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13 October 2026 Michael Page Q3 Highlights * THIRD QUARTER 2026 TRADING UPDATE RETURN TO GROWTH , FULL YEAR EXPECTATIONS MAINTAINED Group gross profit of £ 190.5m , + 1.5 % vs. Q3 2025 ; first quarter of growth since Q4 2022 Continued improvement and normalisation in a number of our markets Strong performances from Americas and Asia Pacific , both delivering accelerating growth Challenging but stable market conditions in France , Northern Europe and the UK Strong quarter for Page Executive , growth of 15 % Gross profit per fee earner up 6 % on Q3 2025 Decrease in fee earner headcount of 63 ( -1.3 % ) to 4,851 ( Q2 2026 : 4,914 ) • Net cash in line with expectations at c . £ 6m ( Q2 2026 : net debt of c . £ 7m ) Full Year Outlook • The Board expects 2026 operating profit to be in line with company compiled consensus of c . £ 29m * In constant currencies vs 2025 except where stated otherwise Q3 Gross Profit Analysis Reported ( £ m ) Constant % of Year - on - year Q3 2026 Q3 2025 % % Group EMEA 49 % 92.8 97.8 -5.0 % -3.8 % Americas 22 % 41.1 36.4 + 12.8 % + 8.9 % Asia Pacific 18 % 35.2 31.0 + 13.3 % + 14.7 % UK 11 % 21.4 22.6 -5.5 % -5.5 % Total 100 % 190.5 187.8 + 1.4 % + 1.5 % Permanent 70 % 134.2 133.1 + 0.8 % + 1.1 % Temporary 30 % 56.3 54.7 + 3.0 % + 2.6 % Nicholas Kirk , Chief Executive Officer , Michael Page , said : " The Group delivered its first quarter of growth since Q4 2022. We saw growth continue in Asia Pacific , the Americas and Southern Europe , with trading continuing to be more challenging , albeit stable , across France , Northern Europe and the UK . In total , c . 50 % of the Group was in growth in Q3 . " Our US business delivered its eighth consecutive quarter of growth driven by strong demand within construction and manufacturing . In Asia Pacific , we saw continued momentum across Asia and standout performances from Japan , Greater China and India . In Southern Europe , Spain continued to perform well and delivered its fifth consecutive quarter of growth . In the markets where we have experienced improved trading , this has been driven by a normalisation of conversion of offers to placements . " In France , Northern Europe and the UK , the markets remain stable and we traded in line with expectations . In these markets , permanent recruitment continues to be more challenging than temporary as clients seek greater flexibility . " We continue to execute our strategy , harnessing the power of Page and our position as the global leader for specialist , management and leadership permanent recruitment , placing more senior talent at higher salary levels and at higher fee rates . As a result , Q3 productivity was up 6 % on 2025 and was also higher than Q3 2022 - our record year . The progress we are making in productivity , technological innovation , operational efficiency and strategic execution demonstrates that our strategy continues to work and positions us well for future growth . Our strategic focus on Page Executive , which now represents c . 10 % of the Group , once again delivered a strong quarter , with growth of 15 % .