Slide 1: ROXX, Inc. FY2025 Financial Results
November 11, 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 Financial Highlights 2 FY2025 4Q Results 3 FY2025 Full-year Results 4 FY2026 Full-year Forecast 5 Future Growth Strategy 6 Business Overview 7 APPENDIX 3
Slide 4: Today's Presenter
Today’s Presenter Representative Director and Chief Executive Officer Executive Officer 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
Slide 5: Financial Highlights
ROXx Financial Highlights
Slide 6: Financial Results Highlights
Financial Results Highlights Sales increased by 17.5% YoY and Gross Margin has also increased by 17.6%. Operating Income amounted to JPY 21 Million, due to strong customer acquisition in addition to productivity FY2025 improvements, resulting in pro tability for the Q4 following Q3 - in line with gu
Slide 7: FY2025 Q4 Results
ROXx FY2025 Q4 Results
Slide 8: Summary of Q4 FY2025 Results
Summary of Q4 FY2025 Results FY2024 FY2025 (JPY in Million) YoY Comment Q4 Q4 Sales 1,053 1,237 17.5% • Sales has shown a steady growth with performance Sales Growth Rate 73.8% revenue increasing by 33.9% YoY, while recurring revenue Cost of Sales 163 191 16.8% decreased due to the transfer of Cost
Slide 9: Financials - Quarterly
Financials - Quarterly Following the implementation of productivity improvement measures in recruitment services, while H1 saw a decline, H2 achieved a V-shaped recovery, resulting in 29.8% YoY Quarterly Sales Quarterly Operating Pro t & Loss (JPY in Million) YoY (JPY in Million) 29.8 % 4,513 4Q:21
Slide 10: Sales - Quarterly
Sales - Quarterly Performance revenue increased by 33.9% YoY. Meanwhile, recurring revenue temporarily decreased due to the transfer of the back check business and the revision of job posting partnerships Quarterly Sales YoY (JPY in Million) 17.5 % 1,295 1,237 of which, Z Career AI Performance Reven
Slide 11: GMV and Take Rate - Quarterly
GMV and Take Rate - Quarterly GMV grew 13.2% YoY, driven by GMV generated through our Z Career Platform. Take rate remained at a high level as the share of the in-house agent increases Quarterly GMV and Take Rate YoY (JPY in Million) 0.6 Take Rate 49.7% 50.3% +7.8pt GMV - In-house Agent Take Rate: 1
Slide 12: Gross Profit - Quarterly
Gross Pro t - Quarterly Gross pro t margin declined slightly by 2.6% QoQ, but remained nearly unchanged YoY, achieving approx. 85% in-line with guidance 107.5% Quarterly Gross Pro t and Gross Pro t Margin (JPY in Million) 1,113 Gross Pro t Margin 1,046 +17.6% 889 877 87.4% 786 86.5% 86.9% 85.6% 716
Slide 13: Selling, General and Administrative - Quarterly
Selling, General and Administrative - Quarterly In addition to sales growth, signi cant improvement compared to H1 achieved through cost optimization. Advertising & promotion cost conversion rate improved, enabling cost control even with increased customer acquisition (Sales Ratio) Quarterly Selling
Slide 14: FY2025 Full-year Results
ROXx FY2025 Full-year Results
Slide 15: Summary of FY2025 Full-year
Summary of FY2025 Full-year FY2024 FY2025 Forecast Forecast (JPY in Million) YoY Full-year Full-year (Disclosure as of Aug. 2015) Progress Sales 3,476 4,513 +29.8% 4,520 99.8% Sales Growth Rate 67.5% 29.8% 37.7pt 30.0% - Cost of Sales 496 760 +48.1% - - Cost of Sales Margin 14.3% 16.8% +2.5pt - - Gr
Slide 16: Financials - Annual
Financials - Annual Performance revenue drove sales growth, achieving a +29.8% YoY increase. Operating pro t deteriorated due to the impact of “mass advertising,” but excluding these expenses, the operating pro t margin improved by 2.9pt Annual Sales YoY Annual Operating Pro t & Loss (JPY in Million
Slide 17: Sales - Annual
Sales - Annual Performance revenue increased by 54.1% YoY, while recurring revenue saw a slight increase of 2.3%. Revenue from Partner Recruitment Agency decreased slightly by 1.7% due to changes in the referral services. Annual Sales Main Factors for Change and Future Action for Annual Sales (JPY i
Slide 18: Performance Revenue - Key Profit Indicators
Performance Revenue - Key Pro t Indicators The number of registered job seeker has successfully accumulated in terms of YoY. As for the Average Commission & Fee Per Placement, no major change in trend and rising Number of Registered Job Seekers Average Commission & Fee Per Placement People in Thousa
Slide 19: Selling, General and Administration - Annual
Selling, General and Administration - Annual Strategic investment in Advertising & Promotional Cost to expand brand awareness. Personnel & Outsourcing Cost and Other Costs decreased as a percentage of sales due to successful productivity improvements Annual Selling, Main Factors for Change and Futur
Slide 20: Number of Employees and Breakdown by Segment
Number of Employees and Breakdown by Segment To resume mid-career hiring, with improved productivity of Z Career business. New graduate hiring remains essential for future growth, and plan to expand our organization by combining mid-career and new graduate hires. Number of Employees Breakdown of Emp
Slide 21: Reflection of the Fiscal Year (Summary)
Re ection of the Fiscal Year (Summary) Objective Results • Investment budget resulted in a half-hearted investment amount that failed to fully deliver the expected results. • By simultaneously developing customer acquisition channels, Marketing • To expanding brand awareness through mass advertising
Slide 22: Reflection of the Fiscal Year (Details): Overall
Re ection of the Fiscal Year (Details) : Overall Although productivity declined more than anticipated in H1, improvements in Q3 and Q4 of H2 surpassed the previous year's H2 productivity, reaching the highest level on record. Productivity Improvement of Productivity Actual Evaluation of Evaluation o
Slide 23: Reflection of the Fiscal Year (Details): Operation
Re ection of the Fiscal Year (Details) : Operation Optimization of customer acquisition attributes through marketing improvements, along with operational improvements, have signi cantly boosted productivity to its highest level ever. Meeting Placement Summary of Each Initiatives Rate Rate vs Q2 vs Q
Slide 24: FY2026 Full-year Forecast
ROXx FY 2026 Full-year Forecast
Slide 25: Summary of FY2026 Full-year Forecast
Summary of FY2026 Full-year Forecast Aim to achieve pro tability by consolidating management resources to Z Career, while resuming recruitment of career advisors. Also, plan to maintain standalone growth rate of 28.9% YoY. FY2025 FY2025 FY2025 (JPY in Million) YoY YoY Full-year Full-year Forecast Ex
Slide 26: FY2026 Full-year Forecast
FY2026 Full-year Forecast As for FY2026, aiming for Sales of JPY 5,000 Million and Operating Pro t to be positive. Sales growth of +28.9% excluding the back check business YoY Annual Sales Excluding back check Business) 28.9 % 5,000 3,878 FY26 JPY 5,000 Million 2,897 Sales YoY 28.9 % 1,643 963 530 7
Slide 27: Sustainable Acquisition of Job Seekers
Sustainable Acquisition of Job Seekers Alongside operational improvements, diversifying customer acquisition channels, reducing reliance on a sole media and securing sustainable customer acquisition capabilities by optimizing the cost. Change in Customer Acquisition Channels Change in Cost Per Meeti
Slide 28: Reinforcing Investment in Personnel
Reinforcing Investment in Personnel With the foundation for productivity improvement now in place, to ensure future high growth remains sustainable, investing in hiring career advisors and developing programs to enable employees to become high performers Newly Hired Career Advisors Sales Contributio
Slide 29: Topics Expected for Each Quarter
Topics Expected for Each Quarter Focus on mid-career hiring in the H1 to drive improved nancials in H2. Plan for pro tability through investment return in H2, despite a loss making H1due to hiring and training initiatives Topics Expected for Each Quarter Q1 Q2 Q3 Q4 Calendar Year Start Fiscal Year S
Slide 30: Reference Change in Sales (Forecast)
Reference Change in Sales (Forecast) To achieve full scal year pro tability, H1 is positioned as a preparatory period for transforming cost structure with multiple initiatives implemented Illustrative Image of Sales Reason for Change and Future Action • Selection and concentration to Z Career busine
Slide 31: Future Growth Strategy
ROXx Future Growth Strategy
Slide 32: Medium to Long-Term Target
Medium to Long-Term Target To consistently achieve sales growth rates of above 30%, while simultaneously aiming to accelerate reaching JPY 10 Billion through new businesses and M&A Long-Term Policy Medium-Term Policy Growth from Growth from Existing Business New Business + M&A Long-Term Policy Above
Slide 33: Market and Competitive Environment
Market and Competitive Environment Demand among hiring companies in non-desk positions remains at a high level.The trend in job offer rates from recommendation also shows no signi cant change, indicating a favorable market environment Effective Job Opening Ratio Recommendation to Placement Rate Nikk
Slide 34: Continuous Improvement of Placement Capability
Continuous Improvement of Placement Capability Establish a system to continuously secure and produce highly productive personnel, aiming to build a framework that expands closing capabilities alongside increasing the number of career advisors Major KPIs for Sales Placement Number of Career Placement
Slide 35: Productivity Enhancement of Career Advisors
Productivity Enhancement of Career Advisors By enhancing the onboarding program, we will elevate career advisors to a level where unit economics align at an early stage Strengthening of On-boarding Program Illustrative Image of Career Advisor Productivity Flow of Program Development Sales Recruitmen
Slide 36: Productivity Enhancement Leveraging Technology (AI)
Productivity Enhancement Leveraging Technology (AI) Breaking down top performing career advisor routines, to automate work ow through technology (AI) and utilize data to drive further productivity gains Marketing Funnel Case Study of Technology (AI) Use of Job Seeker Job Seeker Number of Visitors Be
Slide 37: Source of Competitiveness Operations
Source of Competitiveness Operations Enhancing operational improvements and raising barriers to entry, by building a system that can consistently deliver results without relying on speci c individuals through the use of technology (AI). Career Advisor Operation Overview Meeting Recommendation Interv
Slide 38: Growth Strategy of Z Career Platform
Growth Strategy of Z Career Platform To fully deploy the in-house agent training expertise to Z Career Platform. Executing a strategy to increase GMV per career advisor among partner recruitment agents GMV Per Solution Provided on Z Career Platform Career Advisor Illustrative Image Problem Solution
Slide 39: Reference Z Career AI Interviewer
Reference Z Career AI Interviewer 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 Track Record of Z Career AI Interviewer Shorter Process Lower Decline Rate 5.1 Days 12.8 % (1) Ba
Slide 40: New Business M&A
New Business M&A Aiming to roll up existing domains and cross-sell into new domains, actively pursue new business and M&A while maintaining investment discipline. Investment Discipline Target Area for New Business M&A for M&A Roll-up Strategy Cross-sell Strategy Business Requirement High Target Mark
Slide 41: Business Overview
ROXx Business Overview
Slide 42: 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 43: Social Problem
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 44: Social Problem
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 6% 19% 19% 33% 27% Inc
Slide 45: Recruiting Platform for Non-desk Workers
Recruiting Platform for Non-desk Workers ※ Product Image for Illustration Purposes Only 45
Slide 46: 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 47: 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 Driver Other Contractual Worker 1% Reason for Job Change Engineer Temporary Worker 2% 4% B2B Sales 4%3% No J
Slide 48: Job Seeker - Key Characteristics
Job Seeker - Key Characteristics Job Seekers struggle to decide on the industry and job to pursue on their own and nd 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 Cash
Slide 49: 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 50: 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 Other Construction S ales
Slide 51: 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 52: 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 Of ce Mostly Newly Established (1) 37,504 SMEs (1~5 Employees) 37,
Slide 53: 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 signi cant Average Wage Improvement User Case Study of Z Career Users Approx.
Slide 54: APPENDIX
ROXx APPENDIX
Slide 55: ROXX, Inc. company profile
ROXX, Inc. (Tokyo Stock Exchange:241A) Shinjuku East Side Square 8F, 6-27-30, Shinjuku, Shinjuku-ku, Tokyo Taro Nakajima, Representative Director and Chief Executive Of cer November 1st, 2013 September 380 People As of End of September, 2025 Z Career Service “Recruiting Platform for Non-desk Workers
Slide 56: Management
Management Representative Director Senior Vice President Senior Vice President of Corporate & Chief Executive Of cer & Chief Operating Of cer Taro Nakajima Daisuke Ueki Hiroto Nisimura Prior to Founding : Inspired by hard rock from the 70s & 80s such as TheRollingStones, Led Zeppelin, Aerosmith, Gun
Slide 57: Management
Management Vice President Vice President of Vice President of & Chief Technology Of cer New Business Corporate Consulting Kota Matsumoto Kazuhito Owa Shun Fujimine Vice President Vice President Vice President of & Chief Financial Of cer & Chief Administrative Of cer Engineering George Yoshimoto, CPA
Slide 58: Outside Director/Advisor/Auditor
Outside Director/Advisor/Auditor Tsuyoshi Kabaya Part-time Auditor Outside Director Outside Director Advisor Miki Amemiya Hiroshi Fukudome Masanori Sugiyama Yo Nagami Part-time Auditor Shigeru Omura 58
Slide 59: 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 60: 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 signi cant potential upside (2) Job Turnover Rate & Potential Upside by Market Segment Recruitment Platform (
Slide 61: 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 62: 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 63: 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 dif cult for a single service to rolled out cross segment High-class Segment Non-desk Worker Segment To Build upon the Current Industr
Slide 64: 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 65: Entry Barrier through AI-based Product Development
Entry Barrier through AI-based Product Development Generative AI-based products to streamline the recruitment process, improving pro tability and building new revenue source Application Phase Selection Phase Traditional Preparing Paperwork Interview Final Process Targeting Scout Distribution Applica
Slide 66: 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 67: 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 68: Wage gap 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 Wage of Full-time Employment 6,621 6,845 Wage of Part-time Employment 6,389 6,042 5,611 5,473 5,045 4,429 Difference 4,574 Approx. 2.2 x 4,147 3,571 2,776 4,096 3,0