Randstad N.V. — Interim / Quarterly Report 2023

Sep 19, 2023

2nd quarter results 2023.

contents

Q2 2023: resilient performance, strong adaptability.

financial performance

• 4 core data
• 7 invested capital
• 8 cash flow summary

performance

9 performance by segment

other information

half-year report

17 key financials

interim financial statements

Q2 2023: resilient performance, strong adaptability.

		Q2 2023 organic growth -5.1%
		Q2 2023 underlying EBITA € 271m
		Q2 2023 EBITA margin 4.2%
gross profit -7% YoY; perm -16% & RPO -24% YoY, combined c. 18% of gross profit.	robust gross margin of 20.7%, -50bp YoY, reflecting mix & pricing.	solid EBITA margin, strong adaptability: opex down 4% QoQ down 6% YoY.
revenue growth in asia pacific and latam, mixed trendsineurope,declinein north america.	announced acquisition of Grupo CTC, a leading multi-servicesoutsourcing company in Spain.	inearlyJuly,trendsbroadly in line with Q2 2023.

Sander van 't Noordende, CEO of Randstad, commented: "We delivered a solid set of results in the second quarter amid challenging conditions across our markets. We have seen performance levels below the record results achieved in the same period last year. I am pleased with how our teams have responded to the current operating environment. We continue to benefit from our strong market position, our deep customerrelationships and our commitment to ourtalent. These factors, along with our disciplined management, have contributed to an underlying EBITA of € 271m, resilient EBITA margin performance of 4.2% and strong free cash flow.

Our robust balance sheet enables us to continue our strategy of disciplined investments to strengthen our offer and we were delighted to announce the acquisition of Grupo CTC earlier this month. We are excited by the opportunities in Spain and Portugal and I would like to take this opportunity to welcome our new colleagues to Randstad.

The market trends we experienced in the second quarter have continued in early July, with talent scarcity and wage inflation persisting. We remain confident in our ability to adapt our operations based on our field steering model, to provide the best possible service to our customers and talent, and to capture the growth opportunities available to us.

Finally, we are looking forward to welcoming Dimitra Manis to our Supervisory Board, pending shareholder approval."

financial performance.

core data

in millions of €, unless otherwise indicated - underlying	Q2 2023	Q2 2022	yoy change	% org.
Revenue	6,465	6,886	(6)%	(5)%
Gross profit	1,341	1,457	(8)%	(7)%
Operating expenses	1,070	1,149	(7)%	(6)%
EBITA, underlying1	271	308	(12)%	(12)%
Integration costs and one-offs	(54)	(43)
EBITA	217	265	(18)%
Amortization and impairment of intangible assets2	(11)	(5)
Operating profit	206	260
Net finance (costs) / income	(17)	3
Share of profit of associates	-	1
Income before taxes	189	264	(28)%
Taxes on income	(52)	(68)
Net income	137	196	(30)%
Adj. net income for holders of ordinary shares3	185	230	(20)%
Free cash flow	126	55	129%
Net debt	1,208	746	62%
Leverage ratio (net debt/12-month EBITDA)4	0.8	0.5
Leverage ratio (net debt/12-month EBITDA) excluding IFRS 165	0.5	0.1
DSO (Days Sales Outstanding), moving average	53.3	52.1
Margins (in % of revenue)
Gross margin	20.7%	21.2%
Operating expenses margin	16.6%	16.7%
EBITA margin, underlying	4.2%	4.5%
Share data
Basic earnings per ordinary share (in €)	0.74	1.06	(30)%
Diluted earnings per ordinary share, underlying (in €)6	1.01	1.25	(19)%

1 EBITA adjusted for integration costs and one-offs.

2 Amortization and impairment of acquisition-related intangible assets and goodwill.

3 Before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. See table 'Earnings per share' on page 24.

4 Leverage ratio including IFRS 16.

5 Leverage ratio excluding IFRS 16, based on best estimates.

6 Before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. See table 'Earnings per share' on page 29.

revenue

Organic revenue per working day declined by 5.1% YoY in Q2 2023 resulting in revenue of € 6,465 million (Q1 2023: down 4.2%). Reported revenue was down 6.1% YoY, of which working days had a negative impact of 0.8% while FX had a negative effect of 1.4%. M&A positively contributed 1.2%.

In North America, revenue per working day was down 14% (Q1 2023: down 10%). Revenue in the US was down 13% (Q1 2023: down 11%), while Canada was down 15% YoY (Q1 2023: down 7%). In Northern Europe, revenue per working day was down by 6% (Q1 2023: down 6%). Revenue in the Netherlands was down 9% (Q1 2023: down 11%), while Germany was down 4% (Q1 2023: up 1%). Revenue in Belgium was down 8% (Q1 2023: down 8%). In Southern Europe, UK and Latin America, revenue was down 1% (Q1 2023: down 2%). Revenue in France was up 2% (Q1 2023: down 1%) and in Italy revenue was down 5% (Q1 2023: down 3%). Revenue in Iberia was down 3% (Q1 2023: down 6%). In the Asia Pacific region, revenue was up by 5% (Q1 2023: up 4%); Japan increased by 7% (Q1 2023: up 3%), while Australia & New Zealand rose by 3% (Q1 2023: up 5%). Global Businesses revenue was down 6% YoY organically (Q1 2023: up 2%). Enterprise solutions revenue decreased by 5% YoY (Q1 2023: up 5%), as the decline in RPO was partially offset by growth from outplacement and career mobility services. Monster revenue was down 14% YoY (Q1 2023: down 14%).

Perm fees decreased by 16% YoY (Q1 2023: down 8%). Perm fees in Northern Europe was up 1% YoY (Q1 2023: up 17%) and Southern Europe, UK and Latin America was down 7% (Q1 2023 up 2%). North American perm fees was down 36% YoY (Q1 2023: down 22%). In the Asia Pacific region, perm fees decreased by 5% (Q1 2023: down 18%). Perm fees made up 11.7% of gross profit.

gross profit

In Q2 2023, gross profit amounted to € 1,341 million, down 6.6% YoY organically (Q1 2023: down 2.1%). Currency effects had a negative € 26 million impact on gross profit compared to Q2 2022.

year-on-year gross margin development (%)

Gross margin was 20.7% in the quarter, 50bp below Q2 2022 (as shown in the graph above). Temporary placements had a 10bp positive impact on gross margin (Q1 2022: 40bp positive impact). Permanent placements had a 25bp negative impact, while HRS/other had a 35bp negative impact.

operating expenses

On an organic basis, operating expenses decreased by € 25 million sequentially to € 1,070 million. Compared to last year, operating expenses were down 6% organically (Q1 2023: up 1%), while currency effects had a € 20 million positive impact.

sequential OPEX development Q1-> Q2 in € M

Personnel expenses were down 4% sequentially. Average headcount (in FTE) amounted to 43,530 for the quarter, organically down 6% YoY and down 3% sequentially (net reduction of 1,390 FTE). Productivity (measured as gross profit per FTE) was down 1% YoY (Q1 2023: down 3%). We operated a network of 4,820 outlets end of period (Q1 2023: 4,832).

Operating expenses in Q2 2023 were adjusted for a total of € 54 million of integration costs and one-offs (Q2 2022: € 43 million). This mainly reflects integration costs for our recent acquisitions and restructurings in a few countries.

EBITA

Underlying EBITA decreased organically by 12% YoY to € 271 million. Currency effects had a € 6 million negative impact YoY. EBITA margin reached 4.2% in the quarter, 30bp below Q2 2022. Overall, we achieved a recovery ratio of 48% in H1 2023.

net finance costs

In Q2 2023, netfinance costs were € 17 million, compared to € 3 million netfinance income in Q2 2022. Interest expenses on our net debt position were € 9 million (Q2 2022: € 2 million), and interest expenses related to lease liabilities were € 4 million (Q2 2022 € 3 million). Foreign currency and other effects had a negative impact of € 4 million (Q2 2022: positive impact of € 8 million).

tax

The underlying effective tax rate before amortization and impairment of acquisition-related intangibles and goodwill, integration costs and one-offs amounted to 25.5% (Q2 2022: 25.7%). For FY 2023, we expect an effective tax rate before amortization and impairment of acquisition-related intangibles and goodwill, integration costs and one-offs of between 25% and 27%.

net income, earnings per share

In Q2 2023, adjusted net income was down 20% YoY to € 185 million. Diluted underlying EPS amounted to € 1.01 (Q2 2022: € 1.25). The average number of diluted ordinary shares outstanding for the quarter was 183.4 million (Q2 2022: 183.7 million).

invested capital

in millions of €, unless otherwise indicated	jun 30 2023	mar 31 2023	dec 31 2022	sep 30 2022	jun 30 2022	mar 31 2022
Goodwill and acquisition-related intangible assets	3,224	3,251	3,280	3,414	3,180	3,112
Operating working capital (OWC)1	1,294	1,257	1,239	1,320	1,238	1,102
Net tax assets2	649	623	619	564	630	608
All other assets/(liabilities)3	608	109	647	102	95	(299)
Employed capital	5,775	5,240	5,785	5,400	5,143	4,523
Financed by
Total equity	4,567	4,495	4,915	4,725	4,397	4,162
(Net Cash)/Net debt excl. lease liabilities	616	145	272	74	147	(240)
Lease liabilities	592	600	598	601	599	601
Net debt incl. lease liabilities	1,208	745	870	675	746	361
Invested capital	5,775	5,240	5,785	5,400	5,143	4,523
Ratios
DSO (Days Sales Outstanding), moving average	53.3	53.0	52.9	52.5	52.1	51.8
OWC as % of revenue over last 12 months	4.8%	4.6%	4.5%	4.8%	4.7%	4.3%
Leverage ratio (net debt/12-month EBITDA)	0.8	0.5	0.6	0.4	0.5	0.2
Return on invested capital4	17.6%	19.7%	17.9%	18.6%	19.2%	21.6%

1 Operating working capital: Trade and other receivables minus the current part of financial assets, deferred receipts from disposed Group companies and interest receivable minus trade and other payables excluding interest payable.

2 Net tax assets: Deferred income tax assets and income tax receivables less deferred income tax liabilities and income tax liabilities.

3 All other assets/(liabilities), mainly containing property, plant & equipment, right of use assets, software plus financial assets and associates, less provisions and employee

benefit obligations and other liabilities. As at March 31, 2023, € 530 million dividends payable is included (September 30, and June 30, 2022 € 514 million). 4 Return on invested capital: underlying EBITA (last 12 months) less income tax paid (last 12 months) as percentage of invested capital.

Return on invested capital (ROIC) amounted to 17.6%, a decrease of 160bp YoY. This decrease is primarily driven by lower invested capital in Q2 2022 as a result of the announcement of a special dividend in 2022 (€ 514 million).

The moving average of Days Sales Outstanding (DSO) was 53.3 (Q1 2023: 53.0).

At the end of Q2 2023, net debt including lease liabilities was € 1,208 million, compared to € 746 million at the end of Q2 2022. A further analysis of the cash flow is provided in the next section.

cash flow summary

in millions of €	Q2 2023	Q2 2022	change
EBITA	217	265	(18)%
Depreciation, amortization and impairment of property, plant, equipment, right-of-use assets, and software	78	76
EBITDA	295	341	(13)%
Operating working capital	(43)	(128)
Provisions and employee benefit obligations	11	6
All other items	15	13
Income taxes	(78)	(99)
Net cash flow from operating activities	200	133	50%
Net capital expenditures	(22)	(26)
Financial assets	-	-
Repayments of lease liabilities	(52)	(52)
Free cash flow	126	55	129%
Net (acquisitions)/disposals	(2)	(25)
Net purchase of own ordinary shares	(55)	-
Dividends on ordinary and preference shares	(530)	(408)
Net finance costs paid	(8)	(2)
Translation and other effects	6	(5)
Net increase of net debt (incl. lease liabilities)	(463)	(385)

In the quarter, free cash flow amounted to € 126 million, up € 71 million YoY (Q2 2022: € 55 million). Free cash flow mainly reflects the improvement of working capital YoY due to timing of payments, partially offset by the decline in EBITA.

performance.

performance by segment

split by segment

Q2 2023: revenue € 6,465 million Q2 2023: EBITA €271 million

North America Northern Europe Southern Europe, UK & Latin America Asia Pacific Global Businesses

revenue in millions of €	Q2 2023	Q2 2022	organic ∆%1	6M 2023	6M 2022	organic ∆%1
North America	1,151	1,367	(14)%	2,364	2,669	(12)%
Netherlands	799	879	(9)%	1,605	1,765	(10)%
Germany	469	496	(4)%	967	984	(2)%
Belgium/Luxembourg	372	414	(8)%	763	829	(8)%
Other NE Countries	368	384	(1)%	737	756	(1)%
Northern Europe	2,008	2,173	(6)%	4,072	4,334	(6)%
France	1,002	997	2%	1,951	1,938	0%
Italy	554	593	(5)%	1,092	1,136	(4)%
Iberia	387	404	(3)%	760	796	(5)%
Other SE Countries, UK & Latam	356	366	1%	719	718	1%
Southern Europe, UK & Latin America	2,299	2,360	(1)%	4,522	4,588	(2)%
Asia Pacific	642	585	5%	1,289	1,156	5%
Global Businesses	365	401	(6)%	736	760	(2)%
Revenue	6,465	6,886	(5)%	12,983	13,507	(5)%

1 Organic change is measured excluding the impact of currencies, acquisitions, disposals, and reclassifications. Forrevenue, the organic change has been adjusted forthe number of working days.

Q2 2023	EBITA margin1	Q2 2022	EBITA margin1	organic ∆%2	6M 2023	EBITA margin1	6M 2022	EBITA margin1	organic ∆%2
									(28)%
									(10)%
19	4.0%	11	2.3%	61%	35	3.6%	17	1.8%	94%
17	4.5%	19	4.6%	(11)%	35	4.6%	39	4.7%	(10)%
9	2.4%	15	3.5%	(33)%	21	2.9%	29	3.5%	(20)%
91	4.5%	96	4.4%	(5)%	189	4.6%	194	4.4%	(2)%
52	5.2%	50	4.9%	7%	105	5.4%	99	5.1%	8%
40	7.1%	40	6.8%	(2)%	79	7.2%	81	7.1%	(4)%
23	6.0%	24	6.1%	(7)%	45	5.8%	43	5.4%	2%
10	3.3%	16	4.2%	(24)%	21	3.1%	24	3.3%	(8)%
125	5.5%	130	5.5%	(2)%	250	5.5%	247	5.4%	2%
34	5.3%	28	4.8%	9%	65	5.0%	59	5.1%	(2)%
5	1.3%	7	1.8%	(33)%	7	1.0%	6	0.8%	25%
(48)		(39)			(95)		(80)
271	4.2%	308	4.5%	(12)%	537	4.1%	594	4.4%	(11)%
(54)		(43)			(91)		(49)
217		265			446		545
	64 46	5.6% 5.7%	86 51	6.2% 5.8%	(23)% (10)%	121 98	5.1% 6.1%	168 109	6.3% 6.2%

1 EBITA in % of total revenue per segment.

2 Organic change is measured excluding the impact of currencies, acquisitions, disposals, and reclassifications. Forrevenue, the organic change has been adjusted forthe number of working days.

3 Operating profit before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs.

north america

In North America, revenue was down 14% YoY (Q1 2023: down 10%). Perm fees were down 36% YoY (Q1 2023: down 22%). In Q2 2023, revenue of our combined US businesses was down 13% YoY (Q1 2023: down 11%). US Staffing/Inhouse Services was down 18% YoY (Q1 2023: down 15%). US Professionals revenue was down 8% YoY (Q1 2023 down 4%). In Canada, revenue was down 15% YoY (Q1 2023: down 7%). EBITA margin for the region came in at 5.6% for the quarter, compared to 6.2% last year.

northern europe

In the Netherlands, revenue was down 9% (Q1 2023: down 11%). Overall perm fees were down 17% YoY (Q1 2023: up 1%). Our combined Staffing and Inhouse Services business was down 6% YoY (Q1 2023: down 10%), while our Professionals business was down 22% YoY (Q1 2023: down 13%). EBITA margin in the Netherlands was 5.7%, compared to 5.8% last year.

In Germany, revenue per working day was down 4% YoY (Q1 2023: up 1%). Perm fees were up 10% compared to last year (Q1 2023: up 39%). Our combined Staffing/Inhouse Services business was down 4% YoY (Q1 2023: up 1%), while Professionals was down 4% YoY (Q1 2023: down 2%). EBITA margin in Germany was 4.0%, compared to 2.3% last year.

In Belgium & Luxembourg, revenue was down 8% YoY (Q1 2023: down 8%). Our Staffing/Inhouse Services business was down 11% (Q1 2023: down 10%). EBITA margin was 4.5%, compared to 4.6% last year.

Across other Northern Europe countries, revenue per working day was down 1% YoY (Q1 2023: stable). In the Nordics, revenue was down 6% YoY (Q1 2023: down 1%), while in Switzerland, revenue was down 3% YoY (Q1 2023: up 2%). Revenue in Poland business was up 3% (Q1 2023: down 10%). EBITA margin for this region was 2.4% compared to 3.5% last year.

southern europe, uk & latin america

In France, revenue was up 2% YoY (Q1 2023: down 1%). Perm fees were down 6% compared to last year (Q1 2023: up 9%). Staffing/Inhouse Services revenue was down 2% YoY (Q1 2023: down 6%), while our Professionals business was up 13% YoY (Q1 2023: up 10%). EBITA margin was 5.2% compared to 4.9% last year.

Revenue per working day in Italy was down 5% YoY (Q1 2023: down 3%). Overall perm fees were up 4% YoY (Q1 2023: up 8%). EBITA margin was 7.1%, compared to 6.8% last year.

In Iberia, revenue per working day was down 3% YoY (Q1 2023: down 6%). Perm fees were down 4% compared to last year (Q1 2023: up 6%). Staffing/Inhouse Services combined was down 4% YoY (Q1 2023: down 6%). Spain was down 4% YoY (Q1 2023: down 8%), while in Portugal revenue was up 2% YoY (Q1 2023: stable). EBITA margin was 6.0%, compared to 6.1% last year.

Across other Southern Europe countries, UK & Latin America, revenue per working day was up 1% YoY (Q1 2023: up 1%). In the UK, revenue was down 4% YoY (Q1 2023: down 3%), while in Latin America revenue was up 14% (Q1 2023: up 13%). EBITA margin for this region was 3.3% compared to 4.2% last year.

asia pacific

Total revenue in the Asia Pacific region increased by 5% organically YoY (Q1 2023: up 4%). In Japan, revenue grew 7% YoY (Q1 2023: up 3%). Revenue in Australia/New Zealand was up 3% YoY (Q1 2023: up 5%), while revenue in China decreased by 6% YoY (Q1 2023: down 7%). Our business in India was up 10% YoY (Q1 2023: up 8%). Overall EBITA margin in this region was 5.3%, compared to 4.8% last year.

global businesses

Total organic revenue growth per working day was down 6% YoY (Q1 2023: up 2%). Enterprise solutions revenue decreased by 5% YoY (Q1 2023: up 5%), while Monster revenue was down 14% YoY (Q1 2023: down 14%). EBITA margin came in at 1.3% compared to 1.8% last year.

performance by revenue category

revenue in millions of €	Q2 2023	Q2 2022	organic ∆%1	6M 2023	6M 2022	organic ∆%1
Staffing	2,953	3,273	(7)%	5,882	6,438	(8)%
Inhouse Services	1,614	1,671	(2)%	3,274	3,283	0%
Professionals	1,533	1,541	(2)%	3,091	3,026	(2)%
Global Businesses	365	401	(6)%	736	760	(2)%
Revenue	6,465	6,886	(5)%	12,983	13,507	(5)%

1 Organic change is measured excluding the impact of currencies, acquisitions, disposals, and reclassifications. Forrevenue, the organic change has been adjusted forthe number of working days.

Total revenues of permanent placements in the revenue categories 'Staffing', 'Inhouse', and 'Professionals', amounted to € 158 million in Q2 2023 (Q2 2022: € 192 million). Revenue of recruitment process outsourcing within Global businesses amounted to € 89 million in Q2 2023 (Q2 2022: € 119 million).

other information.

outlook

Q2 2023 revenue per working day decreased by 5.1% YoY organically.

The challenging macroeconomic conditions we experienced in the second quarter have continued in early July, with the YoY growth rate of employees working in line with the Q2 2023 YoY growth rate.

Q3 2023 gross margin is expected to be slightly lower sequentially. For Q3 2023, we expect slightly lower operating expenses sequentially.

Visibility remains limited. We remain cautious and we continue to work with scenario planning. We will continue to respond quickly and effectively, through our diverse portfolio of services, and operational adaptability provided by our field steering model.

There will be a negative 1.0 working day impact in Q3 2023.

working days

	Q1	Q2	Q3	Q4
2023	63.9	61.7	63.8	62.2
2022	63.2	62.1	64.8	62.7
2021	62.4	62.2	65.1	63.9

other items

randstad Capital Markets Day 2023

Our Capital Markets Day 2023 will be held on Tuesday October 31, 2023. The event will feature presentations by members from our Executive Leadership Team, and will be broadcast live via our investor relations website.

randstad has reached an agreement to acquire Grupo CTC in Spain

On 12 July 2023, Randstad announced that it has signed an agreement to acquire Grupo CTC in Spain. Grupo CTC provides outsourced industrial, logistics, and sales & marketing services to customers in its home market of Spain and in Portugal. The company currently operates from 14 regional offices and 11 owned logistics facilities, servicing over 200 customers.

Grupo CTC generated revenue of € 230 million in 2022. The enterprise value of the acquisition is € 80.5 million. This transaction is aligned with Randstad's growth strategy of complementing our existing operations with highly selective acquisitions which enable us to continue growing in exciting, expanding markets, whilst ensuring that the transaction is EVA accretive within a three-year period. The completion of the transaction is subject to several conditions, which parties expect to be fulfilled in the coming weeks.

other items

The Supervisory Board proposes that Dimitra Manis be appointed as a member of the Supervisory Board. Dimitra Manis is the Chief Purpose Officer of S&P Global with global responsibility for the People (HR), Marketing, Communications and Corporate Responsibility functions that comprise S&P Global's Purpose organization.

Prior to joining S&P Global in 2018, she held various executive leadership positions in human resources at Revlon, Estee Lauder, Openlink and Thomson Reuters. Dimitra Manis is a member of the boards of the British American Association Board, S&P Dow Jones Indices and the S&P Global Foundation. A General Meeting of Shareholders to approve her proposed appointment will be held in the fourth quarter of 2023.

completion of the first tranche of Randstad share buyback program

Randstad N.V. ("Randstad") today announces that the first tranche of its € 400 million full share buyback program announced on April 25, 2023, to repurchase up to a maximum of 1,550,000 ordinary shares in Randstad has been completed.

In the period between April 25, 2023 and July 24, 2023 (inclusive) Randstad has purchased a total of 1,550,000 ordinary shares for a total consideration of € 75 million. A comprehensive overview of the transactions carried out under the share buy back program, as well as the details of the transactions, are available on Randstad website.

randstad commences second tranche of its € 400 million share buyback program

Randstad N.V. ("Randstad") today commences the second tranche of its € 400 million full share buyback program as announced on February 14, 2023.

The purpose ofthe program is to reduce the capital of Randstad, by canceling all ofthe ordinary shares acquired through the program.

The program will be executed under the mandate given by the Annual General Meeting of Shareholders on March 28, 2023 ("AGM 2023") and within the limits of relevant laws and regulations.

The share buyback program will be executed in several tranches. For each of them, an intermediary will be mandated to execute the purchase of the shares independently of Randstad in compliance with the Regulation (EU) No 596/2014, of the European Parliament and the Council, of 16 April 2014, on Market Abuse (the "MAR Regulation") and within predefined execution parameters. Randstad shares are purchased in the market and accumulated in treasury until cancellation. Pursuant to the relevant rules and regulations, cancellation may not be affected earlier than two months after a resolution to cancel shares is adopted and publicly announced.

Randstad will commence the second tranche of its € 400 million full share buyback program, to repurchase up to a maximum of 1,540,000 ordinary shares in Randstad in the period between July 25, 2023 and October 23, 2023 inclusive), equivalent to around € 80 million based on the closing share price on Euronext Amsterdam on July 24, 2023. Within the limits set at the AGM 2023, the maximum price to be paid for shares will be 110% of the closing price of the one preceding trading day on the Euronext Amsterdam stock exchange. Any purchases of shares will be carried out on Euronext Amsterdam in accordance with certain pre-set parameters in accordance with Article 5(1) of the MAR Regulation.

Randstad has mandated an independent broker to undertake the second tranche of the program between July 25, 2023 and October 23, 2023 (inclusive). The independent broker will make its trading decisions with regard to the number of shares to be purchased and the timing of the purchases independently of Randstad, and any shares so purchased will be on-sold by the independent broker to Randstad.

The independent broker's instruction to purchase the shares is irrevocable. Randstad will provide weekly updates on the progress of the program on its corporate website in the investor relations section and to the AFM. Once the maximum number of shares has been repurchased, Randstad will immediately disclose the finalization of the second tranche of its € 400 million full share buyback program.

Next to the € 400 million share buyback program, Randstad intends to offset the dilutive effect from the performance share plans for senior management through share buybacks. Further details will be announced in the Q3 2023 results press release.

financial calendar

Publication of third quarter results 2023	October 24, 2023
Capital Markets Day 2023	October 31, 2023

analyst and press conference call

Today (July 25, 2023), at 09.00 AM CET, Randstad N.V. will be hosting an analyst conference call. The dial-in numbers are:

• International: +44 33 0551 0200

• Netherlands: +31 20 708 5073

To gain access to the conference please tap or state the password 'Randstad'

You can listen to the call through a real-time audio webcast. You can access the webcast and presentation at https:// www.randstad.com/results-and-reports/quarterly-results. A replay of the presentation and the Q&A will be available on our website by the end of the day.

For more information please contact:

Bisera Grubesic - Director Investor Relations bisera.grubesic@randstad.com or (mobile) +31 (0)6 2088 2592 Akshay Lachmandas - Investor Relations Officer akshay.lachmandas@randstad.com or (mobile) +31 (0)6 3918 6117 Henry Wallers henry.wallers@randstad.com or (mobile) +44 7876 562436

disclaimer

Certain statements in this document concern prognoses about the future financial condition, risks, investment plans, and the results of operations of Randstad N.V. and its operating companies, as well as certain plans and objectives. Obviously, such prognoses involve risks and a degree of uncertainty, since they concern future events and depend on circumstances that will apply then. Many factors may contribute to the actual results and developments differing from the prognoses made in this document. These factors include, but are not limited to, general economic conditions, shortages on the job market, changes in the demand for personnel (including flexible personnel), achievement of cost savings, changes in the business mix, changes in legislation (particularly in relation to employment, staffing and tax laws), the role of industry regulators, future currency and interest fluctuations, availability of credit on financially acceptable terms, the successful completion of company acquisitions and their subsequent integration, successful disposals of companies, the rate of technological developments, the impact of pandemics and our ability to identify otherrelevantrisks and mitigate theirimpact. These prognoses therefore apply only on the date on which this document was compiled. The quarterly results as presented in this press release are unaudited.

randstad profile

Randstad is the world's largest talent company and a partner of choice to clients. We are committed to providing equitable opportunities to people from all backgrounds and help them remain relevant in the rapidly changing world of work. We have a deep understanding of the labor market and help our clients to create the high-quality, diverse and agile workforces they need to succeed. Our 43,500 employees around the world make a positive impact on society by helping people to realize their true potential throughout their working life.

Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. In 2022, in our 39 markets, we helped more than 2 million people find a job that feels good and advised over 230,000 clients on their talent needs. We generated revenue of € 27.6 billion. Randstad N.V. is listed on the Euronext Amsterdam. For more information, see www.randstad.com.

half year report 2023.

key financials

key financials

in millions of €, unless otherwise indicated - underlying	6M 2023	6M 2022	% org.
Revenue	12,983	13,507	(5)%
Gross profit	2,709	2,817	(4)%
Operating expenses	2,172	2,223	(3)%
Underlying EBITA	537	594	(11)%

Margins (in % of revenue)

Gross margin	20.9%	20.9%
Operating expenses margin	16.7%	16.5%
Underlying EBITA margin	4.1%	4.4%

revenue

Organic revenue per working day decreased by 4.6% YoY in H1 2023 resulting in revenue of € 12,983 million. Revenue per working day decreased by 4.2% YoY in the first quarter and 5.1% YoY in the second quarter.

gross profit

Gross margin was 20.9%, flat compared to H1 2022. Temporary staffing had a 30bp positive effect on gross margin. Permanent placements had a 20bp negative effect on gross margin, while HRS/other had a 10bp negative impact.

operating expenses

Operating expenses decreased by 3% organically YoY. Average headcount (in FTE) is down 2% compared to the prior year.

EBITA

Underlying EBITA equalled to € 537 million in H1 2023. EBITA margin reached 4.1%, down 30bp compared to H1 2022.

key financials, actual

key financials, actual
in millions of €, unless otherwise indicated	6M 2023	6M 2022	change
Underlying EBITA	537	594	(10)%
Integration costs and one-offs	(91)	(49)
EBITA	446	545	(18)%
Amortization and impairment of intangible assets	(22)	(9)
Operating profit	424	536
Net finance (costs) / income	(31)	8
Share of profit of associates	-	1
Income before taxes	393	545	(28)%
Taxes on income	(102)	(140)
Net income	291	405	(28)%

net finance income/(costs)

Net finance costs amounted to € 31 million, compared to € 8 million net finance income in the first half of 2022. Interest expenses on our net debt position were € 15 million, compared to € 4 million in the first half of 2022; interest expenses related to lease liabilities were € 10 million (H1 2022: € 6 million). Foreign currency and other effects had a negative impact of € 6 million (H1 2022: € positive 18 million).

net income

Adjusted net income attributable to holders of ordinary shares amounted to € 376 million, compared to € 444 million in the first six months of 2022. As a result, diluted underlying EPS decreased from € 2.42 to € 2.05.

cash flow

In the first six months of 2023, free cash flow amounted to € 295 million compared to € 188 million in H1 2022.

cash flow summary

	cash flow summary

in millions of €	6M 2023	6M 2022	change
EBITA	446	545	(18)%
Depreciation, amortization and impairment of property, plant, equipment, right-of-use
assets, and software	150	149
EBITDA	596	694	(14)%
Operating working capital	(70)	(216)
Provisions and employee benefit obligations	19	10
All other items	38	23
Income taxes	(129)	(168)
Net cash flow from operating activities	454	343	32%
Net capital expenditures	(44)	(51)
Financial assets	(11)	-
Repayments of lease liabilities	(104)	(104)
Free cash flow	295	188	57%
Net (acquisitions)/disposals	(3)	(25)
Net purchase of own ordinary shares	(91)	(71)
Dividends on ordinary and preference shares	(530)	(408)
Net finance costs	(13)	(5)
Translation and other effects	4	(10)
Net increase of net debt	(338)	(331)

risk profile

Our company's risk profile as presented in our 2022 annual report is impacted by post-pandemic recovery activities (decreasing impact in 2023), persistent inflationary trend, and extended geopolitical conflicts and tensions. Consequently, interest rates have been rising globally and supply chain disruptions continued through sanctions, tariffs and war. These have contributed to greater uncertainties in the near term.

Our key risks are in areas such as changing macroeconomic & regulatory environment, local market volatility & unpredictability, contract liability & delivery, workplace health & safety (mental health), information technology & cyber security, credits & collections and tax & labour law compliance. We have implemented processes and procedures to deal with these increased uncertainties to the extent possible under the current circumstances. For example: our health & safety procedures and related mental health for all our staff; credit management; client delivery; and information security measures, are continually reevaluated and upgraded where needed. These evaluations and adjustments are part of our ongoing monitoring processes and operational flexibility, which include international exchange of protocols and good practices between our operating companies in all mentioned areas.

Climate change is now an imminent risk. We see extreme weather conditions as an emerging risk that continues to have a significant impact on our service delivery for clients, health & safety of our employees and the well-being and availability of talents. As part of our endeavour to reduce climate deterioration initiatives were taken to reduce our ecological footprint. These include committing to the Science Based Target initiative (SBTi) Business Ambition for the 1.5 degree celsius pledge, Net Zero target by 2050, as well as periodic reporting on non-financial indicators such as energy consumption and emissions.

We continue to closely monitor the risks and opportunities, and will respond appropriately to any emerging risk. We have a wide geographical coverage, which spreads our exposure across mature and emerging markets, which are experiencing different economic conditions. Since it remains difficult to predict future economic developments, we focus on responding to actual performance in each of our local markets. Our business model, processes and weekly indicators help to ensure that we are flexible enough to respond to these economic conditions. More information on how we manage risk can be found on pages 122-129 of our 2022 annual report.

auditor's involvement

The consolidated interim financial statements and the Interim Directors' Report have not been audited or reviewed by an external auditor.

conclusion

In conjunction with the EU Transparency Directive as incorporated in the Dutch Financial Markets Supervision Act ('Wet op het financieel toezicht'), the Executive Board declares that, to the best of its knowledge:

• The consolidated interim financial statements as at June 30, 2023 and for the six month period ended at June 30, 2023 (as set out on pp. 20-30) have been prepared in accordance with IFRS (IAS 34) as adopted by the European Union, and give a true and fair view of the assets, liabilities, financial position and results of Randstad N.V. and its consolidated Group companies taken as a whole; and
• This Interim Directors' Report (as set out on pp. 1-19) gives a fair view of the information required pursuant to section 5:25d (8)/(9) of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

Diemen, the Netherlands, July 25, 2023 The Executive Board,

Sander van 't Noordende

Jorge Vazquez

Chris Heutink

Myriam Beatove

interim financial statements.

actuals

consolidated income statement

in millions of €, unless otherwise indicated	Q2 2023	Q2 2022	6M 2023	6M 2022
Revenue	6,465	6,886	12,983	13,507
Cost of services	5,128	5,430	10,278	10,691
Gross profit	1,337	1,456	2,705	2,816
Selling expenses	731	800	1,481	1,534
General and administrative expenses	389	391	778	737
Operating expenses	1,120	1,191	2,259	2,271
Amortization and impairment of acquisition-related intangible assets and goodwill	11	5	22	9
Total operating expenses	1,131	1,196	2,281	2,280
Operating profit	206	260	424	536
Net finance income / (costs)	(17)	3	(31)	8
Share of profit of associates	-	1	-	1
Income before taxes	189	264	393	545
Taxes on income	(52)	(68)	(102)	(140)
Net income	137	196	291	405
Net income attributable to:
Holders of ordinary shares Randstad N.V.	135	194	287	401
Holders of preference shares Randstad N.V.	2	2	4	4
Equity holders	137	196	291	405
Non-controling interests	-	-	-	-
Net Income	137	196	291	405
Earnings per share attributable to the holders of ordinary shares of Randstad N.V. (in € per share):
Basic earnings per share	0.74	1.06	1.57	2.19
Diluted earnings per share	0.74	1.06	1.56	2.18
Diluted earnings per share before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs	1.01	1.25	2.05	2.42

informationbygeographicalareaandrevenuecategory

revenue by geographical area
in millions of €	Q2 2023	Q2 20221	6M 2023	6M 20221
North America	1,151	1,367	2,364	2,669
Netherlands	800	881	1,608	1,769
Germany	469	496	967	984
Belgium/Luxembourg	376	415	767	831
Other NE Countries	369	387	741	759
Northern Europe	2,014	2,179	4,083	4,343
France	1,003	997	1,953	1,938
Italy	554	593	1,092	1,136
Iberia	388	405	762	798
Other SE Countries, UK & Latam	359	368	724	723
Southern Europe, UK & Latin America	2,304	2,363	4,531	4,595
Asia Pacific	643	586	1,291	1,158
Global Businesses	369	404	743	767
Elimination of intersegment revenue	(16)	(13)	(29)	(25)
Revenue	6,465	6,886	12,983	13,507

1 2022 has been restated due to changes in the external reporting structure. Refer to the notes to the consolidated interim financial statements for further detail.

EBITA by geographical area

Q2 2023	Q2 20221	6M 2023	6M 20221
60	83	112	164
40	51	92	109
(3)	9	11	14
14	17	32	36
9	14	20	27
60	91	155	186
47	48	100	97
39	40	78	81
23	24	44	43
10	16	20	24
119	128	242	245
23	26	40	57
3	3	(5)	1
(48)	(66)	(98)	(108)
217	265	446	545

1 2022 has been restated due to changes in the external reporting structure. Refer to the notes to the consolidated interim financial statements for further detail.

revenue by revenue category

in millions of €	Q2 2023	Q2 20221	6M 2023	6M 20221
Staffing	2,965	3,283	5,904	6,456
Inhouse	1,614	1,671	3,274	3,283
Professionals	1,533	1,541	3,091	3,026
Global businesses	369	404	743	767
Elimination of intersegment revenue	(16)	(13)	(29)	(25)
Revenue	6,465	6,886	12,983	13,507

1 2022 has been restated due to changes in the external reporting structure. Refer to the notes to the consolidated interim financial statements for further detail.

Total revenues of permanent placements in the revenue categories 'Staffing', 'Inhouse', and 'Professionals', amounted to € 158 million in Q2 2023 (Q2 2022: € 192 million). Revenue of recruitment process outsourcing within Global businesses amounted to € 89 million in Q2 2023 (Q2 2022: € 119 million).

consolidated balance sheet

in millions of €	june 30, 2023	december 31, 2022	june 30, 2022
assets
Property, plant and equipment	140	153	148
Right-of-use assets	513	524	517
Intangible assets	3,345	3,397	3,296
Deferred income tax assets	611	633	590
Financial assets and associates	189	184	194
Non-current assets	4,798	4,891	4,745
Trade and other receivables	5,644	5,828	5,735
Income tax receivables	129	116	124
Cash and cash equivalents	301	274	411
Current assets	6,074	6,218	6,270
Total assets	10,872	11,109	11,015
equity and liabilities
Issued capital	26	26	26
Share premium	2,344	2,330	2,323
Reserves	2,196	2,558	2,047
Shareholders' equity	4,566	4,914	4,396
Non-controlling interests	1	1	1
Total equity	4,567	4,915	4,397
Borrowings (including lease liabilities)	1,152	889	894
Deferred income tax liabilities	26	52	22
Provisions and employee benefit obligations	223	219	276
Other liabilities	1	7
Non-current liabilities	1,402	1,167
Borrowings (including lease liabilities)	357	255	263
Trade and other payables	4,338	4,576	4,484
Dividend	-	-	514
Income tax liabilities	65	78	62
Provisions and employee benefit obligations	136	118	91
Other liabilities	7	-	5
Current liabilities	4,903	5,027	5,419
Total liabilities	6,305	6,194	6,618
Total equity and liabilities	10,872	11,109	11,015

consolidated statement of cash flows

in millions of €	Q2 2023	Q2 2022	6M 2023	6M 2022
Operating profit	206	260	424	536
Amortization and impairment of acquisition-related intangible assets and goodwill	11	5	22	9
EBITA	217	265	446	545
Depreciation, amortization and impairment of property, plant, equipment, right-of-use assets, and software	78	76	150	149
EBITDA	295	341	596	694
Provisions and employee benefit obligations	11	6	19	10
Share-based compensations	14	12	30	23
Other items	1	1	8
Cash flow from operations before operating working capital and income taxes	321	360	653	727
Operating working capital assets	(111)	(103)	124	(207)
Operating working capital liabilities	68	(25)	(194)	(9)
Operating working capital	(43)	(128)	(70)	(216)
Income taxes	(78)	(99)	(129)	(168)
Net cash flow from operating activities	200	133	454	343
Net additions in property, plant and equipment, and software Acquisition of subsidiaries, associates and equity investments	(22) (2)	(26) (24)	(44) (3)	(51) (26)
Disposal of subsidiaries, associates and equity investments	-	(1)	-	1
Loans and receivables	-	-	(11)	-
Net cash flow from investing activities	(24)	(51)	(58)	(76)
Net purchase of own ordinary shares	(55)	-	(91)	(71)
Drawings on non-current borrowings	300	366	527	366
Repayments of non-current borrowings	-	(170)	(250)	(570)
Drawing current borrowings	136	40	103	62
Repayments of lease liabilities	(52)	(52)	(104)	(104)
Net financing	329	184	185	(317)
Net finance costs paid	(8)	(2)	(13)	(5)
Dividend	(530)	(408)	(530)	(408)
Net reimbursement to financiers	(538)	(410)	(543)	(413)
Net cash flow from financing activities	(209)	(226)	(358)	(730)
Net increase (decrease) in cash, and cash equivalents	(33)	(144)	38	(463)
Cash, and cash equivalents at beginning of period	340	548	274	859
Net movement	(33)	(144)	38	(463)
Translation and currency gains	(6)	7	(11)	15
Cash, and cash equivalents at end of period	301	411	301	411
Free cash flow	126	55	295	188

consolidated statement of changes in total equity and consolidatedstatementoftotalcomprehensiveincome

in millions of €	April 1 - June 30		Jan 1 - June 30
	2023	2022	2023	2022
Begin of period
Shareholders' equity	4,494	4,161	4,914	4,901
Non-controlling interests	1	1	1	1
Total equity	4,495	4,162	4,915	4,902
Net income for the period, equity shareholders	137	196	291	405
Non-controlling interest	-	-	-	-
Net income for the period	137	196	291	405
Items that subsequently may be reclassified to the income statement	(24)	27	(51)	56
Items that will never be reclassified to the income statement	-	-	-	-
Total other comprehensive income, net of taxes	(24)	27	(51)	56
Total comprehensive income	113	223	240	461
Dividend on ordinary shares	-	-	(522)	(914)
Dividend on preference shares	-	-	(8)	(8)
Share-based compensations	14	12	30	23
Tax on share-based compensations	-	-	3	4
Net purchase of ordinary shares	(55)	-	(91)	(71)
Total other changes in period	(41)	12	(588)	(966)
End of period	4,567	4,397	4,567	4,397
Shareholder's equity	4,566	4,396	4,566	4,396
Non-controlling interests1	1	1	1	1
Total equity	4,567	4,397	4,567	4,397

1 Changes in 'Non-controlling interests', are negligible for all periods.

notes to the consolidated interim financial statements

reporting entity

Randstad N.V. is a public limited liability company incorporated and domiciled in the Netherlands and listed on Euronext Amsterdam.

The consolidated interim financial statements of Randstad N.V. as at and for the six month period ended June 30, 2023 include the company and its subsidiaries (together called 'the Group').

significant accounting policies

These consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations issued by the International Accounting Standards Board (IASB), as adopted by the European Union (hereinafter: IFRS).

The accounting policies applied by the Group in these consolidated interim financial statements are unchanged from those applied by the Group in its consolidated financial statements as at and for the year ended December 31, 2022.

basis of presentation

These consolidated interim financial statements have been condensed and prepared in accordance with (IFRS) IAS 34 'Interim Financial Reporting'; they do not include all the information required for full (i.e., annual) financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended December 31, 2022.

The consolidated financial statements of the Group as at and for the year ended December 31, 2022 are available upon request at the Company's office or on www.randstad.com.

estimates

The preparation of consolidated interim financial statements requires the Group to make certain judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

In preparing these consolidated interim financial statements, the significant judgments, estimates, and assumptions are the same as those applied to the consolidated financial statements as at and for the year ended December 31, 2022.

new external segmentation

As of January 1, 2023, a new Executive Leadership Team was appointed along with changes in the governance and managerial reporting structure of the Group. As a result, the segmentation by geographical area has changed from the way it was presented in the FY 2022 annual report. Main changes are the creation of 'Northern Europe' and 'Southern Europe, UK & Latin America' segments. The countries included as part of the former 'Rest of Europe' segment have been allocated to both of these segments accordingly. Similarly, the former 'Rest of World' segment has been split between Latin American countries, included as part of the new 'Southern Europe, UK and Latin America' segment, and the remaining countries which are included in the new 'Asia Pacific' segment.

Compared to the FY 2022 annual report, the segmentation by revenue categories also includes minor changes to better reflect the allocation of revenue between 'Staffing' and 'Global Businesses' segments.

Comparative figures for prior periods have been adjusted accordingly for presentation purposes.

conflict in Ukraine

We closely follow the geopolitical developments in Eastern Europe. In addition to the human toll, we recognize that increased inflation and increased energy prices, and supply-chain disruptions are signs indicating that this war is affecting the global economy.

So far, the impact of the consequences of the war on our results has been fairly limited. Looking ahead, there continues to be a high degree of global macroeconomic and geopolitical uncertainty. We are continuously monitoring the situation, with the aim to respond as quickly and effectively as possible to the changing circumstances.

seasonality

The Group's activities are affected by seasonal patterns. The volume of transactions throughout the year fluctuates per quarter, depending on demand as well as on variations in items such as the number of working days, public holidays and holiday periods. The Group usually generates its strongest revenue and profits in the second half of the year, while the cash flow in the second quarteris usually negative due to the timing of payments of dividend and holiday allowances; cash flow tends to be strongest in the second half of the year.

effective tax rate

The effective tax rate for the six month period ended June 30, 2023 is 25.9% (H1 2022: 25.6%) and is based on the estimated tax rate for the whole year 2023 (FY 2022: 17.5%). Last year's tax rate was significantly impacted by the reassessment of the valuation of our tax loss carry forward position in Luxembourg.

acquisition and disposal of group companies, equity investments and associates

In the quarter, we had no cash outflow relating to acquisitions of Group companies (Q2 2022: € 24 million). In the quarter we finalized the purchase price allocation for our acquisition of Side. The finalization did not result in any adjustments to the purchase price allocation. In the quarter, we had no disposal of Group companies (Q2 2022: cash outflow of € 1 million). In the quarter we had a cash outflow of € 2 million in relation to acquisitions of equity investments (Q2 2022: € 0 million).

shareholders' equity

Issued number of ordinary shares	2023	2022
January 1	183,959,312	183,959,312
Share-based compensations	-	-
June 30	183,959,312	183,959,312

As at June 30, 2023, the Group held 2,114,300 treasury shares (June 30, 2022: 1,120,061). The average number of (diluted) ordinary shares outstanding has been adjusted for these treasury shares.

As at June 30 2023, December 31 2022 and June 31, 2022 the number of issued preference shares was 25,200,000 (type B) and 50,130,352 (type C).

earnings per share

in millions of €, unless otherwise indicated	Q2 2023	Q2 2022	6M 2023	6M 2022
Net income for holders of preference and ordinary shares	137	196	291	405
Net income attributable to holders of preference shares	(2)	(2)	(4)	(4)
Net income attributable to holders of ordinary shares	135	194	287	401
Amortization of intangible assets1	11	5	22	9
Integration costs and one-offs	54	43	91	49
Tax effect on amortization, integration costs, and one-offs	(15)	(12)	(24)	(15)
Adjusted net income for holders of ordinary shares	185	230	376	444
Average number of ordinary shares outstanding	182.6	182.8	182.7	182.8
Average number of diluted ordinary shares outstanding	183.4	183.7	183.6	183.8
Earnings per share attributable to the holders of ordinary shares of Randstad N.V. (in € per share):
Basic earnings per share	0.74	1.06	1.57	2.19
Diluted earnings per share	0.74	1.06	1.56	2.18
Diluted earnings per share before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs, and one-offs2	1.01	1.25	2.05	2.42

1 Amortization and impairment of acquisition-related intangible assets and goodwill.

2 Diluted EPS underlying

net debt position

Net debt including lease liabilities at June 30, 2023 amounted to € 1,208 million, and was € 338 million higher compared to December 31, 2022 (€ 870 million). The net debt position excluding lease liabilities as at June 30, 2023 was € 616 million compared to the net debt position as at December 31, 2022 (€ 272 million).

breakdown of operating expenses

in millions of €	Q2 2023	Q2 2022	6M 2023	6M 2022
Personnel expenses	837	878	1,704	1,693
Other operating expenses	283	313	555	578
Operating expenses	1,120	1,191	2,259	2,271

depreciation, amortization, impairment of property, plant, equipment, right-of-use assets and software

in millions of €	Q2 2023	Q2 2022	6M 2023	6M 2022
Depreciation and impairment of property, plant and equipment	13	14	27	27
Amortization and impairment of software	13	17	24	31
Depreciation and amortization of software	26	31	51	58
Depreciation and impairment of right-of-use assets	52	45	99	91
Total	78	76	150	149

net additions to property, plant, equipment and software, statement of cash flows

in millions of €	Q2 2023	Q2 2022	6M 2023	6M 2022
Additions
Property, plant and equipment & Software	(23)	(30)	(45)	(57)
	(23)	(30)	(45)	(57)
Disposals
Proceeds property, plant and equipment	1	3	1	5
(Profit)/Loss	-	1	-	1
	1	4	1	6
Statement of cash flows	(22)	(26)	(44)	(51)

total comprehensive income

Apart from net income for the period, total comprehensive income comprises translation differences and related tax effects that subsequently may be reclassified to the income statement in a future reporting period, and, if any, fair value adjustments of equity investments and remeasurements of post-employment benefits (including tax effects), that will never be reclassified to the income statement.

related-party transactions

There are no material changes in the nature, scope, and (relative) scale in this reporting period compared to last year. More information is included in notes 28, 29 and 30 to the consolidated financial statements as at and for the year ended December 31, 2022.

commitments

There are no material changes in the nature and scope of commitments compared to December 31, 2022.

events after balance sheet date

On the 12th of July 2023 the Group signed an agreement to acquire Grupo CTC in Spain.

Grupo CTC provides outsourced industrial, logistics, and sales & marketing services to customers in its home market of Spain and in Portugal. The company currently operates from 14 regional offices and 11 owned logistics facilities, servicing over 200 customers. Grupo CTC generated revenue of € 230 million in 2022. The enterprise value of the acquisition is € 80.5 million. The completion of the transaction is subject to several conditions, which parties expect to be fulfilled in the coming weeks.