PERSOL HOLDINGS CO., LTD.
Held from 16:00 to 16:45 on Friday, November 10, 2023
Script of Financial Results Presentation for the 2nd Quarter of FY2023

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【President and CEO Wada] Hello, everyone. My name is Wada of PERSOL Holdings. Thank youvery much for taking time out of your busy schedules to join us today.
There are three points I would like to share with you today.
The first is an overview of the first half results, and the second is an explanation of the placement
market, which is a particular focus of our Mid-term Management Plan 2026, as well as theinitiatives of Career SBU. The third is the interim dividend. The interim dividend is 43 yen, as
forecasted, and the year-end dividend will be 4.3 yen. Since we have conducted a 10-for-1 stock
split, we will pay out 50% of adjusted EPS at the same level as the interim dividend. In thishighlight, revenue was 654.8 billion yen, and adjusted EBITDA was 35 billion yen. Gross profit
was 6.8% year on year, and is continuing to grow steadily. Although our performance is almostin line with the plan, we believe we have to closely monitor future market trends. In particular,
the market is expected to change somewhat from the extremely prosperous market at and after
the COVID-19 period. While closely monitoring these factors, we will manage the entire company
in the second half including cost control. Details will be explained by Mr. Tokunaga, CFO. Pleasego ahead, Mr. Tokunaga.

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I am Tokunaga, in charge of finance. I will now give an overview of the financial results for thefirst half.

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First, let me give you an overview. The revenue increased 7.8% year on year to 654.8 billion
yen. The operating profit was 26.3 billion yen, down 22% from the previous year. AdjustedEBITDA, which we consider important, was down 19% to 35 billion yen. Quarterly profit was
16.7 billion yen, down 23%.
As for the progress toward the full-year forecast, the revenue is at 48%, and the operating profit
is at 48% as well.

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Next, I would like to show you revenue by SBU. As you can see, BPO SBU saw a decline inrevenue due to a large drop in COVID-19-related revenue, but the other SBUs achieved
significant revenue growth. I will explain the details in the latter half of this presentation.

5Next, I would like to show you operating profit by SBU. With the Mid-term Management Plan
2026, we have implemented a policy of spending strategic investments appropriately from the1st quarter, so the operating profit of Staffing SBU, BPO SBU, and Technology SBU decreasedyear-on-year. However, the Career SBU, which is the main pillar of growth for this fiscal year,increased by 4.3%, and Asia Pacific with an increase of about 60%.

6Adjusted EBITDA by SBU is almost the same as that of operating profit, so let me skip theexplanation.

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Next is the forecast of operating profit in the second half. Last year, our strategy was to generatea large profit in the first half and make strategic investments in the second half. From the Midterm Management Plan 2026, we are implementing strategic investments from the 1st quarter
aiming to achieve almost an equal quarterly operating profit. In the second half, we are aiming
to increase profits compared to the first half.

8As for adjusted EBITDA, as was the case for the operating profit in the previous section, we are
to make a steady profit in the second half.

9Next is an analysis of the increase and decrease in operating profit compared to the first half ofthe previous year.
First of all, gross profit increased by 9.4 billion yen compared to the previous year. In particular,Career SBU achieved a large increase in gross profit of 11.1 billion yen year-on-year. As forexpenses, personnel expenses including investments in human capital increased by 10.6 billion
yen, and advertising expenses increased by 4 billion yen.

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The following is a comparison of adjusted EBITDA with the previous year. In addition to theincrease and decrease in operating profit as I explained earlier, there was an increase in accrued
paid leave and an adjustment for share-based payment expenses, but there were no majorchanges from the previous year.

The following is the status of revenue by SBU for the first half.
First, the overall progress is 48.9%.
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Next, I would like to show you the status of operating profit and OP margin by SBU. Overall, theprogress was 48.4%.
The progress of Staffing SBU and Asia Pacific SBU exceeded 50%. On the other hand, theprogress of BPO SBU and Technology SBU is slightly low in the first half, but due to the natureof the business, we expect to see an increase in profits in the second half. As for Career SBU,
as Mr. Wada explained earlier, progress in the first half was 44% due in part to the businessclimate. In the second half, we would like to achieve an increase in profit by controlling costs.

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Next is adjusted EBITDA by SBU. It showed a similar progress as the operating profit mentioned
earlier, so I will omit the explanation.

13The following is the status of the balance sheet. The slide shows the status in September
compared to the end of March, and there were no big changes. Looking at the liabilities section,
we have repaid 15 billion yen in both short-term and long-term borrowings. In addition, theequity increased by 15.7 billion yen compared to the end of March.

Regarding goodwill, there was a slight increase in Asia Pacific SBU due to the effect of exchange
rates, but overall, there were no major changes.
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Next, I would like to explain the status of cash flow.
Operating cash flow for the first half was 40.8 billion yen, a significant increase. In addition,investment cash flow was negative 7.7 billion yen due to no business transfers or M&A in thefirst half, and free cash flow was 33 billion yen compared to 12.8 billion yen last year, which isa significant improvement.

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Next, I will give an overview of financial results by SBU for the first half as well as the currentsituation.

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First, our main business of Staffing SBU, the revenue increased by 7.4% year-on-year. As foradjusted EBITDA, as shown in the lower left, it decreased by 6.3% due to changes in the social
insurance system from last October and in the rate of premiums from this April, but we believe
other expenses were under control. Regarding current sales KPIs, the number of persons
employed increased by 5.1% in the 2nd quarter year-on-year, and the billing rates also increased
by approximately 3%.
Regarding the current sales performance, both the number of orders and confirmed contracts
are slightly weak year-on-year. However, the number of contract terminations is improving, as
you can see, and the number of persons employed has increased to 122,000.

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As part of Staffing SBU initiatives, we offer reskilling opportunities to our staff members, and
we also offer finance-related services to help them achieve well-being. Due to time constrains,
I will skip the details.

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The second SBU is BPO SBU. As I explained at the beginning of this presentation, both revenueand adjusted EBITDA are negative as in the 1st quarter because of the drop in revenue due toCOVID-19. On the other hand, the organic businesses other than the pandemic-related ones are
performing well, with a 14.4% increase compared to the previous year.

19Let me briefly explain the major initiatives at BPO SBU. The top middle shows the Work Lab inKobe Myodani that we opened in collaboration with the city of Kobe, and the bottom left shows
the carbon neutrality initiatives that we are supporting for the enthusiastic efforts made byvarious companies

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The third SBU is Technology SBU, which is performing well with a 14% increase in revenue
compared to the previous year. This SBU has three major KPIs including the number of engineers,
the operating rate and the billing rate. As I explained at the announcement of the 1st quarter
financial results, we hired 480 new graduates, and as of today, all of them have been assigned
to their respective positions. As a result, the operating rate of the IT department improved to85%, and the operating rate of the engineering department has grown to 93.5%. We would liketo further improve the operating rates to around 95% in the 3rd and 4th quarters.

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As for the Technology SBU initiatives, we have already announced that we have established ajoint venture called "PERSOL & SERVERWORKS" together with SERVERWORKS, a very leading
AWS building service provider. We are currently preparing for the launch of the service in April
next year.

We also exhibited a mobility system that we were involved in at the Japan Mobility Show.

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The fourth SBU is Career SBU. This SBU is the pillar of our growth in the current mid-term
management plan and this fiscal year. First, the revenue increased by 29%. We have announced
a forecast of 30% for the full year, but for the first half, the revenue increased by 29%. Adjusted
EBITDA increased by approximately 10% because we made strategic investments.
Looking at the breakdown, the placement business increased by approximately 30%, and thejob recruitment media increased by approximately 20%. While keeping a close eye on businessconditions and controlling costs, we will control Career SBU in the second half of the year.

23As for the Career SBU initiatives, we believe that the shortage of IT engineers is a major issue
in Japan, so we have formed business alliances with other companies and we are training ITengineers.

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The last SBU is Asia Pacific SBU. We have increased revenue by 6% and adjusted EBITDA by15%. We disclosed the Asia Pacific SBU’s medium-term management plan in August last year
ahead of time, and the performance is on track. Let me explain some details. Staffing, which
accounts for about 60%, is now returning to the level of pre-COVID-19 in most countries,
although there are some sluggish countries in Asia. We have established a shared service center
in Malaysia where we are working to reduce costs. Our second business, facility management,
which manages facilities at airports, waterworks, and schools, is also performing steadily, so wewere able to achieve an overall increase in both revenue and profit.

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This is a breakdown of revenue and operating profit of PERSOLKELLY and Programmed in Asia
Pacific SBU. The first half results of Programmed who operates mainly in Australia and New
Zealand, were 2.8 billion yen, compared to 1 billion yen in the first half of the previous year, sowe believe the business is favorably progressing.

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In Australia, we are in charge of facility management at Melbourne Airport, and this time wewere able to win an award. I would like to skip the details, due to time constraints.

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Lastly, I will touch upon the status of Others and Adjustment which are not part of any SBU. Asfor Others, the R&D Function Unit increased its revenue, while adjusted EBITDA was almost flat.
Regarding Adjustment, as shown on the slide, inter-segment adjustments with SBUs increased,resulting in a large negative figure, but we believe that the actual increase in expenses is being
controlled at around 600 to 700 million yen.
This concludes my explanation about the overview of the first half of the fiscal year.

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【Wada】Now I would like to explain about the placement business, the mid- to long-term
strategy of the Career SBU.

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First, let me talk about the market. We have been working on various initiatives for 2030, andwe expect the placement market will continue to grow significantly toward 2030. In particular,
we see this market growing at a CAGR of more than 9%, and we believe that it will continue tobe very promising. Particularly, the growth of the high-career group, which is highlighted in red,is expected to be greater than that of the other general employee group and the executive group.
We therefore see the market as increasing the number of job changes and the willingness tochange jobs among this high-career group.

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As you can see on the next page, our specialty is in this volume zone, the general employeegroup. The annual salary range of 4 to 6 million yen is the largest volume zone. and we have awide coverage. On top of this, we are targeting the high-career group where the market will begrowing, and so we are working to grow this group as well. As you can see, we are now
promoting doda X. In this domain, in particular, we are accumulating a solid data base to create
value in the future. We are proceeding with this.

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The next page describes how we will be differentiating doda's strategy and our placementbusiness from our competitors and leading them to success. First, from a job seeker's point ofview, doda offers a variety of services that, if used, will lead to employment, in other words, tofinding a job. The first step is to join our community, and then you can receive training, coaching,and experience reskilling and upskilling through direct side jobs, or you can be approacheddirectly by a recruiter. From the recruiting companies' point of view, using media, direct
recruiting, job placement services, or any other method, they want to hire good personnel thatthey wish to acquire. To increase such a hiring rate drastically, our approach and strategy are toprovide a one-stop shop for both services within doda's one database. This is now working very
well, and as I mentioned earlier, in Career SBU, we have achieved 29% growth.

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Next, I would like to move on to the dividend section.

As we implemented a 10-for-1 split of the common stock, this table is shown this way
deliberately so that you can see the comparison with the previous year. As I explained earlier,
50% of adjusted EPS will be used for dividends, and the interim dividend of 43 yen is shown inthis chart. The reference level is 4.3 yen, and the year-end dividend will be 4.3 yen after a 10for-1 split. For the full year, we plan to pay a total of 19.689 billion yen in dividends.
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And finally, I would like to share with you the Group Topics.

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As mentioned in the table two slides ago, doda's initiatives are to support the reskilling andupskilling which will lead to a job change or other such activities in the future. We have started
a free skills and reskilling service for individuals based on this concept. We have named theservice "PERSOL MIRAIZ". We are not only providing the infrastructure, but also various
counseling services, and of course, support for continued learning, as well as a companion
service that will lead to a job change in the future. That’s how we have started PERSOL MIRAIZ.

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Lastly, I think that reskilling is a very important theme, and I recognize that it is also very
important for Japanese companies to increase productivity in order to respond to this shortageof human resources and lack of popularity, to improve individual skills, and to allocate humanresources to new businesses. We at PERSOL want to promote these initiatives to the market aswell, and particularly, while we can provide opportunities directly through the placementbusiness. But in the stage prior to that, there are people who have actually taken on a side job
or a dual-income job and have felt that their skills had improved and that they were able toreskill themselves, and we can present such data to the market and support better job changes
or reskilling within the companies. Because we are working to become a Career Well-being
creation company, we would like to continue to promote efforts toward the realization of wellbeing through work, especially for those who are working.
That is all from me.

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