PERSOL HOLDINGS CO., LTD.
Held from 16:00 to 16:45 on Thursday, August 10, 2023
Script of Financial Results Presentation for the 1st Quarter of FY2023

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[Wada] Hello, I am Wada, CEO of PERSOL Holdings. Thank you very much forcoming to the financial results briefing. Today, I would like to communicate the 4highlights described here on this slide.
The first point is the Summary of the Q1 of FY2023. The second is about the credit
rating. The third is the stock split which will be implemented. And the fourth is about
our management structure. We have appointed a new member and I will talk aboutthat also.
First, I’d like to start with the summary of the 1Q financial results. Revenue was328.7 billion yen. Adjusted EBITDA was 19 billion yen. They are progressing in linewith our full year forecast. Revenue‘s progress rate is 24.5%, adjusted EBITDA is25.2%, both progressing smoothly. Compared to the 1Q of last fiscal year, adjusted
EBITDA is a bit behind but things are in line with the plan, so please rest assured.
The second point is about credit rating. As is shown here, we have been upgraded
to A+. Also, IFRS based ROIC and ROE targets have been set as described here. I
will talk about this later.
The next point is the Stock split. The board meeting today approved the stock splitof 10 for 1. This will improve the liquidity as well as reflect our intention to have abroader range of shareholders.
And the management structure is described here which I will be explain later.
Mr. Tokunaga will explain the details of t financial results now. Mr. Tokunaga please.

2[Tokunaga]Hello, I am Tokunaga, CFO of PERSOL Holdings. I will explain thesummary of financial results for 1Q. As has been informed already, we shifted toIFRS from this fiscal year. And this year is also the first year of the new mid-term
management plan and we have disclosure based on new segments. I would also
like to touch on that in my briefing today.
Revenue grew 9.4% yoy and gross profit grew 8.0% yoy. Operating profit decreased
15%, adjusted EBITDA fell 16% but, as CEO Wada mentioned earlier, we are making
good progress against the full year Forecast for all of revenue, operating profit, andadjusted EBITDA.

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Next is on revenue by SBU. For BPO SBU in the middle, with dissipating impact ofCOVID 19, COVID related work decreased, pushing down BPO revenue slightly. Buton the other hand, centering around Staffing SBU, Career SBU and others, as you
can see, we enjoyed strong revenue growth.

4Next is operating profit by SBU. Our core businesses of Staffing SBU and Career
SBU increased profits by 6.9% and 7.9% respectively. BPO, as I explained earlier
decreased due to the impact of COVID-19.

This is adjusted EBITDA by SBU. The trend is very similar to operating profit.

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As was mentioned at the beginning, this fiscal year is different from last fiscal year
in that we have started making strategic investments from the 1Q. Last year, as isshown in the graph, we made strategic investments in the 3Q and the 4Q, but thisfiscal year, we started making investments from the 1Q and are planning togenerate similar level of profit throughout the quarters.

6This is on analysis of increase/ decrease in operating profit. First, gross profit
increased 5.5 billion yen compared to the last fiscal year, Career SBU performed
well and marked an increase of 6 billion yen. Staffing and Asia Pacific also performed
well. On the other hand, as I explained earlier, Career SBU has made personnel
investment and spent on advertising expenses from the 1Q and overall, operating
profit decreased yoy.

Similarly, this is analysis of increase / decrease in adjusted EBITDA yoy. Other thanon operating profit, there was no major impact on depreciation and amortization
cost or accrued paid leave.
7Next, I would like to explain about the adjustments made from IFRS based operating
profit to adjusted EBITDA. The upper part is last fiscal year. The lower part is thisfiscal year. First, depreciation cost is added to IFRS based operating profit, thenlease depreciation and amortization are deducted, shown in the black box, which isequivalent to rent, and accrued paid leave is adjusted, then share -based payment
expenses are adjusted. This is how adjusted EBITDA is calculated. There is notmuch of a difference in adjustments last fiscal year and this fiscal year.

This is a slide on revenue by SBU. Progress rate against the full year forecast at all
SBUs are about 25%.
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Next is operating profit by SBU. For Staffing, Career SBUs and Asia Pacific, progress
rate exceeded 25%. For BPO and Technology, their profits tend to be higher towards
the end of the fiscal year because of the characteristics of the businesses. Despite
BPO progress rate being 15% and Technology 6.7%, we believe we will be able toachieve the annual profit targets of each SBU for the full year.

We expect EBITDA to be the same, so I would like to omit explaining about it.

9We shifted to IFRS from this fiscal year, so, I would like to compare the differenceswith JGAAP, and also explain the changes on the IFRS based Balance Sheetcomparing the end of 4Q of last fiscal year and the end of the 1Q of this fiscal year.

First, I will explain the differences between JGAAP and IFRS as of the end of March
2023. A big change is shown in the middle, where there is an increase in right ofuse asset. This is an increase equivalent to rent increase. Compared to JGAAP, it isan increase of 22.9 billion yen.

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This is the liabilities side against the increase in right of use assets I just explained
about. For Lease liabilities, both current liabilities and non-current liabilities
increased. Accrued vacation of ￥39.6 billion yen has been posted based on IFRS.
These are the major gaps between JGAAP and IFRS.

Next is a comparison between IFRS based balance sheet as of the end of March andend of June. Current assets increased 1.2 billion yen. Non-current assets increased
5.1 billion yen. Please take a look at liabilities side. Borrowings to be repaid next
fiscal year has moved from non-current or fixed, to current liabilities. But there areno major changes as total liabilities.
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Next is the financial results by SBU.
As was mentioned at the beginning, this is the first year of het new mid-term
management plan and we changed the segments. Please take a look at the veryright. We newly added the second from the top segment, BPO segment. This SBU
was separated from Staffing SBU and Professional Outsourcing SBU and was newlyadded. And former Professional Outsourcing SBU changed its name to Technology
SBU. Technology SBU and Asia Pacific SBU changed the disclosure of sub segmentsfrom the previous disclosure based on each company to based on each business. Iwill explain about this later also. With the segment changes this time, we enhanced
the disclosure of KPIs.

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The first SBU is Staffing SBU. Revenue for Staffing SBU increased 8.4%, performing
well. On the other hand, adjusted EBITDA, with the change in social insurance
scheme last October, cost went up. As a result, adjusted EBITDA increased 0.7%.
At the right top of the page, we have the breakdown of revenue increase. Numberof persons employed increased 6%, unit price of billing increased 2.5%.
Furthermore, we have the details of KPIs described at the right bottom of the page
and at the back of this deck in the appendix, so please check the details when you
have time13

Next is BPO SBU. Due to the impact of COVID 19, revenue dropped 5.7%, adjusted
EBITDA fell 60%. However, excluding COVID 19 related projects, revenue increased
15%, continuing to grow strongly.

Next is Technology SBU. As I mentioned earlier, sub segments changed fromdisclosure by company to disclosure by business. The first subsegment is IT. The
second subsegment is engineering. This is mainly contract business for automotives
and home appliances software. The third is Engineer Temporary staffing business.
These are the 3 subsegments we changed to.
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Looking at the latest results, Technology SBU’s total revenue increased 13.6%,continuing to perform strongly. On the other hand, in the first quarter, we hired 480
new graduates, more than double that of last fiscal year and that is included in cost.
As a result, adjusted EBITDA decreased 43.5%. From the second quarter onwards,
these new graduates are expected to contribute to revenue and thus believe we will
be able to achieve the full year forecast. And the composition of revenue by sub
segments are shown on the right side, by the pie chart. The current composition isabout 1/3 each.

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Next is Career SBU. Career SBU continues to be very strong since last year. Revenue
increased 31%. Because we have been making strategic investments centering
around marketing from the first quarter, adjusted EBITDA increased 13.2%.
Comparing year on year, new user registrations at Doda brand grew 12%, as aneffect of marketing investment. We are also increasing the head count of mainly
Career Advisors, which increased by 400 to 2,100, a 25% increase yoy. As a result,revenue increased 31%.

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Next is Asia Pacific SBU. Last August, new mid-term management plan wasannounced ahead of others at this SBU. The targets were ROIC of 10%, operating
profit of 10 billion yen and EBITDA of 15 billion yen. This time as a group overall,
we changed the target to adjusted EBITDA of 12.5 billion yen. As such, we changed
the target for Asia Pacific from the previous 15 billion yen to 12. 5 billion yen but
this gap of 2.5 billion yen is depreciation cost equivalent to rent, therefore, there
are no changes to the actual target.

This is a slide on progress in Asia Pacific SBU against mid-term management plan,
shown from A to F, which we announced last August. All are progressing well.
17For Aia Pacific, the conventional sub segments of the PERSOLKELLY andProgrammed, which were company based, have been changed this time to 3 subsegments of Staffing, Facility Management, and others.

Looking at the 1Q results, revenue grew 8.9% and adjusted EBITDA grew 20%,
showing strong performance. There was hardly any impact of FX from last fiscal
year to this fiscal year. Please refer to the pie chart on the right for the compositionof revenue by the 3 sub segments. Revenue and operating profit of the respective
companies of PERSOLKELLY and Programmed are shown for your reference. Pleasetake a look at it when you have time.
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Last of all, we have others and adjustment other than the SBUs. Others increasedslightly to 8 billion yen. Adjusted EBIDA was negative 500 million yen. On a
consolidated adjustment, adjusted EBITDA was negative 1.5 billion yen but this isdue to enhancing functions at Holdings company and changes in management costallocation between each SBU and the holdings. It does not mean there was asignificant increase in cost.
This was all for the update of each SBU and the consolidated performance.

19[CEO Wada] Next, I ‘d like to continue with Credit Ratings, and ROIC, ROE targets.
As I mentioned in the highlights, in July, our credit rating was upgraded from A toA+. The outlook changed from positive to stable. This is an update in our change incredit rating by JCR.

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For our capital efficiency criteria, we made some adjustments in line with theintroduction of IFRS. ROIC remains to be the same at 15% as previously disclosed.
If you could please refer to slide 64, calculation methods have changed slightly. ROEtarget has been changed from 18% to 20%. This is because we want to maintainthis as a minimum criteria in 2026 to manage our business and also, intend to takeinitiatives to surpass this.

Next is about stock split.
We are planning to split the stocks 10 to 1. Record date will be Sept. 30. This has
been resolved at today’s board of directors meeting, and we will proceed based on
the procedures described here on this slide.
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This is about dividends. Basically, there are no changes but since our stocks will besplit 10 to 1, dividend at the end of the fiscal year is expected to be 4.3 yen pershare. Again, I’d like to emphasize that this has not changed from before, so pleaserest assured.

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Next is about diversity and governance. As we changed t management structure, I‘d like to share an update with you. We appointed a non-Japanese female
independent director, Ms. Debra Hazelton. She has chaired the board of a leading
Australian financial institution. She has experience in Insurance as well as a Bank.
She has experience in management, extensive experience in human resources andhas also worked in Japan in the past. She has extensive knowledge about Japan aswell and we feel assured that she will be able to offer advice and opinions form
diverse perspectives at the board of directors’ meetings.
In promoting our diversity, percentage of female managers is a major topic. As ofApril, this ratio increased to 24.4%. This is an increase by 1.5 percentage points
yoy. We aim to achieve 37% by FY2030. I am taking the central role in promoting
diversity and inclusion and we are making progress as planned.

23The governance structure and skill matrix will look like this with appointment ofDeborah-san. Deborah-san will join the Corporate Governance Committee. As I
mentioned, she has strong expertise in human resources and financial accounting,and naturally has global mindset. This is the board of directors’ structure and skills
matrix.

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We published Integrated Report 2023 on July 31. We have been making efforts tooffer more detailed information and we started a new mid term plan this fiscal year,
and our Value Creation Story for 2030 is featured. So, please take a look at thecontents. We have also enhanced ESG information, and financial, non-financial
information and thus hope we will be able to live up to your expectations. That is
all from me. Thank you very much.

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