2026年3月期第2四半期決算決算説明会プレゼンテーション資料

Recruit

Holdings

2026年3月期第2四半期決算説明

November 6, 2025

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

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.

Recruit Holdings | FY2025 Q2 Results

1. Consolidated Results

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.

Recruit Holdings | FY2025 Q2 Results

(in billions of yen)

Revenue (in billions of yen)

Gross Profit and Gross Margin %

FY2024 FY2025 FY2024 FY2025

YoY

1. Consolidated Results

FY2025 Q2 Results

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

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

Technology

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.

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%

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%

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%

Recruit Holdings | FY2025 Q2 Results

Segment Results and Outlook

Recruit Holdings | FY2025 Q2 Results

2. HR Technology

3. Staffing

4. Matching Marketing Technologies (“MMT”)

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.

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)

Europe

& Others

Japan

QoQ

YoY

FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025

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

YoY

(in billions of yen)

FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025

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)

Europe

& Others

Japan

FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025

YoY

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

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

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.

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

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)

100

125

150

Historical IHL US NSA JPI

RHC assumed FY2025 2H Index

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)

Europe

& Others

Japan

HoH

YoY

FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025

Outlook Outlook

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

YoY

(in billions of yen)

FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025

YoY

Outlook Outlook

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.

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.

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)

Europe

& Others

Japan

YoY

FY2024 Pro Forma FY2025 Outlook

As of 5/9 As of 11/6

YoY

FY2024 Pro Forma FY2025 Outlook

As of 5/9 As of 11/6

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

FY2025 Outlook

As of 5/9 As of 11/6

FY2024 Pro Forma

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.

Recruit Holdings | FY2025 Q2 Results

Japan

Europe

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

Recruit Holdings | FY2025 Q2 Results

Japan

Europe

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

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

Australia

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.

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

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

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

Outlook Outlook

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

FY2024 Pro Forma FY2025 Outlook

As of 5/9 As of 11/6

Recruit Holdings | FY2025 Q2 Results

5. Consolidated Guidance

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.

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

Please see footnotes in the appendix.

Outlook Outlook

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

Outlook Outlook

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

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

Recruit Holdings | FY2025 Q2 Results

5. FY2025 Consolidated Guidance

FY2025 Full-year Guidance Revised: EBITDA+S and Margin %

Please see footnotes in the appendix.

Staffing

MMT

¥153.2 bn

27.0% ¥495.8 bn

35.8%

¥95.6 bn

5.7%

Technology

(in billions of yen)

Margin % over

Gross Profit 27.3% 30.5% 32.6% 33.6% 34.5%

FY2025 Guidance

As of 5/9 As of 11/6

YoY YoY

¥733.5 bn

20.4%

Segment Breakdown

Recruit Holdings | FY2025 Q2 Results

5. FY2025 Consolidated Guidance

FY2025 Full-year Guidance Revised: EBITDA and Margin %

Please see footnotes in the appendix.

FY2025 Guidance

As of 5/9 As of 11/6

(in billions of yen)

Margin % over

Gross Profit 23.7% 26.4% 28.7% 29.5% 31.4%

Staffing

¥153.1 bn

27.0% ¥431.2 bn

31.1%

¥95.2 bn

5.7%

YoY

¥666.2 bn

18.5%

Segment Breakdown

MMT HR

Technology

Recruit Holdings | FY2025 Q2 Results

(yen)

Please see footnotes in the appendix.

(in billions of yen)

Profit attributable to owners

of the parent

Basic EPS

YoY YoY

YoY

FY2025 Guidance

As of 5/9 As of 11/6

FY2025 Guidance

As of 5/9 As of 11/6

5. FY2025 Consolidated Guidance

FY2025 Full-year Guidance Revised

Recruit Holdings | FY2025 Q2 Results

6. Capital Allocation Strategy

Recruit Holdings | FY2025 Q2 Results

6. Capital Allocation Strategy

●FY2025 1H Share Repurchase:

Repurchased approx. 53 million RHC shares equivalent to ¥423.7 billion

当上半期に4,237億円相当、約5,300万株の自己株式を取得

●Net cash: ¥590.5 billion as of September 30, 2025

ネットキャッシュは2025年9月末時点で5,905億円

●New Share Buyback Program: Announced ¥250 billion program on October 16. The

market repurchases through an appointed securities dealer are scheduled through April

30, 2026 at the latest

取得上限額2,500億円の自己株式取得プログラムを2025年10月16日に発表。現在進行中の証券会

社への一任取引を通じた市場買付は、最長で2026年4月30日まで実施予定

●Interim dividend per share for FY2025: ¥12.50 as forecasted in May

当期の中間配当: 期初予想通り1株当たり12.50円

Recruit Holdings | FY2025 Q2 Results

6. Capital Allocation Strategy

Total payouts to shareholders2

Total payout ratio3 %

Net cash and cash equivalents1

Please see footnotes in the appendix.

(in billions of yen)

Forecast4

Recruit Holdings | FY2025 Q2 Results

Appendices

Recruit Holdings | FY2025 Q2 Results

HR Technology Marketing Matching

Technologies

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

Recruit Holdings Business Portfolio

Recruit Holdings | FY2025 Q2 Results

FY2024 FY2025

(in billions of yen, unless otherwise stated) Actual 05/09/25

Guidance 11/06/25

Guidance YoY

Exchange rate per US Dollar (yen) 152.6 145.0 145.0 -

Revenue 3,557.4 3,520.0 3,598.5 +1.2%

EBITDA+S 678.8 697.0 733.5 +8.1%

EBITDA+S margin % 19.1%

19.8% 20.4%

EBITDA 598.4 612.0 666.2 +11.3%

EBITDA margin % 16.8%

17.4% 18.5%

Operating income 490.5 540.0 566.0 +15.4%

Profit attributable to owners of the parent 408.5 428.0 448.3 +9.8%

Basic EPS (yen) 271.44 295.00 313.00 +15.3%

Dividends per share (yen) 24.00 25.00 25.00 -

Appendix: FY2025 Consolidated Full-year Guidance Revised

Please see footnotes in the appendix.

Recruit Holdings | FY2025 Q2 Results

Adjusted EBITDA & Adjusted EBITDA Margin

Appendix: FY2025 Q2 and 1H Consolidated Results

(in billions of yen, unless otherwise stated)

FY2024

FY2025

Q2 YoY FY2024

FY2025

1H YoY

Exchange rate per US Dollar (yen) 149.7 147.4 - 152.7 145.9 -

Revenue 897.1 914.7 +2.0% 1,798.7 1,793.5 -0.3%

EBITDA+S 188.1 207.4 +10.2% 367.2 394.5 +7.4%

EBITDA+S margin % 21.0% 22.7%

20.4% 22.0%

EBITDA 162.4 195.2 +20.2% 323.7 358.7 +10.8%

EBITDA margin % 18.1% 21.3%

18.0% 20.0%

Operating income 141.8 159.7 +12.6% 269.7 313.5 +16.2%

Profit attributable to owners of the parent 116.0 127.4 +9.8% 222.4 248.3 +11.6%

Basic EPS (yen) 76.58 89.16 +16.4% 145.64 173.12 +18.9%

Please see footnotes in the appendix.

Recruit Holdings | FY2025 Q2 Results

Adjusted EBITDA & Adjusted EBITDA Margin

(in billions of yen)

FY2024

FY2025

Q2 YoY FY2024

FY2025

1H YoY

Operating income 141.8 159.7 +12.6% 269.7 313.5 +16.2%

- Other operating income/(expenses), Net (2.7) (18.2) - (18.2) (11.2) -

Non-GAAP operating income 144.6 178.0 +23.1% 287.9 324.8 +12.8%

+ Depreciation and amortization1 17.7 17.1 - 35.7 33.9 -

EBITDA 162.4 195.2 +20.2% 323.7 358.7 +10.8%

Margin % over Revenue 18.1% 21.3%

18.0% 20.0%

Margin % over Gross profit 30.8% 36.0%

30.6% 33.7%

+ Share-based payment expenses 25.7 12.1 - 43.4 35.8 -

EBITDA+S 188.1 207.4 +10.2% 367.2 394.5 +7.4%

Margin % over Revenue 21.0% 22.7%

20.4% 22.0%

Margin % over Gross profit 35.7% 38.2%

34.7% 37.1%

Appendix: FY2025 Q2 and 1H Consolidated Results

1 使用権資産の減価償却費を除く

1 Excluding depreciation of right-of-use assets.

Please see footnotes in the appendix.

Recruit Holdings | FY2025 Q2 Results

Adjusted EBITDA & Adjusted EBITDA Margin

(in billions of yen)

FY2024 Q2

Pro Forma

FY2025

Q2 YoY FY2024 1H

Pro Forma

FY2025

1H YoY

Revenue

HR Technology 345.6 355.7 +2.9% 701.0 697.5 -0.5%

Staffing 417.7 421.3 +0.8% 840.3 829.4 -1.3%

Marketing Matching Technologies 135.7 144.3 +6.3% 263.6 281.2 +6.7%

Consolidated 897.1 914.7 +2.0% 1,798.7 1,793.5 -0.3%

EBITDA+S

HR Technology 122.0 134.8 +10.4% 239.9 254.3 +6.0%

Staffing 26.7 27.7 +3.9% 55.3 54.6 -1.4%

Marketing Matching Technologies 41.2 46.5 +12.9% 75.3 89.7 +19.2%

Consolidated 188.1 207.4 +10.2% 367.2 394.5 +7.4%

EBITDA+S

Margin

HR Technology 35.3% 37.9% - 34.2% 36.5% -

Staffing 6.4% 6.6% - 6.6% 6.6% -

Marketing Matching Technologies 30.4% 32.3% - 28.6% 31.9% -

Consolidated 21.0% 22.7% - 20.4% 22.0% -

Appendix: FY2025 Q2 and 1H Results by Segment

Please see footnotes in the appendix.

Recruit Holdings | FY2025 Q2 Results

Adjusted EBITDA & Adjusted EBITDA Margin

Appendix: Number of shares

(in millions of shares)

As of

Mar. 31, 2025 As of

Jun. 30, 2025 As of

Sep. 30, 2025

Number of issued shares 1,563.9 1,563.9 1,563.9

Number of treasury stock

　Shares directly held by Recruit Holdings 36.4 77.2 89.8

　Shares held by the Board Incentive Plan trust

　 and the ESOP trust 60.7 57.6 53.7

Total number of treasury stock 97.1 134.9 143.5

% of Number of Shares Issued 6.21% 8.63% 9.18%

Number of issued shares excluding treasury stock 1,466.7 1,428.9 1,420.3

Recruit Holdings | FY2025 Q2 Results

Appendix: Footnotes

Page 2,4,6,8,9,12,14,16,18,22,23,26-35,37,39,41,42,49-52

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

EBITDA = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) ± other operating income/expenses

Page 2,18,20-27,29,30,33-35,37-43,49

The foreign exchange rate assumptions for the second half of the revised FY2025 guidance as of Nov 6, 2025 are 145 yen per US dollar, 172 yen per Euro and

97 yen per Australian dollar.

Page 7-9, 41,42,52

The sum of the three segments does not correspond with consolidated revenue and EBITDA+S due to adjustments, such as intra-group transactions.

Page 13-16,20-22,25,26,28-30,32,34,35,52

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. Please note that

the pro forma results for FY2024 Q1 and Q2 are reviewed, while the pro forma results for Q3 through Q4 are not subject to audit or review by a certified public

accountant or an independent auditor.

Recruit Holdings | FY2025 Q2 Results

Appendix: Footnotes

Page 17

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.

Page 19, 20

The Indeed Job Postings Index 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.

Page 46

1 Net cash and cash equivalent = cash and cash equivalents + Investments for available funds on standby for business operations within other financial assets

- interest bearing debt (excludes lease liabilities)

2 Includes shares repurchased by the Board Incentive Plan (“BIP”) trust.

3 Total payout ratio = ( Total amount of dividend payment + Total amount of share repurchases ) / Profit attributable to owners of the parent.

4 Total amount of dividend payment is calculated from the interim dividend plus the estimated year-end dividend per share multiplied by the number of issued

shares, excluding treasury stock, as of 09/30/2025. Total amount of share repurchases reflects the value of shares repurchased from 04/01/2025 through

09/30/2025 and the additional JPY 250 billion program announced on 10/16/2025. Profit attributable to owners of the parent is based on the full-year

guidance for FY2025 as of November 6, 2025.

Recruit Holdings | FY2025 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.

Third-Party Information

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

Notes Of This Material

This material has been prepared for the sole purpose of providing general reference information. Neither this material nor any of its contents may be disclosed or

used by any third party for any other purpose without the prior written consent of the Company. The Company makes no representation as to the accuracy or

completeness of the information contained in this material and shall not be liable for any loss or damage arising from the use of this material.

Recruit Holdings | FY2025 Q2 Results

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