Earnings Release for Q2 FY2026

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

November 11, 2026

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for the Six Months Ended September 30, 2026 (IFRS, Unaudited)

Tokyo, November 11, 2026 ― Recruit Holdings Co., Ltd. announced today its consolidated financial results for the six months ended

September 30, 2026 (April 1, 2026 to September 30, 2026)

Consolidated Operating Results　　

Six Months Ended September 30,

　　% change

(In billions of yen, unless otherwise stated)

2025

2026

Revenue

1,793.5

2,139.9

19.3 %

EBITDA+S

394.5

590.8

49.7 %

Operating income

313.5

513.7

63.9 %

Profit before tax

322.9

528.0

63.5 %

Profit for the period

248.3

411.4

65.7 %

Profit attributable to owners of the parent

248.3

411.6

65.7 %

Total comprehensive income

260.5

376.7

44.6 %

Basic EPS (yen)

173.12

296.01

71.0 %

Diluted EPS (yen)

171.70

293.06

70.7 %

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, 2026

As of September 30, 2026

Total assets

2,789.0

2,970.6

Total equity

1,594.5

1,841.7

Equity attributable to owners of the parent

1,583.3

1,828.7

Ratio of equity attributable to owners of the parent (%)

56.8

61.6

Dividends

(In yen)

FY2025

FY2026

FY2026(Guidance)

At the end of Q1

-

At the end of Q2

12.50

13.00

-

At the end of Q3

-

At the end of Q4

12.50

-

13.00

Total

25.00

-

26.00

Consolidated Financial Guidance for FY2026

(In billions of yen, unless otherwise stated)

FY2026 Full-year

Guidance

Year over year

% change

Revenue

4,230.0

14.4%

Gross Profit

2,595.0

18.6%

EBITDA+S

1,105.0

39.1%

Operating income

945.0

49.9%

Profit attributable to owners of the parent

755.0

51.9%

Basic EPS (yen)

543.00

55.2%

While HR Technology is expected to exceed its full-year outlook announced on August 7, 2026, the Company has maintained its

consolidated financial guidance for FY2026 due to the limited impact on consolidated results. Please refer to page 7, "2. Qualitative

Information on Consolidated Financial Guidance" for more details.

1

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

Changes in Significant Subsidiaries Resulting from Change in Scope of Consolidation

There were no changes in significant subsidiaries resulting from changes in the scope of consolidation.

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, 2026

As of September 30, 2026

Number of issued shares including treasury stock

1,472,504,149

Number of treasury stock1

76,290,824

86,326,031

Six Months Ended

September 30, 2025

Six Months Ended

September 30, 2026

Average number of shares during the period

1,434,739,275

1,390,584,756

1 The number of treasury stock 86,326,031 as of September 30, 2026 includes treasury stock held by the Company (44,468,480 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 (41,857,551 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

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

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

FY2025

FY2026

(In yen)

Q1

Q2

Q3

Q4

Q1

Q2

US dollar

144.48

147.47

154.07

156.92

159.38

159.19

Euro

163.91

172.38

179.36

183.61

185.27

183.19

Australian dollar

92.57

96.48

101.16

108.96

113.06

112.41

2

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

The Japanese-language originals of the attached consolidated quarterly financial statements have been voluntarily reviewed

by certified public accountants or an audit firm.

Forward-Looking Statements

This document contains forward-looking statements, which reflect the Company's assumptions and outlook for the future and

estimates based on information available to the Company and the Company's plans and expectations as of the date of this document

or other date indicated. There can be no assurance that the relevant forecasts and other forward-looking statements will be achieved.

Please note that significant differences between the forecasts and other forward-looking statements and actual results may arise due

to various factors, many of which are outside the Company’s control, including changes in economic conditions, changes in individual

users’ preferences and business clients' needs, competition, changes in the legal and regulatory environment including changes in

laws and regulations or guidance, interpretation, enforcement or practice relating to laws and regulations, fluctuations in foreign

exchange rates, climate change or other changes in the natural environment, the occurrence of large-scale natural disasters, and other

factors. Accordingly, readers are cautioned against placing undue reliance on any such forward-looking statements. The Company has

no obligation to update or revise any information contained in this document based on any subsequent developments except as

required by applicable law or stock exchange rules and regulations.

Note Regarding Reference Translation

This document has been translated from the Japanese language original for reference purposes only and may not be used or

disclosed for any other purpose without the Company’s prior written consent. In the event of any conflict or discrepancy between this

translated document and the Japanese language original, the Japanese language original shall prevail in all respects. The Company

makes no representations regarding the accuracy or completeness of this translation and assumes no responsibility for any losses or

damages arising from the use of this translation.

Third-Party Information

This document includes information derived from or based on third-party sources, including information about the markets in which the

Company operates. These statements are based on statistics and other information from third-party sources as cited herein, and the

Company has not independently verified and cannot assure the accuracy or completeness of any information derived from or based on

third-party sources.

U.S. Disclaimer – Unsponsored American Depositary Receipt (“ADR“)

The Company does not support or encourage, and has not consented to, the creation of any unsponsored ADR facilities in respect of

its securities and in any event disclaims any liability in connection with an unsponsored ADR. The Company does not represent to any

depositary institution, bank or anyone nor should any such entity rely on a belief that the Web site of the Company includes all

published information in English, currently, and on an ongoing basis, required to claim an exemption under U.S. Exchange Act Rule

12g3-2(b).

A full set of materials regarding FY2026 results announcement is posted on https://recruit-holdings.com/en/ir/financials/

Contact

Investor Relations

+81-3-3511-6383

Recruit_HD_IR@r.recruit.co.jp

3

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

Table of Contents

1.

Management’s Discussion and Analysis

5

Consolidated Results of Operations

5

Results of Operations by Segment

5

Analysis of Consolidated Financial Position

6

Analysis of Consolidated Cash Flows

6

2.

Qualitative Information on Consolidated Financial Guidance

7

3.

Condensed Consolidated Financial Statements and Primary Notes for the Six-Month Period

8

Condensed Consolidated Statements of Financial Position for the Six-Month Period

8

Condensed Consolidated Statements of Profit or Loss for the Six-Month Period

9

Condensed Consolidated Statements of Comprehensive Income for the Six-Month Period

10

Condensed Consolidated Statements of Changes in Equity for the Six-Month Period

11

Condensed Consolidated Statements of Cash Flows for the Six-Month Period

13

Notes to Condensed Consolidated Financial Statements for the Six-Month Period

14

4

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

1. Management’s Discussion and Analysis

Consolidated Results of Operations

Consolidated revenue for the first half of FY2026 increased 19.3% year over year to 2,139.9 billion yen. Consolidated revenue

increased in all three segments: HR Technology, Staffing, and Marketing Matching Technologies.

Operating income increased 63.9% year over year to 513.7 billion yen. Profit before tax increased 63.5% to 528.0 billion yen, profit for

the period increased 65.7% to 411.4 billion yen, profit attributable to owners of the parent increased 65.7% to 411.6 billion yen, and

basic EPS increased 71.0% to 296.01 yen.

For the first half of FY2026, EBITDA+S margin was 27.6%, and EBITDA+S increased 49.7% year over year to 590.8 billion yen.

Results of Operations by Segment

HR Technology

Revenue for the first half of FY2026 increased 35.6% to 945.5 billion yen, and on a US dollar basis, revenue increased 24.2% to 5.93

billion US dollars.

Revenue in the US increased 45.5% to 551.8 billion yen, and on a US dollar basis, revenue increased 33.4% to 3.46 billion US dollars,

as monetization improvements led to a 37% 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 40.5% to 202.2 billion yen, and on a US dollar basis, revenue increased 28.8% to 1.26 billion

US dollars.

Revenue in Japan increased 9.8% to 191.4 billion yen, and on a US dollar basis, revenue increased 0.6% to 1.20 billion US dollars.

EBITDA+S margin for the first half of FY2026 was 47.5%, primarily driven by revenue growth and appropriate control of personnel

expenses. EBITDA+S increased 76.7% to 449.2 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 the first half of FY2026 increased 10.6% to 917.5 billion yen.

Revenue in Japan increased 3.5% to 437.1 billion yen, and revenue in Europe, US, and Australia increased 18.0% to 480.4 billion yen.

EBITDA+S margin for the first half of FY2026 was 6.0%. EBITDA+S increased 0.9% to 55.1 billion yen.

Marketing Matching Technologies

Revenue for the first half of FY2026 increased 3.6% to 291.4 billion yen, driven by the Lifestyle subsegment1 including Beauty.

Revenue in the Lifestyle subsegment increased 9.8% to 161.5 billion yen. Revenue in the Housing & Real Estate subsegment

decreased 0.1% to 76.0 billion yen, and revenue in the Others subsegment decreased 7.3% to 53.7 billion yen.

EBITDA+S margin for the first half of FY2026 was 31.4%. EBITDA+S increased 1.9% to 91.4 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 Q2 FY2026

Analysis of Consolidated Financial Position

The total maximum borrowing amount under overdraft agreements was 113.0 billion yen as of September 30, 2026, and the entire

amount remained unused. In addition, the 200.0 billion yen committed credit facility agreement entered into on September 29, 2023,

remained entirely unused as of September 30, 2026. However, as this agreement expired on September 30, 2026, the Company

entered into a new committed credit facility agreement for the same maximum borrowing amount of 200.0 billion yen, with the

commitment period commencing on October 1, 2026.

Furthermore, the Company entered into uncommitted credit facility agreements on June 18 and June 23, 2026, with a total maximum

borrowing amount of 300.0 billion yen, all of which remained unused as of September 30, 2026.

In addition, the Company has a corporate bond shelf registration of up to 200.0 billion yen and a commercial paper (CP) issuance

program of 200.0 billion yen. There were no corporate bonds or commercial paper outstanding as of September 30, 2026.

Analysis of Consolidated Cash Flows

Payments for the purchase of treasury stock in the six-month period of the fiscal year ended March 31, 2027 amounted to 182.0 billion

yen.

6

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

2. Qualitative Information on Consolidated Financial Guidance

Consolidated Guidance

The full-year consolidated financial guidance for FY2026 remains unchanged from that announced on August 7, 2026.

HR Technology

Based on better-than-expected results for the first half of FY2026, and on the assumption that this trend will continue into the second

half, the full-year results for the segment are expected to exceed the outlook announced on August 7, 2026, while the impact on the

full-year consolidated guidance remains limited.

The total amount of share-based payment expenses for HR Technology for FY2026 remains unchanged from the outlook announced on

August 7, 2026.

The foreign exchange rate assumption for the second half of FY2026 is 156 yen per US dollar.

FY2026

1H

Actual

FY2026

2H

Outlook

FY2026

Outlook

(as of Nov. 2026)

FY2026

Outlook

(as of Aug.2026)

YoY

Revenue

(in millions of US dollars)

US

3,463

33.4%

3,508

29.1%

6,972

31.2%

6,650

25.1%

Europe and Others

1,269

28.8%

1,270

19.8%

2,539

24.1%

2,520

23.2%

Japan

1,201

0.6%

1,208

8.0%

2,410

4.2%

2,315

0.0%

Total

5,934

24.2%

5,988

22.3%

11,922

23.2%

11,485

18.7%

Revenue

(in billions of yen)

US

551.8

45.5%

547.5

29.6%

1,099.3

37.1%

1,055.0

31.6%

Europe and Others

202.2

40.5%

198.2

20.4%

400.4

29.8%

400.0

29.6%

Japan

191.4

9.8%

188.6

8.5%

380.0

9.1%

367.0

5.4%

Total

945.5

35.6%

934.3

22.8%

1,879.9

28.9%

1,822.0

24.9%

EBITDA+S

(in billions of yen)

449.2

76.7%

425.2

43.8%

874.4

59.0%

834.0

51.6%

EBITDA+S margin

47.5%

-

45.5%

-

46.5%

-

45.8%

-

Staffing

The full-year outlook for FY2026 for Staffing remains unchanged from that announced on August 7, 2026.

Marketing Matching Technologies

The full-year outlook for FY2026 for Marketing Matching Technologies remains unchanged from that announced on August 7, 2026.

7

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

3. Condensed Consolidated Financial Statements and Primary Notes for the Six-Month Period

Condensed Consolidated Statements of Financial Position for the Six-Month Period

(In millions of yen)

As of March 31, 2026

As of September 30, 2026

Assets

Current assets

Cash and cash equivalents

725,578

872,842

Trade and other receivables

639,268

641,558

Other financial assets

75,697

110,442

Other assets

114,627

111,551

Total current assets

1,555,172

1,736,394

Non-current assets

Property and equipment

57,178

53,062

Right-of-use assets

135,188

117,101

Goodwill

553,304

546,364

Intangible assets

163,291

160,609

Investments in associates and

joint ventures

2,372

2,047

Other financial assets

135,323

165,958

Deferred tax assets

173,174

177,588

Other assets

14,011

11,542

Total non-current assets

1,233,845

1,234,274

Total assets

2,789,018

2,970,668

(In millions of yen)

As of March 31, 2026

As of September 30, 2026

Liabilities and equity

Liabilities

Current liabilities

Trade and other payables

425,541

398,281

Lease liabilities

44,020

42,285

Other financial liabilities

1,868

5,650

Income tax payables

66,472

70,216

Provisions

20,091

16,204

Other liabilities

317,320

296,490

Total current liabilities

875,314

829,128

Non-current liabilities

Borrowings

645

636

Lease liabilities

141,610

122,145

Other financial liabilities

583

556

Provisions

19,554

17,230

Net liability for retirement benefits

62,716

58,818

Deferred tax liabilities

85,559

88,817

Other liabilities

8,474

11,622

Total non-current liabilities

319,145

299,827

Total liabilities

1,194,459

1,128,955

Equity

Equity attributable to owners of the

parent

Common stock

40,000

Share premium

-

16,124

Retained earnings

1,371,067

1,765,159

Treasury stock

(414,455)

(567,238)

Other components of equity

586,709

574,727

Total equity attributable to owners of

the parent

1,583,321

1,828,771

Non-controlling interests

11,236

12,941

Total equity

1,594,558

1,841,713

Total liabilities and equity

2,789,018

2,970,668

8

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

Condensed Consolidated Statements of Profit or Loss for the Six-Month Period

Six Months Ended September 30,

(In millions of yen, unless otherwise stated)

2025

2026

Revenue

1,793,584

2,139,998

Cost of sales

729,133

816,161

Gross profit

1,064,450

1,323,836

Selling, general and administrative expenses

739,634

810,676

Other operating income

9,591

6,036

Other operating expenses

20,881

5,457

Operating income

313,525

513,739

Share of profit (loss) of associates and joint

ventures

(3,802)

(2,767)

Finance income

16,462

20,613

Finance costs

3,257

3,567

Profit before tax

322,928

528,017

Income tax expense

74,596

116,586

Profit for the period

248,331

411,431

Profit attributable to:

Owners of the parent

248,380

411,633

Non-controlling interests

(48)

(202)

Profit for the period

248,331

411,431

Earnings per share attributable to owners of

the parent

Basic earnings per share (yen)

173.12

296.01

Diluted earnings per share (yen)

171.70

293.06

9

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

Condensed Consolidated Statements of Comprehensive Income for the Six-Month Period

Six Months Ended September 30,

(In millions of yen)

2025

2026

Profit for the period

248,331

411,431

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

8,335

70

Remeasurements of defined retirement benefit

plans

-

Share of other comprehensive income of

associates and joint ventures

35

(136)

Subtotal

8,371

(66)

Items that may be reclassified subsequently to

profit or loss:

Exchange differences on translation of foreign

operations

3,819

(34,391)

Effective portion of changes in fair value of

cash flow hedges

18

0

Net change in debt instruments measured at

fair value through other comprehensive

income

20

(195)

Subtotal

3,857

(34,586)

Other comprehensive income (loss) for the period,

net of tax

12,228

(34,653)

Comprehensive income for the period

260,560

376,778

Comprehensive income attributable to:

Owners of the parent

260,607

376,939

Non-controlling interests

(46)

(160)

Comprehensive income for the period

260,560

376,778

10

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

Condensed Consolidated Statements of Changes in Equity for the Six-Month Period

For the Six Months Ended September 30, 2025

(In millions of yen)

Equity attributable to owners of the parent

Common

stock

Share

premium

Retained

earnings

Treasury

stock

Other components of equity

Share-based

payments

Exchange

differences

on

translation

of foreign

operations

Effective

portion of

changes in

fair value of

cash flow

hedges

Balance as of April 1, 2025

40,000

-

1,606,348

(515,363)

98,619

387,986

-

Profit (loss) for the period

248,380

Other comprehensive

income

3,882

18

Comprehensive income for

the period

-

248,380

-

3,882

18

Purchase of treasury

stock

(259)

(427,943)

Disposal of treasury stock

13,306

30,102

(43,187)

Dividends

(17,600)

Share-based payments

37,474

Equity transactions with

non-controlling interests

Transfer from other

components of equity to

retained earnings

8,306

Transfer to non-financial

assets

(18)

Transactions with owners -

total

-

13,046

(9,294)

(397,840)

(5,713)

-

(18)

Balance as of September 30,

2025

40,000

13,046

1,845,434

(913,203)

92,906

391,869

-

(In millions of yen)

Equity attributable to owners of the parent

Non-controlli

ng interests

Total equity

Other components of equity

Total

Net change

in debt

instruments

measured at

fair value

through

other

comprehens

ive income

Net change

in equity

instruments

measured

at fair value

through

other

comprehen

sive

income

Remeas

ure-

ments of

defined

retireme

nt

benefit

plans

Total

Balance as of April 1,

2025

(9)

-

486,596

1,617,582

9,777

1,627,360

Profit (loss) for the

period

-

248,380

(48)

248,331

Other comprehensive

income

20

8,306

-

12,227

1

12,228

Comprehensive income

for the period

20

8,306

-

12,227

260,607

(46)

260,560

Purchase of treasury

stock

-

(428,203)

Disposal of treasury

stock

(43,187)

221

Dividends

-

(17,600)

Share-based

payments

37,474

Equity transactions

with non-controlling

interests

-

1,682

Transfer from other

components of equity

to retained earnings

(8,306)

-

Transfer to

non-financial assets

(18)

Transactions with owners

- total

-

(8,306)

-

(14,037)

(408,125)

1,682

(406,443)

Balance as of September

30, 2025

10

-

484,786

1,470,064

11,413

1,481,477

11

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

For the Six Months Ended September 30, 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, 2026

40,000

-

1,371,067

(414,455)

77,854

508,883

-

Profit (loss) for the period

411,633

Other comprehensive

income

(34,410)

0

Comprehensive income for

the period

-

411,633

-

(34,410)

0

Purchase of treasury

stock

(22)

(182,064)

Disposal of treasury stock

16,146

29,281

(41,165)

Dividends

(17,452)

Share-based payments

63,788

Equity transactions with

non-controlling interests

Changes due to loss of

control of subsidiaries

Transfer from other

components of equity to

retained earnings

(89)

Transfer to non-financial

assets

(1)

Transactions with owners -

total

-

16,124

(17,542)

(152,783)

22,623

-

(1)

Balance as of September 30,

2026

40,000

16,124

1,765,159

(567,238)

100,477

474,473

(0)

(In millions of yen)

Equity attributable to owners of the parent

Non-controlli

ng interests

Total equity

Other components of equity

Total

Net change

in debt

instruments

measured at

fair value

through

other

comprehens

ive income

Net change

in equity

instruments

measured

at fair value

through

other

comprehen

sive

income

Remeas

ure-

ments of

defined

retireme

nt

benefit

plans

Total

Balance as of April 1,

2026

(27)

-

586,709

1,583,321

11,236

1,594,558

Profit (loss) for the

period

-

411,633

(202)

411,431

Other comprehensive

income

(195)

(89)

-

(34,694)

41

(34,653)

Comprehensive income

for the period

(195)

(89)

-

(34,694)

376,939

(160)

376,778

Purchase of treasury

stock

-

(182,087)

Disposal of treasury

stock

(41,165)

4,263

Dividends

-

(17,452)

Share-based

payments

63,788

Equity transactions

with non-controlling

interests

-

1,969

Changes due to loss

of control of

subsidiaries

-

(104)

Transfer from other

components of equity

to retained earnings

89

-

Transfer to

non-financial assets

(1)

Transactions with owners

- total

-

89

-

22,711

(131,489)

1,865

(129,623)

Balance as of September

30, 2026

(223)

-

574,727

1,828,771

12,941

1,841,713

12

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

Condensed Consolidated Statements of Cash Flows for the Six-Month Period

Six Months Ended September 30,

(In millions of yen)

2025

2026

Cash flows from operating activities

Profit before tax

322,928

528,017

Depreciation and amortization

52,319

52,396

Share-based payment expenses

35,814

42,790

Interest and dividend income

(8,226)

(14,892)

(Increase) decrease in trade and other receivables

(3,350)

(9,061)

Increase (decrease) in trade and other payables

(30,202)

(24,428)

Other

(36,978)

(35,879)

Subtotal

332,305

538,943

Interest and dividends received

8,491

14,208

Interest paid

(3,118)

(2,833)

Income taxes paid

(71,468)

(83,792)

Net cash provided by operating activities

266,210

466,525

Cash flows from investing activities

Payment for purchase of property and equipment

(7,034)

(3,377)

Payment for purchase of intangible assets

(26,848)

(25,299)

Payment for purchase of investments

(55,138)

(101,423)

Proceeds from sale and redemption of investments

20,527

22,458

Other

7,214

4,568

Net cash used in investing activities

(61,278)

(103,073)

Cash flows from financing activities

Repayments of lease liabilities

(23,761)

(21,701)

Payment for purchase of treasury stock

(428,304)

(182,087)

Dividends paid

(17,591)

(17,449)

Proceeds from settlement of derivatives

5,975

11,490

Other

3,179

7,251

Net cash used in financing activities

(460,502)

(202,496)

Effect of exchange rate changes on cash and cash

equivalents

(17,958)

(13,691)

Net increase (decrease) in cash and cash equivalents

(273,529)

147,263

Cash and cash equivalents at the beginning of the period

808,625

725,578

Cash and cash equivalents at the end of the period

535,095

872,842

13

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

Notes to Condensed Consolidated Financial Statements for the Six-Month Period

1. Going Concern Assumption

Not applicable.

2. Operating Segments

(1) Overview of Reportable Segments

The Company’s operating segments are 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 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.

(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).

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.

14

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

For the Six Months Ended September 30, 2025

(In millions of yen)

Reportable Segment

Adjustments

Consolidated

HR

Technology

Staffing

Marketing

Matching

Technologies

Total

Revenue

Revenue from

external customers

695,825

816,959

280,798

1,793,584

-

1,793,584

Intersegment

revenues or transfers

1,691

12,496

450

14,638

(14,638)

-

Total

697,517

829,456

281,249

1,808,223

(14,638)

1,793,584

Segment profit (loss)

254,301

54,644

89,799

398,745

(4,176)

394,569

Depreciation and

amortization (Note)

33,939

Share-based payment

expenses

35,814

Other operating

income

9,591

Other operating

expenses

20,881

Operating income

313,525

Share of profit (loss)

of associates and joint

ventures

(3,802)

Finance income

16,462

Finance costs

3,257

Profit before tax

322,928

Note: Depreciation and amortization exclude depreciation of right-of-use assets.

For the Six Months Ended September 30, 2026

(In millions of yen)

Reportable Segment

Adjustments

Consolidated

HR

Technology

Staffing

Marketing

Matching

Technologies

Total

Revenue

Revenue from

external customers

943,613

905,508

290,875

2,139,998

-

2,139,998

Intersegment

revenues or transfers

1,907

12,016

531

14,455

(14,455)

-

Total

945,521

917,525

291,407

2,154,454

(14,455)

2,139,998

Segment profit (loss)

449,250

55,110

91,471

595,832

(5,030)

590,801

Depreciation and

amortization (Note)

34,851

Share-based payment

expenses

42,790

Other operating

income

6,036

Other operating

expenses

5,457

Operating income

513,739

Share of profit (loss)

of associates and joint

ventures

(2,767)

Finance income

20,613

Finance costs

3,567

Profit before tax

528,017

Note: Depreciation and amortization exclude depreciation of right-of-use assets.

15

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

3. Treasury Stock

Treasury stock recognized in the Condensed Consolidated Statements of Financial Position for the Six-Month Period 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, 2026

As of September 30, 2026

(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

28,856,988

228,809

44,468,480

400,543

Recruit Holdings shares held by the BIP trust

and the ESOP trust

47,433,836

185,646

41,857,551

166,695

Total

76,290,824

414,455

86,326,031

567,238

4. Contingencies

(1) On-site Inspection by the Japan Fair Trade Commission

On June 2, 2026, Recruit Staffing Co., Ltd. and Staff Service Co., Ltd., which are subsidiaries within the Japan operations of the

Company’s staffing business, were subject to an on-site inspection by the Japan Fair Trade Commission on suspicion of violating

the Antimonopoly Act. The Company is currently fully cooperating with the authorities for the inspection, and it is difficult to

reasonably estimate its outcome or amount of its impact at this time.

(2) Contingent Liability Related to a Funding Commitment to an Associate, etc.

Under an agreement relating to a particular associate, the Holding Company has a commitment to provide funding, etc., only if

certain specified conditions, such as a funding shortfall at the associate, are met. No provision has been recognized as it is not

probable that the commitment will be fulfilled. If funding contributions, etc., were to be provided in fulfillment of the commitment, it is

considered probable that a loss would be incurred. Furthermore, the amount of the funding commitment, etc., would vary depending

on certain factors including the timing of when the specified conditions were met and the associate’s funding position at that time.

The maximum amount of funding commitments, etc., if the commitment were fulfilled as of the end of the current six-month period, is

estimated to be approximately 54,059 million yen.

5. Significant Subsequent Events

Share Repurchase

The Company, by resolution of its Board of Directors on March 31, 2026, implemented the following share repurchase program,

pursuant to Article 156 of the Companies Act as applied by replacing certain terms pursuant to Article 165, Paragraph 3 of the said

Act.

In addition, in light of trends in the stock market, the Company’s Board of Directors resolved on October 14, 2026 to change the

repurchase period as follows.

(1) Details of the resolution by the Board of Directors

(The change is underlined.)

Before the Change

(Resolution by the Board of Directors on

March 31, 2026)

After the Change

(Resolution by the Board of Directors on

October 14, 2026)

(i) Type of shares to be repurchased

Shares of common stock of Recruit

Holdings

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) Acquisition 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.

From April 1, 2026, to the earlier of the

following:

(1) March 31, 2027

(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)

(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)

16

Recruit Holdings Co., Ltd. (TSE 6098)

Consolidated Financial Results for Q2 FY2026

(2) Details of common stock repurchased on and after October 1, 2026

(i) Type of shares repurchased

Shares of common stock of Recruit Holdings

(ii) Total number of shares repurchased

28,200 shares

(iii) Total purchase price

465 million yen

(iv) Acquisition period

From October 1, 2026 to October 31, 2026 (delivery date basis)

(3) Cumulative total of common stock repurchased by the above-mentioned resolution by the Board of Directors (as of October 31,

2026)

(i) Type of shares repurchased

Shares of common stock of Recruit Holdings

(ii) Total number of shares repurchased

16,384,200 shares

(iii) Total purchase price

178,135 million yen

17