using the formula“Individual dividend per share/Profit per share (based on number of shares at the end of the period) × 100.”

Plan for the fiscal year
ended December 31, 2022

20

yen

Payout ratio 10.5%

Forecast for the fiscal year
ending December 31, 2023

20

yen

Payout ratio 12.2%
34

(Reference) Human Resource Development Market

The United States, where coaching originated, has a coaching market forecasted toreach $14.2 billion in 2022
(USD Billion)

115.08107.15

European markets(including Russia)

United States

72.74
African andMiddle Eastern markets

70.29
Asian and
Oceanian markets(excluding Japan)

Source: Global Corporate Training Market Report (2021 Edition), Business Coaching in the US Industry Report35

Disclaimer•

Notes on forward-looking statements–

This document contains forward-looking statements. Forward-looking statements reflect the Company’s assumptions, estimates and outlook forthe future based on information available to the Company and the Company’s plans and expectations as of the date of this material unless thecontext otherwise indicates. There can be no assurance that the relevant forward-looking statements will be achieved. Please note thatsignificant differences between such forward-looking statements and actual results may arise due to various factors, including changes in
economic conditions, changes in individual users’ preferences and business clients’ needs, competition, changes in the legal and regulatoryenvironment, fluctuations in foreign exchange rates, and other factors. Accordingly, readers are cautioned against placing undue reliance on any
such forward-looking statements. The Company has no obligation to update or revise any information contained in this material based on any
subsequent developments except as required by applicable law or stock exchange rules and regulations.

•

Notes on third-party information–

This material includes information derived from or based on third-party sources, including information about the markets in which we operate.
These statements are based on statistics and other information from third-party sources as cited herein, and the Company has not independently
verified and cannot assure the accuracy or completeness of any information derived from or based on third-party sources.

•

Notes on use of this material–

This material has been prepared for the sole purpose of providing general reference information. Neither this material nor any of its contents may
be disclosed or used by any third party for any other purpose without the prior written consent of the Company. The Company makes norepresentation as to the accuracy or completeness of the information contained in this material and shall not be liable for any loss or damage
arising from the use of this material.

•

This material is not disclosure in accordance with the Financial Instruments and Exchange Act or other related laws, and rules. Prospective investors
are advised to read the Company’s prospectus for new share issuance and secondary offering (and its amendments, if any) and make any
investment decisions at their own risk and responsibility. The prospectus for new share issuance and secondary offering (and its amendments, ifany) can be obtained from the underwriter.

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