1
Recruit Holdings | FY2026 Q2 Results
Recruit
Holdings
2027年3月期 第2四半期決算説明
November 11, 2026
FY2026 Q2 Consolidated Results
FY2025 is the fiscal year from April 1, 2025 to March 31, 2026. FY2026 is the fiscal year from April 1, 2026 to March 31, 2027.
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.
Please refer to the QR code below for the transcript.
書き起こしは下記 QRコードを参照ください
English 日本語
Envalith社のレポートは、当社の依頼に基づき作成されたものです
が、リサーチ会社の独立した視点から、客観的かつ中立的な調査・分
析が行われております。なお、いずれも情報提供が目的であり、当社
株式の取引の推奨を目的とするものではありません。
Please refer to the QR code below for our company
page on Envalith.
Envalith社の当社ページは下記 QRコードを参照ください
English 日本語
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Recruit Holdings | FY2026 Q2 Results
Recruit Holdings Co., Ltd.
株式会社リクルートホールディングス
Representative Director, President and Chief Executive Officer
代表取締役社長 兼 Chief Executive Officer
Head of HR Technology Business
HRテクノロジー事業担当
Indeed, Inc.
President and CEO
出木場 久征
いで こ ば ひさ ゆき
Hisayuki “Deko” Idekoba
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Recruit Holdings | FY2026 Q2 Results
Recruit Holdings Co., Ltd.
株式会社リクルートホールディングス
Executive Vice President and Chief Financial Officer
常務執行役員 兼 Chief Financial Officer
Financial Management Division
ファイナンシャル・マネジメント本部
荒井 淳一
あら い じゅん いち
Junichi Arai
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Recruit Holdings | FY2026 Q2 Results
1. FY2026 Q2 Results Announcement Highlights
2. HR Technology Segment
3. Staffing Segment
4. Marketing Matching Technologies (“MMT”) Segment
Table of Contents
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Recruit Holdings | FY2026 Q2 Results
1. FY2026 Q2 Results Announcement Highlights
HR Technology HRテクノロジー事業
●FY2026 Q2 actual revenue +27.5% YoY and H1 +24.2% YoY in USD
当第2四半期売上収益は YoY +27.5%、 当上半期 YoY +24.2% (米ドルベース)
●Full-year outlook: revenue $11.9 billion, +23.2% YoY in USD and EBITDA+S margin 46.5%
通期売上収益は 119億ドル、YoY +23.2% (米ドルベース)、EBITDA+Sマージンは46.5%
Consolidated 連結業績
●FY2026 Q2 Actual EBITDA+S +43.6% YoY and basic EPS +68.8% YoY
当第2四半期EBITDA+Sは YoY +43.6%、基本EPSは YoY +68.8%
●Full-year Guidance: Unchanged
通期連結業績予想は変更せず
●Consolidated Gross cash was ¥988.2 billion as of September 30, 2026
2026年9月末日時点のグロス現預金は9,882億円
Please see footnotes in the appendix.
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Recruit Holdings | FY2026 Q2 Results
Please see footnotes in the appendix.
Semi AnnualQuarterly Annual
1. FY2026 Q2 Results Announcement Highlights
HR Technology Segment Revenue: Results and Outlook
FY2026 Outlook
08/07/26 11/11/26
(in billions of dollars) (in billions of dollars) (in billions of dollars)
FY2026FY2025 FY2026FY2025 Outlook
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Recruit Holdings | FY2026 Q2 Results
HR Technology Marketing Matching
Technologies (“MMT”)
Temporary staffing services
in Japan, Europe, US and Australia
Global platforms on jobs, hiring
solutions and real-time conversations
Matching platforms and
SaaS solutions in Japan
Pay for performance
Subscription fees
Advertising
Pay for performance
Subscription fees
Fee for dispatching
temporary staff
Staffing
Business
Brands
Source of
Revenue
1. FY2026 Q2 Results Announcement Highlights
Consolidated Three Business Segments
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Recruit Holdings | FY2026 Q2 Results
144.4 147.4 154.0 156.9 159.3 159.1
Please see footnotes in the appendix.
EBITDA+S and Margin %
JPY / USD
Revenue Basic EPS
1. FY2026 Q2 Results Announcement Highlights
Consolidated FY2026 Q2 Financial Results
(in billions of yen)(in billions of yen) (yen)
FY2026FY2025 FY2026FY2025 FY2026FY2025
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Recruit Holdings | FY2026 Q2 Results
Please see footnotes in the appendix.
EBITDA+S and Margin %
JPY / USD
Revenue Basic EPS
1. FY2026 Q2 Results Announcement Highlights
Consolidated FY2026 Full-year Guidance Unchanged
(in trillions of yen)(in billions of yen) (yen)
Guidance
152.6 150.7 159.0
GuidanceGuidance
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Recruit Holdings | FY2026 Q2 Results
1. FY2026 Q2 Results Announcement Highlights
Capital Allocation Strategy
●FY2026 H1 Share Repurchase:
Repurchased approx. 16 million RHC shares equivalent to ¥177.6 billion
当上半期に1,776億円相当、約1,635万株の自己株式を取得
●Gross cash: ¥988.2 billion as of September 30, 2026
2026年9月末時点のグロス現預金は9,882億円
●Interim dividend per share for FY2026: ¥13.0 as forecasted in May
当期の中間配当: 期初予想通り1株当たり13.0円
Please see footnotes in the appendix.
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Recruit Holdings | FY2026 Q2 Results
1. FY2026 Q2 Results Announcement Highlights
Capital Allocation Strategy
Gross cash4
(in billions of yen)(in billions of yen)
Total payouts to shareholders1
Total payout ratio2 %
Equity attributable to owners
of the parent and ROE5
(in billions of yen)
Please see footnotes in the appendix. YTD3Outlook
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Recruit Holdings | FY2026 Q2 Results
2. HR Technology Segment
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Recruit Holdings | FY2026 Q2 Results
Please see footnotes in the appendix.
2. HR Technology Segment
Segment Quarterly Revenue
In US dollar In Japanese Yen
US
Europe
& Others
Japan
FY2024 Pro Forma FY2025 FY2025
(in billions of yen)
(in billions of dollars)
FY2026 FY2026
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Recruit Holdings | FY2026 Q2 Results
Please see footnotes in the appendix.
2. HR Technology Segment
Segment Quarterly EBITDA, EBITDA+S and Margins %
EBITDA and Margin % EBITDA+S and Margin %
(in billions of yen) (in billions of yen)
FY2026FY2025 FY2026FY2025
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Recruit Holdings | FY2026 Q2 Results
Please see footnotes in the appendix.
2. HR Technology Segment
Segment Semi-Annual Revenue : Results and Outlook
Revenue in US dollar Revenue in Japanese Yen
(in billions of dollars) (in billions of yen)
FY2026 FY2026FY2025 FY2025
Outlook Outlook
FY2024
Pro Forma
FY2024
Pro Forma
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Recruit Holdings | FY2026 Q2 Results
FY2024
Please see footnotes in the appendix.
2. HR Technology Segment
Segment Semi-Annual EBITDA and EBITDA+S : Results and Outlook
EBITDA and Margin % EBITDA+S and Margin %
(in billions of yen) (in billions of yen)(in billions of yen)
FY2026 FY2026FY2025 FY2025
Outlook Outlook
Pro Forma
FY2024
Pro Forma
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Recruit Holdings | FY2026 Q2 Results
Please see footnotes in the appendix.
2. HR Technology Segment
Segment Annual Revenue, EBITDA+S : Results and Outlook
FY2026 Outlook
08/07/26 11/11/26
Revenue in Japanese YenRevenue in US dollar EBITDA+S and Margin %
(in billions of dollars) (in billions of yen) (in billions of yen)
FY2026 Outlook
08/07/26 11/11/26
FY2026 Outlook
08/07/26 11/11/26
Pro Forma Actual Pro Forma Actual Pro Forma Actual
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Recruit Holdings | FY2026 Q2 Results
Japan
FY2025 Actual and FY2026 Outlook
(in billions of dollars)
FY2025 Actual FY2026 Outlook
08/07/26 11/11/26
US
Europe
&
Others
2. HR Technology Segment
Segment FY2026 Revenue Breakdown by Region
Please see footnotes in the appendix.
FY2026 Outlook and % of Total
(in billions of dollars)
Japan
$2.41
(20.2%)
US
$6.97
(58.5%)
Europe
& Others
$2.53
(21.3%)
Total: $11.92
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Recruit Holdings | FY2026 Q2 Results
2. HR Technology Segment
US Quarterly Revenue, IHL US NSA JPI and US ARPJ Growth Rates
(in millions of dollars)
(Index to 100
on Feb 1, 2020)
Historical IHL US NSA JPI
Please see footnotes in the appendix.
US ARPJ Growth Rates
FY2024 FY2025FY2023FY2022FY2021FY2020FY2019 FY2026
75
100
125
150
175
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Recruit Holdings | FY2026 Q2 Results
110
130
120
100
Please see footnotes in the appendix.
Outlook
(Index to 100 on
Feb 1, 2020)
Historical IHL US NSA JPI
RHC assumed FY2026 Index
(in millions of dollars)
US ARPJ Growth Rates
FY2024 FY2025 FY2026
2. HR Technology Segment
US Semi-Annual Revenue, IHL US NSA JPI and US ARPJ Growth Rates
-3% 0%
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Recruit Holdings | FY2026 Q2 Results
Please see footnotes in the appendix.
75
100
125
150
-7% -1%
(Index to 100 on
Feb 1, 2020)
2. HR Technology Segment
US Annual Revenue, IHL US NSA JPI and US ARPJ Growth Rates
Historical IHL US NSA JPI
RHC assumed FY2026 Index
(in millions of dollars)
US ARPJ Growth Rates
Outlook
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Recruit Holdings | FY2026 Q2 Results
2. HR Technology Segment
Europe and Others (Including Canada) Revenue
Quarterly Results Annual Results and Outlook
(in millions of dollars) (in millions of dollars)
Please see footnotes in the appendix.
FY2026 Outlook
08/07/26 11/11/26
FY2025 FY2026
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Recruit Holdings | FY2026 Q2 Results
2. HR Technology Segment
Japan Revenue
Quarterly Results Annual Results and Outlook
(in billions of yen) (in billions of yen)
Please see footnotes in the appendix.
FY2026 Outlook
08/07/26 11/11/26
FY2026FY2025 Pro Forma
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Recruit Holdings | FY2026 Q2 Results
3. Staffing Segment
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Recruit Holdings | FY2026 Q2 Results
Japan
Europe
US
Australia
3. Staffing Segment
FY2026 Q2 Results
Please see footnotes in the appendix.
(in billions of yen) (in billions of yen)
FY2026FY2025 FY2026FY2025
Revenue EBITDA+S and Margin %
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Recruit Holdings | FY2026 Q2 Results
3. Staffing Segment
FY2026 Semi-Annual Results and Outlook
Revenue EBITDA+S and Margin %
FY2025 FY2026 FY2025 FY2026
(in billions of yen) (in billions of yen)
Please see footnotes in the appendix.
Outlook OutlookActual Actual
Japan
Europe
US
Australia
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Recruit Holdings | FY2026 Q2 Results
3. Staffing Segment
FY2026 Annual Outlook
Please see footnotes in the appendix.
(in billions of yen) (in billions of yen)
Outlook
Revenue EBITDA+S and Margin %
Japan
Europe,
US,
Australia
Outlook
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Recruit Holdings | FY2026 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment
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Recruit Holdings | FY2026 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment
FY2026 Q2 Results
Lifestyle
(Beauty, Dining,
Travel, SaaS)
Housing
& Real Estate
Others
(in billions of yen) (in billions of yen)
Please see footnotes in the appendix.
Revenue EBITDA+S and Margin %
FY2026FY2025 FY2026FY2025
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Recruit Holdings | FY2026 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment
FY2026 Semi-Annual Results and Outlook
Revenue EBITDA+S and Margin %
FY2025 FY2026 FY2025 FY2026
Lifestyle
(Beauty, Dining,
Travel, SaaS)
Housing
& Real Estate
Others
(in billions of yen) (in billions of yen)
Please see footnotes in the appendix.
Outlook OutlookActual Actual
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Recruit Holdings | FY2026 Q2 Results
4. Marketing Matching Technologies (“MMT”) Segment
FY2026 Annual Outlook
(in billions of yen) (in billions of yen)
Please see footnotes in the appendix.
Revenue EBITDA+S and Margin %
Lifestyle
(Beauty, Dining,
Travel, SaaS)
Housing
& Real Estate
Others
Outlook Outlook
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Recruit Holdings | FY2026 Q2 Results
Appendices
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Recruit Holdings | FY2026 Q2 Results
(in billions of yen, unless otherwise stated)
Q2 Actual H1 Actual
FY2025 FY2026 YoY FY2025 FY2026 YoY
Exchange rate per US Dollar (yen) 147.4 159.1 - 145.9 159.2 -
Revenue 914.7 1,094.6 +19.7% 1,793.5 2,139.9 +19.3%
EBITDA+S 207.4 297.9 +43.6% 394.5 590.8 +49.7%
EBITDA+S margin %
22.7% 27.2% - 22.0% 27.6% -
EBITDA 195.2 275.6 +41.2% 358.7 548.0 +52.8%
EBITDA margin %
21.3% 25.2% - 20.0% 25.6% -
Profit attributable to owners of the parent 127.4 209.0 +64.0% 248.3 411.6 +65.7%
Basic EPS (yen) 89.16 150.54 +68.8% 173.12 296.01 +71.0%
Appendix: FY2026 Q2 and H1 Financial Results
Please see footnotes in the appendix.
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Recruit Holdings | FY2026 Q2 Results
Job Advertising &
Talent Sourcing
求人広告及び採用ツール
Direct Hire
人材紹介
Retained Search
エグゼクティブサーチ
Total: $302 bn (in billions of USD)
Temporary Staffing
人材派遣
$34 bn
$71 bn
$105 bn
$24 bn
Internal Recruitment
Automation
採用オートメーション
Appendix: Global HR Matching TAM in 2025
Please see footnotes in the appendix.
$68 bn
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Recruit Holdings | FY2026 Q2 Results
Appendix: Overview of Segment FY2026 Full-year Outlook
Please see footnotes in the appendix.
HRT
MMT
Staffing
FY2025 Actual
Revenue EBITDA+S and Margin %
(in billions of yen) (in billions of yen)
FY2026 Outlook
FY2025 Actual FY2026 Outlook
HRT
MMT
Staffing
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Recruit Holdings | FY2026 Q2 Results
(in billions of yen) FY2025 Q2 FY2026 Q2 YoY
Operating income 159.7 258.3 +61.7%
- Other operating income / (expenses), Net (18.2) (0.4) -
Non-GAAP operating income 178.0 258.8 +45.3%
+ Depreciation and amortization 17.1 16.8 -
EBITDA 195.2 275.6 +41.2%
Margin % over Revenue 21.3% 25.2% -
Margin % over Gross profit 36.0% 40.5% -
+ Share-based payment expenses 12.1 22.2
-
EBITDA+S 207.4 297.9 +43.6%
Margin % over Revenue 22.7% 27.2% -
Margin % over Gross profit 38.2% 43.8% -
Appendix: FY2026 Q2 EBITDA+S
Please see footnotes in the appendix.
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Recruit Holdings | FY2026 Q2 Results
As of As of As of
(in millions of shares) March 31, 2025 March 31, 2026 Sep. 30, 2026
Number of issued shares 1,563.9 1,472.5 1,472.5
Number of treasury stock
Shares directly held by Recruit Holdings 36.4 28.8 44.4
Shares held by the Board Incentive Plan trust
and the ESOP trust 60.7 47.4 41.8
Total number of treasury stock 97.1 76.2 86.3
Number of issued shares excluding treasury stock 1,466.7 1,396.2 1,386.1
Appendix: The Number of Shares as of September 30, 2026
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Recruit Holdings | FY2026 Q2 Results
As of As of As of
(in billions of yen) March 31, 2025 March 31, 2026 Sep. 30, 2026
Cash and cash equivalents 808.6 725.5 872.8
+ Investments for available funds on standby for
business operations within other financial assets 15.1 42.3 115.4
Gross cash 823.8 767.9 988.2
Appendix: Gross Cash On A Consolidated Basis
Please see footnotes in the appendix.
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Recruit Holdings | FY2026 Q2 Results
Appendix: Footnotes
Page 5,6,9,11,15-18,20-23,26,27,30,31,35
The foreign exchange rate assumptions for the FY2026 guidance and outlook as of August 7, 2026 are 159 yen per US dollar, 184 yen per Euro and 112 yen per
Australian dollar. The foreign exchange rate assumptions for HR Technology's FY2026 H2 outlook as of November 11, 2026 are 156 yen per US dollar.
Page 5,8,9,14,16,17,25-27,29-31
EBITDA+S = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other
operating income/expenses
EBITDA = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) ± other operating income/expenses
Page 10,11,38
1 Includes shares repurchased by the Board Incentive Plan (“BIP”) trust.
2 Total payout ratio = ( Total amount of dividend payment + Total amount of share repurchases ) / Profit attributable to owners of the parent.
3 Total payouts to shareholders in FY2026 YTD includes (i) the amount of the interim dividend and (ii) the amount of shares repurchased from April 1, 2026 to
September 30, 2026.
4 Gross cash = cash and cash equivalents + Investments for available funds on standby for business operations within other financial assets
5 ROE = Profit attributable to owners of the parent / average net asset for the fiscal year
Page 13,15,23
As of April 1, 2025, HR Solutions of Matching & Solutions was transferred to HR Technology, and Matching & Solutions was renamed Marketing Matching
Technologies from FY2025. The pro forma results were calculated assuming that the above transfer had been effective on April 1, 2024, and the consolidated
guidance and quarterly actual results for each segment for FY2025 are shown in comparison with the pro forma results for FY2024. The calculation of pro
forma results reflects adjustments to inter-segment internal revenue and corporate overhead costs in Matching & Solutions. As a result, there are slight
differences between FY2024 actual results and the pro forma results other than HR Technology Japan and Marketing Matching Technologies.
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Recruit Holdings | FY2026 Q2 Results
Appendix: Footnotes
Page 19-21
US Average Revenue per Job Posting on Indeed (or US ARPJ) is calculated by dividing HR Technology US revenue in a given period by the average number of daily
US job postings on Indeed during that period, as measured by the Indeed Hiring Lab, the economic research arm of Indeed. US ARPJ growth rate is the year over
year change in US ARPJ.
The Indeed Job Postings Index (JPI) is a representation of all jobs on US Indeed, excluding those that do not meet certain Hiring Lab quality and relevancy
standards, and is intended to provide a consistent and reliable measure of US job posting trends over time. Data on non-seasonally adjusted Indeed job
postings are an index of the number of job postings on a given day, using a seven-day trailing average. The index is set to 100 on February 1, 2020. Data for
several dates in 2021 and 2022 are missing and were interpolated. We regularly review and update our methodology of JPI for such reasons as the evolution of
labor market and Indeed’s platform, which may apply retrospectively to historical JPI data and US ARPJ growth rate. These figures in this presentation are based
on the latest data as of the date hereof.
Page 34
See our Annual Report for FY2025.
Page 36
Depreciation and amortization: Excluding depreciation of right-of-use assets.
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Recruit Holdings | FY2026 Q2 Results
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将来見通しに関する注意事項
本資料には、将来の見通しに関する記述が含まれています。将来の見通しに関する記述には、別段の記載がない限り本資料の発表日現在における当
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せん。経済状況の変化、個人ユーザーの嗜好及び企業クライアントのニーズの変化、他社との競合、法令、ソフトロー又は実務慣行の変化を含む法規
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42
Recruit Holdings | FY2026 Q2 Results
Disclaimer
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.
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statements are based on statistics and other information from third-party sources as cited herein, and the Company has not independently verified and cannot
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Notes Of This Material
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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.
