Randstad N.V.

Q2 2026 revenue was EUR 5.9 billion, organic growth was 1.9%, and EBITA was EUR 182 million, up 8% year over year, for a 3.1% margin. Gross profit declined 1.5% year over year, while OPEX fell 3% year over year to EUR 889 million. Adjusted net income was EUR 109 million, underlying free cash flow was EUR 39 million positive, and net debt decreased EUR 66 million year over year with leverage at 1.8x. For the business outlook, management said Q3 gross margin is expected to be modestly down sequentially due to seasonality and mix, while operating expenses should decrease quarter over quarter; they also said the effective tax rate for 2026 is expected toward the higher end of the 30% to 32% range. They expect the LTM transaction to close in H2 with enterprise value of approximately EUR 160 million.

Alexander van't Noordende framed the quarter as evidence that the Partner for Talent strategy is gaining traction and that Randstad is running a leaner, more productive business. He emphasized specialization, digital marketplaces, and AI-enabled delivery as the core of the next phase, citing 1.3 billion euros of new client wins in the first half through the 10x10x10 initiative and progress in self-scheduled shifts and Torc. His tone was confident and upbeat, but he repeatedly noted that implementation work remains ongoing and that the company is still refining the model market by market.

Jorge Vazquez focused on the improving operating model and the financial gearing now showing through the P&L. He highlighted revenue growth of 1.9%, gross profit down 1.5% but improving sequentially from minus 3.5% in Q1, OPEX down 3%, EBITA of EUR 182 million, and a recovery ratio of 82% over the last four quarters. On cash, he said underlying free cash flow was EUR 39 million positive, DSO was 57.6 days, net debt fell EUR 66 million year over year, and leverage was 1.8x after an ordinary dividend payment of EUR 284 million in April. He also said Q3 gross margin should be modestly down sequentially and OPEX should decline quarter over quarter due to seasonality and structural cost savings.

Analysts focused on gross margin pressure, the durability of the improvement into Q3, and whether larger-client-led growth gives better visibility than SME-led demand. Management said gross margin has been improving step by step, that large clients are still driving much of the incremental work, and that trends continued into early July. Questions also probed digital platform leverage, North America, Germany, and the LTM divestiture; management said North America operational is working well but digital is still a drag, Germany’s exit rate was strong, and the LTM sale is a product simplification because the sold businesses were small in a difficult, scale-driven solutions market.