Slide 1: Presentation for New Investors (As of August 12, 2025)
ZIGExN Co., Ltd. Presentation for New Investors (As of August 12, 2025)
Slide 2: Contents
Contents 1. Company & Business Overview 2. Competitive Advantage 3. Growth Strategy 4. Recent Financial Results 5. Financial Policy 6. Reference Materials 2 Copyright(C) ZIGExN Co., Ltd. All Rights Reserved.
Slide 3: Company & Business Overview
1 Company & Business Overview
Slide 4: Company Overview
1. Company & Business Overview Company Overview Overview Basic Principle ZIGExN aims at “maximizing opportunities in life” and seeks harmony and sustainable development with Company name ZIGExN.Co.,Ltd society by providing a platform to connect to the world Location of through the Internet. 3-4-8 To
Slide 5: CEO Profile
1. Company & Business Overview CEO Profile Representative Director, President and CEO Joe Hirao Publication of the Book Brief record Entrepreneurial Thinking Born in 1982. Graduated from the Faculty of Established the forerunner to ZIGExN in 2006, Environment and Information Studies, Keio University
Slide 6: History of ZIGExN
1. Company & Business Overview History of ZIGExN Made URG and AnyCareer wholly owned subsidiaries Changed from the 1st section of TSE market to the Prime Market. 15th anniversary of establishment. 2025 Moved headquarters to Toranomon, Minato-ku, Tokyo. Released 2nd medium-term 2023 Changed company n
Slide 7: Performance Summary
1. Company & Business Overview Performance Summary ⚫ In FY2021/3, although the travel and HR domains were strongly affected by COVID-19, the diversified portfolio contributed to business expansion in other domains, and we achieved year-on-year growth in revenue and profit after 4Q. ⚫ Achieved record
Slide 8: Overview of main services by segment
1. Company & Business Overview Overview of main services by segment Job search platform specializing in the ⚫ Health care REJOB health care industry https://relax-job.com/ Vertical HR Job placement specialized in the ⚫ Manufacturing Ties manufacturing industry https://www.ee-ties.com/ Consists of ma
Slide 9: Vertical HR segment: Business model
1. Company & Business Overview Vertical HR segment: Business model ⚫ The Vertical HR segment consists of domain-specific HR businessess (job search platform and job placement). Corporate Clients Vertical HR Users Search and Application Recruitment support Job search platform (Provision of job (job p
Slide 10: Living Tech segment: Business model
1. Company & Business Overview Living Tech segment: Business model ⚫ The Living Tech consists of (1) "Aggregation platform“, which allows users to search and apply for information from multiple websites at once, "Specialized platform", which have their own direct clients, and (2) the real estate inv
Slide 11: Living Tech segment: Business model (2)
1. Company & Business Overview Living Tech segment: Business model (2) ⚫ The Living Tech consists of (1) "Aggregation platform“, which allows users to search and apply for information from multiple websites at once, "Specialized platform" and "Business Support Tools“, which have their own direct cli
Slide 12: Life Service segment: Business model (1)
1. Company & Business Overview Life Service segment: Business model (1) ⚫ The “Life Service” comprises businesses that possess extensive databases and either generate stable cash flow or have the potential to do so. This is positioned as a candidate for future core businesses and as a foundation for
Slide 13: Life Service segment: Business model -B2B Travel-
1. Company & Business Overview Life Service segment: Business model -B2B Travel- Hotels/ Hotel/Airline Travel Agencies Users Airline ticket wholesalers BtoB Business Airline Airline ticket Airline Ticket ticketing issuance Arrangement Airline ticket Paying price fees Provide hotels Information posti
Slide 14: Life Service segment: Business model -B2C Travel-
1. Company & Business Overview Life Service segment: Business model -B2C Travel- Hotel/ Users Airline BtoC Business Provision of information on Air tickets Air ticket reservations Cost prices of air tickets Cost prices of Hotels/Air tickets + charges for use Media Clients Bulk comparison Reservation
Slide 15: Competitive Advantage
2 Competitive Advantage
Slide 16: Sources of strength (1): Matching Technology
2. Competitive Advantage Sources of strength (1): Matching Technology ⚫ We quickly build clients and users contact points and have collected and analyzed information on both for over ten years. ⚫ We then collect and compile more detailed information by also focusing on alliances with individual comp
Slide 17: Sources of strength (1): Matching Technology -Specific Example-
2. Competitive Advantage Sources of strength (1): Matching Technology -Specific Example- ⚫ Matching technology is the ability to provide users with the most appropriate information to encourage them to take action. ⚫ Establish a cycle of analysis, learning, and distribution to generate highly accura
Slide 18: Sources of strength (2): M&A -ZIGExN Value Integration (ZVI)-
2. Competitive Advantage Sources of strength (2): M&A -ZIGExN Value Integration (ZVI)- ⚫ Established our unique and highly replicable PMI methodology called "ZVI (ZIGExN Value Integration)" based on the extensive M&A experience, various knowledge and resources such as PMI personnel. ⚫ We achieve per
Slide 19: Sources of strength (2): M&A - Example of improvement through ZVI (REJOB)
2. Competitive Advantage Sources of strength (2): M&A - Example of improvement through ZIGExN Value Integration (ZVI)- ⚫ Identifying opportunities for marketing improvement in M&A target companies, such as enhancing the power to attract users and CVR (conversion rate) and achieving performance impro
Slide 20: Sources of strength (2): M&A - Example of improvement through ZVI (Renovation)
2. Competitive Advantage Sources of strength (2): M&A - Example of improvement through ZIGExN Value Integration (ZVI)- ⚫ Identifying opportunities for marketing improvement in M&A target companies, such as enhancing the power to attract users and CVR (conversion rate) and achieving performance impro
Slide 21: Sources of strength (2): M&A -Extensive Experience-
2. Competitive Advantage Sources of strength (2): M&A -Extensive Experience- ⚫ ZIGExN has conducted a total of 32 M&A transactions since going public until FY25/3.The company has continuously conducted M&A across a range of industries and business models. ⚫ 30 out of 32 deals are 100% M&A; more than
Slide 22: Sources of strength (2): M&A - Payback period -
2. Competitive Advantage Sources of strength (2): M&A - Payback period - ⚫ Regarding the payback period, in addition to the acquisition at a fair price, the PMI, which leverages our strengths, has accelerated business growth, resulting in a relatively early payback period of approximately 3 to 6 yea
Slide 23: Growth Strategy
3 Growth Strategy
Slide 24: Financial forecast for FY2026/3
3. Growth Strategy Financial forecast for FY2026/3 ⚫ For FY2026/3, we anticipate stable growth centered on Vertical HR and plan a revenue and profit growth. ⚫ Profit margins are projected conservatively, taking into account factors such as expenses from business withdrawals, business investments, M&
Slide 25: Progress of the 2nd Medium-term Management Plan - Consolidated Financial Results and Indicators-
3. Growth Strategy Progress of the 2nd Medium-term Management Plan - Consolidated Financial Results and Indicators- ⚫ Although changes in the product mix have run their course, the expansion of performance in high-unit-price businesses, particularly in the job placement business, contributed to an i
Slide 26: Progress of the 2nd Medium-term Management - Vertical HR Performance and Indicators -
3. Growth Strategy Progress of the 2nd Medium-term Management - Vertical HR Performance and Indicators - ⚫ In Vertical HR, the main objective of the 2nd Mid-term Plan is to become Z CORE (a core business with revenue exceeding 10 billion yen) ahead of schedule. ⚫ Progress has been made in accumulati
Slide 27: Progress of the 2nd Medium-term Management - Living Tech Performance and Indicators -
3. Growth Strategy Progress of the 2nd Medium-term Management - Living Tech Performance and Indicators - ⚫ In Living Tech, although the company was able to achieve a year-on-year increase in revenue, it still faces challenges to achieve 10 billion yen in revenue. ⚫ The company aims to increase its g
Slide 28: Progress Evaluation of the 2nd Mid-Term Management Plan & Future Strategy
3. Growth Strategy Progress Evaluation of the 2nd Mid-Term Management Plan & Future Strategy ⚫ Due to factors such as challenges faced by Living Tech from both internal and external conditions, as well as the impact of non-core businesses within Life Service, the performance targets of the 2nd Mediu
Slide 29: Restructuring, Divestment, and Liquidation
3. Growth Strategy Divestment Strategy ⚫ Based on specific quantitative criteria, SBUs that do not meet the standards will undergo evaluation for restructuring, divestment, or liquidation. ⚫ The business officers will first develop a restructuring or divestment plan, and based on a comprehensive ass
Slide 30: Vertical HR: Progress Evaluation and Future Strategy(1)
3. Growth Strategy Vertical HR: Progress Evaluation and Future Strategy(1) ⚫ Building on its traditional strengths in platform operations and digital marketing, and incorporating newly acquired capabilities in job placement business management, the company plans to introduce a job placement business
Slide 31: Vertical HR: Progress Evaluation and Future Strategy(2) - Roll-Up Strategy -
3. Growth Strategy Vertical HR: Progress Evaluation and Future Strategy(2) - Roll-Up Strategy - ⚫ The number of human resource-related firms continues to increase and is expected to continue to grow in the future due to labor shortages and other factors. ⚫ Based on our accumulated operational know-h
Slide 32: Vertical HR: M&A of URG
3. Growth Strategy Vertical HR: M&A of URG ⚫ M&A of URG, a company that operates job placement and RPO (Recruitment Process Outsourcing) services, with major manufacturers and consulting firms as its primary clients. ⚫ Through workforce expansion and enhanced training, the company aims to expand the
Slide 33: Vertical HR : M&A of AnyCareer
3. Growth Strategy Vertical HR : M&A of AnyCareer ⚫ REJOB has acquired Any Career, a job-placement business in the pharmacist sector, as a subsidiary. ⚫ The purposes of this acquisition are: (1) To acquire superior operational excellence, (2) To acquire an extensive customer base, and (3) To realize
Slide 34: Living Tech: Progress Evaluation and Future Strategy (1)
3. Growth Strategy Living Tech： Progress Evaluation and Future Strategy (1) ⚫ Aim for growth through expansion of business domains centered on the platform models, the business model expansion, and enhancement of the value provided through cross-selling. ⚫ In terms of value enhancement, some busines
Slide 35: Living Tech: Progress Evaluation and Future Strategy (2)
3. Growth Strategy Living Tech： Progress Evaluation and Future Strategy (2) ⚫ Our service users have a wide variety of needs, and by expanding our services to address these needs, we aim to improve profitability and profit margins through cross-selling. ⚫ Cross-selling between gas switching and elec
Slide 36: Life Service: Progress Evaluation and Future Strategy
3. Growth Strategy Life Service: Progress Evaluation and Future Strategy ⚫ Amid macro trends in the travel industry during the 2nd medium-term management plan period, which began during the COVID-19 pandemic, we acquired former TSD in February 2023, strengthening flight booking capabilities and expa
Slide 37: Review of M&A and Future Strategy (1)
3. Growth Strategy Review of M&A and Future Strategy (1) ⚫ Since the announcement of the 2nd medium-term management plan, there have been 14 investment deals with a total investment of approximately 6.6 billion yen. While the majority of the deals are smaller, under 1 billion yen, the contribution t
Slide 38: Review of M&A and Future Strategy (2)
3. Growth Strategy Review of M&A and Future Strategy (2) ⚫ While related to updates in the financial policy, with the expansion in the number and scale of potential projects, securing agile M&A funding has become even more critical. ⚫ While continuing to leverage existing strengths, characteristics,
Slide 39: Review of M&A and Future Strategy (3)- M&A(1)-
3. Growth Strategy Review of M&A and Future Strategy (3)- M&A(1)- ⚫ In the 11 years since its listing, the company has made consecutive acquisitions at an average rate of more than three per year. The cumulative number of acquisitions has reached 32. Number of M&A transactions carried out 35 6 32 30
Slide 40: Review of M&A and Future Strategy (2)
3. Growth Strategy Review of M&A and Future Strategy (2) ⚫ ZIGExN's M&A is a model where cumulative FCF builds up because the EBITDA growth rate is high due to PMI and the model is basically to continue to hold the company as an operating company (continuous investment at compound interest).In addit
Slide 41: Review of M&A and Future Strategy (4)- Progress of PMI -
3. Growth Strategy Review of M&A and Future Strategy (4)- Progress of PMI - ⚫ Across all five companies acquired in FY23/3 (comprising four businesses in the VHR domain and two in other domains), we recorded an average EBITDA growth rate of 155.3% for the VHR domain and 160.5% for other businesses o
Slide 42: Recent Financial Results
4 Recent Financial Results
Slide 43: Achievement rate against the financial forecast for FY2025/3
4. Recent Financial Results Achievement rate against the financial forecast for FY2025/3 ⚫ Achieved revised forecasts for the fiscal year ending March 31, 2025 in terms of revenue and profit, as well as year-on-year growth in both revenue and profit. Revenue EBITDA Operating Income EPS 25,450Myen 7,
Slide 44: Yearly financial results - Revenue -
4. Recent Financial Results Yearly financial results - Revenue - Revenue 1 Revenue 2 ⚫ Revenue 1：Grew steadily, mainly due to the Consolidated (number of large (number of clients Revenue companies and its unit accumulation from Awesome Agent and contributions focused) price-focused) from new M&A. 25
Slide 45: Number and Unit Price of Corporate Clients
4. Recent Financial Results Number and Unit Price of Corporate Clients Number of Unit Price per ⚫ Number of Corporate Clients: Grew steadily, mainly due to the growth of Corporate Clients Corporate Client Awesome Agent and contributions from new M&A in the insurance and reuse sectors. 23,177 1.10 ⚫
Slide 46: Yearly financial results - Profits -
4. Recent Financial Results Yearly financial results - Profits - ⚫ EBITDA and operating profit reached record highs. EBITDA Operating income ⚫ For Vertical HR, overall profitability improved, supported by successful PMI. 7,084Myen 5,657Myen ⚫ On the other hand, a decrease in customer budgets in the
Slide 47: Quarterly Financial Results
4. Recent Financial Results Quarterly Financial Results ⚫ Revenue reached a record high in Q4, but profit indicators Revenue EBITDA Operating Income remained almost flat YoY due to business challenges and one-time expenses. 6,913Myen 1,941Myen 1,539Myen ⚫ Operating margin is recognized as an issue.
Slide 48: Yearly financial results – Cash Flow -
4. Recent Financial Results Yearly financial results – Cash Flow - ⚫ CF from operations: Surpassed previous records CF from Operations CF from Investing CF from Financing reflecting the steady growth of existing businesses and the strong PMI centered around Ties. 7,311Myen -2,449Myen -3,838Myen ⚫ CF
Slide 49: Revenue by Business Segment
4. Recent Financial Results Revenue by Business Segment ⚫ Vertical HR: Achieved stable growth, with contributions from the successful PMI of Vertical HR Living Tech Life Service Ties, which specializes in the manufacturing sector, and Awesome Agent, which specializes in the logistics/transportation
Slide 50: Business Situation in Mainstay Business - Vertical HR -
4. Recent Financial Results Business Situation in Mainstay Business - Vertical HR - 13,395 13,735 ⚫ Pay-for-listings: Maintaining stable performance, driven by the growth of existing businesses. 12,000 Number of clients (companies) ⚫ Pay-for-performance: Primarily driven by the contributions from 8,
Slide 51: Business Situation in Mainstay Business - Living Tech -
4. Recent Financial Results Business Situation in Mainstay Business - Living Tech - 3,700 4,141 ⚫ While the home renovation sector faced challenges, new 4,000 M&A such as the cross-border real estate business and Number of clients Hoken Mammoth contributed to business growth. 3,000 (companies) ⚫ The
Slide 52: Other business situation -Life Service: Travel domain-
4. Recent Financial Results Other business situation -Life Service: Travel domain- ⚫ Macroeconomic Environment: While leisure travel demand remains on a slow recovery due to factors such as the weak yen, the demand for overseas business travel remains solid. ⚫ Micro Initiatives: In addition to stren
Slide 53: Financial Policy
5 Financial Policy
Slide 54: Revision in Financial Policy
5. Financial Policy Revision in Financial Policy ⚫ Background for the Change: (1) The TSE requires a minimum free float ratio of 35% for companies listed on the Prime Market, making it necessary to maintain a sufficient level. (2) Factors such as the Company size, consideration of large-scale M&A bo
Slide 55: Financial Policy -Retirement of Treasury Stock-
5. Financial Policy Financial Policy -Retirement of Treasury Stock- ⚫ A new policy will be introduced to cancel treasury stocks if they exceed 10% of the total number of outstanding shares, aiming to reduce the ratio to around 10%. ⚫ Instead of canceling all treasury stocks held, a portion is expect
Slide 56: Financial Strategy and Strategic Investments(M&A)
5. Financial Policy Financial Strategy and Strategic Investments(M&A) ⚫ The amount of additional shareholder return for the following fiscal year will be determined by subtracting the sum of strategic investments, total dividends, and shareholder special benefit Strategic Dividend investment forecas
Slide 57: Balance sheet condition
5. Financial Policy Balance sheet condition Goodwill-to-equity Total amount of ⚫ Financial health remained solid with the goodwill-to-equity ratio ratio goodwill of 0.5x and the ratio of equity attributable to owners of the parent to total assets at 53.2%, which are within the Company’s financial 0.
Slide 58: Goodwill Impairment Testing
5. Financial Policy Goodwill Impairment Testing ⚫ A total of 17 CGUs comprising goodwill were tested for impairment by comparing the carrying amount with the recoverable amount in accordance with IFRS. ⚫ No impairment losses are recognized as the recoverable amounts exceed the carrying amounts signi
Slide 59: Reference Materials
6 Reference Materials
Slide 60: Revenue 1 (number of clients focused) vs Revenue 2
6. Reference Materials Revenue 1 (number of clients focused) vs Revenue 2 (number of large companies and its unit price -focused) ⚫ Revenue 1 (number of clients focused) primarily consists of in-house platforms such as REJOB. Revenue 1 Revenue 2 ⚫ Revenue 2 (number of large companies and its unit pr
Slide 61: Executive Structure -Officers and Corporate-
6. Reference Materials Executive Structure -Officers and Corporate- ⚫ Promote sophistication of business execution functions from the perspectives of both business growth and expansion of corporate functions. ⚫ A rich executive structure with diverse skills through a variety of routes, including pro
Slide 62: Executive Structure -Business Officers and Specialists-
6. Reference Materials Executive Structure -Business Officers and Specialists- ⚫ Abundant business officers and specialists with diverse backgrounds and skills lead the business and execute PMI for M&A. Name Businesses and Areas of Responsibility Career Yuki Onuki REJOB Joined the Company in 2013 as
Slide 63: Members of the Board of Directors and Board of Statutory Auditors
6. Reference Materials Members of the Board of Directors and Board of Statutory Auditors ⚫ Subject to approval by the General Meeting of Shareholders, the committee consists of members (candidates) with extensive experience and expertise. ⚫ The Board of Directors is positioned as a supervisory body
Slide 64: Board of Directors
6. Reference Materials Board of Directors ⚫ The Company aims to grow its core business and manage the expanding business through a management team that is both offensive and defensive, by infusing the experience in business operations and strategy execution at other companies that the candidate for
Slide 65: SDGs Materiality of ZIGExN
6. Reference Materials SDGs Materiality of ZIGExN ⚫ Create value for all stakeholders, making efforts from those through business, such as updating society/industry by DX/cultivating SDGs engagement by businesses to those related to the increased satisfaction of employees. Relevant ZIGExN's material
Slide 66: Major SDG/ESG Initiatives(1)
6. Reference Materials Major SDG/ESG Initiatives(1) ⚫ We position efforts in human capital management and sustainability as increasingly vital management challenges, promoting their integration with business strategies Meaningful work environment Eco-friendly corporate and business activities Employ
Slide 67: Major SDG/ESG Initiatives(2)
6. Reference Materials Major SDG/ESG Initiatives(2) ⚫ To realize our hope of “Change people’s lives through interaction with ZIGExN” embedded in our purpose “UPDATE YOUR STORY-For a Better Future”, we provide platforms for connections in various situations. Diverse active talents Creation of local c
Slide 68: Number of Clients Posting Ads on the Platform of the Mainstay Business
6. Reference Materials Number of Clients Posting Ads on the Platform of the Mainstay Business Vertical HR Living Tech ⚫ Vertical HR: Steady growth centered on REJOB. Number of clients posting Number of clients posting ads on the platform ads on the platform ⚫ Living Tech: There has been a significan
Slide 69: Trend in the Number of Employees at End of Quarter
6. Reference Materials Trend in the Number of Employees at End of Quarter ⚫ The consolidated number of employees is 898. Although aggressive hiring is underway in the Ties and other businesses, overall performance is stable, partly due to personnel optimization in non-focused businesses. Number of E
Slide 70: Quarterly Trend of Expense
6. Reference Materials Quarterly Trend of Expense ● Overall, advertising + sales promotion and personnel-related expenses remained stable through appropriate cost control. Expenses are expected to remain at approximately the same level as the current level. Quarterly trend of expenses (Unit：yen in m
Slide 71: Trend of Balance Sheets as at the End of Quarters
6. Reference Materials Trend of Balance Sheets as at the End of Quarters Equity attributable to owners of ⚫ The percentage of equity attributable to the owners of Goodwill-to-equity ratio the parent (the equity ratio in the JGAAP) stood at the parent to total assets 53.2% and the goodwill-to-equity
Slide 72: Financial Strategy: Shareholder Structure
6. Reference Materials Financial Strategy: Shareholder Structure ⚫ Partly due to the introduction of a shareholder benefit program, the ratio of individual investors increased. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 0.5% 0.5% 3.0% 3.2% 3.2% 3.2% 6.6% 6.9% 6.9% 6.9% 9.9% 10.1% Treasury Stock 50.9% 50.9%
Slide 73: Indicator Trends
6. Reference Materials Indicator Trends ⚫ EPS：FY25/3 reached a record high due to steady PMI of Vertical HR, especially Ties, and share buybacks. ⚫ ROE： FY25/3 maintains ROE of about 20%. We will continue to strive to maintain and sustainably improve ROE above 20% from a medium- to long-term perspec
Slide 74: Disclaimer
Disclaimer This briefing and briefing materials are based on information available as of the date of the announcement and the judgment of the company. We will assume no obligation for updating or changing the information if future events changed the details. In addition, please understand that actua