Recruit Holdings Announces Full-Year 2025
May 15, 2026
Recruig Holdings Co., Ltd.
TSE: 6098
1. Highlights of Consolidated Financial Results and Guidance
FY2025 Consolidated Financial Results
● Consolidated revenue, EBITDA+S, and basic EPS each exceeded the revised
guidance announced in February and reached record highs.
FY2026 Consolidated Guidance
● Assuming no significant changes in the macroeconomic environment and exchange
rates of JPY/USD 154.0 yen and JPY/EUR 182.0 yen.
● Expecting revenue and profit growth across all three segments, driven particularly by
the monetization development and enhanced efficiency of HR Technology.
● 9.0% increase in revenue, 19.5% increase in EBITDA+S with EBITDA+S margin of
23.5%, and 27.8% growth in basic EPS.
FY2024
FY2025
FY2026
FY20 - 26
6-year
CAGR %
(in billions of yen, shares in
millions, unless otherwise
stated)
Actual
02/09/26
Guidance
Actual
YoY
05/15/26
Guidance
YoY
Exchange rate per US
Dollar (Yen)
152.6
150.0
150.7
-
154.0
-
-
Revenue
3,557.4
3,664.7
3,697.3
+3.9%
4,030.0
+9.0%
+10.0%
EBITDA+S
678.8
763.8
794.3
+17.0%
949.0
+19.5%
+25.1%
EBITDA+S margin %
19.1%
20.8%
21.5%
-
23.5%
-
-
EBITDA
598.4
699.1
730.5
+22.1%
869.0
+19.0%
+23.8%
EBITDA margin %
16.8%
19.1%
19.8%
-
21.6%
-
-
Profit attributable to
owners of the parent
408.5
480.9
496.9
+21.6%
623.0
+25.4%
+29.6%
Return on Equity %
22.6%
-
31.0%
-
-
-
-
Basic EPS (yen)
271.44
335.00
349.78
+28.9%
447.00
+27.8%
+33.3%
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2. Full-Year Financial Results for FY2025 and Full-Year Guidance for FY2026 by Segments
FY2025
Actual
YoY
FY2026
Outlook
YoY
HR Technology
1,458.4
+6.3%
1,653.7
+13.4%
HR Technology in USD mm
9,674
+7.6%
10,738
+11.0%
Staffing
1,703.4
+2.2%
1,802.5
+5.8%
MMT
564.6
+4.7%
605.0
+7.1%
Consolidated
3,697.3
+3.9%
4,030.0
+9.0%
HR Technology
549.9
+21.5%
677.4
+23.2%
Staffing
99.7
+2.4%
100.5
+0.8%
MMT
154.9
+13.0%
181.5
+17.1%
Consolidated
794.3
+19.8%
949.0
+19.5%
HR Technology
37.7%
-
41.0%
-
Staffing
5.9%
-
5.6%
-
MMT
27.4%
-
30.0%
-
Consolidated
21.5%
-
23.5%
-
HR Technology
Hisayuki “Deko” Idekoba, CEO, commented on the medium term growth of HR
Technology with its AI capabilities. “Indeed operates as a Two-sided Decision-making
Marketplace, where we are leveraging AI capabilities to significantly improve matching for
both job seekers and enterprise clients. By sustaining this AI-driven virtuous cycle, we
believe it is well within our reach to not only maintain double-digit annual revenue growth,
but to achieve 20% or greater revenue growth when hiring demand recovers. We expect
margins to exceed 50%.”
Q4 FY2025
● Segment revenue exceeded our revised outlook announced in February, increased
14.5% YoY to $2.55 billion. EBITDA+S margin reached 38.7%, driven by revenue
growth and cost efficiency improvements.
- US: Revenue increased 19.0% YoY to $1.41 billion, with US Average Revenue per
Job, or US ARPJ, growth of 25% YoY
- Europe & Others: Revenue increased 29.9% YoY to $552 million
- Japan: Revenue decreased 2.2% YoY to 92.2 billion yen
FY2025 Full-Year
● Full-year segment revenue for FY2025 increased 7.6% YoY to $9.67 billion.
EBITDA+S margin reached a record high of 37.7%.
- US: Revenue increased 8.8% YoY to $5.31 billion, with US ARPJ growth of 17%
- Europe & Others: Revenue increased 19.2% YoY to $2.04 billion
- Japan: Revenue decreased 4.6% YoY to 348.2 billion yen
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FY2026 Full-Year Segment Outlook
● Segment revenue to increase 11.0% YoY to $10.73 billion in FY2026 with continued
monetization development, including further growth of Premium Sponsored Jobs, in
the US and in Europe and Others.
- US: Revenue to increase 13.6% YoY to $6.03 billion, based on a 18% increase in
US ARPJ growth rate in FY2026
- Europe and Others: Revenue to increase 17.1% YoY to $2.39 billion
- Japan: Revenue to increase 2.1% YoY to ¥355.5 billion, or $2.30 billion, with
anticipated growth from Indeed PLUS and the recovery of placement services in H2
expected to offset the negative impact of gross-to-net revenue recognition changes
and the strategic downsizing of unprofitable businesses
● Segment EBITDA+S margin to be 41.0% in FY2026 with continuing revenue growth
and increasing operational efficiency.
Staffing
Q4 FY2025
● Segment revenue increased 10.1% YoY to ¥427.4 billion with EBITDA+S margin of
3.4%.
- Japan: Revenue increased 5.8% YoY to ¥210.6 billion
- Europe, US, and Australia: Revenue increased 14.6% YoY to ¥216.7 billion
FY2025 Full-Year
● Segment revenue increased 2.2% YoY to ¥1,703.4 billion with EBITDA+S margin of
5.9%.
- Japan: Revenue increased 5.2% YoY to ¥846.8 billion
- Europe, US, and Australia: Revenue decreased 0.6% YoY to ¥ 856.5 billion
FY2026 Full-Year Segment Outlook
● Segment revenue to increase 5.8% YoY to ¥1,802.5 billion with EBITDA+S margin of
5.6%.
- Japan: Revenue to increase 3.1% YoY
- Europe, US, and Australia: Revenue to increase 8.5% YoY
Marketing Matching Technologies (MMT)
Q4 FY2025
● Segment revenue decreased 0.6% YoY to ¥139.8 billion with EBITDA+S margin of
11.3%.
- Lifestyle: Revenue increased 0.3% YoY to ¥71.3 billion.
- Housing & Real Estate: Revenue increased 3.2% YoY to ¥40.7 billion.
- Others: Revenue decreased 8.0% YoY to ¥27.7 billion.
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FY2025 Full-Year
● Segment revenue increased 4.7% YoY to ¥564.6 billion with EBITDA+S margin of
27.4%.
- Lifestyle: Revenue increased 6.6% YoY to ¥293.8 billion.
- Housing & Real Estate: Revenue increased 4.5% YoY to ¥156.9 billion.
- Others: Revenue increased 0.2% YoY to ¥113.8 billion.
● In Beauty, a transition to a "Gross Merchandise Value (GMV)-linked" model began.
FY2026 Full-Year Segment Outlook
● Segment revenue to increase 7.1% YoY to ¥605.0 billion, driven primarily by the
expansion of the “GMV-linked model” in Lifestyle.
● Segment EBITDA+S margin to be 31.0% for H1, 29.0% for H2, and 30.0% for the full
year, reflecting the normalization of previous seasonal fluctuations in sales promotion
and advertising expenses.
● No change to our target of approximately 35% EBITDA+S margin by FY2028.
3. Capital Allocation
FY2025
● Totaled ¥713.1 billion in dividends and share buybacks, resulting in a total payout ratio
of 143.5%.
- The full-year dividend for FY2025 was ¥25.0 per share
- As of March 31, 2026, the number of shares outstanding, net of treasury stock, was
1,396.2 million, representing a 13.2% decrease compared to March 31, 2022.
● Net cash decreased to ¥765.9 billion as of March 31, 2026, from ¥1,135.4 billion as of
March 31, 2024.
The Next Three-Year Period Starting This Fiscal Year
● Policy: No changes to the current order of priorities.
● FY2026 dividend outlook: Total annual dividend of ¥26.0 per share, ¥13.0 for H1 and
H2, respectively.
● Share repurchases:The ¥350.0 billion program currently underway is expected to
conclude at the end of November. We will make appropriate decisions regarding
subsequent share repurchases while monitoring H2 cash flow generation, capital
market conditions, and our share price level.
● Cash position: We plan to maintain year-end gross cash and cash equivalents of
approximately ¥750.0 billion from FY2026 through FY2028.
CFO Junichi Arai reaffirmed, “our gross cash and cash equivalents level of ¥750.0 billion
serves as a strategic reserve to maintain financial resilience during periods of economic
downturn or stagnation in employers’ hiring activity. Depending on the size and frequency
of future strategic acquisitions, net cash may fall below ¥750.0 billion, and we could
potentially shift into a fiscal year-end net debt position.”
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Forward-Looking Statements
This material contains forward-looking statements, which reflect the Company’s assumptions, estimates and outlook for the
future based on information available to the Company and the Company’s plans and expectations as of the date of this material
unless the context otherwise indicates. There can be no assurance that the relevant forward-looking statements will be
achieved. Please note that significant differences between such 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 material
based on any subsequent developments except as required by applicable law or stock exchange rules and regulations.
Third-Party Information
This material 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.
Notes Of This Material
This material has been prepared for the sole purpose of providing general reference information. Neither this material nor any
of its contents may be disclosed or used by any third party for any other purpose without the prior written consent of the
Company. The Company makes no representation as to the accuracy or completeness of the information contained in this
material and shall not be liable for any loss or damage arising from the use of this material.
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