Slide 1: 4th quarter results 2025
11 february 2026 4th quarter results 2025. perform and transform. 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 19 appendix 20 © randstad 4
Slide 5: Performance
01 performance. 0''0'1¢ yO © randstad | 5
Slide 6: Perform and transform: summary key financials Q4 2025
perform and transform. summary key financials Q4 2025 ● volume stability ● revenue € 5.8BN at -2.1% ● strong adaptability, 71% recovery ratio ● underlying gross margin 18.4% ● € 1.62 dividend p/s ● underlying EBITA € 191M, 3.3% margin © randstad 6
Slide 7: Partner for talent strategy impact
partner for talent strategy impact. specialization & digital delivery best experience @scale first excellence team FY’25 growth segments 1.4M self-scheduled FY’25 field productivity employee engagement combined € 9BN; YoY: shifts in Q4, QoQ: up +1%; Q4 YoY: in 2025: +2% +30% +3% 7.7 © randstad 7
Slide 8: North America: operational momentum improving
north america: operational momentum improving. organic revenue growth YoY, last two quarters* ● us: transformation delivering results ○ operational: growing 6%, ahead of market ○ digital: further stabilization, solid leverage ○ enterprise & professional: subdued demand RPO and perm clients EBITA mar
Slide 9: Northern Europe: navigating challenging markets
northern europe: navigating challenging markets. organic revenue growth YoY, last two quarters* ● netherlands: stabilization, incidental items impacting profitability ● germany: challenging market, restructuring efforts paying off ● belgium: strong adaptability ● other NE countries: continued growth
Slide 10: Southern Europe, UK & LatAm: strong profitability
southern europe, uk & latam: strong profitability. organic revenue growth YoY, last two quarters* ● france: operational discipline in a two-speed market ● italy: growth accelerating, strategic progress ● iberia: strong growth, investments paying off ● other countries: good adaptability, uk market ch
Slide 11: Asia Pacific: mixed trends, solid execution
asia pacific: mixed trends, solid execution. organic revenue growth YoY, last two quarters* ● japan: continued solid performance ● australia & new zealand: navigating challenging markets ● india: double digit growth EBITA margin (underlying)** * YoY organic change is measured excluding the impact of
Slide 12: Financial results & outlook
02 financial results & outlook. © randstad 12
Slide 13: Operational discipline
operational discipline. Q4 2025 performance summary € million Q4 ’25 Q4 ’24 % org. revenue 5,817 6,084 -2.1% ● organic revenue down 2.1% YoY gross profit 1,071 1,144 -4% gross margin* 18.4% 18.8% ○ operational: flat at € 3.9 BN operating expenses* 880 944 -4% ○ professional: -/- 8% at € 1.0 BN opex
Slide 14: Gross margin: impacted by mix
gross margin: impacted by mix. Q4 gross margin development YoY key highlights ● temp margin -20 bp YoY ○ business mix ○ idle time related costs ● perm fees -20 bp YoY ● HRS/other flat YoY © randstad 14
Slide 15: Opex: continued adaptability
opex: continued adaptability. Q4 sequential opex bridge (€m) key highlights • opex down 4% YoY • FY recovery rate 71% • continued focus on delivery excellence, increasing operational leverage • > 100M Euro net structural savings achieved for 2025 © randstad 15
Slide 16: Sound cash conversion, solid balance sheet
sound cash conversion, solid balance sheet. Q4 free cash flow balance sheet • Q4 FCF € 213m (Q4 2024: € 87m) * • net debt € 1,006m excl. lease liabilities • DSO 56.7 (Q3 2025: 56.2 days) • leverage ratio excl. lease liabilities: 1.3x • ROIC: 11.3% (Q3 2025: 10.4%) • regular cash dividend proposal of
Slide 17: Outlook
outlook. Q1 2026 outlook momentum • gross margin broadly stable QoQ • January ‘26 revenue -0.4% • operating expenses modestly lower QoQ • operational discipline • same number of working days • strategy execution © randstad 17
Slide 18: Perform and transform
perform and transform. 2025 highlights 2026 performance frame easing declines encouraging start to the year >100m structural cost savings, 71% RR aiming for ICR/RR well above historical levels strategic progress strategy execution growth segments, delivery excellence, digital marketplaces solid free
Slide 19: Questions & answers
03 questions & answers. © randstad 19
Slide 20: Appendices
04 appendices. © randstad 20
Slide 21: Corporate staff by geography
corporate staff by geography. average Q4 2025 Q4 2024* North America 6,840 7,670 Netherlands 3,910 3,850 Germany 1,780 2,220 Belgium & Luxembourg 1,970 2,150 Other Northern Europe countries 2,390 2,520 Northern Europe 10,040 10,760 France 4,100 4,570 Italy 3,260 3,460 Iberia 3,080 2,940 Other SE Cou
Slide 22: Number of employees working on a temporary basis by geography
number of employees working on a temporary basis by geography. average Q4 2025 Q4 2024 North America 71,800 69,900 Netherlands 47,400 50,500 Germany 23,100 24,800 Belgium & Luxembourg 36,800 38,300 Other Northern Europe countries 34,200 33,100 Northern Europe 141,500 146,600 France 66,300 71,400 Ita
Slide 23: Partner for talent
partner for talent. aie randstad