Slide 1: Q2 and H1 2025 Trading Update
Overview Financial Review Regional Review Summary Q2 and H1 2025 Trading Update
Slide 2: Headline Numbers
Overview Financial Review Regional Review Summary Headline Numbers Kelvin Stagg Chief Financial Officer
Slide 3: Key financial highlights
Overview Financial Review Regional Review Summary Key financial highlights Resilient performance despite ongoing market and tariff related uncertainty Gross Profit Q2 £194.8m Constant -10.5% Currency vs £224.2m Q2 2024 Q2 2024 Gross Profit H1 £389.3m Constant Currency vs -9.7% £444.1m H1 2024 H1 202
Slide 4: Financial Review
Overview Financial Review Regional Review Summary Financial Review
Slide 5: Headcount
Overview Financial Review Regional Review Summary Reduction in fee earner headcount of 2.5% Reductions mainly in Europe and the UK Total headcount -2.7% • Decrease in fee earners of 133 (-2.5%) in the Quarter 10,000 9,000 • Q2 Fee earner movement: -94 EMEA, +12 Americas, +5 8,000 Asia Pacific, -56 U
Slide 6: Productivity down 3% on Q2 2024
Overview Financial Review Regional Review Summary Productivity down 3% on Q2 2024 Continued tough trading conditions 60 Fee Earners Gross Profit per fee earner (£k) constant currency 7000 • Slight deterioration in activity levels in Continental Europe. However, improvement in 50 6000 Asia and the US
Slide 7: Regional Review
Overview Financial Review Regional Review Summary Regional Review
Slide 8: Q2 Gross Profit –10.5%
Overview Financial Review Regional Review Summary Q2 Gross Profit –10.5% Negative foreign exchange impact of -2.6 ppts • Worsening in Continental Europe, continued challenging conditions in the UK • Improvement in the US and Asia • Temporary recruitment -8.2% vs permanent -11.3% Q2 % of Group 2025 £
Slide 9: EMEA
Overview Financial Review Regional Review Summary EMEA Worsening in market conditions £m 2025 2024 Reported % Constant % Q2 102.9 125.2 -17.8% -17.1% H1 208.8 248.8 -16.1% -14.5% Other 13% France 24% • Temporary recruitment -13% vs permanent -19% • France (13% of the Group) -20% N.Europe 15% • Germa
Slide 10: The Americas
Overview Financial Review Regional Review Summary The Americas Third consecutive quarter of growth in the US £m 2025 2024 Reported % Constant % Q2 37.7 40.0 -5.7% +2.9%* H1 74.8 77.3 -3.3% +3.2%* Rest of • US (11% of the Group) +14% Latam Canada 16% 3% • Latin America (8% of the Group) -9%* • Mexico
Slide 11: Asia Pacific
Overview Financial Review Regional Review Summary Asia Pacific Early signs of improvement in trading and customer confidence in Asia £m 2025 2024 Reported % Constant % Q2 31.2 32.2 -3.2% +0.6% H1 59.2 64.3 -7.9% -5.3% • Asia (14% Group) +4% Greater SE Asia China • Greater China (4% of the Group) -5%
Slide 12: UK: Ongoing subdued levels of client and candidate confidence
Overview Financial Review Regional Review Summary UK Ongoing subdued levels of client and candidate confidence £m 2025 2024 Reported % Q2 23.0 26.8 -14.3% Temp 30% H1 46.5 53.7 -13.4% Perm:Temp Ratio Perm 70% No. 2025 Q2 2024 Q2 % 2025 Q1 % Fee Earners 611 733 -16.6% 667 -8.4% 12% of Group 12
Slide 13: Summary
Overview Financial Review Regional Review Summary Summary
Slide 14: Summary
Overview Financial Review Regional Review Summary Summary Resilient performance despite ongoing market and tariff related uncertainty Worsening conditions in Europe Improvement in US and early signs of improvement in Asia Conversion of accepted offers to placements remains most significant challenge
Slide 15: Appendix
Overview Financial Review Regional Review Summary Appendix
Slide 16: Our business model
Overview Financial Review Regional Review Summary Our business model 16
Slide 17: Significant variations in recruitment mix
Overview Financial Review Regional Review Summary Significant variations in recruitment mix Geography Brands 18% 14% 20% 34% 30% 56% 82% 86% 80% 66% 70% 44% EMEA Americas Asia Pacific UK Michael Page Page Personnel Q2 2025 Q2 2025 Temp Perm 17
Slide 18: Long term fee earner & international growth
Overview Financial Review Regional Review Summary Long term fee earner & international growth 8,000 ASIA EMEA AMERICAS UK PACIFIC Fee Earner Headcount 7,000 6,000 5,000 4,000 3,000 2,460 2,000 1,135 1,000 957 611 - 1990-1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 19: Quarterly gross profit & fee earners
Overview Financial Review Regional Review Summary Quarterly gross profit & fee earners Quarterly gross profit reduced from Q4 2022 7000 300 6000 250 5000 Gross Profit (£m) as reported 200 4000 Fee Earners 150 3000 100 2000 50 1000 0 0 Q4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q1 Q2 Q1 Q1 Q2 Q3 Q1
Slide 20: Year-on-Year gross profit growth rates
Overview Financial Review Regional Review Summary Year-on-Year gross profit growth rates 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 EMEA +6.8% +1.4% -1.3% -6.1% -12.7% -10.2% -15.1% -15.9% -12.0% -17.1% Asia Pacific -17.0% -17.2% -11.0% -10.3% -15.7% -19.8% -16.8% -14.6% -11.1% +0.6% – Asia -21.1%
Slide 21: Contacts and Calendar
Overview Financial Review Regional Review Summary Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 12 August 2025 Interim Results 2025 Tel: +44 (0) 1932 264 022 Email: investorrelations@michaelpage.com Web: https://www.page.com/investors 21
Slide 22: Disclaimer
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
Slide 23: Overview Financial Review Regional Review
Overview Financial Review Regional Review Summary 23