Randstad N : Restatement press releases

Date 26 March 2024

Restated comparable segment 2023 revenue and EBITA

Randstad NV, the world's leading talent company and partner of choice for clients, previously announced at its Capital Markets Day on 31 October 2023, that it would be reporting its financial results across new segments.

As of Q1 2024, Randstad will report the following four main geographical segments:

•  North America

•  Northern Europe

•  Southern Europe, UK & Latin America

•  Asia Pacific

The reporting segments within each of the four main geographical segments remain unchanged from the prior year. The former Global Businesses segment included Enterprise Solutions (Sourceright & RiseSmart) and Monster, Randstad's online talent recruitment platform. As of 2024, Global Businesses has been included in each of the main geographical segments above.

In addition, as of Q1 2024, the secondary segmentation that was based on Randstad's revenue concepts Staffing, Inhouse, Professionals and Enterprise has changed to reflect the four specializations announced at the Capital Markets Day, with Monster shown separately, as follows:

•  Randstad Operational Talent Solutions

•  Randstad Professional Talent Solutions

•  Randstad Digital Talent Solutions

•  Randstad Enterprise Talent Solutions

•  Monster

The geographical segmental changes better reflect the way management reviews its operating results and makes decisions around resource allocation, while the specialization segmental changes align Randstad's reporting with its partner for talent strategy.

This document includes the restated quarterly and FY 2023 revenue and EBITA, reported and underlying, across the new segmental breakdown.

Restated comparable revenue and underlying EBITA by segment and revenue specialization

third-party revenue in millions of €	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
North America	1,421	1,360	1,310	1,289	5,380
Netherlands	817	811	780	830	3,238
Germany	509	478	467	428	1,882
Belgium/Luxembourg	394	376	406	391	1,567
Other NE Countries	380	378	376	405	1,539
Northern Europe	2,100	2,043	2,029	2,054	8,226
France	952	1,006	946	937	3,841
Italy	538	556	517	539	2,150
Iberia	373	388	408	436	1,605
Other SE Countries, UK & Latam	457	442	415	303	1,617
Southern Europe, UK & Latin America	2,320	2,392	2,286	2,215	9,213
Asia Pacific	677	670	635	625	2,607
Revenue	6,518	6,465	6,260	6,183	25,426
organic revenue growth %1	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
North America	-9%	-13%	-16%	-16%	-13%
Netherlands	-10%	-8%	-8%	-8%	-9%
Germany	1%	-4%	-9%	-18%	-8%
Belgium/Luxembourg	-7%	-8%	-6%	-7%	-7%
Other NE Countries	1%	-1%	-3%	-3%	-2%
Northern Europe	-5%	-6%	-7%	-9%	-7%
France	-1%	2%	-4%	-5%	-2%
Italy	-3%	-5%	-2%	-2%	-3%
Iberia	-6%	-2%	-3%	0%	-3%
Other SE Countries, UK & Latam	3%	0%	-8%	-10%	-4%
Southern Europe, UK & Latin America	-2%	-1%	-4%	-4%	-3%
Asia Pacific	5%	5%	1%	-4%	2%
Revenue	-4%	-5%	-7%	-9%	-6%

1 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.

EBITA, underlying in millions of €	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
North America	63	76	68	63	270
Netherlands	52	46	47	49	194
Germany	16	19	22	8	65
Belgium/Luxembourg	18	17	16	24	75
Other NE Countries	9	6	11	7	33
Northern Europe	95	88	96	88	367
France	53	50	49	56	208
Italy	39	39	35	44	157
Iberia	22	23	25	28	98
Other SE Countries, UK & Latam	10	10	13	5	38
Southern Europe, UK & Latin America	124	122	122	133	501
Asia Pacific	30	33	32	27	122
Corporate	(46)	(48)	(45)	(46)	(185)
EBITA before integration costs and one-
offs1	266	271	273	265	1,075
Integration costs and one-offs	(37)	(54)	(16)	(45)	(152)
EBITA	229	217	257	220	923

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

EBITA margin, underlying1	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
North America	4.4%	5.6%	5.2%	4.9%	5.0%
Netherlands	6.4%	5.7%	6.0%	5.9%	6.0%
Germany	3.1%	4.0%	4.7%	1.9%	3.5%
Belgium/Luxembourg	4.6%	4.5%	3.9%	6.1%	4.8%
Other NE Countries	2.4%	1.6%	2.9%	1.7%	2.1%
Northern Europe	4.5%	4.3%	4.7%	4.3%	4.5%
France	5.6%	5.0%	5.2%	6.0%	5.4%
Italy	7.2%	7.0%	6.8%	8.2%	7.3%
Iberia	5.9%	5.9%	6.1%	6.4%	6.1%
Other SE Countries, UK & Latam	2.2%	2.3%	3.1%	1.7%	2.4%
Southern Europe, UK & Latin America	5.3%	5.1%	5.3%	6.0%	5.4%
Asia Pacific	4.4%	4.9%	5.0%	4.3%	4.7%
Corporate	n.a.	n.a.	n.a.	n.a.	n.a.
EBITA before integration costs and one-
offs2	4.1%	4.2%	4.4%	4.3%	4.2%
1 EBITA in % of total revenue per segment.

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

EBITA organic growth %, underlying1	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
North America	-28%	-19%	-30%	-38%	-29%
Netherlands	-10%	-11%	-1%	-11%	-9%
Germany	131%	44%	4%	-74%	-2%
Belgium/Luxembourg	-10%	-12%	-24%	26%	-6%
Other NE Countries	3%	-28%	-27%	-1%	-14%
Northern Europe	1%	-7%	-9%	-16%	-8%
France	9%	4%	2%	-14%	0%
Italy	-6%	-3%	3%	-4%	-3%
Iberia	15%	-7%	2%	7%	3%
Other SE Countries, UK & Latam	34%	-27%	-13%	-23%	-15%
Southern Europe, UK & Latin America	6%	-3%	1%	-8%	-2%
Asia Pacific	-12%	15%	1%	-15%	-5%
Corporate	13%	27%	59%	46%	34%
EBITA before integration costs and one-
offs2	-9%	-12%	-17%	-24%	-16%

1 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.

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

third-party revenue by specialization in millions

of €	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
Operational talent solutions	4,160	4,157	4,064	3,993	16,374
Professional talent solutions	1,069	1,056	1,010	1,035	4,170
Digital talent solutions	853	825	788	757	3,223
Enterprise talent solutions	389	382	355	354	1,480
Monster	47	45	43	44	179
Revenue	6,518	6,465	6,260	6,183	25,426

Operational	Professional	Digital	Enterprise
talent	talent	talent	talent
third-party revenue in millions of €	solutions	solutions	solutions	solutions	Monster	Revenue
North America	2,187	807	1,572	672	142	5,380
Northern Europe	6,517	948	543	193	25	8,226
Southern Europe, UK & Latin America	6,742	1,526	408	525	12	9,213
Asia Pacific	928	889	700	90	-	2,607
Revenue	16,374	4,170	3,223	1,480	179	25,426

Restated reported actual comparable revenue and EBITA by segment and revenue specialization

total revenue in millions of €	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
North America	1,421	1,360	1,310	1,290	5,381
Netherlands	819	812	781	832	3,244
Germany	509	479	467	428	1,883
Belgium/Luxembourg	394	378	405	392	1,569
Other NE Countries	383	378	381	407	1,549
Northern Europe	2,105	2,047	2,034	2,059	8,245
France	953	1,007	946	938	3,844
Italy	538	556	517	539	2,150
Iberia	374	389	409	438	1,610
Other SE Countries, UK & Latam	458	444	417	302	1,621
Southern Europe, UK & Latin America	2,323	2,396	2,289	2,217	9,225
Asia Pacific	682	675	640	631	2,628
Elimination of intersegment revenue	(13)	(13)	(13)	(14)	(53)
Revenue	6,518	6,465	6,260	6,183	25,426
EBITA in millions of €	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
North America	55	70	63	54	242
Netherlands	52	39	47	48	186
Germany	13	(4)	22	(5)	26
Belgium/Luxembourg	18	14	16	19	67
Other NE Countries	7	6	10	7	30
Northern Europe	90	55	95	69	309
France	50	46	49	48	193
Italy	38	39	36	44	157
Iberia	21	23	25	24	93
Other SE Countries, UK & Latam	9	10	8	3	30
Southern Europe, UK & Latin America	118	118	118	119	473
Asia Pacific	15	22	28	25	90
Corporate	(49)	(48)	(47)	(47)	(191)
EBITA1	229	217	257	220	923

1 Operating profit before amortization and impairment of acquisition-related intangible assets and goodwill.

total revenue in millions of €	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023
Operational talent solutions	4,170	4,166	4,074	4,004	16,414
Professional talent solutions	1,069	1,056	1,010	1,035	4,170
Digital talent solutions	853	825	788	757	3,223
Enterprise talent solutions	390	385	357	356	1,488
Monster	49	46	44	45	184
Elimination of intersegment revenue	(13)	(13)	(13)	(14)	(53)
Revenue	6,518	6,465	6,260	6,183	25,426