Slide 1: Q4 and FY 2025 Trading Update
Overview Financial Review Regional Review Summary Q4 and FY 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 Variable results across the Group Gross Profit Q4 £190.7m Constant -4.6% £196.9m Q4 2024 Currency vs Q4 2024 Gross Profit FY £768.2m Constant Currency vs -7.8% £842.6m FY 2024 FY 2024 +26% Total Fee Earner 4,968 +26% Producti
Slide 4: Financial Review
Overview Financial Review Regional Review Summary Financial Review
Slide 5: Reduction in fee earner headcount of 1.5%
Overview Financial Review Regional Review Summary Reduction in fee earner headcount of 1.5% Reductions mainly in Europe Total headcount -1.2% • Decrease in fee earners of 75 (-1.5%) in the quarter, due 8,000 mainly to attrition in December when we typically onboard fewer consultants 7,000 6,000 • Q4
Slide 6: Productivity up 3% on Q4 2024
Overview Financial Review Regional Review Summary Productivity up 3% on Q4 2024 Conversion of offers to placements remained most significant challenge Fee Earners 60 Gross Profit per fee earner (£k) constant currency • Continued high fee rates 7000 50 6000 • Salary levels remain strong 40 5000 • Ong
Slide 7: Regional Review
Overview Financial Review Regional Review Summary Regional Review
Slide 8: Q4 Gross Profit -4.6%
Overview Financial Review Regional Review Summary Q4 Gross Profit -4.6% Variable market conditions across the Group • Ongoing challenging conditions in Europe and the UK • Growth in Americas and APAC Q4 % of Group 2025 £m 2024 £m Reported % Constant % EMEA 53% 102.1 107.4 -4.9% -8.9% Americas 19% 36
Slide 9: EMEA
Overview Financial Review Regional Review Summary EMEA Continued tough trading conditions, particularly in France Reported Constant £M Period 2025 £m 2024 £m % % Q4 102.1 107.4 -4.9% -8.9% Gross Profit FY 408.7 462.5 -11.6% -12.2% Other 13% • France (13% of the Group) -17% France 24% • Germany (12%
Slide 10: The Americas
Overview Financial Review Regional Review Summary The Americas Growth in the region, with sustained growth in the US Reported Constant £M Period 2025 £m 2024 £m % % Q4 36.4 35.6 +2.5% +2.4%* Gross Profit FY 147.8 149.2 -0.9% +3.3%* Rest of • US (10% of the Group) +5% Latam Canada 18% 2% • Latin Amer
Slide 11: Asia Pacific
Overview Financial Review Regional Review Summary Asia Pacific Asia delivered third consecutive quarter of growth Reported Constant £M Period 2025 £m 2024 £m % % Q4 30.2 29.5 +2.4% +6.4% Gross Profit FY 120.6 126.4 -4.6% -1.4% Australia • Asia (13% of the Group) +7% 16% Japan • South East Asia (4% o
Slide 12: UK: Market conditions remain tough
Overview Financial Review Regional Review Summary UK Market conditions remain tough Reported £M Period 2025 £m 2024 £m % Q4 22.0 24.4 -10.1% Gross Profit FY 91.1 104.5 -12.8% Temp 32% • New job acquisition down slightly vs Q4 2024 Gross Profit Mix Perm 68% No. 2025 Q4 2024 Q4 % 2025 Q3 % Fee 582 676
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 Conversion of offers to placements remains most significant challenge Continue to reallocate resources to where we see the most significant long-term structural opportunities Highly adaptable and di
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 15% 21% 21% 35% 32% 59% 65% 85% 79% 79% 68% 41% 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 2,309 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 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 Q3 Q2 Q4 Q1 Q3 Q4 Q2 Q3 Q1 Q3 Q4 Q2 Q3 Q1 Q2 Q4 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 Q4 EMEA +6.8% +1.4% -1.3% -6.1% -12.7% -10.2% -15.1% -15.9% -12.0% -17.1% -10.2% -8.9% Asia Pacific -17.0% -17.2% -11.0% -10.3% -15.7% -19.8% -16.8% -14.6% -11.1%
Slide 21: Contacts and Calendar
Overview Financial Review Regional Review Summary Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 5 March 2026 FY 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