Recruit Holdings Co., Ltd.TSE: 6098

Financial Document (Recruit 202703Q2 presentation en)

· Issued by Recruit Holdings Co., Ltd.

Summary by 6ix AI

Recruit Holdings, which runs HR technology, staffing and marketing matching businesses, reported revenue of ¥1,094.6 billion for the second quarter of its fiscal year ending March 31, 2027, up 19.7% year over year. Profit attributable to owners of the parent rose 64.0% to ¥209.0 billion, and its full-year guidance is unchanged.

Key details

  • Second-quarter EBITDA+S (operating income plus depreciation and amortization and share-based payment expenses, adjusted for other operating income and expenses) rose 43.6% to ¥297.9 billion, and basic earnings per share rose 68.8% to ¥150.54.
  • For the first half, revenue was ¥2,139.9 billion, up 19.3%, and profit attributable to owners of the parent was ¥411.6 billion, up 65.7%.
  • HR Technology segment revenue rose 27.5% year over year in US dollars in the second quarter and 24.2% in the first half; its full-year outlook is revenue of $11.9 billion, up 23.2% in US dollars, with an EBITDA+S margin of 46.5%.
  • In the first half, Recruit Holdings repurchased approximately 16 million of its own shares worth ¥177.6 billion, and gross cash was ¥988.2 billion as of September 30, 2026.
  • The interim dividend is ¥13.0 per share, as forecast in May.

What’s still pending

  • The full-year guidance and outlook as of August 7, 2026 assume exchange rates of 159 yen per US dollar, 184 yen per Euro and 112 yen per Australian dollar.
  • The HR Technology outlook for the second half, as of November 11, 2026, assumes 156 yen per US dollar.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/recruit-financial-document-recruit-202703q2-presentation-en

Watch Recruit's latest callRecruit Holdings (Tokyo:6098) Q4 2026 Earnings Call · Replay · May 15
Recruit Holdings

FY2026 Q2 Consolidated Results

2027年3月期 第2四半期決算説 明 November 11, 2026

FY2025 is the fiscal year from April 1, 2025 to March 31, 2026. FY2026 is the fiscal year from April 1, 2026 to March 31, 2027. All comparisons during this conference call are year over year unless otherwise stated.

Unless otherwise specified, numbers shown to the first decimal place are rounded down to the second decimal place, and numbers shown as integers are rounded down to the first decimal place.

Please refer to the QR code below for the transcript.

書き起こしは下記 QRコードを参照 ください

English 日本語

Please refer to the QR code below for our company page on Envalith.

Envalith社の当社ページは下記 QRコ ードを参照ください

English 日本語

Envalith社のレポートは、当社の依頼に基 づき作成されたものですが、リサーチ会社の独立した視点から、客観的かつ中立的な調査・分析が行われております。なお、いずれも情報提供が目的であり、当社株式の取引の推奨を目的とするものではありません。

いで こ ば ひさ ゆき

出木場 久征 Hisayuki "Deko" Idekoba

Recruit Holdings Co., Ltd.

株式会社リクルートホールディングス

Representative Director, President and Chief Executive Officer

代表取締役社長 兼 Chief Executive Officer

Head of HR Technology Business HRテクノロジー事業 担当

Indeed, Inc.

President and CEO

あら い じゅん いち

荒井 淳一 Junichi Arai

Recruit Holdings Co., Ltd.

株式会社リクルートホールディングス

Executive Vice President and Chief Financial Officer

常務執行役員 兼 Chief Financial Officer

Financial Management Division

ファイナンシャル・マネジメント本部

Table of Contents

  1. FY2026 Q2 Results Announcement Highlights

  2. HR Technology Segment

  3. Staffing Segment

  4. Marketing Matching Technologies ("MMT") Segment

    HR Technology HRテクノロジー事業

    • FY2026 Q2 actual revenue +27.5% YoY and H1 +24.2% YoY in USD

      当第2四半期売上収益は YoY +27.5%、 当上半期 YoY +24.2% (米ドル ベース)

    • Full-year outlook: revenue $11.9 billion, +23.2% YoY in USD and EBITDA+S margin 46.5%

      通期売上収益は 119億ドル、YoY +23.2% (米ドルベース)、EBITDA+Sマ ージンは46.5%

      Consolidated 連結業績

    • FY2026 Q2 Actual EBITDA+S +43.6% YoY and basic EPS +68.8% YoY

      当第2四半期EBITDA+Sは YoY +43.6%、基本EPSは YoY +68.8%

    • Full-year Guidance: Unchanged

      通期連結業績予想は変更せず

    • Consolidated Gross cash was ¥988.2 billion as of September 30, 2026

2026年9月末日時点のグロス現預金は9,882億円

HR Technology Segment Revenue: Results and Outlook

Quarterly

Semi Annual

Annual

(in billions of dollars) (in billions of dollars) (in billions of dollars)

FY2025

FY2026

FY2025

Outlook

FY2026

FY2026 Outlook 08/07/26 11/11/26

HR Technology

Staffing

Marketing Matching Technologies ("MMT")

Global platforms on jobs, hiring solutions and real-time conversations

Temporary staffing services

in Japan, Europe, US and Australia

Matching platforms and SaaS solutions in Japan

Pay for performance Subscription fees

Fee for dispatching temporary staff

Advertising

Pay for performance Subscription fees

Consolidated Three Business Segments

Business

Brands

Source of Revenue

Consolidated FY2026 Q2 Financial Results

Revenue

EBITDA+S and Margin %

Basic EPS

(in billions of yen) (in billions of yen) (yen)

FY2025

FY2026

FY2025

FY2026

FY2025

FY2026

JPY / USD 144.4 147.4 154.0 156.9 159.3 159.1

Consolidated FY2026 Full-year Guidance Unchanged

Revenue

EBITDA+S and Margin %

Basic EPS

(in trillions of yen) (in billions of yen) (yen)

JPY / USD

Guidance

152.6 150.7 159.0

Guidance

Guidance

Capital Allocation Strategy

  • FY2026 H1 Share Repurchase:

    Repurchased approx. 16 million RHC shares equivalent to ¥177.6 billion

    当上半期に1,776億円相当、約1,635万株の自己株式を取得

  • Gross cash: ¥988.2 billion as of September 30, 2026

    2026年9月末時点のグロス現預金は9,882億円

  • Interim dividend per share for FY2026: ¥13.0 as forecasted in May

当期の中間配当: 期初予想通り1株当たり13.0円

Capital Allocation Strategy

Total payouts to shareholders1 Gross cash4 Total payout ratio2 %

(in billions of yen) (in billions of yen)

Please see footnotes in the appendix.

YTD3

Equity attributable to owners

of the parent and ROE5

(in billions of yen)

Outlook

Recruit Holdings | FY2026 Q2 Results 11

2. HR Technology Segment

2. HR Technology Segment Segment Quarterly Revenue

In US dollar In Japanese Yen

(in billions of dollars) (in billions of yen)

Japan

Europe & Others

US

FY2024 Pro Forma FY2025

FY2026

FY2025

FY2026

Segment Quarterly EBITDA, EBITDA+S and Margins %

EBITDA and Margin % EBITDA+S and Margin %

(in billions of yen) (in billions of yen)

FY2025

FY2026

FY2025

FY2026

Segment Semi-Annual Revenue : Results and Outlook

Revenue in US dollar Revenue in Japanese Yen

(in billions of dollars) (in billions of yen)

FY2024

Pro Forma

FY2025

FY2026

Outlook

FY2024

Pro Forma

FY2025

FY2026

Outlook

Segment Semi-Annual EBITDA and EBITDA+S : Results and Outlook

EBITDA and Margin % EBITDA+S and Margin %

(in billions of yen) (in billions of yen)

FY2024

Pro Forma

FY2025

FY2026

Outlook

FY2024

Pro Forma

FY2025

FY2026

Outlook

Segment Annual Revenue, EBITDA+S : Results and Outlook

Revenue in US dollar

Revenue in Japanese Yen

EBITDA+S and Margin %

(in billions of dollars) (in billions of yen) (in billions of yen)

Pro Forma Actual

FY2026 Outlook 08/07/26 11/11/26

Pro Forma Actual

FY2026 Outlook 08/07/26 11/11/26

Pro Forma Actual

FY2026 Outlook 08/07/26 11/11/26

Segment FY2026 Revenue Breakdown by Region

FY2026 Outlook and % of Total

(in billions of dollars)

Total: $11.92

FY2025 Actual and FY2026 Outlook

(in billions of dollars)

Japan

$2.41

(20.2%)

Europe & Others

$2.53

(21.3%)

US

$6.97

(58.5%)

US

Europe

& Japan

Others

FY2026 Outlook 08/07/26 11/11/26

FY2025 Actual

US Quarterly Revenue, IHL US NSA JPI and US ARPJ Growth Rates

(in millions of dollars)

(Index to 100

on Feb 1, 2020)

Historical IHL US NSA JPI US ARPJ Growth Rates

175

150

125

100

75

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024 FY2025

FY2026

Please see footnotes in the appendix.

Recruit Holdings | FY2026 Q2 Results 19

2. HR Technology Segment

US Semi-Annual Revenue, IHL US NSA JPI and US ARPJ Growth Rates

(in millions of dollars)

Historical IHL US NSA JPI RHC assumed FY2026 Index US ARPJ Growth Rates

(Index to 100 on Feb 1, 2020)

130

120

110

-3% 0%

100

FY2024 FY2025 FY2026

Please see footnotes in the appendix.

Outlook

Recruit Holdings | FY2026 Q2 Results 20

US Annual Revenue, IHL US NSA JPI and US ARPJ Growth Rates

(in millions of dollars)

Historical IHL US NSA JPI RHC assumed FY2026 Index US ARPJ Growth Rates

(Index to 100 on Feb 1, 2020)

150

125

100

-7% -1%

75

Outlook

Europe and Others (Including Canada) Revenue

Quarterly Results Annual Results and Outlook

(in millions of dollars) (in millions of dollars)

FY2025 FY2026

FY2026 Outlook 08/07/26 11/11/26

Japan Revenue

Quarterly Results Annual Results and Outlook

FY2026 Outlook 08/07/26 11/11/26

(in billions of yen) (in billions of yen)

FY2025

FY2026

Pro Forma

3. Staffing Segment

(in billions of yen)

Europe

US

Australia

Japan

Revenue EBITDA+S and Margin %

(in billions of yen)

FY2025

FY2026

FY2025 FY2026

(in billions of yen)

Actual

FY2026

Outlook

FY2025

EBITDA+S and Margin %

Revenue

(in billions of yen)

Europe

US

Australia

Japan

Actual

FY2026

Outlook

FY2025

Revenue

(in billions of yen)

Europe,

US,

Australia

Japan

Outlook

EBITDA+S and Margin %

(in billions of yen)

Outlook

4. Marketing Matching Technologies ("MMT") Segment 4. Marketing Matching Technologies ("MMT") Segment FY2026 Q2 Results

Revenue EBITDA+S and Margin %

(in billions of yen)

Others

Housing

& Real Estate

Lifestyle (Beauty, Dining, Travel, SaaS)

(in billions of yen)

FY2025

FY2026

FY2025 FY2026

4. Marketing Matching Technologies ("MMT") Segment FY2026 Semi-Annual Results and Outlook

(in billions of yen)

Actual

FY2026

Outlook

FY2025

Revenue EBITDA+S and Margin %

(in billions of yen)

Others

Housing

& Real Estate

Lifestyle (Beauty, Dining, Travel, SaaS)

FY2025

Actual FY2026

Outlook

EBITDA+S and Margin %

(in billions of yen)

Outlook

4. Marketing Matching Technologies ("MMT") Segment FY2026 Annual Outlook

Revenue

(in billions of yen)

Others

Housing

& Real Estate

Lifestyle (Beauty, Dining, Travel, SaaS)

Outlook

Appendices

(in billions of yen, unless otherwise stated)

Q2 Actual

H1 Actual

FY2025

FY2026

YoY

FY2025

FY2026

YoY

Exchange rate per US Dollar (yen)

147.4

159.1

-

145.9

159.2

-

Revenue

914.7

1,094.6

+19.7%

1,793.5

2,139.9

+19.3%

EBITDA+S

207.4

297.9

+43.6%

394.5

590.8

+49.7%

EBITDA+S margin %

22.7%

27.2%

-

22.0%

27.6%

-

EBITDA

195.2

275.6

+41.2%

358.7

548.0

+52.8%

EBITDA margin %

21.3%

25.2%

-

20.0%

25.6%

-

Profit attributable to owners of the parent

127.4

209.0

+64.0%

248.3

411.6

+65.7%

Basic EPS (yen)

89.16

150.54

+68.8%

173.12

296.01

+71.0%

Total: $302 bn (in billions of USD)

$34 bn Job Advertising & Talent Sourcing

求人広告及び採 用ツール

Temporary Staffing

人材派遣

Internal Recruitment

Automation

採用オートメーシ ョン

Please see footnotes in the appendix.

$105 bn

$68 bn

$71 bn

$24 bn

Direct Hire

人材紹介

Retained Search

エグゼクティブサ ーチ

Recruit Holdings | FY2026 Q2 Results 34

Appendix: Overview of Segment FY2026 Full-year Outlook

Revenue EBITDA+S and Margin %

(in billions of yen) (in billions of yen)

Staffing

HRT

HRT

MMT

FY2025 Actual FY2026 Outlook

MMT

Staffing

FY2026 Outlook

FY2025 Actual

(in billions of yen)

FY2025 Q2

FY2026 Q2

YoY

Operating income

159.7

258.3

+61.7%

- Other operating income / (expenses), Net

(18.2)

(0.4)

-

Non-GAAP operating income

178.0

258.8

+45.3%

+ Depreciation and amortization

17.1

16.8

-

EBITDA

195.2

275.6

+41.2%

Margin % over Revenue

21.3%

25.2%

-

Margin % over Gross profit

36.0%

40.5%

-

+ Share-based payment expenses

12.1

22.2

-

EBITDA+S

207.4

297.9

+43.6%

Margin % over Revenue

22.7%

27.2%

-

Margin % over Gross profit

38.2%

43.8%

-

(in millions of shares)

As of

March 31, 2025

As of

March 31, 2026

As of

Sep. 30, 2026

Number of issued shares

1,563.9

1,472.5

1,472.5

Number of treasury stock

Shares directly held by Recruit Holdings

36.4

28.8

44.4

Shares held by the Board Incentive Plan trust and the ESOP trust

60.7

47.4

41.8

Total number of treasury stock

97.1

76.2

86.3

Number of issued shares excluding treasury stock

1,466.7

1,396.2

1,386.1

(in billions of yen)

As of

March 31, 2025

As of

March 31, 2026

As of

Sep. 30, 2026

Cash and cash equivalents

808.6

725.5

872.8

+ Investments for available funds on standby for

business operations within other financial assets

15.1 42.3 115.4

Gross cash 823.8 767.9 988.2

Page 5,6,9,11,15-18,20-23,26,27,30,31,35

The foreign exchange rate assumptions for the FY2026 guidance and outlook as of August 7, 2026 are 159 yen per US dollar, 184 yen per Euro and 112 yen per Australian dollar. The foreign exchange rate assumptions for HR Technology's FY2026 H2 outlook as of November 11, 2026 are 156 yen per US dollar.

Page 5,8,9,14,16,17,25-27,29-31

EBITDA+S = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses

EBITDA = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) ± other operating income/expenses

Page 10,11,38

  1. Includes shares repurchased by the Board Incentive Plan ("BIP") trust.

  2. Total payout ratio = ( Total amount of dividend payment + Total amount of share repurchases ) / Profit attributable to owners of the parent.

  3. Total payouts to shareholders in FY2026 YTD includes (i) the amount of the interim dividend and (ii) the amount of shares repurchased from April 1, 2026 to September 30, 2026.

  4. Gross cash = cash and cash equivalents + Investments for available funds on standby for business operations within other financial assets

  5. ROE = Profit attributable to owners of the parent / average net asset for the fiscal year

Page 13,15,23

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 1, 2024, and the consolidated guidance and quarterly actual results for each segment for FY2025 are shown in comparison with the pro forma results for FY2024. The calculation of pro forma results reflects adjustments to inter-segment internal revenue and corporate overhead costs in Matching & Solutions. As a result, there are slight differences between FY2024 actual results and the pro forma results other than HR Technology Japan and Marketing Matching Technologies.

Page 19-21

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 Indeed. US ARPJ growth rate is the year over year change in US ARPJ.

The Indeed Job Postings Index (JPI) is a representation of all jobs on US Indeed, excluding those that do not meet certain Hiring Lab quality and relevancy standards, and is intended to provide a consistent and reliable measure of US job posting trends over time. Data on non-seasonally adjusted Indeed job postings are an index of the number of job postings on a given day, using a seven-day trailing average. The index is set to 100 on February 1, 2020. Data for several dates in 2021 and 2022 are missing and were interpolated. We regularly review and update our methodology of JPI for such reasons as the evolution of labor market and Indeed's platform, which may apply retrospectively to historical JPI data and US ARPJ growth rate. These figures in this presentation are based on the latest data as of the date hereof.

Page 34

See our Annual Report for FY2025.

Page 36

Depreciation and amortization: Excluding depreciation of right-of-use assets.

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