Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
May 9, 2025  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for the Year Ended March 31, 2025 (IFRS, Unaudited)  
Tokyo, May 9, 2025 ― Recruit Holdings Co., Ltd. announced today its consolidated financial results for the year ended March 31, 2025 (April 1,  
2024 to March 31, 2025).  
Consolidated Operating Results  
(In billions of yen, unless otherwise stated)  
Revenue  
FY2023  
3,416.4  
598.3  
FY2024  
% change  
3,557.4  
4.1%  
678.8  
13.5%  
Adjusted EBITDA  
490.5  
ꢀꢀꢀꢀ13.8%  
527.1  
21.9%  
Operating income  
402.5  
% of revenue  
11.8%  
-
23.7%  
Profit before tax  
426.2  
14.4%  
Return on assets (%)  
ꢀꢀ 17.8%  
408.5  
-
15.5%  
-
Profit attributable to owners of the parent  
% of total equity attributable to owners of the parent  
Total comprehensive income  
Basic EPS (yen)  
353.6  
19.5%  
ꢀꢀꢀꢀ 22.6%  
383.1  
555.3  
(31.0)%  
20.1%  
-
271.44  
ꢀꢀꢀꢀ225.99  
222.90  
268.32  
Diluted EPS (yen)  
Reference: Share of profit (loss) of associates and joint ventures was (8.8) billion yen in FY2024 and (1.3) billion yen in FY2023.  
Adjusted EBITDA: Operating income + depreciation and amortization (excluding depreciation of right-of-use assets)  
+ share-based payment expenses ± other operating income/expenses  
Consolidated Financial Position  
(In billions of yen, unless otherwise stated)  
Total assets  
As of March 31, 2024  
3,144.6  
As of March 31, 2025  
2,772.2  
Total equity  
2,008.9  
1,627.3  
Equity attributable to owners of the parent  
Ratio of equity attributable to owners of the parent (%)  
Equity attributable to owners of the parent per share (yen)  
2,000.9  
1,617.5  
63.6%  
58.3%  
1,295.40  
1,102.86  
Consolidated Cash Flows  
(In billions of yen, unless otherwise stated)  
Net cash flows from operating activities  
Net cash flows from investing activities  
Net cash flows from financing activities  
Cash and cash equivalents at the end of the year  
FY2023  
535.3  
FY2024  
610.3  
(68.7)  
ꢀ
(61.0)  
(880.4)  
808.6  
(334.6)  
1,136.8  
Dividends  
FY2025  
Guidance  
FY2023  
FY2024  
(In yen, unless otherwise stated)  
At the end of Q1  
-
11.50  
-
-
-
At the end of Q2  
12.00  
-
12.50  
-
At the end of Q3  
At the end of Q4  
11.50  
23.00  
12.00  
24.00  
12.50  
25.00  
Total  
Total amount of dividend payment (in billions of yen)  
Payout ratio-consolidated (%)  
37.1  
10.2  
2.0  
37.0  
8.8  
-
-
-
Ratio of dividends to total equity attributable to owners of the parent (%)  
2.0  
1
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Consolidated Financial Guidance for FY2025  
FY2025 Full-year  
Guidance  
Year over year  
% change  
(In billions of yen, unless otherwise stated)  
3,520.0  
2,076.0  
697.0  
(1.1)%  
(0.5)%  
2.7%  
Revenue  
Gross Profit  
Adjusted EBITDA  
540.0  
10.1%  
4.8%  
Operating income  
428.0  
Profit attributable to owners of the parent  
Basic EPS (yen)  
295.00  
8.7%  
Please refer to page 11, Consolidated Financial Guidance for FY2025 for more details.  
Significant changes in the scope of consolidation during the period  
There were no significant changes in the scope of consolidation during the period.  
Changes in Accounting Policies and Changes in Accounting Estimates  
There has been no change in: (1) accounting policies required by IFRS, (2) accounting policies other than the foregoing item (1), and (3)  
accounting estimates.  
Number of Issued Shares - Common Stock  
As of March 31, 2024  
1,649,841,949  
105,201,121  
As of March 31, 2025  
1,563,912,149  
97,196,562  
Number of issued shares including treasury stock  
Number of treasury stock1  
FY2023  
1,564,947,878  
FY2024  
1,504,932,604  
Average number of shares during the period  
1
The number of treasury stock 97,196,562 as of March 31, 2025 includes treasury stock held by the Company (36,408,381 shares) and the  
Company’s stock held in the trust account of the Board Incentive Plan (“BIP”) trust and the Employee Stock Ownership Plan (“ESOP”) trust  
(60,788,181 shares).  
Definition of the Abbreviation  
Abbreviation  
Definition  
Recruit Holdings, the Holding Company  
Recruit Holdings Co., Ltd. on a standalone basis  
Recruit Holdings Co., Ltd. and its consolidated subsidiaries  
Strategic Business Unit  
the Company, Recruit Group, We, Our  
SBU  
Q1  
Three-month period from April 1 to June 30  
Three-month period from July 1 to September 30  
Three-month period from October 1 to December 31  
Three-month period from January 1 to March 31  
Fiscal year from April 1, 2023 to March 31, 2024  
Fiscal year from April 1, 2024 to March 31, 2025  
Fiscal year from April 1, 2025 to March 31, 2026  
Q2  
Q3  
Q4  
FY2023  
FY2024  
FY2025  
Supplementary Information  
●
All comparisons in this report are year over year unless otherwise stated.  
Average exchange rate during the period  
FY2023  
FY2024  
(In yen)  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Q3  
Q4  
152.55  
US dollar  
Euro  
137.49  
149.58  
91.87  
144.63  
157.32  
94.63  
147.86  
159.06  
96.25  
148.63  
161.33  
97.67  
155.85  
167.85  
102.71  
149.71  
164.28  
100.18  
152.37  
162.58  
99.49  
160.55  
95.72  
Australian dollar  
2
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Reference: Outline of Non-consolidated Financial Results  
Non-consolidated Operating Results  
(In billions of yen, unless otherwise stated)  
Revenue  
FY2023  
153.9  
144.6  
139.4  
126.1  
80.59  
79.49  
FY2024  
615.7  
% change  
300.0%  
318.3%  
332.8%  
379.4%  
-
Operating profit  
605.1  
Recurring profit  
603.6  
Net income  
604.6  
Earnings per share – Basic (yen)  
Earnings per share – Diluted (yen)  
401.76  
397.13  
-
Non-consolidated Financial Position  
(In billions of yen, unless otherwise stated)  
Total assets  
As of March 31, 2024  
As of March 31, 2025  
1,654.3  
1,768.6  
879.7  
Net assets  
693.3  
Equity ratio (%)  
49.6%  
567.58  
41.7%  
Net assets per share (yen)  
470.02  
Reference: Equity was 876.7 billion yen as of March 31, 2024 and 689.3 billion yen as of March 31, 2025.  
Earnings releases are not subject to review by a certified public accountant nor an independent auditor.  
Forward-Looking Statements  
This document contains forward-looking statements, which reflect the Company's assumptions and outlook for the future and estimates based  
on information available to the Company and the Company's plans and expectations as of the date of this document or other date indicated.  
There can be no assurance that the relevant forecasts and other forward-looking statements will be achieved. Please note that significant  
differences between the forecasts and other forward-looking statements and actual results may arise due to various factors, many of which are  
outside the Company’s control, including changes in economic conditions, changes in individual users’ preferences and business clients'  
needs, competition, changes in the legal and regulatory environment including changes in laws and regulations or guidance, interpretation,  
enforcement or practice relating to laws and regulations, fluctuations in foreign exchange rates, climate change or other changes in the natural  
environment, the occurrence of large-scale natural disasters, and other factors. Accordingly, readers are cautioned against placing undue  
reliance on any such forward-looking statements. The Company has no obligation to update or revise any information contained in this  
document based on any subsequent developments except as required by applicable law or stock exchange rules and regulations.  
Note Regarding Reference Translation  
This document has been translated from the Japanese language original for reference purposes only and may not be used or disclosed for any  
other purpose without the Company’s prior written consent. In the event of any conflict or discrepancy between this translated document and  
the Japanese language original, the Japanese language original shall prevail in all respects. The Company makes no representations  
regarding the accuracy or completeness of this translation and assumes no responsibility for any losses or damages arising from the use of  
this translation.  
Third-Party Information  
This document includes information derived from or based on third-party sources, including information about the markets in which we operate.  
These statements are based on statistics and other information from third-party sources as cited herein, and the Company has not  
independently verified and cannot assure the accuracy or completeness of any information derived from or based on third-party sources.  
U.S. Disclaimer – Unsponsored American Depositary Receipt (“ADR“)  
The Company does not support or encourage, and has not consented to, the creation of any unsponsored ADR facilities in respect of its  
securities and in any event disclaims any liability in connection with an unsponsored ADR. The Company does not represent to any depositary  
institution, bank or anyone nor should any such entity rely on a belief that the Web site of the Company includes all published information in  
English, currently, and on an ongoing basis, required to claim an exemption under U.S. Exchange Act Rule 12g3-2(b).  
A full set of materials regarding FY2024 results announcement is posted on https://recruit-holdings.com/en/ir/financials/  
Contact  
Investor Relations  
+81-3-3511-6383  
[email protected]  
3
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Table of Contents  
1. Management’s Discussion and Analysis  
5
5
6
8
9
Consolidated Results of Operations  
Results of Operations by Segment  
Management Actions for the Six Months Ended March 31, 2025  
Capital Resources and Liquidity  
2. Consolidated Financial Guidance for FY2025  
11  
12  
13  
13  
16  
18  
18  
18  
18  
25  
25  
26  
26  
27  
28  
29  
33  
34  
34  
3. Basic Policy on Profit Distribution and Dividends  
4. Overview of the Company  
Business Overview by Segment  
Operational Chart  
5. Management Philosophy and Strategies  
Management Philosophy  
Target Management Key Performance Indicators (KPIs)  
Business Strategies  
Capital Allocation Policy  
6. Basic Rationale for Selection of Accounting Standards  
7. Consolidated Financial Statements and Primary Notes  
Consolidated Statement of Financial Position  
Consolidated Statement of Profit or Loss  
Consolidated Statement of Comprehensive Income  
Consolidated Statement of Changes in Equity  
Consolidated Statement of Cash Flows  
Going Concern Assumption  
Notes to Consolidated Financial Statements  
4
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
1. Management’s Discussion and Analysis  
Consolidated Results of Operations  
The following table summarizes the consolidated financial results for the three months and fiscal year ended March 31, 2024 and 2025.  
Three Months  
Fiscal Year  
Ended March 31,  
Ended March 31,  
% change  
% change  
(In billions of yen, unless otherwise stated)  
Consolidated operating results  
ꢀRevenue  
ꢀOperating income  
ꢀProfit before tax  
ꢀProfit for the period  
ꢀProfit attributable to owners of the parent  
ꢀBasic EPS (yen)  
2024  
2025  
2024  
2025  
861.7  
81.1  
84.9  
66.8  
66.9  
45.31  
2.1%  
45.7%  
92.1%  
96.3%  
95.7%  
105.2%  
3,557.4  
490.5  
527.1  
408.1  
408.5  
271.44  
4.1%  
21.9%  
23.7%  
15.1%  
15.5%  
20.1%  
843.7  
55.7  
44.2  
34.0  
34.2  
22.08  
3,416.4  
ꢀ402.5  
426.2  
354.5  
353.6  
225.99  
Management Key Performance Indicators  
132.0  
17.9%  
-
678.8  
13.5%  
-
ꢀAdjusted EBITDA  
ꢀAdjusted EBITDA margin  
111.9  
598.3  
15.3%  
19.1%  
13.3%  
17.5%  
Consolidated revenue for Q4 FY2024 increased 2.1% as revenue in HR Technology and Matching & Solutions increased. Excluding the  
positive impact of exchange rate fluctuations of 7.0 billion yen, revenue increased 1.3%.  
Consolidated operating income for Q4 FY2024 increased 45.7% driven by revenue growth and lower other operating expenses, which  
benefitted from the absence of the impairment loss recorded in Q4 FY2023 in connection with the integration of offices.  
Consolidated adjusted EBITDA margin for Q4 FY2024 was 15.3% and consolidated adjusted EBITDA increased 17.9%.  
For FY2024, consolidated revenue increased 4.1%. Excluding the positive impact of exchange rate fluctuations of 100.4 billion yen, revenue  
increased 1.2%. Adjusted EBITDA margin was 19.1% and adjusted EBITDA increased 13.5%.  
The following table presents the selling, general and administrative expenses for the three months and fiscal year ended March 31, 2024 and  
2025.  
Three Months  
Fiscal Year  
Ended March 31,  
Ended March 31,  
% change  
% change  
(In billions of yen, unless otherwise stated)  
2024  
2025  
2024  
2025  
3.6  
23.6  
77.9  
188.5  
67.2  
7.9  
(57.7)%  
(18.2)%  
20.7%  
0.7%  
32.8  
26.4  
(19.5)%  
(8.6)%  
16.5%  
3.1%  
Sales commission  
8.6  
76.7  
70.1  
Promotion expenses  
Advertising expenses  
Employee benefit expenses  
Service outsourcing expenses  
Rent expenses  
28.8  
64.5  
187.2  
64.7  
6.5  
212.2  
727.5  
235.9  
29.4  
247.2  
750.1  
235.3  
31.6  
3.9%  
(0.3)%  
7.2%  
21.1%  
(11.7)%  
(12.3)%  
0.4%  
25.8  
22.0  
416.8  
112.4  
94.1  
103.8  
93.8  
(7.7)%  
(0.3)%  
2.5%  
Depreciation and amortization  
Other  
29.2  
25.1  
414.9  
1,521.3  
1,558.6  
ꢀTotal  
The following table presents the share-based payment expenses and research and development expenses for the three months and fiscal  
year ended March 31, 2024 and 2025.  
Three Months  
Fiscal Year  
Ended March 31,  
Ended March 31,  
% change  
% change  
(In billions of yen)  
Share-based payment expenses1  
2024  
15.1  
2025  
16.1  
2024  
79.3  
2025  
80.4  
6.1%  
1.3%  
8.7%  
Research and development expenses2  
Included in employee benefit expenses.  
50.0  
(9.9)%  
154.8  
168.3  
55.5  
1
2
Consisted primarily of compensation expenses for engineering and other technical employees of HR Technology responsible for the  
development of new products and enhancement of existing products using new technologies, which is accounted for as employee benefit  
expenses.  
5
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Results of Operations by Segment  
HR Technology  
The following table presents the financial results for the three months and fiscal year ended March 31, 2024 and 2025 for the HR Technology  
segment.  
Three Months  
Fiscal Year  
Ended March 31,  
Ended March 31,  
% change  
% change  
2024  
2025  
2024  
2025  
(In billions of yen, unless otherwise stated)  
Revenue  
172.8  
59.6  
181.3  
64.9  
4.9%  
8.9%  
73.9%  
11.5%  
33.3%  
-
699.4  
239.6  
72.7  
745.6  
261.9  
6.6%  
9.3%  
63.5%  
11.3%  
17.3%  
-
US  
Europe and Others1  
21.0  
36.5  
118.9  
Japan  
253.5  
73.3  
282.8  
97.7  
1,011.8  
344.3  
34.0%  
1,126.5  
404.1  
Total  
Adjusted EBITDA  
28.9%  
34.6%  
35.9%  
Adjusted EBITDA margin  
Revenue in million US dollars ($)  
1,162  
401  
1,188  
425  
2.2%  
6.1%  
4,841  
1,659  
503  
4,886  
1,716  
779  
0.9%  
3.5%  
US  
Europe and Others1  
142  
239  
68.6%  
54.8%  
5.4%  
Japan  
1,706  
1,854  
7,004  
7,382  
8.7%  
Total  
1 “Rest of World” is renamed “Europe and Others” starting Q4 FY2024.  
Revenue for Q4 FY2024 increased 11.5%. On a US dollar basis, revenue increased 8.7%.  
Even though the number of paid job ads decreased, on a US dollar basis, revenue in the US for Q4 FY2024 increased 2.2% as the Company  
made progress on initiatives to improve monetization and the rate of increase in revenue per paid job ad exceeded the rate of decrease in the  
number of paid job ads.  
On a yen basis, revenue in Japan increased 73.9%, or 68.6% on a US dollar basis, as revenue from full-time and part-time job advertising  
services, which was recorded in HR Solutions of Matching & Solutions, was transferred to Indeed Japan via Indeed PLUS.  
Adjusted EBITDA margin for Q4 FY2024 increased 5.6 percentage points to 34.6%.  
For FY2024, revenue increased 11.3% or 5.4% on a US dollar basis, adjusted EBITDA margin was 35.9%, and adjusted EBITDA increased  
17.3%.  
Matching & Solutions  
The following table presents the financial results for the three months and fiscal year ended March 31, 2024 and 2025 for the Matching &  
Solutions segment.  
Three Months  
Fiscal Year  
Ended March 31,  
Ended March 31,  
% change  
% change  
2024  
2025  
2024  
2025  
(In billions of yen)  
Revenue  
67.7  
137.8  
3.1  
(11.9)%  
7.1%  
275.3  
529.5  
11.0  
(9.7)%  
7.5%  
76.8  
128.6  
2.6  
305.0  
492.4  
10.3  
ꢀHR Solutions  
ꢀMarketing Solutions  
ꢀOthers and Eliminations  
ꢀTotal  
21.2%  
0.3%  
ꢀꢀ6.3%  
1.0%  
208.7  
27.6  
816.0  
185.9  
22.8%  
208.1  
28.4  
807.8  
163.6  
(2.6)%  
13.6%  
Adjusted EBITDA  
13.3%  
Adjusted EBITDA margin  
13.7%  
-
20.3%  
-
Revenue in Matching & Solutions for Q4 FY2024 increased 0.3%.  
Revenue in HR Solutions decreased 11.9%. Revenue in the placement service continued to grow steadily in a stable business environment.  
However, revenue in the job advertising service declined primarily due to the shift of the business to HR Technology through Indeed PLUS,  
which was largely completed by the end of the fiscal year ended March 31, 2025.  
Revenue in Marketing Solutions increased 7.1%. Revenue in the total of Beauty, Travel, and Dining combined with SaaS solutions including Air  
BusinessTools increased. Additionally, Housing & Real Estate and Others, which includes other services in Marketing Solutions, each increased.  
Adjusted EBITDA margin in Matching & Solutions for Q4 FY2024 decreased 0.4 percentage points to 13.3%. Adjusted EBITDA margin  
decreased due to aggressive marketing efforts in Q4 FY2024 to prepare for the month of April, when consumer spending tends to be more  
active.  
6
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
For FY2024, revenue increased 1.0%. Adjusted EBITDA margin was 22.8%, and adjusted EBITDA increased 13.6% year over year.  
Matching & Solutions’ strategy is to “Help Businesses Work Smarter,” including by improving clients’ productivity and business results through  
their use of the Company’s ecosystem of matching platforms and SaaS solutions centered around Air BusinessTools.  
The current priority for Air BusinessTools is to increase the number of SaaS registered accounts1. As of March 31, 2025, the number of SaaS  
registered accounts2, the number of AirPAY registered accounts and the number of accounts using both AirPAY and another Air BusinessTools  
solution (cross-use) steadily increased year over year. Revenue from Air BusinessTools is included in Marketing Solutions. The details of SaaS  
registered accounts are presented in the following table.  
(In thousand  
of accounts)  
FY2023  
FY2024  
As of  
June 30  
September 30 December 31 March 31  
June 30  
September 30 December 31 March 31  
Registered accounts2  
ꢀYoY % Change  
AirPAY  
3,350  
26.8%  
417  
3,470  
22.4%  
430  
3,600  
19.9%  
450  
3,780  
18.2%  
475  
3,920  
17.1%  
491  
4,050  
16.7%  
504  
4,180  
16.1%  
515  
4,340  
14.7%  
531  
ꢀYoY % Change  
14.2%  
11.8%  
37.4%  
31.0%  
25.4%  
20.5%  
17.7%  
17.0%  
Cross-use of AirPAY and  
309  
320  
236  
245  
258  
274  
289  
298  
other Air BusinessTools3  
ꢀYoY % Change  
19.3%  
16.7%  
25.7%  
23.6%  
22.5%  
21.9%  
22.4%  
21.7%  
1 The number of registered accounts retroactively reflects changes in counting methods due to product renewals and other factors.  
2 Cumulative number of registered accounts of paid and unpaid SaaS solutions provided by Matching & Solutions SBU in Japan.  
Registered accounts refer to the number of stores and business locations that have registered for each relevant service including both active  
and non-active accounts.  
3 Cross-use of AirPAY and other Air BusinessTools accounts that use AirPAY and at least one of the following solutions:  
AirREGI, AirRESERVE, AirWAIT, AirSHIFT, or AirREGI ORDER.  
Staffing  
The following table presents the financial results for the three months and fiscal year ended March 31, 2024 and 2025 for the Staffing segment.  
Three Months  
Fiscal Year  
Ended March 31,  
Ended March 31,  
% change  
% change  
(In billions of yen)  
Revenue  
2024  
2025  
2024  
2025  
187.9  
204.8  
392.8  
13.2  
751.6  
882.6  
199.0  
189.1  
388.1  
10.0  
5.9%  
(7.7)%  
(1.2)%  
(24.0)%  
-
805.1  
861.8  
7.1%  
(2.4)%  
2.0%  
(0.5)%  
-
ꢀJapan  
ꢀEurope, US, and Australia  
ꢀꢀTotal  
Adjusted EBITDA  
1,634.2  
97.9  
1,666.9  
97.4  
3.4%  
6.0%  
2.6%  
5.8%  
Adjusted EBITDA margin  
The following table presents the revenue by region of Europe, US and Australia for the fiscal year ended March 31, 2024 and 2025 for the  
Staffing segment.  
Fiscal Year Ended March 31,  
% change  
(In billions of yen)  
Revenue  
2024  
2025  
ꢀEurope1  
442.5  
244.0  
196.0  
882.6  
420.4  
247.1  
194.1  
861.8  
(5.0)%  
1.3%  
ꢀUS1  
Australia1  
(0.9)%  
(2.4)%  
ꢀ Total  
1 Sum of revenue from individual companies after consolidation adjustments for Europe, US, and Australia.  
Revenue for Q4 FY2024 decreased 1.2%. Excluding the negative impact of exchange rate fluctuations of 0.4 billion yen, revenue decreased  
1.1% due to a decrease in revenue in Europe, US, and Australia.  
Revenue in Japan increased 5.9% due to an increase in the number of temporary staff on assignment as demand for staffing services continued  
to grow year over year.  
Revenue in Europe, US, and Australia decreased 7.7%. Excluding the negative impact of exchange rate fluctuations of 0.4 billion yen, revenue  
for Q4 FY2024 decreased 7.5% as demand for staffing services continued to slow down against a backdrop of an uncertain economic  
environment.  
Adjusted EBITDA margin for Q4 FY2024 was 2.6% as temporary staff recruitment costs and marketing expenses to acquire business clients  
increased.  
For FY2024, revenue increased 2.0%, excluding the positive impact of exchange rate fluctuations of 40.3 billion yen, revenue for FY2024  
decreased 0.5%. Adjusted EBITDA margin was 5.8%, and adjusted EBITDA decreased 0.5%.  
7
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
The Outstanding Amount of Goodwill for each SBU as of March 31, 2025  
The following table presents the outstanding amount of goodwill for each SBU as of March 31, 2025.  
Goodwill for each SBU as of March 31, 2025  
(In billions of yen)  
ꢀHR Technology  
ꢀMatching & Solutions  
Japan  
277.1  
-
-
Overseas  
ꢀStaffing  
Japan  
-
231.0  
27.8  
186.3  
13.5  
3.1  
Europe  
US  
Australia  
ꢀTotal  
508.1  
Management Actions for the Six Months Ended March 31, 2025  
Completion of Share Repurchase Resolved at the Company’s Board of Directors on July 9, 2024  
The Company’s Board of Directors resolved on July 9, 2024 to conduct a share repurchase of its common stock and the self tender offer was  
conducted from July 10, 2024 to February 7, 2025. The total number of shares purchased and the total share repurchase amount was 64.6  
million shares and 599.9 billion yen.  
Please find the resolutions and the final status of these share repurchases on the website:  
“Status and Completion of Share Repurchases” released on February 10, 2025  
https://recruit-holdings.com/en/newsroom/20250210_0001/  
Retirement of Treasury Stock  
The Company’s Board of Directors resolved on March 12, 2025 to conduct the retirement of treasury stock. The Company retired 85.9 million  
shares on March 24, 2025, equal to the total number of treasury stock acquired from March 18, 2024 to June 25, 2024, from July 10, 2024 to  
February 7, 2025 and on March 3, 2025.  
Please find more information on the website:  
“Recruit Holdings Announces Retirement of Treasury Stock” released on March 12, 2025ꢀ  
https://recruit-holdings.com/en/newsroom/20250312_0001/  
Resolution of the Share Repurchase at the Company’s Board of Directors Meeting on February 28, 2024 and Status of Share  
Repurchases  
The Company’s Board of Directors resolved on February 28, 2025 to conduct a share repurchase of its common stock.  
The total number of shares to be repurchased was 52.0 million shares (maximum) (up to 3.51% of total number of shares issued and  
outstanding (excluding treasury stock)), and the total purchase price is 450.0 billion yen (maximum). The repurchase period is from March 3,  
2025 to December 23, 2025.  
Subsequently, the Company’s Board of Directors resolved on April 25, 2025 to expand the limit of the share repurchase to 62.0 million shares  
(maximum) (up to 4.23% of total number of shares issued and outstanding (excluding treasury stock)).  
As of April 30, 2025, 42.5 million shares have been repurchased at the total price of 340.6 billion yen on an execution date basis.  
Please find more information on the following websites:  
“Recruit Holdings Announces Share Repurchases” released on February 28, 2025  
https://recruit-holdings.com/en/newsroom/20250228_0001/  
“Recruit Holdings Announces the Determination of Matters Related to the Repurchase of Own Shares (Expansion of Repurchase Limit)”  
released on April 25, 2025  
https://recruit-holdings.com/en/newsroom/20250425_0001/  
“Status of Share Repurchases” released on May 1, 2025  
https://recruit-holdings.com/en/newsroom/20250501_0001/  
8
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Capital Resources and Liquidity  
Basic Policy  
The Company's basic policy is to obtain funds from global financial markets through debt as necessary, while maintaining appropriate credit  
ratings and strong consolidated financial position, in order to secure liquidity required for smooth operations and to invest flexibly for its  
long-term business strategy that will lead to increasing its enterprise value.  
The Company aims to maintain a sufficient level of shareholders’ equity while achieving appropriate capital efficiency, in order to respond  
flexibly to investment opportunities for future growth while at the same time enhancing its ability to address possible risks relating to its  
business operations and assets.  
Use of Capital  
The Company allocates its capital mainly to working capital, corporate taxes, mergers and acquisitions, asset acquisitions and capital  
expenditures by its SBUs as well as repayments of borrowings, payment of interest, payment of dividends, and share repurchases.  
Fundraising  
The Company’s primary source of liquidity for working capital and investments are cash flows from operating activities. However, the Company  
may consider and execute external financing when various conditions are deemed favorable, such as demand for funds, interest rate trends,  
repayment amount, redemption period of existing interest-bearing debt, amount to be raised, and financing structure.  
For short-term working capital, the Company primarily utilizes borrowings from financial institutions and/or commercial paper. For mid- to  
long-term needs, the Company will raise funds mainly through borrowings from financial institutions and/or the corporate bond market. To  
maintain flexible financing capabilities, the Company has registered a maximum 200.0 billion yen worth of corporate bonds for potentialꢀ  
issuances, the full amount of which is unused as of March 31, 2025.  
Additionally, the Company has entered into overdraft agreements with four financial institutions to secure liquidity and raise working capital funds  
efficiently. The maximum amount of borrowings under these overdraft agreements is 113.0 billion yen as of March 31, 2025, and the entire  
amount remains unused. In addition, the Company entered into a committed credit facility agreement providing for a total commitment amount of  
200.0 billion yen. The entire amount available under these credit facilities remains unused as of March 31, 2025. The Company maintains these  
overdraft agreements and credit facilities to ensure sufficient liquidity in the event of significant changes in the business environment.  
Credit Ratings  
The Company has long-term credit ratings of A from S&P Global Rating Japan, A3 from Moody’s Japan, AA from Rating and Investment  
Information, Inc. (R&I), and AA+ from Japan Credit Rating Agency, Ltd. (JCR) as of March 31, 2025. The Company has short-term credit ratings  
of a-1+ from R&I.  
Cash Management  
In order to maximize overall capital efficiency, the Company prioritizes internal lending and borrowing within the Company over external  
financing, mainly through a cash management system, when it is legally permissible and economically reasonable to do so.  
The Company maintains internal liquidity of cash and cash equivalents by consolidating the cash management operations of all currencies to the  
Holding Company and its subsidiaries, which provide internal treasury management services.  
Fund Management  
The Company does not engage in any investments for speculative purposes. Investments are limited to financial instruments that are highly  
liquid and have a low risk of principal loss, with a focus on risk diversification.  
Policy of Strategic Shareholdings  
In principle, the Company’s policy is to reduce strategic shareholdings. The decision on whether or not to hold each company’s stock is made  
based on a comprehensive assessment of the economic value of its stock, cost of capital, strategic importance, environment, social and  
governance aspects, and other factors. The Board of Directors scrutinizes these shareholdings once a year and deliberates the reduction of  
these holdings if they do not meet the above criteria.  
As of March 31, 2025, the total amount of strategic shareholdings held by the Holding Company and Recruit Co., Ltd. was 66.0 billion yen,  
which is 4.1% of the consolidated total equity. In FY2024, the Company sold 9 stocks of strategic shareholdings for a total of 25.5 billion yen.  
9
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
The Holding Company  
Unlisted Listed  
Recruit Co., Ltd.  
Unlisted  
Listed  
3
7
48,661  
8
4
3
Number of issuers  
553  
Amount on the balance sheet (millions of yen)  
Number of issuers with decreased shareholdings  
1,495  
15,347  
1
-
-
-
-
Total proceeds from sales resulting in a decrease in  
number of shares held (millions of yen)  
24,981  
612  
Analysis of Consolidated Financial Position  
As of March 31,  
2024  
As of March 31,  
2025  
Variance  
% change  
(In billions of yen)  
Assets  
1,762.7  
1,381.9  
3,144.6  
1,470.3  
1,301.8  
2,772.2  
(292.3)  
(80.0)  
(16.6)%  
(5.8)%  
Total current assets  
Total non-current assets  
(372.3)  
(11.8)%  
Total assets  
Liabilities  
802.1  
342.7  
43.3  
(34.1)  
9.1  
5.7%  
(9.1)%  
0.8%  
Total current liabilities  
Total non-current liabilities  
Total liabilities  
758.8  
376.8  
1,135.7  
1,144.8  
Equity  
2,000.9  
7.9  
1,617.5  
9.7  
(383.3)  
1.7  
(19.2)%  
22.6%  
Total equity attributable to owners of the parent  
Non-controlling interests  
Total equity  
2,008.9  
1,627.3  
(381.5)  
(19.0)%  
Total current assets as of March 31, 2025 decreased by 292.3 billion yen compared to the end of FY2024 mainly due to a decrease in cash and  
cash equivalents resulting from the share repurchases of common stock conducted during FY2024.  
The maximum amount of borrowings under overdraft agreements was 113.0 billion yen as of March 31, 2025, and the entire amount remained  
unused. In addition, committed credit facilities with a total maximum borrowing amount of 200.0 billion yen, for which the Company entered into  
an agreement on September 29, 2023, remained unused as of March 31, 2025.  
Also, the Company has registered a maximum 200.0 billion yen worth of corporate bonds for potential issuances in Japan, the full amount of  
which is unissued as of March 31, 2025.  
The following table presents cash and cash equivalents, investments for available funds on standby for business operations within other  
financial assets, interest-bearing debt and net cash.  
As of March 31,  
2024  
As of March 31,  
2025  
Variance  
(328.2)  
15.1  
% change  
(28.9)%  
(In billions of yen)  
808.6  
Cash and cash equivalents  
1,136.8  
Investments for available funds on standby for  
business operations within other financial assets  
15.1  
-
-
1.0  
(0.3)  
(27.4)%  
(27.5)%  
Interest-bearing debt (excludes lease liabilities)  
1.3  
822.7  
(312.6)  
ꢀNet cash  
1,135.4  
Analysis of Consolidated Cash Flows  
As of March 31,  
2024  
As of March 31,  
2025  
Variance  
(In billions of yen)  
535.3  
610.3  
(61.0)  
(880.4)  
2.9  
75.0  
7.7  
Net cash flows from operating activities  
(68.7)  
(334.6)  
127.5  
Net cash flows from investing activities  
Net cash flows from financing activities  
(545.8)  
(124.6)  
(587.7)  
259.4  
Effect of exchange rate changes on cash and cash equivalents  
Net increase (decrease) in cash and cash equivalents  
Cash and cash equivalents at the beginning of the period  
Cash and cash equivalents at the end of the period  
259.4  
(328.2)  
1,136.8  
808.6  
877.3  
1,136.8  
(328.2)  
Payments for the purchase of treasury stock in Q4 FY2024 and the twelve months ended March 31, 2025 amounted to 184.1 billion yen and  
824.4 billion yen, respectively.  
10  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
2. Consolidated Financial Guidance for FY2025  
In FY2025, the Company expects hiring demand to decline year over year in the US and in other regions, including Europe and Australia. In  
Japan, it is assumed that the current business environment continues and there is no rapid economic downturn.  
The foreign exchange rate assumptions for FY2025 are 145 yen per US dollar, 158 yen per Euro and 92 yen per Australian dollar.  
The total amount of share-based payment expense for HR technology in FY2025 is expected to be approximately 570 million US dollars.  
Based on these assumptions, the full-year consolidated financial guidance and outlook of each segment for FY2025 are as follows.  
As of April 1, 2025, HR Solutions of Matching & Solutions was transferred to HR Technology, and Matching & Solutions will be renamed  
Marketing Matching Technologies from FY2025.  
In the following, the full-year results for FY2024 were calculated as pro forma results assuming that the above transfer had taken place at the  
beginning of FY2024, and the consolidated guidance and outlook 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.  
Consolidated Guidance  
% change relative to  
FY2024 Actual  
FY2024 Pro Forma  
FY2025 Guidance  
FY2024  
Pro Forma  
(In billions of yen)  
3,557.4  
2,085.6  
678.8  
3,557.4  
2,085.6  
678.8  
3,520.0  
2,076.0  
697.0  
(1.1)%  
(0.5)%  
2.7%  
Revenue  
Gross Profit  
Adjusted EBITDA  
490.5  
490.5  
540.0  
10.1%  
4.8%  
Operating income  
408.5  
408.5  
428.0  
Profit attributable to owners of the parent  
Basic EPS (yen)  
271.44  
271.44  
295.00  
8.7%  
HR Technology  
% change relative to  
FY2024  
FY2024 Actual  
FY2024 Pro Forma  
FY2025 Outlook  
Pro Forma  
Revenue (in millions of US dollars)  
0.3%  
8.1%  
2.4%  
2.4%  
US  
4,886  
1,716  
779  
4,884  
1,716  
2,390  
8,991  
4,900  
1,855  
Europe and Others  
Japan  
2,448  
9,203  
Total  
7,382  
Revenue (in billions of yen)  
710.5  
(4.7)%  
2.7%  
US  
745.6  
261.9  
745.3  
261.9  
Europe and Others  
Japan  
268.9  
355.0  
(2.7)%  
(2.8)%  
118.9  
364.9  
Total  
1,126.5  
1,372.2  
1,334.4  
Adjusted EBITDA (in billions of yen)  
Adjusted EBITDA margin (%)  
1.6%  
-
404.1  
452.8  
460.0  
35.9%  
33.0%  
34.5%  
11  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Staffing  
% change relative to  
FY2024 Actual  
FY2024 Pro Forma  
FY2025 Outlook  
FY2024  
Pro Forma  
(In billions of yen)  
Revenue  
Japan  
805.1  
861.8  
805.1  
861.8  
837.0  
803.0  
4.0%  
(6.8)%  
(1.6)%  
(5.6)%  
-
Europe, US, and Australia  
Total  
1,666.9  
1,666.9  
1,640.0  
Adjusted EBITDA  
Adjusted EBITDA margin (%)  
97.4  
97.4  
92.0  
5.8%  
5.8%  
5.6%  
Marketing Matching Technologies  
% change relative to  
FY2024  
FY2024 Actual1  
FY2024 Pro Forma1  
FY2025 Outlook  
(In billions of yen)  
Revenue  
Pro Forma  
816.0  
185.9  
539.5  
137.2  
25.4%  
567.0  
156.0  
27.5%  
5.1%  
13.7%  
-
Adjusted EBITDA  
Adjusted EBITDA margin (%)  
22.8%  
1 The results for FY2024 are for Matching & Solutions, and the pro forma results for FY2024 are based on the assumption that Matching &  
Solutions included only Marketing Solutions.  
3. Basic Policy on Profit Distribution and Dividends  
The Company’s primary use of capital is to invest for its long-term business strategy in order to achieve sustainable profit growth and increase  
enterprise value. The Company believes that this approach will contribute to the common interests of shareholders. The Company also  
considers the return of capital to its shareholders in the form of dividends to be an important part of its capital allocation strategy. The Company  
strives to continuously pay stable per-share dividends considering its long-term cash needs and financial position.  
The Company may consider implementing share repurchase programs, depending on the capital market environment and the outlook of its  
financial position.  
Total annual dividend for FY2024 is 24.0 yen per share, which consists of an interim dividend of 12.0 yen per share and a year-end dividend of  
12.0 yen per share.  
The Company basically declares dividends twice a year. Matters stipulated in Article 459, Paragraph 1 of the Companies Act of Japan, including  
cash dividends, are not resolved at the Annual Meeting of Shareholders, but at Board of Directors meetings, unless otherwise provided by laws  
and regulations.  
Total annual dividend guidance for FY2025 is 25.0 yen per share, which consists of an interim dividend of 12.5 yen per share and a year-end  
dividend of 12.5 yen per share.  
Total dividend (In millions of yen)  
Dividend per share (In yen)  
Resolution date at the Board of Directors meetings  
November 11, 2024  
12.0  
12.0  
18,696  
18,330  
May 9, 2025  
12  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
4. Overview of the Company  
The Company started in 1960 as a business providing job information to students by placing job advertisements for its clients in university  
newspapers in Japan. Since then, the Company has consistently created and operated matching platform businesses connecting individual  
users and business clients.  
Currently, the Company provides individual users around the world the best possible choices and supports business clients in improving their  
operational efficiency by utilizing technology and data, all enabling simpler and faster matching.  
In the course of connecting individual users and business clients, the Company positions data security and privacy, including the protection of  
individual users’ privacy, as a material foundation for its corporate activities, and has established appropriate structures and measures to  
support that position.  
The Company operates its businesses through each of its three Strategic Business Units (“SBU”s): HR Technology, Matching & Solutions and  
Staffing. The Company has established respective SBU Headquarters in order to further reinforce global, swift decision making. This  
organizational structure enhances the management capabilities of each SBU Headquarters and enables each SBU Headquarters to execute  
its own strategy. At the same time, each SBU collaborates closely to achieve the Company’s three strategic pillars: Simplify Hiring, Help  
Businesses Work Smarter, and Prosper Together. The SBU structure also enables the Holding Company to focus on and strengthen its holding  
company functions, including strategic planning and execution as well as group governance and monitoring. Through these positive aspects of  
the SBU structure, the Company aims to increase its enterprise value.  
As of March 31, 2025, the Company had 223 subsidiaries and 8 associates.  
As of April 1, 2025, HR Solutions of Matching & Solutions SBU has been transferred to HR Technology SBU, and Matching & Solutions SBU  
will change its name to Marketing Matching Technologies SBU in FY2025. Statements below are based on the information as of March 31,  
2025 before the organization change unless otherwise stated. Brands and services of each SBU are listed based on information as of April 1,  
2025 in addition to information as of March 31, 2025.  
Business Overview by Segment  
HR Technology  
HR Technology consists of Indeed, Glassdoor, and other related businesses.  
Indeed and Glassdoor are online matching and hiring platforms where people can find jobs and learn about companies. Both Indeed and  
Glassdoor have missions that are aligned towards achieving success for job seekers - Indeed’s mission is to help people get jobs and  
Glassdoor’s mission is to make worklife better, together.  
Indeed created the job aggregation and search model and is now transforming into a global two-sided talent marketplace. In doing so, Indeed  
has become the leading job site in the world1, with over 610 million job seeker profiles2 and 3.3 million employers3 using Indeed to hire in the  
last year.  
Glassdoor has reshaped the way people search for and evaluate jobs and companies while building a community for workplace conversations,  
increasing workplace transparency for job seekers by bringing together jobs with user-generated employer reviews, conversations, salaries  
and insights. As a result, Glassdoor has become the recognized leader on insights about jobs and companies, with over 210 million user  
profiles.4  
Indeed and Glassdoor offer a suite of tools to help job seekers find and apply to available job opportunities, create profiles, post resumes,  
research company information and reviews, and schedule and conduct video and phone interviews. For employers, Indeed and Glassdoor  
offer solutions to recruit and hire qualified talent in an easier and more efficient way. Employers can post and advertise jobs, access candidate  
profiles and build their company’s employment brand across both platforms, reaching a broad and diverse job seeker audience.  
Together, Indeed and Glassdoor provide an efficient source of candidates through AI based matching, pay-for-performance and subscription  
pricing models, and a range of products for employers to source, screen, interact with, and interview candidates. As a result, Indeed and  
Glassdoor partner to create a global two-sided talent marketplace where job seekers find jobs and employers find great talent.  
In Japan, the Company has expanded the job seeker audience further through Indeed PLUS, a job distribution platform which connects a  
network of Applicant Tracking Systems (“ATS”) and job boards, including Recruit’s Rikunabi NEXT and TOWNWORK as well as other Recruit  
and third party sites.  
1
Source: comScore, Total Visits, March 2025  
Internal data, cumulative number of verified job seeker accounts on Indeed through March 31, 2025, worldwide. Job seeker accounts that  
2
have a unique, verified email address  
Internal data, based on the last 12 months of activity as of March 2025, worldwide  
Internal data, cumulative number of Glassdoor registered users for which a profile or resume is available through March 31, 2025, worldwide  
3
4
Brands  
Services  
Indeed  
Online matching and hiring platform  
Job distribution platform  
Indeed PLUS  
Glassdoor  
Online matching and hiring platform  
13  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
As of April 1, 2025  
Brands  
Services  
Indeed  
Online matching and hiring platform  
Job distribution platform  
Indeed PLUS  
Glassdoor  
Online matching and hiring platform  
Online matching platform for new graduates  
Employment placement service for professionals  
Talent sourcing service for professionals  
Rikunabi  
RECRUIT AGENT  
RECRUIT DIRECT SCOUT  
Matching & Solutions  
Matching & Solutions consists of two businesses mainly in Japan, HR Solutions and Marketing Solutions. HR Solutions helps individual users  
find jobs and helps business clients’ hiring activities across a variety of industries. Marketing Solutions offers vertical-specific matching  
platforms which connect individual users and business clients, and cloud-based Software as a Service (“SaaS”) solutions.  
Through these matching platforms and SaaS solutions, Matching & Solutions aims to create an “ecosystem” of solutions that support the  
operations of businesses in Japan to help improve their productivity and profitability.  
HR Solutions  
HR Solutions supports business clients’ recruiting and hiring activities and individual users’ job search activities through its job advertising  
services and placement services. The services include online matching platforms (including job boards of Rikunabi for new graduates,  
Rikunabi NEXT for mid-career job seekers, and TOWNWORK for part-time job seekers), and placement services including Recruit Agent  
and RECRUIT DIRECT SCOUT. All job boards in HR Solutions except for Rikunabi are linked to Indeed PLUS of HR Technology, which  
can reach up to 70% of users1 at the major job boards in Japan.  
Marketing Solutions  
Marketing Solutions consists of in the total of each of Beauty, Travel, Dining, and SaaS solutions as lifestyle, Housing & Real Estate and  
Others which includes other services in Marketing Solutions. The matching platforms for each industry include: SUUMO for Housing &  
Real Estate, Hot Pepper Beauty for Beauty, Jalan for Travel, Hot Pepper Gourmet for Dining, and Zexy for Bridal, among others. Most  
matching platforms generate revenue primarily from advertising while Travel and other services generate revenue from transactions. The  
pricing models vary according to the commercial practices and characteristics of each industry and are continuously updated to ensure  
they are optimally aligned with the operations of the Company’s business clients in order to maintain long-term relationships with its  
business clients and maximize the lifetime value (“LTV”) per client.  
Marketing Solutions provides 16 Air BusinessTools, such as AirPAY, a cloud-based payment service, AirREGI, a point of sale (POS)  
system, and AirWORK ATS, a centralized application management service as well as other SaaS solutions specialized for industries  
where Matching & Solutions operates matching platforms. The current priority is to increase the number of SaaS accounts.  
1 Values, Inc. Market Share Survey, June 2024 (Percentage of users who use Indeed, Townwork, Travail, Hatalike, From A Navi,  
Rikunabi NEXT, and Rikunabi Haken among people who use major job sites in Japan at least two days a year. The data was compiled  
using approximately 60 competing job sites, excluding recruiting and other services, and without taking into account overlap between PCs  
and smartphones)  
Brands  
Services  
Rikunabi  
Rikunabi NEXT  
Online matching platform for new graduates  
Online matching platform for mid-career job seekers  
Employment placement service for professionals  
Talent sourcing service for professionals  
HR Solutions RECRUIT AGENT  
RECRUIT DIRECT SCOUT  
TOWNWORK  
SUUMO  
Online matching platform for part-time and full-time job seekers  
Online platform and in-person consultation service for housing and real estate  
Online platform for beauty treatment  
Hot Pepper Beauty  
Jalan  
Online platform for travel in Japan  
Marketing  
Solutions  
Hot Pepper Gourmet  
Online platform for dining  
Cloud-based operational and management support solutions for business  
clients across an expanding variety of businesses  
Air BusinessTools  
14  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
As of April 1, 2025ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
Brands  
Services  
SUUMO  
Online platform and in-person consultation service for housing and real estate  
Online platform for beauty treatment  
Hot Pepper Beauty  
Jalan  
Online platform for travel in Japan  
Hot Pepper Gourmet Online platform media for dining  
Cloud-based operational and management support solutions for business clients across an  
expanding variety of businesses  
Air BusinessTools  
Staffing  
Staffing consists of two major operations: Japan and Europe, US, and Australia. Staffing offers temporary staffing and other related services  
primarily for clerical, manufacturing, light industry and various professional positions across a multitude of industries. The Company selects  
appropriate temporary staff, based on the skills needed by clients, from a large pool of workers registered with the Company, and then  
provides those temporary staff to business clients.  
Both Japan and Europe, US, and Australia operations implement the Unit Management System, which divides an organization into smaller  
units based on differences in the markets they serve. Each unit is regarded as a distinct company, and the Unit Manager is given authority to  
make decisions to maximize each unit’s profitability.  
Brands  
Services  
Recruit Staffing  
Japan  
Staffing services in Japan  
STAFF SERVICE GROUP  
Europe: Start People, Unique, USG  
Professionals, Secretary Plus, Bright Plus,  
Solvus, Certain Advantage  
Europe, US,  
and Australia  
Staffing services mainly in Europe, US, and Australia  
US: Staffmark, CSI Companies  
Australia: Chandler Macleod, Peoplebank  
Since Recruit Holdings falls under the category of Specified Listed Company under the insider trading regulations, the criteria for determining  
the insignificance of material facts relative to the size of the Company with respect to insider trading regulations are decided based on the  
figures on a consolidated basis.  
15  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Operational Chart  
FY2024  
16  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
FY2025  
17  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
5. Management Philosophy and Strategies  
Management Philosophy  
Recruit Group Management Philosophy is defined by its Basic Principle, Vision, Mission and Values as follows:  
Basic Principle  
We are focused on creating new value for our society to contribute to a brighter world where  
all individuals can live life to the fullest.  
Vision  
Follow Your Heart  
We envision a world where individuals and businesses can focus on what really matters. The  
more people are free to pursue their passions, the better our future becomes.  
Mission  
Opportunities for Life.  
Faster, Simpler and closer to you.  
Since our foundation, we have connected individuals and businesses offering both a multitude  
of choices.  
In this era of search where information has become available anytime anywhere, we need to  
focus more on proposing the optimal choice. We seek to provide “Opportunities for Life” much  
faster, surprisingly simpler and closer than ever before.  
Values  
Wow the World  
Bet on Passion  
Prioritize Social Value  
What we do isn’t a job. We enjoy exploring  
what is possible for our future. We  
question the status quo, fail well and  
overcome with resilience.  
We are a team of people fueled by curiosity.  
We respect and capitalize on each other’s  
differences. We know that one person’s  
crazy idea, when backed by data and  
research, can become the best bet.  
We, as global citizens, strive to contribute to a  
sustainable society through all of our corporate  
activities. Each one of us is committed to  
seeking out the needs of society and taking  
action for a better future.  
We are a force for change.  
The Company has aligned its management philosophy through its two-sided marketplace business model, which facilitates the best possible  
matches for the mutual benefit of both individual users and business clients.  
In recent years, the Company has improved matching efficiency, providing better matching outcomes for individual users and improving  
operational efficiencies for business clients with AI and technological advancement.  
Target Management Key Performance Indicators (KPIs)  
The Company aims to invest in new businesses, research and development, and mergers and acquisitions (M&A) in order to achieve profitable  
growth over the long-term, and maximize enterprise value as well as shareholder value. Therefore, the Company has set adjusted EBITDA as  
target management KPIs. Executive officers’ compensation is linked to the achievement level of adjusted EBITDA, to align with shareholder  
interests.  
Business Strategies  
This section is based on the information after HR Solutions of the Matching & Solutions SBU has been transferred to HR Technology SBU on  
April 1, 2025, and Matching & Solutions SBU will change its name to Marketing Matching Technologies SBU in FY2025.  
Recruit Group is committed to maximizing enterprise and shareholder value by quickly identifying needs and business opportunities in the global  
market and making swift decisions in response to the rapidly evolving business environment driven by technological advancements.  
Through HR Technology and Staffing in the global HR Matching market as well as through Marketing Matching Technologies for Japan, the  
Company aims not only to provide online advertising businesses, but also to be a solutions provider that utilizes technology to improve the  
performance and productivity of clients’ businesses.  
In an environment of significant uncertainty, the Company is committed to making a positive impact on society and the planet, which is essential  
to achieving sustainable growth. The Company aims to prosper together with all stakeholders by conducting all corporate activities with a sound  
governance foundation. Therefore, as part of the Company’s corporate strategy, the Company has set specific targets for environmental, social  
and governance matters which will be monitored by the Board of Directors. The Company will advance these initiatives through ongoing  
dialogue with its stakeholders.  
18  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
The Company's business strategies are as follows:  
Simplify Hiring - Make it easier and faster for people to get jobs  
The HR Matching market includes job advertising & talent sourcing tools, direct hire, retained search, internal recruitment automation, and  
temporary staffing. The Company is committed to making it easier and faster for people to get jobs, while reducing the cost and time to hire for  
employers across the HR Matching market.  
To achieve the goal of Simplify Hiring, the Company believes it is essential to further strengthen the collaboration between all HR related  
businesses across Recruit Group and operate them in a unified manner, while targeting the entire HR Matching market. Through Indeed PLUS  
and continuing with the placement business, which was previously included in HR Solutions in Matching & Solutions and transferred to HR  
Technology on April 1, 2025, the Company believes that operating these businesses as one will improve hiring efficiency and accelerate our  
ability to effectively address the global HR Matching market.  
The Recruit Group is dedicated to automating many of the steps in the hiring process and to enhancing the quality and speed of matching in all  
HR Matching markets it operates in. The Company aims to leverage the vast amount of data available in each service combined with AI and  
machine learning technology to simplify the hiring process and deliver greater value to job seekers and employers. The Company’s long term  
vision is to more quickly, effectively and fairly connect job seekers and employers at the push of a button1.  
At the center of this strategy, HR Technology SBU operates a global two-sided talent marketplace that includes the world’s leading online  
matching and hiring platforms2, Indeed and Glassdoor, and the job distribution platform Indeed PLUS. Every day, millions of job seekers connect  
with millions of employers of all sizes, from small businesses to large enterprises and staffing agencies, directly on Indeed, Indeed PLUS and  
Glassdoor.  
Job seekers can access more than 24 million jobs3 that have been aggregated from public sources, posted via integrations with ATS or posted  
directly by employers to HR Technology's online matching and hiring platforms and can access billions of company ratings, company reviews  
and salaries4 to help them make informed job and career decisions. Job seekers are provided with a suite of tools and resources that make  
getting a job simple, fast and more human, including job search and recommendations, profile creation and resume posting, career advice and  
workplace community conversations, and scheduling and conducting video and phone interviews.  
For employers, HR Technology’s online matching and hiring platforms offer AI based solutions to recruit and hire qualified talent in a simpler,  
faster and more human way. Employers can post and advertise jobs and build their company's employment brand across both platforms,  
reaching a broad and diverse job seeker audience. Indeed and Glassdoor offer a range of products for employers to source, screen, interact  
with, and interview candidates and together they provide an efficient source of candidates through pay-for-performance and subscription pricing  
models.  
The scale of the two-sided talent marketplace created by Indeed and Glassdoor is evidenced by the 3.3 million employers5 that use Indeed each  
year to hire, the over 610 million verified job seeker profiles6 created on Indeed and over 210 million user profiles7 created on Glassdoor.  
Improving the matching process between job seekers and employers is vital to enhance the efficiency and effectiveness of the two-sided talent  
marketplace. This involves continuously refining the accuracy and timeliness of the information the Company uses including through the use of  
generative AI tools, in conjunction with predictive AI and machine learning technology, to provide the most suitable job recommendations and  
the most qualified candidate pool available. Additionally, an essential element of this effort is to increase engagement with job seekers in the  
Company’s talent marketplace, including through more tailored agentic AI experiences.  
By logging in and creating a profile, job seekers provide the Company with a better understanding of their skills and preferences, enabling it to  
offer more personalized job recommendations that are highly relevant to them. This not only provides a superior user experience but also helps  
job seekers find suitable opportunities more efficiently.  
Furthermore, the Company also believes that it is crucial to understand the factors that drive successful and unsuccessful outcomes for job  
seekers and employers. The Company’s talent marketplace facilitates interactions between job seekers and employers, such as messaging,  
calls, application submissions, interview requests and RSVPs, offers, and more. Additionally, by expanding integrations with ATSs, the Company  
aims to improve matching by bringing outcome data from external ATSs into the Indeed platform. By tracking these interactions in the  
Company’s marketplace throughout the hiring process, it gains valuable insights into why job seekers and employers progress from one step to  
the next.  
The Company considers the measured average number of hires per minute8 to be a Key Performance Indicator (KPI) that demonstrates its  
success in simplifying the hiring process. The Company believes this KPI indicates a successful engagement between job seekers and  
employers, which represents improvements in matching and automation, as well as improvements in employer engagement that help the  
Company measure more hires. In calendar 2024, based on internal measurement, an average of 27 job seekers were hired on Indeed and  
Glassdoor every minute.  
The Company believes that by fully utilizing the Recruit Group's business client relationships, offline and online data, combined with machine  
learning and other AI technologies, the Recruit Group’s matching engine can be improved significantly, helping to simplify the process for job  
seekers and make recruiting more efficient across all of Recruit’s HR related businesses.  
As an example, Indeed PLUS, a job distribution platform available throughout Japan, efficiently matches job seekers and employers by  
combining the power of the Company’s online matching and hiring platforms with the data and insights of its various Japan-based job boards  
like TOWNWORK and Rikunabi NEXT. All of the job boards in Japan, with the exception of Rikunabi, are now linked to Indeed PLUS, allowing  
job seekers to choose from a wider range of jobs, and employers to expect to hire the most suitable talent more quickly and efficiently, from a  
larger pool of candidates.  
19  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Additionally, RECRUIT AGENT and RECRUIT DIRECT SCOUT, the placement services, which are part of the HR Technology SBU as of April 1,  
2025, utilize the Recruit Group’s matching engine to streamline processes like screening resumes, a previously manual process. By combining  
Indeed’s technology, data and scale with more than 60 years of HR matching expertise in the Japanese market, the Company aims to  
accelerate its Simplify Hiring strategy in Japan.  
The Staffing SBU is focused on leveraging the technology developed within the Recruit Group, such as its unparalleled matching engine, to  
provide superior experiences for both business clients and temporary workers by applying data and automation to the traditional temporary  
staffing business. The Company aims to improve the speed and quality of matching, and increase retention of temporary workers and automate  
manual processes with the ultimate goal of becoming the leading, most innovative platform in the temporary staffing market.  
In 2024, the Company believes the size of the HR Matching market was roughly 310 billion US dollars9, flat compared to the Company’s  
restated estimate10 for 2023. While the estimated size of the Job Advertising and Talent Sourcing, Direct Hire and Temporary Staffing markets  
each contracted slightly, this was offset by an increase in the estimated size of the Internal Recruitment Automation market, driven by an  
increase in the assumed percent of historical spending on internal talent acquisition resources that could be reasonably captured by current  
technology. The size of the total, and each, addressable market has been updated as of May 9, 2025. Please reference the footnotes for details  
of the changes.  
The Direct Hire and Retained Search markets, as well as the internal recruitment processes that underlie the Internal Recruitment Automation  
market have historically been characterized as business processes and methods that are highly dependent on manual processes in order to  
source and screen candidates, schedule interviews, and dispose of candidates. The Company is currently aiming to develop highly efficient  
solutions for recruiters, hiring managers, and business owners at lower prices compared to the industry average, using data and automation to  
make getting a job and hiring an employee simpler and faster. As a result, the Company aims to further grow the number of employers it serves  
and increase the share of employers’ recruiting budgets that it can capture.  
HR Matching addressable markets (estimated)  
2023  
as of May 15, 2024  
2023  
as of May 9, 2025  
2024  
(in billions of US dollars)  
Job Advertising and Talent Sourcing 11, 12, 13  
Direct Hire 14, 15, 16  
31  
58  
34  
74  
33  
72  
Retained Search 14, 15, 16  
37  
24  
24  
Temporary Staffing 17, 18, 19  
116  
60  
118  
60  
111  
70  
Internal Recruitment Automation 20, 21  
22  
Total Addressable Market (“TAM”)  
302  
310  
310  
Job Advertising and Talent Sourcing: The global job advertising and talent sourcing market is estimated by Staffing Industry Analysts (“SIA”)  
to have been roughly 33 billion US dollars13 in terms of annual revenue in 2024.  
Direct Hire: The direct hire market, where companies are paid fees for placing permanent workers at employers, is estimated by the Company  
to have been roughly 72 billion US dollars16 in terms of annual revenue globally in 2024 and has historically been dominated by traditional  
relationship-based business models.  
Retained Search: The retained search market, where companies are paid to search for employees to fill specific roles, commonly executive  
roles, is estimated by the Company to have been roughly 24 billion US dollars16 in terms of annual revenue globally in 2024 and is similarly  
dominated by traditional relationship-based models.  
Temporary Staffing: The temporary staffing market, where companies are paid to find and employ, or facilitate employment of, workers for a  
temporary period, is estimated by the Company to have been roughly 536 billion US dollars19 in annual revenue globally in 2024. The total gross  
profit for all staffing companies, which is calculated by subtracting the amount of salary for temporary staff and related costs from the total  
revenue, is estimated by the Company to have been roughly 100 billion US dollars19 in 2024. Additionally, the Company’s definition of this  
market includes the estimated annual revenue globally in 2024 for each of the Talent Platforms23, Staffing Platforms24 and Vendor/Freelancer  
Management Systems (“VMS/FMS”)25 markets, and an estimated annual spending by employers on Managed Service Provider (“MSP”)26 and  
Recruitment Process Outsourcing (“RPO”)27 services that can be reasonably automated and monetized by third parties (including an estimated  
reduction from historical spending due to cost savings achieved through automation). Given the related nature of these markets and the  
frequency with which service providers offer some or all of these services, the Company believes that it is appropriate to combine these markets  
as part of the temporary staffing market. Including these markets, the Company estimates that the temporary staffing market was roughly 111  
billion19 US dollars globally in 2024.  
Internal Recruitment Automation: The potential internal recruitment automation market, which the Company has begun to address, is  
estimated by the Company to have been roughly 70 billion US dollars21 in 2024. The size of this market is estimated based on the historical  
estimated spending by employers on internal talent acquisition resources, and then estimating how much of this spending can be reasonably  
automated and monetized by third parties (including an estimated reduction from historical spending due to cost savings achieved through  
automation). Additionally, in order to comprehensively capture the automation tools that are currently used by employers in the recruitment  
process, the Company’s definition of this market includes the estimated annual revenue globally in 2024 for ATS28 and an estimated annual  
internal spending by employees on Background Checks29 that can be reasonably automated and monetized by third parties.  
_______________________  
1
The Company is aware there may be legal restrictions in this area and so will endeavor that the Company's work meets those  
requirements.  
Source: comScore, Total Visits, March 2025  
Internal data, based on the last 12 months daily average number of jobs searchable on Indeed as of December 2024, worldwide  
2
3
20  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
4
Internal data, cumulative number of company ratings, company reviews and salaries submitted on Indeed (approximately 4.5 billion),  
worldwide, as of March 31, 2025  
Internal data, based on the last 12 months of activity as of March 2025, worldwide  
Internal data, cumulative number of verified job seeker accounts on Indeed through March 31, 2025, worldwide. Job seeker accounts that  
have a unique, verified email address.  
Internal data, cumulative number of Glassdoor registered users for which a profile or resume is available through March 31, 2025,  
worldwide.  
5
6
7
8
Internal data, hires per minute is a calculation of hired signals per year on Indeed and Glassdoor, divided by minutes per year. A hired  
signal refers to the event when a specific job seeker is hired for a specific job on a specific date. Hired signals are counted either when an  
employer or job seeker explicitly communicates a hire occurred (e.g., via survey or web form) or when there is other clear evidence from  
Indeed and Glassdoor data that a hire occurred (e.g., from a resume or an Indeed message) and may not represent all hires facilitated by  
Indeed and Glassdoor.  
9
Sum of the estimated size of addressable markets for the job advertising & talent sourcing tools market, the direct hire market and the  
retained search market in terms of annual revenue, the estimated size of the addressable market for the internal recruitment automation  
market in terms of the amount of current expenses of employers for internal talent acquisition resources that could be reasonably  
automated and monetized plus the estimated size of the addressable market for the ATS market and the Background Checks market, and  
the addressable markets for the temporary staffing market in terms of annual gross profit plus the estimated size of the addressable  
markets for the Talent Platforms, Staffing Platforms, VMS/FMS, MSP, and RPO markets, in each case based on the Company’s estimates  
and third party market data as described in the notes below.  
10  
The estimated size of the HR Matching market in 2023 has been restated from the Company’s initial estimate in the Q4 FY2023 Earnings  
Release as of May 15, 2024 based on a revision to the methodology used to estimate the job advertising & talent sourcing tools market and  
information that became available after the publication of such initial estimate pertaining to each market listed in the notes below. As  
described in detail in the notes below the Company’s initial estimate in the Q4 FY2023 Earnings Release as of May 15, 2024 for the job  
advertising & talent sourcing tools market relied on the Company’s estimates using third party reports, internal research and other sources.  
The updated estimate relies solely on the SIA report Online Job Advertising Market: 2024 Update. The methodologies changed in that the  
share of the Global Staffing Revenue that is attributed to Placement & Search is changed from the 2023 (as May 15, 2024) and 2023  
(restated) and calculated on a regional (Americas, EMEA, APAC) basis rather than applying a single global share percentage. Additionally,  
as referenced in detail in the notes below, SIA estimated relative composition of the Place & Search market for 2023 between Direct Hire  
and Retained Search changed significantly from the publication of Global Staffing Market Estimates and Forecast: November 2023 Update  
and the publication of Global Staffing Market Estimates & Forecasts November 2024.  
11  
Source for 2023 (as of May 15, 2024): Estimated size of the global online Job Advertising and Talent Sourcing Tools Market calculated by  
adding together the revenue of HR Technology in the relevant year, the Company’s estimates for revenue of competing job advertising  
boards in the Company’s target operating markets in the relevant year based on third party reports and internal research, and the  
Company’s estimates for annual revenue of the talent solutions business of LinkedIn in the Company’s target operating markets in the  
relevant year based on publicly available information, sell side analyst models, and internal research and in addition the estimated size of  
the global offline job advertising market derived based on the proportion of online to offline spending (excluding TV, cinema and radio  
advertising) in the overall advertising market in the relevant year based on third party reports and the estimated size of global online job  
advertising and talent sourcing tools market. The numbers in this chart are the sum of the global offline job advertising market and global  
online job advertising and talent sourcing tools market  
Source for 2023 (restated): SIA, Online Job Advertising Market: 2024 Update. The Company has determined that, given the small,  
declining size of the global offline job advertising market, it is no longer useful to disclose the size of the global offline job advertising  
market.  
Source for 2024: SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable Market for Recruitment Automation (custom  
research commissioned by Indeed): January 2025 Update. The Company has determined that, given the small, declining size of the global  
offline job advertising market, it is no longer useful to disclose the size of the global offline job advertising market.  
12  
13  
14  
Source for 2023 (as of May 15, 2024): SIA, Global Staffing Market Estimates and Forecast: November 2023 Update. Placement & Search  
Market is derived by applying 15%, which was Placement & Search’s share of 2023 Global Staffing Revenue to 640 billion US dollars,  
which was estimated 2023 Global Staffing Revenue, derived by applying the estimated 2023 -2% growth rate to the estimated 2022 market  
of 654 billion US dollars (estimate updated following the May 15th 2023 Earnings Release). Direct Hire Market is defined as a segment of  
Placement & Search Market, which in turn is a segment of Global Staffing Industry Market. Direct Hire Market segment was derived by  
applying SIA’s Global Staffing Industry Market figure to country-by-country ratios of the relative proportion attributable to this segment within  
the total market based on proprietary third party market data. Retained Search Market is defined as the portion of Placement & Search  
Market not attributable to the Direct Hire Market and derived as the difference between these two segments.  
15  
Source for 2023 (restated): SIA, Global Staffing Market Estimates & Forecasts November 2024. Direct Hire Market is defined as a segment  
of Placement & Search Market, estimated by SIA to be 98 billion US dollars, which in turn is a segment of Global Staffing Industry Market.  
The Direct Hire Market segment was derived by applying SIA’s Global Staffing Industry Market figure to country-by-country ratios of the  
relative proportion attributable to this segment within the total market based on proprietary third party market data. Retained Search Market  
is defined as the portion of Placement & Search Market not attributable to the Direct Hire Market and derived as the difference between  
these two segments. Updates to the ratios used to attribute the Placement & Search Market between Direct Hire and Retained Search are  
the primary driver of the change in each of Direct Hire Market and Retained Search Market between the 2023 estimates as of May 15,  
2024 and the 2023 updated estimates.  
16  
Source for 2024: SIA, Global Staffing Market Estimates & Forecasts November 2024. Placement & Search market is derived by applying  
15.2%, which was Placement & Search’s share of 2023 Global Staffing Revenue, to the sum product (a) of -9% growth rate from SIA,  
America’s Staffing Market Forecast November 2024 applied to 229 billion US dollars, which was America’s Total Staffing market in 2023,  
(b) of -2% growth rate applied to 263 billion US dollars, which was EMEA Total Staffing market in 2023, and (c) of 7% growth rate applied to  
159 billion US dollars, which was APAC Total Staffing market in 2023, all from SIA, Global Staffing Market Estimates & Forecasts  
November 2024. Direct Hire market is defined as a segment of Placement & Search market, which in turn is a segment of Global Staffing  
Industry Market. Direct Hire Market segment was derived by applying SIA’s Global Staffing Industry Market figure to country-by-country  
ratios of the relative proportion attributable to this segment within the total market based on proprietary third party market data. Retained  
Search Market is defined as the portion of Placement & Search Market not attributable to the Direct Hire Market and derived as the  
difference between these two segments.  
17  
Source for 2023 (as of May 15, 2024): derived by applying a gross profit margin of 19.30%, which was calculated based on the weighted  
21  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
average of the top 3 publicly traded global staffing companies in terms of revenue in 2023, to 544 billion US dollars, which was the revenue  
of the temporary staffing market in 2023 from SIA, Global Staffing Market Estimates and Forecast: November 2023 Update by applying the  
estimated -2% growth rate to the updated estimated 2022 market of 555 billion US dollars.  
Source for 2023 (restated): derived by applying a gross profit margin of 19.30%, which was calculated based on the weighted average of  
the top 3 publicly traded global staffing companies in terms of revenue in 2023, to 551 billion US dollars, which was the restated revenue of  
the temporary staffing market in 2023 from SIA Global Staffing Market Estimates & Forecasts November 2024.  
18  
19  
Source for 2024: derived by applying a gross profit margin of 18.72%, which was calculated based on the weighted average of the top 3  
publicly traded global staffing companies in terms of revenue in 2024, to 536 billion US dollars, which was the estimated revenue of the  
temporary staffing market in 2024. 536 billion US dollars is a sum product (a) of -9% growth rate of the Total Staffing market from SIA,  
America’s Staffing Market Forecast November 2024 applied to 206 billion US dollars, which was America's Temporary Staffing market in  
2023, (b) of -2% growth rate of the Total Staffing market applied to 225 billion US dollars, which was EMEA Temporary Staffing market in  
2023, and (c) of 7% growth rate of the Total Staffing market applied to 120 billion US dollars, which was APAC Temporary Staffing market in  
2023, all from SIA, Global Staffing Market Estimates & Forecasts November 2024.  
20  
Source for 2023 (as of May 15, 2024) and 2023 (restated): SIA, The Evolution of Recruiting: 2024 Update to Estimating the Addressable  
Market for Recruitment Automation (custom research commissioned by Indeed): January 2024 Update. SIA’s estimates are based on the  
assumption that 41% of historical spending on internal talent acquisition resources could be reasonably captured by current technology and  
that technology would result in 37% cost savings from historical spending. In the report, SIA notes given the challenges in making global  
estimates with incomplete information, and in estimating potential automation and savings, SIA advises readers to think of the estimated  
market size as a midpoint in a range with a 20% spread. This market estimate includes the addition of the ATS market and the Background  
Checks market.  
21  
Source for 2024: SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable Market for Recruitment Automation (custom  
research commissioned by Indeed): January 2025 Update. SIA’s estimates are based on the assumption that 46% of historical spending on  
internal talent acquisition resources could be reasonably captured by current technology and that technology would result in 37% cost  
savings from historical spending. In the report, SIA notes given the challenges in making global estimates with incomplete information, and  
in estimating potential automation and savings, SIA advises readers to think of the estimated market size as a midpoint in a range with a  
20% spread. This market estimate includes the addition of the ATS market and the Background Checks market.  
As described above, the estimates of the Job Advertising & Talent Sourcing tools market, the Direct Hire market, the Retained Search  
market, the Internal Recruitment Automation market and the Temporary Staffing market are based on internal estimates and independent  
market research in addition to third party market data. Accordingly, the estimates described above may differ materially from the actual size  
of such markets.  
22  
23  
The Talent Platforms market, where companies manage marketplaces that facilitate direct contingent work arrangements that enable a  
legal relationship between companies and workers, is estimated by the Company to have been roughly 2 billion US dollars in 2023 and  
2024 in terms of annual revenue globally based on SIA, The Evolution of Recruiting: 2024 Update to Estimating the Addressable Market for  
Recruitment Automation (custom research commissioned by Indeed): January 2024 Update and SIA, The Evolution of Recruiting: 2025  
Update to Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2025  
Update, respectively.  
The Staffing Platforms market, where companies manage marketplaces that facilitate automated match of candidates with relevant  
temporary assignments, is estimated by the Company to have been roughly 4 billion US dollars in 2023 and 3 billion US dollars in 2024 in  
terms of annual revenue globally based on SIA, The Evolution of Recruiting: 2024 Update to Estimating the Addressable Market for  
Recruitment Automation (custom research commissioned by Indeed): January 2024 Update and SIA, The Evolution of Recruiting: 2025  
Update to Estimating the Addressable Market for Recruitment Automation (customer research commissioned by Indeed): January 2025  
Update, respectively.  
The Vendor/Freelancer Management Systems (“VMS/FMS”) market, where companies provide technology used to manage a company’s  
contingent workforce program, is estimated by the Company to have been roughly 3 billion US dollars in 2023 and 2024 in terms of annual  
revenue globally based on SIA, The Evolution of Recruiting: 2024 Update to Estimating the Addressable Market for Recruitment  
Automation (custom research commissioned by Indeed): January 2024 Update and SIA, The Evolution of Recruiting: 2025 Update to  
Estimating the Addressable Market for Recruitment Automation (customer research commissioned by Indeed): January 2025 Update,  
respectively.  
The Managed Service Provider (“MSP”) market, where companies provide services associated with management of all or part of a client’s  
contingent workforce program through the use of automation, is estimated by the Company to have been roughly 1 billion US dollars in  
2023 and 2024 in terms of annual spending by employers that can be reasonably automated and monetized by third parties based on SIA,  
The Evolution of Recruiting: 2024 Update to Estimating the Addressable Market for Recruitment Automation (custom research  
commissioned by Indeed): January 2024 Update and SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable Market  
for Recruitment Automation (customer research commissioned by Indeed): January 2025 Update, respectively.  
The automated Recruitment Process Outsourcing (“RPO”) market, where companies perform the partial or full internal recruitment function  
for a third party, from sourcing to onboarding through the use of automation, is estimated by the Company to have been roughly 3 billion US  
dollars in 2023 and 2024 in terms of annual spending by employers that can be reasonably automated and monetized by third parties  
based on SIA, The Evolution of Recruiting: 2024 Update to Estimating the Addressable Market for Recruitment Automation (custom  
research commissioned by Indeed): January 2024 Update and SIA, The Evolution of Recruiting: 2025 Update to Estimating the  
Addressable Market for Recruitment Automation (customer research commissioned by Indeed): January 2025 Update, respectively.  
ATS market, where companies provide software and other tools to facilitate the tracking of applicants through different stages of the  
recruitment process, is estimated by the Company to have been roughly 2 billion US dollars in terms of annual revenue globally in 2023  
and 3 billion US dollars in 2024 based on SIA, The Evolution of Recruiting: 2024 Update to Estimating the Addressable Market for  
Recruitment Automation (custom research commissioned by Indeed): January 2024 Update and SIA, The Evolution of Recruiting: 2025  
Update to Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2025  
Update, respectively.  
24  
25  
26  
27  
28  
29  
The Background Checks market, where companies use digitized methods to verify and vet applicants’ background and credentials, is  
estimated by the Company to have been roughly 1 billion US dollars in terms of annual internal spending by employers that can be  
reasonably automated and monetized by third parties in 2023 and 2024 based on SIA, The Evolution of Recruiting: 2024 Update to  
Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2024 Update and  
SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable Market for Recruitment Automation (custom research  
commissioned by Indeed): January 2025 Update, respectively.  
22  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Help Businesses Work Smarter - Improve performance and productivity for business clients in Japan  
Help Businesses Work Smarter aims to contribute to improving productivity and profitability of the Company’s business clients in Japan, mainly  
led by the Marketing Matching Technologies SBU, which provides vertical-specific matching platforms and associated vertical-specific business  
support SaaS solutions, as well as business support SaaS solutions called Air BusinessTools, which work across all verticals.  
The Help Businesses Work Smarter strategy will be achieved by consolidating business clients’ operations within a single ecosystem, consisting  
of vertical matching platforms and SaaS solutions.  
In building this ecosystem, the Company has established key performance indicators (KPIs) including "the number of actions by individual  
users1,” "the number of registered SaaS accounts2,” and "the gross payment volume, GPV3."  
The number of actions by individual users4 in FY2024 was approximately 540 million, an increase of 12.3% year over year. Actions by individual  
users includes the number of online reservations made on the Company’s salon, restaurant, and lodging matching platforms.  
An increase in the number of actions in Marketing Matching Technologies may translate into revenue growth for business clients. By utilizing  
action data and matching technology, the Company aims to improve the convenience of its matching platforms and increase the number of  
actions across the entire Matching & Solutions SBU.  
As of March 31, 2025 the number of registered SaaS accounts was approximately 4.34 million, an increase of 14.7% year over year. The  
availability of Air BusinessTools that are not restricted to any specific field, especially AirPAY, a cashless payment service, was a primary driver  
of the increase in the number of accounts. AirPAY extends the Company’s services to new businesses outside its existing verticals, such as  
retailers. In addition, the number of new business clients who use AirWORK ATS, a recruitment management system increased.  
The Company estimates that roughly 4.38 million5 business locations and stores in Japan are potential users of Air BusinessTools. Assuming  
each business location uses multiple SaaS solutions, the Company believes there is still significant opportunity to expand. An increase in the  
number of registered accounts represents the expansion of its customer base. The Company expects the customer base of Air BusinessTools to  
continue to expand as business clients replace existing manual processes with SaaS solutions.  
For FY2024, GPV reached approximately 2.4 trillion yen, an increase of 26.8% year over year. Apart from the increase in the number of AirPAY  
registered accounts, the growth in payment volumes is also due to the online payment service offered through AirPAY. The online payment  
service is now available for both Hot Pepper Beauty and Hot Pepper Gourmet, following its introduction on Jalan net. This service enables  
individual users to make online payments for their salon bookings and restaurant reservations, which enhances payment convenience for  
individual users, reduces lost revenue opportunities for business clients, and increases the amount of payment transaction volume flowing  
through the Company’s ecosystem.  
GPV is important for the future expansion of fintech services, which, the Company believes will become a new potential source of revenue in the  
long term. An example of a fintech service is AirCASH, a service allowing business clients to receive cash in advance based on their future  
revenue.  
By integrating vertical-specific matching platforms with Air BusinessTools SaaS solutions, the Company creates opportunities to engage with  
business clients across many business operation services. Additionally, incorporating HR matching services into the Company’s offering will  
complete all business operations within its ecosystem, increasing the recurring use of its various products for business clients and ultimately  
resulting in greater lifetime value of both individual users and business clients.  
_______________________  
1
The total of the number of applications on Rikunabi NEXT, TOWNWORK, and RECRUIT AGENT, the number of individual users who were  
referred to the Company’s business clients at SUUMO Counter, the number of online reservation on Hot Pepper Beauty, the number of hotel  
bookings on Jalan, the number of seats reserved on Hot Pepper Gourmet, and the number of payments through AirPAY during the period  
from April 1, 2024 to March 31, 2025.  
2
Cumulative number of registered accounts of paid and unpaid SaaS solutions provided by Matching & Solutions SBU in Japan as of March 31,  
2025. Registered accounts refer to the number of stores and business locations that have registered for each relevant service including both  
active and non-active accounts.  
Total gross payment volume of offline payments through AirPAY terminals, including QR code payments through AirPAY QR, and online  
3
payments through AirPAY ONLINE (Since the revenue generated from the payment processing fee the Company collects is based on a very  
small percentage of total gross payment volume, changes in total gross payment volume are not necessarily proportional to changes in its  
total revenue).  
The number of individual users retroactively reflects changes in counting methods due to product renewals and other factors.  
The Company estimated the number of business locations and stores that can be potential users of SaaS solutions provided by Matching &  
4
5
Solutions SBU as of March 31, 2025 in Japan by identifying the total number of business locations and stores of small and medium-sized  
enterprises in Japan (using the definition used by Small and Medium Enterprise Agency) based on the 2021 Economic Census for Business  
Activity conducted by the Ministry of Internal Affairs and Communications and the Ministry of Economy, Trade and Industry. Considering the  
solutions (including AirWORK ATS) provided by Matching & Solutions SBU in Japan as of March 31, 2025, the Company now believes it is  
possible to provide its SaaS solutions to all business locations and stores of small and medium-sized businesses regardless of the industry.  
Accordingly, the Company decided to count all such business locations and stores as potential users of its SaaS solutions. Matching &  
Solutions SBU continues to target potential users among small and medium-sized businesses as defined by Small and Medium Enterprise  
Agency based on the current major target for potential users of SaaS solutions.  
23  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Prosper Together - Seek sustainable growth shared by all stakeholders  
The Company believes that it can make a positive impact on society through its corporate activities. In doing so, the Company can prosper  
alongside its stakeholders and take a vital step toward achieving long-term, sustainable growth. As the Company announced in May 2021,  
environmental, social, and governance goals have become one of the strategic pillars of its corporate strategy. The progress the Company has  
made toward these goals is outlined below.  
Environmental  
The Company anticipates achieving its short-term goal of reaching carbon neutrality throughout its business activities in FY20241, as it did in the  
past three fiscal years2,3. The Company’s long-term goal is to achieve carbon neutrality across its entire value chain by FY20302. In order to  
accelerate its efforts toward this FY2030 goal, the Company set a greenhouse gas (GHG) absolute reduction target4 based on its SBTi  
Near-Term Target. The Company is on track to surpass its GHG reduction target across all emissions categories, Scopes 1, 2, and 32,3 in  
FY2024. One particular focus was to accelerate the reduction of Scope 3 emissions, which account for more than 95%5 of the Company’s GHG  
emissions. To achieve this, the Company continues working with the partners in its value chain to refine the measurement of GHG emissions  
and to identify reduction measures.  
In recognition of the Company’s environmental actions, for the second consecutive year, the Company was selected as an “A” list company in  
2024 for its leadership in performance on climate change and corporate disclosure transparency by the international nonprofit organization  
CDP6.  
Social  
As a leader in the global HR Matching Market, the Company has set two key goals by FY2030 to drive meaningful social impact, centered  
around its core business area: work. Work is an indispensable foundation for people's lives, and therefore, the Company is dedicated to opening  
up access to employment opportunities for all and reducing the time to get hired.  
In order to achieve the first goal of reducing the time it takes to get hired by half by FY2030, the Company introduced the employer Time to Hire  
(TTH) metric in May 2024, and continues to deepen its understanding of factors that influence it. The Company has enhanced its TTH  
measurement methodology to improve accuracy and actionability—enabling the identification of targeted strategies to reduce TTH at every  
stage of the employer hiring journey. Based on this improved methodology, which looks at paid and free job listings on Indeed, the average TTH  
was 42 days as of January 2025, up slightly from 41 days7 in December 2023.  
The increase in TTH is presumed to be at least partially attributable to United States macroeconomic conditions. Initial findings suggest that the  
U.S. labor force participation rate8 and TTH are correlated. When the labor force participation rate increases, TTH increases. Additionally, the  
U.S. quits rate9 and TTH are inversely correlated. When the quits rate decreases, TTH increases. The Company observed a pronounced decline  
in the U.S. quits rate in 2024, while labor force participation has been gradually increasing post-pandemic.  
However, the Company’s research consistently shows that when employers used Indeed’s paid solutions, TTH decreased significantly. Indeed’s  
AI-powered features played a key role in accelerating hiring and improving outcomes—even amid a challenging macroeconomic environment.  
In a global analysis conducted from January 2024 to January 2025, Sponsored Jobs on Indeed saw a 22% faster TTH compared to those that  
were not sponsored. More recently, product innovations have contributed to improved hiring speeds. For example, testing of hosted Premium  
Sponsored Jobs in the U.S. has achieved a 58% faster TTH compared to free hosted job listings10.  
The Company aims to continue to advance TTH by introducing innovative AI solutions, streamlining the hiring process, and increasing  
automation—making hiring simpler and faster for clients, while supporting sustainable business growth of the Company.  
At the same time, traditional hiring practices unintentionally create barriers to employment that cannot be solved by speed and matching  
improvements alone. In response, the Company set a second goal of helping 30 million job seekers facing barriers get hired by FY2030. To  
achieve this, the Company has been working to break down six common barriers that affect job seekers globally, including education and  
disabilities.  
Education should not be a limiting factor to employment. However, according to one survey, employers have rejected candidates because they  
did not have a post-secondary education, even when the candidate had sufficient skills and experience11. In order to overcome this barrier, the  
Company is working to promote adoption of Skills-First Hiring12–an approach that evaluates candidates based on the skills they have gained  
through training, professional history and other past experience. On Indeed, the Company uses skill information for matching and  
recommending candidates to employer job postings based on their skills. Through skills-first hiring, job seekers can represent their full skills and  
capacities, and employers can source and evaluate candidates based on the specific skills required for the job. In the future, the Company plans  
to expand Skills-First Hiring and leverage AI to enable the Company to offer job seekers personalized career advice, coach them to prepare for  
interviews, and advocate on their behalf to employers.  
Through these efforts, the Company successfully helped a total of approximately 11.8 million job seekers facing barriers get hired13 in FY2024.  
The Company remains committed to reducing barriers in the job market by promoting inclusive and Skills-First Hiring practices.  
Since its founding, the Company has valued the individuality of each employee. Betting on the passion and ideas of employees has long been  
the Company’s competitive advantage—which has led to the creation of new businesses and services across the Group. In line with its goal to  
achieve gender parity in senior executive positions, managerial positions, and total employees by FY203014, the Company is working to expand  
the pool of management candidates, for example, by providing employees opportunities to expand their capacity and skills.  
Recruit Co., Ltd, which primarily operates in Japan where the gender gap is notably wide, expanded its managerial candidates through a new  
coaching-based human capital development program and the clarification of the requirements for management positions. These initiatives  
significantly increased the proportion of women among managers15.  
24  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Governance  
The Company views a well-balanced Board—comprising members with varied skills, experiences, and backgrounds—as critical to transparent  
and sound governance, and high-quality decision-making.  
In particular, Recruit Holdings aspires to achieve gender parity among the members of the Board of Directors and Audit and Supervisory Board  
by FY203016. To achieve the goal, Recruit Holdings continues to consider candidates for the Board of Directors based on the skills and  
backgrounds needed to realize its medium- and long-term strategies.  
_______________________  
1
In this document, the term “FY” refers to Recruit Holdings’ Fiscal Year. “FY” refers to the 12-month period commencing April 1 of the year  
indicated, ending on March 31 of the following year.  
GHG emissions throughout the Company’s business activities are the sum of direct emissions from the use of fuels in owned or controlled  
2
sources and are referred to as Scope 1. Indirect emissions from the use of purchased electricity, heat, or steam in owned or controlled  
sources are referred to as Scope 2. GHG emissions from the value chain are referred to as Scope 3, and comprise indirect emissions other  
than Scopes 1 and 2. The entire value chain represents the sum of Scopes 1, 2, and 3 GHG emissions. The Company aims to achieve  
carbon neutrality upon completion of the following steps: measurement of GHG emissions, obtaining an accredited third-party assurance on  
the amount of GHG emissions, and offsetting of those emissions.  
3
All GHG emission figures are approximate numbers calculated based on the GHG Protocol. Additionally, independent third-party assurances  
have been obtained from SOCOTEC Certification Japan for GHG emissions.  
The GHG emission reduction target is based on the results from FY2022 to FY2024.  
Based on the emissions of FY2023.  
CDP is a charity-controlled non-governmental organization (NGO) established in 2000. It owns one of the world's largest environmental  
4
5
6
databases, working with large global financial institutions to disclose the environmental impact of companies in the areas of climate change,  
forests and water security.  
An employer metric defined as the days elapsed between when a job is created on Indeed and when the first hire is reported for that job.  
7
After refining the data, the baseline previously reported as 55 days in the FY2023 Annual Report is updated to 41 days. 41 days is the mean  
time to hire (starts from a job creation and ends with the first hire) for measured hires on Indeed in December 2023.  
Labor force participation rate is the percentage of the population that is either working or actively looking for work. It measures labor supply,  
8
specifically how many are in the system, both employed and unemployed.  
Quits rate is the number of quits during the entire month as a percent of employment. It is a measure of how dynamic the labor market is -  
9
specifically, of those in the labor market, how many are moving around.  
US data from Nov 2024 - Mar 2025, for jobs hosted on the Indeed platform. Premium Sponsored Jobs was rolled out as a test product in the  
10  
U.S. beginning in November 2024. TTH for US hosted paid jobs using Premium Sponsored Jobs is 58% faster than US hosted non-paid jobs.  
Paid job ads are Sponsored Jobs incurring charges, which happen when a job seeker interacts with the job post, such as by clicking to view  
the post, or clicking to apply.  
11  
Source: Accenture, Grads of Life, Harvard Business School (2017), “Dismissed by Degrees: How degree inflation is undermining U.S.  
competitiveness and hurting America’s middle class.”  
A method of selecting job candidates based on their skillset at an early stage of the hiring process. Unlike the traditional selection method,  
12  
which first ‘screens out’ candidates based on their academic background, skills-first hiring ‘screens in’ candidates first by evaluating their  
skills. The aim is to allow employers to hire people with the right skills and abilities to perform their jobs, all in a shorter period of time.  
Represents number of hires made on Indeed reported through the Hired Signal measurement, from May 1, 2021 - March 31, 2025, globally  
13  
for job seekers who faced at least one of the following common job market barriers: education, criminal record, military experience, disability,  
refugee background or lack of work essentials such as a computer or Internet access.  
Senior executive positions are defined as Senior Vice Presidents and Corporate Professional Officers of Recruit Holdings and Marketing  
14  
Matching Technologies SBU, and CEOs of the Company’s major subsidiaries and heads of key functions in the HR Technology and Staffing  
SBUs. The respective percentages of women in managerial positions and total employees are calculated from Recruit Holdings, SBU  
Headquarters and the primary operating companies of each SBU. Managerial positions mean those that have subordinate employees.  
15 Compared to FY2021, the percentage of women managers at Recruit increased from 26.8% to 35.0%, and the percentage of senior managers  
increased from 9.1% to 33.3%.  
16  
The Board of Directors members are defined as Directors and Audit and Supervisory Board members.  
Capital Allocation Policy  
The Company’s capital allocation policy has the following priorities:  
• Investment in product development and marketing expense for existing businesses for future growth  
• Continuous payment of stable per-share dividends  
• Strategic M&A mainly focused on HR Technology in the HR Matching Market  
• Share repurchases, depending on the capital markets environment and the outlook of the Company’s financial position  
The Company focuses on achieving capital efficiency by focusing on ROE and applying a hurdle rate exceeding the cost of capital when  
evaluating each investment opportunity. ROE in FY2024 was 22.6%1.  
1 ROE = Profit attributable to owners of the parent / average net asset for the fiscal year  
6. Basic Rationale for Selection of Accounting Standards  
The Company has been actively expanding its business globally, and in order to further accelerate global expansion in the future, the  
Company believes it is necessary to reinforce the infrastructure of the Company’s operational management and to improve the ease of  
financial information comparisons for participants in global capital markets. Therefore, the Company adopted IFRS in place of Japanese GAAP  
at the start of FY2017.  
25  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
7. Consolidated Financial Statements and Primary Notes  
Consolidated Statement of Financial Position  
(In millions of yen)  
As of March 31, 2024  
As of March 31, 2025  
Assets  
Current assets  
1,136,858  
808,625  
565,069  
18,697  
Cash and cash equivalents  
549,814  
5,608  
Trade and other receivables  
Other financial assets  
Other assets  
70,462  
77,985  
1,762,744  
1,470,378  
Total current assets  
Non-current assets  
Property and equipment  
Right-of-use assets  
Goodwill  
66,513  
170,366  
510,638  
185,219  
54,897  
154,572  
508,133  
174,977  
Intangible assets  
Investments in associates and joint  
ventures  
26,841  
17,476  
210,271  
203,482  
8,567  
163,102  
217,020  
Other financial assets  
Deferred tax assets  
Other assets  
11,693  
1,381,902  
3,144,646  
1,301,874  
2,772,252  
Total non-current assets  
Total assets  
(In millions of yen)  
As of March 31, 2024  
As of March 31, 2025  
Liabilities and equity  
Liabilities  
Current liabilities  
Trade and other payables  
359,856  
374  
377,543  
-
Borrowings  
Lease liabilities  
Other financial liabilities  
Income tax payables  
Provisions  
44,248  
541  
44,453  
5,011  
37,679  
17,214  
298,965  
758,879  
53,235  
15,437  
306,503  
802,185  
Other liabilities  
Total current liabilities  
Non-current liabilities  
Borrowings  
1,020  
175,488  
556  
1,011  
163,476  
945  
Lease liabilities  
Other financial liabilities  
Provisions  
15,059  
64,943  
111,610  
8,186  
15,289  
63,408  
90,465  
8,108  
Net liability for retirement benefits  
Deferred tax liabilities  
Other liabilities  
376,866  
1,135,746  
342,706  
1,144,892  
Total non-current liabilities  
Total liabilities  
Equity  
Equity attributable to owners of the  
parent  
Common stock  
40,000  
1,884,258  
(407,049)  
483,714  
40,000  
1,606,348  
(515,363)  
486,596  
Retained earnings  
Treasury stock  
Other components of equity  
Total equity attributable to owners of  
the parent  
2,000,922  
1,617,582  
7,977  
2,008,900  
3,144,646  
9,777  
1,627,360  
2,772,252  
Non-controlling interests  
Total equity  
Total liabilities and equity  
26  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Consolidated Statement of Profit or Loss  
For the Year Ended March 31,  
(In millions of yen, unless otherwise  
stated)  
2024  
2025  
Revenue  
Cost of sales  
Gross profit  
3,416,492  
1,451,961  
1,964,530  
3,557,478  
1,471,834  
2,085,644  
Selling, general and administrative  
expenses  
1,521,355  
1,558,654  
Other operating income  
Other operating expenses  
Operating income  
7,388  
48,036  
402,526  
3,387  
39,834  
490,542  
Share of profit (loss) of associates and  
joint ventures  
(1,356)  
(8,810)  
Finance income  
Finance costs  
55,930  
30,859  
56,037  
10,625  
Profit before tax  
Income tax expense  
Profit for the year  
426,241  
71,645  
354,596  
527,143  
118,983  
408,159  
Profit attributable to:  
Owners of the parent  
Non-controlling interests  
Profit for the year  
353,654  
942  
354,596  
408,504  
(344)  
408,159  
Earnings per share attributable to owners  
of the parent  
Basic earnings per share (yen)  
Diluted earnings per share (yen)  
225.99  
222.90  
271.44  
268.32  
27  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Consolidated Statement of Comprehensive Income  
For the Year Ended March 31,  
(In millions of yen)  
2024  
2025  
354,596  
408,159  
Profit for the year  
Other comprehensive income  
Items that will not be reclassified to profit or loss:  
Net change in equity instruments measured at  
fair value through other comprehensive  
income  
Remeasurements of defined retirement benefit  
plans  
5,396  
(17,350)  
2,063  
(1,704)  
Share of other comprehensive income of  
associates and joint ventures  
126  
(2,310)  
3,819  
(17,598)  
Subtotal  
Items that may be reclassified subsequently to  
profit or loss:  
Exchange differences on translation of foreign  
operations  
Effective portion of changes in fair value of  
cash flow hedges  
197,045  
(63)  
(7,418)  
-
Net change in debt instruments measured at  
fair value through other comprehensive  
income  
-
(9)  
196,981  
200,801  
555,397  
(7,427)  
(25,025)  
383,134  
Subtotal  
Other comprehensive income (loss) for the year,  
net of tax  
Comprehensive income for the year  
Comprehensive income attributable to:  
Owners of the parent  
553,909  
1,488  
383,161  
(27)  
Non-controlling interests  
Total comprehensive income  
555,397  
383,134  
28  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Consolidated Statement of Changes in Equity  
For the Year Ended March 31, 2024  
Equity attributable to owners of the parent  
Other components of equity  
Exchange  
differences  
on  
translation  
of foreign  
operations  
198,859  
Effective  
portion of  
changes in  
fair value of  
cash flow  
hedges  
Common  
stock  
Share  
premium  
Retained  
earnings  
Treasury  
stock  
Share-based  
payments  
(In millions of yen)  
Balance as of April 1, 2023  
Profit (loss) for the year  
Other comprehensive  
income  
Comprehensive income for  
the year  
40,000  
33,754  
1,711,350  
353,654  
(432,612)  
75,595  
63  
196,612  
196,612  
(63)  
(63)  
-
-
353,654  
3,705  
-
-
Transfer from other  
components of equity to  
retained earnings  
Purchase of treasury  
stock  
(104)  
23,720  
(218,812)  
48,543  
Disposal of treasury  
stock  
(70,750)  
Retirement of treasury  
stock  
(195,832)  
195,832  
Transfer from retained  
earnings to share  
premium  
149,074  
(149,074)  
(35,377)  
Dividends  
Share-based payments  
Equity transactions with  
non-controlling interests  
Transactions with owners -  
total  
83,397  
(10,613)  
(33,754)  
-
-
(180,746)  
1,884,258  
25,563  
12,647  
88,242  
-
-
-
Balance as of March 31,  
2024  
40,000  
(407,049)  
395,471  
29  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Equity attributable to owners of the parent  
Other components of equity  
Net change  
in equity  
Remeasure-  
instruments  
ments of  
Net change  
in debt  
instruments  
Non-controlling  
Total equity  
interests  
measured at measured at  
defined  
retirement  
benefit  
Total  
fair value  
through  
other  
comprehen-  
sive income  
fair value  
through  
other  
comprehen-  
sive income  
Total  
plans  
(In millions of yen)  
Balance as of April 1, 2023  
Profit (loss) for the year  
Other comprehensive  
income  
-
-
-
274,517  
-
1,627,010  
353,654  
13,939  
942  
1,640,949  
354,596  
-
-
5,409  
5,409  
(1,704)  
(1,704)  
200,254  
200,254  
200,254  
553,909  
546  
200,801  
555,397  
Comprehensive income for  
the year  
1,488  
Transfer from other  
components of equity to  
retained earnings  
Purchase of treasury  
stock  
Disposal of treasury  
stock  
Retirement of treasury  
stock  
(5,409)  
1,704  
(3,705)  
-
-
-
(70,750)  
-
(218,917)  
(218,917)  
1,514  
-
1,514  
-
Transfer from retained  
earnings to share  
premium  
-
-
-
Dividends  
-
(35,377)  
83,397  
(35,377)  
83,397  
Share-based payments  
Equity transactions with  
non-controlling interests  
Transactions with owners -  
total  
83,397  
-
8,941  
(10,613)  
(179,997)  
2,000,922  
(7,450)  
(7,450)  
7,977  
(18,064)  
(187,447)  
2,008,900  
-
-
(5,409)  
-
1,704  
-
Balance as of March 31,  
2024  
483,714  
30  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
For the Year Ended March 31, 2025  
Equity attributable to owners of the parent  
Other components of equity  
Exchange  
differences  
on  
translation  
of foreign  
operations  
395,471  
Effective  
portion of  
changes in  
fair value of  
cash flow  
hedges  
Common  
stock  
Share  
premium  
Retained  
earnings  
Treasury  
stock  
Share-based  
payments  
(In millions of yen)  
Balance as of April 1, 2024  
Profit (loss) for the year  
Other comprehensive  
income  
40,000  
-
-
1,884,258  
408,504  
(407,049)  
88,242  
-
(7,484)  
(7,484)  
-
-
Comprehensive income for  
the year  
-
408,504  
(17,849)  
-
-
Transfer from other  
components of equity to  
retained earnings  
Purchase of treasury  
stock  
(563)  
28,347  
(823,674)  
54,655  
Disposal of treasury  
stock  
(82,228)  
Retirement of treasury  
stock  
(660,705)  
660,705  
Transfer from retained  
earnings to share  
premium  
632,921  
(632,921)  
(35,642)  
Dividends  
Share-based payments  
Equity transactions with  
non-controlling interests  
Transactions with owners -  
total  
92,605  
-
-
-
-
(686,413)  
1,606,348  
(108,313)  
(515,363)  
10,376  
98,619  
-
-
-
Balance as of March 31,  
2025  
40,000  
387,986  
31  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Equity attributable to owners of the parent  
Other components of equity  
Net change  
Net change  
in debt  
in equity  
instruments  
measured at measured at  
fair value  
through  
other  
instruments Remeasure-  
Non-controlling  
Total equity  
interests  
ments of  
defined  
retirement  
benefit plans  
Total  
fair value  
through  
Total  
other  
comprehen-  
sive income  
comprehen-  
sive income  
(In millions of yen)  
Balance as of April 1, 2024  
Profit (loss) for the year  
Other comprehensive  
income  
-
-
-
483,714  
-
2,000,922  
408,504  
7,977  
(344)  
2,008,900  
408,159  
(9)  
(9)  
(19,912)  
(19,912)  
2,063  
2,063  
(25,343)  
(25,343)  
(25,343)  
383,161  
317  
(27)  
(25,025)  
383,134  
Comprehensive income for  
the year  
Transfer from other  
components of equity to  
retained earnings  
Purchase of treasury  
stock  
Disposal of treasury  
stock  
Retirement of treasury  
stock  
19,912  
(2,063)  
17,849  
-
-
-
(82,228)  
-
(824,238)  
(824,238)  
774  
-
774  
-
Transfer from retained  
earnings to share  
premium  
-
-
-
Dividends  
-
(35,642)  
92,605  
(35,642)  
92,605  
Share-based payments  
Equity transactions with  
non-controlling interests  
Transactions with owners -  
total  
92,605  
-
28,225  
-
(766,500)  
1,617,582  
1,826  
1,826  
9,777  
1,826  
(764,674)  
1,627,360  
-
19,912  
-
(2,063)  
-
Balance as of March 31,  
2025  
(9)  
486,596  
32  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Consolidated Statement of Cash Flows  
For the Year Ended March 31,  
2024 2025  
(In millions of yen)  
Cash flows from operating activities  
Profit before tax  
426,241  
117,481  
79,368  
527,143  
109,237  
80,429  
Depreciation and amortization  
Share-based payment expenses  
Interest and dividend income  
(Increase) decrease in trade and other receivables  
Increase (decrease) in trade and other payables  
Other  
(41,410)  
10,459  
(33,044)  
(15,784)  
18,963  
(5,114)  
62,235  
7,904  
Subtotal  
649,262  
41,489  
694,849  
34,676  
Interest and dividends received  
Interest paid  
(5,364)  
(150,024)  
535,362  
(5,362)  
(113,800)  
610,363  
Income taxes paid  
Net cash provided by operating activities  
Cash flows from investing activities  
Payment for purchase of property and equipment  
Payment for purchase of intangible assets  
Payment for purchase of investments  
Proceeds from sale and redemption of investments  
Other  
(11,137)  
(58,792)  
(981)  
(7,951)  
(57,306)  
(16,360)  
26,708  
4,869  
(2,747)  
(68,789)  
(6,145)  
Net cash used in investing activities  
(61,054)  
Cash flows from financing activities  
Repayments of long-term borrowings  
Redemption of bonds  
(12,912)  
(20,000)  
(46,802)  
(218,928)  
(35,374)  
-
-
Repayments of lease liabilities  
Payment for purchase of treasury stock  
Dividends paid  
(44,547)  
(824,465)  
(35,644)  
Payments for acquisition of interests in subsidiaries  
from non-controlling interests  
(18,694)  
-
16,528  
1,536  
22,096  
2,080  
Proceeds from settlement of derivatives  
Other  
Net cash used in financing activities  
(334,648)  
(880,480)  
Effect of exchange rate changes on cash and cash  
equivalents  
127,563  
2,938  
Net increase (decrease) in cash and cash equivalents  
Cash and cash equivalents at the beginning of the year  
Cash and cash equivalents at the end of the year  
259,488  
877,370  
(328,233)  
1,136,858  
808,625  
1,136,858  
33  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
Going Concern Assumption  
Not applicable.  
Notes to Consolidated Financial Statements  
1. Operating Segments  
(1) Overview of Reportable Segments  
The Company’s operating segments are components of the Company for which discrete financial information is available and whose operating  
results are reviewed regularly by the Board of Directors to decide on the allocation of operating resources and to assess business  
performance. The Company has three operating segments by type of business, HR Technology, Matching & Solutions, and Staffing, which are  
also the reportable segments.  
HR Technology consists of three operations, the US, Europe and Others and Japan. Matching & Solutions consists of two operations, HR  
Solutions and Marketing Solutions. Staffing consists of two operations, Japan, and Europe, US and Australia.  
(2) Information on Reportable Segments  
Segment profit (loss) denotes adjusted EBITDA (operating income + depreciation and amortization (excluding depreciation of right-of-use  
assets) + share-based payment expenses ± other operating income/expenses).  
Revenue from external customers in Adjustments includes revenue that is not allocated to a specific reportable segment, and segment profit  
(loss) in Adjustments includes corporate expenses not allocated to any reportable segments. Corporate expenses consist primarily of general  
and administrative expenses that are not allocable to the segments. Intersegment revenue or transfers are calculated based on a price used in  
similar transactions with third parties. Segment assets and liabilities are not stated as they are not subject to review for the purpose of deciding  
on the allocation of operating resources and assessing business performance.  
34  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
For the Year Ended March 31, 2024  
Reportable Segment  
Adjustments  
Consolidated  
HR  
Technology  
Matching &  
Solutions  
Staffing  
Total  
(In millions of yen)  
Revenue  
Revenue from external  
customers  
1,009,421  
2,398  
797,032  
1,607,694  
26,544  
3,414,149  
39,752  
2,343  
3,416,492  
-
Intersegment revenues  
or transfers  
10,810  
(39,752)  
Total  
1,011,820  
344,390  
807,842  
163,665  
1,634,239  
97,947  
3,453,901  
606,003  
(37,409)  
(7,606)  
3,416,492  
598,397  
Segment profit (loss)  
Depreciation and  
amortization (Note)  
75,854  
Share-based payment  
expenses  
79,368  
7,388  
Other operating income  
Other operating  
expenses  
48,036  
402,526  
Operating income  
Share of profit (loss) of  
associates and joint  
ventures  
(1,356)  
Finance income  
Finance costs  
55,930  
30,859  
Profit before tax  
426,241  
Note: Depreciation and amortization exclude depreciation of right-of-use assets.  
For the Year Ended March 31, 2025  
Reportable Segment  
Adjustments  
Consolidated  
HR  
Technology  
Matching &  
Solutions  
Staffing  
Total  
(In millions of yen)  
Revenue  
Revenue from external  
customers  
1,124,281  
2,283  
783,282  
32,731  
1,641,385  
25,608  
3,548,949  
60,623  
8,528  
3,557,478  
-
Intersegment revenues  
or transfers  
(60,623)  
Total  
1,126,565  
404,113  
816,013  
185,957  
1,666,994  
97,460  
3,609,573  
687,531  
(52,095)  
(8,642)  
3,557,478  
678,889  
Segment profit (loss)  
Depreciation and  
amortization (Note)  
71,470  
Share-based payment  
expenses  
80,429  
3,387  
Other operating income  
Other operating  
expenses  
39,834  
490,542  
Operating income  
Share of profit (loss) of  
associates and joint  
ventures  
(8,810)  
Finance income  
Finance costs  
56,037  
10,625  
Profit before tax  
527,143  
Note: Depreciation and amortization exclude depreciation of right-of-use assets.  
35  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
2.Treasury Stock  
Treasury stock recognized in the Consolidated Statement of Financial Position includes Recruit Holdings’ shares held by the BIP trust and the  
ESOP trust.  
The breakdown of treasury stock is as follows:  
FY2023  
FY2024  
Number of shares  
(shares)  
Number of shares  
(shares)  
(In millions of yen, unless otherwise  
stated)  
Carrying amount  
Carrying amount  
Treasury stock directly held by  
Recruit Holdings  
50,413,104  
54,788,017  
214,070  
36,408,381  
60,788,181  
280,932  
Recruit Holdings’ shares held by the  
BIP trust and the ESOP trust  
192,979  
407,049  
234,430  
515,363  
Total  
105,201,121  
97,196,562  
Note: Changes in the number of shares of treasury stock directly held by Recruit Holdings for FY2024 resulted mainly from the increase of  
91,941,000 shares from the purchase of treasury stock, the decrease of 85,929,800 shares from the retirement of treasury stock, and the  
decrease of 20,000,000 shares from the transfer to the ESOP trust. Changes in the number of Recruit Holdings’ shares held by the BIP  
trust and the ESOP trust for FY2024 resulted from the increase of 500,000 shares from the purchase of Recruit Holdings’ shares by such  
trusts, the increase of 20,000,000 shares due to transfer from treasury stock directly held by Recruit Holdings, and the decrease of  
14,499,836 shares from the sale and delivery of Recruit Holdings’ shares by such trusts.  
3. Per Share Information  
(1) The amount of basic earnings per share and the basis for its calculation are as follows:  
For the Year Ended March 31,  
(In millions of yen, unless otherwise  
stated)  
2024  
2025  
Basic earnings per share (yen)  
Basis for calculation:  
225.99  
271.44  
Profit attributable to owners of the  
parent  
353,654  
-
408,504  
-
Amount not attributable to common  
shareholders of the parent  
Profit used in the calculation of basic  
earnings per share  
353,654  
408,504  
Weighted average number of shares  
of common stock outstanding  
(thousand shares)  
1,564,947  
1,504,932  
36  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
(2) The amount of diluted earnings per share and the basis for its calculation are as follows:  
For the Year Ended March 31,  
(In millions of yen, unless otherwise  
stated)  
2024  
2025  
Diluted earnings per share (yen)  
Basis for calculation:  
222.90  
268.32  
Profit used in the calculation of diluted  
earnings per share  
Profit used in the calculation of basic  
earnings per share  
353,654  
-
408,504  
-
Adjustment on profit  
Profit used in the calculation of diluted  
earnings per share  
353,654  
408,504  
Weighted average number of shares of  
common stock outstanding used in the  
calculation of diluted earnings per share  
Weighted average number of shares of  
common stock outstanding used in the  
calculation of basic earnings per share  
(thousand shares)  
1,564,947  
1,504,932  
Effect of dilutive potential common  
stock (thousand shares)  
Stock options  
956  
1,765  
2,848  
Board Incentive Plan (“BIP”) trust  
2,420  
Employee Stock Ownership Plan  
(“ESOP”) trust  
18,252  
12,913  
Weighted average number of shares of  
common stock outstanding used in the  
calculation of diluted earnings per  
share (thousand shares)  
1,586,576  
1,522,460  
4.Significant Subsequent Events  
(1) Changes in Reportable Segment Structures  
The Company has three operating segments by type of business, HR Technology, Matching & Solutions, and Staffing, which are also the  
reportable segments. Starting from the fiscal year ending March 31, 2026, in order to accelerate the progress of the Company’s business  
strategy, "Simplify Hiring," HR Technology and the HR Solutions business of Matching & Solutions will be integrated and operated together  
under HR Technology.  
Due to this change in the governance structure, the Company has transferred its HR Solutions business, previously included in Matching &  
Solutions, into HR Technology, effective April 1, 2025. Matching & Solutions, which was previously composed of two business areas, HR  
Solutions and Marketing Solutions, will consist solely of Marketing Solutions following this change. Furthermore, from the fiscal year ending  
March 31, 2026, the segment name of the Matching & Solutions will be changed to Marketing Matching Technologies.  
Information on the revenue for each reportable segment for the fiscal year ended March 31, 2025 based on the changed reportable segments  
is as follows. Information regarding the segment profit or segment loss is currently being calculated.  
Information on Reportable Segments  
For the Year Ended March 31, 2025  
Reportable Segment  
Marketing  
Matching  
Technologies  
HR  
Technology  
Staffing  
Total  
Adjustments  
Consolidated  
(In millions of yen)  
Revenue  
Revenue from external  
customers  
1,368,902  
1,641,385  
538,662  
3,548,949  
8,528  
3,557,478  
Intersegment revenues  
or transfers  
3,350  
25,608  
856  
29,815  
(29,815)  
(21,287)  
-
1,372,252  
1,666,994  
539,518  
3,578,765  
3,557,478  
Total  
37  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for FY2024  
(2) Share Repurchase  
On February 28, 2025, the Company’s Board of Directors resolved to conduct share repurchases of its common stock (the “Purchases”),  
pursuant to the provisions of Article 156 of the Companies Act as applied by replacing certain terms pursuant to the provisions of Article 165,  
Paragraph 3 of the said Act, and has conducted the Purchases as follows.  
Furthermore, in light of stock market trends, the Company’s Board of Directors resolved on April 25, 2025 to revise the total number of shares  
to be repurchased.  
Reasons for the Purchases  
The Company’s primary use of capital is to invest in its long-term business strategy in order to achieve sustainable profit growth and increase  
enterprise value.  
After considering several factors including the ability to make strategic business investments, the current stock price, market conditions, and  
the forecast of our financial position, the Company has determined that acquiring its own shares is the best way to further improve capital  
efficiency and to maximize shareholder returns. This approach is in line with the Company’s existing capital allocation policy.  
The shares acquired through the Purchases may be used in the future for the delivery of shares upon the exercise of stock acquisition rights,  
for stock compensation using the Company’s common stock for employees of the Company, or for strategic M&A with the Company’s  
common stock as consideration, as well as may be retired.  
Details of the resolution by the Board of Directors  
(Revised sections are underlined)  
After revision  
(Resolution by the Board of Directors on  
April 25, 2025)  
Before revision  
(Resolution by the Board of Directors on  
February 28, 2025)  
Type of shares to be repurchased  
Common shares of Recruit Holdings  
52,000,000 shares (Maximum)  
Common shares of Recruit Holdings  
62,000,000 shares (Maximum)  
Total number of shares to be repurchased  
Total purchase price  
450,000 million yen (Maximum)  
From March 3, 2025 to December 23,  
2025  
450,000 million yen (Maximum)  
From March 3, 2025 to December 23,  
2025  
Repurchase period  
(1) Market purchases on Tokyo Stock  
Exchange, Inc. through an appointed  
securities dealer with transaction  
discretion  
(1) Market purchases on Tokyo Stock  
Exchange, Inc. through an appointed  
securities dealer with transaction  
discretion  
Method of repurchases  
(2) Purchases through Off-Auction Own  
Share Repurchase Trading System  
(ToSTNeT-3)  
(2) Purchases through Off-Auction Own  
Share Repurchase Trading System  
(ToSTNeT-3)  
Details of common shares repurchased on and after April 1, 2025  
Type of shares repurchased:  
Total number of shares repurchased:  
Total purchase price:  
Shares of common stock of Recruit Holdings  
26,990,500 shares  
204,945 million yen  
Acquisition period:  
From April 1, 2025 to April 30, 2025 (delivery date basis)  
Total number of common shares repurchased pursuant to the Board of Directors resolution described above (As of April 30, 2025)  
Type of shares repurchased:  
Total number of shares repurchased:  
Total purchase price:  
Shares of common stock of Recruit Holdings  
41,599,200 shares  
333,315 million yen  
38