RecruitHoldings

Q4 FY2023 Consolidated Results
2024年3月期 通期決算説明
05. 15. 2024

FY2023 is the fiscal year from April 1, 2023 to March 31, 2024
FY2024 is the fiscal year from April 1, 2024 to March 31, 2025
All comparisons during this conference call are year over year unless otherwise stated.
2023年度は2024年3月期、2024年度は2025年3月期を意味します。
本日言及する数値の比較は、特段の断りがない限り、すべて前年同期との比較です。

1

いでこば

ひさゆき

出木場 久征Hisayuki “Deko” Idekoba

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 CEO
代表取締役社長 兼 CEO

Head of HR Technology BusinessHRテクノロジー事業担当

Recruit Holdings | FY2023 Results 1

Job Openings in the US from 20001

2000年以降のアメリカにおける求人件数1(Thousands/千)1 Source: National Bureau of Economic Research. Gray bars indicate recessionary periods.
2 The chart starts in December 2000.

US Job Openings: Total Nonfarm | 米国の求人件数: 非農業職

1 出典: 全米経済研究所 (NBER) グレーの棒は景気後退期を示します。
2 チャートの開始点は2000年12月です。

Recruit Holdings | FY2023 Results 2

Working Age Population in the US1
アメリカにおける生産年齢人口1(Millions/百万)

1 Source: National Bureau of Economic Research1 出典: 全米経済研究所 (NBER)

US Working Age Population Aged 15-64 | 米国の生産年齢人口 (15-64歳)

Recruit Holdings | FY2023 Results 3

FY2023 Consolidated Financial Results
Revenue

Adjusted EBITDA1 andAdjusted EBITDA Margin %(in trillions of yen)(in billions of yen)

600

3.50
3.00

17.5%

500

2.50

17.8%

400

15.9%

2.00
300

1.50

200

1.00

11.9%

12.7%

13.6%
10.9%

100

0.50

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

1 From FY2022, the Company changed the adjustment items for adjusted EBITDA. New definition of adjusted EBITDA has been applied retroactively to FY2017 through FY2021.
Adjusted EBITDA is Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses
1 2022年度より、調整後EBITDAの調整項目をそれぞれ以下のとおり変更しました。 2017年度から2021年度にも新計算式を適用しています。
調整後EBITDA: 営業利益＋減価償却費及び償却費(使用権資産の減価償却費を除く)+株式報酬費用±その他の営業収益・費用

Recruit Holdings | FY2023 Results 4

60 Years of Our History1
60年間の歴史

Revenue | 売上収益

(Billion yen / 十億円)

1 Revenues for the year in which a change in fiscal year was made are added to the previous years' revenues.
2 Adopted International Financial Reporting Standards (IFRS) from the beginning of the FY2017.

1 決算期変更があった年度の売上は、前年度に加算して表示しています。
2 2018年度より国際会計基準(IFRS)を適⽤しています。

Recruit Holdings | FY2023 Results 5

Job Openings in the US from 20001

2000年以降のアメリカにおける求人件数1(Thousands/千)1 Source: National Bureau of Economic Research. Gray bars indicate recessionary periods.
1 出典: 全米経済研究所 (NBER) グレーの棒は景気後退期を示します。

US Job Openings: Total Nonfarm | 米国の求人件数: 非農業職

Recruit Holdings | FY2023 Results 6

FY2024 = Year 0

Recruit Holdings | FY2023 Results 7Operational Efficiency

Recruit Holdings | FY2023 Results 8

01Operational Efficiency

HR Technology:
Back to YoY revenue growth in FY2024 2H by improving monetization efficiencies(Thousands/千)1 Source: National Bureau of Economic Research. Illustrative purposes only after March 2024.
2 Assuming no sharp deterioration in the economic environment, including the labor market.

US Job Openings: Total Nonfarm | 米国の求人件数: 非農業職

1 出典: 全米経済研究所（NBER） 2024年3月以降はイメージです。
2 急速な景気変動による事業環境 (労働市場を含む) の悪化がないことを前提としています。

Recruit Holdings | FY2023 Results 9

01Operational Efficiency

HR Technology + M&S HR Solutions:
M&S HR Solutions Adjusted EBITDA margin at the level of HR Technology

Operate as “one team” to gain efficiency
Recruit Holdings | FY2023 Results 10

01

Operational Efficiency

M&S Marketing Solutions:
Adjusted EBITDA margin (pre-corporate1) target of 35% - 40%
40%

35% - 40%

35%

28%

30%

30%

25%
25%

20%

FY2022

FY2023

1 Before allocating corporate overhead costs
2 Forecast numbers after FY2024
3 Adjusted EBITDA margin for Marketing Solutions in FY2022 and FY2023 are unaudited internal measures
4 Assuming no sharp deterioration in the economic environment.

FY2024・・・・

1 本社費等考慮前
2 2024年度以降は見通し数値です。
3 2022年度及び2023年度の販促領域の調整後EBITDAマージンは未監査の社内数値です。
4 急速な景気変動による事業環境の悪化がないことを前提としています。

Mid-term
Recruit Holdings | FY2023 Results 11

Capital Efficiency

Recruit Holdings | FY2023 Results 12

02

Capital Efficiency

Net Cash and Cash Equivalents1:
Target of ¥600 billion by the end of FY2025(in billions of yen)

1,200.0

900.0

600.0

300.0

FY2020

FY2021

1 Calculated by subtracting subtracting interest bearing debt from cash and cash equivalents.
1 現金及び現金同等物から社債及び借入金を差し引いた金額です。

FY2022

FY2023

FY2024FY2025
Recruit Holdings | FY2023 Results 13

Operational Efficiency

Capital Efficiency

HR Technology

HR Technology+M&S HR Solutions

M&S
Marketing Solutions

Consolidated
Cash andcash equivalents

Back toYoY revenue growth
in FY2024 2H

M&S HR Solutions:
Adj. EBITDA margin
at the level of
HR Technology
in mid-term

Adj. EBITDA marginof 35% - 40%(pre corporate)in mid-term¥600 billion
by the end of FY2025

Recruit Holdings | FY2023 Results 14あらいじゅんいち荒井 淳一
Junichi Arai

Recruit Holdings Co., Ltd.

株式会社リクルートホールディングス

Senior Vice President
執行役員

Corporate Strategy and Investor Relations

執行役員
経営企画本部 経営戦略、IR

出木場 久征Recruit Holdings | FY2023 Results 15

FY2023 Consolidated Financial Results
FY2022

FY2023Adjusted EBITDA & Adjusted EBITDA Margin(in billions of yen, unless otherwise stated)

Revenue 売上収益

Adjusted EBITDA 調整後EBITDA

ActualGuidance

545.0

585.0

3,429.5

Adjusted EBITDA margin % 調整後EBITDAマージン %15.9%

Actual3,400.0

3,416.4

17.2%

17.5%

YoY-0.4%

598.3

+9.8%
-Operating income 営業利益

Profit attributable to owners of the parent

344.3

407.0402.5+16.9%

親会社の所有者に帰属する当期利益

269.7

354.0

353.6

+31.1%

Basic EPS (yen) 基本的EPS (円)168.59226.00225.99+34.0%

Dividends per share (yen) 1株当たり配当金額 (円)

22.00

23.00

23.00

-Total payout ratio2 % 総還元性向2 %

69.5%

-

72.0%

-

Adjusted EPS (yen) 調整後EPS (円)ROE1 %

199.3518.0%

233.00-241.11
19.5%+20.9%-

1 ROE = Profit attributable to owners of the parent / average net asset for the fiscal year
2 Total payout ratio = ( Total amount of dividend payment + Total amount of share repurchase ) / Profit attributable to owners of the parent
1 ROE = 親会社所有者に帰属する当期利益 / 期中平均純資産
2 総還元性向 = (配当金総額 + 自己株式取得総額) / 親会社所有者に帰属する当期利益

Recruit Holdings | FY2023 Results 16

FY2023 Consolidated Financial Results
Adjusted EBITDA
Adjusted EBITDA & Adjusted EBITDA Margin

FY2022

FY2023Operating Margin % 営業利益率 %

10.0%

11.8%

-

Other operating income/expenses その他営業利益・費用

49.3

40.6-

Non-GAAP operating income Non-GAAP営業利益

393.6

443.1

+12.6%

Non-GAAP operating margin % Non-GAAP営業利益率 %11.5%

13.0%-Depreciation and amortization1 減価償却費及び償却費178.775.8-

Share-based payment 株式報酬費用

72.779.3-

Adjusted EBITDA 調整後EBITDA

545.0

598.3

+9.8%

Adjusted EBITDA margin % 調整後EBITDAマージン %

15.9%

17.5%

(in billions of yen)

Operating income 営業利益

1 Excluding depreciation of right-of-use assets.
1 使用権資産の減価償却費を除く

344.3

402.5

YoY

+16.9%-Recruit Holdings | FY2023 Results 17

Consolidated Balance Sheet as of March 31, 2024
(in billions of yen)

AssetsCash and Cash Equivalents
Total current assets (Excluding Cash and Cash Equiv.)
Total non-current assets
Total assets
Liabilities
Total current liabilities
Total non-current liabilities
Total liabilities
EquityTotal equity attributable to owners of the parent
Non-controlling interests
Total equity

As ofMarch 31, 2023

As ofMarch 31, 2024

Variance

877.3
587.9
1,327.9
2,793.2

1,136.8625.8
1,381.9
3,144.6+259.4+37.9+53.9+351.3782.7
369.5
1,152.3

758.8
376.8
1,135.7

-23.8
+7.3
-16.5

1,627.0
13.9
1,640.9

2,000.9
7.9
2,008.9+373.9-5.9+367.9
Recruit Holdings | FY2023 Results 18

The Number of shares as of March 31, 2024
(shares in millions)

Number of issued shares 期末発行済株式数

As ofEBITDA & AdjustedAsof MarginAdjusted
EBITDA
March 31, 2023
March 31, 2024

Variance

1,695.9

1,649.8-46.1

Treasury stock directly held by Recruit Holdings

49.0

50.4

+1.3

Shares held by the Board Incentive Plan trust
and the ESOP trust

67.8

54.7

-13.0

116.8

105.2

-11.6

1,579.1

1,544.6-34.4

Number of treasury stock 期末自己株式数
当社が直接保有する自己株式数

役員報酬BIP信託、並びに株式付与ESOP信託が保有する当社株式数

Total Number of treasury stock

期末自己株式数合計

Number of issued shares excluding treasury stock

期末発行済株式数 (自己株式を除く)

Recruit Holdings | FY2023 Results 19

Consolidated FY2024 Guidance
FY2023

FY2024GuidanceHigh

Adjusted EBITDA & Adjusted EBITDA Margin(in billions of yen, unless otherwise stated)

Revenue 売上収益

ActualLow

YoY

3,416.4

3,300.0-3,500.0-3.4% - +2.4%

Adjusted EBITDA 調整後EBITDA

598.3

570.0

-675.0-4.7% - +12.8%

Adj. EBITDA margin % 調整後EBITDAマージン %17.5%

17.3%-19.3%-Operating income 営業利益

402.5

390.0-

500.0-3.1% - +24.2%

Profit attributable to owners of the parent
親会社の所有者に帰属する当期利益

353.6

315.0-400.0-10.9% - +13.1%

Basic EPS (yen) 基本的EPS (円)225.99206.00-260.00-8.8% - +15.0%

Dividends per share (yen) 1株当たり配当金額 (円)

23.00

24.00

-Recruit Holdings | FY2023 Results 20

Consolidated
FY2023 Results and FY2024 Guidance

Revenue(in trillions of yen)

Adjusted EBITDA andAdjusted EBITDA margin %

3.50

700

3.00

600

2.50

500

2.00

400

1.50

300

1.00

200

0.50100FY2022

FY2023

FY2024
Low
High

15.9%

FY202217.5%

FY2023(in billions of yen)

19.3%
17.3%

FY2024Low
High
Recruit Holdings | FY2023 Results 21

Consolidated
FY2023 Results and FY2024 Guidance

Operating income(in billions of yen)

500

Profit attributableto owners of the parent(in billions of yen)

400

400

300

300
200
200
100100

FY2022

FY2023

FY2024Low
High

FY2022

FY2023

FY2024Low
High
Recruit Holdings | FY2023 Results 22

HR Technology Segment
FY2023 Results and FY2024 Guidance
Revenue in US dollar$8,0008,243
US7,004(in millions of dollars)

YoY
0.0% - +9.5%

US$6,000

400

300

30.7%

34.0%

FY2022

FY2023(in billions of yen)

33% - 36%200

$4,000$2,000Adjusted EBITDA andAdjusted EBITDA margin %Non-USFY2022

Japan100RoW

FY2023

FY2024Low
HighLow

FY2024High

Recruit Holdings | FY2023 Results 23

Matching & Solutions Segment
FY2023 Results and FY2024 Guidance by Sub Segment
HR Solutions
Revenue(in billions of yen)

500

Marketing Solutions
Revenue
492.4

500

400

YoY
-23.0% - -10.0%

300

300
200

100100

FY2023

FY2024
LowHighYoY+1.5% - +9.0%

400200

FY2022(in billions of yen)

FY2022

FY2023

FY2024
LowHigh
Recruit Holdings | FY2023 Results 24

Matching & Solutions Segment
Marketing Solutions - FY2023 Revenue Breakdown
Total: 492.4(in billions of yen)YoY +9.0%

Others (Car + Educations+ Bridal + Others)
20.7%

101.8
YoY
Approx. +2%

Beauty + Travel + Dining+ SaaS Solutions
246.9
YoY Approx. +15%

Housing & Real Estate
29.2%

1 Revenue in each vertical is unaudited internal measures
1 各分野の売上収益は未監査の社内数値

143.6
YoY
Approx. +5%Beauty106.7
YoY
Approx. +7%

50.1%

Recruit Holdings | FY2023 Results 25

Matching & Solutions Segment
FY2023 Results and FY2024 Guidance
Revenue(in billions of yen)

YoY
-7.7% - +1.8%

800

Adjusted EBITDA and
Adjusted EBITDA margin %
200

600

150

400

10020050

FY2022

FY2023

FY2024Low
High(in billions of yen)

20% - 23%

20.3%

14.4%

FY2022

FY2023

FY2024Low
High
Recruit Holdings | FY2023 Results 26

Staffing Segment
FY2023 Results and FY2024 Guidance
Revenue
1,500(in billions of yen)

1,585.2

1,634.2Japan

YoY
+5.0%

YoY
+5.0%

Adjusted EBITDA andAdjusted EBITDA margin %
100

6.5%
75

(in billions of yen)

5.5% - 6.0%

6.0%

1,000500

EuropeUSAustralia

YoY
-4.0%

YoY
-2.5%

50

25

FY2022

FY2023

FY2024Low
High

FY2022

FY2023

FY2024Low
High
Recruit Holdings | FY2023 Results 27

Capital Allocation Policy
Aim 600.0 Billion Yen of Net Cash and Cash Equivalent at FY2025 Year End
Total payouts to shareholders
Total payout ratio1 %Year end net cash and cash equivalents2(in billions of yen)(in billions of yen)

25072.0%

20053.5%

10050

750

69.5%

150

500

85.0%

FY20201,000250

FY2021

FY2022

FY2023

1 Total payout ratio = ( Total amount of dividend payment + Total amount of share repurchases ) / Profit attributable to owners of the parent
2 Calculated by subtracting subtracting interest bearing debt from cash and cash equivalents.
1 総還元性向 = (配当金総額 + 自己株式取得総額) / 親会社所有者に帰属する当期利益
2 現金及び現金同等物 - 社債及び借入金を差し引いた金額

FY2020

FY2021

FY2022

FY2023
Recruit Holdings | FY2023 Results 28

Appendix: FY2023 Result by Segment(in billions of yen)Revenue
売上収益

HR Technology

Matching & Solutions
Staffing

Consolidated1
Adjusted EBITDA
調整後EBITDA

Adjusted EBITDA Margin
調整後EBITDAマージン

FY2022

FY2023Adjusted EBITDA & Adjusted EBITDA Margin

HR Technology

Matching & Solutions
Staffing

1,116.1

1,011.8

1,585.2

1,634.2

760.6

YoY

-9.3%

807.8

+6.2%

3,429.5

3,416.4

-0.4%

109.8

163.6

+49.0%

342.3
102.2

344.3
97.9

+3.1%

+0.6%
-4.2%

Consolidated1

545.0

598.3

+9.8%

Matching & Solutions

14.4%

20.3%

-HR Technology
Staffing

Consolidated
1 The sum of the three segments does not correspond with consolidated revenue and adjusted EBITDA due to adjustments, such as intra-group transactions.
1 「調整額」認識後の数値を記載しているため、 各セグメントの金額合計と一致していません。

30.7%
6.5%

15.9%

34.0%
6.0%

17.5%

-Recruit Holdings | FY2023 Results 29

Appendix:
Global HR Matching Businesses + Marketing Solutions Business in Japan
FY2016(in billions of yen)

FY2023

1,602.4

784.2

Staffing
193.4

MarketingSolutions
369.6

Staffing
285.6

HRTechnology
132.7
HR Solutions
281.9

1 To indicate business scale, HR Technology and Matching & Solutions are shown as revenue, while Staffing is shown as gross profit.
1 事業規模を示すため、HRテクノロジー事業及びマッチング&ソリューション事業は売上収益、人材派遣事業は売上総利益

Marketing
Solutions492.4

HR Technology
1,011.8
HRSolutions
305.0

Recruit Holdings | FY2023 Results 30

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 tothe 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 therelevant 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 andbusiness 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, theoccurrence 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 operates. Thesestatements 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 orused 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 orcompleteness of the information contained in this material and shall not be liable for any loss or damage arising from the use of this material.

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