Recruit
Holdings
2026年3月期 第3四半期決算説明
February 9, 2026
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 Q3 Consolidated Results
Please refer to the QR code below for the transcript.
書き起こしは下記 QRコードをご参照ください
English 日本語
2
Recruit Holdings | FY2025 Q3 Results
1. FY2025 Q3 Results Announcement Highlights
●HR Technology Quarterly US revenue
HRテクノロジー事業 四半期米国売上収益
FY2025 Q3 +10.1% YoY in USD, US ARPJ +18% YoY
当第3四半期実績YoY+10.1% (米ドルベース)、 US ARPJ 成長率はYoY+18%
FY2025 Q4 outlook is expected +12.4% YoY in USD, US ARPJ +19% YoY
当第4四半期見通しはYoY+12.4% (米ドルベース)、US ARPJ 成長率はYoY+19%
●Consolidated FY2025 full-year guidance revised upward: EBITDA+S to ¥763.8 billion
from ¥733.5 billion and Basic EPS to ¥335 from ¥313
通期連結業績予想上方修正: EBITDA+Sは7,335億円から7,638億円に、基本的EPSは313円から
335円に
●Net cash was ¥648.2 billion as of December 31, 2025
2025年12月末日時点ネットキャッシュは6,482億円
Please see footnotes in the appendix.
3
Recruit Holdings | FY2025 Q3 Results
1. FY2025 Q3 Results Announcement Highlights
HR Technology US Revenue: FY2025 Q3 Results and Q4 Outlook
IHL US NSA JPI: Historical (Feb. 2020 - Jan. 2026) and Assumed FY2025 Q4
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 Q4 Index
4
Recruit Holdings | FY2025 Q3 Results
33.7% 35.7% 35.0% 25.6% 35.9% 38.2% 39.9% 27.3%30.4% 30.8% 30.9% 22.5% 31.3% 36.0% 37.4% 24.5%
1. FY2025 Q3 Results Announcement Highlights
Consolidated FY2025 Q3 Results and Q4 Outlook
(in billions of yen)
EBITDA and Margin % EBITDA+S and Margin %
Please see footnotes in the appendix.
Margin % over
Gross Profit
Margin % over
Gross Profit
FY2024 FY2024
(in billions of yen)
YoY
YoY
YoY YoY
FY2025 FY2025
Outlook Outlook
5
Recruit Holdings | FY2025 Q3 Results
1. FY2025 Q3 Results Announcement Highlights
FY2025 Consolidated Full-year Guidance Revised
Please see footnotes in the appendix.
FY2024 FY2025
(in billions of yen, unless otherwise stated) Actual 11/06/25
Guidance
02/09/26
Guidance YoY
Exchange rate per US Dollar (Yen) 152.6 145.0 150.0 -
Revenue 3,557.4 3,598.5 3,664.7 +3.0%
EBITDA+S (“Adjusted EBITDA”) 678.8 733.5 763.8 +12.5%
EBITDA+S margin % 19.1% 20.4% 20.8%
-
EBITDA 598.4 666.2 699.1 +16.8%
EBITDA margin % 16.8% 18.5% 19.1%
-
Operating income 490.5 566.0 590.6 +20.4%
Profit attributable to owners of the parent 408.5 448.3 480.9 +17.7%
Basic EPS (yen) 271.44 313.00 335.00 +23.4%
Dividends per share (yen) 24.00 25.00 25.00 -
6
Recruit Holdings | FY2025 Q3 Results
1. FY2025 Q3 Results Announcement Highlights
Capital Allocation Strategy
Total payouts to shareholders1
Total payout ratio2 %
Net cash and
cash equivalents4
Please see footnotes in the appendix.
(in billions of yen)
(in billions of yen)
Profit attributable
to owners of the parent
(in billions of yen)
Forecast3
Guidance
7
Recruit Holdings | FY2025 Q3 Results
HR Technology TAM and Business Model
8
Recruit Holdings | FY2025 Q3 Results
2. HR Technology TAM and Business Model
Global HR Matching TAM in 2024 (US$ in Billions)
Please see footnotes in the appendix.
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
Temporary Staffing
人材派遣
Total: $310 bn
$33 bn
$72 bn
$70 bn
$111 bn
$24 bn
Internal Recruitment
Automation
採用オートメーション
9
Recruit Holdings | FY2025 Q3 Results
2. HR Technology TAM and Business Model
Two-sided Talent Marketplace
Please see footnotes in the appendix.
Employers
Marketplace
Job Seekers
645M+1 profiles on Indeed
235M+2 profiles on Glassdoor 3.3M+3 Employers using Indeed to hire
11
Recruit Holdings | FY2025 Q3 Results
Segment Results and Outlook
12
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
Summary
●HR Technology: Q3 Results
Segment revenue +7.9% YoY in USD with EBITDA+S margin up to 39.1%
セグメント売上収益は米ドルベースでYoY+7.9%、EBITDA+Sマージンは39.1%に増大
●HR Technology: Q4 Outlook
Segment revenue +8.5% YoY in USD with EBITDA+S margin of 34.6%
セグメント売上収益は米ドルベースでYoY+8.5%、EBITDA+Sマージンは34.6%を見込む
●Staffing: Q3 Results and Q4 Outlook
Broadly in line with the revised November guidance
概ね11月の修正見込みに沿って進捗
●Marketing Matching Technologies (“MMT”): Q3 Results and Q4 Outlook
Broadly in line with the revised November guidance
概ね11月の修正見込みに沿って進捗
Please see footnotes in the appendix.
13
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
HR Technology: Revenue Q3 Results and Q4 Outlook
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 FY2024 Pro Forma
FY2025 FY2025
YoY
YoY
Outlook Outlook
14
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
HR Technology: EBITDA and EBITDA+S Q3 Results and Q4 Outlook
Please see footnotes in the appendix.
(in billions of yen)
EBITDA and Margin % EBITDA+S and Margin %
YoY
YoY
(in billions of yen)
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
YoY
YoY
Outlook Outlook
15
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
HR Technology: FY2025 Full-year Revenue Outlook
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
FY2025 Outlook
as of
05/09/25
as of
02/09/26
YoY
YoY YoY
as of
11/06/25
as of
05/09/25
as of
02/09/26
as of
11/06/25
FY2025 Outlook
FY2024 Pro FormaFY2024 Pro Forma
YoY
16
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
HR Technology: FY2025 Full-year EBITDA and EBITDA+S Outlook
Please see footnotes in the appendix.
(in billions of yen)
EBITDA and Margin % EBITDA+S and Margin % (in billions of yen)
YoY
YoY
YoY
YoY
YoY
YoY
FY2025 Outlook
as of
05/09/25
as of
02/09/26
as of
11/06/25
as of
05/09/25
as of
02/09/26
as of
11/06/25
FY2025 Outlook
FY2024 Pro FormaFY2024 Pro Forma
17
Recruit Holdings | FY2025 Q3 Results
Japan
Europe
US
Australia
(in billions of yen)
3. Segment Results and Outlook
Staffing: Q3 Results and Q4 Outlook
Revenue EBITDA+S and Margin %
YoY
Please see footnotes in the appendix.
(in billions of yen)
YoY
YoY
YoY
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
Outlook Outlook
18
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
Staffing: FY2025 Full-year Outlook
Please see footnotes in the appendix.
(in billions of yen)
Revenue EBITDA+S and Margin % (in billions of yen)
YoY
YoY
Japan
Europe
US
Australia
YoY
YoY YoY
YoY
FY2025 Outlook
as of
05/09/25
as of
02/09/26
as of
11/06/25
as of
05/09/25
as of
02/09/26
as of
11/06/25
FY2025 Outlook
FY2024 Pro FormaFY2024 Pro Forma
19
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
MMT: Q3 Results and Q4 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
YoY
YoY
FY2024 Pro Forma FY2025 FY2024 Pro Forma FY2025
Outlook Outlook
20
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
MMT: FY2025 Full-year Outlook
Please see footnotes in the appendix.
(in billions of yen)
Revenue EBITDA+S and Margin % (in billions of yen)
YoYYoY
YoY
YoY
FY2025 Outlook
as of
05/09/25
as of
02/09/26
as of
11/06/25
as of
05/09/25
as of
02/09/26
as of
11/06/25
FY2025 Outlook
FY2024 Pro FormaFY2024 Pro Forma
YoY
YoY
21
Recruit Holdings | FY2025 Q3 Results
3. Segment Results and Outlook
MMT: FY2025 Full-year Revenue Outlook by Subsegment (¥ in Billions)
Beauty
¥126.6 bn
Housing
& Real Estate
¥157.4 bn
Others
¥113.7 bn
MMT Total
¥566.8 bn
Travel,
Dining, and
SaaS Solutions
¥169.1 bn
Lifestyle
¥295.7 bn
22
Recruit Holdings | FY2025 Q3 Results
Capital Allocation Strategy
23
Recruit Holdings | FY2025 Q3 Results
4. Capital Allocation Strategy
●Share Buyback Program is Completed:
The ¥250 billion share buyback program announced on October 16 was completed on
February 4, 2026
10月16日に発表した取得上限額2,500億円の自己株式取得プログラムは本年2月4日に完了
●FY2025 Share Repurchase:
Repurchased RHC shares totaling ¥677.9 billion by February 4, 2026
本年2月4日までに合計6,779億円相当の自己株式を取得
●Net cash: ¥648.2 billion as of December 31, 2025
ネットキャッシュは2025年12月末時点で6,482億円
24
Recruit Holdings | FY2025 Q3 Results
4. Capital Allocation Strategy
Please see footnotes in the appendix.
Total payouts to shareholders1
Total payout ratio2 %
Net cash and
cash equivalents4
(in billions of yen)
(in billions of yen)
Profit attributable
to owners of the parent
(in billions of yen)
Forecast3
Guidance
25
Recruit Holdings | FY2025 Q3 Results
Appendices
26
Recruit Holdings | FY2025 Q3 Results
Adjusted EBITDA & Adjusted EBITDA Margin
Appendix: FY2025 Q3 Consolidated Quarterly Financial Results
Please see footnotes in the appendix.
(in billions of yen, unless otherwise stated) FY2024 Q3 FY2025 Q3 YoY
Exchange rate per US Dollar (Yen) 152.3 154.0 -
Revenue 896.9 943.1 +5.2%
EBITDA+S 179.6 218.2 +21.5%
EBITDA+S margin % 20.0% 23.1% -
EBITDA 158.7 204.4 +28.7%
EBITDA margin % 17.7% 21.7% -
Operating income 139.6 182.1 +30.4%
Profit attributable to owners of the parent 119.0 146.5 +23.1%
Basic EPS (yen) 80.10 103.62 +29.4%
27
Recruit Holdings | FY2025 Q3 Results
Adjusted EBITDA & Adjusted EBITDA Margin
Appendix: FY2025 Q3 Results by Segment
Please see footnotes in the appendix.
(in billions of yen)
FY2024 Q3
Pro Forma FY2025 Q3 YoY
Revenue
HR Technology 330.6 360.1 +8.9%
Staffing 438.4 446.5 +1.8%
Marketing Matching Technologies 135.1 143.5 +6.2%
Consolidated 896.9 943.1 +5.2%
EBITDA+S
HR Technology 108.8 140.6 +29.3%
Staffing 31.9 30.4 -4.6%
Marketing Matching Technologies 40.4 49.4 +22.1%
Consolidated 179.6 218.2 +21.5%
EBITDA+S Margin
HR Technology 32.9% 39.1% -
Staffing 7.3% 6.8% -
Marketing Matching Technologies 29.9% 34.4% -
Consolidated 20.0% 23.1% -
28
Recruit Holdings | FY2025 Q3 Results
Adjusted EBITDA & Adjusted EBITDA Margin
Appendix: Number of Shares
(in millions of shares)
As of
Mar. 31, 2025
As of
Sep. 30, 2025
As of
Dec. 31, 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 89.8 108.1
Shares held by the Board Incentive Plan trust
and the ESOP trust 60.7 53.7 50.5
Total number of treasury stock 97.1 143.5 158.6
% of Number of Shares Issued 6.21% 9.18% 10.15%
Number of issued shares excluding treasury stock 1,466.7 1,420.3 1,405.2
29
Recruit Holdings | FY2025 Q3 Results
(in billions of yen)
As of
Mar. 31, 2025
As of
Sep. 30, 2025
As of
Dec. 31, 2025
Cash and cash equivalents 808.6 535.0 592.4
+ Investments for available funds on standby for
business operations within other financial assets 15.1 56.4 56.7
- Interest-bearing debt (excludes lease liabilities) 1.0 0.9 0.9
Net cash 822.7 590.5 648.2
Appendix: Net Cash
30
Recruit Holdings | FY2025 Q3 Results
Appendix: Footnotes
Page 2,4,5,12,14,16-20,26,27
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 2,5,6,12,24
The foreign exchange rate assumptions for Q4 of the revised FY2025 guidance as of Feb 9,2026 are 153 yen per US dollar, 181 yen per Euro and 103 yen per
Australian dollar.
Page 2
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. As announced by the Indeed Hiring Lab on January 28, 2026, its Job Postings Index (JPI) methodology has been updated.This update,
which applies retrospectively to all historical data, results in no changes to the US ARPJ growth rate or the percentage change in total US job postings previously
disclosed on November 6, 2025.
Page 3
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 8
See our Annual Report for FY2024.
31
Recruit Holdings | FY2025 Q3 Results
Appendix: Footnotes
Page 3,13-20,27
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, Q2 and Q3 are reviewed, while the pro forma results for Q4 is not subject to audit or review by a certified public
accountant or an independent auditor.
Page 6,24
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 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 12/31/2025. Total amount of share repurchases reflects the value of shares repurchased from 04/01/2025 through
2/4/2026. Profit attributable to owners of the parent is based on the full-year
guidance for FY2025 as of Feb 9, 2026.
4 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)
Page 9
1 Internal data, cumulative number of verified job seeker accounts on Indeed through December 31, 2025, worldwide. Job seeker accounts that have a unique,
verified email address.
2 Internal data, cumulative number of Glassdoor registered users for which a profile or resume is available through December 31, 2025, worldwide
3 Internal data, based on the last 12 months of activity as of March 2025, worldwide
Page 27
The sum of the three segments does not correspond with consolidated revenue and EBITDA+S due to adjustments, such as intra-group transactions.
Recruit
Holdings
マーケティング・マッチング・テクノロジー事業
について
February 9, 2026
Update on Marketing Matching Technologies
Recruit Holdings Co., Ltd.
株式会社リクルートホールディングス
Executive Vice President
常務執行役員
Head of Marketing Matching Technologies
マーケティング・マッチング・テクノロジー事業担当
牛田 圭一
うし だ けい いち
Keiichi Ushida
1. Marketing Matching Technologies (“MMT”) Overview
35
Recruit Holdings | Update on MMT
2000 -
1976 - 2025 -
1995-
AI
Online Media
Data + SaaS Matching Platforms
Paper-Based Media
1. MMT Overview
History: Paper-Based Media to Online Platforms
36
Recruit Holdings | Update on MMT
2000 -
1976 - 2025 -
1995-
Advertising-Based Model (Monthly Fee)
集客広告掲載モデル
Expected Action-Tiered Plans (Monthly Fee)
期待アクション数別プラン
GMV-Linked Model
(Performance-Based Fee)
GMV連動モデル
1. MMT Overview
History: Business Model
37
Recruit Holdings | Update on MMT
1. MMT Overview
Financial Overview: Revenue Breakdown (FY2025 Full-year Outlook)
Please see footnotes in the appendix.
Beauty
¥126 Bn
Housing
& Real Estate
¥157 Bn
Others
(Automobile, Bridal,
Education, and Others)
¥113 Bn
MMT Total
¥566 Bn
Travel,
Dining, and
SaaS solutions
¥169 Bn
Lifestyle
¥295 Bn
(in billions of yen)
38
Recruit Holdings | Update on MMT
(in billions of yen)
Revenue (in billions of yen)
EBITDA+S
and Margin %
M&S Marketing
Actual
Pro Forma Outlook Pro Forma Outlook
1. MMT Overview
Financial Overview: Historical Revenue and EBITDA+S
Please see footnotes in the appendix.
2. MMT Business Model
40
Recruit Holdings | Update on MMT
Business ClientsIndividual Users
Recruit ID
ASaaS with
Unique Data
B
Vertical
Matching Platforms
GMV Increase
with AI
D
Matching
C
2. MMT Business Model
Vertical Matching Platforms
41
Recruit Holdings | Update on MMT
2. MMT Business Model
A. Recruit ID with 97 million Accounts
Please see footnotes in the appendix.
Annual Logged-in Users per Age Bracket in Japan
age
% of population
42
Recruit Holdings | Update on MMT
2. MMT Business Model
B. SaaS Solutions Handling Unique Data
Matching
Platforms
Housing &
Real Estate
Travel Bridal
Automobile Education
Vertical SaaS
Horizontal SaaS
Beauty Dining
43
Recruit Holdings | Update on MMT
2. MMT Business Model
C. Individual Users’ Actions on MMT Matching Platforms
Number of Actions
(in millions)
Please see footnotes in the appendix.
44
Recruit Holdings | Update on MMT
SaaS Solutions Handling Unique Data
SaaSを通じたプラットフォーム内データ連携と活用
Number of Actions on Matching Platforms
各マッチングプラットフォームでの膨大なアクション数
Recruit ID with 97 Million Accounts
リクルートID 9,700万アカウント
AI to Increase GMV with More Matching
AIのサポートによるマッチングの最大化とGMVの増大
D
C
2. MMT Business Model
D. GMV Increase with AI
A
B
3. Beauty
46
Recruit Holdings | Update on MMT
Individual Users Business Clients
Beauty
3. Beauty
Matching Platform with HOT PEPPER Beauty and SALON BOARD
47
Recruit Holdings | Update on MMT
3. Beauty
HOT PEPPER Beauty: The Beauty Matching Platform in Japan
48
Recruit Holdings | Update on MMT
3. Beauty
SALON BOARD: SaaS Solutions for Business Clients
Booking Publication Customer Message Sales Aggregation
/ Analysis Salon Direct Transfer /
Billing Setting
Sales Dashboard Sales report Sales details Cash register Register list Deposit and withdrawal
Daily Sales
Sales Channel Analysis
Weekly Sales
49
Recruit Holdings | Update on MMT
3. Beauty
Historical Annual GMV
Please see footnotes in the appendix.
(in trillions of yen)
Estimated Japan Beauty Industry Total Revenue: ¥2.7 Tn
FY2024 GMV via HOT PEPPER Beauty: ¥1.1 Tn
50
Recruit Holdings | Update on MMT
3. Beauty
Historical and Projected Annual Revenue and
Revenue as a % of GMV via HOT PEPPER Beauty
■: Revenue －: Revenue / GMV %
(in billions of yen) 5-year CAGR (FY2019 - FY2024):
GMV 14.2%
Beauty Revenue 7.4%
51
Recruit Holdings | Update on MMT
3. Beauty
GMV Growth Initiatives: Special Promotional Events
¥5.0 Billion Additional Promotion Expenses
to Stimulate Individual Users’ Actions and Bookings in FY2025 Q4
“Bibibi-festival”
52
Recruit Holdings | Update on MMT
3. Beauty
GMV Growth Initiatives: AI Solutions Integrated in SALON BOARD
Feed Data into AI
1 3 Receive AI
Recommendations
2Utilize AI-Driven Analysis
HOT PEPPER Beauty Salon Data
1.Unit Price: Current
Status & Challenges
2.Recommended
Actions
How can I increase the
average spending?
HOT PEPPER Beauty Salon Data
53
Recruit Holdings | Update on MMT
Business ClientsIndividual Users
Recruit ID
ASaaS with
Unique Data
B
Vertical
Matching Platforms
GMV Increase
with AI
D
Matching
C
Key Takeaways
54
Recruit Holdings | Update on MMT
Appendix: Footnotes
Page 37
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, Q2 and Q3 are reviewed, while the pro forma results for Q4 is not subject to audit or review by a certified public
accountant or an independent auditor.
Page 38
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 41
Calculated by dividing the number of RECRUIT IDs with at least one login between January and December 2025, aggregated by age group, by the total
population of Japanese in Japan in each corresponding age group (as of August 2025; Source: "Population Estimates (January 2026 Report)," Final Estimates for
August 2025, Statistics Bureau, Ministry of Internal Affairs and Communications).
Page 43
The annual aggregate number of specific actions, such as making reservations or inquiries (excluding cancellations), in the Beauty, Travel, Dining, Housing & Real
Estate, Automobile, Bridal, and Education verticals.
Page 49
The Japan beauty industry total revenue is estimated by the Company, based on HOT PEPPER Beauty Academy (https://hba.beauty.hotpepper.jp/search_sp/)
55
Recruit Holdings | FY2025 Q3 Results
免責条項
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
社が入手可能な情報並びに当社の計画及び見込みに基づいた当社の想定、将来の見通し及び推測が含まれますが、これらが達成される保証はありま
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
制の変化、為替レートの変動、気候変動を含む地球環境の変化、大規模自然災害の発生その他の様々な要因により、将来の予測・見通しに関する記
述は実際の業績と大幅に異なる場合があります。したがって、将来見通しに関する記述に過度に依拠することのないようお願いします。当社は、適用あ
る法令又は証券取引所の規則により要求される場合を除き、本資料に含まれるいかなる情報についても、今後生じる事象に基づき更新又は改訂する
義務を負うものではありません。
外部資料に関する注意事項
本資料には、当社が事業を行っている市場に関する情報を含む、外部の情報源に由来し又はそれに基づく情報が記述されています。これらの記述は、
本資料に引用されている外部の情報源から得られた統計その他の情報に基づいており、それらの情報については当社は独自に検証を行っておらず、
その正確性又は完全性を保証することはできません。
本資料の利用に関する注意事項
本資料は、一般的な参考情報の提供のみを目的に作成されたものです。本資料及びその記載内容について、第三者が、当社の書面による事前の同意
なしに、その他の目的で公開し又は利用することはできません。当社は、本資料に含まれる情報の正確性又は完全性について表明するものではなく、
本資料の使用から生じるいかなる損失又は損害についても責任を負いません。
