contents.

Q2 2024: adaptability and strategic progress
financial performance
core data
invested capital
cash flow summary
performance
performance by geography
performance by specialization
other information
half year report
key financials
interim financial statements

Q2 2024: adaptability and strategic progress.

-7.5% Q2 2024 org. revenue growth¹ Q2 2023 -5.1%

€ 6,085m Q2 2024 Revenues

Q2 2023 € 6,465m

€ 181m

Q2 2024 underlying EBITA¹

Q2 2023 € 271m

€ 125m Q2 2024 operating profit

Q2 2023 € 206m

3.0% Q2 2024 underlying EBITA margin¹

Q2 2023 4.2%

€ 78m Q2 2024 net income

Q2 2023 € 137m

CEO Sander van 't Noordende commented, "Market conditions in Q2 remained challenging across many of our geographies amid subdued hiring activity. Our teams have continued to navigate this environment well and importantly, we have significantly increased our commercial activities. We remain focused on reducing indirect costs, while carefully balancing the deployment of our field capacity."

"At the same time, we continue to execute our Partner for Talent strategy through focused investments. We are now a leading digital marketplace for operational talent in the US and we have implemented our Randstad Talent Platform in the Netherlands. During the period, we also announced the acquisition of Torc, a next-generation AI-driven platform, that will significantly strengthen our talent services offer in Randstad Digital."

¹Alternative Performance Measures (APMs) which are considered as industry benchmarks. For the definition and reconcilations to the nearest IFRS line item see "use of performance measures".

financial performance.

core data

in millions of €, unless otherwise indicated	Q2 2024	Q2 2023	yoy change1	% M&A & other.	% fx.	% wd.	% org.2
Revenue	6,085	6,465	(6)%	(1)%	0%	(1)%	(8)%
Gross profit, underlying3	1,203	1,341	(10)%	(1)%	0%	(1)%	(12)%
Operating expenses, underlying3	1,022	1,070	(4)%	(1)%	0%	n/a	(5)%
EBITA, underlying3	181	271	(34)%	(1)%	0%	n/a	(35)%
Integration costs and one-offs4	(45)	(54)
EBITA5	136	217	(37)%
Amortization and impairment of intangible assets6	(11)	(11)
Operating profit	125	206
Net finance costs	(20)	(17)
Share of profit of associates	-	-
Income before taxes	105	189	(44)%
Taxes on income	(27)	(52)
Net income	78	137	(43)%
Adj. net income for holders of ordinary shares7	118	185	(36)%
Free cash flow8	16	126	(87)%
Net debt9	991	616	61%
Leverage ratio (net debt/12-month EBITDA)10	1.0	0.5
Days Sales Outstanding (DSO), moving average11	53.8	53.3
Margins (in % of revenue)
Gross margin, underlying	19.8%	20.7%
Operating expenses margin, underlying	16.8%	16.6%
EBITA margin, underlying	3.0%	4.2%
Share data
Basic earnings per ordinary share (in €)	0.43	0.74	(42)%
Diluted earnings per ordinary share, underlying (in €)12	0.67	1.01	(34)%

1 Subject to roundings

2 For the definition of organic growth, see "use of performance measures".

3 Adjusted for integration costs and one-offs. For the definition see "use of performance measures".

4 Integration costs and one-offs include adjustments made for restructuring, integration expenses and M&A expenses for acquired group companies.

5 Operating profit before amortization and impairment of acquisition-related intangibles and goodwill. For the definition see "use of performance measures".

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

7 Net income before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. For the reconciliation see table 'Earnings per share'. For the definition see "use of performance measures".

8 Free cash flow is the sum of net cash flow from operating activities and investing activities excluding cash flows for acquisitions and disposals of subsidiaries, equity investments and (dividends of) associates, and repayment of lease liabilitites. For the definition see "use of performance measures".

9 Cash and cash equivalents minus current borrowings and non-current borrowings.

10Leverage ratio excluding the effects of IFRS 16. For the definition see "use of performance measures".

11 The DSO is calculated at the end of each month by dividing Trade receivables at the end of the month by the last 3 months of revenue (including VAT) and multiplied by 365 days divided by 4 (quarters). The moving average DSO is the sum of the last twelve months of DSO divided by 12 (months).

12 The diluted earnings per ordinary share, underlying is before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. See table 'Earnings per share'. For the definition see "use of performance measures".

revenue

Reported revenue was down 5.9% YoY. From a reported point of view, working days had a negative impact of 0.8% while FX had no impact. M&A & other negatively contributed 0.8%. This results in an organic revenue per working day being down 7.5% YoY in Q2 2024, bringing Q2 revenue to € 6,085 million (Q1 2024: down 7.8%).

At the main geographical segment level, revenue per working day in North America was down 13% (Q1 2024: down 15%). In Northern Europe revenue per working day was down 10% (Q1 2024: down 8%) while in Southern Europe, UK and Latin America,revenue was down 2% (Q1 2024: down 3%). In the Asia Pacific region,revenue was down 8% (Q1 2024: down 7%).

Perm fees decreased by 18% YoY (Q1 2024: down 21%) on an organic basis. Total revenues of permanent placements, amounted to € 129 million in Q2 2024 (Q2 2023: € 158 million). RPO fees decreased by 19% YoY (Q1 2024: down 20%). Revenue of recruitment process outsourcing amounted to € 79 million in Q2 2024 (Q2 2023: € 89 million). Perm and RPO fees made up 17% of gross profit.

gross profit

In Q2 2024, reported gross profit amounted to € 1,198 million (Q2 2023: €1,341 million) down 10% YoY. Gross profit was adjusted for € 5 million of one-offs (Q2 2023: € 4 million), resulting in an underlying gross profit of € 1,203 million (Q1: € 1,199 million), down 12% YoY organically. Currency effects had a negligible impact on gross profit compared to Q2 2023.

year-on-year underlying gross margin development (%)

Underlying gross margin was 19.8% in the quarter compared to 20.7% in Q2 2023 (as shown in the graph above). Temporary placements had a 40bp negative impact on underlying gross margin (Q1 2024: 10bp negative impact). Permanent placements had a 30bp negative impact (Q1 2024: 30bp negative impact), while HRS/other had a 20bp negative impact (Q1 2024: 40bp negative impact).

operating expenses

Operating expenses were € 1,062 million (Q2 2023: € 1,120 million) down 4% YoY and were adjusted for € 40 million of integration costs and one-offs (Q1 2024: € 39 million), resulting in underlying operating expenses of € 1,022 million (Q1 2024: € 1,022 million), down 5% YoY organically. Currency effects had a negligible impact on operating expenses compared to Q2 2023. The integration costs and one-offs of € 40 million mainly reflects restructurings in a few countries, integration costs and M&A expenses for our recent acquisitions.

financial performance.

sequential underlying OPEX development in € M

On a sequential basis operating expenses decreased by € 4 million organically. Personnel expenses were down 1% sequentially. Average headcount (in FTE) amounted to 41,760 for the quarter, organically down 5% YoY and broadly in line sequentially. We operated a network of 4,372 outlets, including branches and inhouse locations end of period (Q1 2024: 4,726). The decrease in outlets reflects the execution of our real estate strategy in the US and a broader harmonization of definitions on outlets.

EBITA

EBITA was € 136 million (Q2 2023: € 217 million). EBITA was adjusted for € 45 million of integration costs and one-offs (Q2 2023: € 54 million), resulting in an underlying EBITA of € 181 million (Q2 2023: € 271 million) which means an organic decline of 35%. Currency effects had a negligible impact YoY. Underlying EBITA margin reached 3.0% in the quarter, 120bp below Q2 2023. Overall, we achieved a L4Q recovery ratio of 44% in Q2 2024.

operating profit

Operating profit was € 125 million (Q2 2023: € 206 million). Compared to last year, operating profit was down € 81 million YoY.

net finance costs

In Q2 2024, net finance costs were € 20 million, compared to € 17 million in Q2 2023. Interest expenses on our net debt position were € 13 million (Q2 2023: € 9 million), and interest expenses related to lease liabilities were € 6 million (Q2 2023 € 4 million). Foreign currency and other effects had a negative impact of € 1 million (Q2 2023: negative impact of € 4 million).

tax rate

The effective tax rate amounted to 26.0% (Q2 2023: 25.5%). For FY 2024, we expect an effective tax rate between 25% and 27%.

net income, earnings per share

In Q2 2024, adjusted net income was down 36% YoY to € 118 million. Diluted underlying EPS amounted to € 0.67 (Q2 2023: € 1.01). The average number of diluted ordinary shares outstanding for the quarter was 177.3 million (Q2 2023: 183.4 million).

invested capital

in millions of €, unless otherwise indicated	jun 30 2024	mar 31 2024	dec 31 2023	sep 30 2023	jun 30 2023	mar 31 2023
Goodwill and acquisition related intangible assets	3,280	3,216	3,225	3,246	3,224	3,251
Operating working capital (OWC)1	1,341	1,252	1,105	1,204	1,294	1,257
Net tax assets2	751	766	741	662	649	623
All other assets/(liabilities)3	311	(99)	552	600	608	109
Employed capital	5,683	5,135	5,623	5,712	5,775	5,240
Financed by
Total equity	4,112	4,090	4,700	4,705	4,567	4,495
Net debt	991	437	306	419	616	145
Lease liabilities	580	608	617	588	592	600
Invested capital	5,683	5,135	5,623	5,712	5,775	5,240
Revenues (last twelve months)	24,466	24,846	25,426	26,250	27,044	27,465
Underlying EBITA (last twelve months)	896	986	1,075	1,174	1,237	1,274
Income tax paid (last twelve months)	(229)	(259)	(256)	(245)	(222)	(243)
Ratios
Days Sales Outstanding (DSO), moving average	53.8	53.7	53.3	53.4	53.3	53.0
OWC as % of revenue over last 12 months	5.5%	5.0%	4.3%	4.6%	4.8%	4.6%
Return on invested capital4	11.7%	14.2%	14.6%	16.3%	17.6%	19.7%

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. For the definition see "use of performance measures".

2 Net tax assets: Deferred income tax assets and income tax receivables less deferred income tax liabilities and income tax liabilities. For the definition see "use of performance measures".

3 All other assets/(liabilities), mainly containing property, plant & equipment, right of use assets, software plus financial assets and associates, assets held for sale, less provisions, liabilities held for sale, employee benefit obligations and other liabilities. As at June 30, 2024 € 222 million dividends payable is included (March 31, 2024 € 635 million and at March 31, 2023 € 530 million). For breakdown, refer to "use of performance measures".

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 11.7%, a decrease of 590bp YoY. This is mainly a reflection of the yearover-year deterioration in our 12-month rolling EBITA.

The moving average of Days Sales Outstanding (DSO) was 53.8 (Q1 2024: 53.7).

At the end of Q2 2024, net debt (including IFRS 16 'leases') was € 1,571 million, compared to € 1,208 million at the end of Q2 2023. A further analysis of the cash flow is provided in the next section.

cash flow summary

in millions of €	Q2 2024	Q2 2023	change
EBITA	136	217	(37)%
Depreciation, amortization and impairment of property, plant, equipment, right-of-use assets, and software	76	78
EBITDA	212	295	(28)%
Operating working capital	(92)	(43)
Provisions and employee benefit obligations	13	11
All other items	16	15
Income taxes	(48)	(78)
Net cash flow from operating activities	101	200	(50)%
Net capital expenditures	(27)	(22)
Financial assets	-	-
Repayments of lease liabilities	(58)	(52)
Free cash flow1	16	126	(87)%
Net (acquisitions)/disposals2	(65)	(2)
Net purchase of own ordinary shares	(86)	(55)
Dividends on ordinary and preference shares	(413)	(530)
Net finance costs paid	(10)	(8)
Reclass net debt to assets/liabilities held for sale	13	-
Translation and other effects	19	6
Net (increase) / decrease of net debt3	(526)	(463)

1 Free cash flow is the sum of net cash flow from operating activities and investing activities excluding cash flows for acquisitions and disposals of subsidiaries, equity investments and (dividends of) associates, and repayment of lease liabilitites.

2 Net (acquisitions)/ disposals represents the net cashflows from the acquisitions and disposals of subsidiaries, associates and equity investments. For details see the consolidated statements of cash flows.

3 The movement in net debt (including IFRS 16 'leases') between two reporting periods. For the definition see "use of performance measures".

In the quarter, free cash flow amounted to € 16 million, down € 110 million YoY (Q2 2023: € 126 million). Free cash flow trend mainly reflects the decline in EBITA in combination with the movement of working capital year over year.

performance.

performance by geography

Q2 2024: revenue € 6,085 million Q2 2024: underlying EBITA € 181 million

north america

In North America, revenue was down 13% YoY (Q1 2024: down 15%). In Q2 2024, revenue of our combined US businesses was down 13% YoY (Q1 2024: down 15%). US Operational talent solutions was down 7% YoY. US Professional talent solutions was down 22% YoY. US Digital talent solutions was down 16% YoY, while US Enterprise talent solutions was down 16%. In Canada, revenue was down 14% YoY. EBITA margin for the region came in at 3.4% for the quarter, compared to 5.6% last year.

northern europe

In the Netherlands, revenue was down 9% (Q1 2024: down 7%). Our Operational talent solutions was down 10% YoY while our Professional talent solutions was up 1% YoY. EBITA margin in the Netherlands was 4.6%, compared to 5.7% last year.

In Germany, revenue was down 16% YoY (Q1 2024: down 15%). Our Operational talent solutions was down 17% YoY, while Professional talent solutions was down 15% YoY. EBITA margin in Germany was -1.6%, compared to 4.0% last year, reflecting tough market conditions and less hours worked per EW, partially due to elevated sickness rates.

In Belgium and Luxembourg, revenue was flat YoY (Q1 2024: down 4%). Our Operational talent solutions was flat YoY, while our Professional talent solutions was up 3%. EBITA margin was 4.4%, compared to 4.5% last year.

Across other Northern European countries, revenue per working day was down 13% YoY (Q1 2024: down 9%). Revenue in Poland was flat YoY (Q1 2024: up 7%). In the Nordics, revenue was down 26% YoY (Q1 2024: down 22%), while in Switzerland,revenue was down 12% YoY (Q1 2024: down 12%). EBITA margin for other Northern Europe countries was 1.4% compared to 1.6% last year.

southern europe, uk & latin america

In France, revenue was down 7% YoY (Q1 2024: down 5%). Operational talent solutions was down 8% YoY, while our Professional talent solutions was down 2% YoY. EBITA margin was 4.3% compared to 5.0% last year.

Revenue in Italy was up 3% YoY (Q1 2024: down 2%). Operational talent solutions was up 4% YoY. EBITA margin was 6.3%, compared to 7.0% last year.

In Iberia, revenue per working day was up 7% YoY (Q1 2024: up 4%). Operational talent solutions was up 7% YoY. Spain was up 10% YoY (Q1 2024: up 6%), while in Portugal revenue was down 5% YoY (Q1 2024: down 6%). EBITA margin was 5.9%, stable compared to 5.9% last year.

Across other Southern European countries, UK & Latin America, revenue per working day was down 5% YoY (Q1 2024: down 8%). In the UK, revenue was down 7% YoY (Q1 2024: down 12%), while in Latin America revenue was flat YoY (Q1 2024: up 6%). EBITA margin for other Southern Europe countries was 2.6% compared to 2.3% last year.

asia pacific

Total revenue in the Asia Pacific region was down 8% organically YoY (Q1 2024: down 7%). In Japan, revenue was up 2% YoY (Q1 2024: up 5%). Japan Operational talent solutions was down 1% YoY, while Professional talent solutions was up 2%. Revenue in Australia/New Zealand was down 17% YoY (Q1 2024: down 16%), while our business in India was up 2% YoY (Q1 2024: up 2%). Overall EBITA margin in this region was 3.8%, compared to 4.9% last year.

third-party revenue in millions of €	Q2 2024	Q2 2023	∆ %	% M&A & other.	% fx.	% wd.	organic ∆%
North America	1,194	1,360	(12)%	0%	(1)%	0%	(13)%
Netherlands	753	811	(7)%	0%	0%	(2)%	(9)%
Germany	409	478	(14)%	0%	0%	(2)%	(16)%
Belgium/Luxembourg	379	376	0%	0%	0%	0%	0%
Other NE Countries	335	378	(11)%	0%	(1)%	(1)%	(13)%
Northern Europe	1,876	2,043	(8)%	0%	(1)%	(1)%	(10)%
France	935	1,006	(7)%	0%	0%	0%	(7)%
Italy	585	556	5%	0%	0%	(2)%	3%
Iberia	472	388	22%	(14)%	1%	(2)%	7%
Other SE Countries, UK & Latam	435	442	(1)%	0%	(2)%	(2)%	(5)%
Southern Europe, UK & Latin America	2,427	2,392	1%	(2)%	(1)%	0%	(2)%
Asia Pacific	588	670	(11)%	0%	4%	(1)%	(8)%
Revenue	6,085	6,465	(6)%	(1)%	0%	(1)%	(8)%

third-party revenue in millions of €	6M 2024	6M 20231	∆ %2	% M&A & other.	% fx.	% wd.	organic ∆%3
North America	2,393	2,781	(14)%	0%	0%	0%	(14)%
Netherlands	1,504	1,628	(8)%	0%	0%	0%	(8)%
Germany	832	987	(16)%	0%	0%	1%	(15)%
Belgium/Luxembourg	751	770	(3)%	0%	0%	1%	(2)%
Other NE Countries	680	758	(10)%	0%	(1)%	0%	(11)%
Northern Europe	3,767	4,143	(9)%	0%	0%	0%	(9)%
France	1,831	1,958	(6)%	0%	0%	0%	(6)%
Italy	1,114	1,094	2%	0%	0%	(1)%	1%
Iberia	903	761	19%	(14)%	0%	1%	6%
Other SE Countries, UK & Latam	847	899	(6)%	0%	(1)%	1%	(6)%
Southern Europe, UK & Latin America	4,695	4,712	0%	(2)%	0%	0%	(2)%
Asia Pacific	1,168	1,347	(13)%	0%	5%	1%	(7)%
Revenue	12,023	12,983	(7)%	(1)%	0%	0%	(8)%

1 2023 has been restated due to changes in the external reporting structure. Refer to the notes to the consolidated interim financial statements for further detail.

2 Subject to roundings

3 Organic change is measured excluding the impact of currencies, hyperinflation, acquisitions, disposals, and reclassifications. For revenue, the organic change has been adjusted for the number of working days.

performance.

	Q2	EBITA	Q2	EBITA		% M&A			organic
EBITA in millions of €, underlying	2024	margin	2023	margin	∆ %	& other.	% fx.	wd	∆%
North America	41	3.4%	76	5.6%	(46)%	0%	(1)%	n/a	(47)%
Netherlands	35	4.6%	46	5.7%	(23)%	0%	0%	n/a	(23)%
Germany	(7)	(1.6)%	19	4.0%	(140)%	0%	0%	n/a	(140)%
Belgium/Luxembourg	17	4.4%	17	4.5%	1%	0%	0%	n/a	1%
Other NE Countries	5	1.4%	6	1.6%	(45)%	0%	(1)%	n/a	(46)%
Northern Europe	50	2.7%	88	4.3%	(42)%	0%	0%	n/a	(42)%
France	41	4.3%	50	5.0%	(20)%	0%	0%	n/a	(20)%
Italy	37	6.3%	39	7.0%	(6)%	0%	0%	n/a	(6)%
Iberia	29	5.9%	23	5.9%	20%	(12)%	0%	n/a	8%
Other SE Countries, UK & Latam	10	2.6%	10	2.3%	(2)%	0%	3%	n/a	1%
Southern Europe, UK & Latin America	117	4.8%	122	5.1%	(6)%	(2)%	(1)%	n/a	(9)%
Asia Pacific	23	3.8%	33	4.9%	(32)%	0%	4%	n/a	(28)%
Corporate	(50)		(48)
EBITA, underlying	181	3.0%	271	4.2%	(34)%	(1)%	0%	n/a	(35)%
Integration costs and one-offs	(45)		(54)
EBITA	136		217

EBITA in millions of €, underlying	6M 2024	EBITA margin1	6M 2023	EBITA margin2	∆ %	% M&A & other.	% fx.	wd	organic ∆%3

North America	69	2.8%	139	5.0%	(51)%	0%	0%	n/a	(51)%
Netherlands	71	4.7%	98	6.0%	(27)%	0%	0%	n/a	(27)%
Germany	-2	(0.2)%	35	3.5%	(105)%	0%	0%	n/a	(105)%
Belgium/Luxembourg	34	4.5%	35	4.5%	(3)%	0%	0%	n/a	(3)%
Other NE Countries	12	1.7%	15	2.0%	(43)%	0%	(1)%	n/a	(44)%
Northern Europe	115	3.0%	183	4.4%	(37)%	0%	(1)%	n/a	(38)%
France	79	4.3%	103	5.3%	(22)%	0%	0%	n/a	(22)%
Italy	77	6.9%	78	7.1%	0%	0%	0%	n/a	0%
Iberia	50	5.4%	45	5.9%	10%	(9)%	0%	n/a	1%
Other SE Countries, UK & Latam	18	2.2%	20	2.2%	(12)%	0%	4%	n/a	(8)%
Southern Europe, UK & Latin America	224	4.8%	246	5.2%	(9)%	(2)%	1%	n/a	(10)%
Asia Pacific	46	3.8%	63	4.7%	(28)%	0%	5%	n/a	(23)%
Corporate	(96)		(94)
EBITA, underlying4	358	3.0%	537	4.1%	(33)%	(1)%	0%	n/a	(34)%
Integration costs and one-offs	(86)		(91)
EBITA	272		446

1 Underlying EBITA as a % of revenue.

2 EBITA in % of total revenue per segment.

3 Organic change is measured excluding the impact of currencies, acquisitions, disposals, and reclassifications. For revenue, the organic change has been adjusted for the number of working days.

4 Operating profit before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. For the definition see "use of performance measures"

performance by specialization

revenue in millions of €	Q2 2024	Q2 2023	∆ %	% M&A & other.	% fx.	% wd.	organic ∆%
Operational talent solutions	4,004	4,157	(4)%	(1)%	(1)%	0%	(6)%
Professional talent solutions	1,003	1,056	(7)%	0%	0%	(1)%	(8)%
Digital talent solutions	687	825	(14)%	0%	0%	(1)%	(15)%
Enterprise talent solutions	352	382	(8)%	0%	(1)%	0%	(9)%
Monster	39	45	(15)%	0%	(1)%	0%	(16)%
Revenue	6,085	6,465	(6)%	(1)%	0%	(1)%	(8)%

revenue in millions of €	6M 2024	6M 20231	∆ %2	% M&A & other.	% fx.	% wd.	organic ∆%3
Operational talent solutions	7,843	8,317	(6)%	(1)%	0%	1%	(6)%
Professional talent solutions	1,984	2,125	(7)%	0%	0%	(1)%	(8)%
Digital talent solutions	1,419	1,678	(14)%	0%	1%	0%	(13)%
Enterprise talent solutions	697	771	(10)%	0%	0%	0%	(10)%
Monster	80	92	(15)%	0%	0%	0%	(15)%
Revenue	12,023	12,983	(7)%	(1)%	0%	0%	(8)%

1 2023 has been restated due to changes in the external reporting structure. Refer to the notes to the consolidated interim financial statements for further detail

2 Subject to roundings

3 Organic change is measured excluding the impact of currencies, acquisitions, disposals, and reclassifications. For revenue, the organic change has been adjusted for the number of working days.

outlook

Q2 2024 organic revenue per working day decreased by 7.5% YoY. In the first weeks of July we see stable volumes as compared to Q2. We expect to benefit from easier comparables as we move into Q3.

There will be an additional 1.1 working day in Q3 2024.

Q3 2024 gross margin is expected to be modestly higher sequentially.

Q3 2024 operating expenses are expected to be slightly lower sequentially.

We are positioning for growth, balancing selective investments with continuous adaptability.

randstad digital US acquires Torc, the AI-powered digital talent marketplace

In May 2024, Randstad Digital US has acquired Torc, a next-generation AI-powered talent marketplace platform. The platform has more than 25,000 digital talent enrolled worldwide, with a specific current emphasis on LATAM, the US & India. Torc, with its AI-driven platform, enables skill-based matching to connect digital talent to clients globally.

Monster and CareerBuilder to combine

In July 2024, Randstad announced it has reached an agreement to form a joint venture combining its job board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of Apollo (the "Apollo Funds"). The combination of Monster and CareerBuilder brings together two strong, trusted and complementary brands to create a job board with greater scale and reach.

Under the terms of the agreement, existing CareerBuilder investors, including Apollo Funds, will collectively hold a controlling interest in the joint venture, and Randstad will hold a minority equity interest. The transaction is expected to have no material impact on group results. The agreement is subject to customary regulatory approvals, and the transaction is expected to be completed in the third quarter of 2024.

randstad completes fifth tranche of its € 400 million share buyback program

Randstad N.V. ("Randstad") today announces the completion of the fifth tranche of its € 400 million share buyback program announced on April 23, 2024, to repurchase ordinary shares for an amount of approximately €83,234,798.

In the period between April 23, 2024 and July 22, 2024 (inclusive) Randstad has purchased a total of 1,791,888 ordinary shares for a total consideration of €83,284,757. A comprehensive overview of the transactions carried out under the share buyback program, as well as the details of the transactions, are available on the Randstad website.

The completion of the fifth tranche leads to a completion of Randstad's €400 million full share buyback program as announced on February 14, 2023. In the period between April 25, 2023 and July 22, 2024 (inclusive) Randstad has repurchased a total of 7,981,888 ordinary shares for a total consideration of €399,999,959.31.

Randstad's intent is to cancel all of these shares (the shares repurchased via the first and the second tranche were already cancelled as of 29 December 2023).

The program was executed under the mandates given by the Annual General Meeting of Shareholders on March 28, 2023 ("AGM 2023") and on March 26, 2024 ("AGM 2024") and within the limits of relevant laws and regulations.

working days

	Q1	Q2	Q3	Q4
2024	63.1	62.2	64.9	63.3
2023	63.9	61.7	63.8	62.2
2022	63.2	62.2	64.8	62.7

financial calendar

Publication of second quarter results 2024	July 23, 2024
Ex-dividend date of special dividend	September 26, 2024
Record date of special dividend	September 27, 2024
Special dividend ordinary shares available for payment	October 1, 2024
Publication of third quarter results 2024	October 22, 2024
Publication of fourth quarter results 2024	February 12, 2025

analyst and press conference call

Today (July 23, 2024), at 09.00 AM CET, Randstad N.V. will be hosting an analyst conference call. The dial-in numbers are: - International: +44 (0)33 0551 0200

Netherlands: +31 (0)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:

Steven Vriesendorp - investors and analysts [email protected] or (mobile) +31 (0)6 2692 8529 Elise Martin-Davies - media [email protected] or (mobile) +31 (0)6 5102 2437

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 other relevant risks and mitigate their impact. 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 a global talent leader with the vision to be the world's most equitable and specialized talent company. As a partner for talent and through our four specializations - Operational, Professional, Digital and Enterprise - we provide clients with the high-quality, diverse and agile workforces that they need to succeed in a talent scarce world. We help people secure meaningful roles, develop relevant skills and find purpose and belonging in their workplace. Through the value we create, we are committed to a better and more sustainable future for all.

Headquartered in the Netherlands, Randstad operates in 39 markets and has approximately 40,000 employees. In 2023, we supported 2 million talent to find work and generated a revenue of €25.4 billion. Randstad N.V. is listed on the Euronext Amsterdam. For more information, see www.randstad.com.

use of performance measures

Randstad's disclosed financial information adheres to the relevant financial reporting standards and regulations. We present certain figures in line with the Group's internal reporting, which are considered Alternative Performance Measures (APMs). These APMs provide (adjusted) figures that complement the standard reporting measures as defined by IFRS-EU. They offer supplementary relevant insights into our operations but are intended to be considered alongside, rather than as replacements for, the IFRS-EU financial metrics.

Below, we provide definitions of the APMs utilized by the Group. We encourage readers to evaluate these measures in conjunction with the traditional IFRS-EU metrics to gain a comprehensive understanding of our financial performance.

financial performance measures

adjusted net income for holders of ordinary shares

Refers to Randstad's adjusted net income excluding amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs and adjusted for the dividend on preferred shares, as well as for results of non-controlling interests.

conversion ratio

Conversion ratio is the underlying EBITA divided by underlying gross profit expressed in a percentage. Its a performance measure on how Randstad's underlying EBITA develops in relation to the underlying gross profit. This increases the comparability of different businesses in our portfolio.

EBITA

Operating profit before amortization and impairment of acquisition-related intangibles and goodwill (EBITA) is a measure of company profitability used by investors in the staffing industry to analyze the results of staffing companies.

EBITA margin

EBITA as a percentage of revenue.

EBITDA

Operating profit before depreciation and impairment of property, plant and equipment and right use of assets, amortization and impairment of software and acquisition-related intangibles and impairment of goodwill.

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.

organic revenue and gross profit growth per working day

Organic growth divided by the number of working days in the period. Randstad operates in an industry where for each additional working day compared to the previous period, additional revenue/gross profit can be generated. Therefore the organic growth per working day is a measure that best shows underlying/ comparable performance isolating the working day effect.

recovery ratio (RR)

The total year-on-year change in underlying operating expenses as a percentage of the decline in underlying gross profit, based on organic growth. We aim for a recovery ratio of 50% if gross profit declines.

underlying gross profit

Refers to Randstad's adjusted gross profit, excluding integration expenses and one-offs that may distort the true operational performance of the business. It provides a clearer picture of the company's ongoing profitability by

eliminating the impact of restructuring costs, integration and M&A costs related to acquisitions and other exceptional items.

underlying operating expenses

Refers to Randstad's adjusted operating expenses, excluding integration expenses and one-offs that may distort the true operational performance of the business. It provides a clearer picture of the company's ongoing profitability by eliminating the impact of restructuring costs, integration, M&A costs related to acquisitions and other exceptional items.

underlying EBITA

Refers to Randstad's adjusted EBITA, which excludes integration expenses and one-off, that may distort the true operational performance of the business. It provides a clearer picture of the company's ongoing profitability by eliminating the impact of restructuring costs, integration and M&A costs related to acquisitions and other exceptional items.

underlying EBITDA (excluding IFRS 16 'leases')

Refers to Randstad's operating profit before depreciation and impairment of property, plant and equipment, amortization and impairment of software and acquisition-related intangibles and impairment of goodwill adjusted for the interest related to lease liabilities excluding one-off and integration expenses. This measure is used for the leverage ratio (excluding IFRS 16 'leases') calculation.

underlying diluted earnings per ordinary share

Underlying diluted earnings per ordinary share is based on net income adjusted for amortization and impairment of acquisition-related intangible assets and goodwill, integration expenses and one-offs and are calculated by adjusting the weighted average number of ordinary shares outstanding, assuming conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares arise from various share-based payment arrangements.

underlying effective tax rate

The effective tax rate before amortization and impairment of acquisition-related intangible assets and goodwill, integration costs and one-offs. This measure is used to calculate the underlying per ordinary share information.

cashflow performance measures

free cash flow

Free cash flow is the sum of net cash flow from operating activities and investing activities (excluding cash flows for acquisitions and disposals of subsidiaries, equity investments and (dividends of) associates), and repayment of lease liabilitites. Free cash flow is used to evaluate the cash generative character of the company's business.

net decrease / (increase) of net debt

The movement in net debt between two reporting periods. This measure is used to evaluate the developement in outstanding debt obligations.

financial position measures

all other assets/(liabilities)

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. This measure is used for the Employed capital calculation.

employed capital

Capital employed is the sum of goodwill and acquisition-related intangible assets, operating working capital, net tax assets and all other assets/(liabilities). This measure shows the value of all the assets used by Randstad to generate earnings.

invested capital

Invested Capital is the sum of total equity and net debt. This measure shows the financing raised by Randstad from debt and equity capital providers to fund its operations.

leverage ratio

Leverage ratio is the ratio of net debt (excluding lease liabilities) divided by 12-month underlying EBITDA (excluding IFRS 16 'Leases'). This measure is used to indicate to investors and other stakeholders that the company is in compliance with the specific covenant agreed upon in our financial facility agreements related to the leverage ratio (excluding IFRS 16 'Leases').

moving average days of sales outstanding (DSO)

The DSO is calculated at the end of each month by dividing Trade receivables at the end of the month by the last three months of revenue (including VAT) and multiplied by 365 days divided by four (quarters). The moving average DSO is the sum of the last twelve months of DSO divided by 12 (months).

net tax assets

Net tax assets is the total of deferred income tax assets and income tax receivables less deferred income tax liabilities and income tax liabilities. This measure is used for the Employed capital calculation.

net debt (including IFRS 16 'leases')

Cash and cash equivalents minus current borrowings and non-current borrowings, including lease liabilities (both current and noncurrent). This measure is used to evaluate outstanding debt obligations.

net debt (excluding IFRS 16 'leases')

Cash and cash equivalents minus current borrowings and non-current borrowings. This measure is used for the leverage ratio (excluding IFRS 16 'leases') calculation.

operating working capital

Operating working capital consists of trade and other receivables (excluding current part of loans and receivables and other interest receivable) minus trade and other payables (excluding interest payable). The level of working capital is related to the timing of the invoicing and payrolling processes (weekly or monthly). The payment terms negotiated with clients and the effectiveness of our collection processes are equally important. Liabilities, such as social security charges, wage tax and value-added tax are settled every month and in some countries on a quarterly basis. Payment terms are often determined by law and therefore difficult to influence. This measure is used for the Employed capital calculation.

disclosure selected performance measures

disclosure of gross profit

	Q2 2024	Q2 2023	6M 2024	6M 2023
Gross profit, underlying1	1,203	1,341	2,402	2,709
Integration costs and one-offs	(5)	(4)	(7)	(4)
Gross profit	1,198	1,337	2,395	2,705

1 Gross profit adjusted for integration costs and one-offs.

bridge operating profit to EBITA, underlying

	amortization and impairment of acquisition related intangible assets operating profit and goodwill				EBITA1	integration costs and one offs2		EBITA, underlying3
in millions of €, unless otherwise indicated	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023
North America	34	67	(3)	(3)	37	70	(4)	(6)	41	76
Netherlands	26	39	-	-	26	39	(9)	(7)	35	46
Germany	(17)	(4)	-	-	(17)	(4)	(10)	(23)	(7)	19
Belgium & Luxembourg	12	13	(1)	(1)	13	14	(4)	(3)	17	17
Other North European countries	3	6	-	-	3	6	(2)	-	5	6
Northern Europe	24	54	(1)	(1)	25	55	(25)	(33)	50	88
France	32	45	(1)	(1)	33	46	(8)	(4)	41	50
Italy	37	39	-	-	37	39	-	-	37	39
Iberia	25	23	(2)	-	27	23	(2)	-	29	23
Other South European countries, UK & Latin America	7	10	-	-	7	10	(3)	-	10	10
Southern Europe, UK & Latin America	101	117	(3)	(1)	104	118	(13)	(4)	117	122
Asia Pacific	16	16	(4)	(6)	20	22	(3)	(11)	23	33
Corporate	(50)	(48)	-	-	(50)	(48)	-	-	(50)	(48)
Total	125	206	(11)	(11)	136	217	(45)	(54)	181	271

1 Operating profit before amortization and impairment of acquisition-related intangibles and goodwill. For the definition see "use of performance measures"

2 Integration costs and one-offs include adjustments made for restructuring, integration expenses and M&A expenses for acquired group companies.

3 EBITA adjusted for integration costs and one-offs. For the definition see "use of performance measures".

	operating profit		amortization and intangible assets	impairment of acquisition related and goodwill		EBITA1	costs and one	integration offs2		EBITA, underlying3
in millions of €, unless otherwise indicated	6M 2024	6M 2023	6M 2024	6M 2023	6M 2024	6M 2023	6M 2024	6M 2023	6M 2024	6M 2023
North America	40	119	(5)	(6)	45	125	(24)	(14)	69	139
Netherlands	54	91	-	-	54	91	(17)	(7)	71	98
Germany	(12)	9	-	-	(12)	9	(10)	(26)	(2)	35
Belgium & Luxembourg	28	30	(2)	(2)	30	32	(4)	(3)	34	35
Other North European countries	6	13	-	-	6	13	(6)	(2)	12	15
Northern Europe	76	143	(2)	(2)	78	145	(37)	(38)	115	183
France	66	93	(3)	(3)	69	96	(10)	(7)	79	103
Italy	77	77	-	-	77	77	-	(1)	77	78
Iberia	45	44	(3)	-	48	44	(2)	(1)	50	45
Other South European countries, UK & Latin America	13	19	-	-	13	19	(5)	(1)	18	20
Southern Europe, UK & Latin America	201	233	(6)	(3)	207	236	(17)	(10)	224	246
Asia Pacific	33	26	(8)	(11)	41	37	(5)	(26)	46	63
Corporate	(99)	(97)	-	-	(99)	(97)	(3)	(3)	(96)	(94)
Total	251	424	(21)	(22)	272	446	(86)	(91)	358	537

bridge operating profit to EBITA, underlying (year to date)

1 Operating profit before amortization and impairment of acquisition-related intangibles and goodwill. For the definition see "use of performance measures"

2 Integration costs and one-offs include adjustments made for restructuring, integration expenses and M&A expenses for acquired group companies.

3 EBITA adjusted for integration costs and one-offs. For the definition see "use of performance measures".

in millions of €, unless	restructuring1		integration and M&A2		other		total
otherwise indicated	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023
North America	3	5	1	1	-	-	4	6
Netherlands	9	7	-	-	-	-	9	7
Germany	10	18	-	-	-	5	10	23
Belgium & Luxembourg	4	1	-	2	-	-	4	3
Other North European countries	2	-	-	-	-	-	2	-
Northern Europe	25	26	-	2	-	5	25	33
France Italy	- 8 -	2 -	- - -	- -	- - -	2 -	8 -	4 -
Iberia	1	-	1	-	-	-	2	-
Other South European countries, UK & Latin America	3	-	-	-	-	-	3	-
Southern Europe, UK & Latin America	12	2	1	-	-	2	13	4
Asia Pacific	2	-	1	11	-	-	3	11
Corporate	-	-	-	-	-	-	-	-
Total	42	33	3	14	-	7	45	54

restructuring, integration expenses, M&A and other

1 Restructurings are recognized when a detailed and formal restructuring plan has been approved, and the restructuring has either commenced or has been announced publicly.

2 Includes expenses incurred to integrate acquired group companies with the existing group companies (and viceversa), and merger and acquisition expenses for acquired group companies.

in millions of €, unless	restructuring1		integration and M&A2		other		total
otherwise indicated	6M 2024	6M 2023	6M 2024	6M 2023	6M 2024	6M 2023	6M 2024	6M 2023
North America	23	12	1	2	-	-	24	14
Netherlands	17	7	-	-	-	-	17	7
Germany	10	21	-	-	-	5	10	26
Belgium & Luxembourg	4	1	-	2	-	-	4	3
Other North European countries	6	2	-	-	-	-	6	2
Northern Europe	37	31	-	2	-	5	37	38
France	10	5	-	-	-	2	10	7
Italy	-	1	-	-	-	-	-	1
Iberia	-	1	2	-	-	-	2	1
Other South European countries, UK & Latin America	5	1	-	-	-	-	5	1
Southern Europe, UK & Latin America	15	8	2	-	-	2	17	10
Asia Pacific	3	1	2	25	-	-	5	26
Corporate	3	3	-	-		-	3	3
Total	81	55	5	29	-	7	86	91

restructuring, integration expenses, M&A and other (year to date)

1 Restructurings are recognized when a detailed and formal restructuring plan has been approved, and the restructuring has either commenced or has been announced publicly. 2 Includes expenses incurred to integrate acquired group companies with the existing group companies (and viceversa), and merger and acquisition expenses for acquired group companies.

leverage ratio

Last twelve months	Q2 2024	Q2 2023
Operating profit	658	1,025
Amortization and impairment of acquisition-related intangibles and goodwill	91	40
One offs & Integration expenses	147	172
Underlying EBITA	896	1,237
Amortisation/impairment software	55	58
Amortisation/impairment software already included in one offs	-	(6)
Depreciation/impairment property, plant and equipment	57	56
Interest Leases	(26)	(19)
EBITDA, Underlying (excluding IFRS 16 'Leases')	982	1,326
Cash and cash equivalents	(229)	(301)
Borrowings (including lease liabilities)	1,800	1,509
Net debt (including IFRS 16 'leases')	1,571	1,208
Lease liabilities	580	592
Net debt (excluding IFRS 16 'leases')	991	616
Leverage ratio	1.0	0.5

other assets and liabilities

	Q2 2024	Q2 2023
Property, plant and equipment	122	140
Software	58	121
Right of use assets	516	513
Loans	144	147
Equity investments	37	40
Net investment in subleases	2	14
Joint ventures	3	2
Interest receivable	4	4
Provision DBP net debit position	2	3
Employee benefit obligations	(245)	(182)
Provisions	(183)	(177)
Other liabilities	(7)	(8)
Interest payable	(8)	(9)
Dividend payable	(222)	-
Held for sale assets	178	-
Held for sale liabilities	(90)	-
All other assets/(liabilities)	311	608

half year report. half year report

half year report