Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
August 5, 2025  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for the Three Months Ended June 30, 2025 (IFRS)  
Tokyo, August 5, 2025 ― Recruit Holdings Co., Ltd. announced today its consolidated financial results for the three months ended June  
30, 2025 (April 1, 2025 to June 30, 2025)  
Consolidated Operating Results  
Three Months Ended June 30,  
% change  
(In billions of yen, unless otherwise stated)  
Revenue  
2024  
901.5  
179.0  
127.8  
141.4  
106.3  
106.4  
220.6  
69.12  
68.02  
2025  
878.8  
187.1  
153.7  
158.9  
120.9  
120.9  
90.8  
(2.5)%  
4.5%  
EBITDA+S  
Operating income  
20.3%  
12.3%  
13.7%  
13.6%  
(58.8)%  
21.5%  
22.4%  
Profit before tax  
Profit for the period  
Profit attributable to owners of the parent  
Total comprehensive income  
Basic EPS (yen)  
83.97  
83.24  
Diluted EPS (yen)  
Adjusted EBITDA has been renamed to EBITDA+S from the fiscal year ending March 31, 2026. There is no change in the items of the  
calculation. EBITDA+S = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) +  
share-based payment expenses ± other operating income/expenses  
Consolidated Financial Position  
As of March 31, 2025  
2,772.2  
As of June 30, 2025  
2,496.3  
(In billions of yen, unless otherwise stated)  
Total assets  
Total equity  
1,627.3  
1,405.3  
Equity attributable to owners of the parent  
1,617.5  
1,393.9  
Ratio of equity attributable to owners of the parent (%)  
58.3  
55.8  
Dividends  
FY2024  
FY2025  
FY2025 (Guidance)  
(In yen)  
At the end of Q1  
-
-
-
-
-
-
12.00  
-
-
12.50  
-
At the end of Q2  
At the end of Q3  
At the end of Q4  
Total  
12.50  
12.00  
24.00  
25.00  
Consolidated Financial Guidance for FY2025  
There is no revision of financial guidance for FY2025 from the figures announced on May 9, 2025 as below.  
FY2025 Full-year  
Year over year  
% change  
(1.1)%  
(In billions of yen, unless otherwise stated)  
Revenue  
Guidance  
3,520.0  
2,076.0  
697.0  
(0.5)%  
2.7%  
Gross Profit  
EBITDA+S  
540.0  
10.1%  
4.8%  
Operating income  
Profit attributable to owners of the parent  
428.0  
295.00  
8.7%  
Basic EPS (yen)  
Changes in Significant Subsidiaries Resulting from Change in Scope of Consolidation  
Indeed Recruit Partners Co., Ltd. was included from this reporting period.  
1
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
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  
1,563,912,149  
97,196,562  
As of June 30, 2025  
1,563,912,149  
134,961,955  
Number of issued shares including treasury stock  
Number of treasury stock1  
Three Months Ended  
June 30, 2024  
1,539,784,196  
Three Months Ended  
June 30, 2025  
1,440,158,326  
Average number of shares during the period  
1 The number of treasury stock 134,961,955 as of June 30, 2025 includes treasury stock held by the Company  
(77,271,781 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 (57,690,174shares).  
Definition of the Abbreviation  
Abbreviation  
Definition  
Recruit Holdings, the Holding Company  
Recruit Holdings Co., Ltd. on a standalone basis  
Recruit Holdings Co., Ltd. and its consolidated subsidiaries  
Strategic Business Unit  
the Company, Recruit Group, We, Our  
SBU  
Q1  
Three-month period from April 1 to June 30  
Fiscal year from April 1, 2024 to March 31, 2025  
Fiscal year from April 1, 2025 to March 31, 2026  
FY2024  
FY2025  
Supplementary Information  
All comparisons in this report are year over year unless otherwise stated.  
Average Exchange Rate during the Period  
FY2024  
FY2025  
Q1  
Q1  
Q2  
Q3  
Q4  
(In yen)  
152.55  
160.55  
95.72  
US dollar  
155.85  
167.85  
102.71  
149.71  
164.28  
100.18  
152.37  
162.58  
99.49  
144.48  
163.91  
92.57  
Euro  
Australian dollar  
2
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
The Japanese-language originals of the attached consolidated quarterly financial statements have been voluntarily reviewed  
by certified public accountants or an audit firm.  
Forward-Looking Statements  
This document contains forward-looking statements, which reflect the Company's assumptions and outlook for the future and  
estimates based on information available to the Company and the Company's plans and expectations as of the date of this document  
or other date indicated. There can be no assurance that the relevant forecasts and other forward-looking statements will be achieved.  
Please note that significant differences between the forecasts and other forward-looking statements and actual results may arise due  
to various factors, many of which are outside the Company’s control, including changes in economic conditions, changes in individual  
users’ preferences and business clients' needs, competition, changes in the legal and regulatory environment including changes in  
laws and regulations or guidance, interpretation, enforcement or practice relating to laws and regulations, fluctuations in foreign  
exchange rates, climate change or other changes in the natural environment, the occurrence of large-scale natural disasters, and other  
factors. Accordingly, readers are cautioned against placing undue reliance on any such forward-looking statements. The Company has  
no obligation to update or revise any information contained in this document based on any subsequent developments except as  
required by applicable law or stock exchange rules and regulations.  
Note Regarding Reference Translation  
This document has been translated from the Japanese language original for reference purposes only and may not be used or  
disclosed for any other purpose without the Company’s prior written consent. In the event of any conflict or discrepancy between this  
translated document and the Japanese language original, the Japanese language original shall prevail in all respects. The Company  
makes no representations regarding the accuracy or completeness of this translation and assumes no responsibility for any losses or  
damages arising from the use of this translation.  
Third-Party Information  
This document includes information derived from or based on third-party sources, including information about the markets in which we  
operate. These statements are based on statistics and other information from third-party sources as cited herein, and the Company  
has not independently verified and cannot assure the accuracy or completeness of any information derived from or based on  
third-party sources.  
U.S. Disclaimer – Unsponsored American Depositary Receipt (“ADR“)  
The Company does not support or encourage, and has not consented to, the creation of any unsponsored ADR facilities in respect of  
its securities and in any event disclaims any liability in connection with an unsponsored ADR. The Company does not represent to any  
depositary institution, bank or anyone nor should any such entity rely on a belief that the Web site of the Company includes all  
published information in English, currently, and on an ongoing basis, required to claim an exemption under U.S. Exchange Act Rule  
12g3-2(b).  
A full set of materials regarding FY2024 results announcement is posted on https://recruit-holdings.com/en/ir/financials/  
Contact  
Investor Relations  
+81-3-3511-6383  
[email protected]  
3
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
Table of Contents  
1. Management’s Discussion and Analysis  
4
5
2. Qualitative Information on Consolidated Financial Guidance  
3. Condensed Quarterly Consolidated Financial Statements and Primary Notes  
Condensed Quarterly Consolidated Statements of Financial Position  
Condensed Quarterly Consolidated Statements of Profit or Loss  
Condensed Quarterly Consolidated Statements of Comprehensive Income  
Condensed Quarterly Consolidated Statements of Changes in Equity  
Condensed Quarterly Consolidated Statements of Cash Flows  
Notes to Condensed Quarterly Consolidated Financial Statements  
4. Supplementary Information  
6
6
7
8
9
11  
12  
15  
Independent Auditor’s Report on the Interim Review of Quarterly Consolidated Financial Statements  
17  
1. Management’s Discussion and Analysis  
For Q1 FY2025 results, please refer to TDnet or “Q1 FY2025 Consolidated Results” on the Company’s IR website disclosed at 4:30  
pm JST on August 5, 2025.  
https://recruit-holdings.com/en/ir/  
There are no significant matters regarding Analysis of Consolidated Financial Position.  
Please refer to Section 4. Supplementary Information for the “Results of Operation by Segment,” “Selling, General and Administrative  
Expenses,” “Share-based Payment Expenses and Research and Development Expenses,” and “Net Cash Balance.”  
4
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
2. Qualitative Information on Consolidated Financial Guidance  
There is no revision of guidance for FY2025 from the figures announced on May 9, 2025.  
FY2025 Guidance  
% change relative to  
FY2024  
FY2024  
(In billions of yen)  
Revenue  
as of May 2025  
3,520.0  
2,076.0  
697.0  
3,557.4  
2,085.6  
678.8  
(1.1)%  
(0.5)%  
2.7%  
Gross Profit  
EBITDA+S  
490.5  
540.0  
10.1%  
4.8%  
Operating Income  
Profit attributable to owners of the parent  
Basic EPS (yen)  
408.5  
428.0  
271.44  
295.00  
8.7%  
The foreign exchange rate assumptions for FY2025 are 145 yen per US dollar, 158 yen per Euro and 92 yen per Australian dollar.  
HR Technology  
There is no revision of outlook for FY2025 from the figures announced on May 9, 2025.  
FY2025 Outlook  
as of May 2025  
% change relative to  
FY2024  
FY20241  
(In billions of yen, unless otherwise stated)  
Revenue (in millions of US dollars)  
US  
4,884  
1,716  
2,390  
8,991  
4,900  
1,855  
2,448  
9,203  
0.3%  
8.1%  
2.4%  
2.4%  
Europe and Others  
Japan  
Total  
Revenue (in billions of yen)  
US  
745.3  
261.9  
710.5  
268.9  
(4.7)%  
2.7%  
(2.7)%  
(2.8)%  
1.6%  
-
Europe and Others  
Japan  
364.9  
355.0  
Total  
1,372.2  
1,334.4  
EBITDA+S  
EBITDA+S margin (%)  
452.8  
460.0  
33.0%  
34.5%  
The total amount of share-based payment expense of HR Technology in FY2025 is expected to be approximately 570 million US dollars  
as of May 9, 2025.  
Staffing  
There is no revision of outlook for FY2025 from the figures announced on May 9, 2025.  
FY2025 Outlook  
as of May 2025  
% change relative to  
FY2024  
FY20241  
(In billions of yen)  
Revenue  
Japan  
805.1  
861.8  
1,666.9  
837.0  
803.0  
1,640.0  
4.0%  
(6.8)%  
(1.6)%  
(5.6)%  
-
Europe, US, and Australia  
Total  
EBITDA+S  
97.4  
5.8%  
92.0  
5.6%  
EBITDA+S margin (%)  
Marketing Matching Technologies  
There is no revision of outlook for FY2025 from the figures announced on May 9, 2025.  
FY2025 Outlook  
as of May 2025  
567.0  
% change relative to  
FY20241  
(In billions of yen)  
Revenue  
EBITDA+S  
FY2024  
5.1%  
13.7%  
-
539.5  
137.1  
25.4%  
156.0  
27.5%  
EBITDA+S margin (%)  
1
HR Solutions of Matching & Solutions was transferred to HR Technology Japan at the beginning of the fiscal year of FY2025. The  
results of FY2024 are based on the hypothesis that the transition was completed at the beginning of FY2024 for better comparison  
purposes. Following a detailed review of FY2024 Q1, insignificant discrepancies have been identified compared to the figures  
disclosed on May 9, 2025.  
5
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
3. Condensed Quarterly Consolidated Financial Statements and Primary Notes  
Condensed Quarterly Consolidated Statements of Financial Position  
(In millions of yen)  
As of March 31, 2025  
As of June 30, 2025  
Assets  
Current assets  
Cash and cash equivalents  
808,625  
509,721  
562,717  
60,660  
74,190  
Trade and other receivables  
Other financial assets  
Other assets  
565,069  
18,697  
77,985  
Total current assets  
1,470,378  
1,207,290  
Non-current assets  
Property and equipment  
54,897  
154,572  
508,133  
174,977  
53,362  
145,430  
506,668  
174,593  
Right-of-use assets  
Goodwill  
Intangible assets  
Investments in associates and  
joint ventures  
17,476  
12,993  
Other financial assets  
Deferred tax assets  
Other assets  
163,102  
217,020  
11,693  
163,545  
220,148  
12,306  
Total non-current assets  
Total assets  
1,301,874  
2,772,252  
1,289,049  
2,496,339  
(In millions of yen)  
As of March 31, 2025  
As of June 30, 2025  
Liabilities and equity  
Liabilities  
Current liabilities  
Trade and other payables  
377,543  
44,453  
5,011  
53,235  
15,437  
306,503  
802,185  
351,552  
41,963  
1,122  
54,526  
10,652  
298,134  
757,952  
Lease liabilities  
Other financial liabilities  
Income tax payables  
Provisions  
Other liabilities  
Total current liabilities  
Non-current liabilities  
Borrowings  
1,011  
163,476  
945  
15,289  
63,408  
90,465  
8,108  
863  
154,828  
1,012  
15,299  
62,608  
Lease liabilities  
Other financial liabilities  
Provisions  
Net liability for retirement benefits  
Deferred tax liabilities  
Other liabilities  
90,399  
8,043  
Total non-current liabilities  
Total liabilities  
342,706  
1,144,892  
333,055  
1,091,007  
Equity  
Equity attributable to owners of the  
parent  
Common stock  
40,000  
-
1,606,348  
(515,363)  
486,596  
40,000  
5,206  
1,712,967  
(826,253)  
462,053  
Share premium  
Retained earnings  
Treasury stock  
Other components of equity  
Total equity attributable to owners of  
the parent  
1,617,582  
1,393,973  
Non-controlling interests  
Total equity  
Total liabilities and equity  
9,777  
1,627,360  
2,772,252  
11,358  
1,405,331  
2,496,339  
6
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
Condensed Quarterly Consolidated Statements of Profit or Loss  
Three Months Ended June 30,  
(In millions of yen, unless otherwise stated)  
2024  
2025  
Revenue  
Cost of sales  
Gross profit  
901,558  
370,919  
530,638  
878,839  
356,983  
521,856  
Selling, general and administrative expenses  
Other operating income  
387,263  
1,689  
375,100  
8,558  
Other operating expenses  
Operating income  
17,245  
127,818  
1,579  
153,734  
Share of profit (loss) of associates and joint  
ventures  
(389)  
(1,956)  
Finance income  
Finance costs  
15,796  
1,732  
8,785  
1,617  
Profit before tax  
Income tax expense  
Profit for the period  
141,494  
35,147  
106,347  
158,946  
38,035  
120,910  
Profit attributable to:  
Owners of the parent  
Non-controlling interests  
Profit for the period  
106,426  
(79)  
106,347  
120,936  
(25)  
120,910  
Earnings per share attributable to owners of  
the parent  
Basic earnings per share (yen)  
Diluted earnings per share (yen)  
69.12  
68.02  
83.97  
83.24  
7
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
Condensed Quarterly Consolidated Statements of Comprehensive Income  
Three Months Ended June 30,  
(In millions of yen)  
2024  
2025  
Profit for the period  
106,347  
120,910  
3,665  
Other comprehensive income  
Items that will not be reclassified to profit or loss:  
Net change in equity instruments measured at  
fair value through other comprehensive  
income  
Remeasurements of defined retirement benefit  
plans  
(7,926)  
-
Share of other comprehensive income of  
associates and joint ventures  
Subtotal  
(828)  
(422)  
3,242  
(8,755)  
Items that may be reclassified subsequently to  
profit or loss:  
Exchange differences on translation of foreign  
operations  
Effective portion of changes in fair value of  
cash flow hedges  
123,037  
-
(33,264)  
11  
Net change in debt instruments measured at  
fair value through other comprehensive  
income  
-
(6)  
Subtotal  
123,037  
114,282  
220,629  
(33,259)  
(30,016)  
90,894  
Other comprehensive income (loss) for the period,  
net of tax  
Comprehensive income for the period  
Comprehensive income attributable to:  
Owners of the parent  
220,647  
(17)  
90,996  
(101)  
Non-controlling interests  
Comprehensive income for the period  
220,629  
90,894  
8
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
Condensed Quarterly Consolidated Statements of Changes in Equity  
For the Three Months Ended June 30, 2024  
Equity attributable to owners of the parent  
Other components of equity  
Exchange  
differences  
on  
translation  
of foreign  
operations  
395,471  
Effective  
portion of  
changes in  
fair value of  
cash flow  
hedges  
Common  
stock  
Share  
premium  
Retained  
earnings  
Treasury  
stock  
Share-based  
payments  
(In millions of yen)  
Balance at April 1, 2024  
Profit (loss) for the period  
Other comprehensive  
income  
40,000  
-
-
1,884,258  
106,426  
(407,049)  
88,242  
-
123,004  
123,004  
-
-
Comprehensive income for  
the period  
-
106,426  
(17,763)  
-
-
Purchase of treasury  
stock  
(295)  
7,021  
(95,302)  
12,340  
Disposal of treasury stock  
(18,865)  
22,097  
Dividends  
Share-based payments  
Equity transactions with  
non-controlling interests  
Transfer from other  
components of equity to  
retained earnings  
(8,783)  
Transactions with owners -  
total  
Balance at June 30, 2024  
-
6,726  
6,726  
(26,546)  
(82,962)  
3,231  
-
-
-
40,000  
1,964,137  
(490,011)  
91,474  
518,475  
Equity attributable to owners of the parent  
Other components of equity  
Net change  
Net change  
in debt  
instruments  
measured at  
fair value  
through other  
comprehensi  
ve income  
in equity  
instruments  
measured at  
fair value  
through  
other  
comprehens  
ive income  
Remeasure  
ments of  
defined  
retirement  
benefit  
Total  
equity  
Non-controlli  
ng interests  
Total  
Total  
plans  
(In millions of yen)  
Balance at April 1,  
2024  
-
-
-
483,714  
-
2,000,922  
106,426  
7,977  
(79)  
2,008,900  
106,347  
Profit (loss) for the  
period  
Other  
comprehensive  
income  
-
-
(8,783)  
(8,783)  
-
-
114,221  
114,221  
61  
114,282  
220,629  
Comprehensive  
income for the period  
Purchase of  
treasury stock  
Disposal of  
114,221  
-
220,647  
(95,597)  
(17)  
(95,597)  
(18,865)  
-
495  
(17,763)  
22,097  
495  
(17,763)  
22,097  
treasury stock  
Dividends  
Share-based  
payments  
22,097  
Equity transactions  
with non-controlling  
interests  
Transfer from other  
components of  
equity to retained  
earnings  
-
-
-
1,826  
1,826  
-
8,783  
8,783  
Transactions with  
owners - total  
Balance at June 30,  
2024  
-
-
8,783  
-
-
12,015  
(90,767)  
1,826  
9,786  
(88,940)  
-
609,950  
2,130,802  
2,140,589  
9
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
For the Three Months Ended June 30, 2025  
Equity attributable to owners of the parent  
Other components of equity  
Exchange  
differences  
on  
translation  
of foreign  
operations  
Effective  
portion of  
changes in  
fair value of  
cash flow  
hedges  
Common  
stock  
Share  
premium  
Retained  
earnings  
Treasury  
stock  
Share-based  
payments  
(In millions of yen)  
Balance as of April 1, 2025  
Profit (loss) for the period  
Other comprehensive  
income  
Comprehensive income for  
the period  
40,000  
1,606,348  
120,936  
(515,363)  
98,619  
387,986  
(33,227)  
(33,227)  
11  
120,936  
(17,600)  
11  
Purchase of treasury  
stock  
Disposal of treasury stock  
Dividends  
Share-based payments  
Equity transactions with  
non-controlling interests  
Transfer from other  
components of equity to  
retained earnings  
Transfer to non-financial  
assets  
(193)  
(325,831)  
14,941  
5,400  
(18,880)  
27,567  
3,281  
(7)  
Transactions with owners -  
total  
Balance as of June 30, 2025  
5,206  
5,206  
(14,318)  
(310,890)  
(826,253)  
8,686  
(7)  
4
40,000  
1,712,967  
107,305  
354,759  
Equity attributable to owners of the parent  
Other components of equity  
Net change  
Net change  
in debt  
instruments  
measured at  
fair value  
through  
other  
comprehens  
ive income  
in equity  
instruments  
measured  
at fair value  
through  
Remeas  
ure-  
ments of  
defined  
retireme  
nt  
Non-controlli  
ng interests  
Total equity  
Total  
Total  
other  
comprehen  
sive  
benefit  
plans  
income  
(In millions of yen)  
Balance as of April 1,  
2025  
(9)  
486,596  
1,617,582  
120,936  
(29,940)  
90,996  
9,777  
(25)  
1,627,360  
120,910  
(30,016)  
90,894  
Profit (loss) for the  
period  
Other comprehensive  
income  
(6)  
(6)  
3,281  
3,281  
(29,940)  
(29,940)  
(75)  
Comprehensive income  
for the period  
(101)  
Purchase of treasury  
stock  
(326,025)  
(326,025)  
Disposal of treasury  
stock  
Dividends  
Share-based  
payments  
(18,880)  
27,567  
1,460  
(17,600)  
27,567  
1,460  
(17,600)  
27,567  
Equity transactions  
with non-controlling  
interests  
1,682  
1,682  
Transfer from other  
components of equity  
to retained earnings  
Transfer to  
(3,281)  
(3,281)  
(3,281)  
(7)  
5,397  
(7)  
(314,605)  
1,393,973  
(7)  
(312,922)  
1,405,331  
non-financial assets  
Transactions with owners  
- total  
Balance as of June 30,  
2025  
1,682  
(15)  
462,053  
11,358  
10  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
Condensed Quarterly Consolidated Statements of Cash Flows  
Three Months Ended June 30,  
2025  
(In millions of yen)  
2024  
Cash flows from operating activities  
Profit before tax  
141,494  
27,542  
17,701  
(11,387)  
1,245  
158,946  
25,930  
23,648  
(4,606)  
325  
Depreciation and amortization  
Share-based payment expenses  
Interest and dividend income  
(Increase) decrease in trade and other receivables  
Increase (decrease) in trade and other payables  
Other  
(24,571)  
(9,149)  
142,875  
11,682  
(23,795)  
(23,922)  
156,525  
5,107  
Subtotal  
Interest and dividends received  
Interest paid  
(1,560)  
(25,350)  
127,647  
(1,587)  
(37,507)  
122,538  
Income taxes paid  
Net cash provided by operating activities  
Cash flows from investing activities  
Payment for purchase of property and equipment  
Payment for purchase of intangible assets  
Payment for purchase of investments  
Proceeds from sale and redemption of investments  
Other  
(1,797)  
(13,838)  
(378)  
(2,941)  
(13,836)  
(38,480)  
3,813  
233  
(86)  
9,789  
Net cash used in investing activities  
(15,866)  
(41,655)  
Cash flows from financing activities  
Repayments of lease liabilities  
Payment for purchase of treasury stock  
Dividends paid  
(11,503)  
(95,727)  
(17,630)  
5,795  
(10,097)  
(326,110)  
(17,473)  
2,773  
Proceeds from settlement of derivatives  
Other  
2,067  
3,202  
Net cash used in financing activities  
(116,998)  
(347,705)  
Effect of exchange rate changes on cash and cash  
equivalents  
79,848  
(32,082)  
Net increase (decrease) in cash and cash equivalents  
Cash and cash equivalents at the beginning of the period  
Cash and cash equivalents at the end of the period  
74,630  
1,136,858  
1,211,489  
(298,903)  
808,625  
509,721  
11  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
Notes to Condensed Quarterly Consolidated Financial Statements  
1. Applicable Financial Reporting Framework  
The Company’s condensed quarterly consolidated financial statements (condensed quarterly consolidated statements of financial  
position, condensed quarterly consolidated statements of profit or loss, condensed quarterly consolidated statements of  
comprehensive income, condensed quarterly consolidated statements of changes in equity, condensed quarterly consolidated  
statements of cash flows, and notes) are prepared in accordance with Article 5, Paragraph 2 of Tokyo Stock Exchange, Inc.’s  
standards for the preparation of quarterly financial statements, etc. (however, the omissions set out in Article 5, Paragraph 5 of the  
same standards apply). The condensed quarterly consolidated financial statements are prepared based on International Accounting  
Standard No. 34 “Interim Financial Reporting” (hereinafter “IAS 34”), but some of the disclosure items and notes required by IAS 34  
are omitted. Accordingly, the condensed quarterly consolidated financial statements are not a set of condensed financial statements in  
accordance with IAS 34.  
2. Going Concern Assumption  
Not applicable.  
3. Operating Segments  
(1) Overview of Reportable Segments  
The Company’s operating segments are those components of the Company for which discrete financial information is available and  
whose operating results are regularly reviewed by the Board of Directors to decide on the allocation of operating resources and assess  
business performance. The Company has three operating segments by type of business, HR Technology, Staffing, and Marketing  
Matching Technologies, which are also the reportable segments.  
HR Technology consists of three operations, the US, Europe and Others, and Japan. Staffing consists of two operations, Japan and  
Europe, US and Australia. Marketing Matching Technologies consists of three operations, Lifestyle, Housing & Real Estate, and  
Others.  
Due to a change in the governance structure, the Company has transferred its HR Solutions business, previously included in Matching  
& Solutions, into HR Technology, effective April 1, 2025. Furthermore, from the first quarter of the fiscal year ending March 31, 2026,  
the segment name of the Matching & Solutions has been changed to Marketing Matching Technologies. Segment information for the  
first quarter of the previous fiscal year has been prepared based on the changed reportable segments.  
(2) Information on Reportable Segments  
Segment profit (loss) denotes EBITDA+S (operating income + depreciation and amortization (excluding depreciation of right-of-use  
assets) + share-based payment expenses ± other operating income/expenses). The previously disclosed adjusted EBITDA has been  
renamed to EBITDA+S starting from the first quarter of the fiscal year ending March 31, 2026. The calculation formula for EBITDA+S is  
the same as that for adjusted EBITDA.  
Revenue from external customers in Adjustments includes revenue that is not allocated to a specific reportable segment, and segment  
profit (loss) of Adjustments includes corporate expenses not allocated to any reportable segments. Corporate expenses consist  
primarily of general and administrative expenses that are not allocable to the segments. Intersegment revenue or transfers are  
calculated based on a price used in similar transactions with third parties. Segment assets and liabilities are not stated as they are not  
subject to review for the purpose of deciding on the allocation of operating resources and assessing business performance.  
12  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
For the Three Months Ended June 30, 2024  
Reportable Segment  
Marketing  
Adjustments  
Consolidated  
HR  
Technology  
Matching  
Staffing  
Total  
(In millions of yen)  
Technologies  
Revenue  
Revenue from  
354,464  
416,147  
127,665  
168  
898,277  
3,280  
901,558  
-
external customers  
Intersegment  
967  
6,434  
7,569  
(7,569)  
revenues or transfers  
Total  
355,431  
117,837  
422,581  
28,669  
127,833  
34,103  
905,847  
180,611  
(4,288)  
(1,551)  
901,558  
179,059  
Segment profit (loss)  
Depreciation and  
amortization (Note)  
17,982  
17,701  
1,689  
Share-based payment  
expenses  
Other operating  
income  
Other operating  
expenses  
17,245  
Operating income  
127,818  
Share of profit (loss)  
of associates and joint  
ventures  
(389)  
Finance income  
Finance costs  
15,796  
1,732  
Profit before tax  
141,494  
Note: Depreciation and amortization exclude depreciation of right-of-use assets.  
For the Three Months Ended June 30, 2025  
Reportable Segment  
Marketing  
HR  
Adjustments  
Consolidated  
Matching  
Staffing  
Total  
Technology  
(In millions of yen)  
Technologies  
Revenue  
Revenue from  
external customers  
340,705  
1,091  
401,778  
136,355  
501  
878,839  
7,970  
878,839  
Intersegment  
revenues or transfers  
6,377  
(7,970)  
Total  
341,796  
119,467  
408,156  
26,879  
136,856  
43,227  
886,809  
189,574  
(7,970)  
(2,422)  
878,839  
187,151  
Segment profit (loss)  
Depreciation and  
amortization (Note)  
16,748  
23,648  
8,558  
Share-based payment  
expenses  
Other operating  
income  
Other operating  
expenses  
1,579  
Operating income  
153,734  
Share of profit (loss)  
of associates and joint  
ventures  
(1,956)  
Finance income  
Finance costs  
8,785  
1,617  
Profit before tax  
158,946  
Note: Depreciation and amortization exclude depreciation of right-of-use assets.  
13  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
4. Treasury Stock  
Treasury stock recognized in the Condensed Quarterly Consolidated Statements of Financial Position includes Recruit Holdings  
shares held by the BIP trust and the ESOP trust.  
The breakdown of treasury stock is as follows:  
As of March 31, 2025  
As of June 30, 2025  
Number of shares  
(shares)  
Number of shares  
(shares)  
Carrying  
amount  
(In millions of yen, unless otherwise stated)  
Carrying amount  
Treasury stock directly held by Recruit  
Holdings  
36,408,381  
280,932  
77,271,781  
601,478  
Recruit Holdings shares held by the BIP trust  
and the ESOP trust  
Total  
60,788,181  
97,196,562  
234,430  
515,363  
57,690,174  
224,774  
826,253  
134,961,955  
5. Significant Subsequent Events  
Not applicable.  
14  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
4. Supplementary Information  
Supplementary Information is not subject to review by a certified public accountant nor an independent auditor.  
Results of Operations by Segment  
Three Months Ended June 30,  
% Change  
(In billions of yen)  
Revenue  
20241  
2025  
HR Technology  
US  
195.0  
182.6  
(6.4)%  
Europe and Others  
Japan  
Total  
65.8  
94.4  
355.4  
68.8  
90.2  
341.7  
4.5%  
(4.4)%  
(3.8)%  
Staffing  
Japan  
200.2  
222.3  
422.5  
212.8  
195.3  
408.1  
6.3%  
(12.2)%  
(3.4)%  
Europe, US, and Australia  
Total  
Marketing Matching Technologies2  
Lifestyle  
63.9  
36.2  
27.6  
127.8  
(4.2)  
901.5  
70.1  
37.5  
29.1  
136.8  
(7.9)  
878.8  
9.7%  
3.7%  
5.4%  
7.1%  
-
Housing & Real Estate  
Others  
Total  
Adjustments  
Total  
(2.5)%  
EBITDA+S, EBITDA+S margin  
HR Technology  
EBITDA+S  
EBITDA+S margin  
Staffing  
117.8  
33.2%  
119.4  
35.0%  
1.4%  
-
EBITDA+S  
28.6  
6.8%  
26.8  
6.6%  
(6.2)%  
-
EBITDA+S margin  
Marketing Matching Technologies2  
EBITDA+S  
EBITDA+S margin  
Adjustments  
34.1  
26.7%  
43.2  
31.6%  
26.8%  
-
EBITDA+S  
(1.5)  
(2.4)  
-
Total  
EBITDA+S  
EBITDA+S margin  
179.0  
19.9%  
187.1  
21.3%  
4.5%  
-
Three Months Ended June 30,  
% Change  
(In millions of dollars)  
Revenue  
20241  
2025  
HR Technology  
US  
1,251  
422  
606  
1,263  
476  
624  
0.9%  
12.6%  
3.0%  
3.6%  
Europe and Others  
Japan  
Total  
2,280  
2,363  
1
2
HR Solutions of Matching & Solutions was transferred to HR Technology Japan in FY2025. The results of three months ended June  
30, 2024, are based on the hypothesis that the transition was completed at the beginning of FY2024 for better comparison purposes.  
Matching & Solutions changed its name to Marketing Matching Technologies in FY2025. Lifestyle consists of the total of Beauty,  
Travel, Dining, and SaaS solutions including AirBusiness Tools.  
15  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
Selling, General and Administrative Expenses  
Three Months Ended June 30,  
% Change  
(In billions of yen)  
Sales commission  
Promotion expenses  
Advertising expenses  
Employee benefit expenses  
Service outsourcing expense  
Rent expenses  
2024  
2025  
2.6  
8.7  
(70.2)%  
4.3%  
15.0  
57.9  
189.0  
55.7  
7.7  
15.6  
62.4  
180.9  
59.1  
8.6  
7.7%  
(4.2)%  
6.0%  
11.2%  
(6.5)%  
(21.1)%  
(3.1)%  
Depreciation and amortization  
Other  
26.2  
26.7  
387.2  
24.5  
21.0  
375.1  
Total  
The Share-based Payment Expenses and Research and Development Expenses  
Three Months Ended June 30,  
% Change  
(In billions of yen)  
2024  
2025  
Share-based payment expenses1  
Research and development expenses2  
17.7  
23.6  
33.6%  
2.4%  
42.7  
43.8  
1 Included in employee benefit expenses.  
2 Consisted primarily of compensation expenses for engineering and other technical employees of HR Technology responsible for the  
development of new products and enhancement of existing products using new technologies, which are accounted for as employee  
benefit expenses.  
Net Cash Balance  
As of March 31,  
2025  
As of June 30,  
2025  
Variance  
(298.9)  
39.5  
% Change  
(37.0)%  
(In billions of yen)  
Cash and cash equivalents  
Investments for available funds on standby for  
business operations within other financial assets  
808.6  
509.7  
15.1  
54.7  
260.7%  
Interest-bearing debt (excludes lease liabilities)  
1.0  
0.9  
(0.0)  
(7.4)%  
Net cash  
822.7  
563.5  
(259.2)  
(31.5)%  
16  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
(English Translation)  
Independent Auditor’s Report on the Interim Review of Quarterly Consolidated Financial Statements  
August 5, 2025  
The Board of Directors  
Recruit Holdings Co., Ltd.  
Ernst & Young ShinNihon LLC  
Tokyo, Japan  
Hitoshi Matsuoka  
Certified Public Accountant  
Designated and Engagement Partner  
Takeshi Saida  
Certified Public Accountant  
Designated and Engagement Partner  
Ryuichiro Umano  
Certified Public Accountant  
Designated and Engagement Partner  
Masashi Motohashi  
Certified Public Accountant  
Designated and Engagement Partner  
Conclusion  
We have conducted an interim review of Recruit Holdings Co., Ltd.’s condensed quarterly consolidated financial statements for the first  
quarter (April 1, 2025 to June 30, 2025) and first three months (April 1, 2025 to June 30, 2025) of the consolidated fiscal year from  
April 1, 2025 to March 31, 2026, listed in the “Attachments” to the quarterly financial results, which comprise the condensed quarterly  
consolidated statements of financial position, condensed quarterly consolidated statements of profit or loss, condensed quarterly  
consolidated statements of comprehensive income, condensed quarterly consolidated statements of changes in equity, condensed  
quarterly consolidated statements of cash flows, and notes to condensed quarterly consolidated financial statements.  
As a result of conducting our interim review, there were no matters that cause us to believe that the condensed quarterly consolidated  
financial statements referred to above have not been prepared in accordance with Article 5, Paragraph 2 of the Tokyo Stock  
Exchange’s Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the omission of the description  
prescribed in Article 5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial Statements, etc., has been applied),  
in all material respects.  
Basis for the Conclusion  
We conducted our interim review in accordance with interim review standards generally accepted in Japan. Our responsibility under  
the interim review standards is stated in the “Auditor’s Responsibility for the Interim Review of the Condensed Quarterly Consolidated  
Financial Statements.” We are independent of the Company and its consolidated subsidiaries in accordance with the provisions  
related to professional ethics in Japan (including provisions applicable to the financial statement audits of public interest entities (PIE)),  
and are fulfilling other ethical responsibilities as an auditor. We believe that we have obtained sufficient and appropriate evidence to  
provide a basis for our conclusion.  
Responsibilities of Management, Audit and Supervisory Board Members and Audit and Supervisory Board for the Condensed  
Quarterly Consolidated Financial Statements  
Management is responsible for the preparation of condensed quarterly financial statements in accordance with Article 5, Paragraph 2  
of the Tokyo Stock Exchange’s Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the omission of the  
description prescribed in Article 5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial Statements, etc., has  
been applied), and for designing and operating such internal control as management determines is necessary to enable the  
preparation of the condensed quarterly consolidated financial statements that are free from material misstatement, whether due to  
fraud or error.  
In preparing the condensed quarterly consolidated financial statements, management is responsible for assessing whether it is  
appropriate to prepare the condensed quarterly consolidated financial statements in accordance with the premise of a going concern,  
and for disclosing matters relating to going concern when it is required to do so in accordance with Article 5, Paragraph 2 of the Tokyo  
Stock Exchange’s Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the omission of the description  
prescribed in Article 5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial Statements, etc., has been applied).  
Audit and Supervisory Board members and Audit and Supervisory Board are responsible for monitoring the execution of Directors’  
duties related to designing and operating the financial reporting process.  
17  
Recruit Holdings Co., Ltd. (TSE 6098)  
Consolidated Financial Results for Q1 FY2025  
Auditor’s Responsibilities for the Interim Review of the Condensed Quarterly Consolidated Financial Statements  
Our responsibility is to give a conclusion on the condensed quarterly consolidated financial statements from an independent  
standpoint in an interim review report based on our interim review.  
As part of an interim review in accordance with interim review standards generally accepted in Japan, we exercise professional  
judgment and maintain professional skepticism throughout the interim review. We also:  
Ask questions primarily to management and persons responsible for financial and accounting matters, perform analytical procedures  
and other interim review procedures. Interim review procedures are more limited procedures than audits of annual financial statements  
performed in accordance with auditing standards generally accepted in Japan.  
If we determine that there is significant uncertainty in regard to events or conditions that may cast significant doubt on the entity’s  
ability to continue as a going concern, we conclude, based on the evidence obtained, whether there are any matters that cause us to  
believe that the condensed quarterly consolidated financial statements have not been prepared in accordance with Article 5,  
Paragraph 2 of the Tokyo Stock Exchange’s Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the  
omission of the description prescribed in Article 5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial  
Statements, etc., has been applied). In addition, if there is significant uncertainty concerning the premise of a going concern, we are  
required to call attention to the notes to the condensed quarterly consolidated financial statements in the interim review report, or if the  
notes to the condensed quarterly consolidated financial statements pertaining to the significant uncertainty are inappropriate, issue a  
modified opinion or a negative opinion on the condensed quarterly consolidated financial statements. While our conclusion is based on  
the evidence obtained up to the date of the interim review report, depending on future events or conditions, an entity may be unable to  
continue as a going concern.  
Assess whether there are any matters that cause us to believe that the presentation of and notes to the condensed quarterly  
consolidated financial statements have not been prepared in accordance with Article 5, Paragraph 2 of the Tokyo Stock Exchange’s  
Standards Used for Preparation of Quarterly Financial Statements, etc. (however, the omission of the description prescribed in Article  
5, Paragraph 5 of the Standards Used for Preparation of Quarterly Financial Statements, etc., has been applied).  
Obtain evidence regarding the financial statements of the Company and its consolidated subsidiaries that forms the basis for giving  
a conclusion on the condensed quarterly consolidated financial statements. We are responsible for direction, supervision and  
inspections relating to the interim review of the condensed quarterly consolidated financial statements. We remain solely responsible  
for our conclusion.  
We communicate with the Audit and Supervisory Board members and Audit and Supervisory Board regarding the planned scope and  
timing of the interim review and material interim review findings.  
We also provide the Audit and Supervisory Board members and Audit and Supervisory Board with a statement that we have complied  
with the ethical requirements in Japan regarding independence, and communicate to them all relationships and other matters that may  
reasonably be thought to have impacts on our independence, and where applicable, related measures in order to eliminate obstruction  
factors or safeguards to reduce them to an acceptable level.  
Conflicts of Interest  
We have no interest in the Company which should be disclosed in accordance with the Certified Public Accountants Act.  
The original Independent Auditor’s Interim Review Report related to the condensed quarterly consolidated financial statements is in  
Japanese. This English translation is prepared only for readers’ convenience.  
Notes:  
1. The above is a digital version of the matters stated in the original interim review report. The original is stored separately by the  
Holding Company (the company submitting the quarterly financial results).  
2. XBRL data and HTML data are not included in the scope of the interim review.  
18