Slide 1: Q1 Trading Update 2026
Overview Financial Review Regional Review Summary Q1 Trading Update 2026
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 geopolitical and macro-economic uncertainty Constant Currency vs -4.9% Gross Profit £187.0m Q1 2025 £194.5m Q1 2025 Reported vs -3.9% Q1 2025 +26% Total Fee Earner 4,994 +26% Gross profit per fee
Slide 4: Financial Review
Overview Financial Review Regional Review Summary Financial Review
Slide 5: Headcount
Overview Financial Review Regional Review Summary Increase in fee earner headcount of 0.5% Growth in the Americas and Asia Pacific, reductions in EMEA and the UK 8,000 Total headcount -0.3% • Increase in fee earners of 26 (+0.5%) in the quarter 7,000 • Continue to ensure headcount in all our markets
Slide 6: Productivity up 2% on Q1 2025
Overview Financial Review Regional Review Summary Productivity up 2% on Q1 2025 Conversion of offers to placements remained most significant challenge • Normalisation of offer-to-placement 60 Fee Earners Gross Profit per fee earner (£k) constant currency conversion levels in parts of Asia Pacific an
Slide 7: Regional Review
Overview Financial Review Regional Review Summary Regional Review
Slide 8: Q1 Gross Profit -4.9%
Overview Financial Review Regional Review Summary Q1 Gross Profit -4.9% Variable market conditions across the Group • UK and Europe remain challenging • Continued growth in Americas and APAC Q1 % of Group 2026 £m 2025 £m Reported % Constant % EMEA 54% 100.4 105.9 -5.2% -9.2% Americas 19% 36.5 37.0 -
Slide 9: EMEA
Overview Financial Review Regional Review Summary EMEA Continued tough conditions throughout most of the region in Q1 Q1 2026 £m 2025 £m Reported % Constant % Gross Profit 100.4 105.9 -5.2% -9.2% ME Other 3% • Germany (13% of the Group) -7% 10% Germany 24% • France (12% of the Group) -14% • Spain +1
Slide 10: The Americas
Overview Financial Review Regional Review Summary The Americas Sixth consecutive quarter of growth in the US Q1 2026 £m 2025 £m Reported % Constant % Gross Profit 36.5 37.0 -1.5% +1.1% • US (11% of the Group) +1% Rest of Latam 11% • Latin America (8% of the Group) +1% Canada 3% • Mexico -8% Colombia
Slide 11: Asia Pacific
Overview Financial Review Regional Review Summary Asia Pacific Fourth consecutive quarter of growth in Asia Q1 2026 £m 2025 £m Reported % Constant % Gross Profit 29.2 28.0 +4.5% +9.3% • Asia (13% of the Group) +10% India • Greater China (4% of the Group) +12% SE Asia 17% 23% • Mainland China +21% •
Slide 12: UK: Market remains challenging
Overview Financial Review Regional Review Summary UK Market remains challenging Q1 2026 £m 2025 £m Reported % Gross Profit 20.9 23.6 -11.4% • Permanent recruitment -14% Temp • Temporary recruitment -7% 32% Gross Profit Split Perm 68% No. 2026 Q1 2025 Q1 % 2025 Q4 % Fee Earners 553 667 -17.1% 582 -5.
Slide 13: Summary
Overview Financial Review Regional Review Summary Summary
Slide 14: Summary
Overview Financial Review Regional Review Summary Summary Resilient performance despite uncertainty Conversion of offers to placements remains most significant challenge Continue to reallocate resources to where we see the most significant long-term structural opportunities Heightened degree of geop
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 13% 19% 34% 32% 87% 81% 66% 68% EMEA Americas Asia Pacific UK 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 7,000 Fee Earner Headcount 6,000 5,000 4,000 3,000 2,258 2,000 1,184 1,000 999 553 - 1990- 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2
Slide 20: Year-on-Year gross profit growth rates
Overview Financial Review Regional Review Summary Year-on-Year gross profit growth rates 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EMEA -12.7% -10.2% -15.1% -15.9% -12.0% -17.1% -10.2% -8.9% -9.2% Asia Pacific -15.7% -19.8% -16.8% -14.6% -11.1% +0.6% -1.2% +6.4% +9.3.% – Asia -10.6% -14.2% -12.8% -1
Slide 21: Contacts and Calendar
Overview Financial Review Regional Review Summary Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 13 July 2026 Q2 2026 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