Recruit
Holdings
2026年3月期 第2四半期決算説明
November 6, 2025
1
FY2024 is the fiscal year from April 1, 2024 to March 31, 2025. FY2025 is the fiscal year from April 1, 2025 to March 31, 2026.
All comparisons during this conference call are year over year unless otherwise stated.
Unless otherwise specified, numbers shown to the first decimal place are rounded down to the second decimal place, and numbers
shown as integers are rounded down to the first decimal place.
FY2025 Q2 Consolidated Results
2
Recruit Holdings | FY2025 Q2 Results
FY2025 Q2 Results Announcement Highlights
●FY2025 Q2 HR Technology US revenue +5.8% YoY in USD
HRテクノロジー事業 当第2四半期米国売上収益はYoY+5.8% (米ドルベース)
●FY2025 full-year HR Technology US revenue outlook revised upward to +5.6% YoY
from +0.3% YoY in USD
HRテクノロジー事業 通期米国売上収益見通しをYoY+0.3%からYoY+5.6%に上方修正 (米ドルベース)
●FY2025 consolidated full-year guidance revised upward: EBITDA+S to ¥733.5 billion
from ¥697.0 billion
通期連結業績予想上方修正: EBITDA+Sは6,970億円から7,335億円に
●Net cash was ¥590.5 billion as of September 30, 2025
2025年9月末日時点ネットキャッシュは5,905億円
Please see footnotes in the appendix.
3
Recruit Holdings | FY2025 Q2 Results
1. Consolidated Results
4
Recruit Holdings | FY2025 Q2 Results
1. Consolidated Results
●FY2025 Q2 Results
Revenue and EBITDA+S increased. EBITDA+S margin increased to 22.7%
2026年3月期第2四半期連結実績は増収増益。EBITDA+Sマージンは22.7%
●FY2025 1H Results
Revenue -0.3% YoY , exceeded our initial assumption. EBITDA+S and EBITDA+S margin
increased
2026年上半期連結売上収益は、期初想定を上回りYoY-0.3%、EBITDA+S及びEBITDA+Sマージン共
に増加
Please see footnotes in the appendix.
5
Recruit Holdings | FY2025 Q2 Results
(in billions of yen)
Revenue (in billions of yen)
Gross Profit and Gross Margin %
FY2024 FY2025 FY2024 FY2025
YoY
YoY
1. Consolidated Results
FY2025 Q2 Results
6
Recruit Holdings | FY2025 Q2 Results
30.4% 30.8% 30.9% 22.5% 31.3% 36.0%33.7% 35.7% 35.0% 25.6% 35.9% 38.2%
1. Consolidated Results
FY2025 Q2 Results
(in billions of yen)
EBITDA+S and Margin % EBITDA and Margin %
Please see footnotes in the appendix.
Margin % over
Gross Profit
Margin % over
Gross Profit
FY2024 FY2025 FY2024 FY2025
(in billions of yen)
YoY YoY
7
Recruit Holdings | FY2025 Q2 Results
1. Consolidated Results
FY2025 1H Results: Revenue
(in billions of yen)
Please see footnotes in the appendix.
YoY
FY2023 FY2025
FY2024
Staffing
MMT
¥281.2 bn
¥697.5 bn
¥829.4 bn
¥1,793.5 bn
Segment Breakdown
HR
Technology
8
Recruit Holdings | FY2025 Q2 Results
Staffing
¥254.3 bn
36.5%
¥54.6 bn
6.6%
1. Consolidated Results
FY2025 1H Results: EBITDA+S and Margin %
Please see footnotes in the appendix.
HR
Technology
33.2% 27.6% 34.7% 30.3% 37.1%
Margin % over
Gross Profit
(in billions of yen)
FY2023 FY2025
FY2024
YoY Segment Breakdown
¥394.5 bn
22.0%
MMT
¥89.7 bn
31.9%
9
Recruit Holdings | FY2025 Q2 Results
1. Consolidated Results
FY2025 1H Results: EBITDA and Margin %
Please see footnotes in the appendix.
Staffing
¥89.7 bn
31.9% ¥219.7 bn
31.5%
¥54.4 bn
6.6%
HR
Technology
MMT
Margin % over
Gross Profit 28.6% 24.2% 30.6% 26.7% 33.7%
(in billions of yen)
FY2023 FY2025
FY2024
YoY
Segment Breakdown
¥358.7 bn
20.0%
10
Recruit Holdings | FY2025 Q2 Results
Segment Results and Outlook
11
Recruit Holdings | FY2025 Q2 Results
2. HR Technology
3. Staffing
4. Matching Marketing Technologies (“MMT”)
12
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 Q2 and 1H Results
●FY2025 Q2 Results:
Segment revenue +4.5% YoY in USD, and EBITDA+S margin expanded to 37.9%
as US and Europe & Others driven by continued monetization development, while
Japan placement services declined
セグメント売上収益は米ドルベースでYoY+4.5%、EBITDA+Sマージンは37.9%に増大
米国、欧州その他はマネタイゼーションの進化継続で増収、日本は人材紹介サービスが減収
●FY2025 1H Results:
Segment revenue +4.1% YoY in USD and EBITDA+S margin expanded to 36.5%
上半期セグメント売上収益は米ドルベースでYoY+4.1%、EBITDA+Sマージン36.5%
Please see footnotes in the appendix.
13
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 Q2 Results: Revenue
Please see footnotes in the appendix.
(in millions of dollars)
In US dollar In Japanese Yen
QoQ
YoY
(in billions of yen)
US
Europe
& Others
Japan
QoQ
YoY
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
14
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 Q2 Results: EBITDA+S and EBITDA
Please see footnotes in the appendix.
(in billions of yen)
EBITDA+S and Margin % EBITDA and Margin %
QoQ
QoQ
YoY
YoY
(in billions of yen)
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
15
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 1H Results: Revenue
Please see footnotes in the appendix.
(in millions of dollars)
In US dollar In Japanese Yen (in billions of yen)
US
Europe
& Others
Japan
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
YoY
YoY
16
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 1H Results: EBITDA+S and EBITDA
Please see footnotes in the appendix.
(in billions of yen)
EBITDA+S and Margin % EBITDA and Margin % (in billions of yen)
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
YoY
YoY
17
Recruit Holdings | FY2025 Q2 Results
Total # of US Job Postings
US Revenue
2. HR Technology Segment
US Average Revenue Per Job Posting (“US ARPJ”) Growth Rate
米国平均単価成長率
Please see footnotes in the appendix.
US Revenue
US ARPJ YoY
Growth Rate %
in Year X
Total # of US Job Postings
1 100
FY2025 Q2: +15%
FY2025 1H: +13%
Year X-1
Year X
18
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 2H Outlook
●US Revenue: +7.9% YoY in USD, assuming around +16% US ARPJ YoY growth rate
while modest YoY decline in US total job postings expected during 2H
米国求人総数は下半期を通して緩やかな減少を想定する中、US ARPJ成長率をYoY+16%程度と見
込み、YoY+7.9% (米ドルベース)
●Europe & Others Revenue: +21.5% YoY in USD due to the progress in monetization
development and FX impact
マネタイゼーションの進化と為替の影響を想定しYoY+21.5% (米ドルベース)
●Japan Revenue: -7.2% YoY in JPY due to a decline in placement services
人材紹介サービスの減収が響きYoY-7.2% (日本円ベース)
●Segment EBITDA+S Margin: Expand to 35.1% driven by cost control initiatives
EBITDA+Sマージンはコストコントロールにより35.1%を見込む
Please see footnotes in the appendix.
19
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
Indeed Hiring Lab US Non-seasonally Adjusted Job Postings Index
(“IHL US NSA JPI”)
Please see footnotes in the appendix.
(Index to 100 on Feb 1, 2020)
2020/4 2021/4 2022/4 2023/4 2024/4 2025/4
20
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
IHL US NSA JPI: Historical (Feb. 2020 - Oct. 2025) and Assumed FY2025 2H
US Quarterly Revenue: Historical and Forecasted
Please see footnotes in the appendix.
FY2024 Pro Forma FY2025FY2023FY2022FY2021FY2020
(in millions of dollars)
FY2019
(Index to 100 on Feb 1, 2020)
50
75
100
125
150
25
Historical IHL US NSA JPI
RHC assumed FY2025 2H Index
21
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 2H Outlook: Revenue
Please see footnotes in the appendix.
(in millions of dollars)
In US dollar In Japanese Yen
HoH
YoY
(in billions of yen)
US
Europe
& Others
Japan
HoH
YoY
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
Outlook Outlook
22
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 2H Outlook: EBITDA+S and EBITDA
Please see footnotes in the appendix.
(in billions of yen)
EBITDA+S and Margin % EBITDA and Margin %
HoH
HoH
YoY
YoY
(in billions of yen)
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
YoY
YoY
Outlook Outlook
23
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 Full-year Outlook Revised
●Segment Revenue: Revised upward to +5.9% YoY from +2.4% YoY in USD, to +1.0%
YoY from -2.8% YoY in JPY
セグメント売上収益は米ドルベースYoY+2.4%の見通しをYoY+5.9%に、円ベースYoY-2.8%の見通
しをYoY+1.0%に上方修正
●Segment EBITDA+S Margin: Revised upward to 35.8% from 34.5%
セグメントEBITDA+Sマージンは期初の見通し34.5%を35.8%に上方修正
Please see footnotes in the appendix.
24
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 Full-year Outlook Revised
●US Revenue: Outlook revised upward to +5.6% YoY from +0.3% YoY in USD
通期は米ドルベースYoY+0.3%の見通しをYoY+5.6%に上方修正
●Europe & Others Revenue: Outlook revised upward to +17.6% YoY from +8.1% YoY
in USD
通期は米ドルベースYoY+8.1%の見通しをYoY+17.6%に上方修正
●Japan Revenue: Outlook revised to -6.5% YoY from -2.7% YoY in JPY
通期は円ベースYoY-2.7%の見通しをYoY-6.5%に下方修正
Please see footnotes in the appendix.
25
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 Full-year Outlook Revised: Revenue
Please see footnotes in the appendix.
(in millions of dollars)
In US dollar In Japanese Yen
YoY
(in billions of yen)
US
Europe
& Others
Japan
YoY
FY2024 Pro Forma FY2025 Outlook
As of 5/9 As of 11/6
YoY
YoY
FY2024 Pro Forma FY2025 Outlook
As of 5/9 As of 11/6
26
Recruit Holdings | FY2025 Q2 Results
2. HR Technology Segment
FY2025 Full-year Outlook Revised: EBITDA+S and EBITDA
Please see footnotes in the appendix.
(in billions of yen)
EBITDA+S EBITDA (in billions of yen)
YoY
FY2024 Pro Forma FY2025 Outlook
As of 5/9 As of 11/6
YoY
YoY
YoY
FY2025 Outlook
As of 5/9 As of 11/6
FY2024 Pro Forma
27
Recruit Holdings | FY2025 Q2 Results
3. Staffing Segment
●FY2025 Q2 Results:
Segment revenue +0.8% YoY with EBITDA+S margin of 6.6%, driven by stable demand in
Japan and a slight easing revenue decline in Europe, the US, and Australia
日本の安定した人材派遣需要と、欧米豪の減収幅の緩やかな縮小を背景に、セグメント売上収益
はYoY+0.8%、EBITDA+Sマージンは6.6%
●FY2025 Full-year Outlook Revised:
Segment revenue +0.5% YoY slightly revised upward to ¥1,675.4 billion with segment
EBITDA+S margin of 5.7%
通期は、売上収益YoY+0.5%の1兆6,754億円、EBITDA+Sマージンは5.7%に上方微修正
Please see footnotes in the appendix.
28
Recruit Holdings | FY2025 Q2 Results
Japan
Europe
US
Australia
(in billions of yen)
3. Staffing Segment
FY2025 Q2 Results
Revenue EBITDA+S and Margin %
YoY
Please see footnotes in the appendix.
(in billions of yen)
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
YoY
29
Recruit Holdings | FY2025 Q2 Results
Japan
Europe
US
Australia
(in billions of yen)
3. Staffing Segment
FY2025 1H Results and 2H Outlook
Revenue EBITDA+S and Margin %
Please see footnotes in the appendix.
(in billions of yen)
YoY
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
YoY
YoY YoY
Outlook Outlook
30
Recruit Holdings | FY2025 Q2 Results
3. Staffing Segment
FY2025 Full-year Outlook Revised
Please see footnotes in the appendix.
(in billions of yen)
Revenue EBITDA+S and Margin % (in billions of yen)
YoY
FY2024 Pro Forma FY2025 Outlook
As of 5/9 As of 11/6
YoY YoY
YoY
FY2024 Pro Forma FY2025 Outlook
As of 5/9 As of 11/6
Japan
Europe
US
Australia
31
Recruit Holdings | FY2025 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment
●FY2025 Q2 Results:
Segment revenue +6.3% YoY to ¥144.3 billion and EBITDA+S margin expanded to 32.3%
due to the revenue increase and cost control initiatives
売上収益はYoY+6.3%の1,443億円となり、増収とコストコントロールによりEBITDA+Sマージンは
32.3%に増大
●FY2025 1H Results:
Segment revenue +6.7% YoY to ¥281.2 billion with 31.9% EBITDA+S margin
当上半期のセグメント売上収益はYoY+6.7%の2,812億円となり、EBITDA+Sマージンは31.9%
Please see footnotes in the appendix.
32
Recruit Holdings | FY2025 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment
FY2025 Q2 Results
YoY EBITDA+S and Margin %Revenue
Lifestyle
(Beauty, Dining,
Travel, SaaS)
Housing
& Real Estate
Others
(in billions of yen)
YoY
Please see footnotes in the appendix.
(in billions of yen)
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
33
Recruit Holdings | FY2025 Q2 Results
Please see footnotes in the appendix.
4. Marketing Matching Technologies (“MMT”) Segment
●FY2025 2H Outlook
Revenue +3.7% YoY to ¥286.0 billion with EBITDA+S margin of 22.2%
当下半期売上収益はYoY+3.7%の2,860億円、EBITDA+Sマージンは22.2%
●FY2025 Full-year Outlook Revised:
Full-year EBITDA+S margin revised downward to 27.0% from 27.5%
通期セグメントEBITDA+Sマージンは期初見通し27.5%を27.0%へ修正
●EBITDA+S Margin To be Further Increased in Medium Term:
Targeting 30% EBITDA+S margin in FY2026, and aiming for 35% in FY2028
EBITDA+SマージンはFY2026に30%、FY2028には35%を目指す
34
Recruit Holdings | FY2025 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment
FY2025 1H Results and 2H Outlook
EBITDA+S and Margin %Revenue
Lifestyle
(Beauty, Dining,
Travel, SaaS)
Housing
& Real Estate
Others
(in billions of yen)
YoY
Please see footnotes in the appendix.
(in billions of yen)
YoY
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
YoY
YoY
Outlook Outlook
35
Recruit Holdings | FY2025 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment
FY2025 Full-year Outlook Revised
Please see footnotes in the appendix.
(in billions of yen)
Revenue EBITDA+S and Margin % (in billions of yen)
YoY
FY2024 Pro Forma FY2025 Outlook
As of 5/9 As of 11/6
YoY
YoY
YoY
FY2024 Pro Forma FY2025 Outlook
As of 5/9 As of 11/6
36
Recruit Holdings | FY2025 Q2 Results
5. Consolidated Guidance
37
Recruit Holdings | FY2025 Q2 Results
5. FY2025 Consolidated Guidance
●FY2025 Consolidated 2H Outlook:
Revenue +2.6%YoY, with EBITDA+S margin of 18.8%
売上収益はYoY+2.6%、EBITDA+Sマージンは18.8%を想定
●FY2025 Consolidated Full-year Guidance Revised:
Revenue guidance revised upward from -1.1% YoY to +1.2%YoY, EBITDA+S margin
increased to 20.4% from 19.8%
通期連結業績予想を上方修正
売上収益は YoY-1.1%を+1.2%、EBITDA+Sマージンは、19.8%を20.4%に
Please see footnotes in the appendix.
38
Recruit Holdings | FY2025 Q2 Results
(in billions of yen)
Revenue (in billions of yen)
Gross Profit and Gross Margin %
FY2023 FY2025
FY2024 FY2023 FY2025
FY2024
5. FY2025 Consolidated Guidance
FY2025 2H Outlook
YoY
YoY
Please see footnotes in the appendix.
Outlook Outlook
39
Recruit Holdings | FY2025 Q2 Results
5. FY2025 Consolidated Guidance
FY2025 2H Outlook
(in billions of yen)
EBITDA+S and Margin % EBITDA and Margin %
Please see footnotes in the appendix.
Margin % over
Gross Profit
Margin % over
Gross Profit
(in billions of yen)
FY2023 FY2025
FY2024 FY2023 FY2025
FY2024
33.2% 27.6% 34.7% 30.3% 37.1% 32.0% 28.6% 24.2% 30.6% 26.7% 33.7% 29.0%
YoY
YoY
Outlook Outlook
40
Recruit Holdings | FY2025 Q2 Results
Gross Profit and Gross Margin %
Please see footnotes in the appendix.
YoY
(in trillions of yen)
Revenue (in trillions of yen)
YoY
YoY
FY2025 Guidance
As of 5/9 As of 11/6
FY2025 Guidance
As of 5/9 As of 11/6
YoY
5. FY2025 Consolidated Guidance
FY2025 Full-year Guidance Revised