Roxx, Inc. · TSE:241A
Roxx — Q3 FY2025 Earnings Presentation
57 slides from Roxx's earnings presentation, Aug 13, 2025
Slide 1: ROXX, Inc. FY2025 Q3 Results
August 13, 2025 ROXX, Inc. (Ticker Symbol:241A)
Slide 2: Disclaimer
Disclaimer • This material includes forward-looking statements. Forward-looking statements are predictions about the future that re ect management’s judgment based on currently available information as of the draft date of this material. As such, these forward- looking statements are subject to vari
Slide 3: Table of Contents
Table of Contents 1 Business Overview 2 Financial Highlights 3 FY2025 Full-year Forecast 4 FY2025 Q3 Results 5 Reflection 6 Future Growth Strategy 7 APPENDIX 3
Slide 4: Today's Presenter
Today’s Presenter Representative Director and Chief Executive Officer Vice President and Chief Financial Officer Taro Nakajima George Yoshimoto Prior to Founding : Inspired by hard rock from the 70s & 80s 2013 : Joined MUFG Bank’s LBO Finance Team such as TheRollingStones, Led Zeppelin, Aerosmith, G
Slide 5: Business Overview
ROXx Business Overview
Slide 6: Business Overview
Business Overview ROXX aims to enhance the earning power of Japan’s bottom of the pyramid through full-time employment of the non- desk workers Trying to become Trying to hire full-time full-time Temporary Construction Worker Manufacturing Spot/Part-time Middle/High Restaurant School To enhance the
Slide 7: Social Problem: Labor Shortage
Social Problem Labor shortage is becoming a social problem as the workforce in Japan decreases, by 2040 non-desk workers segment is forecasted to suffer from a chronic labor shortage (1) (1) Labor Demand & Supply Simulation Potential Labor Shortage by Industry Approx. 8.5 7.3 1.1M Approx. 4.4 3.3 1.
Slide 8: Social Problem: Income Earners Below JPY 4.0M
Social Problem Majority of the income earners (25.9M) are below the income grade of JPY 4.0M/Year and remain non-core placements by the traditional recruitment agencies due to lack of work experience Income Earners by Income Grade Workforce by Education Workforce by Experience 5% 17% 21% 34% Income
Slide 9: Recruiting Platform for Non-desk Workers
Recruiting Platform for Non-desk Workers ※ Product Image for Illustration Purposes Only 9
Slide 10: Business Model Overview - Z Career
Business Model Overview - Z Career Z Career provides non-desk workers with a recruitment platform and unique in opening up the platform to partner recruitment agencies Registration Placement Job Seeker Hiring Company • Acquisition of Job Seeker by Recruitment Platform • Job Listing Free and Full ROX
Slide 11: Job Seeker
Job Seeker Job seekers are mainly in their teens with income grade of JPY2.0M/Year and has no degree or experience, seeking to land a stable full-time employment with better pay and schedules Other Contractual Worker Engineer 2% Temporary Worker Reason for Job Change Sales Assistant 3% 3% 4% No Job
Slide 12: Job Seeker - Key Characteristics
Job Seeker - Key Characteristics Job Seekers struggle to decide on the industry and job to pursue on their own and find the hurdle of submitting a CV/ Resume and successfully passing a job interview to be high Not Sure How to Unsuccessful at No Luxury in Choose a Job Screening/Interview Time and Cas
Slide 13: Reference: Flow of Job Seeker
Reference: Flow of Job Seeker Flow of job seeker through acquisition to placement on the Z Career Platform Job seekers to receive consultation through LINE INTERVIEW Awareness as a service for Keywords such as or phone call non-desk workers through “Entry-level” “Full-time” TV and streaming service
Slide 14: Hiring Company
Hiring Company Diverse placement portfolio with “Construction Management”, “Sales & Service” and “Clerical” being top three and occupation with a clear path for continuous progression though skill acquisition tend to be popular Placement Share by Occupation Major Occupation Construction S ales Cleri
Slide 15: Hiring Company - Key Characteristics
Hiring Company - Key Characteristics Target hiring companies hire over 100~1,000 full-time employees each year. Therefore, Z Career does not require as many job listings and competition between Internal/Partner Agent is unlikely to occur Normal Z Career Hiring Volume and Share of Major Hiring Compan
Slide 16: Partner Recruitment Agency
Partner Recruitment Agency More than 30 thousand Recruitment Agencies have a government permit. However, most of them are SMEs and struggle to gather both Job Seekers and Job Listings of Large Enterprises Number of Recruitment Agency Office Mostly Newly Established (1) 35,547 SMEs (1~5 Employees) 35
Slide 17: Track Record of Z Career
Track Record of Z Career Solid track record of enhancing the earning power of the non-desk workers through full-time employment. The dollar amount may not be as big but the change it brings to the non-desk workers life is significant Average Wage Improvement User Case Study of Z Career Users Age 23
Slide 18: Financial Highlights
ROXx Financial Highlights
Slide 19: Financial Results Highlights
Financial Results Highlights Sales and operating loss has been revised downward. However, net profit has been revised FY2025 upward, following the transfer of the back check business. Building the financial base for further growth investments from next fiscal year onward Full-year • Sales: JPY 4,520
Slide 20: FY2025 Full-year Forecast
FY2025 Full-year Forecast 20
Slide 21: Summary of FY2025 Full-year Forecast
Summary of FY2025 Full-year Forecast Decline in productivity of In-house Agent has resulted in Sales & Operating Loss to be Revised Downward. Following the transfer of back check business, Net Profit has been Revised Upward and financial base has been strengthened FY2025 FY2025 (JPY in Million) Reas
Slide 22: FY2025 Q3 Results
ROXx FY2025 Q3 Results
Slide 23: Summary of Q3 FY2025 Results
Summary of Q3 FY2025 Results FY2024 FY2025 (JPY in Million) YoY Q3 Q3 Sales 918 1,295 +41.0% Sales Growth Rate 51.8% 41.0% 10.8pt Cost of Sales 132 182 +37.7% Cost of Sales Margin 14.4% 14.1% 0.3pt Gross Pro t 786 1,113 +41.6% Gross Pro t Margin 85.6% 85.9% +0.3pt Selling, General and Administration
Slide 24: Financials - Quarterly
Financials - Quarterly With improved productivity, record-high quarterly sales and profitability on a quarterly basis has been achieved. With improved productivity and seasonality of April intake, YoY growth rate has returned to approximately 40% Quarterly Sales Quarterly Operating Profit & Loss (JP
Slide 25: Sales - Quarterly
Sales - Quarterly Record-high performance revenue has been achieved. Also, a large one-off order was achieved with the new business line “Z Career AI Interviewer” YoY Quarterly Sales 41.0 % (JPY in Million) 1,295 of which, Z Career AI Performance Revenue - Hiring Company Interviewer and RPO Recurrin
Slide 26: GMV and Take Rate - Quarterly
GMV and Take Rate - Quarterly Significant improvement in GMV of the in-house agent with QoQ of +12.0pt and YoY of +14.3pt. Take rate follows the same trend and directly proportional to the pace of increase in placements through in-house agents Quarterly GMV and Take Rate 49.7% (JPY in Million) 0.5 4
Slide 27: GMV - Key Profit Indicators
GMV - Key Profit Indicators The number of registered job seeker has successfully accumulated both in terms of QoQ and YoY. As for the Average Commission & Fee Per Placement, no major change in trend and has contributed to profitability on a quarterly basis Number of Registered Job Seekers Average Co
Slide 28: Gross Profit - Quarterly
Gross Profit - Quarterly Due to temporary allocation of engineer resource into R&D, gross profit margin has improved. Excluding the impact, gross profit margin has recovered to about 85% and in line with guidance Quarterly Gross Profit and Gross Profit Margin (JPY in Million) 107.5% Gross Profit Mar
Slide 29: Selling, General and Administrative - Quarterly
Selling, General and Administrative - Quarterly In addition to sales growth, sales ratio of Selling, General and Administrative has optimized and has improved by 10.6pt. Advertising & promotion cost has been kept within YoY +3.8pt (Sales Ratio) Quarterly Selling, General and Administrative 158.0% Yo
Slide 30: Number of Employees and Breakdown by Segment
Number of Employees and Breakdown by Segment New graduate hires are steadily becoming valuable contributors. Continuously hiring for growth of the next fiscal year onwards Number of Employees YoY Breakdown of Employees by Segment People 25.1 % 27 359 37 Corporate 7% Engineer 290 304 10% 287 285 8% 2
Slide 31: Reflection
ROXx Reflection
Slide 32: Reflection Overview
Reflection Overview The overall productivity of Q3 has recovered. However, it has leading us to conclude that we would not reach the productivity of the previous forecast and downward revision will be required Productivity (1) Actual Evaluation of Evaluation of Evaluation of Evaluation of Each Initi
Slide 33: Reference: Operation
Reference: Operation Through segregation of duty, hearing meeting rate and the over all placement rate has recovered above the level before the structural change Hearing Meeting Rate Placement Rate Summary for Each Indicator QoQ QoQ Hearing Streamlined the workflow Back to level prior to to enhance
Slide 34: Repost: Environment
Repost: Environment The market remains strong with high effective job opening ratio and application to placement rate by the hiring companies Effective Job Opening Ratio Application to Placement Rate (1) Nikkei Stock Average Multiple Major Non-desk Worker Industries 2.7 2.7 2.7 Has remained the same
Slide 35: Future Growth Strategy
ROXx Future Growth Strategy
Slide 36: Business Overview of back check
Business Overview of back check Target segment of the major clients are high-end white collars and business synergies with Z Career is limited Breakdown of Business Overview Recent Financials Reference Check User Sales Cumulative Sales up to Q3 Business Profit (After Corporate Expense Allocation) Yo
Slide 37: Overview and Purpose of Business Transfer
Overview and Purpose of Business Transfer Established a financial base for flexible investment by transferring the back check business to en-Japan for Approx. JPY 1.95 billion Overview of the Business Transfer Purpose of the Business Transfer • Under the mission of “We strive to create a turning poi
Slide 38: Purpose 1: Improve Capital Structure
Purpose 1: Improve Capital Structure The transfer of back check business provides a financial base for flexible investment, with improvement of net asset to JPY 2,051 Million and equity ratio of 44.8% As-Is To-Be As of FY2025 Q2 As of FY2025 Q4 Balance Sheet Projected Balance Sheet Equity Ratio 44.8
Slide 39: Purpose 2: Secure Investment Capacity
Purpose 2: Secure Investment Capacity Proceeds of the transfer to be utilized for investment into sustainable growth strategies. As for FY2026, aiming to be profitable on a full fiscal year basis Use of Funds Driver for Growth Main Measures for Each Growth Driver Training Program Identification of O
Slide 40: Reference: Recent Topics 1/3
Reference: Recent Topics 1/3 Aiming to expand customer acquisition channels, smart phone friendly resume builder “Z Career Resume” equipped with AI and convenience store printing functions has been released PY 0 J Free Reference: PC Ownership is 30% for Z Career Users 64% Ownership Smart Phone Frien
Slide 41: Reference: Recent Topics 2/3
Reference: Recent Topics 2/3 Aiming to set a new standard in recruitment activities, Z Career AI Interviewer has been launched. Improves both the Job Seeker and Hiring Company’s recruitment process Shorter Process Higher Offer Rate Lower Decline Rate e D e mo Fre able Avail Reference: Recent Z Caree
Slide 42: Reference: Recent Topics 3/3
Reference: Recent Topics 3/3 Job seeker behavior is completely different from white-collar workers. Planning various career support products specialized for non-desk workers Why is Chosen Full-time Full-time JPY 2.3M No Specific Occupation JPY 3.0M Construction Fisherman No Skill or Experience Manag
Slide 43: APPENDIX
ROXx APPENDIX
Slide 44: Company Overview
Company Overview Company ROXX, Inc. (Tokyo Stock Exchange:241A) Name Shinjuku East Side Square 8F, Address 6-27-30, Shinjuku, Shinjuku-ku, Tokyo Taro Nakajima, Representative Director and Chief Representative Executive Of cer Date November 1st, 2013 Founded Fiscal September Ye a r - e n d Number of
Slide 45: Management
Management Representative Director Senior Vice President Senior Vice President & Chief Executive Officer & Chief Operating Of cer & Chief Human Resource Of cer Taro Nakajima Daisuke Ueki Hiroto Nisimura Prior to Founding : Inspired by hard rock from the 70s & 80s such as TheRollingStones, Led Zeppel
Slide 46: Management
Management Vice President Vice President of Vice President of & Chief Technology Officer New Business Corporate Consulting Kota Matsumoto Kazuhito Owa Shun Fujimine Vice President Vice President Vice President of & Chief Financial Officer & Chief Administrative Officer Engineering George Yoshimoto,
Slide 47: Outside Director/Advisor/Auditor
Outside Director/Advisor/Auditor Full-time Auditor Tsuyoshi Kabaya Part-time Auditor Outside Director Outside Director Advisor Miki Amemiya Hiroshi Fukudome Masanori Sugiyama Yo Nagami Part-time Auditor Shigeru Omura 47
Slide 48: Positioning of Z Career
Positioning of Z Career Due to the difference in target hiring companies, job requirements and commissions, the emerging non-desk worker market segment is currently not served by the traditional recruitment agencies Percent within the Income Earners Traditional Hiring Company Job Commission Platform
Slide 49: Market Size of the Non-desk Worker Segment
Market Size of the Non-desk Worker Segment Non-desk worker segment of the recruitment market has more than four-times the market size of other segments and is currently under-penetrated with significant potential upside (2) Job Turnover Rate & Potential Upside by Market Segment Potential Up-side App
Slide 50: Reference: Recruitment Market Transition
Reference: Recruitment Market Transition Macro environment of shrinking workforce has shifted the recruitment budget from job boards to full commission based Z Career Full-time Job Listing on Job Boards Transition from Job Boards to Z Career 14,000 Due to shrinking workforce, marketing 12,000 13,038
Slide 51: Entry Barrier to Non-desk Worker Segment
Entry Barrier to Non-desk Worker Segment Leading recruitment platform for non-desk workers, tapping into the emerging market segment currently not served by the traditional recruitment agencies A Barrier to entry from Part-time Segment Recruitment Agent Direct Recruitment • Recruitment needs of full
Slide 52: Reference: Difference between High-class Segment
Reference: Difference between High-class Segment Job seeker behavior is completely different between the high-class segment and the non-desk worker segment making it difficult for a single service to rolled out cross segment High-class Segment Non-desk Worker Segment To Build upon the Current Indust
Slide 53: Reference: Difference between Part-time Segment
Reference: Difference between Part-time Segment Every industry has jobs with skill/legal requirements of a full-time worker and the workforce shortage outweighs that of a part-time worker Number of Entry-level Full-time Job Listings Workforce Shortage by Industry 2018 as 1.0x People in Million 3.5 5
Slide 54: Entry Barrier through AI-based Product Development
Entry Barrier through AI-based Product Development Generative AI-based products to streamline the recruitment process, improving profitability and building new revenue source Application Phase Selection Phase Traditional Preparing Paperwork Interview Final Process Targeting Scout Distribution Applic
Slide 55: Reference: Job Seeker/Placement Data
Reference: Job Seeker/Placement Data Platform data and generative AI utilized to streamline the recruitment process, for the job seeker, recruitment agent and hiring company Data Accumulation Placement Rate 1 High quality data of Job Seeker and Placement Data Improve Lead-time and Acceptance Rate Jo
Slide 56: Social Impact
Social Impact Raising the standard of living of the non-desk worker has a direct social impact on the number of marriages and birth rates Environmental, Social, and Governance Social Impact • Climate Actions • Structural mismatch from declining birthrate, aging Environment • Greenhouse Gas Emissions
Slide 57: Reference: Difference in Wage of Full-time and Part-time Employment
Reference: Difference in Wage of Full-time and Part-time Employment Wage gap of Full-time and Part-time Employment to widen as you age. Strong desire to become Full-time Employment considering the future Difference in Wage of Full-time and Part-time Employment Wage of Full-time Employment 6,327 6,40