Randstad NV (RAND.AS): Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways

Research evidence excerpt

Randstad NV (RAND.AS): Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways

Equity Research

17 June 2026 | 5:35PM BST

Randstad NV (RAND.AS): Business Services, Transport, Leisure and Infra

& Building Materials Conference — Key Takeaways

Suhasini Varanasi

+44(20)7774-3722 |

suhasini.varanasi@gs.com

Goldman Sachs International

Harshita Bhatter, CFA

+1(332)245-7830 |

harshita.bhatter@gs.com

Goldman Sachs India SPL

Presenters: We hosted Steven Vriesendorp, Head of Investor Relations, and Temur

Yusupov, Senior Investor Relations Analyst at Randstad, today (June 17th) at our

London office, as part of our 2026 Goldman Sachs Business Services, Transport &

Leisure conference.

Key Takeaways

n Management reiterated their comments from 1Q results where they had seen an

inflection to positive growth with improving trends through the quarter and April

trends in line with March. The company also noted recent macro datapoints like

manufacturing PMIs, which are now above 50 in most regions (France

manufacturing PMI fell below 50 in May - with the company seeing more impact

in market data in white-collar and Perm, while blue-collar is still solid), and

improving trends in staffing datapoints, all of which remain supportive of growth

trends near term.

n There was a focus on gross margin trends given the deterioration seen over the

last quarters - Randstad highlighted the mix effects from growth (as well as FX

drag, which is now annualizing) - more growth from large clients vs. SMEs, more

growth from S. Europe vs. N. Europe, drag from perm, growth in operational vs.

other specialties etc.

n The company remains comfortable with the broad levels of field capacity near

term and believes it can grow the top line without adding materially to the cost