Recruit Holdings Co., Ltd. · TSE:6098
Recruit — Q3 2026 Earnings Presentation
56 slides from Recruit's earnings presentation, Feb 9, 2026
Slide 1: FY2025 Q3 Consolidated Results
Recruit Holdings FY2025 Q3 Consolidated Results 2026年3月期 第3四半期決算説明 February 9, 2026 Please refer to the QR code below for the transcript. 書き起こしは下記 QRコードをご参照ください FY2024 is the fiscal year from April 1, 2024 to March 31, 2025. FY2025 is the fiscal year from April 1, 2025 to March 31, 2026. All compari
Slide 2: FY2025 Q3 Results Announcement Highlights
1. FY2025 Q3 Results Announcement Highlights ● HR Technology Quarterly US revenue HRテクノロジー事業 四半期米国売上収益 FY2025 Q3 +10.1% YoY in USD, US ARPJ +18% YoY 当第3四半期実績YoY+10.1% (米ドルベース)、 US ARPJ 成長率はYoY+18% FY2025 Q4 outlook is expected +12.4% YoY in USD, US ARPJ +19% YoY 当第4四半期見通しはYoY+12.4% (米ドルベース)、US ARPJ
Slide 3: HR Technology US Revenue: FY2025 Q3 Results and Q4 Outlook
1. FY2025 Q3 Results Announcement Highlights HR Technology US Revenue: FY2025 Q3 Results and Q4 Outlook IHL US NSA JPI: Historical (Feb. 2020 - Jan. 2026) and Assumed FY2025 Q4 (in millions of dollars) (Index to 100 on Feb 1, 2020) 150 Historical IHL US NSA JPI RHC assumed FY2025 Q4 Index 125 100 75
Slide 4: Consolidated FY2025 Q3 Results and Q4 Outlook
1. FY2025 Q3 Results Announcement Highlights Consolidated FY2025 Q3 Results and Q4 Outlook EBITDA and Margin % (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY YoY FY2024 FY2025 FY2024 FY2025 Outlook Outlook Margin % over Margin % over 30.4% 30.8% 30.9% 22.5% 31.3% 36.0% 3
Slide 5: FY2025 Consolidated Full-year Guidance Revised
1. FY2025 Q3 Results Announcement Highlights FY2025 Consolidated Full-year Guidance Revised FY2024 FY2025 11/06/25 02/09/26 Actual YoY (in billions of yen, unless otherwise stated) Guidance Guidance Exchange rate per US Dollar (Yen) 152.6 145.0 150.0 - Revenue 3,557.4 3,598.5 3,664.7 +3.0% EBITDA+S
Slide 6: Capital Allocation Strategy
1. FY2025 Q3 Results Announcement Highlights Capital Allocation Strategy Profit attributable (in billions of yen) Total payouts to shareholders1 Net cash and (in billions of yen) to owners of the parent Total payout ratio2 % (in billions of yen) cash equivalents4 Guidance Forecast3 Please see footno
Slide 7: HR Technology TAM and Business Model
HR Technology TAM and Business Model Recruit Holdings | FY2025 Q3 Results 7
Slide 8: Global HR Matching TAM in 2024: Total $310 bn
2. HR Technology TAM and Business Model Global HR Matching TAM in 2024 (US$ in Billions) Total: $310 bn Job Advertising & $33 bn Talent Sourcing Temporary Staffing 求人広告及び採用ツール 人材派遣 $111 bn $72 bn Direct Hire 人材紹介 $70 bn $24 bn Internal Recruitment Retained Search Automation エグゼクティブサーチ 採用オートメーション Ple
Slide 9: Two-sided Talent Marketplace
2. HR Technology TAM and Business Model Two-sided Talent Marketplace Job Seekers Employers Marketplace 645M+1 profiles on Indeed 3.3M+3 Employers using Indeed to hire 235M+2 profiles on Glassdoor Please see footnotes in the appendix. Recruit Holdings | FY2025 Q3 Results 9
Slide 10: Deko and Svenja at the World Economic Forum in Davos 2026
2. HR Technology TAM and Business Model Deko and Svenja at the World Economic Forum in Davos 2026 Photo by Maurizio Martorana for the Wall Street Journal Recruit Holdings | FY2025 Q3 Results 10
Slide 11: Segment Results and Outlook
Segment Results and Outlook Recruit Holdings | FY2025 Q3 Results 11
Slide 12: Summary
3. Segment Results and Outlook Summary ● HR Technology: Q3 Results Segment revenue +7.9% YoY in USD with EBITDA+S margin up to 39.1% セグメント売上収益は米ドルベースでYoY+7.9%、EBITDA+Sマージンは39.1%に増大 ● HR Technology: Q4 Outlook Segment revenue +8.5% YoY in USD with EBITDA+S margin of 34.6% セグメント売上収益は米ドルベースでYoY+8.5%、EB
Slide 13: HR Technology: Revenue Q3 Results and Q4 Outlook
3. Segment Results and Outlook HR Technology: Revenue Q3 Results and Q4 Outlook In US dollar (in millions of dollars) In Japanese Yen (in billions of yen) YoY YoY YoY YoY Japan Europe & Others US FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Outlook Outlook Please see footnotes in the appendix. Re
Slide 14: HR Technology: EBITDA and EBITDA+S Q3 Results and Q4 Outlook
3. Segment Results and Outlook HR Technology: EBITDA and EBITDA+S Q3 Results and Q4 Outlook EBITDA and Margin % (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY YoY Outlook Outlook FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recrui
Slide 15: HR Technology: FY2025 Full-year Revenue Outlook
3. Segment Results and Outlook HR Technology: FY2025 Full-year Revenue Outlook In US dollar (in millions of dollars) In Japanese Yen (in billions of yen) YoY YoY YoY YoY YoY YoY Japan Europe & Others US FY2024 Pro Forma FY2025 Outlook FY2024 Pro Forma FY2025 Outlook as of as of as of as of as of as
Slide 16: HR Technology: FY2025 Full-year EBITDA and EBITDA+S Outlook
3. Segment Results and Outlook HR Technology: FY2025 Full-year EBITDA and EBITDA+S Outlook EBITDA and Margin % (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY YoY YoY YoY FY2024 Pro Forma FY2025 Outlook FY2024 Pro Forma FY2025 Outlook as of as of as of as of as of as of 0
Slide 17: Staffing: Q3 Results and Q4 Outlook
3. Segment Results and Outlook Staffing: Q3 Results and Q4 Outlook Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY Europe US Australia YoY Japan Outlook Outlook FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recruit Holdings
Slide 18: Staffing: FY2025 Full-year Outlook
3. Segment Results and Outlook Staffing: FY2025 Full-year Outlook Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY YoY YoY YoY Europe US Australia Japan FY2024 Pro Forma FY2025 Outlook FY2024 Pro Forma FY2025 Outlook as of as of as of as of as of as of 05/09/25 11/
Slide 19: MMT: Q3 Results and Q4 Outlook
3. Segment Results and Outlook MMT: Q3 Results and Q4 Outlook Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY Others Housing & Real Estate YoY Lifestyle (Beauty, Dining, Travel, SaaS) Outlook Outlook FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footn
Slide 20: MMT: FY2025 Full-year Outlook
3. Segment Results and Outlook MMT: FY2025 Full-year Outlook Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY YoY YoY YoY FY2024 Pro Forma FY2025 Outlook FY2024 Pro Forma FY2025 Outlook as of as of as of as of as of as of 05/09/25 11/06/25 02/09/26 05/09/25 11/06/2
Slide 21: MMT: FY2025 Full-year Revenue Outlook by Subsegment
3. Segment Results and Outlook MMT: FY2025 Full-year Revenue Outlook by Subsegment (¥ in Billions) MMT Total ¥566.8 bn Others ¥113.7 bn Beauty ¥126.6 bn Lifestyle ¥295.7 bn Housing Travel, & Real Estate Dining, and ¥157.4 bn SaaS Solutions ¥169.1 bn Recruit Holdings | FY2025 Q3 Results 21
Slide 22: Capital Allocation Strategy
Capital Allocation Strategy Recruit Holdings | FY2025 Q3 Results 22
Slide 23: Capital Allocation Strategy
4. Capital Allocation Strategy ● Share Buyback Program is Completed: The ¥250 billion share buyback program announced on October 16 was completed on February 4, 2026 10月16日に発表した取得上限額2,500億円の自己株式取得プログラムは本年2月4日に完了 ● FY2025 Share Repurchase: Repurchased RHC shares totaling ¥677.9 billion by February 4,
Slide 24: Capital Allocation Strategy
4. Capital Allocation Strategy Profit attributable (in billions of yen) Total payouts to shareholders1 Net cash and (in billions of yen) to owners of the parent Total payout ratio2 % (in billions of yen) cash equivalents4 Guidance Forecast3 Please see footnotes in the appendix. Recruit Holdings | FY
Slide 25: Appendices
Appendices Recruit Holdings | FY2025 Q3 Results 25
Slide 26: Appendix: FY2025 Q3 Consolidated Quarterly Financial Results
Appendix: FY2025 Q3 Consolidated Quarterly Financial Results Adjusted EBITDA & Adjusted EBITDA Margin FY2024 Q3 FY2025 Q3 YoY (in billions of yen, unless otherwise stated) Exchange rate per US Dollar (Yen) 152.3 154.0 - Revenue 896.9 943.1 +5.2% EBITDA+S 179.6 218.2 +21.5% EBITDA+S margin % 20.0% 23
Slide 27: Appendix: FY2025 Q3 Results by Segment
Appendix: FY2025 Q3 Results by Segment FY2024 Q3 FY2025 Q3 YoY (in billions of yen) Pro Forma Adjusted EBITDA & Adjusted EBITDA Margin HR Technology 330.6 360.1 +8.9% Staffing 438.4 446.5 +1.8% Revenue Marketing Matching Technologies 135.1 143.5 +6.2% Consolidated 896.9 943.1 +5.2% HR Technology 108
Slide 28: Appendix: Number of Shares
Appendix: Number of Shares As of As of Adjusted EBITDA & Adjusted EBITDA Margin As of (in millions of shares) Mar. 31, 2025 Sep. 30, 2025 Dec. 31, 2025 Number of issued shares 1,563.9 1,563.9 1,563.9 Number of treasury stock Shares directly held by Recruit Holdings 36.4 89.8 108.1 Shares held by the
Slide 29: Appendix: Net Cash
Appendix: Net Cash As of As of As of (in billions of yen) Mar. 31, 2025 Sep. 30, 2025 Dec. 31, 2025 Cash and cash equivalents 808.6 535.0 592.4 + Investments for available funds on standby for 15.1 56.4 56.7 business operations within other financial assets - Interest-bearing debt (excludes lease li
Slide 30: Appendix: Footnotes
Appendix: Footnotes Page 2,4,5,12,14,16-20,26,27 Adjusted EBITDA has been renamed to EBITDA+S from the fiscal year ending March 31, 2026. There is no change in the items of the calculation. EBITDA+S = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) +
Slide 31: Appendix: Footnotes
Appendix: Footnotes Page 3,13-20,27 As of April 1, 2025, HR Solutions of Matching & Solutions was transferred to HR Technology, and Matching & Solutions was renamed Marketing Matching Technologies from FY2025. The pro forma results were calculated assuming that the above transfer had been effective
Slide 32: Update on Marketing Matching Technologies
Recruit Holdings Update on Marketing Matching Technologies マーケティング・マッチング・テクノロジー事業 について February 9, 2026
Slide 33: Keiichi Ushida
うし だ けい いち 牛田 圭一 Keiichi Ushida Recruit Holdings Co., Ltd. 株式会社リクルートホールディングス Executive Vice President 常務執行役員 Head of Marketing Matching Technologies マーケティング・マッチング・テクノロジー事業担当
Slide 34: MMT Overview
1. Marketing Matching Technologies (“MMT”) Overview
Slide 35: History: Paper-Based Media to Online Platforms
1. MMT Overview History: Paper-Based Media to Online Platforms AI Data + SaaS Matching Platforms Online Media Paper-Based Media 1976 - 1995- 2000 - 2025 - Recruit Holdings | Update on MMT 35
Slide 36: History: Business Model
1. MMT Overview History: Business Model GMV-Linked Model (Performance-Based Fee) GMV連動モデル Expected Action-Tiered Plans (Monthly Fee) 期待アクション数別プラン Advertising-Based Model (Monthly Fee) 集客広告掲載モデル 1976 - 1995- 2000 - 2025 - Recruit Holdings | Update on MMT 36
Slide 37: Financial Overview: Revenue Breakdown
1. MMT Overview Financial Overview: Revenue Breakdown (FY2025 Full-year Outlook) (in billions of yen) Others (Automobile, Bridal, Education, and Others) Beauty ¥113 Bn ¥126 Bn Lifestyle MMT Total ¥295 Bn ¥566 Bn Housing Travel, & Real Estate Dining, and ¥157 Bn SaaS solutions ¥169 Bn Please see foot
Slide 38: Financial Overview: Historical Revenue and EBITDA+S
1. MMT Overview Financial Overview: Historical Revenue and EBITDA+S Revenue (in billions of yen) EBITDA+S (in billions of yen) and Margin % M&S Marketing Pro Forma Outlook Pro Forma Outlook Actual Please see footnotes in the appendix. Recruit Holdings | Update on MMT 38
Slide 39: MMT Business Model
2. MMT Business Model
Slide 40: Vertical Matching Platforms
2. MMT Business Model Vertical Matching Platforms Vertical Individual Users Matching Platforms Business Clients D GMV Increase with AI C SaaS with A B Matching Recruit ID Unique Data Recruit Holdings | Update on MMT 40
Slide 41: A. Recruit ID with 97 million Accounts
2. MMT Business Model A. Recruit ID with 97 million Accounts Annual Logged-in Users per Age Bracket in Japan % of population age Please see footnotes in the appendix. Recruit Holdings | Update on MMT 41
Slide 42: B. SaaS Solutions Handling Unique Data
2. MMT Business Model B. SaaS Solutions Handling Unique Data Beauty Travel Dining Housing & Automobile Bridal Education Matching Real Estate Platforms Vertical SaaS Horizontal SaaS Recruit Holdings | Update on MMT 42
Slide 43: C. Individual Users' Actions on MMT Matching Platforms
2. MMT Business Model C. Individual Users’ Actions on MMT Matching Platforms Number of Actions (in millions) Please see footnotes in the appendix. Recruit Holdings | Update on MMT 43
Slide 44: D. GMV Increase with AI
2. MMT Business Model D. GMV Increase with AI A Recruit ID with 97 Million Accounts リクルートID 9,700万アカウント B SaaS Solutions Handling Unique Data SaaSを通じたプラットフォーム内データ連携と活用 C Number of Actions on Matching Platforms 各マッチングプラットフォームでの膨大なアクション数 D AI to Increase GMV with More Matching AIのサポートによるマッチングの最大化とGMVの
Slide 45: Beauty
3. Beauty
Slide 46: Matching Platform with HOT PEPPER Beauty and SALON BOARD
3. Beauty Matching Platform with HOT PEPPER Beauty and SALON BOARD Individual Users Business Clients Beauty Recruit Holdings | Update on MMT 46
Slide 47: HOT PEPPER Beauty: The Beauty Matching Platform in Japan
3. Beauty HOT PEPPER Beauty: The Beauty Matching Platform in Japan Recruit Holdings | Update on MMT 47
Slide 48: SALON BOARD: SaaS Solutions for Business Clients
3. Beauty SALON BOARD: SaaS Solutions for Business Clients Aggregation Transfer / Booking Publication Customer Message Sales Salon Direct Setting / Analysis Billing Sales Dashboard Sales report Sales details Cash register Register list Deposit and withdrawal Daily Sales Sales Channel Analysis Weekly
Slide 49: Historical Annual GMV
3. Beauty Historical Annual GMV Estimated Japan Beauty Industry Total Revenue: ¥2.7 Tn (in trillions of yen) FY2024 GMV via HOT PEPPER Beauty: ¥1.1 Tn Please see footnotes in the appendix. Recruit Holdings | Update on MMT 49
Slide 50: Historical and Projected Annual Revenue and Revenue as a % of GMV
3. Beauty Historical and Projected Annual Revenue and Revenue as a % of GMV via HOT PEPPER Beauty (in billions of yen) 5-year CAGR (FY2019 - FY2024): GMV 14.2% Beauty Revenue 7.4% ■: Revenue －: Revenue / GMV % Recruit Holdings | Update on MMT 50
Slide 51: GMV Growth Initiatives: Special Promotional Events
3. Beauty GMV Growth Initiatives: Special Promotional Events ¥5.0 Billion Additional Promotion Expenses to Stimulate Individual Users’ Actions and Bookings in FY2025 Q4 “Bibibi-festival” Recruit Holdings | Update on MMT 51
Slide 52: GMV Growth Initiatives: AI Solutions Integrated in SALON BOARD
3. Beauty GMV Growth Initiatives: AI Solutions Integrated in SALON BOARD 1 Feed Data into AI 2 Utilize AI-Driven Analysis 3 Receive AI Recommendations 1.Unit Price: Current Status & Challenges HOT PEPPER Beauty Salon Data How can I increase the 2.Recommended average spending? Actions HOT PEPPER Beau
Slide 53: Key Takeaways
Key Takeaways Vertical Individual Users Matching Platforms Business Clients D GMV Increase with AI C SaaS with A B Matching Recruit ID Unique Data Recruit Holdings | Update on MMT 53
Slide 54: Appendix: Footnotes
Appendix: Footnotes Page 37 As of April 1, 2025, HR Solutions of Matching & Solutions was transferred to HR Technology, and Matching & Solutions was renamed Marketing Matching Technologies from FY2025. The pro forma results were calculated assuming that the above transfer had been effective on April
Slide 55: Disclaimer
Disclaimer Forward-Looking Statements This material contains forward-looking statements, which reflect the Company’s assumptions, estimates and outlook for the future based on information available to the Company and the Company’s plans and expectations as of the date of this material unless the con
Slide 56: 免責条項
免責条項 将来見通しに関する注意事項 本資料には、将来の見通しに関する記述が含まれています。将来の見通しに関する記述には、別段の記載がない限り本資料の発表日現在における当 社が入手可能な情報並びに当社の計画及び見込みに基づいた当社の想定、将来の見通し及び推測が含まれますが、これらが達成される保証はありま せん。経済状況の変化、個人ユーザーの嗜好及び企業クライアントのニーズの変化、他社との競合、法令、ソフトロー又は実務慣行の変化を含む法規 制の変化、為替レートの変動、気候変動を含む地球環境の変化、大規模自然災害の発生その他の様々な要因により、将来の予測・見通しに関する記 述は実際の業績と大幅に異