Recruit Holdings Co., Ltd. (RCRUY) Presents at Goldman Sachs Communacopia + Technology Conference 2026 Transcript

Minami Munakata: Hello, everyone, and welcome to the Recruit Holdings fireside chat at the Goldman Sachs Communacopia Technology Conference. It's a great pleasure to have Hisayuki Idekoba, CEO of Recruit Holdings here today. My name is Minami Munakata. I cover Recruit Holdings and Internet entertainment here at Goldman Sachs. We have about 35 minutes for today's session, inclusive of audience Q&A at the end. So with that, Deko-san, thank you very much for being here.

Hisayuki Idekoba: Thank you for having me.

Minami Munakata: Thank you. So let's get started. So Deko-san, Indeed began as a job advertisement business, but pay more, get more suggest what employees pay for today is much closer to an actual hiring outcome. So could you walk us through that evolution and how you personally define what Indeed is exactly selling?

Hisayuki Idekoba: What Indeed is exactly selling. So we're selling basically hires. We're selling hires, that's a very important part. And basically, AI technology helped us to make sure that we're delivering qualified candidate, that is the most important part. I'm going to give you a good example. In the past, Indeed was more like a search engine, meaning like we were charging $1 for this click, $1 for this click, $1 for this click. It doesn't matter who is clicking it, right? Meaning, like if this click was done by the person who just graduated high school, just graduated university, whatever, or 3 years of experience, 20 years of experience, we were charging $1, $1, $1. So as a result, sometimes employers said, "Oh, we allocate a bunch of budget, we got 200 applications, but quality was not great.