For Immediate Release
February 10, 2023

PERSOL HOLDINGS CO., LTD. (TSE 2181)
Consolidated Financial Results
for the Nine Months Ended December 31, 2022
PERSOL HOLDINGS CO., LTD. (the Company) today announced its consolidated financial results
for the nine months ended December 31, 2022.
Consolidated Operating Highlights
1) Financial Results

Net sales(In millions of yen, unless otherwise stated)
Nine months ended December 31,
change2021
2022
780,190902,067
15.6%

Operating profit

40,81145,434

11.3%

EBITDA154,876

62,663

14.2%

Ordinary profit42,022

45,866

9.2%

Quarterly net profit2

23,901

27,162

13.6%

Quarterly net profit per share (yen)103.79118.02-Adjusted quarterly net profit

29,95033,417

11.6%

Adjusted EPS3 (yen)130.05145.2011.6%

Notes:
1. EBITDA = operating profit + depreciation + amortization of goodwill
2. Quarterly net profit attributable to owners of parent
3. Adjusted EPS = adjusted quarterly net profita/ (average number of shares during the period - number of treasury stock during theperiod)a.

Adjusted quarterly net profit = quarterly net profit attributable to owners of parent ± adjustment itemsb (excluding noncontrolling interests) ± tax reconciliation related to certain adjustment itemsb.

Adjustment items = amortization of intangible assets except goodwill by acquisitions + amortization of goodwill ± extraordinary
income/losses

4. Effective in the three months ended June 30, 2022, the Company and its consolidated subsidiaries in Japan changed accounting
method of asset retirement obligations. Accordingly, retroactive adjustments are reflected in the values for the same period of theprevious year.

2) Balance Sheet Data(In millions of yen, unless otherwise stated)
As of March 31, 2022

As of December 31, 2022

Total assets

425,110468,579

Net assets

204,367

214,269

Equity ratio (%)
Equity capital

43.1

42.6

183,048

199,586

Note:
Effective in the three months ended June 30, 2022, the Company and its consolidated subsidiaries in Japan changed accounting
method of asset retirement obligations. Accordingly, retroactive adjustments are reflected in the values for the previous consolidated
fiscal year.

3) Dividend Status(In yen, unless otherwise stated)
Fiscal year ended/ending March 31,2023

2022
Interim dividends

20.00

21.00

Year-end dividends

22.00

21.00 (Forecast)

Annual dividends

42.00

42.00 (Forecast)4) Consolidated Financial Forecast for the Fiscal Year Ending March 2023

Net sales(In millions of yen, unless otherwise stated)
Forecast for the fiscal year
% change from theending March 31, 2023
previous fiscal year
1,210,000
14.1

Operating profit

53,000

10.1

EBITDA

75,20012.0

Ordinary profit

53,000

7.1

Net profit1

30,500-4.4

Net profit per share (yen) 2

132.37-Adjusted profit

39,100-1.1

Adjusted EPS (yen) 2

169.95-1.0

Notes:
1. Net profit attributable to owners of parent
2. The per share calculation of Net profit and Adjusted EPS derives from our estimated monthly average number of shares in FY2022(230,408,758 shares), based on the actual numbers of shares outstanding up to September 30, 2022.

Disclaimer
The statements concerning the Company's future business performances in this material such as financial forecasts are
based on information currently available and certain assumptions deemed to be reasonable by the Company, and do notmean that the Company promises to achieve these figures. Actual results may differ materially from the statements due
to a variety of factors.

(1) Management Discussion and Analysis
1. Result of Operations
PERSOL GROUP (the Group) provides a wide range of human resources (HR) related services;
temporary staffing and placement service as the core businesses in Japan and Asia-Pacific(APAC) region.
The business environment in Japan in the nine months ended December 31, 2022 saw thefurther spread of COVID-19, but economic activities were recovering overall. The ratio of job
offers to job seekers (seasonally adjusted) in Japan was 1.35 in December 2022, showingthat demand for human resources continued to recover steadily.

In the APAC region, theeconomic trend was generally one of recovery, with the exception of certain regions where
the impact of COVID-19 persisted.
In this business environment, sales increased in all SBUs. As a result, consolidated net sales
were 902,067 million yen (increasing 15.6% year-on-year). Operating profit was 45,434
million yen (increasing 11.3% YoY), mainly reflecting an increase in sales in Career SBU,
driven by brisk corporate demand. Ordinary profit was 45,886 million yen (increasing 9.2%YoY) and net profit attributable to owners of parent company was 27,162 million yen(increasing 13.6% YoY).
Results by SBU (before inter-segment elimination) are as follows.

a. Staffing SBU
In this segment, the Group operates temporary staffing business, including mainly clericaland administrative staff dispatching and wide range of staffing service, BPO and placement
service mainly for administrative talents in Japan.
Sales for the nine months ended December 31, 2022 were 460,862 million yen (increasing
8.2% YoY) and operating profit was 31,684 million yen (decreasing 2.4％ YoY).
Sales increased on strong results of public-related projects in the BPO sector, in addition toa year-on-year increase in the number of temporary active staff. Operating profit decreased
despite the effect of increased sales, more than offset by an increase in paid holidays taken
by temporary staff, an increase in social insurance contributions and an increase in personnelexpenses.
b. Career SBU
In this segment, the Group mainly operates placement business, supporting corporate clients'
mid-career hiring activities, and job recruitment media business.
Sales for the nine months ended December 31, 2022 were 75,066 million yen (increasing39.9% YoY) and operating profit was 11,915 million yen (increasing 131.2% YoY).
Sales in the placement business and job recruitment media business increased due to strong
corporate demand. Operating profit increased significantly on stronger sales, offsetting therise in costs that resulted from marketing investment and enhancement of hiring activities,
which were aimed at achieving future growth.c. Professional Outsourcing SBU
In this segment, the Group operates manufacture and development outsourcing business in
IT and engineering areas and temporary staffing business specialized in engineers
dispatching.
Sales for the nine months ended December 31, 2022 were 98,085 million yen (increasing10.7% YoY) and operating profit was 5,862 million yen (increasing 14.4% YoY).
Sales increased because the engineering area saw growth in demand, mainly fordevelopment in the manufacturing industry. An additional factor was steady growth in the ITarea. Operating profit increased due to the effect of increased sales.
d. Solution SBU
In this segment, the Group provides digital solution services for hiring talents and managing
human resources and creates new businesses through incubation programs.
Sales for the nine months ended December 31, 2022 were 11,066 million yen (increasing
39.7% YoY) and the operating loss was 2,802 million yen (the operating loss was 2,273
million yen for the same period of the previous fiscal year).
Sales increased due to the continued growth of the job search application business and cloud
POS business, mainly reflecting growth in corporate demand for hiring and the effect of sales
promotion activities.

An operating loss was recorded due to an increase in costs, which

resulted from increased investments for future growth.
e. Asia Pacific SBU
In this segment, the Group operates temporary staffing business and placement business in
Asia and staffing business and maintenance business in Australia (those businesses areoperated under PERSOLKELLY brand in Asia and under Programmed brand in Australia.)
Sales for the nine months ended December 31, 2022 (APAC local accounting period of ninemonths ended September 30, 2022) were 268,759 million yen (increasing 26.4% YoY) andoperating profit was 811 million yen (increasing 166.1% YoY).
Sales increased due to the effect of the stronger US dollar and Australian dollar in addition
to the progress in the recovery from the impact of the spread of COVID-19 infection andgrowth in many areas where the Group operates. Operating profit increased due to the effectof increased sales.
##

#

#

The Company and its Japanese subsidiaries have changed their accounting policy including
the accounting method of asset retirement obligations. Comparison and analysis with thesame period of the previous year and the previous consolidated fiscal year have been madeusing figures that reflect the retroactive application. For details, please refer to " Changes in
Accounting Policies" and “Changes in Accounting Estimates”

(2) Financial Position
1. Consolidated Balance Sheet
Total assets increased 43,468 million yen compared to the end of the previous fiscal year.
Current assets increased 32,734 million yen, and non-current assets increased 10,733 millionyen. Main reasons for the increase in current assets include increases in cash and depositsof 12,511 million yen, in contract assets of 7,753 million yen, and in accounts receivable trade of 7,151 million yen. Main factors for the increase in non-current assets include
increases in investment securities of 3,882 million yen, in software of 3,609 million yen, andin goodwill of 2,332 million yen.
Liabilities increased 33,565 million yen compared to the end of the previous fiscal year.
Current liabilities increased 39,860 million yen while non-current liabilities decreased 6,294
million yen. Main factors for the increase in current liabilities include increases in short-termborrowings of 25,040 million yen, in accounts payable - other of 11,436 million yen, and incurrent portion of bonds payable of 10,000 million yen, which more than offset a decrease in
the provision for bonuses of 8,681 million yen. Main reasons for the decrease in non-current
liabilities include a decrease in bonds payable of 10,000 million yen, which more than offset
increases in lease liabilities of 1,669 million yen and in deferred tax liabilities of 1,132 million
yen.
Net assets increased 9,902 million yen compared to the end of the previous fiscal year. Thiswas mainly caused by the payment of dividends of surplus of 9,971 million yen and theposting of 27,162 million yen in quarterly net profit attributable to owner of parent company,
which resulted in an increase in retained earnings of 17,188 million yen and a foreign
currency translation adjustment increase of 10,326 million yen. Other reasons were adecrease in non-controlling interests of 6,635 million yen and a decrease in capital surplus
of 5,700 million yen, mainly due to the acquisition of additional shares in PERSOLKELLY PTE.
LTD. by PERSOL Asia Pacific Pte. Ltd.
As of March 31,2022

As of December 31,
2022

Ratio of operating profit to sales

4.5％

5.0%

Ratio of ordinary profit to sales

4.7％

5.1%

Current ratio

170.9％

153.9％

Fixed ratio

75.5％

74.6％

Equity ratio

43.1％

42.6％

Debt/equity ratio

0.28

0.37

Total assets (million yen)

425,110468,579

Equity capital (million yen)

183,048

199,586

Invested capital (million yen)

269,376

306,411

Cash and cash equivalents at end of period(million yen)

106,558

118,888*Effective in the three months ended June 30, 2022, the Company and its consolidated subsidiaries
in Japan changed accounting method of asset retirement obligations. Accordingly, retroactive
adjustments are reflected in the values for the previous consolidated fiscal year.

2. Business and Financial Issues to Address
The nine months ended December 31, 2022 saw no significant change in business andfinancial issues that the Group should address.

(3) Explanation regarding Future Forecast Information
There is no change in the full-year consolidated financial forecast in the “Consolidated
Financial Results for the six months ended September 30, 2022” announced on November
11, 2022.

Consolidated Financial Statements(1) Consolidated Balance Sheet(in millions of yen)

As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Contract assets
Work in process
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netTools, furniture and fixtures, net
Right of use assets, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Trademark rightGoodwill
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of December 31, 2022

107,545100
150,073
18,658333
10,740-554

120,056
129
157,225
26,412
1,123
15,271-587

286,897

319,632

5,036
2,147
3,410
515
2,304

3,883
2,279
5,628
515
3,365

13,414

15,672

9,803
61,674
16,787
6,863

10,49964,006
20,397
6,289

95,129101,193

8,664
10,324
12,208-1,527

12,5468,460
12,780-1,706

29,67032,080138,213

148,946

425,110468,579

(Consolidated Balance Sheet)(in millions of yen)

As of March 31, 2022
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of bonds payable
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Accrued consumption taxesProvision for bonuses
Provision for bonuses for directors (and otherofficers)
Other provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Provision for share awards
Provision for share awards for directors (andother officers)
Asset retirement obligations
Other provisions
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Total accumulated other comprehensive
incomeAs of December 31, 2022

630
162
－
11,304
81,813
11,211
17,432
17,847564
25,202
10,0007,817
93,2506,417
22,095
9,165

71

151

714
26,706806
32,281

167,893

207,754

10,00030,000
1,997
3,039
414
810

30,190
3,666
4,171
512
1,016

835

1,027

4,430
81
1,239

4,538
46
1,383

－

52,85046,555

220,743

254,30917,47919,168158,282-10,351

17,47913,468
175,471-15,564

184,579

190,854959

894-2,4897,837-1,530

8,731

Share acquisition rights

00

Non-controlling interests

21,317

14,682

Total net assets

204,367

214,269

425,110468,579

Total liabilities and net assets

(2) Consolidated Income Statements and Comprehensive Income Statement(Consolidated Income Statement)(in millions of yen)
Nine months ended December 31,2021

2022

Net sales
Cost of sales

780,190
603,413902,067
692,787

Gross profit

176,776

209,279

Selling, general and administrative expenses

135,965

163,845

Operating profit

40,81145,434

31193
974

51
21075584－Non-operating income
Interest income
Dividend income
Subsidy income
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Commission expenses
Share of loss of entities accounted for using
equity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of shares of subsidiaries andassociates
Gain on sale of investment securities
Total extraordinary incomeExtraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on sale of investment securities
Loss on valuation of investment securities
Restructuring expenses
Non-recurring loss
Total extraordinary losses

329

159

1,613

1,176

204
5
24

271
139
1－

60

166

251

401

725

42,02245,886

23

48

486

－

774

233

1,284

281

3
469
1
459
514
78

7－
－
239
－
－

1,527

246

Profit before income taxes

41,78045,921

Income taxes - current
Income taxes - deferred

12,931
2,831

14,6092,444

Total income taxes

15,763

17,054

Profit26,01728,866

Profit attributable to non-controlling interests

2,115

1,704

Profit attributable to owners of parent

23,901

27,162

(Consolidated Comprehensive Income Statement)(in millions of yen)
Nine months ended December 31,
2021
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

2022
26,01728,866

-623

-64

1,818

10,395

8

417

1,203

10,74827,22039,614

24,77337,424

2,447

2,190

Changes in Accounting Policies
Notes for significant change in the amount of shareholders' equity
Capital surplus decreased 5,700 million yen due in part to the acquisition of additional sharesin PERSOLKELLY PTE. LTD. by PERSOL Asia Pacific Pte. Ltd. in the three months ended June30, 2022. As a result, capital surplus was 13,468 million yen as of December 31, 2022.
Treasury shares increased 5,212 million yen mainly because the Company acquired
2,089,700 treasury shares based on the resolution passed by the Board of Directors onAugust 10, 2022. As a result, treasury shares were 15,564 million yen as of December 31,2022.

Application of the Guidance on Accounting Standard for Fair Value Measurement
The Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance No. 31,
June 17, 2021) began to be applied at the beginning of the three months ended June 30,
2022. It was decided that the new accounting policies prescribed in the Guidance onAccounting Standard for Fair Value Measurement will be applied into the future in accordancewith the transitional treatment provided for in Paragraph 27-2 of the Guidance on AccountingStandard for Fair Value Measurement.
The application has no effect on quarterly consolidated financial statements.

Change in Accounting for Asset Retirement Obligations
Previously, asset retirement obligations related to obligation to restore to original condition
set forth in real-estate lease agreements signed by the company and its consolidated
subsidiaries in Japan were posted in the following way. The amount of leasehold deposits
related to the said real-estate lease agreements which was not expected to be collected
finally was reasonably estimated, and then, the portion of the above amount to be allocatedto each quarter was posted. However, the non-current asset management system wasreviewed, and more appropriate accounting has become possible. Therefore, starting fromthe three months ended June 30, 2022, expenses for restoration to original condition isposted as asset retirement obligations, and removal cost corresponding to the asset
retirement obligations is included in property, plant and equipment and depreciated.
This change in accounting policy is applied retroactively, and the change is reflected in thequarterly consolidated financial statements for the nine months ended December 31, 2021
and consolidated financial statements for the previous fiscal year.
As a result, in the consolidated balance sheet for the previous consolidated fiscal year,
buildings and structures, net increased 1,348 million yen, deferred tax assets increased 91
million yen, investments and other assets (other) increased 1,892 million yen, asset
retirement obligations increased 3,791 million yen, and deferred tax liabilities increased 48
million yen, while non-current liabilities (other) decreased 559 million yen, compared tobefore the retroactive application.
Asset retirement obligations of 638 million yen, which were included in other under noncurrent liabilities in the previous consolidated fiscal year, are presented as a separate itemfrom the previous consolidated fiscal year, as the combined effect of the retrospective

application of this change in accounting policy exceeded 1/100th of total liabilities and net
assets.
The beginning balance of retained earnings for the previous consolidated fiscal year
decreased by 329 million yen due to the application of the cumulative effect to net assets asof the beginning of the previous consolidated fiscal year.
The change has a minor effect on profit and quarterly net profit per share for the nine months
ended December 31, 2021.

Changes in Accounting Estimates
Changes in Estimates of Facilities attached to Buildings
In the three months ended June 30, 2022, the Company changed its office strategy to permit
diverse workstyles, such as remote work. The Company took this change as an opportunity
to review the number of years during which facilities attached to buildings installed atleasehold estates of the Company and its consolidated subsidiaries in Japan are expected tobe used. As a result, the expected lifetime of those facilities was changed from the previous
3 to 15 years to 2 to 10 years.
As described in Changes in Accounting Policies, effective from the beginning of the threemonths ended June 30, 2022, removal cost corresponding to asset retirement obligations isadded to the book value of facilities attached to buildings as relevant property, plant andequipment. The removal cost has been distributed based on the number of years during
which the facilities attached to buildings are expected to be used.
As a result of this change, operating profit, ordinary profit, and profit before income taxes
for the nine months ended December 31, 2022 decreased 1,610 million yen.