Recruit Holdings Co., Ltd. · TSE:6098
Recruit — Q2 2026 Earnings Presentation
57 slides from Recruit's earnings presentation, Nov 6, 2025
Slide 1: FY2025 Q2 Consolidated Results
Recruit Holdings FY2025 Q2 Consolidated Results 2026年3月期 第2四半期決算説明 November 6, 2025 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 comparisons during this conference call are year over year unless otherwise stated.
Slide 2: FY2025 Q2 Results Announcement Highlights
FY2025 Q2 Results Announcement Highlights ● FY2025 Q2 HR Technology US revenue +5.8% YoY in USD HRテクノロジー事業 当第2四半期米国売上収益はYoY+5.8% (米ドルベース) ● FY2025 full-year HR Technology US revenue outlook revised upward to +5.6% YoY from +0.3% YoY in USD HRテクノロジー事業 通期米国売上収益見通しをYoY+0.3%からYoY+5.6%に上方修正 (米ドルベース) ● FY
Slide 3: 1. Consolidated Results
1. Consolidated Results Recruit Holdings | FY2025 Q2 Results 3
Slide 4: 1. Consolidated Results
1. Consolidated Results ● FY2025 Q2 Results Revenue and EBITDA+S increased. EBITDA+S margin increased to 22.7% 2026年3月期第2四半期連結実績は増収増益。EBITDA+Sマージンは22.7% ● FY2025 1H Results Revenue -0.3% YoY , exceeded our initial assumption. EBITDA+S and EBITDA+S margin increased 2026年上半期連結売上収益は、期初想定を上回りYoY-0.3%、EB
Slide 5: FY2025 Q2 Results: Revenue and Gross Profit
1. Consolidated Results FY2025 Q2 Results Revenue (in billions of yen) Gross Profit and Gross Margin % (in billions of yen) YoY YoY FY2024 FY2025 FY2024 FY2025 Recruit Holdings | FY2025 Q2 Results 5
Slide 6: FY2025 Q2 Results: EBITDA+S and EBITDA
1. Consolidated Results FY2025 Q2 Results EBITDA+S and Margin % (in billions of yen) EBITDA and Margin % (in billions of yen) YoY YoY FY2024 FY2025 FY2024 FY2025 Margin % over Margin % over 33.7% 35.7% 35.0% 25.6% 35.9% 38.2% 30.4% 30.8% 30.9% 22.5% 31.3% 36.0% Gross Profit Gross Profit Please see f
Slide 7: FY2025 1H Results: Revenue
1. Consolidated Results FY2025 1H Results: Revenue YoY (in billions of yen) Segment Breakdown MMT HR ¥281.2 bn Technology ¥697.5 bn Staffing ¥829.4 bn ¥1,793.5 bn FY2023 FY2024 FY2025 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 7
Slide 8: FY2025 1H Results: EBITDA+S and Margin %
1. Consolidated Results FY2025 1H Results: EBITDA+S and Margin % YoY (in billions of yen) Segment Breakdown MMT HR ¥89.7 bn Technology 31.9% ¥254.3 bn 36.5% Staffing ¥54.6 bn 6.6% ¥394.5 bn 22.0% FY2023 FY2024 FY2025 Margin % over 33.2% 27.6% 34.7% 30.3% 37.1% Gross Profit Please see footnotes in th
Slide 9: FY2025 1H Results: EBITDA and Margin %
1. Consolidated Results FY2025 1H Results: EBITDA and Margin % (in billions of yen) Segment Breakdown YoY MMT HR ¥89.7 bn Technology 31.9% ¥219.7 bn 31.5% Staffing ¥54.4 bn 6.6% ¥358.7 bn 20.0% FY2023 FY2024 FY2025 Margin % over 28.6% 24.2% 30.6% 26.7% 33.7% Gross Profit Please see footnotes in the
Slide 10: Segment Results and Outlook
Segment Results and Outlook Recruit Holdings | FY2025 Q2 Results 10
Slide 11: HR Technology, Staffing, Matching Marketing Technologies
2. HR Technology 3. Staffing 4. Matching Marketing Technologies (“MMT”) Recruit Holdings | FY2025 Q2 Results 11
Slide 12: HR Technology Segment: FY2025 Q2 and 1H Results
2. HR Technology Segment FY2025 Q2 and 1H Results ● FY2025 Q2 Results: Segment revenue +4.5% YoY in USD, and EBITDA+S margin expanded to 37.9% as US and Europe & Others driven by continued monetization development, while Japan placement services declined セグメント売上収益は米ドルベースでYoY+4.5%、EBITDA+Sマージンは37.9%に
Slide 13: HR Technology: FY2025 Q2 Revenue
2. HR Technology Segment FY2025 Q2 Results: Revenue In US dollar (in millions of dollars) In Japanese Yen (in billions of yen) YoY QoQ YoY QoQ Japan Europe & Others US FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 13
Slide 14: HR Technology: FY2025 Q2 EBITDA+S and EBITDA
2. HR Technology Segment FY2025 Q2 Results: EBITDA+S and EBITDA EBITDA+S and Margin % (in billions of yen) EBITDA and Margin % (in billions of yen) YoY QoQ YoY QoQ FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 14
Slide 15: HR Technology: FY2025 1H Revenue
2. HR Technology Segment FY2025 1H Results: Revenue In US dollar (in millions of dollars) In Japanese Yen YoY (in billions of yen) YoY Japan Europe & Others US FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 15
Slide 16: HR Technology: FY2025 1H EBITDA+S and EBITDA
2. HR Technology Segment FY2025 1H Results: EBITDA+S and EBITDA EBITDA+S and Margin % (in billions of yen) EBITDA and Margin % (in billions of yen) YoY YoY FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 16
Slide 17: US Average Revenue Per Job Posting
2. HR Technology Segment US Average Revenue Per Job Posting (“US ARPJ”) Growth Rate 米国平均単価成長率 Year X US Revenue Total # of US Job Postings US ARPJ YoY Growth Rate % 1 100 in Year X Year X-1 US Revenue Total # of US Job Postings FY2025 Q2: +15% FY2025 1H: +13% Please see footnotes in the appendix. Re
Slide 18: HR Technology: FY2025 2H Outlook
2. HR Technology Segment FY2025 2H Outlook ● US Revenue: +7.9% YoY in USD, assuming around +16% US ARPJ YoY growth rate while modest YoY decline in US total job postings expected during 2H 米国求人総数は下半期を通して緩やかな減少を想定する中、US ARPJ成長率をYoY+16%程度と見 込み、YoY+7.9% (米ドルベース) ● Europe & Others Revenue: +21.5% YoY in
Slide 19: Indeed Hiring Lab US Non-seasonally Adjusted Job Postings Index
2. HR Technology Segment Indeed Hiring Lab US Non-seasonally Adjusted Job Postings Index (“IHL US NSA JPI”) (Index to 100 on Feb 1, 2020) 2020/4 2021/4 2022/4 2023/4 2024/4 2025/4 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 19
Slide 20: IHL US NSA JPI: Historical and Assumed FY2025 2H
2. HR Technology Segment IHL US NSA JPI: Historical (Feb. 2020 - Oct. 2025) and Assumed FY2025 2H US Quarterly Revenue: Historical and Forecasted (in millions of dollars) (Index to 100 on Feb 1, 2020) 150 Historical IHL US NSA JPI RHC assumed FY2025 2H Index 125 100 75 50 25 FY2019 FY2020 FY2021 FY2
Slide 21: HR Technology: FY2025 2H Outlook: Revenue
2. HR Technology Segment FY2025 2H Outlook: Revenue In US dollar (in millions of dollars) In Japanese Yen (in billions of yen) HoH YoY YoY HoH Japan Europe & Others US Outlook Outlook FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 R
Slide 22: HR Technology: FY2025 2H Outlook: EBITDA+S and EBITDA
2. HR Technology Segment FY2025 2H Outlook: EBITDA+S and EBITDA EBITDA+S and Margin % (in billions of yen) EBITDA and Margin % (in billions of yen) YoY YoY HoH YoY YoY HoH Outlook Outlook FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recruit Holdings | FY2025
Slide 23: HR Technology: FY2025 Full-year Outlook Revised
2. HR Technology Segment FY2025 Full-year Outlook Revised ● Segment Revenue: Revised upward to +5.9% YoY from +2.4% YoY in USD, to +1.0% YoY from -2.8% YoY in JPY セグメント売上収益は米ドルベースYoY+2.4%の見通しをYoY+5.9%に、円ベースYoY-2.8%の見通 しをYoY+1.0%に上方修正 ● Segment EBITDA+S Margin: Revised upward to 35.8% from 34.5% セグメン
Slide 24: HR Technology: FY2025 Full-year Outlook Revised
2. HR Technology Segment FY2025 Full-year Outlook Revised ● US Revenue: Outlook revised upward to +5.6% YoY from +0.3% YoY in USD 通期は米ドルベースYoY+0.3%の見通しをYoY+5.6%に上方修正 ● Europe & Others Revenue: Outlook revised upward to +17.6% YoY from +8.1% YoY in USD 通期は米ドルベースYoY+8.1%の見通しをYoY+17.6%に上方修正 ● Japan Rev
Slide 25: HR Technology: Full-year Outlook Revised: Revenue
2. HR Technology Segment FY2025 Full-year Outlook Revised: Revenue 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 Outlook FY2024 Pro Forma FY2025 Outlook As of 5/9 As of 11/6 As of 5/9 As of 11/6 Please see
Slide 26: HR Technology: Full-year Outlook Revised: EBITDA+S and EBITDA
2. HR Technology Segment FY2025 Full-year Outlook Revised: EBITDA+S and EBITDA EBITDA+S (in billions of yen) EBITDA (in billions of yen) YoY YoY YoY YoY FY2024 Pro Forma FY2025 Outlook FY2024 Pro Forma FY2025 Outlook As of 5/9 As of 11/6 As of 5/9 As of 11/6 Please see footnotes in the appendix. Rec
Slide 27: 3. Staffing Segment
3. Staffing Segment ● FY2025 Q2 Results: Segment revenue +0.8% YoY with EBITDA+S margin of 6.6%, driven by stable demand in Japan and a slight easing revenue decline in Europe, the US, and Australia 日本の安定した人材派遣需要と、欧米豪の減収幅の緩やかな縮小を背景に、セグメント売上収益 はYoY+0.8%、EBITDA+Sマージンは6.6% ● FY2025 Full-year Outlook Re
Slide 28: Staffing: FY2025 Q2 Results
3. Staffing Segment FY2025 Q2 Results Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY Europe US YoY Australia Japan FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 28
Slide 29: Staffing: FY2025 1H Results and 2H Outlook
3. Staffing Segment FY2025 1H Results and 2H 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 | FY2025 Q2 Re
Slide 30: Staffing: FY2025 Full-year Outlook Revised
3. Staffing Segment FY2025 Full-year Outlook Revised Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY YoY Europe US Australia Japan FY2024 Pro Forma FY2025 Outlook FY2024 Pro Forma FY2025 Outlook As of 5/9 As of 11/6 As of 5/9 As of 11/6 Please see footnotes in the
Slide 31: 4. Marketing Matching Technologies (MMT) Segment
4. Marketing Matching Technologies (“MMT”) Segment ● FY2025 Q2 Results: Segment revenue +6.3% YoY to ¥144.3 billion and EBITDA+S margin expanded to 32.3% due to the revenue increase and cost control initiatives 売上収益はYoY+6.3%の1,443億円となり、増収とコストコントロールによりEBITDA+Sマージンは 32.3%に増大 ● FY2025 1H Results: Segme
Slide 32: MMT: FY2025 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment FY2025 Q2 Results Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY Others Housing & Real Estate Lifestyle (Beauty, Dining, Travel, SaaS) FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025 Please see footnotes in the appen
Slide 33: MMT Segment: 2H Outlook and Medium-Term Margin Targets
4. Marketing Matching Technologies (“MMT”) Segment ● FY2025 2H Outlook Revenue +3.7% YoY to ¥286.0 billion with EBITDA+S margin of 22.2% 当下半期売上収益はYoY+3.7%の2,860億円、EBITDA+Sマージンは22.2% ● FY2025 Full-year Outlook Revised: Full-year EBITDA+S margin revised downward to 27.0% from 27.5% 通期セグメントEBITDA+Sマージン
Slide 34: MMT: FY2025 1H Results and 2H Outlook
4. Marketing Matching Technologies (“MMT”) Segment FY2025 1H Results and 2H Outlook Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY Others YoY Housing & Real Estate Lifestyle (Beauty, Dining, Travel, SaaS) Outlook Outlook FY2024 Pro Forma FY2025 FY2024 Pro Forma F
Slide 35: MMT: FY2025 Full-year Outlook Revised
4. Marketing Matching Technologies (“MMT”) Segment FY2025 Full-year Outlook Revised Revenue (in billions of yen) EBITDA+S and Margin % (in billions of yen) YoY YoY YoY YoY FY2024 Pro Forma FY2025 Outlook FY2024 Pro Forma FY2025 Outlook As of 5/9 As of 11/6 As of 5/9 As of 11/6 Please see footnotes i
Slide 36: 5. Consolidated Guidance
5. Consolidated Guidance Recruit Holdings | FY2025 Q2 Results 36
Slide 37: 5. FY2025 Consolidated Guidance
5. FY2025 Consolidated Guidance ● FY2025 Consolidated 2H Outlook: Revenue +2.6%YoY, with EBITDA+S margin of 18.8% 売上収益はYoY+2.6%、EBITDA+Sマージンは18.8%を想定 ● FY2025 Consolidated Full-year Guidance Revised: Revenue guidance revised upward from -1.1% YoY to +1.2%YoY, EBITDA+S margin increased to 20.4% from
Slide 38: FY2025 2H Outlook: Revenue and Gross Profit
5. FY2025 Consolidated Guidance FY2025 2H Outlook Revenue (in billions of yen) Gross Profit and Gross Margin % (in billions of yen) YoY YoY FY2023 FY2024 FY2025 Outlook FY2023 FY2024 FY2025 Outlook Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 38
Slide 39: FY2025 2H Outlook: EBITDA+S and EBITDA
5. FY2025 Consolidated Guidance FY2025 2H Outlook EBITDA+S and Margin % (in billions of yen) EBITDA and Margin % (in billions of yen) YoY YoY FY2023 FY2024 FY2025 Outlook FY2023 FY2024 FY2025 Outlook Margin % over Margin % over 33.2% 27.6% 34.7% 30.3% 37.1% 32.0% 28.6% 24.2% 30.6% 26.7% 33.7% 29.0%
Slide 40: FY2025 Full-year Guidance Revised
5. FY2025 Consolidated Guidance FY2025 Full-year Guidance Revised Revenue (in trillions of yen) Gross Profit and Gross Margin % (in trillions of yen) YoY YoY YoY YoY FY2025 Guidance FY2025 Guidance As of 5/9 As of 11/6 As of 5/9 As of 11/6 Please see footnotes in the appendix. Recruit Holdings | FY2
Slide 41: Full-year Guidance Revised: EBITDA+S and Margin %
5. FY2025 Consolidated Guidance FY2025 Full-year Guidance Revised: EBITDA+S and Margin % (in billions of yen) YoY Segment Breakdown YoY MMT HR ¥153.2 bn Technology 27.0% ¥495.8 bn 35.8% Staffing ¥95.6 bn 5.7% ¥733.5 bn 20.4% FY2025 Guidance As of 5/9 As of 11/6 Margin % over 27.3% 30.5% 32.6% 33.6%
Slide 42: Full-year Guidance Revised: EBITDA and Margin %
5. FY2025 Consolidated Guidance FY2025 Full-year Guidance Revised: EBITDA and Margin % (in billions of yen) Segment Breakdown YoY YoY MMT HR ¥153.1 bn Technology 27.0% ¥431.2 bn 31.1% Staffing ¥95.2 bn 5.7% ¥666.2 bn 18.5% FY2025 Guidance As of 5/9 As of 11/6 Margin % over 23.7% 26.4% 28.7% 29.5% 31
Slide 43: Full-year Guidance Revised: Profit and Basic EPS
5. FY2025 Consolidated Guidance FY2025 Full-year Guidance Revised Profit attributable to owners (in billions of yen) Basic EPS (yen) of the parent YoY YoY YoY YoY FY2025 Guidance FY2025 Guidance As of 5/9 As of 11/6 As of 5/9 As of 11/6 Please see footnotes in the appendix. Recruit Holdings | FY2025
Slide 44: 6. Capital Allocation Strategy
6. Capital Allocation Strategy Recruit Holdings | FY2025 Q2 Results 44
Slide 45: 6. Capital Allocation Strategy
6. Capital Allocation Strategy ● FY2025 1H Share Repurchase: Repurchased approx. 53 million RHC shares equivalent to ¥423.7 billion 当上半期に4,237億円相当、約5,300万株の自己株式を取得 ● Net cash: ¥590.5 billion as of September 30, 2025 ネットキャッシュは2025年9月末時点で5,905億円 ● New Share Buyback Program: Announced ¥250 billion prog
Slide 46: Net Cash, Total Payouts and Payout Ratio
6. Capital Allocation Strategy Net cash and cash equivalents1 (in billions of yen) Total payouts to shareholders2 (in billions of yen) Total payout ratio3 % Forecast4 Please see footnotes in the appendix. Recruit Holdings | FY2025 Q2 Results 46
Slide 47: Appendices
Appendices Recruit Holdings | FY2025 Q2 Results 47
Slide 48: Recruit Holdings Business Portfolio
Recruit Holdings Business Portfolio Marketing Matching HR Technology Staffing Technologies Global platforms on jobs, hiring Temporary staffing services Matching platforms and Business in Japan, Europe, US and Australia solutions and real-time conversations SaaS solutions in Japan Brands Advertising
Slide 49: Appendix: FY2025 Consolidated Full-year Guidance Revised
Appendix: FY2025 Consolidated Full-year Guidance Revised FY2024 FY2025 Actual 05/09/25 11/06/25 YoY (in billions of yen, unless otherwise stated) Guidance Guidance Exchange rate per US Dollar (yen) 152.6 145.0 145.0 - Revenue 3,557.4 3,520.0 3,598.5 +1.2% EBITDA+S 678.8 697.0 733.5 +8.1% EBITDA+S ma
Slide 50: Appendix: FY2025 Q2 and 1H Consolidated Results
Appendix: FY2025 Q2 and 1H Consolidated Results FY2024 FY2025 Adjusted EBITDA & AdjustedFY2024 FY2025 EBITDA Margin YoY YoY (in billions of yen, unless otherwise stated) Q2 Q2 1H 1H Exchange rate per US Dollar (yen) 149.7 147.4 - 152.7 145.9 - Revenue 897.1 914.7 +2.0% 1,798.7 1,793.5 -0.3% EBITDA+S
Slide 51: Appendix: FY2025 Q2 and 1H Consolidated Results
Appendix: FY2025 Q2 and 1H Consolidated Results FY2024 FY2025 FY2024 FY2025 YoY& Adjusted EBITDA Margin Adjusted EBITDA YoY (in billions of yen) Q2 Q2 1H 1H Operating income 141.8 159.7 +12.6% 269.7 313.5 +16.2% - Other operating income/(expenses), Net (2.7) (18.2) - (18.2) (11.2) - Non-GAAP operati
Slide 52: Appendix: FY2025 Q2 and 1H Results by Segment
Appendix: FY2025 Q2 and 1H Results by Segment FY2024 Q2 FY2025 FY2024 1H FY2025 YoY& Adjusted EBITDA Margin Adjusted EBITDA YoY (in billions of yen) Pro Forma Q2 Pro Forma 1H HR Technology 345.6 355.7 +2.9% 701.0 697.5 -0.5% Staffing 417.7 421.3 +0.8% 840.3 829.4 -1.3% Revenue Marketing Matching Tec
Slide 53: Appendix: Number of shares
Appendix: Number of shares AsEBITDA Adjusted of & Adjusted EBITDA As ofMargin As of (in millions of shares) Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 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 77.2 89.8 Shares held by the Bo
Slide 54: Appendix: Footnotes
Appendix: Footnotes Page 2,4,6,8,9,12,14,16,18,22,23,26-35,37,39,41,42,49-52 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 depreciatio
Slide 55: Appendix: Footnotes
Appendix: Footnotes Page 17 US Average Revenue per Job Posting on Indeed (or US ARPJ) is calculated by dividing HR Technology US revenue in a given period by the average number of daily US job postings on Indeed during that period, as measured by the Indeed Hiring Lab, the economic research arm of I
Slide 56: 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 57: 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