Randstad: Feedback from CEO roadshow

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Randstad: Feedback from CEO roadshow

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Randstad

Feedback from CEO roadshow

Maintain Rating: BUY | PO: 39.00 EUR | Price: 35.53 EUR

We hosted Randstad’s CEO in London 24 July 2026

Yesterday we hosted Randstad’s CEO Sander van't Noordende & Head of IR Steven Equity

Vriesendorp for investor meetings in London. Key takeaways: 1) early signs of cyclical

recovery are being observed across multiple countries, with US and Germany leading the Virginia Montorsi >> Research Analyst

improvement, 2) Perm fees still negative overall, but the trend is improving, 3) AI agents MLI (UK)

at scale could lead to a c100-200bps cost to serve benefit, if scaled successfully, 4) 44virginia.montorsi@bofa.com20 7996 2921

mgmt. remains very disciplined on hiring even in the context of demand picking up. Tim Ramskill, CFA >>

Research Analyst

Early signs of the cyclical recovery MLI+44 (UK)20 7996 3050

North America stood out at Q2, with US Operational revenue up +13% YoY in Q2. Mgmt. tim.ramskill@bofa.com

reiterated the acceleration in demand in US is still led by large clients but also pointed

to the very first signs of SME recovery. While mgmt. acknowledged that large-client

growth is a gross margin headwind, the CEO also argued that this is increasingly Stock Data

compensated by a structurally lower cost-to-serve model. Overall, Randstad noted that

the recovery is still early and uneven, but demand indicators are broadening and Price 35.53 EUR

Randstad is better positioned to convert growth into profit than in prior cycles. Price Objective 39.00 EUR

Date Established 23-Jul-2026

Investment Opinion B-1-7Germany: autos recovery across the board

Germany also stood out at Q2, with Operational revenue up +8% YoY organically. Mgmt. 52-Week Range 21.30 EUR-44.34 EUR