Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
February 9, 2026
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for the Nine Months Ended December 31, 2025 (IFRS)
Tokyo, February 9, 2026 ― Recruit Holdings Co., Ltd. announced today its consolidated financial results for the nine months ended
December 31, 2025 (April 1, 2025 to December 31, 2025)
Consolidated Operating Results
Nine Months Ended December 31,
% change
(In billions of yen, unless otherwise stated)
2024
2025
Revenue
2,695.7
2,736.7
1.5%
EBITDA+S
546.8
612.8
12.1%
Operating income
409.3
495.6
21.1%
Profit before tax
442.2
510.8
15.5%
Profit for the period
341.3
394.8
15.7%
Profit attributable to owners of the parent
341.5
394.9
15.6%
Total comprehensive income
396.4
499.6
26.0%
Basic EPS (yen)
225.62
276.58
22.6%
Diluted EPS (yen)
221.50
274.64
24.0%
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 December 31, 2025
Total assets
2,772.2
2,695.0
Total equity
1,627.3
1,570.6
Equity attributable to owners of the parent
1,617.5
1,559.2
Ratio of equity attributable to owners of the parent (%)
58.3
57.9
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 November 6, 2025 as below.
(In billions of yen, unless otherwise stated)
FY2025 Full-year
Revised Guidance
Year over year
% change
Revenue
3,664.7
3.0%
Gross Profit
2,165.1
3.8%
EBITDA+S
763.8
12.5%
Operating income
590.6
20.4%
Profit attributable to owners of the parent
480.9
17.7%
Basic EPS (yen)
335.00
23.4%
Please refer to page 5, Qualitative Information on Consolidated Financial Guidance for more details.
1
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 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 December 31, 2025
Number of issued shares including treasury stock
1,563,912,149
1,563,912,149
Number of treasury stock
1
97,196,562
158,664,856
Nine Months Ended
December 31, 2024
Nine Months Ended
December 31, 2025
Average number of shares during the period
1,513,836,858
1,427,871,969
1 The number of treasury stock 158,664,856 as of December 31, 2025 includes treasury stock held by the Company
(108,152,863 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 (50,511,993 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
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
Q3
US dollar
155.85
149.71
152.37
152.55
144.48
147.47
154.07
Euro
167.85
164.28
162.58
160.55
163.91
172.38
179.36
Australian dollar
102.71
100.18
99.49
95.72
92.57
96.48
101.16
2
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 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 Q3 FY2025
Table of Contents
1.
Management’s Discussion and Analysis
5
2.
Qualitative Information on Consolidated Financial Guidance
5
3.
Condensed Quarterly Consolidated Financial Statements and Primary Notes
7
Condensed Quarterly Consolidated Statements of Financial Position
7
Condensed Quarterly Consolidated Statements of Profit or Loss
8
Condensed Quarterly Consolidated Statements of Comprehensive Income
9
Condensed Quarterly Consolidated Statements of Changes in Equity
10
Condensed Quarterly Consolidated Statements of Cash Flows
12
Notes to Condensed Quarterly Consolidated Financial Statements
13
Independent Auditor’s Report on the Interim Review of Quarterly Consolidated Financial Statements
16
4
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
1. Management’s Discussion and Analysis
For Q3 FY2025 results, please refer to “Financial Data” on our IR website disclosed at 3:30 pm JST on February 9, 2026 and
“Earnings Results Call and Update on MMT SBU Presentation Slides” on TDnet and our IR website disclosed at 4:30 pm JST on
February 9, 2026.
https://recruit-holdings.com/en/ir/
There are no significant matters regarding Analysis of Consolidated Financial Position.
2. Qualitative Information on Consolidated Financial Guidance
Based on the results for Q3 FY2025 and the outlook for Q4 FY2025 for HR Technology exceeding the Company’s prior assumptions,
as well as continued depreciation of the Japanese yen, the Company has revised the full-year consolidated financial guidance for
FY2025 announced on November 6, 2025.
Staffing and Marketing Matching Technologies are progressing largely in line with the full-year outlook for FY2025 announced on
November 6, 2025, therefore, the Company has made only minor adjustments to the outlook.
The foreign exchange rate assumptions for Q4 FY2025 are 153 yen per US dollar, 181 yen per Euro and 103 yen per Australian dollar.
The total amount of share-based payment expense of HR Technology in FY2025 is expected to be approximately 410 million US
dollars, revised from the outlook of approximately 440 million US dollars announced on November 6, 2025.
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.
REVISED
FY2025 Guidance
(as of Feb. 2026)
FY2025 Guidance
(as of Nov. 2025)
(In billions of yen)
YoY
YoY
Revenue
3,664.7
3.0%
3,598.5
1.2%
Gross Profit
2,165.1
3.8%
2,123.4
1.8%
EBITDA+S
763.8
12.5%
733.5
8.1%
Operating income
590.6
20.4%
566.0
15.4%
Profit attributable to owners of the parent
480.9
17.7%
448.3
9.8%
Basic EPS (yen)
335.00
23.4%
313.00
15.3%
HR Technology
REVISED
FY2025 Outlook
(as of Feb. 2026)
FY2025 Outlook
(as of Nov. 2025)
YoY
YoY
Revenue
(in millions of US dollars)
US
5,236
7.2%
5,157
5.6%
Europe and Others
2,010
17.1%
2,018
17.6%
Japan
2,294
-4.0%
2,346
-1.9%
Total
9,541
6.1%
9,521
5.9%
Revenue
(in billions of yen)
US
784.1
5.2%
750.4
0.7%
Europe and Others
301.1
15.0%
293.6
12.1%
Japan
342.9
-6.0%
341.3
-6.5%
Total
1,428.3
4.1%
1,385.5
1.0%
EBITDA+S
523.0
15.5%
495.8
9.5%
EBITDA+S margin
36.6%
-
35.8%
-
5
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
Staffing
REVISED
FY2025 Outlook
(as of Feb. 2026)
FY2025 Outlook
(as of Nov. 2025)
(In billions of yen)
YoY
YoY
Revenue
Japan
847.7
5.3%
845.7
5.0%
Europe, US, and Australia
850.7
-1.3%
829.6
-3.7%
Total
1,698.5
1.9%
1,675.4
0.5%
EBITDA+S
97.1
-0.3%
95.6
-1.8%
EBITDA+S margin
5.7%
-
5.7%
-
Marketing Matching Technologies
REVISED
FY2025 Outlook
(as of Feb. 2026)
FY2025 Outlook
(as of Nov. 2025)
(In billions of yen)
YoY
YoY
Revenue
566.8
5.1%
567.2
5.1%
EBITDA+S
153.8
12.2%
153.2
11.8%
EBITDA+S margin
27.1%
-
27.0%
-
6
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
3. Condensed Quarterly Consolidated Financial Statements and Primary Notes
Condensed Quarterly Consolidated Statements of Financial Position
(In millions of yen)
As of March 31, 2025
As of December 31, 2025
Assets
Current assets
Cash and cash equivalents
808,625
592,438
Trade and other receivables
565,069
622,786
Other financial assets
18,697
81,130
Other assets
77,985
83,855
Total current assets
1,470,378
1,380,210
Non-current assets
Property and equipment
54,897
55,429
Right-of-use assets
154,572
133,456
Goodwill
508,133
548,853
Intangible assets
174,977
172,423
Investments in associates and
joint ventures
17,476
8,429
Other financial assets
163,102
158,492
Deferred tax assets
217,020
224,319
Other assets
11,693
13,467
Total non-current assets
1,301,874
1,314,870
Total assets
2,772,252
2,695,081
(In millions of yen)
As of March 31, 2025
As of December 31, 2025
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
377,543
385,338
Lease liabilities
44,453
39,579
Other financial liabilities
5,011
185
Income tax payables
53,235
67,391
Provisions
15,437
10,866
Other liabilities
306,503
295,569
Total current liabilities
802,185
798,930
Non-current liabilities
Borrowings
1,011
943
Lease liabilities
163,476
146,109
Other financial liabilities
945
1,207
Provisions
15,289
15,503
Net liability for retirement benefits
63,408
63,432
Deferred tax liabilities
90,465
89,959
Other liabilities
8,108
8,389
Total non-current liabilities
342,706
325,545
Total liabilities
1,144,892
1,124,476
Equity
Equity attributable to owners of the
parent
Common stock
40,000
40,000
Share premium
-
20,968
Retained earnings
1,606,348
1,973,934
Treasury stock
(515,363)
(1,047,949)
Other components of equity
486,596
572,254
Total equity attributable to owners of
the parent
1,617,582
1,559,208
Non-controlling interests
9,777
11,397
Total equity
1,627,360
1,570,605
Total liabilities and equity
2,772,252
2,695,081
7
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
Condensed Quarterly Consolidated Statements of Profit or Loss
Nine Months Ended December 31,
(In millions of yen, unless otherwise stated)
2024
2025
Revenue
2,695,702
2,736,780
Cost of sales
1,124,903
1,125,652
Gross profit
1,570,798
1,611,128
Selling, general and administrative expenses
1,141,843
1,099,575
Other operating income
2,984
12,543
Other operating expenses
22,580
28,416
Operating income
409,358
495,680
Share of profit (loss) of associates and joint
ventures
(3,310)
(5,249)
Finance income
40,547
25,318
Finance costs
4,365
4,871
Profit before tax
442,228
510,877
Income tax expense
100,872
116,071
Profit for the period
341,356
394,806
Profit attributable to:
Owners of the parent
341,549
394,918
Non-controlling interests
(192)
(112)
Profit for the period
341,356
394,806
Earnings per share attributable to owners of
the parent
Basic earnings per share (yen)
225.62
276.58
Diluted earnings per share (yen)
221.50
274.64
8
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
Condensed Quarterly Consolidated Statements of Comprehensive Income
Nine Months Ended December 31,
(In millions of yen)
2024
2025
Profit for the period
341,356
394,806
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
(15,329)
8,571
Remeasurements of defined retirement benefit
plans
(6)
-
Share of other comprehensive income of
associates and joint ventures
(2,032)
(457)
Subtotal
(17,367)
8,113
Items that may be reclassified subsequently to
profit or loss:
Exchange differences on translation of foreign
operations
72,437
96,658
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
-
22
Subtotal
72,437
96,698
Other comprehensive income (loss) for the period,
net of tax
55,069
104,812
Comprehensive income for the period
396,425
499,618
Comprehensive income attributable to:
Owners of the parent
396,432
499,681
Non-controlling interests
(6)
(62)
Comprehensive income for the period
396,425
499,618
9
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
Condensed Quarterly Consolidated Statements of Changes in Equity
For the Nine Months Ended December 31, 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 as of April 1, 2024
40,000
-
1,884,258
(407,049)
88,242
395,471
-
Profit (loss) for the period
341,549
Other comprehensive
income
72,435
-
Comprehensive income
for the period
-
-
341,549
-
-
72,435
-
Purchase of treasury
stock
(347)
(639,803)
Disposal of treasury stock
20,824
40,549
(60,938)
Dividends
(35,642)
Share-based payments
76,919
Equity transactions with
non-controlling interests
Transfer from other
components of equity to
retained earnings
(17,551)
Transactions with owners -
total
-
20,477
(53,194)
(599,253)
15,980
-
-
Balance as of December 31,
2024
40,000
20,477
2,172,613
(1,006,303)
104,223
467,906
-
(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
comprehensive
income
Net change in
equity
instruments
measured at
fair value
through other
comprehensive
income
Remeasure-
ments of
defined
retirement
benefit
plans
Total
Balance as of April 1, 2024
-
-
-
483,714
2,000,922
7,977
2,008,900
Profit (loss) for the
period
-
341,549
(192)
341,356
Other comprehensive
income
-
(17,545)
(6)
54,883
54,883
186
55,069
Comprehensive income for
the period
-
(17,545)
(6)
54,883
396,432
(6)
396,425
Purchase of treasury
stock
-
(640,150)
(640,150)
Disposal of treasury
stock
(60,938)
435
435
Dividends
-
(35,642)
(35,642)
Share-based payments
76,919
76,919
76,919
Equity transactions with
non-controlling interests
-
-
1,826
1,826
Transfer from other
components of equity to
retained earnings
17,545
6
17,551
-
-
Transactions with owners -
total
-
17,545
6
33,532
(598,438)
1,826
(596,611)
Balance as of December
31, 2024
-
-
-
572,129
1,798,916
9,797
1,808,714
10
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
For the Nine Months Ended December 31, 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
394,918
Other comprehensive
income
96,700
18
Comprehensive income for
the period
-
-
394,918
-
-
96,700
18
Purchase of treasury
stock
(432)
(574,909)
Disposal of treasury
stock
21,400
42,322
(63,465)
Dividends
(35,355)
Share-based payments
52,400
Equity transactions with
non-controlling interests
Transfer from other
components of equity to
retained earnings
8,021
Transfer to non-financial
assets
(18)
Transactions with owners -
total
-
20,968
(27,333)
(532,586)
(11,065)
-
(18)
Balance as of December
31, 2025
40,000
20,968
1,973,934
(1,047,949)
87,554
484,687
-
(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
comprehensive
income
Net change in
equity
instruments
measured at
fair value
through other
comprehensive
income
Remeasure-
ments of
defined
retirement
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
-
394,918
(112)
394,806
Other comprehensive
income
22
8,021
-
104,763
104,763
49
104,812
Comprehensive income for
the period
22
8,021
-
104,763
499,681
(62)
499,618
Purchase of treasury
stock
-
(575,341)
(575,341)
Disposal of treasury
stock
(63,465)
258
258
Dividends
-
(35,355)
(35,355)
Share-based payments
52,400
52,400
52,400
Equity transactions with
non-controlling interests
-
-
1,682
1,682
Transfer from other
components of equity to
retained earnings
(8,021)
(8,021)
-
-
Transfer to non-financial
assets
(18)
(18)
(18)
Transactions with owners -
total
-
(8,021)
-
(19,105)
(558,056)
1,682
(556,373)
Balance as of December
31, 2025
13
-
-
572,254
1,559,208
11,397
1,570,605
11
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
Condensed Quarterly Consolidated Statements of Cash Flows
Nine Months Ended December 31,
(In millions of yen)
2024
2025
Cash flows from operating activities
Profit before tax
442,228
510,877
Depreciation and amortization
81,878
79,273
Share-based payment expenses
64,311
49,659
Interest and dividend income
(26,238)
(12,519)
(Increase) decrease in trade and other receivables
(11,616)
(34,864)
Increase (decrease) in trade and other payables
(12,277)
(433)
Other
(26,412)
(37,616)
Subtotal
511,872
554,377
Interest and dividends received
26,955
12,341
Interest paid
(3,995)
(4,499)
Income taxes paid
(97,189)
(111,829)
Net cash provided by operating activities
437,642
450,389
Cash flows from investing activities
Payment for purchase of property and equipment
(6,014)
(7,985)
Payment for purchase of intangible assets
(43,076)
(39,566)
Payment for purchase of investments
(879)
(69,666)
Proceeds from sale and redemption of investments
12,938
50,081
Other
(5,997)
10,325
Net cash used in investing activities
(43,029)
(56,810)
Cash flows from financing activities
Repayments of lease liabilities
(32,580)
(34,967)
Payment for purchase of treasury stock
(640,290)
(575,518)
(Increase) decrease in deposits for purchase of
treasury stock
(21,232)
-
Dividends paid
(35,611)
(35,293)
Proceeds from settlement of derivatives
17,301
9,166
Other
2,015
3,138
Net cash used in financing activities
(710,397)
(633,474)
Effect of exchange rate changes on cash and cash
equivalents
50,738
23,707
Net increase (decrease) in cash and cash equivalents
(265,045)
(216,187)
Cash and cash equivalents at the beginning of the period
1,136,858
808,625
Cash and cash equivalents at the end of the period
871,812
592,438
12
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
Notes to Condensed Quarterly Consolidated Financial Statements
1. Applicable Financial Reporting Framework
The Company’s condensed quarterly consolidated financial statements (condensed quarterly consolidated statements of financial
position, condensed quarterly consolidated statements of profit or loss, condensed quarterly consolidated statements of
comprehensive income, condensed quarterly consolidated statements of changes in equity, condensed quarterly consolidated
statements of cash flows, and notes) are prepared in accordance with Article 5, Paragraph 2 of Tokyo Stock Exchange, Inc.’s
standards for the preparation of quarterly financial statements, etc. (however, the omissions set out in Article 5, Paragraph 5 of the
same standards apply). The condensed quarterly consolidated financial statements are prepared based on International Accounting
Standard No. 34 “Interim Financial Reporting” (hereinafter “IAS 34”), but some of the disclosure items and notes required by IAS 34
are omitted. Accordingly, the condensed quarterly consolidated financial statements are not a set of condensed financial statements in
accordance with IAS 34.
2. Going Concern Assumption
Not applicable.
3. 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 nine 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 nine 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 quarter 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.
13
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
For the Nine Months Ended December 31, 2024
(In millions of yen)
Reportable Segment
Adjustments
Consolidated
HR
Technology
Staffing
Marketing
Matching
Technologies
Total
Revenue
Revenue from
external customers
1,029,373
1,259,647
398,140
2,687,161
8,540
2,695,702
Intersegment
revenues or
transfers
2,282
19,156
663
22,101
(22,101)
-
Total
1,031,656
1,278,803
398,803
2,709,262
(13,560)
2,695,702
Segment profit (loss)
348,725
87,342
115,829
551,897
(5,025)
546,871
Depreciation and
amortization (Note)
53,605
Share-based
payment expenses
64,311
Other operating
income
2,984
Other operating
expenses
22,580
Operating income
409,358
Share of profit (loss)
of associates and
joint ventures
(3,310)
Finance income
40,547
Finance costs
4,365
Profit before tax
442,228
Note: Depreciation and amortization exclude depreciation of right-of-use assets.
For the Nine Months Ended December 31, 2025
(In millions of yen)
Reportable Segment
Adjustments
Consolidated
HR
Technology
Staffing
Marketing
Matching
Technologies
Total
Revenue
Revenue from
external customers
1,055,026
1,257,564
424,189
2,736,780
-
2,736,780
Intersegment
revenues or
transfers
2,615
18,439
656
21,711
(21,711)
-
Total
1,057,641
1,276,003
424,846
2,758,491
(21,711)
2,736,780
Segment profit (loss)
394,980
85,113
139,211
619,305
(6,467)
612,837
Depreciation and
amortization (Note)
51,624
Share-based
payment expenses
49,659
Other operating
income
12,543
Other operating
expenses
28,416
Operating income
495,680
Share of profit (loss)
of associates and
joint ventures
(5,249)
Finance income
25,318
Finance costs
4,871
Profit before tax
510,877
Note: Depreciation and amortization exclude depreciation of right-of-use assets.
14
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
4. 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 December 31, 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
108,152,863
850,556
Recruit Holdings shares held by the BIP trust
and the ESOP trust
60,788,181
234,430
50,511,993
197,392
Total
97,196,562
515,363
158,664,856
1,047,949
5. Significant Subsequent Events
Share Repurchase
The Company, by resolution of its Board of Directors on October 16, 2025, implemented the following share repurchase program,
pursuant to Article 156 of the Companies Act as applied by replacing certain terms pursuant to Article 165, Paragraph 3 of the said
Act.
(1) Details of common stock repurchased on and after January 1, 2026
(i) Type of shares repurchased
Shares of common stock of Recruit Holdings
(ii) Total number of shares repurchased
6,950,000 shares
(iii) Total purchase price
61,530 million yen
(iv) Acquisition period
From January 1, 2026 to January 31, 2026 (delivery date basis)
(2) Details of the purchases resolved 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 January 31, 2026 (delivery date basis)
(i) Type of shares repurchased
Shares of common stock of Recruit Holdings
(ii) Total number of shares repurchased
25,265,000 shares
(iii) Total purchase price
208,496 million yen
15
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
(English Translation)
Independent Auditor’s Report on the Interim Review of Quarterly Consolidated Financial Statements
February 9, 2026
The Board of Directors
Recruit Holdings Co., Ltd.
Ernst & Young ShinNihon LLC
Tokyo, Japan
Hitoshi Matsuoka
Certified Public Accountant
Designated and Engagement Partner
Takeshi Saida
Certified Public Accountant
Designated and Engagement Partner
Ryuichiro Umano
Certified Public Accountant
Designated and Engagement Partner
Masashi Motohashi
Certified Public Accountant
Designated and Engagement Partner
Conclusion
We have conducted an interim review of Recruit Holdings Co., Ltd.’s condensed quarterly consolidated financial statements for the
third quarter (October 1, 2025 to December 31, 2025) and first nine months (April 1, 2025 to December 31, 2025) of the consolidated
fiscal year from April 1, 2025 to March 31, 2026, listed in the “Attachments” to the quarterly financial results, which comprise the
condensed quarterly consolidated statements of financial position, condensed quarterly consolidated statements of profit or loss,
condensed quarterly consolidated statements of comprehensive income, condensed quarterly consolidated statements of changes in
equity, condensed quarterly consolidated statements of cash flows, and notes to condensed quarterly consolidated financial
statements.
As a result of conducting our interim review, there were no matters that cause us to believe that the condensed quarterly consolidated
financial statements referred to above have not been prepared in accordance with Article 5, Paragraph 2 of the Tokyo Stock
Exchange’s Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the omission of the description
prescribed in Article 5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial Statements, etc., has been applied),
in all material respects.
Basis for the Conclusion
We conducted our interim review in accordance with interim review standards generally accepted in Japan. Our responsibility under
the interim review standards is stated in the “Auditor’s Responsibility for the Interim Review of the Condensed Quarterly Consolidated
Financial Statements.” We are independent of the Company and its consolidated subsidiaries in accordance with the provisions
related to professional ethics in Japan (including provisions applicable to the financial statement audits of public interest entities (PIE)),
and are fulfilling other ethical responsibilities as an auditor. We believe that we have obtained sufficient and appropriate evidence to
provide a basis for our conclusion.
Responsibilities of Management, Audit and Supervisory Board Members and Audit and Supervisory Board for the Condensed
Quarterly Consolidated Financial Statements
Management is responsible for the preparation of condensed quarterly financial statements in accordance with Article 5, Paragraph 2
of the Tokyo Stock Exchange’s Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the omission of the
description prescribed in Article 5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial Statements, etc., has
been applied), and for designing and operating such internal control as management determines is necessary to enable the
preparation of the condensed quarterly consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the condensed quarterly consolidated financial statements, management is responsible for assessing whether it is
appropriate to prepare the condensed quarterly consolidated financial statements in accordance with the premise of a going concern,
and for disclosing matters relating to going concern when it is required to do so in accordance with Article 5, Paragraph 2 of the Tokyo
Stock Exchange’s Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the omission of the description
prescribed in Article 5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial Statements, etc., has been applied).
Audit and Supervisory Board members and Audit and Supervisory Board are responsible for monitoring the execution of Directors’
duties related to designing and operating the financial reporting process.
16
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for Q3 FY2025
Auditor’s Responsibilities for the Interim Review of the Condensed Quarterly Consolidated Financial Statements
Our responsibility is to give a conclusion on the condensed quarterly consolidated financial statements from an independent
standpoint in an interim review report based on our interim review.
As part of an interim review in accordance with interim review standards generally accepted in Japan, we exercise professional
judgment and maintain professional skepticism throughout the interim review. We also:
・
Ask questions primarily to management and persons responsible for financial and accounting matters, perform analytical procedures
and other interim review procedures. Interim review procedures are more limited procedures than audits of annual financial statements
performed in accordance with auditing standards generally accepted in Japan.
・
If we determine that there is significant uncertainty in regard to events or conditions that may cast significant doubt on the entity’s
ability to continue as a going concern, we conclude, based on the evidence obtained, whether there are any matters that cause us to
believe that the condensed quarterly consolidated financial statements have not been prepared in accordance with Article 5,
Paragraph 2 of the Tokyo Stock Exchange’s Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the
omission of the description prescribed in Article 5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial
Statements, etc., has been applied). In addition, if there is significant uncertainty concerning the premise of a going concern, we are
required to call attention to the notes to the condensed quarterly consolidated financial statements in the interim review report, or if the
notes to the condensed quarterly consolidated financial statements pertaining to the significant uncertainty are inappropriate, issue a
modified opinion or a negative opinion on the condensed quarterly consolidated financial statements. While our conclusion is based on
the evidence obtained up to the date of the interim review report, depending on future events or conditions, an entity may be unable to
continue as a going concern.
・
Assess whether there are any matters that cause us to believe that the presentation of and notes to the condensed quarterly
consolidated financial statements have not been prepared in accordance with Article 5, Paragraph 2 of the Tokyo Stock Exchange’s
Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the omission of the description prescribed in Article
5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial Statements, etc., has been applied).
・
Obtain evidence regarding the financial statements of the Company and its consolidated subsidiaries that forms the basis for giving
a conclusion on the condensed quarterly consolidated financial statements. We are responsible for direction, supervision and
inspections relating to the interim review of the condensed quarterly consolidated financial statements. We remain solely responsible
for our conclusion.
We communicate with the Audit and Supervisory Board members and Audit and Supervisory Board regarding the planned scope and
timing of the interim review and material interim review findings.
We also provide the Audit and Supervisory Board members and Audit and Supervisory Board with a statement that we have complied
with the ethical requirements in Japan regarding independence, and communicate to them all relationships and other matters that may
reasonably be thought to have impacts on our independence, and where applicable, related measures in order to eliminate obstruction
factors or safeguards to reduce them to an acceptable level.
Conflicts of Interest
We have no interest in the Company which should be disclosed in accordance with the Certified Public Accountants Act.
The original Independent Auditor’s Interim Review Report related to the condensed quarterly consolidated financial statements is in
Japanese. This English translation is prepared only for readers’ convenience.
Notes:
1. The above is a digital version of the matters stated in the original interim review report. The original is stored separately by the
Holding Company (the company submitting the quarterly financial results).
2. XBRL data and HTML data are not included in the scope of the interim review.
17
