Randstad delivered an honourable set of figures for the Q3 23. Although organic revenue decreased (-7.3%) by more than our expectation, the underlying EBITA margin was better than forecast at 4.4% of revenue (-0.4pt). Randstad was impacted by tougher market conditions in North America and a deterioration in Germany. Except for North America, EBITA was resilient everywhere else. Based on the first two weeks in October 23, there has been some stabilization in the decreasing trend.
