Robert Walters Plc · LSE:RWA
Robert Walters — H1 2026 Earnings Presentation
26 slides from Robert Walters's earnings presentation, Jul 30, 2026
Slide 1: 2026 half-year results
2026 half-year results H1 performance in-line Cost, cash and growth actions Thursday 30 July 2026 Global Talent Solutions Robert Walters plc – 2026 half-year results | 1
Slide 2: Today’s agenda
Today’s agenda Key messages – Toby Fowlston HY26 financial review, cost and cash actions – Jonathan Solesbury Strategy and growth actions update – Toby Fowlston Q&A Robert Walters plc – 2026 half-year results | 2
Slide 3: Key messages
Key messages We remain confident in our plan. In the face of tougher markets over the last few years, we have further 1 focused the execution of the strategy on cost, cash and growth actions. Substantial progress on costs and cash. Cost base reduced by c.£83m on an annualised basis against 2 2023 ba
Slide 4: HY26 financial review, cost and cash actions
HY26 financial review, cost and cash actions Robert Walters plc – 2026 half-year results | 4
Slide 5: Group financial summary: In-line trading despite a volatile global backdrop
Group financial summary: In-line trading despite a volatile global backdrop. % CC • H1 net fees performance £m unless otherwise stated 1H26 1H25 % Chg sequentially improved from full- Chg* year 2025 (-14%* YoY). Net fee income 134.6 140.0 (4%) (3%) Operating costs (139.1) (147.8) (6%) (6%) • Q2 net
Slide 6: Operating costs: Quantum of reduction in operating costs greater than reduction in net fees
Operating costs: Quantum of reduction in operating costs greater than reduction in net fees. Group operating cost bridge H1 2025 – H1 2026 £m £8.7m reduction year-on-year • H1 average group headcount 147.8 fell by 11% year-on-year. (4.5) 139.1 (2.2) (1.2) (0.8) • Non-staff costs continue to be manag
Slide 7: Focus on cost actions: Considerable actions to reduce the cost base over the last three years
Focus on cost actions: Considerable actions to reduce the cost base over the last three years. Considerable cost action over the last Cost action balanced with preserving Structural cost savings target: at least three years… the muscle of the business… £12m Underlying1 average monthly cost base Fee
Slide 8: Focus on cash actions: Reduced H1 outflow
Focus on cash actions: Reduced H1 outflow. Wider cash actions will continue to support execution of strategy. Group cashflow Reminder H1 2026 £m • Whilst Group cash resources remain solid, have historically operated with a net debt position in £(9.0)m free cash flow (H1 2025: £(10.5)m) the UK compar
Slide 9: Full-year guidance
Full-year guidance: We expect to deliver a financial result for the year towards the upper end of current market expectations1. Net fees: Mindful that hiring markets globally continue to move at different speeds, we continue to expect 2026 Group net fees to be slightly below 2025. Costs: We expect f
Slide 10: Strategy and growth actions update
Strategy and growth actions update Robert Walters plc – 2026 half-year results | 10
Slide 11: Strategic focus: Two organic growth levers and operational improvement
Strategic focus: Two organic growth levers and a clear programme of operational improvement to unlock greater efficiency and a higher conversion rate than the post-GFC peak* of 15%. 1 Geographic penetration 2 Service line diversification: More disciplined country portfolio management in specialist I
Slide 12: Changing world of work: Our strategy is structurally resilient
Changing world of work: Our strategy is structurally resilient, and grounded in two core beliefs about the future of professional work. Change in the world of professional work will present Human skills become more, not less, important in an AI- opportunities for our relationship-based business mode
Slide 13: Growth actions – specialist recruitment (1)
Growth actions – specialist recruitment (1): The engine of the Group. Focus is on returning it to profitable growth as soon as possible. Momentum is building, driven by our Our performance momentum has been Some large hiring markets stabilising… actions… sustained… Job adverts Indeed: Feb 2020 = 100
Slide 14: Growth actions – specialist recruitment (2)
Growth actions - specialist recruitment (2): Core playbook remains the four-box model. Disciplined actions against our framework driving performance improvement Using the four-box model to drive how we think and act Four-box model management driving results… regarding specialist recruitment portfoli
Slide 15: Growth actions – specialist recruitment (3)
Growth actions - specialist recruitment (3): Core playbook remains the four-box model. Disciplined actions against our framework driving performance improvement Using the four-box model to drive how we think and act Four-box model management driving results… regarding specialist recruitment portfoli
Slide 16: Our addressable market: bigger today than three years ago
Our addressable market: Growth actions mean this is bigger today than three years ago. Clear opportunity to grow share in perm in what remains a highly fragmented landscape… • Group’s addressable market Group addressable market opportunity is still predominantly NFI specialist permanent £bn recruitm
Slide 17: Enterprise talent solutions (1): RPO and MSP stabilised and returned to growth
Enterprise talent solutions (1): RPO and MSP businesses stabilised and returned to growth. Recruitment outsourcing business turned around RPO and MSP businesses stabilised and returned to over last three years… growth… 1 Focused our range of solutions RPO and MSP aggregate net fees performance YoY%
Slide 18: Enterprise talent solutions (2): Structural growth opportunity in consultancy
Enterprise talent solutions (2): Excited by the structural growth opportunity in consultancy We continue to have high levels of confidence in the Consultancy growing quickly… consultancy opportunity… +41% Consultancy NFI growth in H1 2026 Robert Walters Outsourcing Current case study: UK Government
Slide 19: Conclusion
Conclusion 1 First half trading performance in-line with our expectations. 2 Good progress focused on cost, cash and growth actions. Expect to deliver a financial result for the year towards the upper end of current market 3 expectations1. Confident in the opportunity ahead to deliver for clients, t
Slide 20: Appendix
Appendix Robert Walters plc – 2026 half-year results | 20
Slide 21: Group trading summary
Group trading summary Group net fee income CC* 1H26 1H25 Chg. £m unless otherwise stated Chg. Specialist recruitment** 109.1 116.7 (7%) (6%) Of which permanent 71.6 75.5 (4%) (3%) Of which temporary 36.2 39.1 (9%) (9%) Perm % mix 66% 65% 1pp n/a Temp % mix 33% 34% (1) pp n/a Recruitment outsourcing
Slide 22: Asia-Pacific: H1 2026 summary
Asia-Pacific: H1 2026 summary Specialist recruitment fee income mix £m unless otherwise stated 1H26 1H25 Chg. CC* Chg. H1 2026 Other Net fee income 58.5 60.4 (3%) 0% Asia- Specialist professional recruitment** 54.2 56.1 (3%) 0% Hong Kong Pacific 7% Recruitment outsourcing 4.3 4.3 (1%) 2% Mainland 6%
Slide 23: Europe: H1 2026 summary
Europe: H1 2026 summary Specialist recruitment fee income mix £m unless otherwise stated 1H26 1H25 Chg. CC* Chg. H1 2026 Net fee income 37.5 43.4 (14%) (16%) Other Europe Specialist professional recruitment** 37.4 43.0 (13%) (16%) 7% Germany Recruitment outsourcing 0.1 0.4 (78%) (78%) 7% France Spec
Slide 24: UK: H1 2026 summary
UK: H1 2026 summary Specialist recruitment fee income mix H1 2026 £m unless otherwise stated 1H26 1H25 Chg. Net fee income 25.5 24.7 3% Specialist professional recruitment* 11.9 10.9 9% Recruitment outsourcing 13.6 13.8 (1%) Spec. professional recruitment Perm % mix 76% 75% 1 pp Regions Spec. profes
Slide 25: Rest of World: H1 2026 summary
Rest of World: H1 2026 summary Specialist recruitment fee income mix H1 2026 £m unless otherwise stated 1H26 1H25 Chg. CC* Chg. South Africa 9% Net fee income 13.1 11.5 13% 15% Chile Specialist professional recruitment 5.6 6.7 (17%) (18%) 15% Recruitment outsourcing 7.5 4.8 56% 61% Middle East Spec.
Slide 26: Investment case
Investment case: we aspire to be the most trusted talent solutions business and are targeting a conversion rate in excess of the previous post-GFC peak, underpinning a capital-light and cash-generative model Full suite of solutions enables us to support clients with all their talent challenges, help