Slides
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Michael Page Half Year Results 6 August 2026
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Overview Financial Review Strategic Review Summary & Outlook Overview 2 Resilient performance in H1 despite ongoing challenging market conditions Continued growth in APAC and the Americas c. 50% of Group in growth in H1 Strategy is working and positions us well for future growth Continue to control the cost base tightly
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Overview Kelvin Stagg Chief Financial Officer
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Overview Financial Review Strategic Review Summary & Outlook Key financial highlights Resilient performance Gross profit £385.2m £389.7m H1 2025 Gross profit (CC) -2.4% vs. H1 2025 Operating profit £9.7m £2.1m H1 2025 Conversion rate 2.5% 0.5% H1 2025 Gross profit per fee earner +3.7% vs. H1 2025 Basic EPS 1.2p 0.0p H1 2025 Interim dividend per share 1.46p 5.36p H1 2025 Net (debt)/cash (£7.2m) £10.8m H1 2025 4
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Financial Review
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Overview Financial Review Strategic Review Summary & Outlook Operating Profit Group conversion rate of 2.5% £m H1 2026 H1 2025 Operating Profit Conversion Rate* Operating Profit Conversion Rate* EMEA 15.1 7.5% 10.9 5.2% Americas 3.3 4.2% 2.4 3.2% Asia Pacific (0.7) (1.1%) (4.2) (7.1%) UK (8.0) (18.8%) (7.0) (15.1%) Group 9.7 2.5% 2.1 0.5% *Operating Profit as a percentage of Gross Profit 6 • EMEA had the highest conversion rate in the Group, despite tougher trading in France and Northern Europe • Americas remained profitable • Asia Pacific and the UK both profitable before central cost recharges and one-off costs
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Overview Financial Review Strategic Review Summary & Outlook Cost Base Annualised savings of c. £40m 7 £m Project One off Costs Annualised Savings 2023 Management Layers, consolidating offices, non operations headcount 15 20 2024 SSC Relocations 7 5 2025 Reduce Leadership and business support 15 15 37 40 • Flexible cost base through fee earner headcount, which we align to market conditions • Continue to control the cost base tightly • Various programmes since the strategy launch including managing non operations headcount, move to more cost- effective locations, consolidating offices and reducing management layers • Collectively, delivered annualised savings of c. £40m • Continued in H1 2026, a net c. £2.5m of one-off costs incurred
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Overview Financial Review Strategic Review Summary & Outlook Effective tax rate (ETR) Effective tax rate of 41.2% £m H1 2026 FY 2025 H1 2025 Profit Before Tax 6.5 16.2 0.2 Tax Charge 2.7 7.2 0.1 Effective T ax Rate 41.2% 44.4% 37.3% • Tax rate continues to be elevated due to the lower profit environment • Expected tax rate for full year is consistent with H1 8
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Overview Financial Review Strategic Review Summary & Outlook Robust balance sheet Net debt of £7.2m £m H1 2026 H1 2025 Intangible assets 11.8 19.8 Tangible assets 39.0 45.9 Trade and other receivables 346.6 339.6 Trade, other payables, current and deferred taxes (165.6) (185.7) Net lease liabilities (13.0) (13.4) Borrowings (37.6) (23.0) Cash 30.4 33.8 Net (Debt)/Cash (7.2) 10.8 Net assets 211.6 217.0 9 • Trade and other receivables remain the most significant item • Borrowings of £30m under RCF and £7.6m under the trade debtor discounting facility, partially offset by cash of £30.4m
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Overview Financial Review Strategic Review Summary & Outlook Resilient cash flow generation Expect to close the year with net of cash of c. £30m 31.4 40.0 33.9 7.3 3.2 20.6 0.2 10.0 3.4 -10 0 10 20 30 40 50 60 70 80 Dec 25 EBITDA Working Capital Tax and net interest Net capex Lease payments EBT share purchases Dividends Foreign Exchange Jun 26 £m Net (Debt)/Cash (7.2) Increase Decrease 10
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Overview Financial Review Strategic Review Summary & Outlook Working capital Debtor book remains strong Debtor Days Debtor days remain low across both permanent and temporary recruitment, and in line with previous years Write offs No increase in level of debt write off Perm vs Temp Temporary recruitment, which has higher working capital requirement, more resilient than permanent Prepayments Higher prepayments in H1 of c. £11m, largely software licenses, will unwind in H2 11
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Overview Financial Review Strategic Review Summary & Outlook Clear capital allocation policy £4.6m dividend to be paid in October 1st use of cash To satisfy operational and investment requirements, and to hedge liabilities under the Group’s share plans 2nd use of cash Payment of ordinary dividends, where our policy is to increase them at the long-term growth rate of the Group 3rd use of cash To make supplementary returns to shareholders Dividend per share (p) H1 2026 H1 2025 Interim 1.46 5.36 12
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Strategic Review
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Overview Financial Review Strategic Review Summary & Outlook A sea of brands and sub-brands 14
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Overview Financial Review Strategic Review Summary & Outlook Our superpowers in a world of AI Our new single identity 15
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Overview Financial Review Strategic Review Summary & Outlook Why Perm? The leading player in permanent recruitment with the most global reach* 73% of Group Gross Profit from permanent recruitment Global platform in 34 markets One of the world’s largest global Executive Search businesses Continue to ‘trade up’ in line with strategy *SIA Estimates 16
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Overview Financial Review Strategic Review Summary & Outlook Being clear on what we do Specialist Recruitment Services Search, Selection & Staffing Executive Search Executive Search, Assessment and Advisory Enterprise Solutions Scaled Recruiting & Outsourcing EXPERIENCED TALENT, PROFESSIONALS & MANAGEMENT FOR PERMANENT, NON- PERMANENT POSITIONS & PROJECT C-SUITE & SENIOR LEADERSHIP TALENT FOR PERMANENT & INTERIM POSITIONS TALENT SOLUTIONS FOR LARGE AND GLOBAL CUSTOMERS 17
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Overview Financial Review Strategic Review Summary & Outlook People-AI framework Our non automatable core Where consultants remain indispensable Data-driven client advisory Driving performance uplift and consistency Where we improve efficiency and margin Human Uniqueness “What only our people can do” Human and AI Collaboration “What people do better with AI” AI Automation “What technology should do” 18
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Overview Financial Review Strategic Review Summary & Outlook Our strategic goals Operating profit £400m Customer experience 60+ NPS Social impact 1m lives changed 19
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Overview Financial Review Strategic Review Summary & Outlook Our strategic pillars Specialist Recruitment Services 20 Core Technology • Challenging but improving market conditions • Continued growth in Asia Pacific and the Americas • Return to growth in Southern Europe • Northern Europe, France and the UK stabilising • Reallocating resource into areas where we see the most significant long-term structural opportunities • Tough macro, but remains our second largest discipline • Highly dynamic sector with demand for skills changing rapidly • Continue to see a more resilient performance from non-perm • Individual markets delivered a strong H1, including Spain, Colombia, Japan, Greater China and India
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Overview Financial Review Strategic Review Summary & Outlook Our strategic pillars Page Executive and Enterprise Solutions 21 • Record performance in H1, with growth of 8% • Particularly strong performances from Germany, Southern Europe, Greater China, South-East Asia and India • Increasing the salary levels at which we operate • Market gap is a significant opportunity for the Group Page Executive Enterprise Solutions • Supporting our largest strategic customers with their complex, international requirements • Leveraging our well established, global platform • Outsourcing business delivered a record H1, with growth of 22%
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Summary and Outlook
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Overview Financial Review Strategic Review Summary & Outlook Summary and Outlook 2026 guidance reiterated c. 50% of our markets in growth in H1 Resilient performance despite ongoing challenging market conditions Continue to take actions to optimise cost base, net one off costs in H1 of c. £2.5m Highly diversified and adaptable business model Expect 2026 FY Operating Profit to be in line with company compiled consensus of c. £28m Interim dividend of 1.46 pence per share 23
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Disclaimer This presentation contains certain statements that are neither reported financial results nor other historical information. T he 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 u se would be contrary to law or regulation, or which would subject any member of the Michael Page 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. Michael Page 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 pu rchase any shares in Michael Page plc, nor shall it or any part of it or the fact of its distribution form the basis of, or be relie d on in connection with, any contract or commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the shares of Michael Page 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 presentat ion shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws. 24
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Contacts and calendar Contacts Matt Clark – Head of Investor Relations Tel: +44 (0) 1932 264 022 Email: investorrelations@michaelpage.com Web: https://investors.michaelpage.com Date: 13 October 2026 Event: Q3 2026 Trading Update 25
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Appendix
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Our business model 27 27
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Significant variations in recruitment mix 65% 82% 87% 68% 35% 18% 13% 32% EMEA Americas Asia Pacific UK Temp Perm 28
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Long term fee earner and international growth - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000Fee Earner Headcount UKAsia PacificEMEA Americas 1990-1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2 019 2020 2021 2022 2023 2024 2025 2026 966 542 2,196 1,210 ASIA PACIFIC EMEA AMERICAS Portugal (2000) Switzerland (2001) Belgium (2002) Poland S Africa UAE Austria Turkey Morocco Thailand Indonesia Taiwan India Malaysia Japan (2001) China (2003) Australia (1985) USA (1998) Brazil (2000) Canada Mexico Chile Colombia Peru INTERNATIONAL GROWTH France (1986) Netherlands (1987) Germany (1993) Spain (1997) Italy (1997) Hong Kong (1995) Singapore (1996) Argentina Vietnam Philippines Panama Saudi Arabia 29
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Quarterly gross profit & fee earners Negative quarterly gross profit growth since Q4 2022 0 1000 2000 3000 4000 5000 6000 7000 0 50 100 150 200 250 300 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 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Fee Earners Gross Profit (£m) as reported Fee Earners 30
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Year-on-year gross profit growth rates 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 EMEA -12.7% -10.2% -15.1% -15.9% -12.0% -17.1% -10.2% -8.9% -9.2% -4.8% Asia Pacific -15.7% -19.8% -16.8% -14.6% -11.1% +0.6% -1.2% +6.4% +9.3.% +9.4% – Asia -10.6% -14.2% -12.8% -11.8% -10.6% +3.9% +1.1% +7.5% +10.3% +11.2% – Australasia -32.5% -38.1% -30.6% -25.3% -13.8% -12.9% -12.2% +0.1% +4.3% +0.0% Americas -5.3% -6.8% -5.3% -1.6% +4.7% +4.2% +3.9% +3.3% +1.1% +7.2% – North America -15.3% -18.7% -13.0% +2.1% +5.4% +13.1% +9.5% +3.5% +0.9% +5.3% – Latin America +9.4% +9.8% +3.2% -6.0% +3.3% -6.3% -2.9% +3.1% +1.3% +10.0% UK -19.2% -17.4% -13.5% -13.6% -12.7% -14.3% -14.3% -10.1% -11..4% -5.3% Group Total -12.8% -12.0% -13.5% -13.0% -9.2% -10.5% -6.7% -4.6% -4.9% -0.2% 31