Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
May 15, 2026
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for the Year Ended March 31, 2026 (IFRS, Unaudited)
Tokyo, May 15, 2026 ― Recruit Holdings Co., Ltd. announced today its consolidated financial results for the year ended March 31, 2026
(April 1, 2025 to March 31, 2026).
Consolidated Operating Results
(In billions of yen, unless otherwise stated)
FY2024
FY2025
% change
Revenue
3,557.4
3,697.3
3.9%
EBITDA+S
678.8
794.3
17.0%
Operating income
490.5
630.5
28.5%
% of revenue
13.8%
17.1%
-
Profit before tax
527.1
644.6
22.3%
Return on assets (%)
17.8%
23.2%
-
Profit attributable to owners of the parent
408.5
496.9
21.6%
% of total equity attributable to owners of the parent
22.6%
31.0%
-
Total comprehensive income
383.1
616.9
61.0%
Basic EPS (yen)
  
271.44
349.78
-
Diluted EPS (yen)
268.32
347.59
-
Reference: Share of profit (loss) of associates and joint ventures was (10.1) billion yen in FY2025 and (8.8) billion yen in FY2024.
Adjusted EBITDA has been renamed to EBITDA+S from the fiscal year ended 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
Total assets
2,772.2
Total equity
1,627.3
Equity attributable to owners of the parent
1,617.5
Ratio of equity attributable to owners of the parent (%)
58.3%
Equity attributable to owners of the parent per share (yen)
1,102.86
Consolidated Cash Flows
Dividends
(In yen, unless otherwise stated)
FY2024
FY2025
FY2026
Guidance
At the end of Q1
-
-
-
At the end of Q2
12.00
12.50
13.00
At the end of Q3
-
-
-
At the end of Q4
12.00
12.50
13.00
Total
24.00
25.00
26.00
Total amount of dividend payment (in billions of yen)
37.0
36.4
-
Payout ratio (consolidated, %)
8.8
7.1
5.8
Ratio of dividends to total equity attributable to owners of the parent (%)
2.0
4.5
-
1
(In billions of yen, unless otherwise stated)
FY2024
FY2025
Net cash flows from operating activities
610.3
669.4
Net cash flows from investing activities
(61.0)
(49.7)
Net cash flows from financing activities
(880.4)
(743.4)
Cash and cash equivalents at the end of the year
808.6
725.5
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Consolidated Financial Guidance for FY2026
(In billions of yen, unless otherwise stated)
FY2026 Full-year
Guidance
% change
Revenue
4,030.0
9.0%
Gross Profit
2,424.0
10.8%
EBITDA+S
949.0
19.5%
Operating income
787.0
24.8%
Profit attributable to owners of the parent
623.0
25.4%
Basic EPS (yen)
447.00
27.8%
Please refer to page 7 , Qualitative Information on Consolidated Financial Guidance for more details.
Significant changes in the scope of consolidation during the period
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 March 31, 2026
Number of issued shares including treasury stock
1,563,912,149
1,472,504,149
Number of treasury stock
1
97,196,562
76,290,824
FY2024
FY2025
Average number of shares during the period
1,504,932,604
1,420,625,622
1 The number of treasury stock 76,290,824 as of March 31, 2026 includes treasury stock held by the Company (28,856,988 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 (47,433,836 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
FY2026
Fiscal year from April 1, 2026 to March 31, 2027
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
Q4
US dollar
155.85
149.71
152.37
152.55
144.48
147.47
154.07
156.92
Euro
167.85
164.28
162.58
160.55
163.91
172.38
179.36
183.61
Australian dollar
102.71
100.18
99.49
95.72
92.57
96.48
101.16
108.96
2
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Reference: Outline of Non-consolidated Financial Results
Non-consolidated Operating Results
(In billions of yen, unless otherwise stated)
FY2024
FY2025
% change
Revenue
615.7
705.2
14.5%
Operating profit
605.1
693.5
14.6%
Recurring profit
603.6
687.4
13.9%
Net income
604.6
681.3
12.7%
Basic EPS (yen)
401.76
479.59
-
Diluted EPS (yen)
397.13
476.58
-
Non-consolidated Financial Position
(In billions of yen, unless otherwise stated)
As of March 31, 2025
Total assets
1,654.3
Net assets
693.3
Equity ratio (%)
41.7%
Net assets per share (yen)
470.02
Reference: Equity was 689.3 billion yen as of March 31, 2025 and 730.7 billion yen as of March 31, 2026.
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).
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 FY2025
Table of Contents
1.
Management’s Discussion and Analysis
5
Consolidated Results of Operations
5
Results of Operations by Segment
5
Capital Resources and Liquidity
6
2.
Consolidated Financial Guidance for FY2026
7
3.
Management Philosophy and Strategies
8
Management Philosophy
8
Target Management Key Performance Indicators (KPIs)
8
Business Strategies
8
Capital Allocation Policy
15
4.
Basic Rationale for Selection of Accounting Standards
15
5.
Consolidated Financial Statements and Primary Notes
16
Consolidated Statement of Financial Position
16
Consolidated Statement of Profit or Loss
17
Consolidated Statement of Comprehensive Income
18
Consolidated Statement of Changes in Equity
19
Consolidated Statement of Cash Flows
23
Going Concern Assumption
24
Notes to Consolidated Financial Statements
24
4
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
1. Management’s Discussion and Analysis
Consolidated Results of Operations
Consolidated revenue for FY2025 increased 3.9% year over year to 3,697.3 billion yen. Consolidated revenue increased in all three
segments: HR Technology, Staffing, and Marketing Matching Technologies.
Operating income increased 28.5% year over year to 630.5 billion yen. Profit before tax increased 22.3% to 644.6 billion yen, profit for
the period increased 21.7% to 496.6 billion yen, profit attributable to owners of the parent increased 21.6% to 496.9 billion yen, and
basic EPS increased 28.9% to 349.78 yen.
For FY2025, EBITDA+S margin was 21.5%, and EBITDA+S increased 17.0% year over year to 794.3 billion yen.
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.
In the following, the results for FY2025 are compared with those for the previous fiscal year assuming that the above transfer had
taken place in the previous fiscal year.
HR Technology
Revenue for FY2025 increased 6.3% to 1,458.4 billion yen, and on a US dollar basis, revenue increased 7.6% to 9.67 billion US
dollars.
Revenue in the US increased 7.6% to 801.6 billion yen, and on a US dollar basis, revenue increased 8.8% to 5.31 billion US dollars, as
monetization improvements led to a 17% year over year rise in the US Average Revenue per Job Posting on Indeed, or US ARPJ¹,
despite stagnant hiring demand.
Revenue in Europe and Others increased 17.8% to 308.5 billion yen, and on a US dollar basis, revenue increased 19.2% to 2.04 billion
US dollars.
Revenue in Japan decreased 4.6% to 348.2 billion yen, and on a US dollar basis, revenue decreased 3.2% to 2.31 billion US dollars.
EBITDA+S margin for FY2025 was 37.7%, primarily driven by improved operational efficiency, including a decrease in personnel
expenses. EBITDA+S increased 21.5% to 549.9 billion yen.
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
Revenue for FY2025 increased 2.2% to 1,703.4 billion yen.
Revenue in Japan increased 5.2% to 846.8 billion yen, and revenue in Europe, US, and Australia decreased 0.6% to 856.5 billion yen.
EBITDA+S margin for FY2025 was 5.9%. EBITDA+S increased 2.4% to 99.7 billion yen.
Marketing Matching Technologies
Revenue for FY2025 increased 4.7% to 564.6 billion yen, driven by the Lifestyle subsegment
1 including Beauty.
Revenue in the Lifestyle subsegment increased 6.6% to 293.8 billion yen. Revenue in the Housing & Real Estate subsegment increased
4.5% to 156.9 billion yen, and revenue in the Others subsegment increased 0.2% to 113.8 billion yen.
EBITDA+S margin for FY2025 was 27.4%. EBITDA+S increased 13.0% to 154.9 billion yen.
1 Lifestyle subsegment consists of the total of Beauty, Travel, Dining, and SaaS solutions including Air BusinessTools.
5
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Capital Resources and Liquidity
Analysis of Consolidated Financial Position
The maximum amount of borrowings under overdraft agreements was 113.0 billion yen as of March 31, 2026, 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, 2026.
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, 2026.
Analysis of Consolidated Cash Flows
Payments for the purchase of treasury stock in the fiscal year ended March 31, 2026 amounted to 678.7 billion yen.
6
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
2. Consolidated Financial Guidance for FY2026
The consolidated financial guidance for FY2026 is based on the assumption that there will be no significant changes in the economic
environment.
The foreign exchange rate assumptions for FY2026 are 154 yen per US dollar, 182 yen per Euro and 110 yen per Australian dollar.
For FY2026, the total amount of share-based payment expenses for consolidated financial results are expected to be 79.2 billion yen,
and the total amount of share-based payment expenses for HR Technology are expected to be approximately 490 million US dollars.
Based on these assumptions, the full-year consolidated financial guidance and outlook of each segment for FY2026 are as follows.
Consolidated Guidance
(In billions of yen)
FY2025 Actual
FY2026 Guidance
% change
Revenue
3,697.3
4,030.0
9.0%
Gross Profit
2,188.1
2,424.0
10.8%
EBITDA+S
794.3
949.0
19.5%
Operating income
630.5
787.0
24.8%
Profit attributable to owners of the parent
496.9
623.0
25.4%
Basic EPS (yen)
349.78
447.00
27.8%
HR Technology
FY2025 Actual
FY2026 Outlook
% change
Revenue (in millions of US dollars)
US
5,314
6,035
13.6%
Europe and Others
2,045
2,395
17.1%
Japan
2,314
2,308
-0.2%
Total
9,674
10,738
11.0%
Revenue (in billions of yen)
US
801.6
929.3
15.9%
Europe and Others
308.5
368.8
19.5%
Japan
348.2
355.5
2.1%
Total
1,458.4
1,653.7
13.4%
EBITDA+S
549.9
677.4
23.2%
EBITDA+S margin
37.7%
41.0%
-
Staffing
FY2025 Actual
FY2026 Outlook
% change
Revenue
Japan
846.8
873.0
3.1%
Europe, US, and Australia
856.5
929.5
8.5%
Total
1,703.4
1,802.5
5.8%
EBITDA+S
99.7
100.5
0.8%
EBITDA+S margin
5.9%
5.6%
-
Marketing Matching Technologies
FY2025 Actual
FY2026 Outlook
% change
Revenue
564.6
605.0
7.1%
EBITDA+S
154.9
181.5
17.1%
EBITDA+S margin
27.4%
30.0%
-
7
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
3. 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
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 force for change.
Bet on Passion
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.
Prioritize Social Value
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.
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 developed based on the expertise cultivated within the Recruit Group.
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
EBITDA+S as target management KPIs. Executive officers’ compensation is linked to the achievement level of EBITDA+S, to align with
shareholder interests.
Business Strategies
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 AI and 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.
The Company's business strategies are as follows:
8
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
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, the Company believes that operating these businesses as one will improve hiring
efficiency and accelerate the 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
button
1
.
At the center of this strategy, the HR Technology SBU operates a global two-sided talent marketplace that includes the world’s leading
online matching and hiring platforms
2
, 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 20 million jobs
3 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. 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 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, reaching a
broad job seeker audience. Indeed offers a range of products for employers to source, screen, interact with, and interview candidates
providing an efficient source of candidates through pay-for-performance and subscription pricing models.
The scale of the two-sided talent marketplace created by Indeed is evidenced by the 3.5 million employers
4 that use Indeed each year to
hire, the over 665 million verified job seeker profiles
5 created on Indeed.
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 predictive AI and machine learning technology, which analyze historical and real-time signals to forecast likely job
seeker and employer behavior, 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 and employers in the Company’s talent
marketplace, including through generative AI tools, which leverage large language models to provide new experiences, such as
explaining the rationale behind recommendations.
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 minute
6 to be a Key Performance Indicator (KPI) that demonstrates
its success in simplifying the hiring proces s . 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 2025, based on internal measurement, an average of 31 job seekers were hired on
Indeed every minute.
The Company believes that by fully utilizing the Recruit Group's business client relationships, offline and online data, combined with 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.
Additionally, RECRUIT AGENT, the placement service, utilizes 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.
9
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
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 2025, the Company believes the size of the HR Matching market was roughly 302 billion US dollars
7
, slightly lower compared to the
Company’s estimate for 2024. The decrease was driven by the continued decline of the Temporary Staffing market, while the other
markets were roughly flat. Please reference the footnotes for details of the updates.
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)
(in billions of US dollars)
2024
2025
Job Advertising and Talent Sourcing 8, 9
33
34
Direct Hire 10, 11
72
71
Retained Search 10, 11
24
24
Temporary Staffing 12, 13
111
105
Internal Recruitment Automation 14, 15
70
68
Total Addressable Market (“TAM”) 16
310
302
Job Advertising and Talent Sourcing: The global job advertising and talent sourcing market is estimated by Staffing Industry Analysts
(“SIA”) to have been roughly 34 billion US dollars
9 in terms of annual revenue in 2025.
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 71 billion US dollars
11 in terms of annual revenue globally in 2025 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 dollars
11 in terms of annual revenue globally in 2025
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 522 billion US dollars
13 in annual revenue globally in 2025.
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 94 billion US dollars
13 in 2025. Additionally, the
Company’s definition of this market includes the estimated annual revenue globally in 2025 for each of the Talent Platforms
17
, Staffing
Platforms
18 and Vendor/Freelancer Management Systems (“VMS/FMS”)
19 markets, and an estimated annual spending by employers on
Managed Service Provider (“MSP”)
20 and Recruitment Process Outsourcing (“RPO”)
21 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 105 billion
13 US dollars globally in 2025.
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 68 billion US dollars
15 in 2025. 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 2025 for
ATS
22 and an estimated annual internal spending by employees on Background Checks
23 that can be reasonably automated and
monetized by third parties.
_ ______________________
10
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.
2
Source: comScore, Total Visits, March 2026
3
Internal data, based on the last 12 months daily average number of jobs searchable on Indeed as of December 2025, worldwide
4
Internal data, based on the last 12 months of activity as of March 2026, worldwide
5
Internal data, cumulative number of verified job seeker accounts on Indeed through March 31, 2026, worldwide. Job seeker accounts
that have a unique, verified email address.
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
11
6
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.
7
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.
8
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.
9
Source for 2025: SIA, The Evolution of Recruiting: 2026 Update to Estimating the Addressable Market for Recruitment Automation
(custom research commissioned by Indeed): January 2026 Update.
10
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.
11
Source for 2025:SIA, Global Staffing Market Estimates & Forecasts 2025-2030 Update: November 2025.Placement & Search market
is derived by applying 15.5%, which was Placement & Search’s share of 2024 Global Staffing Revenue, to the sum product (a) of -2%
growth rate from SIA, Americas Staffing Market Estimates & Forecasts November 2025 applied to 202 billion US dollars, which was
Americas Total Staffing market in 2024, (b) of -2% growth rate applied to 257 billion US dollars, which was EMEA Total Staffing market
in 2024, and (c) of 6% growth rate applied to 159 billion US dollars, which was APAC Total Staffing market in 2024, all from SIA, Global
Staffing Market Estimates & Forecasts 2025-2030 Update: November 2025. 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.
12
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.
13
Source for 2025: derived by applying a gross profit margin of 18.17%, which was calculated based on the weighted average of the top
3 publicly traded global staffing companies in terms of revenue in 2025, to 522 billion US dollars, which was the estimated revenue of
the temporary staffing market in 2025. 522 billion US dollars is a sum product of (a) -2% growth rate from SIA, Americas Staffing
Market Estimates & Forecasts November 2025 applied to 181 billion US dollars, which was Americas temporary staffing market in
2024, of (b) -2% growth rate applied to 222 billion US dollars, which was EMEA temporary staffing market in 2024, and of 6% growth
rate applied to 120 billion US dollars, which was APAC temporary staffing market in 2024, all from SIA, Global Staffing Market
Estimates & Forecasts 2025-2030 Update: November 2025.
14
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.
15
Source for 2025: SIA, The Evolution of Recruiting: 2026 Update to Estimating the Addressable Market for Recruitment Automation
(custom research commissioned by Indeed): January 2026 Update. SIA’s estimates are based on the assumption that 43% 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
16
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.
17
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 2024 and
2025 in terms of annual revenue globally based on SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable
Market for Recruitment Automation (custom research commissioned by Indeed): January 2025 Update and SIA, The Evolution of
Recruiting: 2026 Update to Estimating the Addressable Market for Recruitment Automation (custom research commissioned by
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
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.
Led by Marketing Matching Technologies (MMT), this strategy focuses on achieving sustainable growth for these clients, which in turn
drives the mid- to long-term revenue growth of the Company.
MMT provides vertical-specific matching platforms and associated 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, integrating and completing all business processes related to their
economic activities.
MMT's matching platforms facilitate massive and timely matching between individual users, supported by a base of 98.65 million
1
RECRUIT IDs, and approximately 980,000 business clients
2
. Matching is achieved through actions taken by individual users with a
RECRUIT ID, such as booking reservations for hair salons or requesting information for new condominiums, enabled by real-time
booking availability and service and product information synced by business clients through SaaS solutions. For the
small-to-medium-sized business clients who make up the majority of MMT’s client base, the platforms serve as essential infrastructure
for digital transformation, enabling them to efficiently manage and execute their business operations, from customer attraction to
inquiries, reservation management, and payments.
Additionally, the Company provides suggestions for improving service content and pricing using AI-based technology. This is achieved
by utilizing not only booking and payment data accumulated through matching platforms and SaaS solutions, but also proprietary offline
data such as service history from face-to-face interactions.
Individual users register for a RECRUIT ID and earn RECRUIT POINTS based on their actions on matching platforms. By encouraging
the use of this point program, the Company creates synergies across multiple verticals. The cross-use rate
3
, which measures the
proportion of individual users using multiple vertical platforms, exceeds three-fourths, driving actions based on a strong user base.
As a result, the total number of annual individual user actions
4 increased from approximately 190 million in FY2017 to approximately 400
million in FY2025 (excluding cancellations). Moving forward, by utilizing action data and matching technology, the Company aims to
improve the value and convenience of its matching platforms and increase the number of actions.
By combining AI-based suggestions utilizing proprietary data accumulated through the matching platforms with user actions generated
from the individual user base with a RECRUIT ID, the Company achieves the maximization of business clients' Gross Merchandise
12
Indeed): January 2026 Update, respectively.
18
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 3 billion US dollars in 2024 and 2025 in terms of annual
revenue globally based on SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable Market for Recruitment
Automation (custom research commissioned by Indeed): January 2025 Update and SIA, The Evolution of Recruiting: 2026 Update to
Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2026 Update,
respectively.
19
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 2024 and 2025 in
terms of annual revenue globally based on SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable Market for
Recruitment Automation (custom research commissioned by Indeed): January 2025 Update and SIA, The Evolution of Recruiting:
2026 Update to Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January
2026 Update, respectively.
20
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 2024 and 2025 in terms of annual spending by employers that can be reasonably automated and monetized by third parties
based on SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable Market for Recruitment Automation (custom
research commissioned by Indeed): January 2025 Update and SIA, The Evolution of Recruiting: 2026 Update to Estimating the
Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2026 Update, respectively.
21
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 2024 and 2 billion US dollars in 2025 in terms of annual spending by employers that can be reasonably
automated and monetized by third parties based on SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable
Market for Recruitment Automation (custom research commissioned by Indeed): January 2025 Update and SIA, The Evolution of
Recruiting: 2026 Update to Estimating the Addressable Market for Recruitment Automation (custom research commissioned by
Indeed): January 2026 Update, respectively.
22
The 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 3 billion US dollars in terms of annual revenue globally in
2024 and 2025 based on SIA, The Evolution of Recruiting: 2025 Update to Estimating the Addressable Market for Recruitment
Automation (custom research commissioned by Indeed): January 2025 Update and SIA, The Evolution of Recruiting: 2026 Update to
Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2026 Update,
respectively.
23
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 2024 and 2025 based on SIA, The Evolution of Recruiting: 2025 Update to
Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2025 Update
and SIA, The Evolution of Recruiting: 2026 Update to Estimating the Addressable Market for Recruitment Automation (custom
research commissioned by Indeed): January 2026 Update, respectively.
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Value (GMV), which is the total value of transactions resulting from matches on the matching platforms.
In many verticals, the Company currently offers business clients "Expected Action-Tiered Plans," which provide monthly fixed pricing
options structured around a combination of the number of expected user actions and customer acquisition costs. Moving forward,
starting with Beauty, the Company will gradually introduce a "GMV-Linked Model" across multiple verticals, where the Company
receives fees based on the business client's GMV. By combining the evolution of the revenue models with the expansion of GMV
through AI, the Company aims to leverage the advancement of AI into a key driver of mid- to long-term growth for both business clients
and the Company.
The Company will evolve the business model for each vertical by responding to changes in the business environment of each field, the
diversifying needs of individual users, and shifts in information gathering and comparison behaviors driven by the widespread use of AI,
as well as changes in the value provided to business clients. Through these initiatives, the Company will promote the strategy, Help
Businesses Work Smarter, and aim to increase its revenue by enhancing the earning power of business clients all across Japan.
_ ______________________
1 The total number of RECRUIT IDs (as of March 2026)
2 The cumulative number of listed stores and business locations as of March, 2026, in Beauty, Travel, Dining, Housing and Real Estate,
Automobile, Bridal, and Education verticals, combined with the total number of stores and business locations using SaaS solutions(if
a single store uses multiple services, it is counted for each service).
3 Calculated for the period from March 2025 to February 2026 by dividing the number of RECRUIT IDs with a login record on two or
more platforms or online services within the applicable verticals by the total number of RECRUIT IDs with a login record on the
Company’s matching platforms or online services in the Beauty, Travel, Dining, Housing and Real Estate, Automobile, Bridal,
Education, and other verticals.
4 The annual aggregate total number of user actions such as reservations at salons, restaurants, or accommodations, etc., or making
inquiries or requests for materials regarding listings, services, etc.(excluding cancellations), in the Beauty, Travel, Dining, Housing and
Real Estate, Automobile, Bridal, and Education verticals.
Prosper Together - Seek sustainable growth shared by all stakeholders
The Company believes that its corporate activities can make a positive impact on society, and that in doing so, it can prosper alongside
its stakeholders and take a vital step toward long-term, sustainable growth. In an environment of heightened uncertainty, the Company
is further integrating its business strategy and sustainability initiatives, while advancing efforts tailored to region-specific business
environments and social issues. The progress made in FY2025
1 toward the environmental, social, and governance goals for FY2030 is
outlined below.
Environment
The Company anticipates achieving its short-term goal of carbon neutrality across all business activities in FY2025, as it has in each of
the past four fiscal years
2,3
. Its long-term goal is to achieve carbon neutrality across its entire value chain by FY2030
2
.To reach this
target, the Company is advancing initiatives to reduce greenhouse gas (GHG) emissions based on its SBTi Near-Term Target
2 4
, and
expects to exceed its target for FY2025 by a substantial margin.
Scope 3 emissions account for more than 95%
5 of the Company’s GHG emissions, and the Company is working with partners to
improve the accuracy of their measurement. In Japan, for example, for system development projects, Recruit Co., Ltd. worked with
partners to calculate GHG emissions on a project basis, and third-party assurance was obtained for those calculations
6
. Going forward,
the Company plans to expand this model case to major partners, improving measurement accuracy across the value chain and
advancing emissions reduction efforts.
For the third consecutive year, the Company was recognized as an “A” list company by CDP
7 — the international nonprofit organization
— in 2025, in acknowledgment of its leadership in climate change performance and corporate disclosure transparency.
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 the Company is therefore
dedicated to opening up access to employment opportunities for all and reducing the time to get hired.
To achieve the first goal of reducing the time it takes for job seekers to get hired by half by FY2030, the Company uses Time to Hire
(TTH) on Indeed as a progress metric and is working to reduce that time In FY2025 updated its measurement methodology from the
mean to the median, in line with international best practices
8
. TTH stood at 30 days as of December 2025, up 6 days from December
2024
8
. This increase is presumed to be at least partially attributable to the macroeconomic environment in the United States.
At the same time, the Company’s research continues to indicate that certain paid solutions and product innovations can help reduce
TTH, even amid a challenging macroeconomic environment. For example, in the U.S., jobs posted directly on Indeed using Premium
Sponsored Jobs achieved a 50% faster TTH than non-sponsored jobs
9 10
.
To further reduce TTH, the Company is taking targeted actions, including leveraging AI-powered products and other technologies to
improve efficiency, enhance matching, and streamline communication between employers and job seekers. For example, the Company
offers Indeed Smart Screening, a screening solution that uses employer-defined criteria to help employers identify candidates who meet
those requirements earlier in the hiring process. This helps employers focus their evaluation on the most relevant applications, saving
time while retaining full control over hiring decisions. Based on early testing in the U.S., employers using this feature on Indeed saw a
20% average reduction in TTH
11
13
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Through these efforts, the Company aims to make the entire process of getting hired faster, simpler, and more accessible, thereby
contributing to society through improved matching between job seekers and employers and supporting the Company’s sustainable
business growth.
At the same time, labor markets continue to present many barriers that cannot be solved by improving the speed and accuracy of job
matching 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 those related
to education and disabilities. In particular, the Company is advancing Skills-First Hiring
12 — an approach that evaluates candidates
based on skills gained through work, training, and other experience, rather than relying solely on traditional formal qualifications such as
educational background.
The Company offers AI-powered tools, such as Job Description Generator and Indeed Smart Sourcing, to support better matching
between job seekers and employers based on skills and experience. To supplement these efforts, Indeed partners with organizations
globally, including Opportunity@Work, the International Organization for Migration (part of the United Nations), and Hidden Disabilities
Sunflower, among others.
Through these efforts, the Company successfully helped a cumulative total of approximately 18.8 million job seekers facing barriers get
hired
13 14 by FY2025, and remains committed to reducing barriers in the job market by continuing to promote 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, and one that has driven the creation of new businesses and services across the Group.
Building on this belief, the Company is working toward its goal of achieving gender parity in senior executive positions, managerial
positions, and total employees across the Group by FY2030
15
.
The Company believes that initiatives tailored to region-specific challenges are key to achieving this Group-wide goal. Recruit Co., Ltd.,
which primarily operates in Japan where the gender gap is notably wide, is expanding its pool of managerial candidates by clarifying the
requirements for management positions, and has rolled out a coaching-based human capital development program. As a result, the
proportion of women in managerial positions has continued to increase
16
.
Governance
The Company views a well-balanced Board, comprising members with varied skills, experiences, and backgrounds, as critical to
transparent, sound governance, and high-quality decision-making.
Recruit Holdings aspires to achieve gender parity among the members of the Board of Directors and Audit and Supervisory Board by
FY2030, and continues to consider candidates for the Board of Directors based on the skills and backgrounds needed to realize its
medium- and long-term strategies.
_______________________
14
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.
2
GHG emissions throughout the Company’s business activities are the sum of direct emissions from the use of fuels in owned or
controlled 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.
4
The Company aims to reduce Scope 1 and 2 GHG emissions by 46.2% by FY2030, using FY2019 as the base year, and to reduce
Scope 3 GHG emissions by 30% by FY2030, using FY2019 as the base year.
5
Based on the emissions of FY2024.
6
See the joint press release dated April 24, 2026, issued by NTT DATA Group Corporation, NTT DATA Corporation, and Recruit Co.,
Ltd., regarding the calculation of the carbon footprint of system engineering service contracts and third-party assurance.
7
CDP is a charity-controlled non-profit organization (NPO) established in 2000. It owns one of the world's largest environmental
databases, working with large global financial institutions to disclose the environmental impact of companies in the areas of climate
change, forests and water security.
8
“Time to Hire” refers to the number of days from the creation of a job posting on Indeed to the reporting of the first hire for that posting.
Beginning in FY2025, the methodology was revised to use the median instead of the mean. Both the 30 days as of December 2025
and the 24 days as of December 2024 are based on medians recalculated using the same methodology.
9
U.S. data from Jan 2026 - Mar 2026, for jobs hosted on the Indeed platform using median.
10
Premium Sponsored Jobs are sponsored job listings on Indeed that include additional features such as matching tools, candidate
outreach functions, and job branding features.
11
Based on a sample of 1,095 U.S. job postings with Smart Screening enabled, compared with a comparable group of U.S. job postings
without Smart Screening, from May through December 2025.
12
A method of selecting job candidates based on their skillset at an early stage of the hiring process. Unlike the traditional selection
method, 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.
13
Represents number of hires made on Indeed reported through the Hired Signal measurement, from May 1, 2021 - March 31, 2026,
globally 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.
14
Beginning in September 2025, the method for identifying job seekers was standardized based on profile information, and the lookback
period for hiring signals was revised from 30 days to two years, in order to improve measurement accuracy and ensure consistency in
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
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 FY2025 was 31.0%
1
.
1 ROE = Profit attributable to owners of the parent / average net asset for the fiscal year
4. 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.
15
ongoing aggregation.
15
Senior executive positions are defined as Senior Vice Presidents and Corporate Professional Officers of Recruit Holdings and
Marketing 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.
16
Compared to FY2024, the percentage of women managers at Recruit Co., Ltd., rose from 33.9% to 35.0%, and the percentage of
women in senior executive positions remained at 33.3%.
16
The Board of Directors members are defined as Directors and Audit and Supervisory Board members.
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
5. Consolidated Financial Statements and Primary Notes
Consolidated Statement of Financial Position
(In millions of yen)
As of March 31, 2025
As of March 31, 2026
Assets
Current assets
Cash and cash equivalents
808,625
725,578
Trade and other receivables
565,069
639,268
Other financial assets
18,697
75,697
Other assets
77,985
114,627
Total current assets
1,470,378
1,555,172
Non-current assets
Property and equipment
54,897
57,178
Right-of-use assets
154,572
135,188
Goodwill
508,133
553,304
Intangible assets
174,977
163,291
Investments in associates and joint
ventures
17,476
2,372
Other financial assets
163,102
135,323
Deferred tax assets
217,020
173,174
Other assets
11,693
14,011
Total non-current assets
1,301,874
1,233,845
Total assets
2,772,252
2,789,018
(In millions of yen)
As of March 31, 2025
As of March 31, 2026
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
377,543
425,541
Lease liabilities
44,453
44,020
Other financial liabilities
5,011
1,868
Income tax payables
53,235
66,472
Provisions
15,437
20,091
Other liabilities
306,503
317,320
Total current liabilities
802,185
875,314
Non-current liabilities
Borrowings
1,011
645
Lease liabilities
163,476
141,610
Other financial liabilities
945
583
Provisions
15,289
19,554
Net liability for retirement benefits
63,408
62,716
Deferred tax liabilities
90,465
85,559
Other liabilities
8,108
8,474
Total non-current liabilities
342,706
319,145
Total liabilities
1,144,892
1,194,459
Equity
Equity attributable to owners of the
parent
Common stock
40,000
40,000
Retained earnings
1,606,348
1,371,067
Treasury stock
(515,363)
(414,455)
Other components of equity
486,596
586,709
Total equity attributable to owners of
the parent
1,617,582
1,583,321
Non-controlling interests
9,777
11,236
Total equity
1,627,360
1,594,558
Total liabilities and equity
2,772,252
2,789,018
16
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Consolidated Statement of Profit or Loss
For the Year Ended March 31,
(In millions of yen, unless otherwise
stated)
2025
2026
Revenue
3,557,478
3,697,351
Cost of sales
1,471,834
1,509,156
Gross profit
2,085,644
2,188,195
Selling, general and administrative
expenses
1,558,654
1,527,672
Other operating income
3,387
13,117
Other operating expenses
39,834
43,073
Operating income
490,542
630,567
Share of profit (loss) of associates and
joint ventures
(8,810)
(10,135)
Finance income
56,037
34,708
Finance costs
10,625
10,521
Profit before tax
527,143
644,618
Income tax expense
118,983
147,938
Profit for the year
408,159
496,680
Profit attributable to:
Owners of the parent
408,504
496,912
Non-controlling interests
(344)
(231)
Profit for the year
408,159
496,680
Earnings per share attributable to owners
of the parent
Basic earnings per share (yen)
271.44
349.78
Diluted earnings per share (yen)
268.32
347.59
17
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Consolidated Statement of Comprehensive Income
For the Year Ended March 31,
(In millions of yen)
2025
2026
Profit for the year
408,159
496,680
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
(17,350)
2,197
Remeasurements of defined retirement benefit
plans
2,063
(374)
Share of other comprehensive income of
associates and joint ventures
(2,310)
(2,398)
Subtotal
(17,598)
(576)
Items that may be reclassified subsequently to
profit or loss:
Exchange differences on translation of foreign
operations
(7,418)
120,887
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
(9)
(18)
Subtotal
(7,427)
120,887
Other comprehensive income (loss) for the year,
net of tax
(25,025)
120,311
Comprehensive income for the year
383,134
616,991
Comprehensive income attributable to:
Owners of the parent
383,161
617,095
Non-controlling interests
(27)
(103)
Total comprehensive income
383,134
616,991
18
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Consolidated Statement of Changes in Equity
For the Year Ended March 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, 2024
40,000
-
1,884,258
(407,049)
88,242
395,471
-
Profit (loss) for the year
408,504
Other comprehensive
income
(7,484)
-
Comprehensive income for
the year
-
-
408,504
-
-
(7,484)
-
Purchase of treasury
stock
(563)
(823,674)
Disposal of treasury
stock
28,347
54,655
(82,228)
Retirement of treasury
stock
(660,705)
660,705
Dividends
(35,642)
Share-based payments
92,605
Equity transactions with
non-controlling interests
Transfer from retained
earnings to share
premium
632,921
(632,921)
Transfer from other
components of equity to
retained earnings
(17,849)
Transactions with owners -
total
-
-
(686,413)
(108,313)
10,376
-
-
Balance as of March 31,
2025
40,000
-
1,606,348
(515,363)
98,619
387,986
-
19
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
(In millions of yen)
Equity attributable to owners of the parent
Non-
controlling
interests
Total
equity
Other components of equity
Total
Net change
in debt
instruments
measured at
fair value
through
other
comprehen-
sive income
Net change
in equity
instruments
measured at
fair value
through
other
comprehen-
sive 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 year
-
408,504
(344)
408,159
Other comprehensive
income
(9)
(19,912)
2,063
(25,343)
(25,343)
317
(25,025)
Comprehensive income for
the year
(9)
(19,912)
2,063
(25,343)
383,161
(27)
383,134
Purchase of treasury
stock
-
(824,238)
(824,238)
Disposal of treasury
stock
(82,228)
774
774
Retirement of treasury
stock
-
-
-
Dividends
-
(35,642)
(35,642)
Share-based payments
92,605
92,605
92,605
Equity transactions with
non-controlling interests
-
-
1,826
1,826
Transfer from retained
earnings to share
premium
-
-
-
Transfer from other
components of equity to
retained earnings
19,912
(2,063)
17,849
-
-
Transactions with owners -
total
-
19,912
(2,063)
28,225
(766,500)
1,826
(764,674)
Balance as of March 31,
2025
(9)
-
-
486,596
1,617,582
9,777
1,627,360
20
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
For the Year Ended March 31, 2026
(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 year
496,912
Other comprehensive
income
120,896
18
Comprehensive income for
the year
-
-
496,912
-
-
120,896
18
Purchase of treasury
stock
(579)
(677,943)
Disposal of treasury
stock
29,234
54,069
(83,537)
Retirement of treasury
stock
(724,781)
724,781
Dividends
(35,355)
Share-based payments
62,772
Equity transactions with
non-controlling interests
Transfer from retained
earnings to share
premium
696,125
(696,125)
Transfer from other
components of equity to
retained earnings
(712)
Transfer to non-financial
assets
(18)
Transactions with owners -
total
-
-
(732,193)
100,907
(20,765)
-
(18)
Balance as of March 31,
2026
40,000
-
1,371,067
(414,455)
77,854
508,883
-
21
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
(In millions of yen)
Equity attributable to owners of the parent
Non-
controlling
interests
Total
equity
Other components of equity
Total
Net change
in debt
instruments
measured at
fair value
through
other
comprehen-
sive income
Net change
in equity
instruments
measured at
fair value
through
other
comprehen-
sive 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 year
-
496,912
(231)
496,680
Other comprehensive
income
(18)
(337)
(374)
120,183
120,183
127
120,311
Comprehensive income for
the year
(18)
(337)
(374)
120,183
617,095
(103)
616,991
Purchase of treasury
stock
-
(678,522)
(678,522)
Disposal of treasury
stock
(83,537)
(233)
(233)
Retirement of treasury
stock
-
-
-
Dividends
-
(35,355)
(130)
(35,485)
Share-based payments
62,772
62,772
62,772
Equity transactions with
non-controlling interests
-
-
1,693
1,693
Transfer from retained
earnings to share
premium
-
-
-
Transfer from other
components of equity to
retained earnings
337
374
712
-
-
Transfer to non-financial
assets
(18)
(18)
(18)
Transactions with owners -
total
-
337
374
(20,070)
(651,356)
1,562
(649,793)
Balance as of March 31,
2026
(27)
-
-
586,709
1,583,321
11,236
1,594,558
22
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
Consolidated Statement of Cash Flows
For the Year Ended March 31,
(In millions of yen)
2025
2026
Cash flows from operating activities
Profit before tax
527,143
644,618
Depreciation and amortization
109,237
107,077
Share-based payment expenses
80,429
63,839
Interest and dividend income
(33,044)
(16,587)
(Increase) decrease in trade and other receivables
(15,784)
(46,474)
Increase (decrease) in trade and other payables
18,963
35,940
Other
7,904
(5,817)
Subtotal
694,849
782,596
Interest and dividends received
34,676
15,924
Interest paid
(5,362)
(6,005)
Income taxes paid
(113,800)
(123,084)
Net cash provided by operating activities
610,363
669,431
Cash flows from investing activities
Payment for purchase of property and equipment
(7,951)
(10,702)
Payment for purchase of intangible assets
(57,306)
(51,589)
Payment for purchase of investments
(16,360)
(94,236)
Proceeds from sale and redemption of investments
26,708
95,412
Other
(6,145)
11,373
Net cash used in investing activities
(61,054)
(49,742)
Cash flows from financing activities
Repayments of lease liabilities
(44,547)
(47,174)
Payment for purchase of treasury stock
(824,465)
(678,754)
Dividends paid
(35,644)
(35,351)
Proceeds from settlement of derivatives
22,096
13,483
Other
2,080
4,319
Net cash used in financing activities
(880,480)
(743,478)
Effect of exchange rate changes on cash and cash
equivalents
2,938
40,742
Net increase (decrease) in cash and cash equivalents
(328,233)
(83,046)
Cash and cash equivalents at the beginning of the year
1,136,858
808,625
Cash and cash equivalents at the end of the year
808,625
725,578
23
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
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, 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 current fiscal year, the segment name of Matching &
Solutions has been changed to Marketing Matching Technologies. Segment information for 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 current fiscal year. 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) 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.
24
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
For the Year Ended March 31, 2025
(In millions of yen)
Reportable Segment
Adjustments
Consolidated
HR
Technology
Staffing
Marketing
Matching
Technologies
Total
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)
-
Total
1,372,252
1,666,994
539,518
3,578,765
(21,287)
3,557,478
Segment profit (loss)
452,818
97,422
137,180
687,421
(8,532)
678,889
Depreciation and
amortization (Note)
71,470
Share-based payment
expenses
80,429
Other operating income
3,387
Other operating
expenses
39,834
Operating income
490,542
Share of profit (loss) of
associates and joint
ventures
(8,810)
Finance income
56,037
Finance costs
10,625
Profit before tax
527,143
Note: Depreciation and amortization exclude depreciation of right-of-use assets.
For the Year Ended March 31, 2026
(In millions of yen)
Reportable Segment
Adjustments
Consolidated
HR
Technology
Staffing
Marketing
Matching
Technologies
Total
Revenue
Revenue from external
customers
1,454,440
1,679,327
563,584
3,697,351
-
3,697,351
Intersegment revenues
or transfers
3,979
24,108
1,078
29,166
(29,166)
-
Total
1,458,419
1,703,436
564,662
3,726,518
(29,166)
3,697,351
Segment profit (loss)
549,995
99,744
154,976
804,716
(10,326)
794,390
Depreciation and
amortization (Note)
70,027
Share-based payment
expenses
63,839
Other operating income
13,117
Other operating
expenses
43,073
Operating income
630,567
Share of profit (loss) of
associates and joint
ventures
(10,135)
Finance income
34,708
Finance costs
10,521
Profit before tax
644,618
Note: Depreciation and amortization exclude depreciation of right-of-use assets.
25
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
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:
FY2024
FY2025
(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
28,856,988
228,809
Recruit Holdings’ shares
held by the BIP trust and the
ESOP trust
60,788,181
234,430
47,433,836
185,646
Total
97,196,562
515,363
76,290,824
414,455
Note: Changes in the number of shares of treasury stock directly held by Recruit Holdings for FY2025 resulted mainly from the increase
of 83,996,800 shares from the purchase of treasury stock and the decrease of 91,408,000 shares from the retirement of treasury
stock. Changes in the number of Recruit Holdings’ shares held by the BIP trust and the ESOP trust for FY2025 resulted from the
increase of 464,500 shares from the purchase of Recruit Holdings’ shares by such trusts and the decrease of 13,818,845 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)
2025
2026
Basic earnings per share (yen)
271.44
349.78
Basis for calculation:
Profit attributable to owners of the
parent
408,504
496,912
Amount not attributable to common
shareholders of the parent
-
-
Profit used in the calculation of basic
earnings per share
408,504
496,912
Weighted average number of shares
of common stock outstanding
(thousand shares)
1,504,932
1,420,625
26
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
(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)
2025
2026
Diluted earnings per share (yen)
268.32
347.59
Basis for calculation:
Profit used in the calculation of diluted
earnings per share
Profit used in the calculation of basic
earnings per share
408,504
496,912
Adjustment on profit
-
-
Profit used in the calculation of diluted
earnings per share
408,504
496,912
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)
1,504,932
1,420,625
Effect of dilutive potential common
stock (thousand shares)
Stock options
1,765
1,479
Board Incentive Plan (“BIP”) trust
2,848
2,918
Employee Stock Ownership Plan
(“ESOP”) trust
12,913
4,571
Weighted average number of shares of
common stock outstanding used in the
calculation of diluted earnings per
share (thousand shares)
1,522,460
1,429,594
4.Significant Subsequent Events
Share Repurchase
On March 31, 2026, 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 equity 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.
27
Recruit Holdings Co., Ltd. (TSE 6098)
Consolidated Financial Results for FY2025
(2) Details of the Resolution by the Board of Directors on March 31, 2026
(i) Type of shares to be repurchased Shares of common stock of Recruit Holdings
(ii) Total number of shares to be repurchased 64,000,000 shares (Maximum)
(iii) Total purchase price 350,000 million yen (Maximum)
(iv) Repurchase period From April 1, 2026, to the earlier of the following:
(1) November 30, 2026
(2) The date on which either the "total number of shares to be
   
 
repurchased" or the "total purchase price" mentioned above
 
 
reaches its maximum.
(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 April 30, 2026 (Delivery Date Basis)
(i) Type of shares repurchased: Shares of common stock of Recruit Holdings
(ii) Total number of shares repurchased: 5,004,200 shares
(iii) Total purchase price: 36,314 million yen
28