Slide 1: Q1 Trading Update 2025
Overview Financial Review Regional Review Summary Q1 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 Q1 performance in line with expectations Constant Currency vs -9.2% Gross Profit £194.2m Q1 2024 -11.7% £220.0m Q1 2024 Reported vs Q1 2024 +26% Total Fee Earner 5,296 +26% Gross profit per fee -1% Headcount earner vs Q1 2024
Slide 4: Financial Review
Overview Financial Review Regional Review Summary Financial Review
Slide 5: Headcount
Overview Financial Review Regional Review Summary Decrease in fee earner headcount of 74 Reductions mainly in Europe Total headcount -1.8% 8,000 • Decrease in fee earners of 74 (-1.4%) in the quarter 7,000 • Q1 fee earner movement: -74 EMEA, -13 Americas, +22 Asia Pacific, -9 UK 6,000 Headcount • No
Slide 6: Productivity remained strong in Q1
Overview Financial Review Regional Review Summary Productivity remained strong in Q1 Gross profit per fee earner down just 1%, despite tough conditions 60 Fee Earners Gross Profit per fee earner (£k) constant currency • Conversion of interviews to accepted offers 7000 remains most significant challe
Slide 7: Regional Review
Overview Financial Review Regional Review Summary Regional Review
Slide 8: Q1 Gross Profit -9.2%
Overview Financial Review Regional Review Summary Q1 Gross Profit -9.2% Negative foreign exchange impact of 2.5 ppts • Market conditions remained challenging across the majority of our markets Q1 % of Group 2025 £m 2024 £m Reported % Constant % EMEA 55% 105.7 123.6 -14.5% -12.0% Americas 19% 37.0 37
Slide 9: EMEA
Overview Financial Review Regional Review Summary EMEA Tough conditions continued in Q1 Q1 2025 £m 2024 £m Reported % Constant % Gross Profit 105.7 123.6 -14.5% -12.0% • Temporary recruitment -9% vs permanent -14% Other • France (13% of the Group) -17% 14% France 23% • Germany (13% of the Group) -12
Slide 10: The Americas
Overview Financial Review Regional Review Summary The Americas Improvement in trading in Q1 Q1 2025 £m 2024 £m Reported % Constant % Gross Profit 37.0 37.4 -1.1% +3.3%* • US (11% of the Group) +7% Rest of Latam • Latin America (8% of the Group) +1%* 17% Canada 2% • Mexico flat • Brazil +10% • Rest o
Slide 11: Asia Pacific
Overview Financial Review Regional Review Summary Asia Pacific Lower levels of candidate and client confidence Q1 2025 £m 2024 £m Reported % Constant % Gross Profit 28.0 32.1 -12.7% -11.1% • Greater China (3% of the Group) -22% • Mainland China -27% SE Asia Japan 16% 23% • Hong Kong -18% • South Eas
Slide 12: UK
Overview Financial Review Regional Review Summary UK Ongoing subdued levels of client and candidate confidence Q1 2025 £m 2024 £m Reported % Gross Profit 23.5 26.9 -12.7% • Permanent recruitment -14% Temp • Temporary recruitment -11% 30% Gross Profit Split Perm 70% No. 2025 Q1 2024 Q1 % 2024 Q4 % Fe
Slide 13: Summary
Overview Financial Review Regional Review Summary Summary
Slide 14: Summary
Overview Financial Review Regional Review Summary Summary In line Q1 performance, increasingly uncertain outlook Conversion of interviews to accepted offers remains most significant challenge Improved market conditions in US; Germany trading better than anticipated Number of initiatives taken to red
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 18% 15% 20% 34% 30% 56% 82% 85% 80% 66% 70% 44% 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 2,554 2,000 1,130 1,000 945 667 - 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 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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 EMEA +6.8% +1.4% -1.3% -6.1% -12.7% -10.2% -15.1% -15.9% -12.0% Asia Pacific -17.0% -17.2% -11.0% -10.3% -15.7% -19.8% -16.8% -14.6% -11.1% – Asia -21.1% -20.9% -11.1% -
Slide 21: Contacts and Calendar
Overview Financial Review Regional Review Summary Contacts and Calendar Contacts Date Event Matt Clark – Group Financial Controller 11 July 2025 Q2 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