Pagegroup Plc · LSE:PAGE
Pagegroup — Q3 2025 Earnings Presentation
23 slides from Pagegroup's earnings presentation, Oct 15, 2025
Slide 1: Q3 Trading Update 2025
Overview Financial Review Regional Review Summary Q3 Trading Update 2025
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 Variable market conditions across the Group Constant -6.7% Currency vs Gross Profit Q3 £187.8m Q3 2024 £201.6m Q3 2024 Reported vs -6.8% Q3 2024 Total Fee Earner+26%5,043 Headcount +26% Productivity vs +1% 5,163 Q2 2025 Q3 20
Slide 4: Financial Review
Overview Financial Review Regional Review Summary Financial Review
Slide 5: Reduction in fee earner headcount of 2.3%
Overview Financial Review Regional Review Summary Reduction in fee earner headcount of 2.3% Reductions mainly in Europe Total headcount -1.9% • Decrease in fee earners of 120 (-2.3%) in the quarter 8,000 7,000 • Q3 fee earner movement: -79 EMEA, -16 Americas, -9 Asia Pacific, -16 UK 6,000 • Non-oper
Slide 6: Productivity up 1% on Q3 2024
Overview Financial Review Regional Review Summary Productivity up 1% on Q3 2024 Conversion of offers to placements remained most significant challenge 60 Fee Earners • Improved conversion of offers to placements Gross Profit per fee earner (£k) constant currency 7000 in Asia and the US, ongoing chal
Slide 7: Regional Review
Overview Financial Review Regional Review Summary Regional Review
Slide 8: Q3 Gross Profit -6.7%
Overview Financial Review Regional Review Summary Q3 Gross Profit -6.7% Variable market conditions across the Group • Ongoing challenging conditions in Continental Europe and the UK • Continued growth in Asia and the US Q3 % of Group 2025 £m 2024 £m Reported % Constant % EMEA 52% 97.8 106.3 -8.1% -1
Slide 9: EMEA
Overview Financial Review Regional Review Summary EMEA Continued challenging market conditions Q3 2025 £m 2024 £m Reported % Constant % Gross Profit 97.8 106.3 -8.1% -10.2% Other 14% • Germany (13% of the Group) -11% Germany 25% • France (12% of the Group) -16% • Spain +3% N.Europe 15% Gross Profit
Slide 10: The Americas
Overview Financial Review Regional Review Summary The Americas Fourth consecutive quarter of growth in the US Q3 2025 £m 2024 £m Reported % Constant % Gross Profit 36.4 36.3 +0.4% +3.5%* Rest of • US (11% of the Group) +10% Latam Canada 17% 2% • Latin America (8% of the Group) -4%* • Mexico -12% • B
Slide 11: Asia Pacific
Overview Financial Review Regional Review Summary Asia Pacific Improvement in trading and second consecutive quarter of growth in Asia Q3 2025 £m 2024 £m Reported % Constant % Gross Profit 31.0 32.6 -4.8% -1.2% • Asia (14% Group) +1% Greater SE Asia China 27% 23% • South East Asia (5% of the Group)
Slide 12: UK
Overview Financial Review Regional Review Summary UK Ongoing low levels of client and candidate confidence Q3 2025 £m 2024 £m Reported % Gross Profit 22.6 26.4 -14.3% Temp 30% • Permanent -12% Gross Profit • Temporary -19% due to closure of Page Personnel Mix Perm 70% No. 2025 Q3 2024 Q3 % 2025 Q2 %
Slide 13: Summary
Overview Financial Review Regional Review Summary Summary
Slide 14: Summary
Overview Financial Review Regional Review Summary Summary Variable market conditions across the Group Continental Europe and the UK remained challenging Continued growth in the US and Asia Conversion of offers to placements remains most significant challenge Continue to reallocate resources to where
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 14% 20% 21% 30% 37% 60% 63% 80% 86% 70% 79% 40% EMEA Americas Asia Pacific UK Michael Page Page Personnel 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 2,381 2,000 1,126 1,000 941 595 - 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 Q3 2022 7000 300 6000 250 5000 Gross Profit (£m) as reported 200 4000 Fee Earners 150 3000 100 2000 50 1000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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 Q3 EMEA +6.8% +1.4% -1.3% -6.1% -12.7% -10.2% -15.1% -15.9% -12.0% -17.1% -10.2% Asia Pacific -17.0% -17.2% -11.0% -10.3% -15.7% -19.8% -16.8% -14.6% -11.1% +0.6% -1.
Slide 21: Contacts and Calendar
Overview Financial Review Regional Review Summary Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 13 January 2026 Q4 2025 Trading Update 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