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contents.

Q2 2025: focus on strategy execution and operational excellence
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 2025: focus on strategy execution and operational excellence.

-2.3% Q2 2025 org.revenue growth¹ Q2 2024 -7.5% € 171m Q2 2025 underlying EBITA¹ Q2 2024 € 181m 3.0% Q2 2025 underlying EBITA margin¹ Q2 2024 3.0% € 117m

€ 5,794m Q2 2025 revenues

Q2 2024 € 6,085m

Q2 2025 operating profit

Q2 2024 € 125m

€ 47m

Q2 2025 net income

Q2 2024 € 78m

The supervisory board of Randstad will propose the shareholders to reappoint CEO Sander van 't Noordende for a second term at the upcoming AGM on March 27, 2026.

CEO Sander van 't Noordende commented, "As highlighted at our recent capital markets event, we continue to execute our partner for talent strategy with a strong focus on operational excellence."

"Our business is increasingly digital-first, reflected in a double-digit rise in self-service shifts compared to the previous quarter. Alongside this, we saw improvement in some key markets from Q1 to Q2, increased RPO demand, and continued to reduce costs to reposition the business for the future and protect profitability."

"On a personal note, I am grateful for my proposed reappointment. Together with the best team, I'm committed to our journey to become a great partner for talent."

¹ Alternative Performance Measures (APMs) which are considered as industry benchmarks. For the definition see "use of performance measures".

financial performance.

core data

in millions of €, unless otherwise indicated	Q2 2025	Q2 2024	yoy chg.1	% M&A & other	% fx.	% wd.	% org.2

Revenue	5,794	6,085	(5) %	0 %	2 %	1 %	(2) %
Gross profit, underlying3	1,094	1,203	(9) %	2 %	2 %	1 %	(4) %
Operating expenses, underlying3	923	1,022	(10) %	4 %	2 %	n/a	(4) %
EBITA, underlying3	171	181	(5) %	(9) %	2 %	n/a	(12) %
Integration costs and one-offs4	(35)	(45)
EBITA5	136	136	0 %
Amortization and impairment of intangible assets6	(19)	(11)
Operating profit	117	125
Net finance costs	(48)	(20)
Share of profit of associates	-	-
Income before taxes	69	105
Taxes on income	(22)	(27)	(19) %
Net income	47	78	(40) %
Adj. net income for holders of ordinary shares7	84	118	(29) %
Free cash flow8	82	16	413 %
Net debt9	1,452	996	46 %
Leverage ratio (net debt/12-month EBITDA)10	1.8	1.0
Days Sales Outstanding (DSO), moving average11	55.7	53.8
Margins, underlying (% of revenue)
Gross margin	18.9%	19.8%
Operating expenses margin	15.9%	16.8%
EBITA margin	3.0%	3.0%
Share data
Basic earnings per ordinary share (in €)	0.26	0.43	(40) %
Diluted earnings per ordinary share, underlying (in €)12	0.48	0.67	(29) %

1 Subject to roundings

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 liabilities. 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".

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".

revenue

Q2 2025 reported revenue was down 4.8% YoY to € 5,794 million and organic revenue per working day was down 2.3% YoY (Q1 2025: down 4.2%). Reported revenue declined more than organic revenue due to less working days of 0.8%, the negative impact of FX of 1.6%, and a negative contribution of M&A of 0.1%, mainly due to the divestment of Monster.

At the main geographical segment level, revenue per working day in North America was down 1 % (Q1 2025: down 4%). In Northern Europe revenue per working day was down 4% (Q1 2025: down 7%) while in Southern Europe, UK and Latin America, revenue was down 3% (Q1 2025: down 3%). In the Asia Pacific region, revenue was up 2% (Q1 2025: down 1%).

Perm fees decreased by 13% YoY (Q1 2025: down 14%) on an organic basis. Total revenues of permanent placements, amounted to € 109 million in Q2 2025 (Q2 2024: € 129 million). RPO fees increased organically by 8% YoY (Q1 2025: up 5%). Revenue of recruitment process outsourcing amounted to € 82 million in Q2 2025 (Q2 2024: € 79 million). Perm and RPO fees made up 17.3% of gross profit.

gross profit

In Q2 2025, reported gross profit amounted to € 1,089 million (Q2 2024: € 1,198 million) down 9% YoY. Gross profit was adjusted for € 5 million of one-offs (Q2 2024: € 5 million), resulting in an underlying gross profit of € 1,094 million (Q2 2024: € 1,203 million), down 4% YoY organically.

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

Underlying gross margin was 18.9% in the quarter compared to 19.8% in Q2 2024 (as shown in the graph above). Temporary placements had a 40bp negative impact on underlying gross margin (Q1 2025: 50bp negative impact), while Permanent placements had a 20bp negative impact (Q1 2025: 20bp negative impact). HRS/other had a 30bp negative impact (Q1 2025: 20bp negative impact), including the divestment of Monster (approximately 60bp negative impact). Currency effects had an adverse 10bps impact on gross margin compared to Q2 2024.

operating expenses

Operating expenses were € 953 million (Q2 2024: € 1,062 million) down 10% YoY and were adjusted for € 30 million of integration costs and one-offs (Q2 2024: € 40 million), resulting in underlying operating expenses of € 923 million (Q2 2024: € 1,022 million), down 4% YoY organically. The integration costs and one-offs of € 30 million mainly reflects restructurings in a few countries and integration costs for our recent acquisitions. Currency effects had a positive 2% impact on operating expenses compared to Q2 2024.

financial perfomance

sequential underlying OPEX development in € M

On a sequential basis, operating expenses increased by € 20 million organically. Personnel expenses were flat sequentially. Average headcount (in FTE) amounted to 38,540 for the quarter, organically down 6% YoY and down 2% sequentially. We operated a network of 4,180 outlets, including branches and in house locations end of period.

EBITA

EBITA was € 136 million (Q2 2024: € 136 million). EBITA was adjusted for € 35 million of integration costs and one-offs (Q2 2024: € 45 million), resulting in an underlying EBITA of € 171 million (Q2 2024: € 181 million) which means an organic decline of 12%. Underlying EBITA margin reached 3.0% in the quarter, in line with Q2 2024. Currency effects had a € 4 million negative impact YoY. Overall, we achieved a L4Q recovery ratio of 45% in Q2 2025.

operating profit

Operating profit was € 117 million (Q2 2024: € 125 million). Compared to last year, operating profit was down € 8 million YoY.

net finance costs

In Q2 2025, net finance costs were € 48 million, compared to € 20 million in Q2 2024. Interest expenses on our net debt position were € 14 million (Q2 2024: € 13 million), and interest expenses related to lease liabilities were € 6 million (Q2 2024: € 6 million). The fair value adjustment and impairments on our loans towards CareerBuilder + Monster were € 32 million (Q2 2024: none). Foreign currency and other effects had a positive impact of € 4 million (Q2 2024: negative impact of € 1 million.

tax rate

The 6M 2025 effective tax rate amounted to 30.0% (6M 2024: 26.0%). For FY 2025, we expect an effective tax rate between 29% and 31%.

net income, earnings per share

In Q2 2025, net income was € 47 million, down by 40% YoY. Adjusted net income was down 29% YoY to € 84 million. Diluted underlying EPS amounted to € 0.48 (Q2 2024: € 0.67). The average number of outstanding diluted ordinary shares for the quarter was 176.0 million (Q2 2024: 177.3 million).

invested capital

in millions of €, unless otherwise indicated	jun 30 2025	mar 31 2025	dec 31 2024	sep 30 2024	jun 30 2024	mar 31 2024

Goodwill and acquisition-related intangible assets	3,365	3,459	3,514	3,242	3,280	3,216
Operating working capital (OWC)1	1,247	1,268	1,207	1,166	1,341	1,252
Net tax assets2	790	802	836	783	751	766
All other assets/(liabilities)3	408	171	427	354	316	(99)
Employed capital	5,810	5,700	5,984	5,545	5,688	5,135
Financed by
Total equity	3,815	3,871	4,133	4,177	4,112	4,090
Net debt	1,452	1,250	1,280	804	996	437
Lease liabilities	543	579	571	564	580	608
Invested capital	5,810	5,700	5,984	5,545	5,688	5,135
Revenues (last twelve months)	23,549	23,840	24,122	24,221	24,466	24,846
Underlying EBITA (last twelve months)	734	744	754	819	896	986
Income tax paid (last twelve months)	(144)	(169)	(219)	(212)	(229)	(259)
Ratios
Days Sales Outstanding (DSO), moving average	55.7	55.0	54.6	54.1	53.8	53.7
OWC as % of revenue over last 12 months	5.3 %	5.3 %	5.0 %	4.8 %	5.5 %	5.0 %
Return on invested capital4	10.2 %	10.1 %	8.9 %	10.9 %	11.7 %	14.2 %

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, financial assets and associates, assets held for sale, less provisions, liabilities held for sale, employee benefit obligations and other liabilities. 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.

The moving average of Days Sales Outstanding (DSO) was 55.7 (Q1 2025: 55.0).

At the end of Q2 2025, net debt (excluding IFRS 16 'leases') was € 1,452 million, compared to € 996 million at the end of Q2 2024. This is mainly a reflection of the dividend payment and Randstad's acquisition of Zorgwerk. A further analysis of the cash flow is provided in the next section.

In combination with the year-over-year deterioration in our 12-month rolling EBITA, this resulted in a return on invested capital (ROIC) of 10.2% (Q2 2024: 11.7%).

cash flow summary

in millions of €	Q2 2025	Q2 2024	change
EBITA	136	136	0 %
Depreciation, amortization and impairment of property, plant, equipment, right-of-use assets, and software	64	76
EBITDA	200	212	(6) %
Operating working capital	(26)	(92)
Provisions and employee benefit obligations	(7)	13
All other items	11	16
Income taxes	(23)	(48)
Net cash flow from operating activities	155	101	53 %
Net capital expenditures	(23)	(27)
Financial assets	-	-
Repayments of lease liabilities	(50)	(58)
Free cash flow1	82	16	413 %
Net (acquisitions)/disposals2	3	(65)
Net purchase of own ordinary shares	-	(86)
Dividends on ordinary and preference shares	(290)	(413)
Net finance costs paid	(12)	(10)
Reclass net debt to assets/liabilities held for sale	—	13
Translation and other effects	51	14
Net (increase) / decrease of net debt3	(166)	(531)

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, loans and dividends to/from associates, and repayment of lease liabilities.

2 Net (acquisitions)/ disposals represents the net cash flows 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 € 82 million, up € 66 million YoY (Q2 2024: € 16 million). Free cash flow trend mainly reflects the movement of working capital year over year and prepayments of corporate income taxes made in the previous year.

performance.

performance by geography

north america

In North America, revenue was down 1 % YoY (Q1 2025: down 4%). In Q2 2025, revenue of our combined US businesses was down 2% YoY (Q1 2025: down 4%). US Operational was up 1% YoY. US Professional was down 16% YoY. US Digital was up 2% YoY, while US Enterprise was down 4%. In Canada, revenue was flat YoY (Q1 2025: down 6%). EBITA margin for the region came in at 4.1% for the quarter, compared to 3.4% last year.

northern europe

In the Netherlands, revenue was down 5% (Q1 2025: down 7%). Operational was down 3% YoY while Professional was down 15% YoY. EBITA margin in the Netherlands was 4.4%, compared to 4.6% last year.

In Germany, revenue was down 7% YoY (Q1 2025: down 10%). Operational was down 8% YoY, while Digital was down 5% YoY. EBITA margin in Germany was (0.6)%, compared to (1.6)% last year.

In Belgium and Luxembourg, revenue was down 2% YoY (Q1 2025: down 3%). Operational was up 1% YoY, while Professional was down 9%. EBITA margin was 4.3%, compared to 4.4% last year.

Across other Northern European countries, revenue was up 1% YoY (Q1 2025: down 4%). Revenue in Poland was up 17% YoY (Q1 2025: up 4%). In the Nordics, revenue was down 22% YoY (Q1 2025: down 26%), while in Switzerland, revenue was up 9% YoY (Q1 2025: up 6%). EBITA margin for other Northern Europe countries was 1.8% compared to 1.4% last year.

southern europe, uk & latin america

In France, revenue was down 7% YoY (Q1 2025: down 9%). Operational was down 3% YoY, while Professional was down 18% YoY. EBITA margin was 4.1% compared to 4.3% last year.

Revenue in Italy was up 2% YoY (Q1 2025: up 4%). Operational was up 2% YoY, while Professional was up 3% YoY. EBITA margin was 6.1%, compared to 6.3% last year.

In Iberia, revenue per working day was up 4% YoY (Q1 2025: up 4%). Spain was up 6% YoY (Q1 2025: up 6%), while in Portugal revenue was down 6% YoY (Q1 2025: down 8%). EBITA margin was 5.9%, compared to 5.9% last year.

Across other Southern European countries, UK & Latin America, revenue was down 8% YoY (Q1 2025: down 8%). In the UK, revenue was down 15% YoY (Q1 2025: down 14%), while in Latin America revenue was up 7% YoY (Q1 2025: up 1%). EBITA margin for other Southern Europe countries was 1.5% compared to 2.6% last year.

asia pacific

Total revenue in the Asia Pacific region was up 2% organically YoY (Q1 2025: down 1%). In Japan, revenue was up 6% YoY (Q1 2025: up 4%). Japan Operational was up 5% YoY, while Digital was up 12%. Revenue in Australia/New Zealand was down 4% YoY (Q1 2025: down 7%), while our business in India was up 10% YoY (Q1 2025: up 8%). Overall EBITA margin in this region was 4.3%, compared to 3.8% last year.

				% M&A &
third-party revenue in millions of €	Q2 2025	Q2 2024	Δ %	other.	% fx.	% wd.	organic Δ%
North America	1,085	1,194	(9) %	3 %	5 %	0 %	(1) %
Netherlands	733	753	(3) %	(4) %	0 %	2 %	(5) %
Germany	370	409	(10) %	1 %	0 %	2 %	(7) %
Belgium/Luxembourg	370	379	(2) %	0 %	0 %	0 %	(2) %
Other NE Countries	344	335	2 %	0 %	(2) %	1 %	1 %
Northern Europe	1,817	1,876	(3) %	(2) %	0 %	1 %	(4) %
France	869	935	(7) %	0 %	0 %	0 %	(7) %
Italy	584	585	0 %	0 %	0 %	2 %	2 %
Iberia	482	472	2 %	0 %	0 %	2 %	4 %
Other SE Countries, UK & Latam	377	435	(14) %	0 %	4 %	1 %	(8) %
Southern Europe, UK & Latin America	2,312	2,427	(5) %	0 %	1 %	1 %	(3) %
Asia Pacific	580	588	(3) %	0 %	4 %	1 %	2 %
Revenue	5,794	6,085	(5) %	0 %	2 %	1 %	(2) %

						organic Δ
6M 2025	6M 2024	1 Δ %	other.	% fx.	% wd.	2 %
2,214	2,393	(7) %	2 %	1 %	1 %	(3) %
1,447	1,504	(4) %	(4) %	0 %	2 %	(6) %
746	832	(10) %	1 %	0 %	1 %	(9) %
725	751	(3) %	0 %	0 %	1 %	(3) %
674	680	(1) %	0 %	(1) %	1 %	(2) %
3,592	3,767	(5) %	(1) %	0 %	1 %	(5) %
1,675	1,831	(9) %	0 %	0 %	1 %	(8) %
1,118	1,114	0 %	0 %	0 %	2 %	3 %
927	903	3 %	0 %	0 %	1 %	4 %
778	847	(8) %	(1) %	0 %	1 %	(8) %
4,498	4,695	(4) %	0 %	0 %	1 %	(3) %
1,146	1,168	(2) %	0 %	2 %	0 %	0 %
11,450	12,023	(5) %	0 %	0 %	1 %	(3) %
				% M&A &

1 Subject to roundings

2 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.

	EBITA		EBITA	% M&A&				organic
2025	margin	2024	margin	Δ %	other.	% fx.	% wd.	Δ%
								(1) %
								(28) %
(2)	(0.6) %	(7)	(1.6) %	(68) %	11 %	0 %	n/a	(57) %
17	4.3 %	17	4.4 %	(4) %	(1) %	0 %	n/a	(5) %
6	1.8 %	5	1.4 %	26 %	18 %	(1) %	n/a	43 %
53	2.9 %	50	2.7 %	4 %	(17) %	0 %	n/a	(12) %
35	4.1 %	41	4.3 %	(11) %	(2) %	0 %	n/a	(14) %
36	6.1 %	37	6.3 %	(3) %	(1) %	0 %	n/a	(4) %
29	5.9 %	29	5.9 %	2 %	0 %	0 %	n/a	2 %
6	1.5 %	10	2.6 %	(52) %	1 %	(2) %	n/a	(53) %
106	4.5 %	117	4.8 %	(9) %	(2) %	1 %	n/a	(10) %
24	4.3 %	23	3.8 %	9 %	1 %	2 %	n/a	11 %
(55)		(50)
171	3.0 %	181	3.0 %	(5) %	(9) %	2 %	n/a	(12) %
(35)		(45)
136		136
	Q2 43 32	4.1 % 4.4 %	Q2 41 35	3.4 % 4.6 %	10 % (8) %	(17) % (20) %	5 % 0 %	n/a n/a

	6M	EBITA	6M	EBITA		% M&A&			organic
EBITA in millions of €, underlying	2025	margin1	2024	margin2	2 Δ %	other.	% fx.	% wd.	3 Δ%
North America	80	3.6 %	69	2.8 %	18 %	(19) %	2 %	n/a	1 %
Netherlands	73	5.0 %	71	4.7 %	3 %	(20) %	0 %	n/a	(17) %
Germany	-	0.0 %	(2)	(0.2) %	(94) %	(11) %	0 %	n/a	(105) %
Belgium/Luxembourg	33	4.4 %	34	4.5 %	(4) %	(1) %	0 %	n/a	(5) %
Other NE Countries	11	1.6 %	12	1.7 %	(10) %	9 %	(1) %	n/a	(1) %
Northern Europe	117	3.2 %	115	3.0 %	1 %	(14) %	0 %	n/a	(14) %
France	65	3.9 %	79	4.3 %	(17) %	(2) %	0 %	n/a	(19) %
Italy	67	6.0 %	77	6.9 %	(13) %	(1) %	0 %	n/a	(14) %
Iberia	55	5.8 %	50	5.4 %	10 %	0 %	0 %	n/a	10 %
Other SE Countries, UK & Latam	14	1.8 %	18	2.2 %	(24) %	(10) %	3 %	n/a	(31) %
Southern Europe, UK & Latin America	201	4.5 %	224	4.8 %	(10) %	(2) %	0 %	n/a	(12) %
Asia Pacific	49	4.3 %	46	3.8 %	9 %	1 %	1 %	n/a	11 %
Corporate	(109)		(96)
EBITA, underlying4	338	3.0 %	358	3.0 %	(5) %	(9) %	0 %	n/a	(13) %
Integration costs and one-offs	(53)		(86)
EBITA	285		272

1 Underlying EBITA as a % of total revenue per segment.

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.

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

				% M&A&
revenue in millions of €	Q2 2025	Q2 2024	Δ %	other.	% fx.	% wd.	organic Δ%
Randstad Operational	3,848	4,004	(3) %	0 %	1 %	1 %	(1) %
Randstad Professional	955	1,003	(9) %	(3) %	2 %	1 %	(9) %
Randstad Digital	655	687	(6) %	0 %	4 %	0 %	(2) %
Randstad Enterprise	336	352	(5) %	1 %	3 %	1 %	(1) %
Monster	-	39	(100) %	100 %	0 %	0 %	0 %
Revenue	5,794	6,085	(5) %	0 %	2 %	1 %	(2) %

% M&A&
6M 2025	6M 2024	1 Δ %	other.	% fx.	% wd.	2 organic Δ%
7,533	7,843	(3) %	0 %	0 %	2 %	(1) %
1,909	1,984	(8) %	(3) %	1 %	0 %	(11) %
1,335	1,419	(6) %	0 %	1 %	1 %	(4) %
673	697	(4) %	1 %	0 %	0 %	(3) %
-	80	(100) %	100 %	0 %	0 %	0 %
11,450	12,023	(5) %	0 %	0 %	1 %	(3) %

1 Subject to rounding. Realignment in specializations between Operational and Professional.

2 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.

other information.

outlook

Q2 2025 organic revenue per working day decreased by 2.3% YoY. Activity trends in early July remain in line with Q2 2025 with volumes sequentially stable from June.

There will be 0.1 working day less in Q3 2025.

Q3 2025 gross margin is expected to be slightly lower sequentially.

Q3 2025 operating expenses are expected to be modestly lower sequentially.

randstad announces cancellation of 4.89 million ordinary shares

As announced on 14 February 2023, Randstad has started a € 400 million share buyback program in order to reduce the capital of Randstad by cancelling all of the ordinary shares acquired through the program. This share buyback was executed in several tranches. In 2023, Randstad purchased a total of 4,690,000 ordinary shares via the first, the second and the third tranche. The shares purchased via the first and the second tranche, totaling 3,090,000 ordinary shares, were canceled by year-end 2023. The fourth tranche was announced on February 13, 2024 and executed in the period between February 13, 2024 and April 22, 2024, during which 1,500,000 ordinary shares were purchased for a total consideration of € 75.3 million. The fifth tranche was announced on April 23, 2024 and executed in the period between April 23, 2024 and July 22, 2024, during which 1,791,888 ordinary shares were purchased for a total consideration of € 83.3 million. The three remaining tranches of shares, totaling 4,891,888 ordinary shares, will now be cancelled taking the relevant rules and regulations into account. Accordingly, the cancellation and related capital reduction will become effective following a statutory two months opposition period for creditors.

working days

	Q1	Q2	Q3	Q4
2025	62.3	61.7	64.8	63.4
2024	63.1	62.2	64.9	63.3
2023	63.9	61.7	63.8	62.2

financial calendar

Publication of second quarter results 2025	July 23, 2025
Publication of third quarter results 2025	October 22, 2025
Publication of fourth quarter results 2025	February 11, 2026

other information

analyst and press conference call

Today (July 23, 2025), at 09.00 AM CET, Randstad N.V. will be hosting an analyst conference call. The dial-in numbers are:

International: +44 (0)20 7043 5048
Netherlands: +31 (0)20 890 8060

To gain access to the conference please insert the Conference ID 5007717# followed by the unique User ID

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 Jan-Willem te Gussinklo Ohmann - media [email protected] or (mobile) +31 (0)6 4300 3197

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 2024, we supported over 1.7 million talent to find work and generated a revenue of € 24.1 billion. Randstad N.V. is listed on the Euronext Amsterdam. For more information, see https://www.randstad.com.

other information

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 loans and dividends to/from associates), and repayment of lease liabilities. 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 development 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 non current) and the associated fair value of interest rate swap related to issued debt. 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 and the associated fair value of interest rate swap related to issued debt. 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 2025	Q2 2024	6M 2025	6M 2024
Gross profit, underlying1	1,094	1,203	2,186	2,402
Integration costs and one-offs	(5)	(5)	(7)	(7)
Gross profit	1,089	1,198	2,179	2,395

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

bridge operating profit to EBITA, underlying

			and impairment	amortization of acquisition related
	operating profit		intangible assets and goodwill		EBITA1		integration costs and one offs2		EBITA, underlying3
in millions of €, unless otherwise indicated	Q2 2025	Q2 2024	Q2 2025	Q2 2024	Q2 2025	Q2 2024	Q2 2025	Q2 2024	Q2 2025	Q2 2024
North America	34	34	(3)	(3)	37	37	6	(4)	43	41
Netherlands	19	26	(9)	-	28	26	4	(9)	32	35
Germany	(12)	(17)	-	-	(12)	(17)	10	(10)	(2)	(7)
Belgium & Luxembourg	15	12	(1)	(1)	16	13	1	(4)	17	17
Other North European countries	3	3	-	-	3	3	3	(2)	6	5
Northern Europe	25	24	(10)	(1)	35	25	18	(25)	53	50
France	26	32	(1)	(1)	27	33	8	(8)	35	41
Italy	36	37	-	-	36	37	-	-	36	37
Iberia	26	25	(2)	(2)	28	27	1	(2)	29	29
Other South European countries, UK & Latin America	5	7	-	-	5	7	1	(3)	6	10
Southern Europe, UK & Latin America	93	101	(3)	(3)	96	104	10	(13)	106	117
Asia Pacific	20	16	(3)	(4)	23	20	1	(3)	24	23
Corporate	(55)	(50)	-	-	(55)	(50)	-	-	(55)	(50)
Total	117	125	(19)	(11)	136	136	35	(45)	171	181

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".

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

				amortization and impairment of acquisition related
	operating profit		intangible assets and goodwill		EBITA1		integration costs and one offs2		EBITA, underlying3
in millions of €, unless otherwise indicated	6M 2025	6M 2024	6M 2025	6M 2024	6M 2025	6M 2024	6M 2025	6M 2024	6M 2025	6M 2024
North America	67	40	(7)	(5)	74	45	6	(24)	80	69
Netherlands	50	54	(17)	-	67	54	6	(17)	73	71
Germany	(14)	(12)	-	-	(14)	(12)	14	(10)	-	(2)
Belgium & Luxembourg	30	28	(2)	(2)	32	30	1	(4)	33	34
Other North European countries	7	6	-	-	7	6	4	(6)	11	12
Northern Europe	73	76	(19)	(2)	92	78	25	(37)	117	115
France	47	66	(2)	(3)	49	69	16	(10)	65	79
Italy	66	77	-	-	66	77	1	-	67	77
Iberia	51	45	(3)	(3)	54	48	1	(2)	55	50
Other South European countries, UK & Latin America	12	13	-	-	12	13	2	(5)	14	18
Southern Europe, UK & Latin America	176	201	(5)	(6)	181	207	20	(17)	201	224
Asia Pacific	40	33	(7)	(8)	47	41	2	(5)	49	46
Corporate	(109)	(99)	-	-	(109)	(99)	-	(3)	(109)	(96)
Total	247	251	(38)	(21)	285	272	53	(86)	338	358

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".

other information

restructuring, integration expenses, M&A and other

	restructuring1		integration and M&A2		disposal results / other		total
in millions of €, unless otherwise indicated	Q2 2025	Q2 2024	Q2 2025	Q2 2024	Q2 2025	Q2 2024	Q2 2025	Q2 2024

North America	5	3	1	1	-	-	6	4
Netherlands	4	9	-	-	-	-	4	9
Germany	10	10	-	-	-	-	10	10
Belgium & Luxembourg	1	4	-	-	-	-	1	4
Other North European countries	3	2	-	-	-	-	3	2
Northern Europe	18	25	-	-	-	-	18	25
France	8	8	-	-	-	-	8	8
Italy	-	-	-	-	-	-	-	-
Iberia	1	1	-	1	-	-	1	2
Other South European countries, UK & Latin America	1	3	-	-	-	-	1	3
Southern Europe, UK & Latin America	10	12	-	1	-	-	10	13
Asia Pacific	1	2	-	1	-	-	1	3
Corporate	-	-	-	-	-	-	-	-
Total	34	42	1	3	-	-	35	45

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.

other information

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

in millions of €, unless otherwise	restructuring1		integration and M&A2		disposal results / other		total
indicated	6M 2025	6M 2024	6M 2025	6M 2024	6M 2025	6M 2024	6M 2025	6M 2024

North America	4	23	2	1	-	-	6	24
Netherlands	6	17	-	-	-	-	6	17
Germany	14	10	-	-	-	-	14	10
Belgium & Luxembourg	1	4	-	-	-	-	1	4
Other North European countries	4	6	-	-	-	-	4	6
Northern Europe	25	37	-	-	-	-	25	37
France	15	10	-	-	1	-	16	10
Italy	1	-	-	-	-	-	1	-
Iberia	1	-	-	2	-	-	1	2
Other South European countries, UK & Latin America	2	5	-	-	-	-	2	5
Southern Europe, UK & Latin America	19	15	-	2	1	-	20	17
Asia Pacific	2	3	-	2	-	-	2	5
Corporate	-	3	-	-	-	-	-	3
Total	50	81	2	5	1	-	53	86

leverage ratio

Last twelve months	Q2 2025	Q2 2024
Operating profit	409	658
Amortization and impairment of acquisition-related intangibles and goodwill	176	91
One offs & Integration expenses	159	147
Underlying EBITA	744	896
Amortisation/impairment software	38	55
Depreciation/impairment property, plant and equipment	47	—
Depreciation /amortisation/ impairment already included in one offs	(2)	57
Interest Leases	(25)	(26)
EBITDA, Underlying (excluding IFRS 16 'Leases')	802	982

Cash and cash equivalents	(278)	(229)
Borrowings (including lease liabilities)	2,285	1,800
Interest rate swap at fair value	(12)	5
Net debt (including IFRS 16 'leases')	1,995	1,576

Lease liabilities	543	580
Net debt (excluding IFRS 16 'leases')	1,452	996
Leverage ratio	1.8	1.0

other assets and liabilities

	Q2 2025	Q2 2024
Property, plant and equipment	111	122
Software	59	58
Right of use assets	478	516
Loans and receivables	142	144
Equity investments	27	37
Net investment in subleases	3	2
Associates	3	3
Interest receivable	5	4
Provision DBP net asset position	2	2
Employee benefit obligations	(227)	(245)
Provisions	(185)	(183)
Other liabilities	(1)	(2)
Interest payable	(7)	(8)
Dividend payable	(2)	(222)
Held for sale assets	-	178
Held for sale liabilities	-	(90)

All other assets/(liabilities) 408 316

≡ interim financial statements Other information

half year report.