Slides
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Overview Financial Review Regional Review Summary Q4 and FY 2025 Trading Update
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Overview Financial Review Regional Review Summary Kelvin Stagg Chief Financial Officer Headline Numbers
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Overview Financial Review Regional Review Summary Key financial highlights Variable results across the Group +26% -4.6% -7.8% +26% £190.7m £196.9m Q4 2024 £768.2m £842.6m FY 2024 Gross Profit Q4 Gross Profit FY 4,968 5,043 Q3 2025 6,820 6,903 Q3 2025 Total Fee Earner Headcount Total Headcount +3% c. £31m c. £38m Q3 2025 Productivity vs Q4 2024 Net Cash Constant Currency vs Q4 2024 Constant Currency vs FY 2024 3
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Overview Financial Review Regional Review Summary Financial Review
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Overview Financial Review Regional Review Summary 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q3 2025 Q4 2025 Headcount Non-Operational Fee Earners Total headcount -1.2% • Decrease in fee earners of 75 (-1.5%) in the quarter, due mainly to attrition in December when we typically onboard fewer consultants • Q4 fee earners movement: EMEA -72 , Americas +10, Asia Pacific flat, UK -13 • Non-operations headcount decreased by 8 (-0.4%) in the quarter • Continue to ensure headcount in all our markets is aligned to activity levels -0.4% -1.5% 4,968 1,860 1,852 5,043 5 Reduction in fee earner headcount of 1.5% Reductions mainly in Europe
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Overview Financial Review Regional Review Summary • Continued high fee rates • Salary levels remain strong • Ongoing uncertainty continues to impact candidate and client confidence, extending time-to-hire • Normalisation of offer-to-placement conversion levels in Asia and the US, no change in Europe and the UK 6 Productivity up 3% on Q4 2024 Conversion of offers to placements remained most significant challenge 2019 2020 2021 2022 2023 2024 2025 0 1000 2000 3000 4000 5000 6000 7000 0 10 20 30 40 50 60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Fee Earners Gross Profit per fee earner (£k) constant currency Fee Earners
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Overview Financial Review Regional Review Summary Regional Review
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Overview Financial Review Regional Review Summary • Ongoing challenging conditions in Europe and the UK • Growth in Americas and APAC Q4 % of Group 2025 £m 2024 £m Reported % Constant % EMEA 53% 102.1 107.4 -4.9% -8.9% Americas 19% 36.4 35.6 +2.5% +2.4%* Asia Pacific 16% 30.2 29.5 +2.4% +6.4% UK 12% 22.0 24.4 -10.1% -10.1% Group Total 100% 190.7 196.9 -3.1% -4.6% Q4 Gross Profit -4.6% Variable market conditions across the Group 8 * Excluding Argentina due to hyperinflation
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Overview Financial Review Regional Review Summary France 24% Germany 22% S.Europe 26% N.Europe 15% Other 13% 53% of Group Gross Profit by Geography • France (13% of the Group) -17% • Germany (12% of the Group) -5% • Spain +10% No. 2025 Q4 2024 Q4 % 2025 Q3 % Fee Earners 2,309 2,628 -12.1% 2,381 -3.0% EMEA Continued tough trading conditions, particularly in France 9 £M Period 2025 £m 2024 £m Reported % Constant % Gross Profit Q4 102.1 107.4 -4.9% -8.9% FY 408.7 462.5 -11.6% -12.2%
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Overview Financial Review Regional Review Summary USA 54% Brazil 13% Mexico 13% Rest of Latam 18% Canada 2% • US (10% of the Group) +5% • Latin America (8% of the Group) +1%* • Brazil +6% • Mexico -17% • Rest of Latam +17%* * Excluding Argentina due to hyperinflation 19% of Group No. 2025 Q4 2024 Q4 % 2025 Q3 % Fee Earners 951 958 -0.7% 941 +1.1% Gross Profit by Geography The Americas Growth in the region, with sustained growth in the US 10 £M Period 2025 £m 2024 £m Reported % Constant % Gross Profit Q4 36.4 35.6 +2.5% +2.4%* FY 147.8 149.2 -0.9% +3.3%*
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Overview Financial Review Regional Review Summary Japan & India 32% Greater China 26% SE Asia 26% Australia 16%• Asia (13% of the Group) +7% • South East Asia (4% of the Group) +8% • Greater China (4% of the Group) +5% • Mainland China +10% • Hong Kong -6% • Japan +3% • India +17% • Australia flat 16% of Group No. 2025 Q4 2024 Q4 % 2025 Q3 % Fee Earners 1,126 1,108 +1.6% 1,126 +0.0% Gross Profit by Geography Asia Pacific Asia delivered third consecutive quarter of growth 11 £M Period 2025 £m 2024 £m Reported % Constant % Gross Profit Q4 30.2 29.5 +2.4% +6.4% FY 120.6 126.4 -4.6% -1.4%
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Overview Financial Review Regional Review Summary Perm 68% Temp 32% 12% of Group No. 2025 Q4 2024 Q4 % 2025 Q3 % Fee Earners 582 676 -13.9% 595 -2.2% UK Market conditions remain tough Gross Profit Mix 12 £M Period 2025 £m 2024 £m Reported % Gross Profit Q4 22.0 24.4 -10.1% FY 91.1 104.5 -12.8% • New job acquisition down slightly vs Q4 2024
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Overview Financial Review Regional Review Summary Summary
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Overview Financial Review Regional Review Summary Summary Variable market conditions across the Group 14 Expect 2025 FY Operating Profit to be broadly in line with current consensus of £21.1m Highly adaptable and diversified business model Continue to reallocate resources to where we see the most significant long-term structural opportunities Conversion of offers to placements remains most significant challenge
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Overview Financial Review Regional Review Summary Disclaimer This presentation contains certain statements that are neither reported financial results nor other historical information. The information contained in this presentation is not audited, is for personal use and informational purposes only and is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law or regulation, or which would subject any member of the PageGroup plc group of companies to any registration requirement. No representation or warranty, express or implied, is or will be made in relation to the accuracy, fairness or completeness of the information or opinions made in this presentation. Certain statements included or incorporated by reference within this presentation may constitute “forward-looking statements” that are based on current expectations or beliefs, as well as assumptions about future events. There are risk factors that can cause actual results to differ materially from those expressed in or implied by such statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. PageGroup plc disclaims any intention or obligation to revise or update any forward-looking statements that may be made in this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast. This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares in PageGroup plc, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the shares of PageGroup plc. Past performance cannot be relied upon as a guide to future performance. Liability arising from anything in this presentation shall be governed by English Law. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws. 15
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Overview Financial Review Regional Review Summary 16