Persol Holdings Co. Ltd. · TSE:2181
Persol — H1 FY2026 Earnings Presentation
52 slides from Persol's earnings presentation, Nov 11, 2026
Slide 1: Consolidated Financial Results for FY2026 1H
Consolidated Financial Results for FY2026 1H PERSOL HOLDINGS CO., LTD. November 11, 2026
Slide 2: Basis for Financial Figures in This Presentation
Basis for Financial Figures in This Presentation On November 9, 2026, we announced “Notice Regarding Changes in Consolidated Subsidiaries (Transfer of Shares) and Recognition of Gain on Sale of Subsidiary Shares” and “Notice Concerning Revisions to Full-Year Consolidated Financial Forecasts.” ■ 1H R
Slide 3: Index
Index 1 Executive Summary ⚫ Financial Highlights, Optimization of Business Portfolio, AI Strategy Highlights 2 FY2026 1H Financial Summary ⚫ Consolidated Financial Summary, Financial Summary by SBU 3 Financial Highlights ⚫ Revision of Financial Forecasts Following the Sale of Programmed ⚫ Share Repu
Slide 4: Executive Summary
Executive Summary
Slide 5: FY2026 1H Financial Highlights and Full-Year Outlook
Executive Summary FY2026 1H Financial Highlights and Full-Year Outlook Revenue Adjusted EBITDA 842.4 billion yen 51.8 billion yen YoY +11.9% YoY +16.9% Revenue increased, driven by Profit increased, driven by profitability Gojob contribution and FX impact improvement mainly in Staffing SBU ■1H Finan
Slide 6: Optimization of Business Portfolio
Executive Summary Optimization of Business Portfolio As announced in the “Notice Regarding Changes in Consolidated Subsidiaries (Transfer of Shares) and Recognition of Gain on Sale of Subsidiary Shares” on November 9, 2026, we signed an agreement to transfer all shares of Programmed, part of Asia Pa
Slide 7: Optimization of Business Portfolio
Executive Summary Optimization of Business Portfolio ■ PERSOL's overseas business strategy Overseas expansion remains a key strategy, with each business reviewed for growth potential and capital efficiency ① Overseas expansion With Japan's working population expected to shrink over the long term, ov
Slide 8: Optimization of Business Portfolio
Executive Summary Optimization of Business Portfolio ■ Mid- to long-term corporate value trends (Conceptual Diagram) Corporate value New domains with strong growth potential Mid-term Management Frontline Worker domain Pursue M&A in Plan FY2028 Growth growth businesses Domains in which market growth
Slide 9: AI Strategy Highlights: Our Approach to AI Investment
Executive Summary AI Strategy Highlights: Our Approach to AI Investment We will invest a cumulative 19.0 billion yen in AI over the three years of Mid-term Management Plan FY2028 (FY2026–FY2028). Through investment in technology, data infrastructure, and talent, we aim to generate cumulative returns
Slide 10: AI Strategy Highlights: Evolving Matching Business Driven by AI
Executive Summary AI Strategy Highlights: Evolving Matching Business Driven by AI ■ Rich data and high satisfaction support optimal “matching” powered by AI and proprietary data What AI does What Humans do ● Instantly suggesting suitable jobs, ● Understanding intentions and 24/7 Rich data circumstan
Slide 11: AI Strategy Highlights: Example from the Staffing SBU
Executive Summary AI Strategy Highlights: Example from the Staffing SBU Explor Live Pilot NEW ing Registrations Candidate selection Job proposals Post-placement The use of & Job order acquisition & Terms adjustment & Applications follow-up AI is progressing in each business process Sales Support AI
Slide 12: FY2026 1H Financial Summary
FY2026 1H Financial Summary © PERSOL HOLDINGS CO., LTD.
Slide 13: FY2026 1H Consolidated Financial Summary
FY2026 1H Consolidated Financial Summary Initial forecast basis (before revision) Revenue and profits at all levels increased year on year FY2025 FY2026 (Million yen) YoY Full-year forecasts Progress rate 1H 1H Revenue*1 752,741 842,402 +11.9% 1,665,000 50.6% Gross profit*2 178,671 189,589 +6.1% - -
Slide 14: FY2026 1H Achievement Status Against Forecasts
FY2026 1H Achievement Status Against Forecasts Adjusted EBITDA exceeded plan, driven by revenue growth and profitability improvement in Staffing SBU and Asia Pacific SBU For the full year, the delayed recovery in Career SBU (see details later) is expected to offset by 1H upside, etc. FY2026 1H resul
Slide 15: (Ref.) FY2026 1H Achievement Rates & Full-year Progress Rates by SBU
(Ref.) FY2026 1H Achievement Rates Initial forecast basis (before revision) & Full-year Progress Rates by SBU Revenue Adjusted EBITDA Operating profit 1H Full-year 1H Full-year 1H Full-year 1H 1H Full-year 1H 1H Full-year 1H 1H Full-year （Billion yen） achievement progress achievement progress achiev
Slide 16: Career SBU
Career SBU 1H results Key points of the Q2 results （Billion Yen） ⚫ Revenue declined in both placement and job recruitment media, mainly due to: ▶ Continued selective hiring ▶ Continued impact from user churn following the doda/doda X ID -3.2% Adjusted EBITDA margin integration*1*2, with the impact e
Slide 17: Career SBU: Restructuring to Align with Market Conditions in 2H
Career SBU: Restructuring to Align with Market Conditions in 2H Revenue recovery expected to slip to Q4. Issues identified; review of organization and operations underway. Shifting to a structure aligned with the market, aiming to recover to prior-year levels by fiscal year-end and return to growth
Slide 18: Career SBU
Career SBU Improving productivity in 2H via higher conversion rates; headcount managed appropriately with revenue growth Productivity (thousand yen) Headcount (person) ■ Productivity* & headcount* of placement 3,195 3,260 3,027 3,042 2,875 2,842 2,835 2,877 2,611 2,483 2,970 3,005 2,885 2,788 2,785
Slide 19: Technology SBU
Technology SBU 1H results Key points of the Q2 results （Billion Yen） ⚫ Revenue was mainly driven by an increase in the no. of engineers. ▶ IT/DX Solutions: Sluggish intra-group contract orders ▶ Engineering: Sluggish contract orders from the auto sector +4.7% Adjusted EBITDA margin ▶ Temporary staff
Slide 20: Technology SBU
■From FY2026, KPIs updated to better reflect organizational performance, including Technology SBU growth and productivity, aligned with the outsourcing-strengthening strategy under Mid-term Management Plan FY2028 ⚫ Mid-career hiring progressed as planned, steadily increasing the no. of engineers; de
Slide 21: Others (Including Gojob)
Others (Including Gojob) 1H results Key points of the Q2 results （Billion Yen） ⚫ Gojob (acquired in October 2025) ▶ Revenue contribution of 14.3 billion yen; +63.0% YoY in local currency, sustaining strong growth ＋93.5% ▶ Strong momentum continued in expanding share with existing clients and winning
Slide 22: Staffing SBU
Staffing SBU 1H results Key points of the Q2 results （Billion Yen） ⚫ Billing rate rose steadily. One fewer operating day YoY ⚫ Growth in the no. of active staff remained limited amid weaker orders from certain clients +3.0% Adjusted EBITDA margin ⚫ Adjusted EBITDA achieved double-digit growth throug
Slide 23: BPO SBU
BPO SBU 1H results Key points of the Q2 results （Billion Yen） ⚫ Revenue increased, driven by growth of the BPO business. Strong demand for business process re-engineering and AI ▶ introduction in both private and public sectors +4.9% Adjusted EBITDA margin ▶ Revenue growth slowed following the norma
Slide 24: Asia Pacific SBU
Asia Pacific SBU 1H results Key points of the Q2 results （Billion Yen） ⚫ Revenue in Q2 increased 1.9% on a local currency basis. ▶ Temporary staffing / Outsourcing: Lower revenue in Australia, while growth continued in Asia +21.0% Adjusted EBITDA margin ▶ Placement: Recovery progressed in most count
Slide 25: (Ref.) FY2026 1H Revenue by SBU (YoY)
(Ref.) FY2026 1H Revenue by SBU (YoY) SBU Revenue (Million Yen) YoY Major changes (1H comparison) Number of active staff +0.3% 312,664 Billing rate +2.5% Staffing +3.0% Placement revenue +4.5% 303,412 Impact of operating days -1.7% 73,201 BPO business +7.6% BPO 69,762 +4.9% CX business +3.9% Consult
Slide 26: (Ref.) FY2026 1H Adjusted EBITDA by SBU (YoY)
(Ref.) FY2026 1H Adjusted EBITDA by SBU (YoY) SBU Adjusted EBITDA (Million Yen) Margin YoY Major changes (1H comparison) +6.5% Higher profit driven by revenue Staffing 20,231 +11.0% growth and ongoing SG&A 18,227 +6.0% optimization initiatives +5.3% Profit increased as revenue growth BPO 3,908 +5.2%
Slide 27: (Ref.) FY2026 1H Operating Profit by SBU (YoY)
(Ref.) FY2026 1H Operating Profit by SBU (YoY) SBU Operating profit (Million Yen) Margin YoY Special notes +5.7% Staffing 17,885 +6.7% - 16,760 +5.5% +3.4% BPO 2,488 +2.0% - 2,440 +3.5% +3.1% Technology 1,957 -27.2% - 2,687 +4.5% +20.0% Career 15,084 -11.4% - 17,019 +21.9% +2.0% Asia Pacific* 5,811
Slide 28: (Ref.) List of SBU KPIs
(Ref.) List of SBU KPIs Staffing Unit FY2025Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2026Q1 FY2026Q2 FY2026Q3 FY2026Q4 Q1 YoY Q2 YoY Q3 YoY Q4 YoY 1,000 No. of active staff 132 132 133 134 133 132 - - +0.6% +0.1% - - People Billing rate JPY 2,440 2,448 2,455 2,464 2,501 2,510 - - +2.5% +2.5% - - No. of opera
Slide 29: Revision of Financial Forecasts Following the Sale of Programmed
Revision of Financial Forecasts Following the Sale of Programmed As announced in the following releases on Nov. 9, 2026: “Notice Regarding Changes in Consolidated Subsidiaries (Transfer of Shares) and Recognition of Gain on Sale of Subsidiary Shares” “Notice Concerning Revisions to Full-Year Consoli
Slide 30: Reclassification of Programmed as a Discontinued Operation and Impact of the Share Transfer
Reclassification of Programmed as a Discontinued Operation and Impact of the Share Transfer ● Programmed reclassified as a discontinued operation retroactively from the start of FY2026; reclassified figures disclosed from FY2026 Q3 ● With the share transfer on March 1, 2027, 11 months through Februa
Slide 31: Revision of Financial Forecasts Following the Sale of Programmed
Revision of Financial Forecasts Following the Sale of Programmed ⚫ Programmed reclassified as a discontinued operation; gain on sale and other share transfer impacts reflected ⚫ No changes other than the share transfer Breakdown of revision from (A) to (B) FY2026 Reclassification to a Deconsolidatio
Slide 32: (Ref.) Asia Pacific SBU: Continuing and Discontinued Operations (1)
(Ref.) Asia Pacific SBU: Continuing and Discontinued Operations (1) (Financial Forecasts) From FY2026 Q3, only continuing operations (businesses in Asia) will be disclosed as the Asia Pacific SBU. YoY vs. initial forecasts Ref. （Million yen） FY2025 FY2026 1H Achievement Full-year Progress FY2025 YoY
Slide 33: (Ref.) Asia Pacific SBU: Continuing and Discontinued Operations (2)
(Ref.) Asia Pacific SBU: Continuing and Discontinued Operations (2) (Historical Trends) FY2025 FY2026 （Million yen） Q1 Q2 Q3 Q4 Q1 Q2 Continuing Revenue 31,098 31,885 34,185 35,533 37,447 38,048 operations (Businesses in Operating profit Asia) 139 584 291 -448 947 1,132 Future SBU disclosure basis A
Slide 34: Share Repurchases, Capital Allocation, Interim Dividend
Share Repurchases, Capital Allocation, Interim Dividend © PERSOL HOLDINGS CO., LTD.
Slide 35: Share Repurchases (Totaling 10.0 Billion Yen) and Future Capital Allocation
Share Repurchases (Totaling 10.0 Billion Yen) and Future Capital Allocation Share repurchases*1 Future approach to capital allocation ■ Background ■ Policy set in the Mid-term Management Plan FY2028: ⚫ Conducted as part of shareholder returns under the policy in Unchanged Mid-term Management Plan FY
Slide 36: FY2026 Interim Dividend
FY2026 Interim Dividend • Interim dividend of 6.5 yen per share, as initially forecast • Although EPS and adjusted EPS will change due to the sale of Programmed, the full-year dividend forecast remains unchanged • The dividend policy under the Mid-term Management Plan FY2028 also remains unchanged (
Slide 37: Appendix
Appendix © PERSOL HOLDINGS CO., LTD.
Slide 38: Appendix
Appendix 1. Topics 3. Business Environment ⚫ Group Topics ⚫ Overview of Each SBU and FU’s Business ⚫ Main Topics by SBU ⚫ Breakdown of Personnel ⚫ Changes in Job-Openings-to-Applicants Ratio of 2. Supplementary Information “doda” on Business Performance – Overall – By Job Type ⚫ Adjusted EBITDA vs O
Slide 39: Group Topics: Publication of Integrated Report 2026
Group Topics: Publication of Integrated Report 2026 In the report, we systematically present our growth strategy in the AI era and our human capital and governance supporting the implementation of the strategy, centered on Mid-term Management Plan FY2028. ◼ What is the PERSOL Group's value creation
Slide 40: Main Topics by SBU
Main Topics by SBU Related page here (Only available in Japanese) Staffing PERSOL TEMPSTAFF relocates its head office to Shinjuku East Side Square. 図よ に AI 形 って生成さ いる可能性があり れたコ ます。 ンテンツは間違って Shinjuku, Shibuya, and Ikebukuro offices relocated to the new head office Commencement of provision of three
Slide 41: FY2026 1H Adjusted EBITDA vs Operating Profit
FY2026 1H Adjusted EBITDA vs Operating Profit （Billion yen） -8.5 -2.0 -1.8 -1.8 (-7.1) (-1.7) (-1.6) (2.7) 51.8 (44.3) 37.7 *Figures in brackets are FY2025 1H results (36.6) FY2026 1H Depreciation Increase/decrease in Share-based Others FY2026 1H Adjusted EBITDA /amortization accrued paid leave paym
Slide 42: FY2026 1H Consolidated Statement of Financial Position
FY2026 1H Consolidated Statement of Financial Position (Million yen) As of Mar. 31, As of Sep. 30, As of Mar. 31, As of Sep. 30, Change Change 2026 2026 2026 2026 Current assets 335,364 327,177 -8,186 Current liabilities 311,269 291,458 -19,811 (Major breakdown) (Major breakdown) Trade and other Cas
Slide 43: FY2026 1H Balance of Goodwill
FY2026 1H Balance of Goodwill As of As of (Million yen) Mar. 31, 2026 Sep. 30, 2026 Staffing SBU 10,964 11,571 BPO SBU 18,676 18,676 Technology SBU 1,988 1,988 Career SBU 16,712 16,712 Asia Pacific SBU 25,543 25,508 Programmed Staffing* 7,170 7,170 *The total goodwill subject to the sale Programmed
Slide 44: FY2026 1H Consolidated Cash Flow Statement
FY2026 1H Consolidated Cash Flow Statement （Million yen） FY2025 1H FY2026 1H Changes Cash flows from operating activities 33,593 39,994 +6,400 Profit before income taxes 35,974 37,537 +1,563 Depreciation and amortization*1 17,352 19,938 +2,586 Others*2 -1,286 1,263 +2,550 Cash flows from investing a
Slide 45: Definitions of Adjusted EBITDA and Adjusted EPS
Definitions of Adjusted EBITDA and Adjusted EPS ⚫ Adjusted EBITDA remains the primary KPI, consistent with the previous Mid-term Management Plan. ⚫ Reflecting an enhanced shareholder return policy, the dividend payout ratio under the Mid-term Management Plan FY2028 is set at 50% or more of adjusted
Slide 46: Overview of Each SBU and FU’s Business
Overview of Each SBU and FU’s Business * The “PERSOL” brand in the Asia Pacific SBU is a service brand. * As of October 1, 2026 © PERSOL HOLDINGS CO., LTD. 46
Slide 47: Breakdown of Personnel (FY2024 Q3-FY2026 Q2: Quarterly Changes)
Breakdown of Personnel (FY2024 Q3-FY2026 Q2: Quarterly Changes) Segment 原価/販管 Cost/SG&A 雇用期間 Employment period FY2024Q3 FY2024Q4 FY2025Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2026Q1 FY2026Q2 グループ合計 原価 Cost 無期 Permanent 46,941 49,244 51,050 51,579 51,898 52,306 54,939 55,028 Group All 有期 Fixed-term 2,417 3,5
Slide 48: Changes in Job-Openings-to-Applicants Ratio of “doda”
Changes in Job-Openings-to-Applicants Ratio of “doda” The job-openings-to-applicants ratio remained high at 2.89x in September 2026. Corporate hiring demand remains solid, with the number of jobs available at a record high. Job-openings-to- applicants ratio in Sep. 2026 Job-openings-to-applicants ra
Slide 49: Changes in Job-Openings-to-Applicants Ratio of “doda” by Job Type
Changes in Job-Openings-to-Applicants Ratio of “doda” by Job Type By job type, the job-openings-to-applicants ratio is high especially in engineering (IT & telecommunications). （times） 15 Engineering (IT & telecommunications) 14 Engineering (machinery & electricity) Specialist job (consulting & fina
Slide 50: Changes in Job-Openings-to-Applicants Ratio of “doda” by Business Type
Changes in Job-Openings-to-Applicants Ratio of “doda” by Business Type By business type, the job-openings-to-applicants ratio is high, especially in HR services, Consulting and IT & （times） telecommunications. HR services 11 10.93 HR services Consulting Consulting 10 9.96 IT & telecommunications Con
Slide 51: Targeted Annual Income Group of Career SBU’s Main Services
Targeted Annual Income Group of Career SBU’s Main Services ⚫ The main target of doda is the majority group with annual income range of 4 to 6 million yen. ⚫ PERSOL will aim to broaden the base to the high-income group with services, including doda X. C o mp o si ti o n r a ti o * Image of working po
Slide 52: Disclaimer
Disclaimer The statements concerning PERSOL HOLDINGS’s future business performance in this material such as earnings forecasts are based on information currently available and certain assumptions deemed to be reasonable by PERSOL HOLDINGS, and do not guarantee that these figures will be achieved. Ac