For Immediate Release
August 8, 2024

PERSOL HOLDINGS CO., LTD. (TSE 2181)
Consolidated Financial Results for the Three Months Ended June 30, 2024 (IFRS)PERSOL HOLDINGS CO., LTD. (the Company) today announced its consolidated financial results
for the three months ended June 30, 2024.
1.

Consolidated Financial Results for the Three Months Ended June 30, 2024 (from April 1,
2024 to June 30, 2024)(1) Consolidated Operating Results

Revenue
Operating profit
Profit before tax
ProfitProfit attributable to owners of parent
Comprehensive income
Basic earnings per share (yen)Diluted earnings per share (yen)
EBITDA
Adjusted EBITDA
Adjusted profit
Adjusted EPS (yen)(In millions of yen, unless otherwise stated)
Three months ended June 30,
Change%2023
2024
328,703360,8149.8
14,675
16,96615.6
14,617
17,232
17.9
9,734
13,34137.0
9,369
12,95238.2
15,145
20,142
33.0
4.14
5.72
4.11
5.69
21,782
24,81519,01422,944
10,513
15,137
4.62
6.63
-

Note:
As of October 1, 2023, the Company conducted a 10-for-1 stock split of shares of common stock. As a result, basic
earnings per share and diluted earnings per share are calculated on the assumption that the stock split was conductedat the beginning of the previous fiscal year.
EBITDA: Operating profit + Depreciation
Adjusted EBITDA: Operating profit + Depreciation (excluding rent and other equivalents from depreciation of right-ofuse assets) ± Increase/decrease in accrued paid leave + Share-based payment expenses ± Other income andexpenses ± Other non-recurring profit/loss
Adjusted profit : Profit attributable to owners of parent ± Adjustment item (Excluding the portion attributable tononcontrolling interests) ± Tax reconciliation related to certain adjustment items
Adjustment item: Increase/decrease in accrued paid leave + Share-based payment expenses ± Other expenses andincome ± Non-recurring loss/profit
Adjusted EPS: Adjusted profit / (Average number of shares outstanding during the period - Average number of treasury
shares during the period)(2) Consolidated Financial Position(In millions of yen, unless otherwise stated)
As of March 31, 2024

As of June 30, 2024

Total assets

518,730

527,392

Total equity

208,317215,561

Total equity attributable to owners of parent

192,349

199,394

Ratio of equity attributable to owners of parent

37.1%

37.8%

-1-

2.

Dividends(In yen)Fiscal year ended/ending March 31,20242025 (Forecast)Interim dividends

43.00

4.50

Year-end dividends

4.30

4.50

-

9.00

Annual dividends
Notes:①②③④

3.

No revision of dividend forecast from the latest announcement.
As of October 1, 2023, the Company conducted a 10-for-1 stock split for its common stock.
The year-end dividends for the fiscal year ended March 31, 2024, with a record date of March 31, 2024 is basedon the number of shares after the stock split, considering the effect of the stock split.
The annual dividends per share for the fiscal year ended March 31, 2024, is not shown because a simple
comparison is not suitable due to the stock split. The annual dividends per share on a pre-split basis is 86 yen per
share.

Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2025 (from April 1,
2024 to March 31, 2025)(In millions of yen, unless otherwise stated)
Forecast for the fiscal year ending March 31, 2025
First half

Change%Full year

Revenue

696,000

6.3

Operating profit

24,400-7.5

Profit before tax

24,000-7.6

Profit16,000-9.0

Profit attributable to owners of parent

15,200

-9.4

6.66

-

Adjusted EBITDA

35,1000.2

Adjusted profit

17,900

-5.7

7.84

-

Basic earnings per share (yen)Adjusted EPS (yen)Note: No revision of financial forecast from the latest announcement.
Notes(1) Significant changes in the scope of consolidation during the period: None
New: - (company name)
Excluded: - (company name)
(2)
①
②
③

Changes in accounting policies and accounting estimates
Changes in accounting policies required by IFRS:
Changes in accounting policies other than ①above:
Changes in accounting estimates:

-2-

None
None
None

1,417,000~1,429,000
52,000~55,000
51,200~54,200
34,300~36,300
32,500~34,500
14.24~15.1273,000~76,000
38,300~40,300
16.79~17.66

Change
%
6.8
~7.7
-0.1
~5.6
4.6
~10.8
7.3
~13.5
8.4
~15.1
1.0
~5.1
-1.4
~3.8
-

(3) Number of shares issued (common stock)(1) Number of shares issued andThree months
2,331,998,610 Fiscal year
2,331,998,610
outstanding at the end of the period
ended June
ended March(including treasury stock)30, 2024
31, 2024(2) Number of shares of treasury stockThree months
62,603,482 Fiscal year
46,220,639
at the end of the period
ended June
ended March
30, 2024
31, 2024(3) Average number of shares
Three months
2,281,673,892 Three months
2,275,285,645
outstanding during the period
ended June
ended June30, 2024
30, 2023
Notes:①
The number of treasury stock at the end of the period includes 24,292,561 shares for the three months ended June30, 2024 and 24,591,386 shares for the fiscal year ended March 31, 2024 held by the "Directors' Compensation BIP
Trust Account" and the "Stock Grant ESOP Trust Account" that are included in the above description as treasury
stocks.
The quarterly financial results are not subject to quarterly review by certified public accountants or auditing firms.
②
As of October 1, 2023, the Company executed a 10-for-1 stock split of shares of common stock. As a result, (1), (2)and (3) are calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal
year.
Disclaimer
Review of the attached quarterly consolidated financial statements by a certified public accounting or auditing firm: Yes(optional)
Explanation on the appropriate use of earnings forecasts and other special notes(Cautionary statement regarding forward-looking statements)
Forward-looking statements in this document, such as forecasts and projections based on plans, contain elements ofuncertainty and are subject to change. Accordingly, they are not intended to be a promise by the Company that they will
be achieved. Actual results may differ materially from our current expectations.
Note Regarding Reference Translation
This document has been translated from the Japanese language original for reference purposes only and may not be usedor disclosed for any other purpose without the Company’s prior written consent. In the event of any conflict or discrepancy
between this translated document and the Japanese language original, the Japanese language original shall prevail in all
respects. The Company makes no representations regarding the accuracy or completeness of this translation and assumes
no responsibility for any losses or damages arising from the use of this translation.

-3-

1. Company Overview(1) Trends in major management indicators

Term

FY2023 Q1

FY2024 Q1

FY2023

Accounting period

April 1, 2023 ‒June 30, 2023

April 1, 2024 ‒June 30, 2024

April 1, 2023 ‒March 31, 2024

Revenue
Profit before tax
Profit attributable toowners of parent
Comprehensive income
attributable to owners ofparentEquity attributable toowners of parent
Total assets(millionyen)(millionyen)(millionyen)(millionyen)(millionyen)(millionyen)

328,703360,814

1,327,123

14,617

17,232

48,926

9,369

12,952

29,971

14,753

19,72039,252

175,739

199,394

192,349

495,142

527,392

518,730

Basic earnings per share

(yen)

4.14

5.72

13.22

Diluted earnings per share

(yen)

4.11

5.69

13.14

(%)

35.5

37.8

37.1

-4,56415,75777,753-3,977-2,909-19,000-5,040-39,557-53,80388,85482,787

108,369

Ratio of equity attributableto owners of parent
Cash flows from operating
activities
Cash flows from investing
activities
Cash flows from financing
activities
Cash and cash equivalents
at end of period
Notes:(millionyen)(millionyen)(millionyen)(millionyen)

1. The indicators mentioned above are based on condensed quarterly consolidated financial
statements and consolidated financial statements in compliance with IFRS accounting standards.
2. The Company has introduced an Executive Compensation Board Incentive Plan (BIP) Trust andan Employee Stock Ownership Plan (ESOP) Trust. The average number of shares during the period,
which is the basis for basic earnings per share and diluted earnings per share, includes theCompany's shares held in these trust accounts as treasury shares deducted from the calculation.
3. On October 1, 2023, the Company implemented a 10-for-1 stock split, however, basic earnings
per share and diluted earnings per share have each been calculated on the assumption that thestock split was carried out at the beginning of the previous fiscal year.

(2) BusinessIn the three months ended June 30, 2024, there were no significant changes to the businesses
operated by the PERSOL Group (the Company and its affiliate companies; "the Group"). In addition,
there were no changes made at major affiliate companies.

-4-

2.

Qualitative Information on Financial Results for the Three Months Ended June 30, 2024

(1) Overview of Operating Results for the Three Months Ended June 30, 2024
At present, the Group provides a wide range of human resources (HR) related services including
temporary staffing and placement service in Japan. In addition, in the Asia-Pacific (APAC) region, theGroup operates staffing business and facility management business, etc.
During the three months ended June 30, 2024, the PERSOL Group actively expanded its business witha focus on the Career, BPO and Technology Strategic Business Units (SBUs), which have been identified
as pillars of profit growth according to the Group's Mid-term Management Plan 2026. Given robust
corporate demand all SBUs posted increased revenue, with Group-wide revenue increasing 9.8% year
on year to 360,814 million yen. On the profit front, the Career SBU drove Group-wide adjusted EBITDA
to 22,944 million yen (up 20.7% year on year), with operating profit rising to 16,966 million yen (up15.6% year on year). Profit before tax amounted 17,232 million yen (up 17.9% year on year) andprofit attributable to owners of parent amounted to 12,952 million yen (up 38.2% year on year).

(Exchange Rate)
Average exchange rate during the period:(AUD) FY2023 Q1: 91.9 yen, FY2024 Q1: 102.7 yen

a. Staffing SBU
In this segment, the Group operates temporary staffing business, including mainly clerical andadministrative staff dispatching and wide range of staffing service.
Revenue for the three months ended June 30, 2024 was 151,111 million yen (up 4.4% year on year),adjusted EBITDA was 9,867 million yen (up 5.1% year on year), and operating profit was 8,339 million
yen (down 0.6% year on year)
Revenue increased, primarily reflecting a 3.1% year-on-year increase in the number of temporary staff
employed and 2.0% year-on-year increase in average billing rates, in addition to strong performancein the placement business. Adjusted EBITDA also increased due to the higher revenue, but operating
profit recorded a slight decline.

b. BPO SBUThis segment primarily operates as a contracted business process outsourcing (BPO) business.
Revenue for the three months ended June 30, 2024 was 27,250 million yen (up 2.8% year on year),adjusted EBITDA was 959 million yen (down 42.1% year on year), and operating profit was 300 million
yen (down 72.5% year on year)
While revenue increased thanks to steady organic growth offsetting the decline in COVID-19-related
revenue, adjusted EBITDA and operating profit recorded declines, reflecting an expected decline in
COVID-19-related business (the impact of reduced profit related to COVID-19 was approximately 861
million yen; gross profit related to COVID-19 in the three months ended June 30, 2023 wasapproximately 1,021 million yen, falling to around 160 million yen for the three months ended June 30,2024).

c. Technology SBU
This segment operates manufacturing and development outsourcing business in IT & DX solutions,engineering areas and temporary staffing business specialized in engineers dispatching.
Revenue for the three months ended June 30, 2024 was 26,201 million yen (up 9.8% year on year),adjusted EBITDA was 1,159 million yen (up 52.7% year on year), and operating profit was 898 million
yen (up 157.7% year on year).

-5-

Revenue increased because the engineering outsourcing business saw growth in demand, mainly fordevelopment in the manufacturing industry and steady growth was seen in the IT area. Adjusted
EBITDA and operating profit increased despite increased costs for the aggressive recruitment of new
graduate engineers.

d. Career SBU
This segment mainly operates placement business, supporting corporate clients' mid-career hiring
activities, and job recruitment media business.
Revenue for the three months ended June 30, 2024 was 36,986 million yen (up 15.9% year on year),adjusted EBITDA was 9,464 million yen (up 42.4% year on year), and operating profit was 8,295 million
yen (up 48.4% year on year).
Revenue increased on the back of robust recruitment demand despite the economic outlook remaining
uncertain. Adjusted EBITDA and operating profit saw improvement, benefiting from cost optimizations
in marketing and recruitment in addition to the effects from increased revenue.

e. Asia Pacific SBUThis segment operates temporary staffing business and placement business in Asia and staffing
business and facility management business in Australia (those businesses are mainly operated under
PERSOLKELLY brand in Asia and under Programmed brand in Australia.)
Revenue for the three months ended June 30, 2024 was 120,218 million yen (up 17.6% year on year),adjusted EBITDA was 3,329 million yen (up 28.3% year on year), and operating profit was 1,888 million
yen (up 2.6% year on year).
Revenue increased with steady growth primarily in the facility management business as well as impactof foreign exchange rate. Adjusted EBITDA and operating profit also increased.

(2) Overview of Financial Position for the Three Months Ended June 30, 2024
(i)

Assets, Liabilities and Equity

Total assets increased by 8,661 million yen compared to the end of the previous fiscal year. Current
assets decreased by 7,147 million yen, and non-current assets rose by 15,809 million yen. The main
factor behind the decrease in current assets was a 25,581 million yen decline in cash and cash
equivalents, which more than offset the 6,423 million yen increase in other financial assets and a 6,102
million yen increase in trade and other receivables. Non-current assets climbed mainly due to a 12,280
million yen increase in right-of-use assets and an 1,849 million yen increase in intangible assets.
Liabilities increased by 1,417 million yen compared to the end of the previous fiscal year. Current
liabilities increased by 1,304 million yen while non-current liabilities increased by 112 million yen.
Current liabilities increased mainly due to a 9,769 million yen increase in trade and other payables,
offsetting a 5,004 million yen drop in other current liabilities and 3,909 million yen fall in bonds andborrowings. Non-current liabilities mainly increased due to a 10,246 million yen jump in lease liabilities
despite bonds and borrowing falling 9,983 million yen.
Equity increased by 7,243 million yen compared to the end of the previous fiscal year. This was mainly
due to the payment of 9,828 million yen in payments of dividends of surplus and a 3,205 million yen
increase in retained earnings partly due to the recording of 12,952 million yen in profit attributable toowners of parent, along with an increase in the other components of equity. Looking at the breakdownof these components, in particular the exchange differences on translation of foreign operations
increased 6,738 million yen due to the fluctuation of the foreign exchange rate.

-6-

As of March 31,2024

As of June 30,
2024
4.7％

Ratio of operating profit to revenue

3.9％

Ratio of adjusted EBITDA to revenue

5.4％

6.4％

Current ratio

121.5％

118.1％

Fixed ratio

107.1％

111.3％

Fixed long-term precision

84.0%

87.9％

Equity attributable to owners of the parent ratio

37.1％

37.8％

Net Debt/Equity (times)

-0.39

-0.31

Net Debt/EBITDA (times)

-1.03

-2.73

(ii)

Business and Financial Issues to Address

The three months ended June 30, 2024 saw no significant change in business and financial issues that
the Group should address.

(iii) Cash Flows
Cash and cash equivalents (hereinafter “capital”) as of June 30, 2024 was 82,787 million yen, down
25,581 million yen from the end of the previous fiscal year. Presented below are an overview of cash
flows for the three months ended June 30, 2024, and main factors behind them.
(Cash flows from operating activities)
Capital generated by operating activities was 15,757 million yen (as compared to minus 4,564 million
yen in the same period of the previous fiscal year). Major factors included decrease in accrued bonusof 8,791 million yen and income taxes paid of 6,398 million yen, offset by profit before tax of 17,232
million yen and depreciation and amortization of 7,849 million yen.
(Cash flows from investing activities)
Capital used for investing activities was 2,909 million yen (as compared to 3,977 million yen in thesame period of the previous fiscal year). This was mainly due to spending of 3,547 million yen on thepurchase of intangible assets.
(Cash flows from financing activities)
Capital used for financing activities was 39,557 million yen (as compared to 5,040 million yen used in
the same period of the previous fiscal year). This was mainly due to repayments of short-termborrowings of 28,806 million yen, repayments of long-term borrowings of 10,000 million yen, dividends
paid of 9,771 million yen, repayments of lease liabilities of 4,540 million yen, while proceeds fromshort-term borrowings amounted to 23,773 million yen.

(3) Management Policies and Management Strategies
In May 2023, the Company formulated a three-year Mid-term Management Plan to commence in thefiscal year ended March 31, 2024, and disclosed the plan as the Group's new management policy
and management strategy.

-7-(4) Research and Development
Not applicable.

(5) Business Risks and Factors That Have a Significant Impact on Operating Results
In the three months ended June 30, 2024, no new business risks arose, and there were no majorchanges to business risks or factors impacting operating results that were listed in the Securities
Report submitted for the previous fiscal year.

(6) Analysis of Capital Resources and Liquidity of Funds
In the three months ended June 30, 2024, there were no major changes in the sources of capital or
liquidity of funds.

(7) Important Contracts, Etc. Related to Management
During the first quarter under review, no additional important contracts, etc. related to management
were determined or concluded.

-8-

3. Information on the Reporting Company(1) Stock Information
1) Total number of shares, etc.
a. Total number of shares
Type

Number of authorized shares (shares)

Common shares

7,200,000,000
Total

7,200,000,000

b. Number of shares outstanding
Number of sharesissued as of the end of
the first quarter of the
fiscal period underreview (shares)(June 30, 2024)

Type

Number of sharesissued as of the filingdate (shares)(August 8, 2024)

Stock exchange where
the Company is listed

Details

Number ofshares perunit
100 shares

Commonshares2,331,998,610

2,331,998,610

Tokyo Stock Exchange
Prime Market

Total

2,331,998,610

2,331,998,610－－

2) Information on the share acquisition rights, etc.
a. Description of share option plan
Not applicable.

b. Other share acquisition plans, etc.
Not applicable.

3) Exercise of moving strike convertible bonds, etc.
Not applicable.

4) Changes in number of shares issued and capital, etc.

Date

Change in the Balance of thetotal number total number
of issuedof issued
sharesshares(shares)(Shares)

Change incapital(million yen)

－ 2,331,998,610－

April 1, 2024 toJune 30, 2024

Balance of Change in legal
capitalcapital surplus(million yen) (million yen)
17,479－5) Major shareholders
As the quarterly period under review is the first quarter, there are no items to be listed.

-9-

Balance oflegal capitalsurplus(million yen)
15,9796) Information on voting rights
Regarding "information on voting rights" as of the last day of the first quarter under review, as theinformation listed in the shareholder register cannot be confirmed, no information can be listed. As
a result, information reflecting the shareholder register as of the most recent record date (March
31, 2024) is listed.

a. Number of shares outstanding
As of June 30, 2024
Number of shares(shares)Classification
Non-voting shares
Shares with restricted voting
right (treasury shares, etc.)
Shares with restricted voting
right (others)
Shares with full voting right(treasury shares, etc.)
Shares with full voting right(others)

Number of voting
rights

Details

－

－

－

－

－

－

－

－

－

Common shares
21,629,200
Common shares
2,310,093,300
Common shares
276,110－－

23,100,933

－

－

－

Total number of issued shares

2,331,998,610－－

Total number of voting rights－

23,100,933－

Shares less than one unit

Note:
The column for Shares with full voting right (others) includes the 12,572,000 treasury shares(125,720 voting rights) held by the Executive Compensation Board Incentive Plan (BIP) Trust
Account and 12,019,200 treasury shares (120,192 voting rights) held by the Employee Stock
Ownership Plan (ESOP) Trust Account.

b. Treasury shares, etc.
As of June 30, 2024
Name ofshareholder

Address ofshareholder

Number ofshares heldin ownnames(shares)Number ofshares heldin others'
names(shares)Total
number ofshares held
(shares)

Persol Holdings
Co., Ltd.

2-1-1, Yoyogi,
Shibuya-ku,
Tokyo

21,629,200−

21,629,200

0.93

Total

−

21,629,200−

21,629,200

0.93

Percentage ofshareholding
(%)

Note:
Treasury shares held by the Executive Compensation BIP Trust Account and ESOP Trust Accountare not included in the number of treasury shares listed above.

(2) Officers
Not applicable.

- 10 -

4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statement of Financial Position(In millions of yen)
As ofMarch 31, 2024

As ofJune 30, 2024

AssetsCurrent assets
Cash and cash equivalents

108,369

82,787

Trade and other receivables

169,008

175,111

Contract assets

24,42627,138Other financial assets

113

6,537

Other current assets

10,771

13,968

Total current assets

312,690

305,542

Non-current assets
Trade and other receivables
Contract assets

320

－

5,020

5,599

Property, plant and equipment

9,575

9,881

Right-of-use assets

35,97348,253

Goodwill

59,01960,722Intangible assets

39,65541,504

Investments accounted for using equity method

2,287

1,863

Other financial assets

29,193

28,826

Deferred tax assets

24,561

24,656

Other non-current assets

433

540

Total non-current assets

206,040

221,849

518,730

527,392

Total assets- 11 -

(In millions of yen)
As ofMarch 31, 2024

As ofJune 30, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

95,270105,040

Bonds and borrowings

14,144

10,234

Lease liabilities

15,01016,844

Other financial liabilities

1,141

1,627

Income taxes payable

8,834

6,052

Provisions

1,019

1,118

Contract liabilities

6,931

7,744

Other current liabilities

115,063

110,059

Total current liabilities

257,416

258,721

Bonds and borrowings

20,00010,016

Lease liabilities

19,83530,082

976

29

Provisions

5,084

5,371

Deferred tax liabilities

4,343

4,770

Other non-current liabilities

2,756

2,839

Non-current liabilities

Other financial liabilities

Total non-current liabilities
Total liabilities

52,996

53,109310,412311,830

17,47917,479EquityShare capital
Capital surplus

4,751

5,434

165,979

169,184

Treasury shares-9,584-13,114

Other components of equity

13,724

20,410Total equity attributable to owners of parent

192,349

199,394

Non-controlling interests

15,96816,167

Total equity

208,317215,561

518,730

527,392

Retained earnings

Total liabilities and equity- 12 -

(2) Condensed Consolidated Income Statement and Comprehensive Income Statement(Condensed Consolidated Income Statement)(In millions of yen)Three months ended June 30,
2023

2024

Revenue

328,703360,814

Cost of sales-253,599-276,703

Gross profit

75,103

84,111

Selling, general and administrative expenses-60,888-66,880

Other income

517

59

Other expenses

-56

-323

Operating profit

14,675

16,966

Finance income

399

855

Finance costs

-486

-388

30

-200

Profit before tax

14,617

17,232

Income tax expense-4,883-3,891

Profit9,734

13,341

9,369

12,952

Share of profit (loss) of investments accounted
for using equity method

Profit attributable to
Owners of parent
Non-controlling interests

365

389

9,734

13,341

Basic earnings per share (yen)

4.14

5.72

Diluted earnings per share (yen)

4.11

5.69

ProfitEarnings per share- 13 -

(Condensed Consolidated Comprehensive Income Statement)(In millions of yen)Three months ended June 30,
2023
Profit2024
9,734

13,341549

41

Remeasurements of defined benefit plans

-76

-11

Total of items that will not be reclassified to

473

29

4,672

6,709

264

62

4,937

6,771

Other comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value
through other comprehensive income

profit or loss
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign
operations
Share of other comprehensive income ofinvestments accounted for using equity
methodTotal of items that may be reclassified to profit
or loss
Other comprehensive income, net of tax
Comprehensive income

5,410

6,801

15,145

20,142

14,753

19,720Comprehensive income attributable to
Owners of parent
Non-controlling interests

392

422

Comprehensive income

15,145

20,142- 14 -

(3) Condensed Consolidated Statement of Changes in Equity
For the Three Months Ended June 30, 2023
(In millions of yen)
Equity attributable to owners of parent

Capitalsurplus

Share capital

Retainedearnings

17,47912,272

Profit－Other comprehensive income－－

Balance at beginning of period

Comprehensive income

TreasurysharesOther components ofequityFinancial
Exchange
assetsdifferences measuredonat fair valuetranslation
throughof foreignotheroperations
comprehens
ive income
150
4,287

-19,459－

154,926
9,369

－

－

－

－

－

－

4,910

549

－

9,369

－

4,910

549

Purchase of treasury shares

－

－

－

－

－

－

Disposal of treasury shares

－

14

－

59

－

－

Cancellation of treasury shares－-7,528

－

7,528

－

－

Dividends－－-9,101－－－

Share-based paymenttransactions
Changes in ownership interestin subsidiaries
Transfer from othercomponents of equity toretained earnings

－

451

－

－

－

－

－

-108

－

－

－

－

－

－

0

－

－

-0

－

-7,171-9,101

7,588

－

-0

17,4795,100

155,194-11,871

5,060

4,836

Total transactions with owners
Balance at end of period

Equity attributable to owners of parent
Other components of equity
Remeasurements ofdefinedbenefit plans
Balance at beginning of period

Non-controllinginterests

Total

Total

Total

14
－

4,452
－

169,670
9,369

13,859365

183,529
9,734

Other comprehensive income
Comprehensive income

-76
-76

5,383
5,383

5,383
14,753

27
392

5,410
15,145Purchase of treasury shares

－

－

－

－

－

Disposal of treasury shares

－

－

73

－

73

Cancellation of treasury shares

－

－

－

－

－

-242

-9,343

ProfitDividends－－-9,101

Share-based paymenttransactions
Changes in ownership interestin subsidiaries
Transfer from othercomponents of equity toretained earnings

－

－

451

－

451

－

－

-108

11

-97

－

-0

－

－

－

－

-0

-8,684-231-8,915-61

9,835

175,739

14,020189,759

Total transactions with owners
Balance at end of period- 15 -

For the Three Months Ended June 30, 2024
(In millions of yen)
Equity attributable to owners of parent

Capitalsurplus

Share capital

Retainedearnings

17,4794,751

Profit－－Other comprehensive income－

TreasurysharesOther components ofequityFinancial
Exchange
assetsdifferences measuredonat fair valuetranslation
throughof foreignotheroperations
comprehens
ive income
7,821
6,002

165,979
12,952-9,584
－

－

－

－

－

－

6,738

41

－

－

12,952

－

6,738

41

Purchase of treasury shares

－

－

－

-3,589－－

Disposal of treasury shares

－

－

－

59

－

－

Cancellation of treasury shares

－

－

－

－

－

－

Dividends－－-9,828

－

－

－

－

683

－

－

－

－

－

－

－

－

－

－

－

－

82

－

－

-82

－

683

-9,746-3,529－-82

17,4795,434

169,184-13,114

14,560

5,962

Balance at beginning of period

Comprehensive income

Share-based paymenttransactions
Changes in ownership interestin subsidiaries
Transfer from othercomponents of equity toretained earnings
Total transactions with owners
Balance at end of period

Equity attributable to owners of parent
Other components of equity
Remeasurements ofdefinedbenefit plans
Balance at beginning of period

Non-controllinginterests

Total

Total

Total

-100
－

13,724－

192,349
12,952

15,968389

208,317
13,341

Purchase of treasury shares

-11
-11
－

6,768
6,768
－

6,768
19,720-3,589

33
422
－

6,801
20,142-3,589

Disposal of treasury shares

－

－

59

－

59

Cancellation of treasury shares

－

－

－

－

－

Dividends－－-9,828-223-10,052

Share-based paymenttransactions
Changes in ownership interestin subsidiaries
Transfer from othercomponents of equity toretained earnings

－

－

683

－

683

－

－

－

－

－

－

-82

－

－

－

－

-82

-12,675-223-12,898-112

20,410199,394

16,167

215,561

ProfitOther comprehensive income
Comprehensive income

Total transactions with owners
Balance at end of period- 16 -

(4) Condensed Consolidated Statements of Cash Flows(In millions of yen)Three months
ended June 30, 2023

Three months
ended June 30, 2024

Cash flows from operating activities
Profit before tax

14,617

17,232

Depreciation and amortization

7,107

7,849

Decrease (increase) in trade and other receivables-6,348836

Increase (decrease) in trade and other payables

1,695

5,993

Decrease (increase) in contract assets

1,839-1,135Decrease (increase) in prepaid expenses-2,288-1,430

Increase (decrease) in accrued consumption taxes

2,312-1,348

Increase (decrease) in accrued bonus-9,877-8,791

Increase (decrease) in accrued paid vacation

1,387

1,719

Other
SubtotalInterest and dividends received
Interest paid

261

1,051

10,70821,977

331

412

-280

-234

Income taxes refund (paid)-15,323-6,398Net cash provided by (used in) operating activities-4,56415,757-900-1,200-2,851-3,547-297-66

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investments
Proceeds from sale and redemption of investments

27

731

Purchase of shares of subsidiaries resulting in－-1,010

－

1,259

45

923

-3,977-2,909change in scope of consolidation
Proceeds from sale of shares of subsidiaries resulting
in change in scope of consolidation
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings

96,741

23,773

Repayments of short-term borrowings-78,359-28,806

Repayments of long-term borrowings-178-10,000

Repayments of lease liabilities-4,094-4,540

Redemption of bonds-10,000－

Purchase of treasury shares
Dividends paid
Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash－

-3,589-8,985-9,771-165-6,620-5,040-39,557

1,204

1,127

equivalents
Net increase (decrease) in cash and cash equivalents-12,378-25,581

Cash and cash equivalents at beginning of period

101,233

108,369

Cash and cash equivalents at end of period

88,85482,787- 17 -

(5) Notes to the Condensed Consolidated Financial Statements(Significant matters that serve as the basis for the preparation of condensed consolidated financial
statements)
The condensed consolidated financial statement is prepared in compliance with Article 5, Paragraph 2of the Standards for Preparation of Quarterly Financial Statements, etc. prescribed by Tokyo Stock
Exchange, Inc. (however, based on Article 5, Paragraph 5 of the Standards, some disclosuresrequired by International Accounting Standard 34: Interim Financial Reporting are omitted).

(Notes on Going Concern Assumption)
Not applicable.

- 18 -

(Segment Information)(1) Overview of reportable segments
The reportable segments are constituent parts of the Group for each of which separate financial
information is available. The Board regularly reviews operations in each reportable segment to evaluate
performance and determine the distribution of management resources.
The Group aims to enhance its ability to formulate and pursue strategies, clarify responsibilities, makeagile management decisions in response to rapidly changing business environments, and achieve further
growth. To this end, the Group has five reportable segments: Staffing, BPO, Technology, Career and Asia
Pacific.
(2) Information of reportable segments
Profit in reportable segments is adjusted EBITDA (operating profit + depreciation (excluding rent andother equivalents from depreciation of right-of-use assets) ± increase/decrease in accrued paid leave +share-based payment expenses ± other income and expenses ±non-recurring profit/loss).
Intersegment revenues are based on prevailing market prices.
For the Three Months Ended June 30, 2023
(In millions of yen)
Reportable Segment
Technolog
CareeryStaffing

BPO

Revenue fromexternalcustomers
Intersegment
revenue
Total

143,319

24,85821,863

1,474

1,661

1,997

144,793

26,52023,861

Segment profit(loss)

9,385

1,657

759

Asia
Pacific

Total

Other
*1

Total

Adjustm Consolid
ents*2
ated

Revenue
31,333 102,269 323,644

569

－

5,702

5,057 328,702

2,978

8,681

1 328,703-8,681－

31,902 102,269 329,347

8,036 337,383-8,679 328,703

6,645

-502

-1,5252,595

21,042

20,54019,014

Depreciation (excluding rent and other equivalents from depreciation of right-of-use assets)-2,962

Increase/decrease in accrued paid leave-1,387

Share-based payment expenses-449

Other income

517

Other expenses-56
14,675

Operating profit
Share of profit (loss) of investments accounted for using equity method

30

Finance income

399

Finance costs-486

Profit before tax

14,617- 19 -

For the Three Months Ended June 30, 2024
(In millions of yen)
Reportable Segment
Technolog
CareeryAsia
Pacific

Other
*1

Total

Total

Staffing

BPO

Revenue fromexternalcustomers
Intersegment
revenue
Total

149,479

25,647

23,648

1,631

1,602

2,552

151,11127,25026,201

36,986 120,218 361,768

8,908 370,676

Segment profit(loss)

9,867

959

1,159

9,464

-699

Adjustm Consolid
ents*2
ated

Revenue
36,396 120,218 355,391

589

0

3,329

6,376

5,422 360,813

3,485

24,7809,862

24,0801 360,814－-9,862-9,861 360,814-1,136

22,944

Depreciation (excluding rent and other equivalents from depreciation of right-of-use assets)-3,227

Increase/decrease in accrued paid leave-1,772-712

Share-based payment expenses

59

Other income-323

Other expenses

16,966

Operating profit-200

Share of profit (loss) of investments accounted for using equity method
Finance income

855

Finance costs-388

Profit before tax

17,232

Notes:*1 Other is a business segment that are not included in reportable segments, including operations related to the entire
Group, education and training, operations related to persons with disabilities, operations related to facility
management, the provision of digital solution services for hiring talents and managing human resources, and thecreation of new businesses through incubation programs.
*2 Adjustments are as follows:(Segment profit (loss))(In millions of yen)Three months
ended June 30, 2023

Three months
ended June 30, 2024

Elimination of inter-segment transactions-421-19,859

Corporate revenue*1

2,394

22,535

Corporate expenses*2-3,498-3,812-1,525-1,136

Total
Notes:*1 Corporate revenue is mostly business management fees and dividend income from Group companies.
*2 Corporate expenses are mostly expenses related to Group management at the Company.

- 20 -

(Earnings per Share)
Basic earnings per share and diluted earnings per share are as follows:
Three months
ended June 30, 2023

Three months
ended June 30, 2024
9,369

12,952

－

－

9,369

12,9522,264,191

2,262,901

15,902

12,2642,280,094

2,275,166

Basic earnings per share (yen)

4.14

5.72

Diluted earnings per share (yen)

4.11

5.69

Profit attributable to owners of parent (million yen)
Adjustment to profit for the period (million yen)
Profit used to calculate diluted earnings per share(million yen)
Weighted average number of common shares(thousand shares)
Increase in number of common shares
Share-based compensation (thousand shares)
Weighted average number of common shares after
dilution (thousand shares)

Note:
As of October 1, 2023, the Company conducted a 10-for-1 stock split of shares of common stock. As a result, basic
earnings per share and diluted earnings per share are calculated on the assumption that the stock split was conductedat the beginning of the previous fiscal year.

- 21 -