APAC SBUBusiness
Overview
IR DayJuly 2024

Excerpts from the "Mid-Term Management
Plan 2026" announced in May 2023

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Positions of businesses and management policy
The position of each business and management policy are as follows. In particular, under this Mid-term Management
Plan, we position Career, BPO, and Technology as the domains of focus and invest proactively in them.
The Group‘s foundation
Continue to be the foundation of theGroup's growth.

Pillars of profit growth
Proactive business investments, for thesake of significant profit growth in themedium to long term

Staffing– Contribute to the Group's growth by strengthening relations with customers.

CareerBPO

Technology

Reinforce the foundations
for a breakthrough.

APAC

Improve earnings to enable large-scale investment
for growth in FY2025 and beyond.

Investments toward thefutureImplement R&D after achieving an
investment quota at a certain level.

– Aim to achieve growth by increasing market share despite the possibility of a shrinking the clerical andadministrative staffing market over the long term.

R&D– Aim to achieve growth exceeding market growth while the career-change-related market continues toexpand.

– Continue to make investments that contribute to medium- to long-term businessgrowth and the acquisition of competitive advantages.
– Aim to achieve growth exceeding market growth by taking advantage of the customer base of temporary
staffing.

– Make large-scale investments, mainly to acquire the ability to achieve a business
transformation.
– Reinforce the foundations for large-scale recruitment and the development of high value-added humanresources and improve sales capabilities, in an attempt to increase billing rates.

– Continue large-scale recruitment to derive medium- to long-term competitive
advantages.

– Achieve earnings improvement at a level that will contribute to improving shareholder value.
– Invest in a quantitative expansion after improving earnings.

– Achieve an investment quota at a certain level to explore and create businesses related to Career Wellbeing.
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Towards 2030
Aim for value creation of 500,000 people by the final fiscal year of the current Mid-term Management Plan
(FY2025) and one million people by 2030.
Towards 2030
Current(FY22)
Gaol for value
creation⚫ 380,000（※1）⚫ Proactive use of technologies

Technologydriven HR
servicecompany

in some businesses (including
Career) ahead of others

Current Mid-termManagement Plan
(FY23-FY25)

Staffing is high in terms of
profit, and the businessportfolio needs to bestrengthened further.

2030
A “Career Well-being”
Creation Company⚫ 500,000⚫ 700,000 - 800,000⚫ One million people (creating better work

⚫ Improving productivity in the⚫ Discontinuous productivity⚫ An HR service company that can achieve⚫ Increasing the number of work

⚫ Dramatically increasing the⚫ Establishing Career as a profit⚫ Establishing a more stable

Workforce Business, mainly
through digitalization

opportunities created in the
Digital Platform Business andimproving its contribution to
profit⚫ The degree of dependence on

Next Mid-termManagement Plan
(FY26-FY28)

growth pillar which iscomparable to Staffing

opportunities)

improvement in Workforce
Business through DX

discontinuous growth with products anddigitalization while attaching importanceto the intervention value of people

number of work opportunities
created in the Digital Platform
Business and its contribution
to profit

business portfolio by
cultivating new profit growth
pillars in Japan⚫ An HR company with multiple mainstay

businesses and business models in Japanand APAC

APAC

Business
portfolio

BPO
Technology
CareerStaffing※1 temporally number and subject to change

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4

Work and Smile
A company creating “career well-being” and becoming
a technology-driven human resource service company
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5

13 Markets
410bn JPY Revenue
APAC

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History of APAC SBU◼ With the shift to the SBU structure in 2020, overseas businesses were consolidated underthe APAC SBU◼ By acquiring additional shares in PERSOLKELLY in 2022, we unified the entities under
APAC SBU with the aim of making further improvement in profitability

Establishment of the North Asian
Additional acquisition of shares in
JV as the predecessor of
Acquisition of Programmed
PERSOLKELLYPERSOLKELLY
Shifting to a SBU structure,
Establishment of the current
consolidating overseas businesses
PERSOLKELLY by expanding the scope
under the APAC SBU
of JV to the entire APAC region

2012

2016

2017

2020

2022

Became the largest HR service provider in Asia in 8 years(excluding Japan)

10,000 HC of diverse nationalities are employed in APAC SBU
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Human Resource Markets in the APAC Region
APAC region has 3.5 bn opportunities to realise our “Work and Smile” vision◼ The total population of the 13 markets which APAC SBU operates in is around 3.5 billion◼ The APAC region accounts for roughly 50% of the global labor force◼ The region has the highest wage growth and human resource mobility in the world
Labor force (2021)
New Zealand

2,896Singapore

3,441

Hong Kong

3,866(thousand people)

Taiwan11,919Australia

13,777

Malaysia

16,277

South Korea
Thailand
VietnamJapan
Indonesia
India
China

Average population growth rate (2022-2025)Japan-0.48%South Korea-0.11%

China-0.10%

Taiwan-0.01%
0.05%

Singapore
Thailand

28,606

Hong Kong

39,052

Vietnam

56,15168,014
139,164◼The APAC region accounts for roughly 50% of the global
labor force

Source: World Bank “World Development Indicators” database (as of February 2022)

0.83%
0.89%

Indonesia

0.90%

Australia
793,777

0.47%

India
Malaysia
471,295

0.10%

New Zealand

1.19%
1.24%
1.31%

◼While a majority of ASEAN nations and the ANZ region *are seeing positive population growth, Japan is
projected to have the largest rate of decline* ANZ region: Australia and New Zealand

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LTD.Outlook”
All Rights
Reserved.
Source:International
Monetary
Fund “WorldCO.,
Economic
database(as of April 2022)

8

PERSOL's Market Share in the APAC Region◼ PERSOL has established a strong position as a leading human resources solution
company in the APAC region

Leading market share in Singapore, Malaysia and Australia

Australia

23%

Malaysia

SingaporePERSOL's
market share

PERSOL's
market share

27%

PERSOL's
market share

13%

Human resource services
Market size

Human resource services
Market size

Blue-collar temporary staffing
Market size

◼ No.1 market share of 23%◼ No. 1 market share specializing in
temporary staffing and businessoutsourcing◼ One of the top tier suppliers in the market
and a preferred vender among clients

168 billion yen◼ As the driving force of economic growth,
the government has created many
opportunities for the human resource
services industry, and our initiatives
focused on the public sector have beensuccessful.

65 billion yen◼ As with Singapore, the public sector is
promoting economic growth◼ There is potential for further growth
because of the nurse training initiatives
aimed at developing nursing cities,
particularly in the ASEAN region.

Source: Singapore/Malaysia - company financial statements from ACRA/SSM, SIA Reports, internal company analysis
ANZ region - IBIS World Reports, press releases, McKinsey Expert Interview
Note - Exchange rates are converted to national currency rates based on 130 yen to the US dollar.

592 billion yen◼ Despite the impact of automation and theshift to a service-based economy, demandfor blue-collar temporary staffing is
expected to grow steadily, with theworkforce projected to increase by 4% by2025

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Historical Business Growth Last 5 years◼ In FY23, APAC SBU achieved 370 mil USD Gross Profit and 52 mil USD Operating Profit,

representing 26% and 580% growth respectively from FY20
◼ In FY24 Budget, APAC SBU targets to achieve circa 62 mil Operating Profit, and is on trackto achieve the target for FY25
◼ We achieved significant profitability improvements in Operating Profit growing at a faster(US$ ‘000)
rate than Revenue over the past five years
Revenue

Gross Profit

Operating Profit
396,571

61,6503,086,180

FY20-FY23
Growth 26%

FY20-FY23
Growth 21%

FY20-FY23
Growth 580%

371,584

52,472

2,907,235

42,521

349,8052,850,972
332,444

29,7442,591,209

295,0932,409,333

FY20(actual)FY21(actual)FY22(actual)FY23(actual)FY24(budget)*December year-end from FY20 to FY22; March year-end from FY23**Operating Profit number excluded impairment

FY20(actual)FY21(actual)

7,765

FY22
(actual)FY23(actual)FY24(budget)FY20(actual)FY21(actual)FY22(actual)FY23(actual)FY24(budget)Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

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Business overview
Asia Pacific SBU

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Management Team in the APAC SBU◼ Following the acquisition of additional shares in PERSOLKELLY, an integrated

management team has been established to oversee the APAC region,
eliminating any boundaries between PERSOLKELLY and Programmed◼ The management team is made up of diverse and highly experienced professionals
PERSOL APAC
BOD

APAC SBU EXCOCEO

Takayuki Yamazaki

CFO

Staffing Business(Head of Corp. Functions)
Stephen LeachFrancis Koh

Divisional Heads
Staffing

MaintenanceStaffing Business

Facility Management
Business (FM)Francis Koh

Graeme Hurn

Property Services
Business (PS)

-PHD CEO Takao Wada
-PHD CSO Taro Mineo-PHD CFO Junji Tokunaga-PHD BoD Daisuke Hayashi

Support Functions
CIO

Head of PBS

Group GM,
Risk & Compliance

HR Director

Yeow Kok Weng

Shah Abdul-Rahman

Carlmen Then

Atsushi Sasakura

Henry Arundel

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APAC SBU Business domain

Staffing

Maintenance

FY23 Revenue
US$1,778 mil

FY23 Revenue
US$1,090 mil• Managed skilled and professional workforces.
Contract/Temporary staffing services■Facility Management (FM)•• Permanent recruitment for both blue and white collar

End-to-end management of organization’s facilities
and services, including reactive and preventative
maintenance all under a comprehensive outsourced
contract
Soft services e.g., pest control, cleaning, waste removal,
catering, security
Strategic asset management and spend analysis
Maintenance Planning• HR Consultation and Training services•• Outcome-based services e.g., project workforce
management, concierge, etc.

••

• Industrial maintenance services covering contract
maintenance, shutdown and project services to lightand heavy industry■Property Services (PS)• Commercial Painting services• Grounds, Golf and Racecourse maintenance• Corporate Imaging, Electrical Technologies services

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Staffing Business - Strategic Focus

Become the No. 1 Human Resource services company in APAC,
in terms of size and profitability, under a highly efficient and productive
management to enable further growth toward FY2025

Sustainable
GrowthClient Focus▪

Strengthen
Regional
Clientele acrossmarkets▪

Build an effective
and sustainablestructure forlong-term growth▪

Establish ourcore businesslines in all
markets▪

Data-driven
decisions to boost
productivity andprofitability

Borderless
Talents

DigitalTransformation▪

Leverage our
network toprovide indemand Talentsfrom skill-richregions to work
anywhere▪

▪

Optimize regional
resource
utilization

Build and utilize
Technology totransform ourprocesses,
enhancingproductivity andefficiency

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Staffing Business - Strategic Focus in respective SBGs
◼ Develop Strategic Business Group (SBG) according to the macro situation in each market◼ Strategies vary depending on the market position and business mix for each SBG
SBG3 (VN, TH, ID, TW)

SBG4 (KR, PCG*3 APAC)

Improving PERM*1 productivity andbuilding a strong foundation andprocess to scale up TEMP *2 business

Korea*1 Permanent recruitment *2 Temporary staffing

SBG1 (SG, MY, IN)

Developing a sustainable businessmodel that embraces innovation andfosters collaboration

BTIES APAC

Improving productivity with anefficient cost structure and enhanced
focus on client acquisition

India

China

+ PCG APAC

Taiwan*3 HR consulting service

SBG2 (CN, HK)

Laying the foundation and building structure toscale with strong leadership team to drive
growthHong Kong
ThailandStrengthening presence in Korea andexploring new business opportunities
for PCG

Philippines
Vietnam

Malaysia

SBG5 (Industrial, Infrastructure, Training)
Developing a lean structure, strengthening processes,
efficient cost management, and accelerating the“speed to market”

Singapore
Indonesia

SBG6 (Energy & Resources)

SBG1 (AU, NZ)

Expanding the client base while enhancing
productivity for both PERM and TEMP business

Australia

Building a growth story and expanding
business footprint in Queensland

New Zealand15

Maintenance Business• Facility Management (FM)-Facility management services cover the provision of outsourced services to the owner or operator of the asset or facility.

• Property Services (PS)

-Property Services provides a variety of services for maintenance and management of customers’ facilities and assets.

• Collaboration with FM and PS-There are overlapping areas with the PS such as Painting and Open Space. The difference is that FM usually manages themaster contract, while PS directly provides the specific service. Given the overlapping interests, PS often collaborates as avendor in FM’s multi-year projects.
Key Sub-Segments

Water/
Utilities

SocialHousing

Education

Corrections

Airports

Industrial

2,641,600
70+
52
25,424,373
KM2 OF WATER
NETWORKSBRANCHES

Across Australia
and New Zealand

GovernmentYEARS OF
EXPERIENCE

Established in 1951

SQM OFAIRPORTS

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Facility management – Growth Strategy

Education

SocialHousing

Government

Telecom

Water

Programmed is in the top three offacility and asset management
providers within our core industries
of Water, Education, Social Housing,
Airports, and Government.
We look to increase our market presence within thesecore industries while exploring future growthindustries. This allows us to expand upon andleverage our service offerings to take advantage of
emerging trends.

Utilities

Corrections
Airports

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Facility management – Core Sector reach◼ For Australia & New Zealand, FM operates across all major markets in both countries.

Business scale by major sector
Water
Education
Social Housing
Airports
Government

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Water / Utilities sector◼ What is this sector?
Water / Utilities

Companies that are essential service
providers in water, electricity and other daily
utilities to the broader population of an area.

Programmed provides maintenance services of the large water

networks across the clients' portfolios. We supply facility management tolarge operational depots, water purification plants, and sewerage plants.
Services include minor and major capital services, operational capital
services, technical services, spares and inventory management, supply
chain management, property maintenance, Fire trade services, signage
and temporary fencing, Fire Safety and Security services, reactive andplanned maintenance, and residential rectifications of water andsewerage networks.

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Education sector◼ What is this sector?

Primary, High and Tertiary Education facilities,
including student accommodation.

Education

Programmed provides maintenance services, including planned

preventative maintenance and unscheduled repairs, asset lifecycle
planning, minor and major capital works projects, make-safe evaluations,emergency management services, improvements of internal learning
environments (electrical, insulation, lighting, etc.), design, construction,
finance and maintaining, and strategic asset management of all
educational facilities and student accommodation, where required.

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Social Housing sector◼ What is this sector?
Social Housing

Rental housing available for lower socioeconomic population. Often individuals facedwith secure housing challenges through family
violence, financial or physical disabilities.

Programmed provides preventative and reactive maintenance,

property condition assessments for strategic asset management planning,energy efficiencies, management of vacant sites for occupancy, upgrade
works, minor capital works, grounds and common area cleaning,
compliance and building essential services, tree removal/pruning, roof,
sewer and stormwater repairs, external wall sheeting and associatedworks, supply chain management, tenant economic development, andtenant social and trades training programs.

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Airports◼ What is this sector?
Airports

As part of the Aviation sector, Airports cover all
aspects of air travel and the relevant supporting
activities and entities that facilitate it. Airports
often encompass a supporting business park
around it for the office space of supporting
companies, known as a business precinct.

Programmed provides maintenance services, including planned

preventative maintenance and unscheduled repairs, asset lifecycle
planning, and help desk services to all terminals, as well as the Cargo
and Business Enterprise Park. Scope includes minor capital works
projects, civil infrastructure maintenance, low voltage electricalmaintenance, and internal plumbing services. 24/7 availability is
supported by our onsite delivery team and a pre-qualified network of
subcontractors.

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22Government◼ What is this sector?
Government

Local and State government is responsible for a range ofvital services for people and businesses in defined areas.
Among them are well known functions such as social care,schools, housing and planning, waste collection, andJustice, but also lesser-known ones such as licensing,business support, registrar services and pest control.

Programmed provides maintenance services to numerous buildings andstructures across the council areas. These include town halls, community centres,
libraries, fitness centres, office buildings, parks, cemeteries, public pools andtoilets, childcare centres, and justice facilities. The services include asset lifecycle
strategy, minor and major capital works, help desk services, architectural design
and planning, supply chain management, open space maintenance, facility
cleaning, waste collection and disposal, streetscape maintenance, and specialist
technology for courts.

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Mid-term Management Plan update
April 2023 to March 2026

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24Three Pillars of the APAC Strategy❶ Revise the business portfolio❷ Implement structural reforms and cost optimization❸ Boost productivity through DX investment

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Strategic pillar ❶ Revise the Business Portfolio
Key Measures
A

Status as of FY23 end
Placement Rev Growth last 3yrs (USD)

Improve profitability of the staffing businessby expanding theplacement businessacross the entire APAC SBU

Portfolio reform

FY20

PERM
Rev.

$

of the staffing business in the ANZ region

B

42

$

$

19

FM Rev Growth last 3yrs (USD)

FM
Rev.

% pa

mil

FY20

focus on Facility
Management

13

456

mil

% pa

$

FY23

60

mil

FY23

767

mil

Business Selection and Concentration

Divestment of Health div. （May ‘24）
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Strategic pillar ❷ Implement Structural Reforms and Cost Optimization
Key Measures
C
Eliminate duplications inhead office function andconsolidate support functions to

reduce costs

Status as of FY23 end
Reduce support cost last 3yrs (USD)

Total
Support
Costs

FY20

-$

40

20

＋$

FY23

mil

-$

mil

20

mil

Integration of corporate functions has made significant progress.

D

Malaysia SSC HC last 3yrs (USD)

FY20

Utilize the shared services center
in Malaysia toreduce costs

Malaysia
SSC* HC

1HC

1st year

+

177

HC

FY23

178

HC

Reduction of HC in AU which has relatively high personnel costs* Shared service center
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Strategic pillar ❸ Boost productivity through DX investment
Key Measures

Status as of FY23 end

E
Develop AI matchingcollaborating with Career SBU andimprove the productivityof placement businessconsultants

Progress of the action plan (PERM)••

Consider future business models based on doda model
Collaborate and proceed with Career SBU•••

F
Utilize automation tools andprocess improvement tools toimprove productivity
in the temporary staffing
business

Collaborate with the data scientists of Career SBU
Enhance the APAC ATS（Applicant Tracking System）
algorithm and improve the precision of AI auto-matchingThis has been implemented in SG and targeted to launch in MY
within FY24

Progress of the action plan (TEMP)••

Launch Programmed GO in APAC
Build user-centric technology for
TEMP business to serve clients,
candidates, and consultants••

Enhanced UI/UX of the searchfunction to reduce time to job matching
Launched in SG and MY
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Basic structure of the Placement business in Japan◼ The basic structure of the Placement business in Japan is shown in the ribbon model
below◼ Revenue is generated by acquiring job orders from clients and matching them withjob seekers sourced through the job portal

Maximize

Activate

Match

Activate

Candidates

Maximize
Clients/Jobs

RevenuePERSOL Career
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29

GO App◼ User-centric technology for TEMP business to serve clients, candidates, andconsultants◼ Through GO App, candidates can search and apply for jobs, manage their job & shiftconfirmation, receive their pay-check, and so forth

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APAC SBU FY23A and FY25 MTBP Targets◼ On track in FY23 and expected to achieve the FY25 MTBP financial targets◼ The FY23 ROIC improvement plan is on track, and making progress to the 10%
FY25 ROIC target in the MTBP◼ FY24 budget has been structured in line with the original MTBP FY24 target••

FY23 Actual

FY25 (MTBP Targets)

Revenue

Revenue

US$ 2,932 mil

US$ 3,080 mil

Adjusted EBITDA

Adjusted EBITDA

US$ 69.3 mil

US$ 92.7 mil

FY23 Actual is based on FY23 Budget FX rate
Both Health and Workmate are included••

FY25 is based on FY24 Budget FX rate
Both Health and Workmate are excluded
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Growth Strategy
Toward 2030

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Growth Strategy◼ Regarding FY26 onwards beyond the current MTBP,APAC SBU aims to achieve

Revenue of 700-800* bn JPY and
Adjusted EBITDA margin of 7-8% by 2030 throughgrowth and investment in the following key three areas:❶ Facility Management Business❷ Placement Business❸ DX/Tech Strategy (doda model for APAC)*Note1: exchange rate; 1US$=150JPY, 1AU$=100JPY

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33

Key Growth Pillars：❶ Facility Management (FM)◼ FM business is profitable and capital efficient, serving as a key driver for future growth in APAC
◼ FM FY24 revenue is projected to double compared to FY20, reflecting a robust growth rate of 13% p.a.
◼ The market size of FM in ANZ is approximately A$15bn. We aim to expand market share through customer
acquisition in new sectors and regions, with a target to achieve sales of A$2-3bn by 2030.

◼ Leveraging our business expertise in ANZ, we plan to expand into APAC markets, thereby accessing newopportunities to bolster growth geographically.

■FM revenue trend (AUD bn)

２ｘ

A$1.2 bn（B）

REVENUE

A$0.6 bn

FY20
(actual)FY21(actual)FY22(actual)FY23(actual)FY24(budget)Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

34

Key Growth Pillars：❷ Placement business◼ The APAC recruitment market size is forecasted to expand 7x from 2022 to 2040 (12% growth p.a.).
◼ We currently hold the No. 1 market share in several markets, including Singapore. As wages continue torise in APAC and the market expands, we foresee opportunities to scale our business and maximize profits
in those markets.

◼ The Chinese market, being notably large, offers boundless opportunities to expand our market share. Our
strategic focus will be on growth in China, aiming to develop it into a key growth pillar for the APAC SBU.

■Market Size (each country in APAC, Tn JPY1）

７ｘ

8.4

3.0
1.2

2022

2030

2040
Note1: exchange rate; 1$=130Yen, 2. including Malaysia, Thailand, Korea and Taiwan,
Source: Project sharing information, Oxford Economics, expert interview, and etc.

35

Key Growth Pillars：➌ DX/Tech strategy (doda model for APAC)◼ A key measure in the DX/Tech strategy is the implementation of the doda model (Placement + Job portal)in APAC. The model maximises efficiency and profitability through a robust auto-matching algorithm and an
extensive candidate and customer database.

◼ While this model exists in Japan and highly profitable, it has yet to be replicated overseas, particularly in the
APAC region where major players are absent.

◼ By introducing the doda model, candidates and clients will be attracted to the job portal, increase

monetization points, and drive significant productivity improvements and revenue growth in APAC.

◼ Eventually, our goal is to develop a tech model that optimises the acquisition and matching ofcandidates, clients, and jobs across the APAC region.

▪ Continue refining the AI algorithm to enhancejobs x candidates matching capability▪ Integrate Tools (CV formatting, etc.) in ATS to
improvement consultant’s productivity▪ Focus on acquiring & attracting
clients to the portal▪ New Business model similar to DODA.
▪ Start promoting the platform with fee
charges (e.g. subscription)

Clients/jobs

Matchings

Maximize Activate

Match

RevenuePERSOL APAC

Candidates

Activate

Maximize▪ Build and embed CRM tools to attract
candidates▪ Increase candidates outreach via
learning solution▪ Acquire more candidates in Asia,
perhaps from local job board players via
M&A
36

DX/TECH strategy
WHY Now? : Disrupt ourself before we get disrupted◼ In recent years, job board players have begun exploring ways to utilize their extensive

candidate and client databases to provide placement services, essentially entering theagency business.
◼ In addition, candidate acquisition cost (mainly for job board players) have been on the rise
recently.
◼ Therefore, it is crucial for us as an agency business to expand and acquire our own
candidate and client database.
Players

Job board(focusing on Clients)

AgencySourcing(focusing on Matching) (focusing on Candidate)

Revenue model• Candidates sourcing and job
posting fee from agencies &clients• Acting as an agency, earnplacement fee• Acting as an agency, earnplacement fee• Acting as an agency, earnplacement fee

37

Future initiatives in the APAC SBU[Phase 3] (FY2031-)
Establishing APAC businesses as one of the pillars of
PERSOL’s growth and earnings[Phase 2] (-FY2030)
Reforming to a technology-driven business model incollaboration with businesses in Japan, and responding totalent mobility in the APAC region including Japan[Phase 1] (-FY2025)
Creating an integrated management foundation in APAC
SBU, improving profitability and hitting the must-havetarget of 10% ROIC in FY2025
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8/4/2024

Thank
You
39

Disclaimer

The statements concerning PERSOL HOLDINGS’s future business performances inthis material such as earnings forecasts are based on information available as ofJuly 4, 2024 and certain assumptions deemed to be reasonable by PERSOLHOLDINGS, and do 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 been released to facilitate
an appropriate understanding for business results and financial status of PERSOLGroup. Kindly note that not all the figures and indicators have been subjected toaudit and review by external auditors.

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