Slide 1: FY25 Full Year Results
FY25 Full Year Results Presentation for the year ended 30 November 2025 Timo Lehne, CEO Andrew Beach, CFO SThree ©2025
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
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 9% 16% 16% E 30% 41% 84% Net Fees by skill1 Contract Net Fees by service1 Life Sciences 45% 43% Employed Contractor (ECM) Technology Independent Contractor T Engineering Total Co
Slide 4: Highlights: Positive FY25 close and significant strategic progress
SThree Investor Presentation Highlights: Positive FY25 close and significant strategic progress In-line performance TIP rollout complete Future-ready Supported by improving Net Fees Delivered on time and within budget Encouraging year-end new business trends through the year, underpinned across all
Slide 5: Evolution of SThree across strategic pillars since FY22
SThree Investor Presentation Evolution of SThree across strategic pillars since FY22 Our Places Our Customers Our People Our Proposition Our Platform 14 countries, SME customer base Multiple HR systems, Inconsistent brand Fragmented systems, diluted focus concentration inconsistent data and architec
Slide 6: Financial review
Financial review 6 SThree ©2025
Slide 7: Cost and efficiency initiatives partially offset Net Fees impact on profitability
Financial review Cost and efficiency initiatives partially offset Net Fees impact on profitability Profit Before Tax in line with expectations LFL FY25 FY24 Movement1 Contract Net Fees £270.7m £310.6m -12% Permanent Net Fees £52.0m £58.5m -9% Net Fees £322.7m £369.1m -12% Operating Profit £26.1m £66
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) 133% 120% 100% 97% SThree 84% 16% 86% 86% 61% UK-listed 42% 58% CY Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep
Slide 9: A diversified business aligned with key STEM markets
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 FY25 vs FY242 DACH -16% 6% 9% USA +4% 16% 5% 7% 16% Netherlands & Spain -21% 17% 17% Rest of Europe -16% 35% 33% 48%
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 FY19 (pre-pandemic) FY24 FY25 ECM margin 26% 23% 16% 16% 30-40% 39% higher Net Fee margins 41% generated by ECM vs. IC3 74% 84% 84% Contract Contract Contract 45% 43% 51% Digit
Slide 11: Contractor Order Book stabilising
Financial review Contractor Order Book1 stabilising Reflecting improved new-placement activity and resilient Contract extensions year-on-year £160.5m -2% £156.6m YoY3 Nov 20242 Nov 2025 Equivalent of c.5 months’ Net Fees Note 1: Contractor Order Book represents value of Net Fees until contractual en
Slide 12: Resilient extensions continue to support Contract performance
Financial review Resilient extensions continue to support Contract performance Contract Net Fees represent 84% of Group Contract length Strong pricing Salaries continue increasing maintained to rise 60 weeks 21.7% £107k Average contract length Contract margin Average contract salary up 10% YoY flat
Slide 13: Productivity reflective of Net Fees declining moderately faster than headcount
Financial review Productivity1 reflective of Net Fees declining moderately faster than headcount Sequential improvement throughout the year -3% +5% FY25 YoY H2 FY25 YoY Productivity reflects • prolonged challenging macro-economic environment impacting new placement activity, especially in Technology
Slide 14: Technology Improvement Programme
Financial review Technology Improvement Programme Delivered on time and within budget Total expenditure £32m1 21%+ £10m £9m Key to delivering £8m margin3 sustainably over mid-long term £6m £7m £6m £4m £4m £3m £3m FY22 FY23 FY242 FY252 Opex Capex Note 1: Previous guidance as at HY25 Results – FY25: £
Slide 15: Cost savings and efficiency initiatives partially mitigating impact from Net Fees
Financial review Cost savings and efficiency initiatives partially mitigating impact from Net Fees £66.2m (£40.0m) £13.1m (£4.6m) (£6.4m) (£2.3m) £26.1m Operating Contract Permanent People IT Other Operating profit FY24 Net Fees Net Fees costs costs1 operating profit FY252 costs Note 1: Including po
Slide 16: Strong net cash position
Financial review Strong net cash position Cash position broadly flat since FY24 post c.£20m buyback £21.6m (£8.4m) (£23.2m) £22.4m (£20.0m) £26.1m £88.2m (£20.2m) £69.7m Net decrease in trade debtors/acc income £44.2m £68.0m Net decrease in trade creditors/accruals/provisions (£22.6m) Dividends/FX (
Slide 17: Strong balance sheet supports disciplined capital allocation
Financial review Strong balance sheet supports disciplined capital allocation Share buyback of up to £20m to be initiated and dividend maintained year-on-year Organic growth 13.7p 14.3p 1.0x FY24: 37.4p FY24: 14.3p FY24: 2.6x Business improvement EPS DPS Dividend cover Acquisitions -63% flat Capital
Slide 18: Key financial takeaways
Financial review Key financial takeaways Delivered an in-line performance Update to phasing of expenditure, remaining within budget Improving rate of Net Fee Profits reflect tight Robust balance sheet to fund FY26 efficiency actions H1 decline through the year management of costs and shareholder ret
Slide 19: Strategic progress and outlook
Strategic progress and outlook 19 SThree ©2025
Slide 20: 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 with SThree’s footprint covering 76% USA Europe1 Middle East & Asia1 Top 5 markets2 Other markets Total addressable market: Total addressable market: Total addressable mark
Slide 21: 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 What we have built and the impact today Single coherent technology platform Unlocking efficiencies Enabling scale at incremental cost Future
Slide 22: Customers: deepening partnerships, creating sustainable value
Strategic progress and outlook Customers: deepening partnerships, creating sustainable value Scaling a strategic partnership Delivering AI skills at pace Case study 1: Leading UK transportation operator Case study 2: Top US real estate lender and platform Background Background 11-year strategic part
Slide 23: People: Strengthening foundations for high performance
Strategic progress and outlook People: Strengthening foundations for high performance Progress Focus in FY26 Empowering Evolving a Accelerating new Leverage unified Reinforce Support cost performance high-performance hire productivity HR platform high-performance optimisation culture culture Launche
Slide 24: Proposition: Specialism at scale
Click on the image Strategic progress and outlook alongside for full overview of SThree’s proposition (slide 55 in Appendices) Proposition: Specialism at scale Broad suite of workforce solutions Customer challenges SThree’s strategic advantage Workforce solutions Client outcomes Workforce strategy,
Slide 25: 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 Encouraging close to FY25 despite TIP rollout complete which drives Well-positioned to deliver sustained challenging conditions, underpinning efficiencies and positions the growth, supported by stru
Slide 26: Q&A
Q&A 26 SThree ©2025
Slide 27: Appendices
Appendices 27 SThree ©2025
Slide 28: Financial calendar
Appendix Financial calendar Update to phasing of expenditure, remaining within budget 2026 2027 17 March FY26 Q1 Trading Update 26 January FY26 Full Year Results 29 April AGM 16 June FY26 Half Year Trading Update 21 July FY26 Half Year Results 22 September FY26 Q3 Trading Update 16 December FY26 Ful
Slide 29: Introduction to SThree plc
Introduction to SThree plc 29 SThree ©2025
Slide 30: 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 31: 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 26% 33% STEM global market: £110bn USA DACH ROW £36bn 19% 6% 76% USA £42bn Netherlands Middle East of global STEM including Spain & Asia market b
Slide 32: 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 33: Our three recruitment delivery models meet our clients' complex workforce needs
Introduction to SThree plc Our three recruitment delivery models meet our clients’ increasingly complex workforce needs Independent Employed Permanent Contractors Contractors • Placements to permanent positions • Self-employed contractors • Contractors employed by SThree • Revenue recognised on star
Slide 34: 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 9% 16% 16% E 30% 41% 84% Net Fees by skill1 Contract Net Fees by service1 Life Sciences 45% 43% Employed Contractor (ECM) Technology Independent Contractor T Engineering Total Cont
Slide 35: 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 FY19 (pre-pandemic) FY24 FY25 ECM margin 26% 23% 16% 16% 30-40% 39% higher Net Fee margins 41% generated by ECM vs. IC3 74% 84% 84% Contract Contract Contract 45% 43%
Slide 36: Strategic focus on STEM and flexible talent drives our performance
Introduction to SThree plc Strategic focus on STEM and flexible talent drives our performance SThree vs UK-listed staffers1 – Net Fees (indexed to 100) Resilient business model demonstrates higher quality throughout the cycle 133% • Shallower drop during the pandemic 100% 120% 97% • Less volatility
Slide 37: 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 What we have built and the impact today Single coherent technology platform Unlocking efficiencies Enabling scale at incremental cost Future read
Slide 38: 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 39: Business overview
Business overview 39 SThree ©2025
Slide 40: Group performance
Group performance FY25 performance in line with expectations despite a challenging market, with the rate of Net Fee decline improving sequentially through the year 40 SThree ©2025
Slide 41: Group performance
Business overview Group performance1 Net Fees reflect a sequential improvement in the rate of decline across the year £1,302.2m down 12% vs FY24 £322.7m down 12% vs FY24 Revenue Net Fees £68.0m down 2% vs FY24 2,397 FTE down 10% vs FY24 Net cash Average total headcount Note 1: All % movements presen
Slide 42: Regional and skill split
Business overview Regional and skill split1 Improving momentum in select regions and skills despite headwinds remaining Net Fees YoY Life Technology Engineering Other Total Sciences DACH -18% -12% -20% +2% -16% USA -19% +18% -13% +55% +4% Rest of Europe -27% -12% +3% +13% -16% Netherlands & Spain -1
Slide 43: DACH
Business overview DACH1 Net Fees declined 16% YoY with Contract down 14% Region Net Fees % Service mix Skills mix • DACH our largest £397.3m 33% region saw Net Fees Switzerland 3% Austria decline by 16% YoY, 5% 7% 20% with Contract Net Fees 19% down 14% and Revenue 23% 18% of Group 2% Permanent Net
Slide 44: USA
Business overview USA1 Net Fees grew 4% YoY with Contract up 1% Region Net Fees % Service mix Skills mix • USA Net Fees £289.5m 26% increased 4% YoY, 6% 10% returning to growth after 13% two years of declines, 10% supported by the Revenue of Group 4% 13% continued traction of down 1% vs FY2024 our i
Slide 45: Rest of Europe
Business overview Rest of Europe1 Net Fees declined 16% YoY with Contract also down 16% Region Net Fees % Service mix Skills mix • Rest of Europe Net £292.9m 16% 3% Fees declined 16% YoY. Contract, which France 18% 12% represents 97% of Net 9% Fees for the region, Revenue of Group 3% 17% 16% decline
Slide 46: Netherlands and Spain
Business overview Netherlands and Spain1 Net Fees down 21% YoY with Contract down 20% Region Net Fees % Service mix Skills mix • Net Fees for the region £281.0m 19% were down 21% YoY, Spain with Contract down 20% 13% 6% 11% and Permanent 7% 8% down 28%. Revenue of Group down 18% vs FY2024 • Netherla
Slide 47: Middle East & Asia
Business overview Middle East & Asia1 Net Fees up 2% Region Net Fees % Service mix Skills mix • Net Fees grew 2% YoY, £41.5m 6% with Permanent, which contributes 73% of Net UAE Fees for the region, 27% growing 8%, whilst Revenue of Group 35% 30% 33% 37% 29% 40% Contract declined 12%. up 5% vs FY2024
Slide 48: Cost base analysis
Business overview Cost base analysis Cost base Payroll costs 3% 5% 6% 20% 10% 76% 80% Payroll IT & Professional Property Sales Other business functions Advertising Other 48 SThree ©2025
Slide 49: Foreign exchange impact
Business overview Foreign exchange impact Year ended Year ended YoY exchange 30 November 2025 30 November 2024 rate movement Average Closing Average Closing Average Closing The Group’s Net Fees and Operating Profit EUR € 1.17 1.14 1.18 1.20 +0.4% +5.2% decreased by £1.6m and £0.3m respectively, USD
Slide 50: Historical Net Fees and margins
Business overview Historical Net Fees and margins1 Net Fees £338.0m £308.6m £355.7m £430.6m £418.8m £369.1m £322.7m £96.4m £75.3m £58.5m £86.6m £89.5m £52.0m £75.2m £334.2m £343.5m £310.6m £251.4m £233.4m £266.2m £270.7m Permanent Contract FY19 FY20 FY21 FY22 FY23 FY24 FY25 Contract margin % Permane
Slide 51: Historical operating profit and conversion ratio
Business overview Historical operating profit and conversion ratio1 Adjusted operating profit £77.6m £76.4m £66.2m £60.0m £60.8m £31.3m £26.1m FY19 FY20 FY21 FY22 FY23 FY24 FY25 Adjusted conversion ratio % 17.8% 17.1% 18.0% 18.2% 17.9% 10.1% 8.1% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Note 1: 2019,2020
Slide 52: Effective tax rate bridge
Business overview Effective tax rate bridge 4.3% 30.8% 26.5% ETR FY24 State aid case unwind ETR FY25 52 SThree ©2025
Slide 53: Earnings per share bridge
Business overview Earnings per share bridge 37.4p (23.3p) (0.4) 13.7p EPS FY24 Decrease in profits Change in ETR, EPS FY25 change in number of shares 53 SThree ©2025
Slide 54: Our strategic pillars
Business overview Our strategic pillars Our Places Our Customers Our People Our Proposition Our Platform Lead in the markets we Place customers at the Find, develop and retain Advise businesses, build Create a world-class choose to serve heart of everything great people expert teams and deliver oper
Slide 55: Proposition: Converting STEM workforce complexity into enterprise value
Business overview Proposition Converting STEM workforce complexity into enterprise value Customer Challenges Our strategic advantage Client outcomes Scarcity of specialist Predictable access to STEM skills critical STEM capability Pure-play STEM Global delivery Deep specialism, Large-scale workforce
Slide 56: ESG: delivering impact beyond our business
Business overview ESG: delivering impact beyond our business Our sustainable business practices and ESG commitments are demonstrated by: Net Zero across Increase gender Increase ethnic diversity Scope 1, 2, and 3 representation at leadership levels emissions by 20501 at leadership levels 40% 37% 16%
Slide 57: City consensus
Business overview City consensus As at 16 December 2025 Consensus Low High FY25 £324.3m £322.7m £326.0m Net Fees FY26 £318.0m £318.0m £318.1m FY27 £327.9m £327.6m £328.3m FY25 £24.9m £24.8m £25.0m PBT FY26 £10.1m £10.0m £10.1m FY27 £25.3m £25.0m £25.8m FY25 13.5p 13.2p 14.1p Basic EPS FY26 5.5p 5.4p
Slide 58: Shareholder analysis
Business overview Shareholder analysis As at 31 December 20251 Rank Fund Manager Holdings % 1 Kempen Capital Management 14,694,623 11.5% 2 JO Hambro Capital Management 14,128,976 11.1% 3 Fidelity International 11,860,649 9.3% 4 JPMorgan Asset Management 7,373,163 5.8% 5 Jupiter Asset Management 7,11
Slide 59: Group balance sheet and cash flow statement
Group balance sheet and cash flow statement Strong financial position 59 SThree ©2025
Slide 60: Robust balance sheet
Business overview Robust balance sheet1 Backed by substantial debt facilities 30 November 2025 30 November 2024 Net working capital Intangible assets £16.0m £12.1m Permanent £21.2m Property, plant & equipment £10.9m £9.7m Contract £126.8m Net working capital £148.0m £166.7m £148.0m Net lease liabili
Slide 61: Cashflow statement
Business overview Cashflow statement1 Year ended Year ended 30 November 2025 30 November 2024 Operating profit £26.1m £66.2m Non-cash items £22.4m £20.2m Working capital £21.6m (£26.6m) Operating cash flow £70.1m £59.8m Tax (£9.9m) (£23.0m) Capex (£8.6m) (£13.2m) Bank interest / Lease principal paym
Slide 62: Free cash flow conversion
Business overview Free cash flow conversion1 FY 2025 £21.6m £70.1m (£9.9m) £1.5m Other2 Uses of free cash4 269% FY 2024: 90% (£13.1m) £8.6m CAPEX Operating cash flow conversion £22.4m £47.1m ratio £18.5m Dividends £26.1m £20.2m 180% FY 2024: 38% Purchase of own shares3 Free cash flow Operating Non-c
Slide 63: Banking facility
Business overview Banking facility Net cash £68.0m as at 30 November 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 63 STh
Slide 64: 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 65: 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