Slide 1: 1st quarter results 2025
23rd of april 2025 1st quarter results 2025. solid execution, navigating uncertainty 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: Solid execution, navigating uncertainty
solid execution, navigating uncertainty. summary key financials Q1 2025 ● continued stabilization ● revenue € 5.7BN at -4.2% ● operational agility ● underlying gross margin 19.3% ● protecting profitability ● underlying EBITA € 167M, 3.0% margin © randstad 6
Slide 7: North America: sequential improvement
north america: sequential improvement. organic revenue growth YoY, last two quarters* ● us: sequential improvement, continue to transform ○ operational: further progress ○ digital: returning to growth ● canada: decline rates easing EBITA margin (underlying)** * YoY organic change is measured excludi
Slide 8: Northern Europe: mixed trends amid challenging conditions
northern europe: mixed trends amid challenging conditions. organic revenue growth YoY, last two quarters* ● netherlands: responding to a challenging market ● germany: difficult conditions persisted, adverse automotive impact ● belgium: well diversified portfolio ● other NE countries: poland and swit
Slide 9: Southern Europe, UK & LatAm: further stabilization
southern europe, uk & latam: further stabilization. organic revenue growth YoY, last two quarters* ● france: tough market conditions, protecting profitability ● italy: sound performance, investments in growth segments paying off ● iberia: continued growth, solid profitability ● other countries: ongo
Slide 10: Asia Pacific: solid execution, sound adaptability
asia pacific: solid execution, sound adaptability. organic revenue growth YoY, last two quarters* ● japan: sound performance, further investments in growth ● australia & new zealand: stabilizing markets ● india: solid growth EBITA margin (underlying)** * YoY organic change is measured excluding the
Slide 11: Financial results & outlook
02 financial results & outlook. © randstad 11
Slide 12: Safeguarding profitability
safeguarding profitability. Q1 2025 performance summary € million Q1 ’25 Q1 ’24 % org. revenue 5,656 5,938 -4.2% ● organic revenue down 4.2% YoY gross profit 1,092 1,199 -6% gross margin* 19.3% 20.2% ○ operational: -/- 3% at € 3.7 BN operating expenses* 925 1,022 -6% ○ professional: -/- 9% at € 1.0
Slide 13: Gross margin: impacted by mix and idle time
gross margin: impacted by mix and idle time. Q1 gross margin development YoY key highlights • temp margin -50 bp YoY • geo and business mix • idle time • perm fees -20 bp YoY • HRS/other -20 bp YoY driven by Monster divestment, partly offset by RPO and other HRS © randstad 13
Slide 14: Opex: strong cost management
opex: strong cost management. Q1 sequential opex bridge (€m) key highlights • opex down 2% QoQ, down 6% YoY • # FTEs down 2% QoQ, down 5% YoY • Q1 recovery ratio 68% © randstad 14
Slide 15: Free cash flow and balance sheet
free cash flow and balance sheet. Q1 free cash flow balance sheet • Q1 FCF € 59m (Q1 2024: € -/- 42m) • net debt € 1,250m excl. lease liabilities • DSO 55.0 (Q4 2024: 54.6 days) • leverage ratio excl. lease liabilities: 1.6x • ROIC: 10.1% (Q4 2024: 8.9%) • € 284m ordinary dividend payout in April ©
Slide 16: Outlook: navigating market uncertainty
outlook: navigating market uncertainty. Q2 2025 outlook momentum • 0.5 working day less • limited visibility • gross margin is expected to be modestly • activity trends early April in line with lower sequentially due to seasonality March • operating expenses are expected to be • scenario planning, e
Slide 17: Questions & answers
03 questions & answers.
Slide 18: Appendices
04 appendices. © randstad 18
Slide 19: Corporate staff by geography
corporate staff by geography. average Q1 2025 Q1 2024* North America 7,290 8,870 the Netherlands 3,930 4,020 Germany 2,140 2,510 Belgium & Luxembourg 2,080 2,180 Other Northern Europe countries 2,450 2,890 Northern Europe 10,600 11,600 France 4,350 4,890 Italy 3,370 3,250 Iberia 2,930 2,820 Other SE
Slide 20: Number of employees working on a temporary basis by geography
number of employees working on a temporary basis by geography. average Q1 2025 Q1 2024* North America 64,700 69,600 the Netherlands 47,000 54,100 Germany 22,800 26,000 Belgium & Luxembourg 34,500 35,100 Other Northern Europe countries 27,700 29,000 Northern Europe 132,000 144,200 France 65,600 74,10
Slide 21: Partner for talent
partner for talent. VM randstad partner for talent.