Slide 1: FY25 Half Year Results
FY25 Half Year Results Presentation for the Half Year ended 31 May 2025 Timo Lehne, CEO Andrew Beach, CFO SThree ©2025 Private and confidential
Slide 2: SThree is the global STEM workforce consultancy
SThree is the global STEM workforce consultancy. We advise businesses, build expert teams and deliver project solutions to outpace tomorrow, together. 2 SThree ©2025 Private and confidential
Slide 3: Our unique model underpins our success, driven by global megatrends
SThree Investor Presentation Our unique model underpins our success, driven by global megatrends STEM M Flexible talent S 8% 17% 16% E 30% 40% 84% Net Fees by skill1 Contract Net Fees by service1 Life Sciences 45% 44% Employed Contractor (ECM) Technology Independent Contractor T Engineering Total Co
Slide 4: Highlights: Progress across the half, and full year guidance reaffirmed
SThree Investor Presentation Highlights: Progress across the half, and full year guidance reaffirmed Steady performance Platform on track Future-ready Modest improvement across the half Significant progress of the Technology Tracking in line with FY25 guidance1 and underpinned by US momentum Improve
Slide 5: Ideally placed to capitalise on trends
SThree Investor Presentation Ideally placed to capitalise on trends Macro environment Evolving client needs Extended Status-quo Deferred STEM Workforce Rapid emergence Demand for cycle bias demand evolution of AI Tech skills Flexible Talent STEM focus Tech-enabled Strategic partner Our focus, scale,
Slide 6: Financial review
Financial review 6 SThree ©2025 Private and confidential
Slide 7: Profitability impacted by Net Fees, partially mitigated by cost and efficiency actions
Financial review Profitability impacted by Net Fees, partially mitigated by cost and efficiency actions Benefits of H1 cost and efficiency actions weighted to H2 LFL HY25 HY24 Movement1 Contract Net Fees £133.8m £158.7m -14% Permanent Net Fees £25.2m £30.0m -13% Net Fees £159.1m £188.7m -14% Operati
Slide 8: Strategic focus on STEM and flexible talent drives our performance
Financial review Strategic focus on STEM and flexible talent drives our performance SThree vs UK-listed staffers1 – Net Fees (indexed to 100) 100% SThree 84% 16% 86% 61% UK-listed 41% 59% staffers 1 2 1 Contract Perm Note 1: UK-listed staffers constitutes average of Hays plc, Page Group plc and Robe
Slide 9: A diversified business aligned with key STEM markets and evolving skill needs
Financial review A diversified business aligned with key STEM markets and evolving skill needs US momentum supported by demand for Engineering skills Regions Skills Net Fees by region HY25 vs HY242 DACH -15% 6% HY25 8% HY25 USA -5% 16% 5% HY24 6% HY24 17% Netherlands & Spain -20% 22% 17% Rest of Eur
Slide 10: Employed contractor model provides platform for future growth
Financial review Employed contractor model1 provides platform for future growth ECM share of Net Fees up 18%pts since FY192 HY19 (pre-pandemic) HY24 HY25 ECM margin 26% 22% 16% 16% 30-40% higher Net Fee margins 38% 40% generated by ECM vs. IC3 74% 84% 84% Contract Contract Contract 44% 52% 46% Digit
Slide 11: Contractor Order Book continues to provide sector-leading visibility
Financial review Contractor Order Book1 continues to provide sector-leading visibility Reflecting prolonged soft new-placement activity partially offset by robust Contract extensions £179.0m £163.8m Equivalent of c.5 months’ Net Fees May 20242 May 2025 -8% YoY3 Note 1: Contractor Order Book represen
Slide 12: Strong extensions continue to support Contract performance
Financial review Strong extensions continue to support Contract performance Contract Net Fees down 14% YoY1 Contract length Pricing holding up Salaries continue increasing to rise 64 weeks 21.5% £103k Average contract length Contract margin Average contract salary up 18% YoY down 0.2%pts YoY up 1% Y
Slide 13: Productivity remains 20% above pre-pandemic levels
Financial review Productivity remains 20% above pre-pandemic levels Year-on-year reflective of Net Fees declining at a faster rate than headcount reductions -10% Productivity vs HY2024 Productivity reflects • prolonged challenging macro-economic environment impacting new placement activity, especial
Slide 14: Technology Improvement Programme: On track and within budget
Financial review Technology Improvement Programme On track and within budget Total expenditure £33m - £35m £9m - £11m HY25 HY24 £10m £9m Underlying OP (pre-TIP) £11.2m £38.6m £6m - £7m Underlying OPCR 7.0% 20.5% £6m £7m TIP Opex £1.2m £0.9m Reported OP (post-TIP) £10.0m £37.7m £4m £4m £3m - £4m £3m
Slide 15: Net Fees weighing on profitability, partially offset by cost savings and efficiencies
Financial review Net Fees weighing on profitability, partially offset by cost savings and efficiencies £37.7m (£24.9m) (£4.8m) £4.3m (£0.3m) (£2.1m) £10.0m Operating Contract Permanent People Technology Other Operating profit HY24 Net Fees Net Fees costs improvement operating profit HY25 programme c
Slide 16: Robust net cash position
Financial review Robust net cash position Cash position broadly flat since FY24 excluding share buyback £1.0m (£4.3m) £10.7m (£11.4m) £10.0m (£7.7m) £69.7m £68.0m (£20.2m) Net decrease in trade debtors/acc income £34.4m Net decrease in trade creditors/accruals/provisions (£33.4m) Dividends/FX (£7.0m
Slide 17: Strong balance sheet supports disciplined capital allocation
Financial review Strong balance sheet supports disciplined capital allocation Maintain a strong balance sheet and sustainable, through-the-cycle dividend Business Capital return to Organic growth Acquisitions improvement shareholders 5.1p Reflecting strong HY24: 5.1p confidence in the future DPS 17
Slide 18: Key financial takeaways
Financial review Key financial takeaways Steady performance, well-positioned to deliver our future ambitions Update to phasing of expenditure, remaining within budget Steady Net Fee performance Profits reflect tight Sector leading visibility of Robust balance sheet to fund with modest quarter-on-qua
Slide 19: Strategic progress and outlook
Strategic progress and outlook 19 SThree ©2025 Private and confidential
Slide 20: Our strategic pillars
Strategic progress and outlook Our strategic pillars Update to phasing of expenditure, remaining within budget Our Places Our Platform Our Customers Our People Our Proposition Lead in the markets we Create a world-class Place customers at the Find, develop and retain Advise businesses, build choose
Slide 21: Places: Highly focused on driving scale in 11 of the best STEM markets
Strategic progress and outlook Places: Highly focused on driving scale in 11 of the best STEM markets Global STEM Market £110bn USA Europe Middle East & Asia Top 5 markets Other markets Total addressable market: Total addressable market: Total addressable market: £42bn £31bn £10bn Higher Net Fee gro
Slide 22: Platform: Technology Improvement Programme
Click on the image Strategic progress and outlook alongside to hear more about our Technology Improvement Programme Platform: Technology Improvement Programme Delivering the future of STEM staffing through insight, innovation and operational excellence Single coherent technology platform Difficult t
Slide 23: Customers: At the heart of everything we do
Strategic progress and outlook Customers: At the heart of everything we do Progress Focus in H2 Driving closer collaboration Elevating customer engagement Staying closely aligned with the Rollout of a new initiative market, client meetings up over grounded in customer insights 20% YoY and experience
Slide 24: People: Building capabilities and readiness
Strategic progress and outlook People: Building capabilities and readiness Progress Focus in H2 Fostering a high-performance Enhancing talent acquisition culture Refreshing our approach to Launched and embedded new attract and hire top sales performance frameworks for talent sales teams1 Change prog
Slide 25: Proposition: A clearer value proposition
Strategic progress and outlook Proposition: A clearer value proposition Progress Focus in H2 SThree is the global STEM workforce consultancy. Brand unification Digital capabilities We advise businesses, build expert teams and Brought further clarity on Building the foundation to deliver project solu
Slide 26: Our points of differentiation
Strategic progress and outlook Our points of differentiation: well-positioned through a unique combination of focus, scale, digital capabilities and workforce solutions Flexible Talent STEM focus Tech-enabled Strategic partner Our focus on Contract provides We focus only on hard-to-find STEM We are
Slide 27: Well-placed to build on our position as the STEM workforce consultancy
Strategic progress and outlook Well-placed to build on our position as the STEM workforce consultancy Steady performance despite TIP rollout entering final stages and Strategically positioned for sustained challenging conditions and progressing well on the realisation of growth, benefiting from stru
Slide 28: Appendix
Appendix 28 SThree ©2025 Private and confidential
Slide 29: Financial calendar
Appendix Financial calendar Update to phasing of expenditure, remaining within budget 2025 2026 16 September FY25 Q3 Trading Update 27 January FY25 Full Year Results 16 December FY25 Full Year Trading Update 29 SThree ©2025 Private and confidential
Slide 30: Introduction to SThree plc
Introduction to SThree plc 30 SThree ©2025 Private and confidential
Slide 31: Introduction to SThree plc
Introduction to SThree plc Introduction to SThree plc We are SThree, the global Science Technology Engineering Mathematics STEM workforce consultancy. We advise businesses, build expert teams and deliver project solutions. Our purpose Our vision Bringing skilled people To be game-changers together t
Slide 32: We are global: delivering STEM talent in the most important STEM markets
Introduction to SThree plc We are global: delivering STEM talent in the most important STEM markets guided by our market investment model Global footprint 25% 33% STEM global market: £110bn USA DACH ROW £36bn 20% 6% 76% USA £42bn Netherlands Middle East of global STEM including Spain & Asia market b
Slide 33: Our specialist brands are market leaders with clear propositions
Introduction to SThree plc Our specialist brands are market leaders with clear propositions • Our industry specialist brands advise businesses, build expert teams and deliver project solutions. SThree operates a group of specialist recruitment brands focusing on STEM industries • All our brands are
Slide 34: Our three recruitment delivery models meet our clients' increasingly complex workforce needs
Introduction to SThree plc Our three recruitment delivery models meet our clients’ increasingly complex workforce needs Permanent Independent Employed Contractors Contractors • Placements to permanent positions • Self-employed contractors • Contractors employed by SThree • Revenue recognised on star
Slide 35: Our unique model underpins our success, driven by global megatrends
Introduction to SThree plc Our unique model underpins our success, driven by global megatrends STEM M Flexible talent S 8% 17% 16% E 30% 40% 84% Net Fees by skill1 Contract Net Fees by service1 Life Sciences 45% 44% Employed Contractor (ECM) Technology Independent Contractor T Engineering Total Cont
Slide 36: Employed contractor model provides platform for future growth
Introduction to SThree plc Employed contractor model1 provides platform for future growth ECM share of Net Fees up 18%pts since FY192 HY19 (pre-pandemic) HY24 HY25 ECM margin 26% 22% 16% 16% 30-40% higher Net Fee margins 38% 40% generated by ECM vs. IC3 74% 84% 84% Contract Contract Contract 44% 52%
Slide 37: Strategic focus on STEM and flexible talent drives our performance
Introduction to SThree plc Strategic focus on STEM and flexible talent drives our performance Resilient business model demonstrates higher quality SThree vs UK-listed staffers1 – Net Fees(indexed to 100) throughout the cycle 133% • Shallower drop during the pandemic 100% • Less volatility through pe
Slide 38: Platform: Technology Improvement Programme
Click on the image Introduction to SThree plc alongside to hear more about our Technology Improvement Programme Platform: Technology Improvement Programme Delivering the future of STEM staffing through insight, innovation and operational excellence Single coherent technology platform Difficult to re
Slide 39: Our points of differentiation
Introduction to SThree plc Our points of differentiation: well-positioned through a unique combination of focus, scale, digital capabilities and workforce solutions Flexible Talent STEM focus Tech-enabled Strategic partner Our focus on Contract provides We focus only on hard-to-find STEM We are inve
Slide 40: Business overview
Business overview 40 SThree ©2025 Private and confidential
Slide 41: Group performance
Group performance Steady Net Fee performance with modest quarter-on-quarter sequential improvement 41 SThree ©2025 Private and confidential
Slide 42: Group performance
Business overview Group performance1 Net Fees down 14% YoY against backdrop of persistent challenging market conditions £648.8m down 14% vs HY24 £159.1m down 14% vs HY24 Revenue Net Fees £47.8m down 31% vs FY24 2,515 FTE down 5% vs HY24 Net cash Average total headcount Note 1: All % movements presen
Slide 43: Regional and skill split
Business overview Regional and skill split1 Despite persistent macroeconomic headwinds, we are seeing pockets of improving momentum in certain regions and skills Net Fees YoY Life Technology Engineering Other Total Sciences DACH -16% -10% -22% +4% -15% USA -38% +9% -14% +42% -5% Rest of Europe -26%
Slide 44: Cost base analysis
Business overview Cost base analysis Cost base Payroll costs 3% 4% 6% 20% 11% 76% 80% Payroll IT & Professional Property Sales Other business functions Advertising Other 44 SThree ©2025 Private and confidential
Slide 45: Foreign exchange impact
Business overview Foreign exchange impact Half Year ended Half Year ended YoY exchange 31 May 2025 31 May 2024 rate movement Average Closing Average Closing Average Closing The Group’s Net Fees EUR € 1.19 1.19 1.17 1.17 -2.2% -1.1% and Operating Profit decreased by £2.7m USD $ 1.28 1.35 1.26 1.27 -1
Slide 46: Historical Half Year Net Fees and margins
Business overview Historical Half Year Net Fees and margins1 Net Fees £160.9m £149.9m £164.3m £203.1m £208.6m £188.7m £159.1m £46.1m £38.6m £30.0m £41.4m £42.4m £25.2m £36.4m £157.0m £170.0m £158.7m £119.5m £113.5m £121.9m £133.8m Permanent Contract HY19 HY20 HY21 HY22 HY23 HY24 HY25 Contract margin
Slide 47: Historical Half Year operating profit and conversion ratio
Business overview Historical Half Year operating profit and conversion ratio1 Adjusted operating profit £44.6m £38.1m £37.7m £24.8m £28.1m £13.9m £10.0m HY19 HY20 HY21 HY22 HY23 HY24 HY25 Adjusted conversion ratio % 22.0% 20.0% 15.4% 17.1% 18.3% 9.2% 6.3% HY19 HY20 HY21 HY22 HY23 HY24 HY25 Note 1: 2
Slide 48: Effective tax rate bridge
Business overview Effective tax rate bridge 2.0% 28.5% 26.5% ETR FY24 State aid case ETR HY25 (FY24 benefit) 48 SThree ©2025 Private and confidential
Slide 49: Earnings per share bridge
Business overview Earnings per share bridge 21.2p (15.7p) 0.1p 5.6p EPS HY24 Decrease in profits Change in ETR, EPS HY25 change in number of shares 49 SThree ©2025 Private and confidential
Slide 50: ESG: empowering a sustainable future through STEM
Business overview ESG: empowering a sustainable future through STEM Our sustainable business practices and ESG commitments are demonstrated by: Net Zero across Scope 1, 2, Growth in clean energy and 3 emissions by 20501 business 21% reduction in FY24 absolute emissions 6% YoY2 Increase in clean ener
Slide 51: City consensus
Business overview City consensus As at 10 July 2025 Consensus Low High FY25 £329.5m £326.5m £330.9m Net Fees FY26 £341.5m £336.9m £347.0m FY27 £360.0m £353.9m £367.4m FY25 £25.1m £25.0m £25.5m PBT FY26 £30.5m £30.0m £32.0m FY27 £39.7m £35.0m £47.1m FY25 13.6p 13.2p 14.4p Basic EPS FY26 16.7p 16.1p 1
Slide 52: Shareholder analysis
Business overview Shareholder analysis As at 30 June 20251 Rank Fund Manager Holdings % 1 Kempen Capital Management 14,974,011 11.72% 2 JO Hambro Capital Management 13,090,840 10.24% 3 JPMorgan Asset Management 8,278,135 6.48% 4 Allianz Global Investors 7,736,578 6.05% 5 BlackRock 5,802,361 4.54% 6
Slide 53: Group balance sheet and Cash flow statement
Group balance sheet and Cash flow statement Robust financial position 53 SThree ©2025 Private and confidential
Slide 54: Robust balance sheet
Business overview Robust balance sheet1 Backed by substantial debt facilities 31 May 2025 30 Nov 2024 Net working capital Intangible assets £14.2m £12.1m Permanent £20.6m Property, plant & equipment £9.6m £9.7m Contract £141.4m Net working capital £162.0m £166.7m £162.0m Dividend payable (£11.7m)2 -
Slide 55: Cashflow statement
Business overview Cashflow statement1 Half Year ended Half Year ended 31 May 2025 31 May 2024 Operating profit £10.0m £37.7m Non-cash items £10.7m £10.7m Working capital £1.0m (£6.8m) Operating cash flow £21.7m £41.6m Tax (£5.3m) (£11.4m) Capex (£4.5m) (£5.0m) Bank interest / Lease principal payment
Slide 56: Free cash flow conversion
Business overview Free cash flow conversion1 HY 2025 217% Uses of free cash £0.9m Other2 £21.7m (£5.3m) HY 2024: 110% £10.7m £1.0m £4.5m CAPEX £6.8m Dividends Operating cash (£5.9m) flow conversion £20.2m ratio Cancellation of shares3 £10.0m £10.5m (£21.9m) 105% HY 2024: 66% Net decrease in cash bal
Slide 57: Banking facility
Business overview Banking facility Net cash £47.8m as at 31 May 2025 Total facility £50m RCF + £5m overdraft + £30m accordion Interest rate SONIA + 1.2%-1.8% Covenants: Interest cover 4:1 EBITDA / interest Covenants: Leverage ratio 3:1 Net debt / EBITDA Term £50m RCF expires 26 July 2027 57 SThree ©
Slide 58: Disclaimer
Disclaimer Certain information in this presentation contain forward-looking statements. By their nature, these statements involve a number of risks, uncertainties, or assumptions that could cause actual results or events to differ materially from those expressed or implied. Forward-looking statement
Slide 59: Thank you
Thank you Enquiries: SThree Investor Relations sthree.com.investor-centre investorrelations@sthree.com 8 Bishopsgate, London, EC2N SThree plc brings skilled people together to build the future. We are the global STEM workforce consultancy, placing highly skilled, STEM specialist workers in the indus