Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
November 6, 2025
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for the Six Months Ended September 30, 2025 (IFRS, Unaudited)
Tokyo, November 6, 2025 ― Recruit Holdings Co., Ltd. announced today its consolidated financial results for the six months ended
September 30, 2025 (April 1, 2025 to September 30, 2025)
Consolidated Operating Results
 
 
Six Months Ended September 30,
  
% change
(In billions of yen, unless otherwise stated)
2024
2025
Revenue
1,798.7
1,793.5
   
-0.3%
EBITDA+S
367.2
394.5
7.4%
Operating income
269.7
313.5
16.2%
Profit before tax
297.0
322.9
8.7%
Profit for the period
222.4
248.3
11.7%
Profit attributable to owners of the parent
222.4
248.3
11.6%
Total comprehensive income
136.4
260.5
91.0%
Basic EPS (yen)
145.64
173.12
18.9%
Diluted EPS (yen)
142.81
171.70
20.2%
Adjusted EBITDA has been renamed to EBITDA+S from the fiscal year ending March 31, 2026. There is no change in the items of the
calculation. EBITDA+S = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) +
share-based payment expenses ± other operating income/expenses
Consolidated Financial Position
(In billions of yen, unless otherwise stated)
As of March 31, 2025
As of September 30, 2025
Total assets
2,772.2
2,551.9
Total equity
1,627.3
1,481.4
Equity attributable to owners of the parent
1,617.5
1,470.0
Ratio of equity attributable to owners of the parent (%)
58.3
57.6
Dividends
(In yen)
FY2024
FY2025
FY2025(Guidance)
At the end of Q1
-
-
-
At the end of Q2
12.00
12.50
-
At the end of Q3
-
-
-
At the end of Q4
12.00
-
12.50
Total
24.00
-
25.00
Consolidated Financial Guidance for FY2025
The Company has revised the financial guidance for FY2025 from the figures announced on May 9, 2025 as below.
(In billions of yen, unless otherwise stated)
FY2025 Full-year
Revised Guidance
Year over year
% change
3,598.5
1.2%
2,123.4
1.8%
733.5
8.1%
566.0
15.4%
448.3
9.8%
313.00
15.3%
Please refer to page 10, Qualitative Information on Consolidated Financial Guidance for more details.
1
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Changes in Significant Subsidiaries Resulting from Change in Scope of Consolidation
Indeed Recruit Partners Co., Ltd. was included, and RGF Staffing UK Limited was excluded from this reporting 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, 2025
As of September 30, 2025
Number of issued shares including treasury stock
1,563,912,149
1,563,912,149
Number of treasury stock
1
97,196,562
143,550,623
Six Months Ended
September 30, 2024
Six Months Ended
September 30, 2025
Average number of shares during the period
1,527,689,549
1,434,739,275
1 The number of treasury stock 143,550,623 as of September 30, 2025 includes treasury stock held by the Company
(89,837,851 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 (53,712,772 shares).
Definition of the Abbreviation
Abbreviation
Definition
Recruit Holdings, the Holding Company
Recruit Holdings Co., Ltd. on a standalone basis
the Company, Recruit Group, We, Our
Recruit Holdings Co., Ltd. and its consolidated subsidiaries
SBU
Strategic Business Unit
Q1
Three-month period from April 1 to June 30
Q2
Three-month period from July 1 to September 30
Q3
Three-month period from October 1 to December 31
Q4
Three-month period from January 1 to March 31
FY2024
Fiscal year from April 1, 2024 to March 31, 2025
FY2025
Fiscal year from April 1, 2025 to March 31, 2026
Supplementary Information
All comparisons in this report are year over year unless otherwise stated.
Average Exchange Rate during the Period
FY2024
FY2025
(In yen)
Q1
Q2
Q3
Q4
Q1
Q2
US dollar
155.85
149.71
152.37
152.55
144.48
147.47
Euro
167.85
164.28
162.58
160.55
163.91
172.38
Australian dollar
102.71
100.18
99.49
95.72
92.57
96.48
2
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
The Japanese-language originals of the attached consolidated quarterly financial statements have been voluntarily reviewed
by certified public accountants or an audit firm.
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 the
Company operates. 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 FY2025 results announcement is posted on https://recruit-holdings.com/en/ir/financials/
Contact
Investor Relations
+81-3-3511-6383
Recruit_HD_IR@r.recruit.co.jp
3
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Table of Contents
1.
Management’s Discussion and Analysis
5
Consolidated Results of Operations
5
Results of Operations by Segment
6
Management Actions for the Six Months Ended September 30, 2025
8
Analysis of Consolidated Financial Position
9
Analysis of Consolidated Cash Flows
9
2.
Qualitative Information on Consolidated Financial Guidance
10
3.
Condensed Quarterly Consolidated Financial Statements and Primary Notes for the Six-Month Period
13
Condensed Consolidated Statements of Financial Position for the Six-Month Period
13
Condensed Consolidated Statements of Profit or Loss for the Six-Month Period
14
Condensed Consolidated Statements of Comprehensive Income for the Six-Month Period
15
Condensed Consolidated Statements of Changes in Equity for the Six-Month Period
16
Condensed Consolidated Statements of Cash Flows for the Six-Month Period
18
Notes to Condensed Consolidated Financial Statements for the Six-Month Period
19
4
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
1. Management’s Discussion and Analysis
Consolidated Results of Operations
The following table summarizes the consolidated financial results for the three months and the six months ended September 30, 2024
and 2025.
(In billions of yen,
unless otherwise stated)
Three Months Ended
September 30,
% change
Six Months Ended
September 30,
% change
2024
2025
2024
2025
Consolidated operating results
Revenue
897.1
914.7
2.0%
1,798.7
1,793.5
-0.3%
Operating income
141.8
159.7
12.6%
269.7
313.5
16.2%
Profit before tax
155.5
163.9
5.4%
297.0
322.9
8.7%
Profit for the period
116.0
127.4
9.8%
222.4
248.3
11.7%
Profit attributable to owners of the parent
116.0
127.4
9.8%
222.4
248.3
11.6%
Basic EPS (yen)
76.58
89.16
16.4%
145.64
173.12
18.9%
Management Key Performance Indicators
EBITDA+S
188.1
207.4
10.2%
367.2
394.5
7.4%
EBITDA+S margin
21.0%
22.7%
-
20.4%
22.0%
-
Consolidated revenue for Q2 FY2025 increased 2.0% as revenue in HR Technology and Marketing Matching Technologies increased,
while that in Staffing remained flat.
Consolidated EBITDA+S margin for Q2 FY2025 increased to 22.7%, consolidated EBITDA+S increased 10.2%.
For the six-month period, consolidated revenue decreased 0.3%. Consolidated EBITDA+S margin was 22.0%, consolidated EBITDA+S
increased 7.4%.
The following table presents the selling, general and administrative expenses for the three months and the six months ended
September 30, 2024 and 2025.
Three Months Ended
September 30,
% change
Six Months Ended
September 30,
% change
(In billions of yen)
2024
2025
2024
2025
Sales commission
9.9
2.4
-75.4%
18.6
5.0
-73.0%
Promotion expenses
16.0
17.4
9.1%
31.0
33.1
6.8%
Advertising expenses
56.1
62.8
12.1%
114.0
125.3
9.9%
Employee benefit expenses
188.1
167.6
-10.9%
377.1
348.6
-7.6%
Service outsourcing expenses
55.3
59.6
7.8%
111.1
118.8
6.9%
Rent expenses
7.5
8.7
15.2%
15.3
17.3
13.2%
Depreciation and amortization
25.8
25.0
-3.2%
52.1
49.5
-4.9%
Other
22.9
20.6
-9.9%
49.6
41.7
-15.9%
Total
381.9
364.5
-4.6%
769.1
739.6
-3.8%
The following table presents the share-based payment expenses as well as research and development expenses for the three months
and the six months ended September 30, 2024 and 2025.
Three Months Ended
September 30,
% change
Six Months Ended
September 30,
% change
(In billions of yen)
2024
2025
2024
2025
Share-based payment expenses
1
25.7
12.1
-52.8%
43.4
35.8
-17.6%
Research and development expenses
2
37.8
36.4
-3.7%
80.6
80.2
-0.5%
1 Included in employee benefit expenses.
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 are accounted for as employee
benefit expenses.
5
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Results of Operations by Segment
Matching & Solutions changed its name to Marketing Matching Technologies in FY2025. HR Solutions of the former Matching &
Solutions was transferred to HR Technology Japan at the beginning of FY2025. The results of FY2024 are based on the hypothesis
that the transition was completed at the beginning of FY2024 for better comparison purposes.
HR Technology
The following table presents the financial results for the three months and the six months ended September 30, 2024 and 2025 for the
HR Technology segment.
Three Months Ended
September 30,
% change
Six Months Ended
September 30,
% change
2024
2025
2024
2025
Revenue (in millions of US dollars)
US
1,260
1,333
5.8%
2,511
2,597
3.4%
Europe and Others
443
509
14.7%
866
985
13.7%
Japan
604
570
-5.7%
1,210
1,194
-1.3%
Total
2,308
2,413
4.5%
4,589
4,777
4.1%
Revenue (in billions of yen)
US
188.5
196.5
4.3%
383.6
379.2
  
-1.1%
Europe and Others
66.4
75.0
12.9%
132.3
143.9
8.7%
Japan
90.5
84.0
-7.2%
185.0
174.3
-5.8%
Total
345.6
355.7
2.9%
701.0
697.5
-0.5%
EBITDA+S (in billions of yen)
122.0
134.8
10.4%
239.9
254.3
6.0%
EBITDA+S margin
35.3%
37.9%
-
34.2%
36.5%
-
Revenue for Q2 FY2025 increased 2.9% and on a US dollar basis, revenue increased 4.5%.
Revenue in the US increased 5.8% on a US dollar basis despite a decrease in the number of job postings, as monetization
improvements led to an approximately 15% year over year rise in the US Average Revenue per Job Posting on Indeed or US ARPJ
1
.
Revenue in Europe and Others on a US dollar basis increased 14.7%, reflecting monetization developments in the UK and Canada and
positive foreign exchange impacts.
Revenue in Japan decreased 7.2%, as placement services underperformed due to system migration processes implemented as a result
of the organizational integration, although Indeed PLUS within job advertising services performed steadily.
EBITDA+S margin for Q2 FY2025 increased 2.6 percentage points to 37.9%, primarily driven by improved productivity and enhanced
operational efficiency in the US, Europe and Others, including the workforce reduction announced in July 2025.
For the six-month period, revenue decreased 0.5%, on a US dollar basis, revenue increased 4.1% and EBITDA+S margin was 36.5%.
1 The US Average Revenue per Job Posting on Indeed, or US ARPJ, is calculated by dividing US revenue by the average daily total
number of job postings on Indeed in the US, as measured by the Indeed Hiring Lab, the economic research arm of Indeed.
Staffing
The following table presents the financial results for the three months and the six months ended September 30, 2024 and 2025 for the
Staffing segment.
Three Months Ended
September 30,
% change
Six Months Ended
September 30,
% change
(In billions of yen)
2024
2025
2024
2025
Revenue
Japan
197.4
209.4
6.1%
397.6
422.2
6.2%
Europe, US, and Australia
220.3
211.8
-3.9%
442.7
407.1
-8.0%
Total
417.7
421.3
0.8%
840.3
829.4
-1.3%
EBITDA+S
26.7
27.7
3.9%
55.3
54.6
-1.4%
EBITDA+S margin
6.4%
6.6%
-
6.6%
6.6%
-
Revenue for Q2 FY2025 increased 0.8%.
Revenue in Japan increased 6.1% as demand for staffing services remained stable.
Revenue in Europe, US, and Australia decreased 3.9% as demand for staffing services continued to slow down against a backdrop of
an uncertain economic environment.
EBITDA+S margin for Q2 FY2025 was 6.6%.
For the six-month period, revenue decreased 1.3% and EBITDA+S margin was 6.6%.
6
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Marketing Matching Technologies
The following table presents the financial results for the three months and the six months ended September 30, 2024 and 2025 for the
Marketing Matching Technologies segment.
Three Months Ended
September 30,
% change
Six Months Ended
September 30,
% change
(In billions of yen)
2024
2025
2024
2025
Revenue
Lifestyle
1
70.9
76.9
8.5%
134.8
147.1
9.1%
Housing & Real Estate
36.9
38.5
4.3%
73.1
76.1
4.0%
Others
27.8
28.8
3.5%
55.5
58.0
4.5%
Total
135.7
144.3
6.3%
263.6
281.2
6.7%
EBITDA+S
41.2
46.5
12.9%
75.3
89.7
19.2%
EBITDA+S margin
30.4%
32.3%
-
28.6%
31.9%
-
1 Lifestyle consists of the total of Beauty, Travel, Dining, and SaaS solutions including Air BusinessTools.
Revenue for Q2 FY2025 increased 6.3% as revenue in Lifestyle, Housing & Real Estate and Others all increased, driven by an increase
in new business clients in Beauty within Lifestyle, and a rise in the number of contracts for custom homes in Housing & Real Estate.
EBITDA+S margin for Q2 FY2025 increased 1.9 percentage points to 32.3% due to cost controls mainly related to service outsourcing
expenses.
For the six-month period, revenue increased 6.7%, and EBITDA+S margin was 31.9%.
7
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Management Actions for the Six Months Ended September 30, 2025
Resolution of the Share Repurchase at the Company’s Board of Directors Meeting on October 16, 2025
The Company’s Board of Directors resolved on October 16, 2025 to conduct a share repurchase of its common stock after considering
several factors including the ability to make strategic business investments, the current stock price, market conditions, and the forecast
of the Company’s financial position in accordance with the Company’s capital allocation policy. Acquiring its own shares is the most
efficient use of capital at this time and the best way to maximize shareholder returns.
The total number of shares to be repurchased is 38.0 million shares (maximum) (up to 2.68% of total number of shares issued and
outstanding (excludes treasury stock)), and the total purchase price is 250.0 billion yen (maximum). The repurchase period is from
October 17, 2025 to April 30, 2026, and the share repurchase will be conducted as market purchases on Tokyo Stock Exchange, Inc.
through an appointed securities dealer with investment discretion and through the off-auction own share repurchase trading system
(“ToSTNet-3”).
After the Company’s Board of Directors resolved to implement the share repurchase of its common stock on October 16, 2025, the
Company repurchased its shares through the off-auction own share repurchase trading system (“ToSTNet-3”). The total number of
shares repurchased was 1.1 million (0.08% of total number of shares issued and outstanding (excludes treasury stock)) and the total
purchase price was 8.4 billion yen.
As of October 31, 2025, 5.3 million shares have been repurchased at the total price of 41.2 billion yen on an execution date basis.
Please find more information on the following websites:
“Recruit Holdings Announces Share Repurchases” released on October 16, 2025
https://recruit-holdings.com/en/newsroom/20251016_0001/
“Completion of Share Repurchase through Off-Auction Own Share Repurchase Trading System ("ToSTNeT-3")” released on October
17, 2025
https://recruit-holdings.com/en/newsroom/20251017_0001/
Resolution of the Share Repurchase at the Company’s Board of Directors Meeting on August 8 and September 25, 2025
The Company’s Board of Directors resolved on August 8 and September 25, 2025 to conduct a share repurchase of its common stock.
After the Company’s Board of Directors resolved to implement the share repurchase of its common stock on August 8 and September
25, 2025, the Company repurchased its shares through the off-auction own share repurchase trading system (“ToSTNeT-3”) twice
during the six months ended September 30, 2025.
The first share repurchase through ToSTNeT-3 was on August 12, 2025. The total number of shares repurchased was 2.7 million
(0.19% of total number of shares issued and outstanding (excludes treasury stock)) and the total purchase price was 23.1 billion yen.
The second share repurchase through ToSTNeT-3 was on September 26, 2025. The total number of shares repurchased was 9.8 million
(0.69% of total number of shares issued and outstanding (excludes treasury stock)) and the total purchase price was 79.0 billion yen.
Please find more information on the following websites:
“Completion of Share Repurchases through Off-Auction Own Share Repurchase Trading System (“ToSTNeT-3”)” released on August
12, 2025
https://recruit-holdings.com/en/newsroom/20250812_0001/
“Completion of Share Repurchases through Off-Auction Own Share Repurchase Trading System (“ToSTNeT-3”)” released on
September 26, 2025
https://recruit-holdings.com/en/newsroom/20250926_0001/
Completion of Share Repurchase Resolved at the Company’s Board of Directors on February 28, 2025
The Company’s Board of Directors resolved on February 28, 2025 to conduct a share repurchase of its common stock and the self
tender offer was conducted from March 3, 2025 to June 16, 2025. The total number of shares purchased and the total share repurchase
amount were 55.6 million shares and 449.9 billion yen.
Please find more information on the following website:
“Status and Completion of Share Repurchases” released on June 17, 2025
https://recruit-holdings.com/en/newsroom/20250617_0001/
8
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Analysis of Consolidated Financial Position
(In billions of yen)
As of March 31,
2025
As of September
30, 2025
Variance
% Change
Total current assets
1,470.3
1,259.5
(210.8)
-14.3%
Total non-current assets
1,301.8
1,292.4
(9.4)
-0.7%
Total assets
2,772.2
2,551.9
(220.2)
-7.9%
Total current liabilities
802.1
745.1
(57.0)
-7.1%
Total non-current liabilities
342.7
325.3
(17.3)
-5.1%
Total liabilities
1,144.8
1,070.5
(74.3)
-6.5%
Total equity attributable to owners of the
parent
1,617.5
1,470.0
(147.5)
-9.1%
Non-controlling interests
9.7
11.4
1.6
16.7%
Total equity
1,627.3
1,481.4
(145.8)
-9.0%
Total current assets as of September 30, 2025 decreased by 210.8 billion yen compared to the end of FY2024 mainly due to a decrease
in cash and cash equivalents resulting from the share repurchase of common stock.
The maximum amount of borrowings under overdraft agreements was 113.0 billion yen as of September 30, 2025, and the entire
amount remained unused. In addition, the 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 September 30, 2025.
Also, the Company has registered a maximum 200.0 billion yen of corporate bonds for potential issuances in Japan, the full amount of
which remains unissued as of September 30, 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, which is calculated by subtracting interest-bearing debt from the sum of cash
and cash equivalents and investments for available funds on standby for business operations within other financial assets.
(In billions of yen)
As of March
31, 2025
As of September
30, 2025
Variance
% Change
Cash and cash equivalents
808.6
535.0
(273.5)
-33.8%
Investments for available funds on standby for
business operations within other financial assets
15.1
56.4
41.2
271.6%
Interest-bearing debt (excludes lease liabilities)
1.0
0.9
(0.0)
-5.2%
Net cash
822.7
590.5
(232.2)
-28.2%
Analysis of Consolidated Cash Flows
(In billions of yen)
Six Months Ended September 30,
Variance
2024
2025
Net cash flows from operating activities
279.0
266.2
(12.8)
Net cash flows from investing activities
(29.8)
(61.2)
(31.4)
Net cash flows from financing activities
(597.1)
(460.5)
136.6
Effect of exchange rate changes on cash and cash equivalents
(31.2)
(17.9)
13.2
Net increase (decrease) in cash and cash equivalents
(379.1)
(273.5)
105.6
Cash and cash equivalents at the beginning of the period
1,136.8
808.6
(328.2)
Cash and cash equivalents at the end of the period
757.6
535.0
(222.6)
In Q2 FY2025 and the six-month period, payments for the purchase of treasury stock amounted to 102.1 billion yen and 428.3 billion
yen, respectively.
9
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
2. Qualitative Information on Consolidated Financial Guidance
Based on the results for the first half of FY2025 and the outlook of each segment for the second half of FY2025, the Company has
announced consolidated financial outlook for the second half of FY2025.
The foreign exchange rate assumptions for the second half of FY2025 are 145 yen per US dollar, 172 yen per Euro and 97 yen per
Australian dollar.
As a result, the full-year consolidated financial guidance for FY2025 announced on May 9, 2025 has been revised as below.
Matching & Solutions changed its name to Marketing Matching Technologies in FY2025. HR Solutions of the former Matching &
Solutions was transferred to HR Technology Japan at the beginning of FY2025.
In the table below, the full-year results for FY2024 were calculated 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 these results for
FY2024.
FY2025
1H
Actual
FY2025
2H
Outlook
REVISED
FY2025
Guidance
(as of Nov. 2025)
ORIGINAL
FY2025
Guidance
(as of May 2025)
(In billions of yen)
YoY
YoY
YoY
YoY
Revenue
1,793.5
-0.3%
1,805.0
2.6%
3,598.5
1.2%
3,520.0
-1.1%
Gross Profit
1,064.4
0.7%
1,059.0
3.0%
2,123.4
1.8%
2,076.0
-0.5%
EBITDA+S
394.5
7.4%
339.0
8.8%
733.5
8.1%
697.0
2.7%
Operating income
313.5
16.2%
252.5
14.3%
566.0
15.4%
540.0
10.1%
Profit attributable to
owners of the parent
248.3
11.6%
200.0
7.5%
448.3
9.8%
428.0
4.8%
Basic EPS (yen)
173.12
18.9%
140.00
11.3%
 
313.00
15.3%
295.00
8.7%
10
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
HR Technology
In the US, US ARPJ is expected to increase driven by monetization developments, while hiring demand is assumed to decline
moderately throughout the second half of FY2025.
Monetization developments in Europe and Others are assumed to continue in the second half of FY2025.
In Japan, while job advertising services are expected to perform in line with the initial expectations, placement services are expected
 
to fall short of the initial assumption for the second half of FY2025. As a result, revenue for the second half of FY2025 is expected to
be below the initial expectation.
Based on the results for the first half and the Company’s outlook for the second half of FY2025, the Company has revised the FY2025
full-year outlook announced on May 9, 2025 as follows.
FY2025
1H
Actual
FY2025
2H
Outlook
REVISED
FY2025
Outlook
(as of Nov. 2025)
ORIGINAL
FY2025
Outlook
(as of May 2025)
YoY
YoY
YoY
YoY
Revenue
(in millions of US dollars)
US
2,597
3.4%
2,560
7.9%
5,157
5.6%
4,900
0.3%
Europe and Others
985
13.7%
1,033
21.5%
2,018
17.6%
1,855
8.1%
Japan
1,194
-1.3%
1,151
-2.4%
2,346
-1.9%
2,448
2.4%
Total
4,777
4.1%
4,744
7.8%
9,521
5.9%
9,203
2.4%
Revenue
(in billions of yen)
US
379.2
-1.1%
371.2
2.6%
750.4
0.7%
710.5
-4.7%
Europe and Others
143.9
8.7%
149.7
15.6%
293.6
12.1%
268.9
2.7%
Japan
174.3
-5.8%
167.0
-7.2%
341.3
-6.5%
355.0
-2.7%
Total
697.5
-0.5%
687.9
2.5%
1,385.5
1.0%
1,334.4
-2.8%
EBITDA+S
254.3
6.0%
241.5
13.4%
495.8
9.5%
460.0
1.6%
EBITDA+S margin
36.5%
-
35.1%
-
35.8%
-
34.5%
-
The total amount of share-based payment expense in FY2025 is expected to be approximately 440 million US dollars, revised from the
outlook of approximately 570 million US dollars announced on May 9, 2025.
Staffing
Based on the results for the first half and the Company’s outlook for the second half of FY2025 and reflecting the current business
environment, the Company has revised the FY2025 full-year outlook announced on May 9, 2025 as follows.
FY2025
1H
Actual
FY2025
2H
Outlook
REVISED
FY2025
Outlook
(as of Nov. 2025)
ORIGINAL
FY2025
Outlook
(as of May 2025)
(In billions of yen)
YoY
YoY
YoY
YoY
Revenue
Japan
422.2
6.2%
423.5
3.9%
845.7
5.0%
837.0
4.0%
Europe, US, and
Australia
407.1
-8.0%
422.5
0.8%
829.6
-3.7%
803.0
-6.8%
Total
829.4
-1.3%
846.0
2.3%
1,675.4
0.5%
1,640.0
-1.6%
EBITDA+S
54.6
-1.4%
41.0
-2.4%
95.6
-1.8%
92.0
-5.6%
EBITDA+S margin
6.6%
-
4.8%
-
5.7%
-
5.6%
-
11
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Marketing Matching Technologies
Revenue is expected to grow in the second half of FY2025, driven by continued strong performance in Lifestyle.
As is Marketing Matching Technologies' practice, aggressive marketing efforts are planned for the second half to prepare for the month
of April, when consumer spending tends to be more active in Japan. In the second half of FY2025, in addition to these usual seasonal
efforts, sales promotion expenses exceeding initial projections are expected to be invested to support new initiatives aimed at
increasing revenue in the following fiscal year and beyond.
In addition, due to a one-time impact from a planned update to the accounting system at the end of FY2025, approximately 5.0 billion
yen in revenue and associated profit, originally expected to be recognized in March 2026, will not be recognized in FY2025. Based on
the results for the first half and the Company’s outlook for the second half of FY2025, the Company has revised the FY2025 full-year
outlook announced on May 9, 2025 as follows.
FY2025
1H
Actual
FY2025
2H
Outlook
REVISED
FY2025
Outlook
(as of Nov. 2025)
ORIGINAL
FY2025
Outlook
(as of May 2025)
(In billions of yen)
YoY
YoY
YoY
YoY
Revenue
281.2
6.7%
286.0
3.7%
567.2
5.1%
567.0
5.1%
EBITDA+S
89.7
19.2%
63.5
2.7%
153.2
11.8%
156.0
13.7%
EBITDA+S margin
31.9%
-
22.2%
-
27.0%
-
27.5%
-
12
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
3. Condensed Consolidated Financial Statements and Primary Notes for the Six-Month Period
Condensed Consolidated Statements of Financial Position for the Six-Month Period
(In millions of yen)
As of March 31, 2025
As of September 30, 2025
Assets
Current assets
Cash and cash equivalents
808,625
535,095
Trade and other receivables
565,069
573,407
Other financial assets
18,697
71,380
Other assets
77,985
79,692
Total current assets
1,470,378
1,259,576
Non-current assets
Property and equipment
54,897
55,113
Right-of-use assets
154,572
138,755
Goodwill
508,133
519,180
Intangible assets
174,977
173,117
Investments in associates and
joint ventures
17,476
11,356
Other financial assets
163,102
169,077
Deferred tax assets
217,020
216,800
Other assets
11,693
9,011
Total non-current assets
1,301,874
1,292,414
Total assets
2,772,252
2,551,990
(In millions of yen)
As of March 31, 2025
As of September 30, 2025
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
377,543
348,233
Lease liabilities
44,453
38,452
Other financial liabilities
5,011
188
Income tax payables
53,235
60,347
Provisions
15,437
10,617
Other liabilities
306,503
287,283
Total current liabilities
802,185
745,122
Non-current liabilities
Borrowings
1,011
889
Lease liabilities
163,476
149,133
Other financial liabilities
945
1,102
Provisions
15,289
15,583
Net liability for retirement benefits
63,408
62,652
Deferred tax liabilities
90,465
87,825
Other liabilities
8,108
8,203
Total non-current liabilities
342,706
325,391
Total liabilities
1,144,892
1,070,513
Equity
Equity attributable to owners of the
parent
Common stock
40,000
40,000
Share premium
-
13,046
Retained earnings
1,606,348
1,845,434
Treasury stock
(515,363)
(913,203)
Other components of equity
486,596
484,786
Total equity attributable to owners of
the parent
1,617,582
1,470,064
Non-controlling interests
9,777
11,413
Total equity
1,627,360
1,481,477
Total liabilities and equity
2,772,252
2,551,990
13
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Condensed Consolidated Statements of Profit or Loss for the Six-Month Period
Six Months Ended September 30,
(In millions of yen, unless otherwise stated)
2024
2025
Revenue
1,798,705
1,793,584
Cost of sales
741,520
729,133
Gross profit
1,057,184
1,064,450
Selling, general and administrative expenses
769,186
739,634
Other operating income
2,183
9,591
Other operating expenses
20,472
20,881
Operating income
269,708
313,525
Share of profit (loss) of associates and joint
ventures
(2,340)
(3,802)
Finance income
32,974
16,462
Finance costs
3,288
3,257
Profit before tax
297,053
322,928
Income tax expense
74,649
74,596
Profit for the period
222,404
248,331
Profit attributable to:
Owners of the parent
222,495
248,380
Non-controlling interests
(91)
(48)
Profit for the period
222,404
248,331
Earnings per share attributable to owners of
the parent
Basic earnings per share (yen)
145.64
173.12
Diluted earnings per share (yen)
142.81
171.70
14
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Condensed Consolidated Statements of Comprehensive Income for the Six-Month Period
Six Months Ended September 30,
(In millions of yen)
2024
2025
Profit for the period
222,404
248,331
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
(19,588)
8,335
Remeasurements of defined retirement benefit
plans
-
-
Share of other comprehensive income of
associates and joint ventures
(1,379)
35
Subtotal
(20,968)
8,371
Items that may be reclassified subsequently to
profit or loss:
Exchange differences on translation of foreign
operations
(64,990)
3,819
Effective portion of changes in fair value of
cash flow hedges
-
18
Net change in debt instruments measured at
fair value through other comprehensive
income
-
20
Subtotal
(64,990)
3,857
Other comprehensive income (loss) for the period,
net of tax
(85,959)
12,228
Comprehensive income for the period
136,445
260,560
Comprehensive income attributable to:
Owners of the parent
136,202
260,607
Non-controlling interests
242
(46)
Comprehensive income for the period
136,445
260,560
15
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Condensed Consolidated Statements of Changes in Equity for the Six-Month Period
For the Six Months Ended September 30, 2024
(In millions of yen)
Equity attributable to owners of the parent
Common
stock
Share
premium
Retained
earnings
Treasury
stock
Other components of equity
Share-based
payments
Exchange
differences
on
translation
of foreign
operations
Effective
portion of
changes in
fair value of
cash flow
hedges
Balance at April 1, 2024
40,000
-
1,884,258
(407,049)
88,242
395,471
-
Profit (loss) for the period
222,495
Other comprehensive
income
(65,064)
-
Comprehensive income for
the period
-
-
222,495
-
-
(65,064)
-
Purchase of treasury
stock
(347)
(532,080)
Disposal of treasury stock
13,797
26,636
(40,096)
Dividends
(17,763)
Share-based payments
51,595
Equity transactions with
non-controlling interests
Transfer from other
components of equity to
retained earnings
(21,228)
Transactions with owners -
total
-
13,450
(38,991)
(505,443)
11,498
-
-
Balance at September 30,
2024
40,000
13,450
2,067,761
(912,493)
99,741
330,407
-
(In millions of yen)
Equity attributable to owners of the parent
Total
Non-control
ling
interests
Total
equity
Other components of equity
Net change
in debt
instruments
measured at
fair value
through other
comprehensi
ve income
Net change
in equity
instruments
measured at
fair value
through
other
comprehens
ive income
Remeasure
ments of
defined
retirement
benefit
plans
Total
Balance at April 1,
2024
-
-
-
483,714
2,000,922
7,977
2,008,900
Profit (loss) for the
period
-
222,495
(91)
222,404
Other
comprehensive
income
-
(21,228)
-
(86,292)
(86,292)
333
(85,959)
Comprehensive
income for the period
-
(21,228)
-
(86,292)
136,202
242
136,445
Purchase of
treasury stock
-
(532,427)
(532,427)
Disposal of
treasury stock
(40,096)
337
337
Dividends
-
(17,763)
(17,763)
Share-based
payments
51,595
51,595
51,595
Equity transactions
with non-controlling
interests
-
-
1,826
1,826
Transfer from other
components of
equity to retained
earnings
21,228
21,228
-
-
Transactions with
owners - total
-
21,228
-
32,727
(498,257)
1,826
(496,431)
Balance at September
30, 2024
-
-
-
430,148
1,638,867
10,046
1,648,914
16
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
For the Six Months Ended September 30, 2025
(In millions of yen)
Equity attributable to owners of the parent
Common
stock
Share
premium
Retained
earnings
Treasury
stock
Other components of equity
Share-based
payments
Exchange
differences
on
translation
of foreign
operations
Effective
portion of
changes in
fair value of
cash flow
hedges
Balance as of April 1, 2025
40,000
-
1,606,348
(515,363)
98,619
387,986
-
Profit (loss) for the period
248,380
Other comprehensive
income
3,882
18
Comprehensive income for
the period
-
-
248,380
-
-
3,882
18
Purchase of treasury
stock
(259)
(427,943)
Disposal of treasury stock
13,306
30,102
(43,187)
Dividends
(17,600)
Share-based payments
37,474
Equity transactions with
non-controlling interests
Transfer from other
components of equity to
retained earnings
8,306
Transfer to non-financial
assets
(18)
Transactions with owners -
total
-
13,046
(9,294)
(397,840)
(5,713)
-
(18)
Balance as of September 30,
2025
40,000
13,046
1,845,434
(913,203)
92,906
391,869
-
17
(In millions of yen)
Equity attributable to owners of the parent
Non-controlli
ng interests
Total equity
Other components of equity
Total
Net change
in debt
instruments
measured at
fair value
through
other
comprehens
ive income
Net change
in equity
instruments
measured
at fair value
through
other
comprehen
sive
income
Remeas
ure-
ments of
defined
retireme
nt
benefit
plans
Total
Balance as of April 1,
2025
(9)
-
-
486,596
1,617,582
9,777
1,627,360
Profit (loss) for the
period
-
248,380
(48)
248,331
Other comprehensive
income
20
8,306
-
12,227
12,227
1
12,228
Comprehensive income
for the period
20
8,306
-
12,227
260,607
(46)
260,560
Purchase of treasury
stock
-
(428,203)
(428,203)
Disposal of treasury
stock
(43,187)
221
221
Dividends
-
(17,600)
(17,600)
Share-based
payments
37,474
37,474
37,474
Equity transactions
with non-controlling
interests
-
-
1,682
1,682
Transfer from other
components of equity
to retained earnings
(8,306)
(8,306)
-
-
Transfer to
non-financial assets
(18)
(18)
(18)
Transactions with owners
- total
-
(8,306)
-
(14,037)
(408,125)
1,682
(406,443)
Balance as of September
30, 2025
10
-
-
484,786
1,470,064
11,413
1,481,477
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Condensed Consolidated Statements of Cash Flows for the Six-Month Period
Six Months Ended September 30,
2024
2025
297,053
322,928
54,670
52,319
43,476
35,814
(19,397)
(8,226)
34
(3,350)
(29,121)
(30,202)
(26,865)
(36,978)
319,850
332,305
19,914
8,491
(3,237)
(3,118)
(57,480)
(71,468)
279,046
266,210
(4,303)
(7,034)
(28,887)
(26,848)
(728)
(55,138)
4,034
20,527
9
7,214
(29,876)
(61,278)
(21,796)
(23,761)
(532,566)
(428,304)
(38,954)
-
(17,765)
(17,591)
11,925
5,975
2,033
3,179
(597,122)
(460,502)
(31,208)
(17,958)
(379,161)
(273,529)
1,136,858
808,625
757,697
535,095
18
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
Notes to Condensed Consolidated Financial Statements for the Six-Month Period
1. Going Concern Assumption
Not applicable.
2. Operating Segments
(1) Overview of Reportable Segments
The Company’s operating segments are those components of the Company for which discrete financial information is available and
whose operating results are regularly reviewed by the Board of Directors to decide on the allocation of operating resources and assess
business performance. The Company has three operating segments by type of business, HR Technology, Staffing, and Marketing
Matching Technologies, which are also the reportable segments.
HR Technology consists of three operations, the US , Europe and Others , and Japan . Staffing consists of two operations, Japan and
Europe , US and Australia . Marketing Matching Technologies consists of three operations, Lifestyle, Housing & Real Estate, and
Others.
Due to a 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. Furthermore, from the first six months of the fiscal year ending March 31,
2026, the segment name of Matching & Solutions has been changed to Marketing Matching Technologies. Segment information for the
first six months of the previous fiscal year has been prepared based on the changed reportable segments.
(2) Information on Reportable Segments
Segment profit (loss) denotes EBITDA+S (operating income + depreciation and amortization (excluding depreciation of right-of-use
assets) + share-based payment expenses ± other operating income/expenses). The previously disclosed adjusted EBITDA has been
renamed to EBITDA+S starting from the first six months of the fiscal year ending March 31, 2026. The calculation formula for
EBITDA+S is the same as that for adjusted EBITDA.
Revenue from external customers in Adjustments includes revenue that is not allocated to a specific reportable segment, and segment
profit (loss) of 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.
19
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
For the Six Months Ended September 30, 2024
(In millions of yen)
Reportable Segment
Adjustments
Consolidated
HR
Technology
Staffing
Marketing
Matching
Technologies
Total
Revenue
Revenue from
external customers
699,426
827,694
263,148
1,790,270
8,434
1,798,705
Intersegment
revenues or transfers
1,620
12,646
469
14,736
(14,736)
-
Total
701,046
840,341
263,618
1,805,006
(6,301)
1,798,705
Segment profit (loss)
239,923
55,394
75,365
370,683
(3,442)
367,241
Depreciation and
amortization (Note)
35,766
Share-based payment
expenses
43,476
Other operating
income
2,183
Other operating
expenses
20,472
Operating income
269,708
Share of profit (loss)
of associates and joint
ventures
(2,340)
Finance income
32,974
Finance costs
3,288
Profit before tax
297,053
Note: Depreciation and amortization exclude depreciation of right-of-use assets.
For the Six Months Ended September 30, 2025
(In millions of yen)
Reportable Segment
Adjustments
Consolidated
HR
Technology
Staffing
Marketing
Matching
Technologies
Total
Revenue
Revenue from
external customers
695,825
816,959
280,798
1,793,584
-
1,793,584
Intersegment
revenues or transfers
1,691
12,496
450
14,638
(14,638)
-
Total
697,517
829,456
281,249
1,808,223
(14,638)
1,793,584
Segment profit (loss)
254,301
54,644
89,799
398,745
(4,176)
394,569
Depreciation and
amortization (Note)
33,939
Share-based payment
expenses
35,814
Other operating
income
9,591
Other operating
expenses
20,881
Operating income
313,525
Share of profit (loss)
of associates and joint
ventures
(3,802)
Finance income
16,462
Finance costs
3,257
Profit before tax
322,928
Note: Depreciation and amortization exclude depreciation of right-of-use assets.
20
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q2 FY2025
3. Treasury Stock
Treasury stock recognized in the Condensed Quarterly Consolidated Statements of Financial Position includes Recruit Holdings
shares held by the BIP trust and the ESOP trust.
The breakdown of treasury stock is as follows:
As of March 31, 2025
As of September 30, 2025
(In millions of yen, unless otherwise stated)
Number of shares
(shares)
Carrying amount
Number of shares
(shares)
Carrying
amount
Treasury stock directly held by Recruit
Holdings
36,408,381
280,932
89,837,851
703,590
Recruit Holdings shares held by the BIP trust
and the ESOP trust
60,788,181
234,430
53,712,772
209,613
Total
97,196,562
515,363
143,550,623
913,203
4. Significant Subsequent Events
Share Repurchase
On October 16, 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.
(1) 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.
(2) Details of the resolution by the Board of Directors on October 16, 2025
(i) Type of shares to be repurchased
Shares of common stock of Recruit Holdings
(ii) Total number of shares to be repurchased
38,000,000 shares (Maximum)
(iii) Total purchase price
250,000 million yen (Maximum)
(iv) Repurchase period
From October 17, 2025 to April 30, 2026
(v) Method of repurchases
(1) Market purchases on Tokyo Stock Exchange, Inc. through an
appointed securities dealer with transaction discretion
(2) Purchases through Off-Auction Own Share Repurchase Trading
System (ToSTNeT-3)
(3) Status of repurchase as of October 31, 2025 (delivery date basis)
(i) Type of shares repurchased
Shares of common stock of Recruit Holdings
(ii) Total number of shares repurchased
4,473,000 shares
(iii) Total purchase price
34,733 million yen
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