Presentation of Business Resultsfor Overseas Investors
2023

1

Contents

IV. Enhancement of Corporate Value

I. Highlights of Financial Statements
 Highlights of Financial Statements for Q2 FYE Mar. 2024

… 3

II. Overview of Performance for Q2 FYE Mar. 2024
 Orders Received/Net Sales Operating Profit/Profit Attributable to Owners of Parent
 Contract Backlogs

III. Business Overview by Segment for FYE Mar. 2024












… 5
… 6
… 7

… 9
Telecom Carrier-Related Business (NTT/NCC)… 10
Initiatives on New Telecom Carrier-Related Business Domains… 11
Initiatives on Telecom Carrier-Related Peripheral Business… 12
IT Solutions Business… 13
Strategy in the IT Solutions Business… 14
IT Solutions Business (Topics)… 15
Main IT Solutions Business Orders Received in the First Half
… 16
Social System-Related Business… 17
Strategy in the Social System-Related Business… 18
Social System-Related Business (Topics)
Main Social System-Related Business Orders Received in the First Half … 19

 Major Issues and Sustainability
 Sustainability Initiatives

V. Shareholder Returns

Shareholder Returns Policy(Reference) Trend of Dividends, etc.

～Reference Materials～… 21… 22-23… 25… 26

1. Corporate History
2. Composition of the COMSYS Group
3. Composition Ratio by Supervisory Business Company
4. Business Domains
5. Business Segment
6. COMSYS VISION NEXT STAGE 2023
7. M&A History
8. Outlook for Telecom Carrier-Related Business9. Stock Information
10. Organization Chart/Board Members
11. History of Operating Results
12. Table of Financial Data

… 28
… 29
… 30
… 31
… 32
… 33
… 34
… 35
… 36
… 37
… 38
… 39

I. Highlights of Financial Statements

3Highlights of Financial Statements for Q2 FYE Mar. 2024
YoY

Sales Growth (+6.1%)
Profit Growth (+1.7 p.p.)

GrowthBusiness Net Sales¥124.8 billion(YoY +15.5%)

Women
Serving as Director
1ElectedNote: p.p. = percentage points

Treasury Shares
8 million shares
RetiredLimit forAcquisition ofTreasury Shares¥1.0 billion
IncreasedII. Overview of Performance for Q2 FYE Mar. 2024

5

Orders Received/Net Sales
Growth Business offset decline in telecom carrier-related business, and total orders received/net sales

increased year on year.

Net Sales

Orders Received(Unit: ¥100 million)
Progress Rate

48.4%

SocialSystem
IT

765

564

(12.6%)+313 (41.0%)+80 (14.3%)

43.0%
+140

2,448

3,015

2,308

(6.1%)

1079

667+104 (15.7%)

IT

413

+62 (15.2%)

476

NCC

250

-22 (-8.8%)

228

976

-5 (-0.5%)

971

645

NCC

255

-35 (-13.9%)

219

NTT

1093

-22 (-2.0%)

1070

FY March 2023
1H Performance

41.0%

52.9%
+337

2,678

(Unit: ¥100 million)

FY March 2024
1H PerformanceContribution of
Growth Business57%

SocialSystemNTT

FY March 2023
1H Performance

772

FY March 2024
1H PerformanceContribution of
Growth Business51%

6Operating Profit/Profit Attributable to Owners of Parent
Profit increased year on year,

mainly due to completion of profitable projects ahead of schedule and the increase in total net sales.
Operating Profit(Unit: ¥100 million)
Progress Rate

29.5%

41.7%

Profit Attributable to Owners of
Parent(Unit:¥100 million)

33.8%

41.5%
95

141

(3.9%)(5.8%)+29+46(1.1 p.p.)(1.7 p.p.)

6594(2.8%)(4.1%)FY March 2023
1H Performance*p.p. = percentage points

FY March 2024
1H Performance

FY March 2023
1H Performance

FY March 2024
1H Performance

7

Contract Backlogs
The contract backlog in Growth Business increased on the strong orders received.
Contract backlog at beginning of 3Q(Unit: ¥100 million)

2,549

SocialSystem

1,032

IT

334

NCC

171

NTT

1,010

FY March 2022

Contract backlog
at beginning of 3Q

2,411+94 (3.9%)

2,506

YoY
Change

1,017

1,122

+105 (10.3%)

405

421

+16 (4.0%)

174

183

+9 (5.4%)

815

778

-36 (-4.4%)

FY March 2023

FY March 2024

Contract backlog
at beginning of 3Q

Contract backlog
at beginning of 3Q

III. Business Overview by Segment for FYE Mar. 2024

9

Telecom Carrier-Related Business (NTT/NCC)
Strengthen Group collaboration and continue to take on the challenge of new business domains.
Orders Received

NTT(Unit: ¥100 million)

 Share business resources with Growth Business by raising productivity in existing domains

2,570

 Take on the challenge of projects in new domains by strengthening area management
Compared to targets
Progress Rate

50.2%
1,290

NTT

1,070

 Strengthen initiatives for new business opportunities, such as the infra-sharing business

2,040

NCC
 Focus on completing construction at an early stage and concentrate on winningnew ordersKDDI Steadily receive orders for removal of facilities for terminated servicesSB Gain market share for platinum band projects
NCC

219

FY March 2024 1H Performance

Rakuten

530
FY March 2024 Full Year Targets

10

Initiatives on New Telecom Carrier-Related Business Domains
Contribute to topline expansion by collaborating and sharing resources with Growth Business.

Expansion

GrowthBusiness

DCI

Data centers, IT infrastructure, etc.

Business collaboration
and resource sharing

Telecom Carrier
Business

Leverage engineering capabilities cultivated in the telecom
carrier-related business to expand peripheral-related business

Raise productivity

Existing domains(Data Center Interconnect)

LAN/WAN
Telecom carrierrelated technology
and know-how
Server security
construction

Data centers(Power andcommunications)Public sector system
integration, etc.
(Tender projects)

11

Initiatives on Telecom Carrier-Related Peripheral BusinessMaximize the advantages of regional brands.
Initiative example 2

Initiative example 1

Acquiring orders from infra-sharing companies

Acquiring orders from new telecommunications companies
Telecommu
nicationsrelated・Construction of whole-condominium internet service
・Construction of data center interconnect (DCI) transmission line
・ISDN migration and switching project

Tradingcompanyrelated

Real estaterelated

Steady progress inreceiving orders

Market gradually
expanding

Railway-related

Strengthening initiatives to win new customers

Roadrelated

Powerrelated

Initiative example 3

Acquiring orders for local 5G projects
COMSYS Engineering

Primary industry (agriculture and forestry)

Secondary industry (factories and mines)

Marketing

NTT Group・Strengthening business proposal capabilities through co-creation with NTT
Group/consortium companies
・Sales collaboration with supervisory company

12

IT Solutions Business
Capitalize on rising DX needs and expand orders received, mainly for public sector projects.
Orders Received(Unit: ¥100 million)

Compared to targets
Progress Rate

1,170

55.2%

 Strengthen initiatives to secure favorable order receipts next fiscal
year and beyond, mainly for strongly-performing public sector-related
projects

645

 Shift to DX projects, such as cloud lift and shift, data lake, and scrum

SoftwareDevelopment

162

 Expand recurring revenue business, such as operation andmaintenance projects

Solutions443

Maintenanceand Other

39

78

FY March 2024 1H Performance

FY March 2024 Full Year Targets

330

762

13

Strategy in the IT Solutions Business
Expand orders received in each market through integrated management in Tokyo metropolitan area.
Prime

Alliance

Secondary

Public sector, local government,
etc.

System integrators, etc.

NTT Group, etc.

Shift to new business domains and endeavor to create new businesses
Provide cloud-based SaaS
solutionsSupport government office andlocal government DX projects
and education ICT programs,
etc.

System development(software)

Support for business DX projectsof finance, government, logistics and other sectors

IT infrastructure

Maintain and expand existing IT infrastructure projects

DX support(Development of IOWN, ServiceNow, etc.)(Agile, low code development)

Train highly skilled engineers

Accelerate initiatives to realize
B2B2X model and new
businesses

Collaborate with telecom carrier-related business

Integrate management in Tokyo metropolitan area

Collaborate with other areas nationwide

Priority domains

New businessdomains/cloud computing

14

IT Solutions Business (Topics)
Promote customer DX projects by supporting construction and operation of cloud environments.
Microsoft 365

Google CloudJapan Post BankA National University• Proposing to improve, operate, and maintain operations
in existing environment• Construction of AI learning cloud infrastructure utilizing dashboard
functionality of Google Cloud Platform• Provision of configuration to improve security using new functionalities
and mechanisms of Microsoft 365• Completed construction in approximately two months, meeting request
for short delivery time
Provision of optimal environment for
students in one go!

Simplifying management
and operation

Improvement/utilization proposals
Work order/technology consultation
General Affairs
Department

Service desk

Inquiries/troubleshooting
Telecommuting
employees

Terminal delivery/QA

Help desk Data query and search Model development and training Python code execution×

https://live-style.jp/casestudy-jp-bank/*Livestyle is name of the service provided by TOSYS Corporation to support the introduction, operation, and utilization of cloud computing. Other company, product, and service names are the trademarks or registered trademarks of each company.

DashboardOrganization policy information display
Budget and expense display
Connection refused service display
Instance control of policy violations

15

Main IT Solutions Business Orders Received in the First Half
Advantages for achieving full-year target due to multiple orders received for large-scale projects.


A public organization: Construction of common telecommunications infrastructure(Approx. ¥8.0 billion)

A public organization: Construction of security gateway (Approx. ¥2.0 billion)

A public organization: Installation of server, etc. (Approx. ¥2.0 billion)Nationwide independent maintenance service (Approx.¥0.1 billion/year)16

Social System-Related BusinessWork to receive large-scale orders in the second half also, mainly data center (DC) projects.
Orders Received(Unit: ¥100 million)

Compared to targets
Progress Rate

55.1%

1,079
Infrastructure
and Other Strengthen initiatives aimed at DC market, which is expected to expand

1,960

 Steadily acquire orders for infrastructure projects such as undergroundingof utility poles, water supply and sewerage, and flood control work Expand power and communications work, primarily strongly-performing
expressway projects (electric facilities and communication work)

1,239

762

179

117
199

542

FY March 2024 1H Performance

FY March 2024 Full Year Targets

Renewable Energy
Electric Facilities

17

Strategy in the Social System-Related Business
Focus on initiatives for DC and DCI work, where investment is booming.
■Forecast for core business: Shift from solar to DC(Unit: ¥100 million)

500
400

DC

Large-scale solar

DC (forecast)

DC: Construction of a full set of electric, air conditioning, and communication facilities

Sales growth in
DC business

300
200
Electric facilities

100
2019 2020 2021 2022 2023 2024 2025 2026 2027
(Reference) Forecast for new construction and expansion of business data centers in JapanDCI (DC Interconnection): Installation of conduits and cables

DC(million yen)0

Air conditioning facilities

DC
DC

Source: IDC Japan (August 2023)

18

Social System-Related Business (Topics)
Receive orders for large-scale expressway facility projects through Groupwide collaboration efforts.
Social System-Related Business (Topics)• Areas: Tokyo metropolitan area and Tohoku region• Installation of wireless antennas, smart interchangesystem, passing vehicle photography equipment, etc.,
and associated optic cables• Receive orders in collaboration with Nippon COMSYS
Corporation and SANWA COMSYS Engineering
Corporation
Orders received:

Approx. ¥6.0 billion

19

Main Social System-Related Business Orders Received in the First Half
Steadily received orders for planned large-scale projects.


PFI project for undergrounding of electric power lines (Approx. ¥1.0 billion)Horizontal directional drilling (HDD) transmission line project (Approx. ¥1.0 billion)
Use of HDD for greater reliabilityof cables

Submarine cableLanding conduit

Storage battery installation project for power grid (Approx. ¥0.7 billion)



Metropolitan area redevelopment work (Approx. ¥15.0 billion, FUJIKI Corporation)

IV. Enhancement of Corporate Value

21

Major Issues and Sustainability
To enhance corporate value by contributing to society through business activities.
Major Issues

Main Initiatives

Contribute to local
communities by utilizing
engineering capabilities andinnovation■Pursue business activities that meet society’s diversifying infrastructure needs

Reforming utilization of humanresources and work style(Increase engagement)■Promote utilization of diverse human resources (external recruits, women, etc.)

Pursuing safety and security
and observing compliance

Addressing conservation of
the global environment■Develop new technology and business sectors through co-creation with new partners■Transform construction methods and operations through promotion of DX■Develop business activities in partnership with local communities through engineering■Pursue business activities related to preventing and mitigating disasters to address increasing severe disasters■Foster awareness and educate all employees about respect for human rights■Enhance human resource development programs and provide reskilling and recurrent education■Update personnel systems in line with the times and promote work-life balance■Promote a safety-first corporate culture■Strengthen our own capabilities for responding to natural disasters■Ensure the health of employees and their families■Enforce the code of conduct throughout the Group, including the supply chain■Promote the renewable energy generation business and construction of related facilities■Implement COMSYS Group initiatives to achieve carbon neutrality■Implement initiatives for resource recycling

SDGs the Company
Contributes to22

Sustainability Initiatives
Acquisition of Science Based Targets (SBT) certification

E

Acquired SBT certification, which validates the Company’s greenhouse gas emission reduction
targets, in October 2023
Promotion of switch to green power by Group companies

E

Plan to purchase 10GW (nearly 30% of total consumption) of green power in current fiscal year

Provision of prompt recovery assistance in response to Typhoon No. 6 (August 2023)

S

A total of 136 Group employees provided local recovery assistance in response to around 7,000
incidents of damage that occurred in the Nago area (Okinawa Prefecture)

Typhoon No. 6 recovery assistance23

G

Strengthening of corporate governance

Reduction in number of Directors

Strengthening of prompt and appropriate
decision-making and supervisory function

Qualification of Directors other than
the President to be chairmanof the Board of Directors

Diversification of the Board of Directors

Maintaining and upgrading the independentand objective management supervisory
function of the Board of Directors

Promotion of management reforms
by incorporating diverse points of view
1 woman(10%)

14 ⇒ 10

Of whom,
OutsideDirectors

5

⇒

4

9 men
(90%)
At least 30% by
2030

Male-female ratio of
the board of
directors

V. Shareholder Returns

25

Shareholder Returns Policy
Increased limit for acquisition of treasury shares by ¥1.0 billion based on financial results for first half.
Completed acquisition of ¥2.0 billion in treasury shares and retirement of 8,000,000 shares in the first half
ProfitTotal Dividends

280

Profit(Targets)

Negative
Goodwill

51

Purchase of Treasury Shares(Unit: ¥100 million)[ 228 ]*

80
72

March 2019
Dividends Per ShareTotal Return Ratio

26.1%[ 32.0％ ]

54.5%

*

259

80

293

70

50

70
193

↑
40

230

95

106

117

121

125

March 2020

March 2021

March 2022

March 2023

March 2024
(Planned)

37.0%

36.5%

40.3%

63.0％

55.1%

67.5%

60.2%

67.5%

98.9％

76.4%

18.57 million shares

20.22 million shares

Dividends + treasury shares
Profit[ 66.8％ ]Number of Sharesof Treasury Sharesat the End of the Period

12.29 million shares

14.16 million shares

15.96 million shares(8.7%)(10.0%)(11.3%)(Ownership Ratio)* Figures in [ ] are estimates assuming no negative goodwill.

292

80

（13.1％）(14.3%)ー

Purchase ofTreasury
Shares
Total
Dividends

26(Reference) Trend of Dividends, etc.
Aim to continue increasing the dividend and improving EPS and ROE in the current fiscal year.
Trend for Dividends

15

20

20

25

50

45

40

30

10
10

15

15

15

25

30

35

10

20

40

Mar. 2013

Mar. 2014

Mar. 2015

Mar. 2016

Mar. 2017

Mar. 2018

Mar. 2019

Mar. 2020

Mar. 2021

Trend for EPS
232.72190.43

8.6

9.2

Mar. 2022

2024 2024(Planned)
Mar. 2023 Mar.Mar.

Mar. 2022

Mar. 2023

Mar.Mar.
20242024(Planned)

8.8

5.7

6.7% or more

Improving

Mar. 2021

Interim

50

To

Mar. 2020

Year-end

50

Improving

Mar. 2021

55

45158.83Mar. 2020

50

Trend for ROE

235.50202.97¥105¥100

Mar. 2022

2024 2024(Planned)
Mar. 2023 Mar.Mar.

Reference Materials

28

1. Corporate History
Nippon COMSYS
Established in 1951
Listed on 1st Section,
Tokyo Stock Exchange

2003

COMSYS Holdings Corporation establishedin a three-way share transfer

2003.9SANWA ELEC

(Now Sanwa COMSYS Engineering)

Established in 1947
Listed on 1st Section,
Tokyo Stock Exchange

COMSYS Shared Services
Established in 2003
(For the contracting ofGroup shared services)

2003.10

TOSYS
Established in 1960

COMSYS JOHO System
Established in 2009
(Information systems business of
Nippon COMSYS Corporation spun off)

TSUKEN
Established in 1951
Listed on 2nd Section,
Tokyo Stock Exchange

NDS

Established in 1954
Listed on 1st Section, Tokyo Stock
Exchange, and 1st Section,
Nagoya Stock Exchange

2009.42010

2010.1020182018.10

Consolidation with TSUKEN Corporationin share exchange
Consolidation with NDS Co., Ltd., SYSKEN Corporation, and Hokuriku
Denwa Kouji Co., Ltd. by means of share exchange

SYSKEN

Established in 1954
Listed on 2nd Section,
Tokyo Stock Exchange,
and Fukuoka Stock Exchange*Nippon COMSYS Corporation and SANWA ELEC Co., Ltd. were delisted from the stock exchange in conjunction with the listing of COMSYS Holdings Corporation.
*TSUKEN Corporation, NDS Co., Ltd., SYSKEN Corporation, and Hokuriku Denwa Kouji Co., Ltd. were delisted from the stock exchange in conjunction with their consolidation with COMSYS Holdings.

Hokuriku Denwa Kouji
Established in 1949
Listed on 2nd Section,
Tokyo Stock Exchange

29

2. Composition of the COMSYS Group
Representative
Establishment
Paid-in Capital
Net Sales
Operating Profit
Number of Employees

Nippon COMSYS
Corporation

SANWA COMSYSEngineering Corporation

TOSYS Corporation

TSUKEN Corporation

COMSYS JOHOSYSTEM Corporation

NDS Co., Ltd.

Takashi Kagaya
September 29, 2003
¥10.0 billion¥563.2 billion¥32.1 billion
Consolidated: 17,512 Non-consolidated: 99

SYSKEN Corporation

Hokuriku
Denwa Kouji Co., Ltd.

COMSYS Shared
Services Corporation

Head office

Tokyo

Head office

Tokyo

Head office

NaganoHead office

Hokkaido

Head office

Tokyo

Head office

Head officeTokyo

Representative

Hiroshi Tanabe

Representative

Kenichi Sato

Representative

Sumito Kasai

Representative

Yoshihisa Omura

Representative

Masato Ihara

Representative Satoshi Tamamura Representative Hidenori Fukumoto

Representative Hirofumi Amano

Representative

Minoru Kubo

Establishment

Dec. 20, 1951

Establishment

Sept. 12, 1947

Establishment

Jan. 23, 1960

Establishment

Apr. 2, 1951

Establishment

Apr. 1, 2009

Establishment

May 13, 1954

Establishment

Sept. 1954

Establishment

Nov. 1949

Establishment

Oct. 1, 2003

Paid-in Capital¥10,000 million

Paid-in Capital¥3,624 million

Paid-in Capital¥450 million

Paid-in Capital¥1,432 million

Paid-in Capital¥450 million

Paid-in Capital¥5,676 million

Paid-in Capital¥801 million

Paid-in Capital¥450 million

Paid-in Capital¥75 million

Number of Employees

Number of Employees

Number of Employees

Number of Employees

Number of Employees

Aichi

Number of Employees

Head office

Kumamoto

Number of Employees

Head office

Ishikawa

Number of Employees

Number of Employees

Consolidated: 6,259

Consolidated: 1,774

Consolidated: 1,340

Consolidated: 2,357

Consolidated: 627

Consolidated: 2,956

Consolidated: 1,065

Consolidated: 914

Non-consolidated: 2,636

Non-consolidated: 928

Non-consolidated: 764

Non-consolidated: 1,000

Non-consolidated: 425

Non-consolidated: 1,064

Non-consolidated: 577

Non-consolidated: 497

Net Sales: ¥269.1 billion
Operating Profit: ¥9.2 billion

Net Sales: ¥70.2 billion
Operating Profit: ¥6.5 billion

Net Sales: ¥33.3 billion
Operating Profit: ¥2.0 billion

Net Sales: ¥66.2 billion
Operating Profit: ¥6.0 billion

Net Sales: ¥14.6 billion
Operating Profit: ¥1.4 billion

Net Sales: ¥79.2 billion
Operating Profit: ¥4.1 billion

Net Sales: ¥31.0 billion
Operating Profit: ¥1.4 billion

Net Sales: ¥16.6 billion
Operating Profit: ¥0.6 billion

Net Sales: ¥5.0 billion
Operating Profit: ¥0.3 billion

Subsidiaries: 15

Subsidiaries: 3

Subsidiaries: 4

Subsidiaries: 10

Subsidiaries: 2

Subsidiaries: 17

Subsidiaries: 4

Subsidiaries: 3—

Sales ratio: 46.4%
Operating profit ratio: 29.1%

Sales ratio: 12.2%
Operating profit ratio: 20.5%

Sales ratio: 5.8%
Operating profit ratio: 6.5%

Sales ratio: 11.1%
Operating profit ratio: 19.1%

Sales ratio: 2.1%
Operating profit ratio: 4.4%

Sales ratio: 13.9%
Operating profit ratio: 13.0%

Sales ratio: 5.3%
Operating profit ratio: 4.4%

Sales ratio: 2.9%
Operating profit ratio: 2.0%

Sales ratio: 0.3%
Operating profit ratio: 1.0%

Notes: 1. Net sales and operating profit are results for the fiscal year ended March 31, 2023.
2. Number of employees is as of March 31, 2023.
3. Sales ratio is calculated as the percentage of COMSYS HOLDINGS’ external transactions and operating profit ratio is calculated as the percentage of COMSYS HOLDINGS’ operating profit.
4. Net sales figures of each of the eight groups within the COMSYS Group are shown by offsetting (intra-group) transactions within each group but not offsetting transactions between groups.

Non-consolidated: 121

30

3. Composition Ratio by Supervisory Business Company
Business target values for FY2023
SYSKENGroup(6%)

COMJO Group(3%)

Net Sales

SANCOMGroup(12%)

Hokuriku Denwa
Kouji Group(2%)

SYSKENGroup(4%)

COMJO Group
(5%)

NDS
Group
(13%)

TSUKEN
Group
(12%)

TOSYS
Group
(6%)

Hokuriku Denwa
Kouji Group(3%)

Nippon COMSYS
Group
(45%)

NDS
Group
(11%)

TSUKEN
Group
(18%)

TOSYS
Group
(5%)
*Ratio to total for the eight operating companies in figures prior to elimination of intergroup operating company transactions.

Operating
ProfitSANCOMGroup(15%)

Nippon COMSYS
Group
(40%)

31

4. Business Domains of COMSYS Group
Main business domains and business scale of the nine supervisory companies

Nippon COMSYSGroup

SANCOM GroupTOSYS GroupTSUKEN GroupCOMJO GroupNDS Group

Virtual companies

IT Solutions
SocialSystem-Related
and OtherNTT
Engineering
NCC
Engineering
Notes: 1. The IT Solutions Business and the Social System-Related Business are conducted in accordance with the integrated Group management system based on the virtual company concept.
2. The sizes of the business scale indicated by ● are approximately as follows.
Large: ¥100.0 billion or more
Medium: ¥20.0 billion to less than ¥100.0 billion
Small: Less than ¥20.0 billion

SYSKEN Group

Hokuriku Denwa
Kouji GroupCOMSYS
Shared Services
Corporation

32

Business
Segments

Net Sales by Business Segment(March 31, 2023)

5. Business Segment
Main Customers

Specific Lines of Business

Provision of total solution service in IT field

19.4%• Private corporations• Government agencies• Local governments, Others

IT Solutions• Server construction• Call center operations• Network Integration • System Integration• Software development

Electrical, civil engineering and other construction projects related to urban infrastructure
SocialSystem-Related
and Other

30.9%• Private corporations• Government agencies• Local governments, Others• Construction projects for solar
and wind power generation and others• Gas pipe and water supply and sewerage pipe construction projects• Data center construction

NTT
Engineering

39.7%

10.0%

NCC
Engineering[ NTT Group ]• Nippon Telegraph and Telephone
East Corporation• Nippon Telegraph and Telephone
West Corporation• NTT Communications Corporation• NTT DOCOMO, Inc., Others[ KDDI Group ]• au, UQ Communications Inc., Others[ SoftBank Group ]• SoftBank Corp., Wireless City
Planning Inc., Others[ Rakuten Group ]• Rakuten Mobile, Inc.

• Electrical facility projects

Construction of telecommunications facilities for telecommunications carriers• Access projects• Network projects• Mobile projects

33

6. COMSYS VISION NEXT STAGE 2023
Target values (net sales/operating profit/operating profit margin) for final fiscal year reset due to rapid change in the business environment
COMSYS VISION NEXT STAGE 2023
Net Sales(Unit: ¥ million)

IT

5,608

5,632

981

1,055

Social
1,685
SystemCarrier 2,942

FY March 2020
Results(Unit: ¥100 million)
Operating Profit(Operating Margin)

Total Return Ratio

COMSYS VISIONNEXT STAGE 2023

Continuing steady increase in sales ratio of Growth Business

5,890
1,013
48.6%

47.5%

1,682

52.5%

2,894

FY March 2021
Results

51.4%

5,632

5,700

1,095

1,160

48.6%

1,847

3,029

50.3%

1,738

51.4%

FY March 2022
Results

2,797

1,850

49.7%

2,690

At least 6,000
1,200

Growth Business

53%

47%

FY March 2023 FY March 2024
Results
Business Targets

Supply shortages for various
parts and materials andsoaring prices of raw materials

Telecom
Carrier-Related Business
Reduction of capital
investment, particularly formobile-related work

1,900

2,900

At least
50%

At most50%

FY March 2024
Initial Targets(6.9%)(7.4%)(7.3%)(5.7%)(6.0%)

340

At least 500(8.0％)

67.5%

60.2%

67.5%

98.9％

71.8%

Around
70%

389

415

429

321

• Main business segments
Telecom Carrier-related business
IT Solutions
Social System

7. M&A History
TargetType

Business Segment

Industry
Restructuring-Type(Horizontal Integration)

Telecom Carrier-related business(NTT and NCC
Engineering business)

Regional

Value Chain
Supplementation-Type(Vertical Integration)

Telecom Carrier-related business(NTT and NCC
Engineering business)

Nationwide(particularly Kanto, Meihan,
Shinetsu, Hokkaido)

 Transportation security industry
 Industrial waste treatment industry
 Coating industry
 Logistics and warehousing industry

IT Solutions

Nationwide(particularly Kanto, Meihan,
Shinetsu, Hokkaido)

 System integrators
 Software development industry

Area

Results

Businesses

TSUKENNDS Telecommunications construction industry

SYSKEN
Hokuriku Denwa Kouji

Future focus
businesses(currently being
outsourced)

Hokkaido Denden Yuso
Toa Kenzai Kogyo

VACSLABCENTRAL BUILDING SERVICE

Business Territory
Expansion-Type
Social System-Related and Other

Nationwide(particularly Kanto, Meihan,
Shinetsu, Hokkaido)

 Air conditioning work Electrical equipment contractors
 Plant contractors
 Road paving contractors
 Urban infrastructure construction business (gas,sewerage, etc.)
 Temporary staffing industry
 Steel frame fabrication and construction business

Ecosystem Japan
Kawanakajima Kensetsu
Nippon After Kogyo
TOKYO HOSOH KOGYO
Kando
Hokuyu Construction
HokkohMaizuru Setsubi Kogyo
Asahi Setsubi Kogyo
FUJIKI Corporation
WORLD ECO Corporation

CENTRAL BUILDINGSERVICE

Nippon After Kogyo

Ecosystem Japan

Toa Kenzai Kogyo

VACSLABTSUKEN

Kawanakajima Kensetsu

Hokkaido Denden Yuso

TOKYO HOSOH KOGYOFY Mar. 2011…

FY Mar. 2015

FY Mar. 2016

FY Mar. 2017

NDS

Kando

FY Mar. 2018

SYSKEN

Hokuyu Construction

Asahi Setsubi Kogyo

Hokuriku Denwa Kouji

HokkohMaizuru Setsubi Kogyo

FUJIKI Corporation

WORLD ECO Corporation

FY Mar. 2020

FY Mar. 2021

FY Mar.2022

FY Mar. 2023

FY Mar. 2019

34

35

8. Outlook for Telecom Carrier-Related Business
Increase expected in the medium term with investments in network upgrades and Beyond 5G, as well as removal work for terminated service facilities.
(FY)

2022

2023

2024

～

2025

2030～

Osaka World Expo

Vision for a Digital Garden City Nation
Large-scale data centers

Digital Garden City Super Highway

National
Vision5G population coverage rate: 95%

97%

Optic fiber household coverage rate: 99.85%

Beyond 5G (6G)

99% (FY 2030)
99.9% (FY2027)

Wireless base station road coverage rate (expressways/national highways): 99%

UpgradeNetworks

NTT Group

Migration
Install
Facilities
NTT
DocomoKDDI▲APN IOWN10Service launch

PSTN migration (gradual switchover to IP network)

Switchover for landline
telephones▲ Termination of ADSL (Hikari area)

IOWN 4.0▲ Completion▲ INS termination (D communication mode)▲ ADSL termination (East Japan) ▲ ADSL termination (West Japan)

5G population coverage rate: At least 90%

Increase 5G population coverage
Measures to improve traffic capacity and quality

Enhance 5G service
Remove 3G facilities (approx. 40,000 base stations)
Enhance 5G service

NCC

Remove PHS facilities (approx. 90,000 base stations)Remove 3G facilities (approx. 60,000 base stations)
Enhance 4G service (60,000 base stations)

RakutenIOWN 3.0

Installation and updating of various equipment (utility poles, cables, node equipment, power facilities, ENG, storage batteries, etc.)

Concentrate investment on 5G

SoftBank

IOWN 2.0

IOWN 1.0

Enhance 5G service (60,000 base stations)
Platinum band to be allocated (upon approval)

Launch 6G services

36

9. Stock Information

Composition of Shareholders(Number and percentage of shareholders by type)
Treasury stock
9.6% (1 owner)

Number of Shares Issued
and Number of Shareholders
Authorized:

580,000,000 shares

Issued:133,000,000 shares

Number of Shareholders:

20,640Financial Institutions
40.8% (69 owners)

Individuals
15.2% (19,899 owners)
Foreign Companies
and Individuals
24.9% (320 owners)

Securities Companies
4.0% (36 owners)

Others 5.5% (315 owners)
Shareholders

Shares Held(Thousands)

Percentage
of Total (%)

The Master Trust Bank of Japan, Ltd. (Trust Account)

29,74922.36

Custody Bank of Japan(Trust Account)

13,297

9.99

NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONALVALUE EQUITY TRUST

6,080

4.57

Nippon Life Insurance Company

3,247

2.44

NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS

2,660

2.00

COMSYS Holdings Corporation Employee Shareholder Association

2,285

1.71

STATE STREET BANK AND TRUST COMPANY 505103

2,130

1.60

NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT

2,107

1.58

JPMorgan Securities Japan Co., Ltd.

1,733

1.30

Sumitomo Realty & Development Co., Ltd.

1,661

1.24

*The Company holds its own shares as treasury stock (12,805 thousand shares) as of September 30, 2023 and those shares are excluded from the above list of major shareholders.

37

10. Organization Chart/Board Members
Organization Chart

Directors and Audit & Supervisory Board Members
Title

Nomination and Remuneration
Advisory Committee

Board of Directors

Audit & Supervisory Committee
President

Senior Management Committee

Sustainability Committee
Risk Management and Compliance Committee
Personal Information Protection Committee

Management
Planning
Department

Business
Expansion
OfficeDX Promotion
Department

IR Department

Financial
Department

GeneralAffairs
Department

Name

President and Representative Director

Takashi Kagaya

Vice President, Representative Director

Hiroshi Tanabe

Director

Hideyuki Noike

Director

Kunihiko Uchide

Director

Toru Mashimo

Director(Full Time Audit and Supervisory Committee Member)
Outside Director(Audit and Supervisory Committee Member)
Outside Director(Audit and Supervisory Committee Member)
Outside Director(Audit and Supervisory Committee Member)
Outside Director(Audit and Supervisory Committee Member)

Atsushi Yasunaga
Kenichi Nakatogawa*Hiroyuki Asai*
Kyoko Ichikawa*
Masaya Hirano**The four outside directors have been registered as independent officers with
the Tokyo Stock Exchange.

HR
Department

Internal Control
Auditing
Department

Internal
Control OfficeInternal
Audit Office

38

11. History of Operating Results
Net Sales

Operating Profit
8.3%

Operating Margin

5,890
5,608

8.4%

5,632

(Unit: ¥100 million)

5,632

5,700

8.0%
7.4%

7.5%

4,817

7.3%

7.1%

7.4%
6.9%

7.3%

3,800
3,154

3,160

2,958

3.7%

3,313

3,286

3,206

5.7%

3,341

4.3%
275
225

276

303
238

352

389

415

6.0%

429
321

340

250

117

125

[95]

[71]

[132]

[163]

[167]

[154]

[144]

[203]

[280]

[259]

[293]

[292]

[193]

[230]

FY Mar. 2011

FY Mar. 2012

FY Mar. 2013

FY Mar. 2014

FY Mar. 2015

FY Mar. 2016

FY Mar. 2017

FY Mar. 2018

FY Mar. 2019

FY Mar. 2020

FY Mar. 2021

FY Mar. 2022

FY Mar. 2023

FY Mar. 2024
(Targets)

Figures in brackets show profit attributable to owners of parent.

39

12. Table of Financial Data
FY Mar. 2013 FY Mar. 2014 FY Mar. 2015 FY Mar. 2016 FY Mar. 2017 FY Mar. 2018 FY Mar. 2019 FY Mar. 2020 FY Mar. 2021 FY Mar. 2022 FY Mar. 2023

Financial Position (Million Yen)

Cash and Cash Equivalents at End of Year
Total Net Assets
Total Assets
Capital Expenditure
Depreciation and amortization

Interest-bearing debt (short-term and long-term borrowings)

Financial Indicators (%)

Gross Profit Margin
Operating Margin

Ordinary profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Total Assets (ROA)
Return on invested capital (ROIC)
Equity Ratio

Segment Information

Cash Dividends per Share (yen)Payout Ratio(%)
Total Return Ratio(%)

Price-to-book ratio (PBR) (times)
Price-earnings ratio (PER) (times)
Total shareholder return (TSR) (%)
Fiscal-year end closing price (yen)Total number of shares issued (1,000 shares)
Number of treasury shares at FY end (1,000 shares)
Market capitalization (100 million yen)

23,469173,411240,602
8,360
4,486
1,660

30,915
179,414250,561
8,200
4,426
1,270

33,435
194,038
264,019
7,820
4,672
100

28,818
196,543
266,066
6,200
5,009
114

20,879202,943284,367
9,620
5,723
113

28,957
231,767
325,042
14,4305,866
106

27,778301,459
439,926
10,6537,444
11,75635,503
310,694
450,043
11,7309,150
8,145

32,936
330,807479,419
12,7649,279
5,605

34,033
343,489
524,062
11,1299,974
32,33140,788346,725
502,133
9,808
10,376
4,129

13.0
7.1
7.2
4.2
7.9
9.8
8.4
71.6

13.8
8.3
8.5
4.9
9.4
11.4
9.2
71.1

14.6
8.4
8.6
5.1
9.0
10.9
8.9
73.0

13.5
7.4
7.6
4.8
7.9
9.1
7.7
73.4

13.7
7.5
7.6
4.3
7.3
9.2
8.2
70.9

14.1
8.0
8.1
5.4
9.4
10.0
9.0
70.8

13.5
7.3
7.5
5.8
10.6
9.4
8.6
67.8

13.1
6.9
7.1
4.6
8.6
9.0
8.0
68.3

13.5
7.4
7.6
5.2
9.2
9.2
8.4
68.3

13.3
7.3
7.5
5.0
8.8
8.8
8.2
64.5

12.3
5.7
5.5
3.4
5.7
6.0
5.9
67.9

20
18.7
48.7
0.8
10.7
−
1,142
145,977
22,745
1,667

25
18.4
66.9
1.1
11.9
−
1,618
145,977
28,044
2,361

30
21.0
66.2
0.9
10.4
−
1,485
145,977
31,324
2,167

35
25.6
77.2
1.0
12.7
−
1,738
141,000
30,159
2,450

40
30.8
85.6
1.1
15.3
−
1,989
141,000
31,825
2,804

50
28.0
67.5
1.4
15.9
−
2,840
141,000
26,382
4,004

60
26.1
54.5
1.3
13.1
108.5
3,020
141,000
12,299
4,258

75
37.0
67.5
1.1
13.7
102.7
2,783
141,000
14,165
3,924

85
36.5
60.2
1.3
14.7
127.8
3,410
141,000
15,961
4,264

95
40.3
67.5
1.0
11.3
105.0
2,668
141,000
18,575
3,266

100
63.0
98.9
0.9
15.4
100.6
2,443
141,000
20,2212,951

— COMSYS Group Management Philosophy —At the COMSYS Group, we are united as a Group and strive for strong partnership and collaboration with diverse external
players in achieving our management philosophy.
• We will build a company that customers continue to choose through the construction of diverse infrastructure that carries our era forward.
• We will contribute to our country and local communities by building social infrastructure that supports affluent lifestyles.
• We will continue with unrelenting reform in our aim to further increase corporate value.

Cautionary Statement with Respect to Forward-Looking Statements

Forecast figures contained in these presentation materials are forward-looking statements that assume underlying risks and uncertain factors.
Accordingly, it should be recognized that actual results may differ from such forward-looking statements due to a variety of factors.
Important factors that could affect results include, but are not limited to, changes in economic conditions and social trends relevant to the Group’s businessareas, and downward pressure on prices for the services provided by the Group owing to fluctuations in demand and intensified competition.

For further information, please contact:
IR Department
Telephone: +81-3-3448-7000 (direct)
Facsimile: +81-3-3448-7001
E-Mail: chd-ir@comsys.co.jp
URL: https://www.comsys-hd.co.jp/