Slide 1: 2nd quarter results 2025
23 july 2025 2nd quarter results 2025. focus on strategy execution and operational excellence 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: Focus on strategy execution and operational excellence
focus on strategy execution and operational excellence. summary key financials Q2 2025 ● executing partner for talent strategy ● revenue € 5.8BN at -2.3% ● operational excellence ● underlying gross margin 18.9% ● cost discipline ● underlying EBITA € 171M, 3.0% 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 with solid execution
north america: strategic progress with solid execution. organic revenue growth YoY, last two quarters* ● us: improvement despite tougher comparables ○ operational: growing and ahead of market ○ digital: positive momentum ● canada: transformation well underway EBITA margin (underlying)** * YoY organi
Slide 9: Northern Europe: responding to challenging markets
northern europe: responding to challenging markets. organic revenue growth YoY, last two quarters* ● netherlands: well diversified portfolio ● germany: further stabilization, idle time weighing on profitability ● belgium: solid execution ● other NE countries: region back to growth, strong performanc
Slide 10: Southern Europe, UK & LatAm: operational discipline
southern europe, uk & latam: operational discipline. organic revenue growth YoY, last two quarters* ● france: further stabilization, good operational discipline ● italy: solid performance despite tougher comparables ● iberia: sound growth, strong profitability ● other countries: latam good growth mo
Slide 11: Asia Pacific: strong execution, back to growth
asia pacific: strong execution, back to growth. organic revenue growth YoY, last two quarters* ● japan: solid performance, further investments in growth ● australia & new zealand: sequential improvement ● india: good growth momentum EBITA margin (underlying)** * YoY organic change is measured exclud
Slide 12: Financial results & outlook
02 financial results & outlook. © randstad 12
Slide 13: Disciplined execution
disciplined execution. Q2 2025 performance summary € million Q2 ’25 Q2 ’24 % org. revenue 5,794 6,085 -2.3% ● organic revenue down 2.3% YoY gross profit 1,094 1,203 -4% gross margin* 18.9% 19.8% ○ operational: -/- 1% at € 3.8 BN operating expenses* 923 1,022 -4% ○ professional: -/- 9% at € 1.0 BN op
Slide 14: Gross margin: mostly impacted by mix and idle time
gross margin: mostly impacted by mix and idle time. Q2 gross margin development YoY key highlights • temp margin -40 bp YoY • geo and business mix • idle time • perm fees -20 bp YoY • HRS/other -30 bp YoY driven by Monster divestment, partly offset by RPO and other HRS • FX adverse impact -10 bp YoY
Slide 15: Opex: positioning for a stronger Randstad
opex: positioning for a stronger randstad. Q2 sequential opex bridge (€m) key highlights • opex down 4% YoY • # FTEs down 6% YoY, down 2% QoQ • Q2 recovery ratio 62%; L4Q recovery ratio 45% • productivity up +1% YoY organically • on track to deliver € 100m annualized structural savings © randstad 15
Slide 16: Free cash flow and balance sheet
free cash flow and balance sheet. Q2 free cash flow balance sheet • Q2 FCF € 82m (Q2 2024: € 16m) • net debt € 1,452m excl. lease liabilities • DSO 55.7 (Q1 2025: 55.0 days) • leverage ratio excl. lease liabilities: 1.8x • ROIC: 10.2% (Q1 2025: 10.1%) • € 284m ordinary dividend payout in April © ran
Slide 17: Outlook
outlook. Q3 2025 outlook momentum • 0.1 working day less • activity trends early July in line with June • gross margin expected slightly lower QoQ • scenario planning • operating expenses modestly lower 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 Q2 2025 Q2 2024* North America 7,110 8,600 Netherlands 3,900 3,950 Germany 2,090 2,450 Belgium & Luxembourg 2,060 2,170 Other Northern Europe countries 2,440 2,800 Northern Europe 10,490 11,380 France 4,230 4,820 Italy 3,300 3,370 Iberia 2,920 2,840 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 Q2 2025 Q2 2024 North America 66,000 67,700 Netherlands 45,100 49,200 Germany 23,500 26,000 Belgium & Luxembourg 34,900 37,300 Other Northern Europe countries 30,300 28,700 Northern Europe 133,800 141,200 France 69,900 78,500 Ita
Slide 22: Partner for talent
partner for talent. aie randstad