Slide 1: 3rd quarter results 2025
22 october 2025 3rd quarter results 2025. delivering on our Partner for Talent strategy. sander van ‘t noordende, CEO jorge vazquez, CFO
Slide 2: Disclaimer
disclaimer. certain statements in this document concern prognoses flexible personnel), achievement of cost savings, changes about the future financial condition, risks, investment in the business mix, changes in legislation (particularly in plans, and the results of operations of Randstad N.V. and r
Slide 3: Definitions
definitions. organic growth: externally reported income statement line items (revenue, gross profit, operating expenses and EBITA) adjusted for the impact of changes in foreign currency ("FX"), the effect of hyperinflation and excluding the impact of acquisitions and disposals. EBITA: operating prof
Slide 4: Agenda
agenda. performance 5 financial results & outlook 12 Q&A 18 appendix 19 © randstad 4
Slide 5: Performance
01 performance. 0''0'1¢ yO © randstad | 5
Slide 6: Delivering on our Partner for Talent strategy
delivering on our Partner for Talent strategy. summary key financials Q3 2025 ● delivery excellence ● revenue € 5.8BN at -1.2% ● digital first ● underlying gross margin 18.4% ● commercial and operational discipline ● underlying EBITA € 191M, 3.3% margin © randstad 6
Slide 7: Partner for talent
partner for talent. specialization & digital delivery best experience @scale first excellence team © randstad 7
Slide 8: North America: strategic progress, improving profitability
north america: strategic progress, improving profitability. organic revenue growth YoY, last two quarters* ● us: next steps in the transformation journey ○ operational: growing and ahead of market ○ digital: maintaining growth momentum ○ enterprise: solid profitability improvement ● canada: good mom
Slide 9: Northern Europe: navigating challenging markets
northern europe: navigating challenging markets. organic revenue growth YoY, last two quarters* ● netherlands: solid adaptability with a well diversified portfolio ● germany: continued action to adapt to challenging market ● belgium: solid execution ● other NE countries: growing momentum, strong EBI
Slide 10: Southern Europe, UK & LatAm: further stabilization
southern europe, uk & latam: further stabilization. organic revenue growth YoY, last two quarters* ● france: good operational discipline amid macro and political uncertainty ● italy: continues to grow, strategic progress ● iberia: strong growth, investments paying off ● other countries: stabilizatio
Slide 11: Asia Pacific: growth momentum with good execution
asia pacific: growth momentum with good execution. organic revenue growth YoY, last two quarters* ● japan: continued solid performance, further investments in growth ● australia & new zealand: navigating challenging markets ● india: double digit growth EBITA margin (underlying)** * YoY organic chang
Slide 12: Financial results & outlook
02 financial results & outlook. © randstad 12
Slide 13: Operational discipline
operational discipline. Q3 2025 performance summary € million Q3 ’25 Q3 ’24 % org. revenue 5,810 6,015 -1.2% ● organic revenue down 1.2% YoY gross profit 1,069 1,172 -5% gross margin* 18.4% 19.5% ○ operational: flat at € 3.9 BN operating expenses* 878 976 -5% ○ professional: -/- 7% at € 0.9 BN opex
Slide 14: Gross margin: impacted by mix, idle time and FX
gross margin: impacted by mix, idle time and FX. Q3 gross margin development YoY key highlights • temp margin -50 bp YoY • geo and business mix • idle time • FX adverse impact -20 bp YoY • perm fees -20 bp YoY • HRS/other -40 bp YoY driven by Monster divestment © randstad 14
Slide 15: Opex: towards a leaner cost structure
opex: towards a leaner cost structure. Q3 sequential opex bridge (€m) key highlights • opex down 5% YoY • # FTEs down 6% YoY, down 1% QoQ • Q3 recovery ratio 73%; L4Q recovery ratio 56% • positioning for a stronger randstad. On track to deliver > € 100m structural savings by FY 2025 © randstad 15
Slide 16: Sound cash conversion and solid balance sheet
sound cash conversion and solid balance sheet. Q3 free cash flow balance sheet • Q3 FCF € 244m (Q3 2024: € 276m)* • net debt € 1,220m excl. lease liabilities • DSO 56.2 (Q2 2025: 55.7 days) • QoQ net debt decreased by € 232m • ROIC: 10.4% (Q2 2025: 10.2%) • leverage ratio excl. lease liabilities: 1.
Slide 17: Outlook
outlook. Q4 2025 outlook momentum • 0.1 working day more • volume trends early October in line with Q3 • gross margin slightly higher QoQ • sustaining profitability • operating expenses slightly higher QoQ • strategy execution © randstad 17
Slide 18: Questions & answers
03 questions & answers. © randstad 18
Slide 19: Appendices
04 appendices. © randstad 19
Slide 20: Corporate staff by geography
corporate staff by geography. average Q3 2025 Q3 2024* North America 6,990 8,330 Netherlands 3,880 3,870 Germany 1,910 2,380 Belgium & Luxembourg 2,000 2,170 Other Northern Europe countries 2,400 2,810 Northern Europe 10,190 11,230 France 4,170 4,750 Italy 3,270 3,450 Iberia 3,030 2,910 Other SE Cou
Slide 21: Number of employees working on a temporary basis by geography
number of employees working on a temporary basis by geography. average Q3 2025 Q3 2024 North America 68,800 70,000 Netherlands 43,900 47,200 Germany 22,400 26,200 Belgium & Luxembourg 36,300 37,100 Other Northern Europe countries 30,200 28,600 Northern Europe 132,800 139,100 France 70,500 74,700 Ita
Slide 22: Partner for talent
partner for talent. aie randstad