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2nd quarter results 2025. focus on strategy execution and operational excellence 23 july 2025 sander van ‘t noordende, CEO jorge vazquez, CFO
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disclaimer. 2© randstad 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 prognosis therefore apply only on the date on which this document was compiled. The quarterly results as presented in this press release are unaudited.
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definitions. 3© randstad organic growth: externally reported income statement line items (revenue, gross profit, operating expenses and EBITA) adjusted for the impact of changes in foreign currency ("FX"), the effect of hyperinflation and excluding the impact of acquisitions and disposals. EBITA: operating 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. underlying EBITA: refers to Randstad's adjusted EBITA , excluding integration expenses and one-offs 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.
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agenda. © randstad 4 performance 5 financial results & outlook 12 Q&A 18 appendix 19
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performance. 01 © randstad 5
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6 focus on strategy execution and operational excellence. © randstad summary key financials Q2 2025 ● revenue € 5.8BN at -2.3% ● underlying gross margin 18.9% ● underlying EBITA € 171M, 3.0% margin ● executing partner for talent strategy ● operational excellence ● cost discipline
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partner for talent. 7 specialization & experience @scale digital first delivery excellence best team © randstad
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organic revenue growth YoY, last two quarters* 8© randstad EBITA margin (underlying)** * YoY 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. ** before integration costs & one-offs. ● us: improvement despite tougher comparables ○ operational: growing and ahead of market ○ digital: positive momentum ● canada: transformation well underway north america: strategic progress with solid execution.
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organic revenue growth YoY, last two quarters* 9 EBITA margin (underlying)** * YoY 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. ** before integration costs & one-offs. northern europe: responding to challenging markets. ● netherlands: well diversified portfolio ● germany: further stabilization, idle time weighing on profitability ● belgium: solid execution ● other NE countries: region back to growth, strong performance in poland and switzerland © randstad
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organic revenue growth YoY, last two quarters* southern europe, uk & latam: operational discipline. 10© randstad EBITA margin (underlying)** * YoY 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. ** before integration costs & one-offs. ● france: further stabilization, good operational discipline ● italy: solid performance despite tougher comparables ● iberia: sound growth, strong profitability ● other countries: latam good growth momentum, ongoing weak market in uk
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organic revenue growth YoY, last two quarters* asia pacific: strong execution, back to growth. 11© randstad EBITA margin (underlying)** * YoY 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. ** before integration costs & one-offs. ● japan: solid performance, further investments in growth ● australia & new zealand: sequential improvement ● india: good growth momentum
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financial results & outlook. 02 © randstad 12
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disciplined execution. Q2 2025 13 performance € million Q2 ’25 Q2 ’24 % org. revenue 5,794 6,085 -2.3% gross profit 1,094 1,203 -4% gross margin* 18.9% 19.8% operating expenses* 923 1,022 -4% opex %* 15.9% 16.8% EBITA* 171 181 -12% EBITA margin* 3.0% 3.0% integration costs & one-offs -/- 35 -/- 45 amortization & impairment -/- 19 -/- 11 net finance income (costs) -/- 48 -/-20 tax expense -/- 22 -/- 27 reported net income** 47 78 adjusted net income 84 118 -29% ● organic revenue down 2.3% YoY ○ operational: -/- 1% at € 3.8 BN ○ professional: -/- 9% at € 1.0 BN ○ digital: -/- 2% at € 0.7 BN ○ enterprise: -/- 1% at € 0.3 BN ● EBITA € 171m, EBITA margin of 3.0% ● net finance costs: impacted by write-off of loans € 32 mln © randstad* before integration costs & one-offs. ** including share of profit of associates. summary
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© randstad 14 key highlights • temp margin -40 bp YoY • geo and business mix • idle time • perm fees -20 bp YoY • HRS/other -30 bp YoY driven by Monster divestment, partly offset by RPO and other HRS • FX adverse impact -10 bp YoY Q2 gross margin development YoY gross margin: mostly impacted by mix and idle time.
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© randstad 15 key highlights • opex down 4% YoY • # FTEs down 6% YoY, down 2% QoQ • Q2 recovery ratio 62%; L4Q recovery ratio 45% • productivity up +1% YoY organically • on track to deliver € 100m annualized structural savings Q2 sequential opex bridge (€m) opex: positioning for a stronger randstad.
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free cash flow and balance sheet. 16 Q2 free cash flow balance sheet • Q2 FCF € 82m (Q2 2024: € 16m) • DSO 55.7 (Q1 2025: 55.0 days) • ROIC: 10.2% (Q1 2025: 10.1%) • net debt € 1,452m excl. lease liabilities • leverage ratio excl. lease liabilities: 1.8x • € 284m ordinary dividend payout in April © randstad
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outlook. 17 Q3 2025 outlook momentum • 0.1 working day less • gross margin expected slightly lower QoQ • operating expenses modestly lower QoQ • activity trends early July in line with June • scenario planning • strategy execution © randstad
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questions & answers. 03 questions & answers. 03 © randstad 18
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© randstad 19 appendices. 04
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corporate staff by geography. 20© randstad* previous figures restated to align with a change in the allocation of resources in our shared service center average Q2 2025 Q2 2024* North America 7,110 8,600 Netherlands 3,900 3,950 Germany 2,090 2,450 Belgium & Luxembourg 2,060 2,170 Other Northern Europe countries 2,440 2,800 Northern Europe 10,490 11,380 France 4,230 4,820 Italy 3,300 3,370 Iberia 2,920 2,840 Other SE Countries, UK & Latam 3,120 3,170 Southern Europe, UK & Latam 13,570 14,200 Asia Pacific 5,320 5,770 Corporate 2,050 1,810 total 38,540 41,760
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number of employees working on a temporary basis by geography. 21© randstad average Q2 2025 Q2 2024 North America 66,000 67,700 Netherlands 45,100 49,200 Germany 23,500 26,000 Belgium & Luxembourg 34,900 37,300 Other Northern Europe countries 30,300 28,700 Northern Europe 133,800 141,200 France 69,900 78,500 Italy 55,700 56,600 Iberia 61,400 62,000 Other SE Countries, UK & Latam 47,200 47,700 Southern Europe, UK & Latam 234,300 244,800 Asia Pacific 120,700 114,000 total 554,800 567,700