Randstad (RAND) Q2 2025 earnings summary

Executive summary

• Q2 revenue reached €5.8 billion with a 3% EBITA margin, reflecting resilience and operational excellence amid ongoing geopolitical and economic uncertainty.

• Profitable growth continued in Italy, Spain, and APAC, with digital and AI-related services seeing increased demand.

• Cost discipline, productivity gains, and digital-first initiatives supported profitability despite lower top-line growth.

• CEO reappointment proposed for a second term, reflecting leadership continuity.

Financial highlights

• Q2 2025 revenue was €5.8bn, down 2.3% year-over-year; underlying EBITA was €171m with a 3.0% margin.

• Adjusted net income was €84m, while net income fell 40% YoY to €47m.

• Free cash flow rose to €82m from €16m YoY, mainly due to working capital movements.

• Net debt increased to €1,452m, mainly due to dividend payments and acquisitions.

• Ordinary dividend payout of €284m in April.

Outlook and guidance

• Q3 gross margin is expected to decline slightly sequentially, with operating expenses modestly lower.

• Economic uncertainty and client confidence remain challenges, with more demand for temporary work anticipated.

• Profitability is expected to step up in the second half, in line with regular intra-year patterns.

• Effective tax rate for FY 2025 expected between 29% and 31%.