Slide 1: Full Year Results 2025
Overview Financial Review Strategic Review Outlook Full Year Results 2025
Slide 2: Introduction
Overview Financial Review Strategic Review Outlook Introduction Resilient performance despite ongoing market uncertainty Ongoing challenging conditions in Continental Europe and the UK Growth in the US, improved conditions in Asia Pacific Conversion of interviews to accepted offers remained the most
Slide 3: Headline Numbers
Overview Financial Review Strategic Review Outlook Headline Numbers Kelvin Stagg Chief Financial Officer
Slide 4: Key Financial Highlights
Overview Financial Review Strategic Review Outlook Key Financial Highlights Resilient performance despite ongoing market uncertainty Gross Profit £769.5m Operating Profit £20.9m £842.6m FY 2024 £52.4m FY 2024 Constant Currency -7.6% Conversion Rate 2.7% vs 2024 6.2% FY 2024 Basic EPS 2.9p Final Divi
Slide 5: Financial Review
Overview Financial Review Strategic Review Outlook Financial Review
Slide 6: Variable Market Conditions Across Group
Overview Financial Review Strategic Review Outlook Variable Market Conditions Across Group Robust action taken to optimise cost base FY 2025 Reported FY 2025 Underlying FY 2024 One Off £m Operating Conversion Operating Conversion Operating Conversion Costs Profit Rate* Profit Rate* Profit Rate* EMEA
Slide 7: Effective Tax Rate (ETR)
Overview Financial Review Strategic Review Outlook Effective Tax Rate (ETR) Effective tax rate of 44.4% in 2025 £m 2025 2024 Profit Before Tax 16.2 49.1 Tax Charge 7.2 20.7 Effective Tax Rate 44.4% 42.1% • Higher than normal tax rate due primarily to impact of irrecoverable overseas withholding taxe
Slide 8: Robust Balance Sheet
Overview Financial Review Strategic Review Outlook Robust Balance Sheet Net cash of £31.4m £m 2025 2024 Intangible assets 15.9 23.7 Tangible assets 43.5 45.8 Trade and other receivables 317.0 328.4 Trade, other payables, current and deferred taxes (177.8) (214.7) Net lease liabilities (15.4) (16.1)
Slide 9: Resilient Cash Flow Generation
Overview Financial Review Strategic Review Outlook Resilient Cash Flow Generation Dividend payments of £53.6m 200 8.1 180 160 23.7 140 81.8 11.3 120 41.6 100 £m 169.6 8.3 80 145.9 134.6 60 53.6 95.3 95.3 93.0 40 84.7 0.9 20 31.1 31.4 31.4 0 Dec 24 EBITDA Working Tax and net Net capex Lease EBT share
Slide 10: Clear Capital Allocation Strategy
Overview Financial Review Strategic Review Outlook Clear Capital Allocation Strategy £53.6m returned to Shareholders in 2025 1st use 2nd use 3rd use of cash of cash of cash To satisfy operational To pay ordinary To make and investment dividends, increasing supplementary requirements, and to them at
Slide 11: Strategic Review
Overview Financial Review Strategic Review Outlook Strategic Review Nick Kirk Chief Executive Officer
Slide 12: Our Strategic Goals
Overview Financial Review Strategic Review Outlook Our Strategic Goals Benchmark of quality in our industry OPERATING PROFIT £400m SOCIAL IMPACT 1m LIVES CHANGED CUSTOMER EXPERIENCE 60+ NPS 12
Slide 13: Embedding Our Strategy
Overview Financial Review Strategic Review Outlook Embedding Our Strategy Levering our established global platform MAXIMISING MAXIMISING OURCORE OUR CORE Michael Page LEVERAGING LEVERAGING OUR GLOBAL PLATFORMS OUR GLOBAL PLATFORMS Technology Technology Page Executive Page Executive Enterprise Soluti
Slide 14: Our Strategic Pillars: Core and Technology
Overview Financial Review Strategic Review Outlook Our Strategic Pillars Core and Technology CORE TECHNOLOGY Progressing with strategy despite tougher Remains our second largest discipline at 12% market conditions of Group gross profit Continuing to reallocate resource to match Resilient performance
Slide 15: Our Strategic Pillars: Page Executive and Enterprise Solutions
Overview Financial Review Strategic Review Outlook Our Strategic Pillars Page Executive and Enterprise Solutions PAGE ENTERPRISE EXECUTIVE SOLUTIONS Strong results despite challenging macro Encouraging performance in 2025 as we environment, down just 2% against record support strategic customers wit
Slide 16: AI and Technology
Overview Financial Review Strategic Review Outlook AI and Technology Market-leading in our adoption of AI and automation Source Match Progress Driving the right leads Keeping candidate data relevant Harnessing CoPilot Our BD Hub delivers AI-qualified and Using AI to save consultants time and Empower
Slide 17: Outlook
Overview Financial Review Strategic Review Outlook Outlook
Slide 18: Outlook
Overview Financial Review Strategic Review Outlook Outlook Market remains uncertain due to the unpredictable economic environment Strong Balance Sheet Cost base is under constant review Highly diversified and adaptable business model We remain confident in the execution of our strategy 18
Slide 19: Appendix
Overview Financial Review Strategic Review Outlook Appendix
Slide 20: Our Business Model
Overview Financial Review Strategic Review Outlook Our Business Model 20
Slide 21: Significant Variations in Recruitment Mix
Overview Financial Review Strategic Review Outlook Significant Variations in Recruitment Mix Geography Brands 19% 14% 21% 35% 30% 58% 81% 86% 79% 65% 70% 42% EMEA Americas Asia Pacific UK Michael Page Page Personnel Temp Perm 21
Slide 22: Long-Term Fee Earner & International Growth
Overview Financial Review Strategic Review Outlook 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 2,309 2,000 1,126 1,000 951 582 - 1990-1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 23: Quarterly Gross Profit & Fee Earners
Overview Financial Review Strategic Review Outlook Quarterly Gross Profit & Fee Earners Quarterly gross profit reduced from Q2 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q
Slide 24: Year-On-Year Gross Profit Growth Rates
Overview Financial Review Strategic Review Outlook Year-On-Year Gross Profit Growth Rates 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EMEA +6.8% +1.4% -1.3% -6.1% -12.7% -10.2% -15.1% -15.9% -12.0% -17.1% -10.2% -7.8% Asia Pacific -17.0% -17.2% -11.0% -10.3% -15.7% -19.8% -16.8% -14.6% -11.1%
Slide 25: Contacts and Calendar
Overview Financial Review Strategic Review Outlook Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 14 April 2026 Q1 2026 Trading Update Tel: +44 (0) 1932 264 022 Email: investorrelations@michaelpage.com Web: https://www.page.com/investors 25
Slide 26: Disclaimer
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 and is not intended for distribution to, or use by
Slide 27: Overview Financial Review Strategic Review
Overview Financial Review Strategic Review Outlook 27