Slide 1: FY26 Half Year Results
FY26 Half Year Results Presentation for the Half Year ended 31 May 2026 Timo Lehne, CEO Damian Fehrenberg, Interim CFO ©2026 SThree ©2025
Slide 2: SThree ©2026
ZORWARD cracvears and beyond
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 1 What we do 2 How we deliver 3 Why STEM M S AI and data centres 9% 15% 16% AI adoption, compute and cloud infrastructure E 32% 30% 85% 42% Contract Energy transition 45% 43% Electrification, grid harden
Slide 4: Highlights: Improving new business trends, full-year guidance reiterated
SThree Investor Presentation Highlights: Improving new business trends, full-year guidance1 reiterated Trading momentum TIP now embedded Cautious optimism Continued improvement in year-on- Platform-driven efficiency and Positive forward indicators, including year rate of decline, led by strong USA p
Slide 5: Financial review
Financial review 5 ©2025 SThree ©2026
Slide 6: Profitability reflects lower Net Fees and non-recurring costs
Financial review Profitability reflects lower Net Fees and non-recurring costs Market conditions and planned one-off costs partly offset by cost discipline LFL HY26 HY25 Movement1 Contract Net Fees £124.9m £133.8m -8% Permanent Net Fees £22.8m £25.2m -5% Net Fees £147.7m £159.1m -7% Operating Profit
Slide 7: Underlying profit broadly in line with prior year reported profit
Financial review Underlying profit broadly in line with prior year reported profit Cost optimisation programme benefits weighted to H2 £10.0m (£9.0m) £6.4m £9.8m £5.5m (£0.7m) £3.4m (£2.4m) Operating Contract Permanent People Other Operating Non-recurring Underlying Operating profit HY25 Net Fees Ne
Slide 8: 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 Strong growth in the USA partially offsetting softness in parts of Europe Net Fees by region HY26 vs HY251 Regions HY26 % of Group Net Fees 35% HY25 % of Group Net Fees DACH -15% 30% USA +12% 25% 20% Nethe
Slide 9: Employed contractor model provides platform for future growth
Financial review Employed contractor model1 provides platform for future growth ECM share of Net Fees up 20%pts since FY192 HY19 Net Fees (pre-pandemic) HY25 Net Fees HY26 Net Fees ECM margin 26% 22% 16% 15% 30-40% higher Net Fee margins 40% 42% generated by ECM vs IC3 74% 84% 85% Contract Contract
Slide 10: Contractor Order Book returns to growth
Financial review Contractor Order Book1 returns to growth Reflecting strong momentum in select countries, particularly USA, alongside a broader moderation in rate of decline across rest of portfolio Contractor Order Book +3% May 2026 £157.2m YoY3 May 2025² £152.2m Equivalent of c.5 months’ Net Fees
Slide 11: Contract KPIs remain resilient across key metrics
Financial review Contract KPIs remain resilient across key metrics Stable new business activity, resilient extensions and contract economics New business Contract length Strong pricing activity stable YoY holding up maintained 6 countries 58 weeks 21.7% Delivered growth YoY1 Average contract length
Slide 12: Productivity improved as Net Fees declined less than headcount
Financial review Productivity1 improved as Net Fees declined less than headcount Productivity uplift maintained in H1, building on improvement delivered in H2 FY25 +9% Productivity vs HY2025 Productivity improvement reflects • Continued improvement in the year-on-year rate of Net Fee decline, driven
Slide 13: Robust net cash position
Financial review Robust net cash position Movement reflects lower underlying cash generation from reduced operating profit and increased working capital investment £3.4m £10.5m (£10.6m) (£2.9m) (£10.3m) £68.0m (£9.1m) Net decrease in trade debtors/accrued income £24.2m (£6.0m) Net decrease in trade
Slide 14: Strong balance sheet supports disciplined capital allocation
Financial review Strong balance sheet supports disciplined capital allocation Interim dividend maintained and share buyback of up to £20m progressing Organic Business Capital return Acquisitions growth improvement to shareholders 5.1p Reflecting confidence HY25: 5.1p in the Group’s outlook and robus
Slide 15: Key financial takeaways
Financial review Key financial takeaways Continued improvement in the YoY rate of Net Fee decline Net Fee trend improving, Contract is resilient, with Underlying profit broadly in Robust balance sheet to fund supported by continued stable new business and line with prior year, cost shareholder retur
Slide 16: Strategic progress and outlook
Strategic progress and outlook 16 ©2025 SThree ©2026
Slide 17: 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 £104bn Global STEM Market1 with SThree’s footprint covering 83% Top 5 markets3 USA Europe2 Middle East & Asia2 Other markets Total addressable market: Total addressable market: Total addressable mar
Slide 18: Platform: Technology Improvement Programme
Strategic progress and outlook Platform: Technology Improvement Programme What we have built and the impact today Single coherent technology platform Decoupling Net Fees from back-office costs Future ready Deep dive: Impact on Contract since HY231 Greater client engagement Higher quality pipeline Im
Slide 19: Customers: creating sustainable value in high growth sectors
Strategic progress and outlook Customers: creating sustainable value in high growth sectors Supporting asset modernisation Supporting hyperscale data centre delivery Case study 1 Case study 2 Workforce expansion for a leading USA gas transmission company Mobilising specialist expertise in a complex
Slide 20: People: the human advantage
Strategic progress and outlook People: the human advantage Building a scalable organisation that enables our people to deliver greater value for clients High-performance Client-facing Scalable operating culture expertise model AIR and PACE1 establish consistent Equipping consultants with the tools,
Slide 21: Proposition: Specialism at scale
Click on the image Strategic progress and outlook alongside for full overview of SThree’s proposition (slide 46 in Appendices) Proposition: Specialism at scale Converting STEM workforce complexity into customer value Customer challenges SThree’s strategic advantage Workforce solutions Client outcome
Slide 22: 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 Positive forward indicators, including TIP driving efficiencies and productivity Well-positioned to meet changing improving new business activity and gains, enabling scalable growth workforce needs.
Slide 23: Q&A
Q&A 23 ©2025 SThree ©2026
Slide 24: Appendices
Appendices 24 ©2025 SThree ©2026
Slide 25: Financial calendar
Appendix Financial calendar 2026 22 September FY26 Q3 Trading Update 16 December FY26 Full Year Trading Update 2027 26 January FY26 Full Year Results 25 SThree ©2025 Private and confidential
Slide 26: Introduction to SThree plc
Introduction to SThree plc 26 SThree ©2026
Slide 27: 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 28: 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 28% 32% STEM global market: £104bn USA DACH ROW £30bn 18% 6% 83% USA £41bn Netherlands Middle East of global STEM including Spain & Asia market b
Slide 29: 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 30: 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 Independent Employed Permanent Contractors Contractors • Placements to permanent positions • Self-employed contractors • Contractors employed by SThree • Revenue recognised on star
Slide 31: Our unique model underpins our success, driven by global megatrends
Introduction to SThree plc Our unique model underpins our success, driven by global megatrends 1 What we do 2 How we deliver 3 Why STEM M S AI and data centres 9% 15% 16% AI adoption, compute and cloud infrastructure E 32% 30% 85% 42% Contract Energy transition 45% 43% Electrification, grid hardenin
Slide 32: 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 20%pts since FY192 HY19 Net Fees (pre-pandemic) HY25 Net Fees HY26 Net Fees ECM margin 26% 22% 16% 15% 30-40% higher Net Fee margins 40% 42% generated by ECM vs IC3 74% 84% 85% Contract
Slide 33: Platform: Technology Improvement Programme
Introduction to SThree plc Platform: Technology Improvement Programme What we have built and the impact today Single coherent technology platform Decoupling Net Fees from back-office costs Future ready Deep dive: Impact on Contract since HY231 Greater client engagement Higher quality pipeline Improv
Slide 34: 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 35: Business overview
Business overview 35 SThree ©2026
Slide 36: Group performance
Group performance Trading momentum improved through the half, with strong growth in the USA increasingly offsetting softness in parts of Europe 36 SThree ©2026
Slide 37: Group performance
Business overview Group performance1 Net Fees down 7% YoY reflecting a continued improvement in the YoY rate of decline £598.8m down 8% vs HY25 £147.7m down 7% vs HY25 Revenue Net Fees £43.0m down 10% vs HY25 2,150 FTE down 15% vs HY25 Net cash Average total headcount Note 1: All % movements present
Slide 38: Regional and skill split
Business overview Regional and skill split1 Trading momentum improved in certain regions and skills despite continued macroeconomic and geopolitical uncertainty Net Fees YoY Life Technology Engineering Other Total Sciences DACH -18% -8% -18% 35% -15% USA 42% 13% 0% 18% 12% Netherlands & Spain -22% -
Slide 39: Cost base analysis
Business overview Cost base analysis Cost base Payroll costs 7% 3% 22% 6% 9% 75% 78% Payroll IT & Professional Property Sales Other business functions Advertising Other 39 ©2025 SThree ©2026
Slide 40: Foreign exchange impact
Business overview Foreign exchange impact Half Year ended Half Year ended YoY exchange 31 May 2026 31 May 2025 rate movement Average Closing Average Closing Average Closing The Group’s Net Fees EUR € 1.15 1.15 1.19 1.19 +3.5% +2.7% and Operating Profit increased by £0.2m and USD $ 1.35 1.35 1.28 1.3
Slide 41: Historical Half Year Net Fees and margins
Business overview Historical Half Year Net Fees and margins1 Net Fees £149.9m £164.3m £203.1m £208.6m £188.7m £159.1m £147.7m £46.1m £38.6m £30.0m £42.4m £25.2m £22.8m £36.4m £157.0m £170.0m £158.7m £113.5m £121.9m £133.8m £124.9m Permanent Contract HY20 HY21 HY22 HY23 HY24 HY25 HY26 Contract margin
Slide 42: 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 £28.1m £13.9m £10.0m £3.4m HY20 HY21 HY22 HY23 HY24 HY25 HY26 Adjusted conversion ratio % 22.0% 20.0% 17.1% 18.3% 9.2% 6.3% 2.3% HY20 HY21 HY22 HY23 HY24 HY25 HY26 Note 1: 202
Slide 43: Effective tax rate bridge
Business overview Effective tax rate bridge 30.8% (24.9%) 5.9% ETR FY25 Prior year tax credit ETR HY26 and DTA recognition 43 ©2025 SThree ©2026
Slide 44: Earnings per share bridge
Business overview Earnings per share bridge 5.6p (4.1p) 0.6p 2.1p EPS HY25 Decrease in profits Change in ETR, EPS HY26 change in number of shares 44 ©2025 SThree ©2026
Slide 45: 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 46: 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 47: 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% 43% 9%
Slide 48: City consensus
Business overview City consensus As at 16 June 2026 Consensus Low High FY26 £312.8m £306.6m £318.0m Net Fees FY27 £321.2m £313.8m £327.8m FY28 £337.0m £329.6m £344.2m FY26 £8.8m £5.2m £10.0m PBT FY27 £23.2m £18.3m £25.1m FY28 £35.7m £32.5m £37.3m FY26 4.9p 2.9p 5.6p Basic EPS FY27 13.2p 10.6p 14.4p
Slide 49: Shareholder analysis
Business overview Shareholder analysis As at 30 June 20261 Rank Fund Manager Holdings % 1 JO Hambro Capital Management 14,236,704 11.6% 2 Fidelity International 12,313,437 10.0% 3 Fidelity Management & Research 8,878,363 7.2% 4 Van Lanschot Kempen Investment Management 8,596,318 7.0% 5 Jupiter Asset
Slide 50: Group balance sheet and Cash flow statement
Group balance sheet and Cash flow statement Robust financial position 50 SThree ©2026
Slide 51: Robust balance sheet
Business overview Robust balance sheet1 Backed by substantial debt facilities 31 May 2026 30 November 2025 Net working capital Intangible assets £16.7m £16.0m Permanent £18.9m Property, plant & equipment2 £10.9m £10.9m Contract £127.0m Net working capital £145.9m £148.0m £145.9m Net lease liabilitie
Slide 52: Cashflow statement
Business overview Cashflow statement1 Half Year ended Half Year ended 31 May 2026 31 May 2025 Operating profit £3.4m £10.0m Non-cash items £10.5m £10.7m Working capital (£10.6m) £1.0m Operating cash flow £3.3m £21.7m Tax (£3.4m) (£5.3m) Capex (£4.1m) (£4.5m) Bank interest / Lease principal payments
Slide 53: Free cash flow conversion
Business overview Free cash flow conversion1 HY 2026 Uses of cash2 97% HY 2025: 217% £10.5m (£10.6m) £2.6m Other3 £4.1m Operating cash CAPEX flow conversion ratio £6.0m Purchase of own shares4 -171% £3.4m £3.3m (£3.4m) £6.5m HY 2025: 105% Dividends (£5.7m) (£5.8m) Free cash flow Operating Non-cash W
Slide 54: Banking facility
Business overview Banking facility Net cash £43.0m as at 31 May 2026 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 54 ©2025 ST
Slide 55: 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 56: 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