Recruit Holdings Co., Ltd.
Investor Presentation
August 2024
1

MISSION

Opportunities for Life.
Faster, simpler and closer to you.

“Couldn't this be faster and easier?” and“How can we make this more convenient?”- Hisayuki "Deko" Idekoba
President, CEO, and Representative Director of the Board

2

Recruit Group at a Glance1

Global Leader in HR Technology and Business Solutions
HRテクノロジーとビジネスソリューションのグローバルリーダー
FoundedHeadquarters

Employees2

Revenue (FY2023)3

Adjusted EBITDA (FY2023)3,4

Basic EPS (FY2023)

1960¥3.41T*Please refer to page 53 for footnotes

Tokyo
¥598B

51K+
¥225.993

Opportunities For Life. Faster, Simpler and Closer to You.
まだ、ここにない、出会い。より速く、シンプルに、もっと近くに。

01

Our business model
A history of connecting businesses and individuals in multiple industries

02

Our business strategy
A three-part strategy combining historical strengths and future opportunities

03

Our leadership and capital allocation policy

個人ユーザーと企業クライアントへの最適なマッチングソリューション提供の歴史

当社の強みと将来における機会を融合させた 3つの戦略の柱

マネジメントチームとキャピタルアロケーション方針

4

Our Business Model

Individual Users

Hiring

Housing &Real EstateBusiness Clients

BridalMatching Platforms

SaaS solutions

BeautyTravelDining5

Proven Track Record of Business Expansion,
Digital Transformation and Disruption

Expanded SaaS business through Air BusinessTools, a suit ofcloud-based operational and management support services

Expansion of online HR
Matching businessTransition from paper to the internet.
Continued growth of domestic HR businesses
Expanded marketing and media
businesses to other areas of life toincrease choice and opportunities

SaaS Solutions
HR Technology

Founded job advertising business, disrupting theestablished graduate recruitment process

Matching Platforms
Media Services

1960

&

Human Resources

1970

1980

1990

2000

2010

6
2024

6

事業拡大、デジタルトランスフォーメーションとディスラプションの実績

業務・経営支援ソリューション、Air ビジネス
ツールズを通じたSaaS事業の拡大、オンライ
ンHRマッチング事業の拡大

オンラインHRマッチング事業の拡大
紙からインターネットへ移行
SaaS Solutions

マーケティング、メディア事業を
生活の他の分野にも拡大し、選択肢と機会を増やす

HR Technology

求人広告事業を立ち上げ
新たな新卒採用プロセスを立ち上げる

Matching Platforms
Media Services

1960

&

Human Resources

1970

1980

1990

2000

2010

6
2024

7

Globalization of HR Matching Businesses through M&A
M&Aを通じたHRマッチングビジネスのグローバル化
Staffing (US)FY2023 Consolidated Revenue (3.41tn yen)

HR Tech(US)

Staffing(NL)

Staffing(US, NL)

Staffing (AU)HR Tech(UK)

HR Tech(US, CA)2

HR Tech(US)

HR Tech(US)

HR Tech
(US)

53%

1

3

Overseas

1

47%

3

Japan

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Strategic acquisitions enabling leading matching capabilities
戦略的なM&Aにより優れたマッチングを実現

1 Peoplebank and Chandler Macleod Group were rebranded as RGF Staffing APEJ in November 2021, and RGF Staffing APEJ rebranded as RGF Staffing ANZ in April 2024.
2 Company name of USG People Holdings B.V. was changed to RGF Staffing the Netherlands B.V. in April 2021, and other USG People group companies were rebranded to RGF Staffing in March 2021.
3 Revenue breakdown between Japan and overseas is calculated based on the revenue in FY2023.

8

Leading Brands across Three Strategic Business Units
HR Technology SBU

Business

Global platforms on jobs, hiring
solutions and real-time
conversations

グローバルプラットフォームにおける求人
広告や採用ソリューション、
情報コミュニティの提供

Matching & Solutions SBU

HR Solutions

Marketing Solutions

Matching platforms and SaaS solutions in Japan
日本国内でマッチングプラットフォームや業務・経営支援SaaSの提供

Staffing SBU
Temporary staffing services inJapan, Europe, US and Australia
日本、欧州、米国、豪州における人材派遣サービス

Brands

Source of
Revenue
収益源➢ Pay for performance➢ Subscription fees
ペイフォーマフォーマンスモデル
サブスクリプション課金➢ Advertising➢ Pay for performance➢ Subscription fees

広告課金
ペイフォーマフォーマンスモデル
サブスクリプション課金➢ Fee for dispatching
temporary staff
派遣スタッフを企業に派遣
9

Opportunities For Life. Faster, Simpler and Closer to You.
まだ、ここにない、出会い。より速く、シンプルに、もっと近くに。

01

Our business model
A history of connecting businesses and individuals in multiple industries

02

Our business strategy
A three-part strategy combining historical strengths and future opportunities

03

Our leadership and capital allocation policy

個人ユーザーと企業クライアントへの最適なマッチングソリューション提供の歴史

当社の強みと将来における機会を融合させた 3つの戦略の柱

マネジメントチームとキャピタルアロケーション方針

10

Our Business Strategy

Three strategic pillars combining our historical strengths with future opportunities

Simplify
HiringHelp Businesses
Work Smarter

Prosper
Together

Make it easier and fasterfor people to get jobs

Improve performance andproductivity for business clients inJapan

Make positive impact on society andthe planet through sustainablegrowth shared by all stakeholders

人材マッチング市場における採用プロセスの効率化

日本国内企業クライアントの生産性及び業績向上

ステークホルダーとの共存共栄を通じた持続的な成長

11

Industry Leading HR Matching
Services & Solutions

Simplify
HiringMake it easier and fasterfor people to get jobs
人材マッチング市場における採用プロセスの効率化

Job Matching & Hiring Platforms

Placement

Temporary Staffing

12

Pillar 1: Simplify Hiring

Our Vision to Simplify Hiring
Today

FutureComplicated, confusing,manual and slow

Easier and faster for people to get jobs
Reduced cost and time to hire for employers

複雑で、わかりにくく、手作業が多く、時間がかかる

求職者がより早く・簡単に仕事に就け、雇用主は、採用のための時間とコストを削減できる

Leading the transformation of job matching and hiring
ジョブマッチングと採用の変革をリードする

13

Pillar 1: Simplify Hiring

Large and Growing Global HR Matching Market1,2
Retained Search

エグゼクティブサーチ市場$37B

Temporary Staffing

人材派遣事業$116B

6Internal Recruitment
Automation

採用オートメーション市場

7

$60B

*Please refer to page 54 for footnotes and page 55 for market definitions

$302B

8

5

Direct Hire
人材紹介市場$58B

5

Job Advertising andTalent Sourcing
求人広告及び採用ツール市場

$31B

3,4

14

Pillar 1: Simplify Hiring

Trends that Support Long-term Growth of
HR Matching Industry
Tight labor markets

Skills-based hiring

Automation and AI (data-driven recruitment)

Globalization of talentHybrid and flexible work models

Virtual recruiting

Employee experience and well-being

High labor market churn

Outsourced recruiting

Workforce diversity
15

Pillar 1: Simplify Hiring

HRマッチング事業の長期成長を後押しするトレンド
タイトな労働市場

スキルベースの採用

データドリブンの採用を可能にする
自動化及びAI

人材獲得のグローバル化

ハイブリッド等柔軟な労働モデル

バーチャル採用

従業員としての経験やウェルビーイング

離職率の上昇採用業務の外部委託

労働力の多様化
16

Pillar 1: Simplify Hiring

Leading Indeed’s Transformationfrom Search to Marketplace
SearchSearchMarketplace
Click

Apply

Interview

Search

<$31B

Hire

Marketplace

$302B

8

>$271B~9X~9X larger opportunity with marketplace strategy
マーケットプレイス戦略によりTAMは9倍超へ*Please refer to page 54 for footnotes17Pillar 1: Simplify Hiring“Closer to the Hire” Offering
SearchMarketplace>$271B$302B

8Search<$31B
Sponsored Jobs
without Indeed Apply
Employer Branding*Please refer to page 54 for footnotes

Marketplace
ApplyInterview

Hire

Connect

Hire

Quality, engaged candidates

Hires

Sponsored Jobs with Indeed Apply
Indeed Applyで有料広告を掲載し希望条件に合う求職者にリーチIndeed Hire
Indeed Flex

Smart Sourcing$271B TAM
18

Pillar 1: Simplify Hiring

Improving Quality and Speed of AI Matching
Leveraging Data and Technology across
Our HR Matching Businesses
人材マッチング事業全体でデータとテクノロジーを活用● 525M job seeker profiles1

More Jobs
More Employer
Accounts

More Data
About Jobs

● 1B total ratings and reviews2● 1B assessments taken3● 30M jobs4

AI is Accelerating our Marketplace Flywheel,
Creating More Value for all Stakeholders
AIはマーケットプレイスのフライホイールを加速し、全てのステークホルダーにさらなる価値をもたらす*Please refer to page 56 for footnotes

More Outcome DataAI
Matching

More Connectionsand Hires

More TrafficMore Job Seeker
Accounts

More Data About Job Seekers

19Pillar 1: Simplify Hiring

Leading Global Two-sided Talent Marketplace
World’s leading job site1

Job Seekers

Employers
Matching
EngineUnique Monthly Visitors

Indeed: 350M+
Glassdoor: 55M+3
2

Employers using
Indeed to hire

3.5M+5
Leader on job and company insights

Delivering 23 hires per minute4
1分間に23人の採用を実現*Please refer to page 56 for footnotes20Pillar 1: Simplify Hiring

Indeed’s Clear Strategic Framework

Goals
Grow # hires
採用数の増加Grow revenue
売上収益の増加

Strategy

Search →Marketplace
検索→
マーケット
プレイス

Strategic Priorities
Grow marketplace eﬀectiveness —reach, matching, and connections

マーケットプレイスの効果を向上—リーチ、マッチング、コネクション

Eﬀectively monetize marketplace
opportunities
マーケットプレイスを効率的に収益化

21

Pillar 1: Simplify Hiring

Marketplace Monetization Strategy with
Multiple Layers of Growth
Grow take rate ofexisting customers

Grow new customers

Market expansion outside
the USFree to paid matches
マッチングの有料化

Indeed Apply forEnterprise

大企業によるIndeed Applyの活用

Value-based pricing forhigh salary jobs

Current
Monetization

米国外のマーケットの拡大

SMB customers
中小企業Enterprise customers
大企業クライアント

高給職等価値に応じたプライシング

Adoption of “closer
to the hire” solutions
より採用に近いソリューション

22

Pillar 1: Simplify Hiring

Grow Take Rate of Existing Customers
Average Take Rate per Hire (%)

We can grow our take rate considerably
and still have the advantage of offeringa significantly lower cost per hire
テイクレートを飛躍的に向上させながらも、大幅に低い採用コストという利点を維持することが可能

Indeed<1% 1Industry Average Take Rates per Hire (%)

Staﬃng~20% 2

Placement~20-25% 3

Executive Recruitment

up to 40%

1 Take rate calculated based on avg. spend on Indeed as % of average estimated salary for all jobs with a reported hire on Indeed in 2023.
2 Equal to gross profit margin/(1 - gross profit margin) based on the weighted gross profit margin of the top 3 publicly traded global staffing companies in terms of revenue in 2021.
3 Staffing Industry Analysts: North America Staffing Company Survey 2021 Direct hire fees trend over time.

23

Pillar 1: Simplify Hiring

Applying HR Matching Engine
Staffing

HR Technology

Matching
EngineMatching & Solutions

Leveraging all our HR Matching businesses to target entire HR Matching market
すべての人材マッチング事業を活用し、人材マッチング市場全体をターゲットに24

Pillar 1: Simplify Hiring

Example: HR Technology and Matching & Solutions
collaborate to Simplify Hiring in Japan
Applicant Tracking System(ATS)

Job Seekers

apply through job
boardsOther
ATS 1, 2, 3, ...
Other
Job Boards 1, 2, 3, ...

Employers
post jobs tointernal ATS

Connects ATSs to
Job Boards

Indeed PLUS results in more applies and greater efficiency through better matching
Indeed Plusは、より良いマッチングを通じ、応募を増加・効率性を向上
25

Pillar 1: Simplify Hiring

Opportunity for Technological Transformation of Temp Staffing
industry through cross-SBU collaboration and innovation
RGF Staffing operates in markets
that cover 76% of temporary
staffing TAM1,2

275,000

Temps onassignment working
in various industry
segments
様々な業種で働く
派遣スタッフ

19,300

Employees working
in all RGF staffing
entities
RGF Staffingで
働く従業員

11

Countries, withpresences on thecontinents of Asia,
Australia, Europe,
North America
アジア、豪州、欧州、北米の各国で事業を展開

USA

30%

Japan

15%

Australia

05%

Europe

26%

Total

76%

RGF Staffing is a global leader in Staffing
1 Geographical markets where RGF Staffing had a presence: USA, Japan, Australia and Europe (UK, NL, BE, FR, DE)
2 Source: Staffing Industry Analysts; Global Staffing Industry Market Estimates and Forecasts (November 9, 2022)

26

Help Businesses
Work Smarter

Industry Leading Matching Platforms
and SaaS Solutions

Improve performance andproductivity for businessclients in Japan
日本国内企業クライアントの生産性及び業績向上

27

Pillar 2: Help Businesses Work Smarter

Our Services - Matching Platforms and Business SaaS
Matching
Platforms

Housing &Real Estate

BeautyTravelDiningBridalAutomobile

Education

Vertical SaaS

Horizontal SaaS

Replacing analog operations with
Reservations

Order / Apply

Payments

28

Pillar 2: Help Businesses Work Smarter

Repeatedly Disrupting Ourselves
and Creating New Business Models

Job Boards &Marketing Media

Paper-based Media

Online Media
Booking MediaMatching
Platforms + SaaS

1960 - 2010
1 As of February, 2024, Matching & Solutions provides Fintech Services - AirPAY, AirCASH, AirWALLET, AirWORK Payroll, AirCARD, AirINVOICE

2010 -2024

Matching
Platforms +SaaS + Fintech
Services1

Future29

Pillar 2: Help Businesses Work Smarter

Marketing Solutions Tend to beMore Resilient During Economic Downturns
Matching &SolutionsMarketing
Solutions

HR Technology

Staffing

HR Solutions

HR Matching Businesses

Less

Affected by economic environment

More

30

Pillar 2: Help Businesses Work Smarter

Marketing Solutions is one of the Largest
Matching Platforms in Japan
Others

Housing & Real Estate~￥140B2

Annual Revenue
for
Matching & Solutions

Approx.

¥500B

1 Outlook and estimated breakdown for FY2023, refer to p3 of the FY2023 Q3 Earnings Release FAQ.
2 Revenue in each vertical are unaudited internal measures

1

Beauty + Travel + Dining +SaaS Solutions(Beauty)~￥100B2(Dining)(Jalan - Travel)

31

Pillar 2: Help Businesses Work Smarter

Organizational Structure Enables Increasing
Operational Efficiency
Housing &Real Estate

BeautyTravelDiningBridalAutomobile

Education

Corporate
Sales
Product
32

Pillar 2: Help Businesses Work Smarter

Increasingly Adding Business Clients Outside of
Traditional Industries We Serve
Clients in
Beauty and Dining
segments
美容、飲食のクライアント

55%

1

AirPAY Account

450K
Approximately

Accounts

Clients in non-matching
platform operated
segments

マッチングプラットフォーム以外のクライア
ント

45%

1

Including retail, various
service industries, andpharmacies

小売、薬局、その他様々な業種のクライアントをカバー

1 As of December, 2023

33

Pillar 2: Help Businesses Work Smarter

Tremendous Potential for Account Expansion throughFurther Introduction of Existing and New Services

480M
1# of Actions+18.0%

1.8T yen+43.6%# of Saas Accounts

3

GPV

YoY

2

As of March, 2024

YoY

3.77M
2

3.77M

+23.2%

Estimated number ofbusiness locations andstores/SaaS

Potential# of SaaS accounts

SaaS
4.38 ✕ Cross-Use
4M# of Business
Locations& StoresYoY*As of March 31,2024 for YoY % change. Please refer to page 57 for footnotes

34ProsperTogether
Make positive impact onsociety and the planet
through sustainable growthshared by all stakeholders
ステークホルダーとの共存共栄を通じた持続的な成長

35

Pillar 3: Prosper Together

Our Commitment to Sustainability1Environmental

Climate Action

Became and maintain carbon
neutral throughout our businessactivities since FY2021
Achieve carbon neutrality for our
entire value chain by by FY20302*Please refer to page 58 for footnotes

S

ocial

Social Impact

Shorten the time it takes to get hiredby half by FY20303
Help 30 million people facing barriers
get hired by FY20304

S

ocial

Our People

Achieve gender parity across all
employee levels by FY20305

G

overnance

Corporate Governance

Reach gender parity for Board of
Directors including Audit & Supervisory
Board members by FY20306

36

Pillar 3: Prosper Together

Our Commitment to Sustainability1

E1

2021年度に事業活動で、S

2030年度までにS

2030年度までに、上級管理職・G

2030年度にバリューチェーン• 就業までに掛かる時間を半分に管理職・従業員の女性比率を

取締役会構成員の女性比率を

Environmental
気候変動対策

全体で、カーボンニュートラルを目指す 2*Please refer to page 58 for footnotes

Socialソーシャルインパクト

短縮する

3

Social
人材

約50%にする

5

Governance

コーポレートガバナンス

2030年度までに、監査役を含む約50%にする 6• 雇用市場における障壁に直面する累計約3,000万人の就業を4
サポートする29

Pillar 3: Prosper Together

Diverse and experienced Board of Directors
Masumi Minegishi

Representative Director
and Chairperson

峰岸 真澄

Hisayuki Idekoba

Representative Director,
President and CEO
Head of HR Technology SBU

Ayano Senaha

Director, Executive Vice President
and COO

瀬名波 文野代表取締役会長 兼 取締役会議長

出木場 久征Rony Kahan

Naoki Izumiya

Hiroki Totoki

泉谷 直木

十時 裕樹

社外取締役

社外取締役

Director of the Board
取締役

Keiko Honda

Independent Director

本田 桂子
社外取締役

代表取締役社長 兼 CEO
HRテクノロジー事業

Independent Director

取締役 兼 常務執行役員 兼
COO

Independent Director

Katrina Lake

Independent Director
社外取締役
31

Opportunities For Life. Faster, Simpler and Closer to You.
まだ、ここにない、出会い。より速く、シンプルに、もっと近くに。

01

Our business model
A history of connecting businesses and individuals in multiple industries

02

Our business strategy
A three-part strategy combining historical strengths and future opportunities

03

Our leadership and capital allocation policy

個人ユーザーと企業クライアントへの最適なマッチングソリューション提供の歴史

当社の強みと将来における機会を融合させた 3つの戦略の柱

マネジメントチームとキャピタルアロケーション方針

39

Energized and Passionate Leadership Team
Hisayuki Idekoba

Representative Director,
President and CEO
Head of HR Technology SBU

Ayano Senaha

Executive Vice President
and COO

瀬名波 文野Yoshihiro Kitamura

Executive Vice President, Head of Matching& Solutions Business, and President andRepresentative Director, Recruit Co., Ltd.

取締役 兼 常務執行役員
兼 COO

北村 吉弘

Junichi Arai

Mio Kashiwamura

荒井 淳一

柏村 美緒

執行役員
経営戦略, IR

執行役員
広報

Akihiko Mori

Kentaro Mori

Lowell Brickman

森 暁彦

森 健太郎

執行役員
事業統括, 財務・経理・税務

執行役員
リスクマネジメント Japan, 総務

出木場 久征代表取締役社長 兼 CEO
HRテクノロジー事業

Rob Zandbergen

Executive Vice President,
Head of Staffing Business
CEO, RGF Staffing B.V.
常務執行役員
人材派遣事業担当 兼
RGF Staffing B.V. CEO

Senior Vice President,Business
Performance Management,
Finance, Accounting, Tax

Senior Vice President,
Corporate Strategy, IR

Senior Vice President, Risk
Management Division, Japan
General Affairs

常務執行役員
マッチング＆ソリューション事業担当 兼
株式会社リクルート 代表取締役社長

Senior Vice President,
Public Relations

Senior Vice President,
Risk Management Division,
International
執行役員
リスクマネジメント International

40

Disciplined Capital Allocation toward Strategic Action andShareholder Returns supported by Strong Financial Position
強固な財務基盤を活用した戦略的な投資及び株主還元

01
02
03
04

1

Product development and marketing expense for existing businesses for future growth
既存事業の継続的な成長に資する投資

Continuous payment of stable per-share dividends
安定的な配当の継続的な実施

Strategic M&A mainly focused on HR Technology in the HR Matching Market
人材マッチング市場におけるHRテクノロジー事業を中心とした戦略的M&A

Share repurchase program, depending on the capital markets environment andthe outlook of the Company’s financial position
市場環境及び財務状況の見通しを考慮した上での自己株式取得

1 The Holdings
Company focuseson achieving
capital efficiency by focusing on ROE and applying a hurdle rate exceeding the cost of capital when evaluating each investment opportunity.
Recruit| Investor
Presentation
1 個別の投資案件の実行の是非を判断する際は、資本コストを上回るハードルレートを適⽤する等、資本効率を重視し、ROEを意識した経営に取組んでいます。

32

Track Record of Significant Total Returns to Shareholders
Total Payout Ratio1 %250(in billions of yen)

254.6

200

187.5

150
100

50

158.7
103.5

72.0%

69.5%

53.5%

85.0%
FY2020

FY2021

FY2022

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

FY202342

Net Cash and Cash Equivalents1:
Aim for ¥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.

FY2022

FY2023

FY2024FY202543

Appendix

44

Consolidated FY2024 Guidance1
FY2023

FY2024
GuidanceHigh

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

Revenue

ActualLow

YoY

3,416.4

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

Adjusted EBITDA

598.3

570.0

-

675.0

-4.7% - +12.8%

Adj. EBITDA margin %

17.5%

17.3%

-

19.3%

-

Operating income

402.5

390.0

-

500.0

-3.1% - +24.2%

Profit attributable to owners of the parent

353.6

315.0

-

400.0

-10.9% - +13.1%

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

Dividends per share (yen)23.00

1 As of May 15, 2024

24.00

-

45

Near to Mid Term Outlook (as of May 15, 2024)
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

46

Consolidated Financial Results
Adjusted EBITDA & Adjusted EBITDA Margin1

Revenue(in billions of yen)(in billions of yen)
800

4,000

3,429.5
2,871.7

3,000

17.8%

3,416.5

17.5%
15.9%
598.3

600

511.8

545.0

2,269.3
400

2,000

10.9%
246.9

1,000

200

FY2020

FY2021

HR Technology

FY2022

FY2023

Matching & Solutions

FY2020Staffing

FY2021

FY2022

FY2023Adjusted EBITDA Margin

1 From FY2022, the Company changed the adjustment items for adjusted EBITDA. New definition of adjusted EBITDA has been applied retroactively to FY2020 through FY2021.
Adjusted EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses

47

HR Technology SBU Financial Results
Adjusted EBITDA & Adjusted EBITDA Margin1

Revenue(in millions of USD)

(in billions of yen)
400

9,000

323.3
37.5%

342.3
30.7%

344.3
34.0%

FY2021

FY2022

FY2023

8,243
7,653
8,000

7,004

4,000

300

200

3,993
2,000

100

FY2020

FY2021

FY2022

FY202370.5
16.7%

FY2020Adjusted EBITDA Margin
1 New definition of adjusted EBITDA has been applied retroactively to FY2020 through FY2021.
Adjusted EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses

48

Matching & Solutions SBU Financial Results
Adjusted EBITDA & Adjusted EBITDA Margin1

Revenue(in billions of yen)(in billions of yen)

760.6

800

600

672.0

658.6

456.0

396.5

451.5

807.8
492.4

163.6
20.3%
150
40

107.1
15.9%

102.8
15.6%

FY2021

109.8
14.4%

100

400

200

60
200

249.3

297.4

305.0

20
50

214.0
1.9

12.7

11.5

10.3

FY2020

FY2021

FY2022

FY2023

FY2020

HR Solutions

Others & Elimination

Marketing Solutions

FY2022

FY2023Adjusted EBITDA Margin

1 New definition of adjusted EBITDA has been applied retroactively to FY2020 through FY2021.
Adjusted EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses

49

Staffing SBU Financial Results
Adjusted EBITDA & Adjusted EBITDA Margin1

Revenue(in billions of yen)(in billions of yen)
30
120

1,800
250

1,378.4

200

1,198.8
1,200
150

684.1

751.6

604.9

76.3
6.4%

93.2
6.8%

100.2
6.5%

97.9
6.0%

2080

569.9
901.1

100

882.6
1040

600
50

1,585.2

1,634.2

773.5
628.8

FY2020

FY2021

FY2022Japan

FY2023

Europe, US & Australia

FY2019FY2020

FY2021

FY2022Adjusted EBITDA Margin

1 New definition of adjusted EBITDA has been applied retroactively to FY2020 through ；FY2021.
Adjusted EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses

50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+367.951

Global HR Matching Businesses + Marketing Solutions
Business in Japan
FY2016FY2023

1,602.4

784.2

Staffing
193.4

Marketing
Solutions369.6

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(in billions of yen)

Marketing
Solutions492.4

HR Technology
1,011.8
HR
Solutions
305.0

52

Footnote
Page 3
1 Recruit Holdings Co., Ltd. and its consolidated subsidiaries
2 As of March 31, 2024 (HR Tech:13,155, M&S: 24,439, Staffing: 13,657, Corporate: 122)
3 Consolidated results as of March 31, 2024.
4 Adj EBITDA : Operating income + depreciation and amortization (excluding depreciation of right-of-use assets) + share-based payment expenses ± other operating income/expenses

53Footnote
Page 14, 16 and 17
1 The Company is aware there may be legal restrictions in this area and so will endeavor that the Company's work meets those requirements.
2 Sum of the estimated size of addressable markets for the job advertising & talent sourcing tools market, the direct hire market, and the retained search market in terms of annual revenue, the estimated size of theaddressable market for the internal recruitment automation market in terms of the amount of current expenses of employers for internal talent acquisition resources that could be reasonably automated andmonetized, and the addressable markets for the temporary staffing market in terms of annual gross profit, in each case based on the Company’s estimates and third party market data as described in the notes below.
3 Estimated size of the global online job advertising and talent sourcing tools market calculated by adding together the revenue of HR Technology in the relevant year, the Company’s estimates for revenue of competing job
advertising boards in the Company’s target operating markets in the relevant year based on third party reports and internal research, and the Company’s estimates for annual revenue of the talent solutions business ofLinkedIn in the Company’s target operating markets in the relevant year based on publicly available information, sell side analyst models, and internal research.
4 Estimated size of the global offline job advertising market derived based on the proportion of online to offline spending (excluding TV, cinema and radio advertising) in the overall advertising market in the relevant year basedon third party reports and the estimated size of global online job advertising and talent sourcing tools market. The numbers in this chart are the sum of the global offline job advertising market and global online job
advertising and talent sourcing tools market.
5 Source for 2023: SIA, Global Staffing Market Estimates and Forecast: November 2023 Update. Placement & Search market is derived by applying 15%, which was Placement & Search’s share of 2023 Global Staffing Revenue
to 640 billion US dollars, which was estimated 2023 Global Staffing Revenue, derived by applying the estimated 2023 -2% growth rate to the estimated 2022 market of 654 billion US dollars (estimate updated following the
May 15th 2023 Earnings Release). Direct Hire Market is defined as a segment of Placement & Search Market, which in turn is a segment of Global Staffing Industry Market. Direct Hire Market segment was derived byapplying SIA’s Global Staffing Industry Market figure to country-by-country ratios of the relative proportion attributable to this segment within the total market based on proprietary third party market data. Retained SearchMarket is defined as the portion of Placement & Search Market not attributable to the Direct Hire Market and derived as the difference between these two segments.
6 Source for 2023: derived by applying a gross profit margin of 19.30%, which was calculated based on the weighted average of the top 3 publicly traded global staffing companies in terms of revenue in 2023, to 544 billion US
dollars, which was the revenue of the temporary staffing market in 2023 from SIA, Global Staffing Market Estimates and Forecast: November 2023 Update by applying the estimated -2% growth rate to the updated
estimated 2022 market of 555 billion US dollars.
7 Source for 2023: SIA, The Evolution of Recruiting: 2024 Update to Estimating the Addressable Market for Recruitment Automation (custom research commissioned by Indeed): January 2024 Update. SIA’s estimates are
based on the assumption that 41% of historical spending on internal talent acquisition resources could be reasonably captured by current technology and that technology would result in 37% cost savings from historicalspending. In the report, SIA notes given the challenges in making global estimates with incomplete information, and in estimating potential automation and savings, SIA advises readers to think of the estimated market sizeasa midpoint in a range with a 20% spread. This market estimate includes the addition of the ATS market and the Background Checks market.
8 As described above, the estimates of the job advertising & talent sourcing tools market, the direct hire market, the retained search market, the internal recruitment automation market and the temporary staffing market are
based on internal estimates and independent market research in addition to third party market data. Accordingly, the estimates described above may differ materially from the actual size of such markets.

54

Definitions of HR Matching Markets
Job Advertising and
3,4
Talent Sourcing

a collection of online and offline tools and services that help employers advertise jobs, source
candidates, and build and promote their online employer brandDirect Hire 5

where agencies are paid fees for placing permanent workers at employers (alt:Permanent Placement)
where agencies are paid an upfront fee to exclusively search for employees to fill specific roles at
employers, commonly executive roles

Retained Search5Temporary Staffing

6

Internal Recruitment
Automation 7

where agencies are paid to find and employ, or facilitate employment of, workers for a
temporary period for business clients
estimate of how much of spending on internal talent acquisition resources and tasks thatcan reasonably be automated and monetized by third parties

55

Footnote
Page 19
1 Internal data, cumulative number of verified job seeker accounts across HR Technology’s sites through December 31, 2023. Job seeker accounts that have a unique, verified email address
2 Internal data, cumulative number of company ratings and company reviews submitted on Indeed, worldwide, as of March 31, 2024
3 Internal data, cumulative number of Indeed Assessments completed by job seekers as of March 31, 2024
4 Internal data, daily average number of jobs searchable on Indeed, worldwide, CY 2023
Page 20
1 Source: comScore, Total Visits, March 2024
2 Internal data, an average of each month's total of distinct cookie IDs visiting Indeed's site between October 2023 - March 2024
3 Internal data based on Google Analytics, an average of each month’s total of distinct cookie IDs visiting Glassdoor’s site between October 2023 - March 2024
4 Indeed data, 2023 average. See P19 of “Consolidated Financial Results for the Year Ended March 31, 2023 (IFRS, Unaudited)” for calculation methodology
5 Internal data, based on the last 12 months of activity as of March 2024

56

Footnote
Page 34
1 The total of the number of applications on Rikunabi NEXT, TOWNWORK, and RECRUIT AGENT, the number of individual users who were referred to our business clients at SUUMO Counter, the number of online reservation on
Hot Pepper Beauty, the number of hotel bookings on Jalan, the number of seats reserved on Hot Pepper Gourmet, and the number of payments through AirPAY during the period from April 1, 2023 to March 31, 2024.
Rounded down to the whole number.
2 Cumulative number of registered accounts of paid and unpaid SaaS solutions provided by Matching & Solutions SBU in Japan as of March 31, 2024. Registered accounts refer to the number of stores and business locations
that have registered for each relevant service including both active and non-active accounts. Rounded down to the third decimal place.
3 Total gross payment volume of offline payments through AirPAY terminals, including QR code payments through AirPAY QR, and online payments through AirPAY ONLINE (Since the revenue generated from the payment
processing fee we collect is based on a very small percentage of total gross payment volume, changes in total gross payment volume are not necessarily proportional to changes in our total revenue). Rounded down to thesecond decimal place.
4 The Company estimated the number of business locations and stores that can be potential users of SaaS solutions provided by Matching & Solutions SBU as of March 31, 2024 in Japan by identifying the total number ofbusiness locations and stores of small and medium-sized enterprises in Japan (using the definition used by Small and Medium Enterprise Agency) based on the 2021 Economic Census for Business Activity conducted by the
Ministry of Internal Affairs and Communications and the Ministry of Economy, Trade and Industry. Considering the solutions (including AirWORK ATS) provided by Matching & Solutions SBU in Japan as of March 31, 2024, theCompany now believes it is possible to provide its SaaS solutions to all business locations and stores of small and medium-sized businesses regardless of the industry. Accordingly, the Company decided to count all suchbusiness locations and stores as potential users of its SaaS solutions. Matching & Solutions SBU continues to target potential users among small and medium-sized businesses as defined by Small and Medium Enterprise
Agency based on the current major target for potential users of SaaS solutions.

57

Footnote
Page 36 and 37
1 The years indicated are Recruit Holdings’ fiscal years (FY), which begin on April 1 each year and end on March 31 of the following year. All targeted figures displayed here are approximate.
2 Carbon neutrality includes reducing greenhouse gas (GHG) emissions as well as offsetting the remaining emissions. GHG emissions throughout business activities are the sum of direct emissions from the use of fuels in
owned or controlled sources (Scope 1) and indirect emissions from the use of purchased electricity, heat, or steam in owned or controlled sources (Scope 2). GHG emissions from the value chain are indirect emissions otherthan Scope 1 and 2 (Scope 3). The entire value chain represents the total of Scopes 1, 2 and 3.
3 The period from the time a user starts an active job search on the Indeed job platform to the time the users confirm receipt of a job offer.
4 The initiative as of today includes providing assistance through the Company’s online job platform, and through partnerships with NPOs and other organizations with whom the Company collaborates. The Company may also
aim to reduce other various barriers, including newly emerging issues in the labor market by FY2030.
5 All employee levels refer to the following three groups including all employees, managerial positions, and senior executives. Senior executive positions are defined as Senior Vice Presidents and Corporate Officers of Recruit
Holdings and Matching & Solutions Strategic Business Unit (SBU), and CEOs of the Company’s major subsidiaries and heads of key functions in the HR Technology and Staffing SBUs. Figures for managerial positions andemployees are calculated from Recruit Holdings, SBU Headquarters, and primary operating companies of each SBU. Managerial positions mean all of those that have subordinate employees.
6 The Board of Directors members are defined as Directors of the Board and Audit & Supervisory Board members.

58

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 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.

592024 Investor
Presentation© 2024 Recruit Holdings Co., Ltd.

60