PERSOL HOLDINGS CO., LTD.
Held from 16:00 to 16:45 on Wednesday, February 14, 2024
Script of Financial Results Presentation for the 3rd Quarter of FY2023

[President and CEO Wada]
Hello, I am Wada, CEO of PERSOL Holdings. Thank you very much for your time despite your busy
schedule.
First of all, we send our heartfelt condolence to those who lost lives due to the 2024 Noto Peninsula（an area in Japan） earthquake and express our deepest sympathies to all those affected by thedisaster and their families. Furthermore, with deep respect to those working on rescue, recovery, andreconstruction efforts and others in the disaster-stricken area, we made a monetary donation to theJapanese Red Cross Society for use in support and rescue activities and reconstruction efforts. We
are also soliciting donations from Group employees for the same purpose. We sincerely hope that
local residents will stay safe and that the affected areas will recover as quickly as possible.

Now, there are 3 highlights for today. The First is Summary of FY2023 Q3. The Second is full year
financial forecasts. The Third is year-end dividend forecast.
Let me start with Q3 results. Revenue was 990.6 billion yen, up 7.2% year on year as is described.
Operating profit was 40.9 billion yen, and adjusted EBITDA stood at 53.4 billion yen. Both gross profit
and revenue grew year on year but profit was below last year.
Based on this, we are announcing the full year financial forecast for FY2023 today. Demand forplacement business which had been heating up significantly in the aftermath of the COVID19
convergence, is calming down. Reflecting such trend, we revised our full-year forecasts for operating
profit from 54.5 billion yen to 49 billion yen and adjusted EBITDA from 75.5 billion yen to 69 billion
yen.
The third is the year-end dividend forecast. Year-end dividend forecast remains to be unchanged at
4.3 yen per share. The dividend policy with dividend payout ratio of approximately 50% of adjusted
EPS, under the Mid-term Management Plan 2026, will be maintained. Payout ratio, based on
unadjusted EPS, is forecast to stand at approximately 65%.
From here on, I’d like to ask our CFO Tokunaga to explain the summary of the consolidated financial
results for Q3.

Hello, I’m Tokunaga, CFO. I will explain the summary of the financial results for Q3.

First, on a consolidated basis, revenue increased 7.2% to 990.6 billion yen. Gross profit increased
5.7% to 224.3 billion yen. Our important profit indicator adjusted EBITDA decreased 17.8% to 53.4
billion yen.

This is revenue by SBU. Because of the decline due to COVID19 related factors, BPO revenue
decreased year on year. However, other SBUs including our core Staffing SBU and Career SBU, whichis the pillar of growth this fiscal year, continued to achieve revenue growth.

This is operating profit by SBU. Here again, we saw decrease in BPO as we have the impact of decrease
in COVID 19 related projects. As I will explain later, there was also a 7.4% decrease in operating
profit in Technology, where we are strengthening recruitment of new graduates and mid-career. On
the other hand, Career, the pillar of growth this fiscal, and Asia Pacific achieved growth as is shown.

This is adjusted EBITDA by SBU. I will omit explaining as the trend is similar to operating profit.

This is t analysis of change in operating profit year on year. First, gross profit grew 12.1 billion yen
year on year. This was mainly driven by Career SBU. On the other hand, in the Mid-term Management
Plan that started this fiscal year, personnel expenses increased by 15.5 billion yen as we decided tomake solid investment in human capital, including salary increases for Career consultants and others.
Additionally, advertising expenses increased by 3.8 billion yen as we are making solid marketinginvestments centering on Career SBU. Also, impairment loss in APAC in October to December period
last fiscal year, has no impact this fiscal year, so profit increased by 8.9 billion yen to 40.9 billion yen.

This is analysis of change in adjusted EBITDA year on year. There was an impact of approximately.
11 billion yen due to the impairment loss mentioned earlier and operating profit. Other than that,
there was an impact of depreciation, accrued paid leave and share-based payment expenses but it is
my understanding that there was no major impact year on year.
On the following 3 pages, we have revenue, operating profit, adjusted EBITDA by SBU. Please referto them later.

Next, I will explain the current status of each SBU and the business topics.

I will start with our core SBU, Staffing SBU. Revenue increased 6.9%, and adjusted EBITDA increased
1.1%. The number of persons employed increased 3.5% year on year. Average billing rate improved
2% plus.
Looking at the October to December quarter, gross profit decreased as there was an increase in social
insurance cost since last October, but since it’s been a year since then, as you can see at the left
bottom of the slide, gross profit ratio improved from 16.2% in October to December period last year
to 16.6% now.

I will introduce 2 business topics from Staffing SBU. The first is the ranking of temporary staffing
business conducted by en Japan. In addition to ranking 1st in overall satisfaction level, we were alsoable to rank 1st in the intention to continue working. Improving the satisfaction level of our staffs isa pillar of our ability to increase corporate value over the mid to long term. We will continue to makeefforts to further improve the satisfaction level.

The Second business topic of staffing SBU is that we have a Corporate Philosophy of a mission toprovide opportunities. As is shown here, we are engaged in development of bioengineers anddevelopment of career support for scientific human resources. We will continue with this effort in thefuture as well.

The second SBU is BPO SBU. Because of the absence of COVID 19 related projects, revenue declined
7%, adjusted EBITDA decreased as much as 57%. The trend has not changed from Q1 and Q2.
However, excluding the impact of COVID 19, on an organic basis, performance was strong withrevenue growth of 12.7%, as is shown.

For BPO SBU, we have 3 topics. BPO is providing services for public sector and for private sector. Here,
we have 3 cases where we are collaborating with local governments. Because of time constraints, I
will touch on just one of them. We opened a BPO Center in Kobe Sannomiya（an area in Japan） andplan to bolster BPO services mainly for public services.

The third is Technology SBU. As shown in the pie chart on the right, it consists of 3 services, namely
IT & DX Solutions, the second service is Mechanical and electrical Engineering, and the third, isEngineer Temporary Staffing / Freelancers. The 3 main KPIs for this business are increasing thenumber of engineers hired, increasing their operating rate and increasing their unit price. As is shownat the right bottom, we increased the number of engineers in FY2023 from Q1 to Q3, by hiring 955
engineers. To be specific, for IT Solutions, we increased the number of engineers by 15% year onyear to 3,160. Mechanical and electrical engineers increased by 7.9% to 3,310. Its operating rate was89%, and engineers 94%. As of the end of Q3, average was 91.7%, which is an improvement by 2%
Q on Q. Increase in operation rate is leading to improvement of adjusted EBITDA, pushing up profit
much higher year on year in Q3.

I will share 1 topic about Technology SBU. For this SBU, we recognize that it is extremely important
to increase the number of offices in order to connect with corporate customers and recruit engineers.
We are now opening new offices in places like Sendai and Hiroshima where we did not have presence
before, to increase the touchpoints with customers and engineers.

Next is Career SBU, the growth pillar of this fiscal year. At the left top of the slide, you can see ourrevenue increased 25% year on year. Growth slowed a bit entering into Q3, but still, revenue iscontinuing to grow over 18%. Adjusted EBITDA increased 14% year on year and achieved 17. 4 billionyen.
This year's Career SBU measures include increasing the number of Career consultants and investingin marketing. Compared to the end of Q3 last fiscal year, the number of consultants increased 25%
to more than 2,300. On the other hand, productivity of consultants decreased a little by 6%, so wewill continue to take measures to improve productivity.

We are introducing 3 business topics for Career SBU here but because of time, I will just touch on thevery right one, our receipt of Tokyo Metropolitan Women's Achievement Promotion Award. At Career
SBU, more than half of the employees are women, so we have been creating an environment that is
comfortable for women to work in. And this time, we were recognized for it and won the ExcellenceAward from the Tokyo Metropolitan government. We would like to continue to create an environment
where women can thrive.

The last is Asia Pacific SBU. Asia Pacific SBU, as is shown in the pie chart on the right, is approximately.
60% Staffing service, and 26% Facility Management service, which is mainly in Australia. Revenue
increased 6.1% year on year and is performing strongly. Regarding adjusted EBITDA, there was oneoff revenue in Australia in October to December quarter last year, so adjusted EBITDA is slightly
negative this year, but overall, we are performing strongly.

We have FY2022 Q3 revenue, operating profit, and adjusted EBITDA and Q1-Q3 cumulative revenue,operating profit, and adjusted EBITDA of PERSOLKELLY and Programmed whose business is mainly inAustralia and New Zealand. As mentioned at the beginning, since there was an impairment loss of 8.9
billion yen in Australia in October to December period last year, operating profit decreased. But please
note that there are no major issues this fiscal year.

We received various awards in Singapore and others but I will omit explaining because of timeconstraints.

The last is non SBU, Others. Revenue increased 8.6% year on year mainly at R&D FU. On the right,
you see adjusted EBITDA of negative 5.6 billion yen. This was explained already in Q2 briefing. Thisis an increase in adjustments reflecting intersegment transactions w ith SBUs. It is not that there wasa significant increase in spending.

We have 2 business topics for R&D FU. One is Miidas, a HR service for medium sized and small tomedium sized companies. The other is Shareful, a spare time part time jobs. We are promoting these2 and especially of note is that Shareful’s number of downloads exceeded 5million. We would like tocontinue to bolster one off and short term part time jobs using spare time.

Last of all, our think tank, PERSOL Research and Consulting operates business including HR
development and various types of consulting associated with human capital investment. I hope you
will take a look at it.
This is all from me, explaining about performance by SBU and business topics.【Wada】Now, I will explain about the full year financial and year-end dividend forecast.

We revised full year financial forecasts. Revenue was revised to 1 trillion 314 billion yen. Operating
profit to 49 billion yen, adjusted EBITDA to 69 billion yen and adjusted profit to 38.4 billion yen, andadjusted EPS to 16.83 yen.

Let me introduce the full year forecasts by SBU. Among the SBUs, Staffing SBU revenue was revisedby 23 billion yen from 597 billion yen to 574 billion yen. Career SBU revenue was also revised by 9billion yen from 137 billion yen to 128 billion yen. We also changed Others by 4 billion yen. Technology
SBU and APAC SBU are progressing in line with the plan. BPO revenue was revised from 104 billion
yen to 109 billion yen.

Next is adjusted EBITDA forecast. Staffing SBU was revised from 31.1 billion yen to 28.9 billion yen.
BPO was revised from 9.6 billion yen to 8.6 billion yen, Technology SBU from 6.8 billion yen to 6.2
billion yen, Career SBU from 27.1 billion yen to 24.8 billion yen, and APAC from 10.2 billion yen to9.9 billion yen.
Looking at the current market, we believe there is some variance in orders among large companies.
In particular, demand from medium-sized and small-to-medium-sized companies in the temporary
staffing business continues to be strong, but Demand from large companies appears to be patchy.
Furthermore, in the placement business, we believe there is a lull in the market in the second half
this year. There were a very strong hiring needs after COVID 19, and I think we are now seeing a lullfrom that. At the same time, I also observe that many companies are shifting from aggressive hiring
to selective hiring.
On top of that, candidates are looking for higher wages seeing company’s wage hikes. Othercompanies are actively seeking to secure human resources. As such, I think job seekers are slowing
down a bit. However, we are aware that the market may fluctuate significantly, and the overall senseof demand itself continues to be strong, so we believe it is critical that we create a system that will
firmly respond to future changes. When the market improves in the future, or when it rises further,
we would like to proactively respond without missing the timing. To that end, we would like toproactively proceed with preparations and monitor the market closely.

Last of all, I will explain the year-end dividend forecast. As mentioned earlier, dividend forecast is inline with the full year plan. It is planned to be 8.6 yen on a full year basis, and 4.3 yen for the second
half, which is the same as the first half. This is expected to be payout ratio of approximately 65% of
the EPS before adjustment. We believe we will solidly return 50% of adjusted EPS.

Let me introduce a group topic. We published PERSOL Group Human Capital Report. We believe humancapital is extremely important. Our group positions its employees and temporary staff, who constituteits human capital, as the source of value creation. Under the Mid-term Management Plan 2026, theGroup positions human capital as one of its business growth engines. The report exhaustively
describes policies and initiatives for maximizing the value of human capital toward the achievementof the value creation goal set by the Group. This is the first time we published such a report, and wehope you will take a look at it when you have time, as it will give you a good understanding of ourgroup as a whole.
This is all from me. Thank you for your attention.