PageGroup : Annual report and Accounts

About this update from Pagegroup Plc

Annual Report & ACCOUNTS 2025 Our Ambition To be the leading specialist recruitment consultancy in each of our chosen markets. Our Purpose To change lives. This forms the foundation of our business and guides us in everything we do. Our three strategic goals Operating profit of £400 m Changing One million lives Increasing our net promoter score to 60 + Our four strategic pillars of growth Maximising our core business Accelerating growth of our Technology business Expanding Page Executive Building out our capabilities for Strategic Customers Contents Introduction PageGroup at a Glance 1 Strategic Report Chair's Introduction 5 Chief Executive Officer's Review 7 Our Business 9 Review of the Year 23 Key Performance Indicators 28 Q&A with Nick Kirk, CEO 31 Artificial Intelligence 33 People and Culture 36 Stakeholder Engagement 45 Sustainability 51 Task Force on Climate-Related Financial Disclosures 58 Risk Management 64 Principal Risks and Uncertainties 66 Disclosure Statements 74 Corporate Governance Chair's Introduction to Corporate Governance 77 Our Board of Directors 79 The Executive Board 83 Corporate Governance Report 85 Nomination Committee Report 93 Audit Committee Report 98 Directors' Remuneration Report - Annual Statement 105 Directors' Remuneration Report 107 Directors' Report 135 Directors' Statements of Responsibility 138 Financial Statements Independent Auditor's Report 141 Consolidated Income Statement 148 Consolidated Statement of Comprehensive Income 148 Consolidated and Parent Company Balance Sheets 149 Consolidated Statement of Changes in Equity 150 Statement of Changes in Equity - Parent Company 151 Consolidated and Parent Company Cash Flow Statements 152 Notes to the Financial Statements 153 Additional Information Shareholder Information and Advisers 186 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION PageGroup at a Glance PageGroup is a worldwide leader in specialist recruitment, with a global presence of 6,820 people in 34 countries. Our brands are made up of specialised recruitment teams that operate across 14 disciplines, and provide temporary, contract and permanent solutions. North America Latin America UK EMEA Middle East Australasia Asia Headcount Countries Offices 6,820 34 123 How we deliver The Group's strategy is driven by our purpose of changing lives and being customer-led, people-powered and insights-driven. CUSTOMER LED Our consultants provide valuable expertise, market knowledge and insight to our customers, acting as a trusted partner; we work with clients to shape their talent management strategies and with candidates to help navigate their career journeys. Human interaction is vital in order to deliver the most successful outcome for each party. PEOPLE POWERED We are committed to organic growth and offering our People a career in recruitment, rather than just a job. As a result, we have highly trained and motivated employees. Each office, region or discipline is led by experienced PageGroup management, equipped with the skills and experience to maintain our market-leading position. Our unique culture is a key factor in our success, both now and for the future. INSIGHT DRIVEN Our role is to help our Customers - candidates and clients - to make informed decisions. Critical to that success is having data and insights available to support their decision. Our global reach and infrastructure allow us to provide our consultants with market-leading technology and data, as well as access to the best candidates. This drives better, targeted outcomes for our customers. 1 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 2025 Overview Financial highlights Gross Profit Operating Profit Conversion Rate* £769.5m £20.9m 2.7% -7.6% 2024: £842.6m -58.8% 2024: £52.4m 2024: 6.2% Basic Earnings per Share 2.9p -68.1% 2024: 9.1p Total Ordinary Dividend 8.57p -49.9% 2024: 17.11p *Operating profit as a percentage of gross profit Non-financial highlights Client Net Promoter Score 66 Lives changed since 2020* 793,323 Scope 1 & 2 carbon reduction since 2022 -46% * Number of people whose lives we have changed by placing them into work or helping them access our social impact programmes Our brands Executive search Qualified professional ENTERPRISE SOLUTIONS Support professional Generalist staffing Annual Report & Accounts 2025 2 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Strategic Report Contents 3 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Chair's Introduction 5 Chief Executive Officer's Review 7 Our Business Business Model 9 Market Dynamics 13 Strategy 15 Competitive Advantage 21 Capital Allocation Policy 22 Review of the Year Review of the Year 23 Key Performance Indicators 28 Q&A with Nick Kirk, CEO 31 Artificial Intelligence 33 People and Culture 36 Stakeholder Engagement 45 Sustainability 51 Task Force on Climate-Related Financial Disclosures 58 Risk Management 64 Principal Risks and Uncertainties 66 Disclosure Statements 74 Annual Report & Accounts 2025 4 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Chair's Introduction Introduction In a year defined by challenging macro-economic conditions, we delivered a resilient performance whilst maintaining our commitment to exceptional customer service. At the same time, we continued to invest in innovation and technology to ensure we remain at the forefront of our industry. Whilst subdued market conditions continued throughout 2025, we were encouraged by growth in the US and positive performances in a number of our Asian and Latin American markets. Europe and the UK have undoubtedly remained challenging and given the importance of these to our overall business, this has been reflected in our financial performance. However, the Board has been, and continues to be, focused on managing costs. As a result, the Group is well-placed to capitalise on recovery conditions in the future. For further details on performance during the year, please see page 23. Board Composition On 1 July 2025, the Plc Board welcomed Paul Harrison as a Non-Executive Director. Full details of his appointment can be found in his biography on page 80. Sylvia Metayer stepped down from the Board at the Company's 2025 AGM. I would like to thank Sylvia for her contribution to the Board. The Board regularly reviews its members' key skills and experience, and it is committed to ensuring that we always have the appropriate expertise to support the Company in its strategic objectives. The Board meets the Parker Review Recommendations. The biography of each of the Directors and their contribution to the Board can be found on pages 79 to 83. We continue to support the FTSE Women Leaders Review and the requirement to disclose the gender balance of senior management. On the Plc Board as at 31 December 2025, female representation was 37.5% (40% or above on Board Committees). On our Executive Board, female representation was 43%. At the Director level, female representation was 45%. In 2021, we signed up to the UN Global Compact Network with a target of achieving gender equality in senior management roles by 2030. Full details of the work undertaken by the Board during the year are set out in the Corporate Governance Report. Purpose and Culture Our Purpose is to change lives and this is at the heart of everything we do. We change lives for the candidates we place, the clients we help in reaching their potential and by offering our People a rewarding career in recruitment. In 2025, our focus was to foster growth for our People by recognising high performance and by providing development opportunities. Inclusion remains fundamental to our culture, and this year's global campaign centred on building psychological safety across our organisation. We are proud that our Have Your Say survey results continued to exceed external benchmarks for overall engagement and performed strongly across all key categories. Looking ahead, we will continue to listen to our employees to define our approach to People and Culture. The employee experience will be further enhanced by the implementation of a new global HR technology system, allowing our People and Culture teams to focus on efficient, personalised, value-added support. Dividends In 2025, despite the ongoing challenging macro-economic conditions, we continued to deliver shareholder returns. We paid an interim dividend of £16.7m in October 2025. We generated cash from operations of £74.3m in 2025, ending the year with net cash of £31.4m. Based on this cash position, the levels of distributable reserves and our 2025 results, we are proposing a final dividend of 3.21p. This, combined with the interim dividend of 5.36p paid in October, represents a total ordinary dividend of 8.57p. Sustainability Our sustainability approach is driven by four goals: to drive positive social impact; to reduce our carbon emissions; to advance gender equality in our leadership; and to support our customers to find top sustainability talent. In 2025, we changed 147,592 lives through placements and participants in our social impact programmes. More employees than ever have volunteered their time and their skills to support those often furthest from the workforce to prepare for employment. Our carbon emissions continued to decrease, driven by improved efficiencies, careful travel monitoring, and reduced energy consumption. At the start of the decade, we set ourselves a target to establish a meaningful sustainability business by 2026. With net fees from sustainability roles in 2025 more than five times those of our 2019 baseline year, I am pleased to confirm that the target has been achieved. Conclusion On behalf of the Board, I would like to take this opportunity to thank our People for their hard work and dedication this year. They have continued to demonstrate their ability to evolve and adapt in response to the challenging conditions we've seen over the past 12 months, and I am grateful for their commitment. I would also like to thank the Board, our Customers and our Shareholders for their continued support. Angela Seymour-Jackson Chair 5 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Angela Seymour-Jackson, Chair Our Purpose is to change lives and this is at the heart of everything we do." Annual Report & Accounts 2025 6 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Chief Executive Officer's Review 2025 performance Despite ongoing macro-economic uncertainty, the Group delivered a resilient performance in 2025. Overall for the year, gross profit was £769.5m. After one-off costs of c. £15m relating to restructuring and transformation, we delivered operating profit of £20.9m. In our largest region, EMEA, we continued to see tough trading conditions. The region was down 11.9% on 2024, due to ongoing political and macro-economic instability across most markets, particularly our two largest, France and Germany. Temporary recruitment, down 8%, was more resilient than permanent, down 14%, indicative of the current uncertainty within the market. Asia Pacific was down 1.4% on 2024. However, we saw improved activity, trading and confidence in Asia. South East Asia grew 2%, with improved conditions across most of our markets in this region. In Greater China, down 7%, trading remained challenging. Despite this, productivity remained high due to the level of experience of our consultants. In Japan, we have continued to invest in fee earners due to the size of the market and its strategic importance to the Group. India delivered the standout performance with another record year, up 14%. Australia declined 10%, with challenging conditions in all states. The US grew 9%, an improvement on the decline of 11% in 2024. We saw good levels of activity and trading, particularly in our largest discipline of Construction. In Latin America, excluding Argentina due to hyperinflation, gross profit declined 3%. We saw challenging conditions in Mexico, down 12%, due to tariff and political uncertainty, as well as low levels of customer confidence. However, Brazil grew 3%, driven by our temporary recruitment business. The UK market remains tough, down 12.8% for the year. We continued to see clients deferring hiring decisions and candidates cautious about accepting offers. Permanent recruitment declined 10% against 2024, with temporary down 19%, due primarily to the migration of our UK Page Personnel business, which had a greater degree of temporary recruitment, to Michael Page this year. Strategy We launched our Strategy in 2023 with a clear ambition to be the leading specialist recruitment consultancy in each of our chosen markets. This Strategy takes the Group to 2030 and prioritises delivering what we are famous for, building on our existing strengths and leveraging our established global platform. Despite the challenging conditions, we continue to make progress on our strategic goals to ensure that the Group is well placed to take advantage of opportunities when conditions improve. Our three key strategic goals by 2030 are to deliver operating profit of £400m, to change one million lives and to increase our client net promoter score to over 60. To achieve our Strategy, we have four pillars of growth: our Core business, our Technology business, Page Executive and our Enterprise Solutions business. When we launched our Strategy in 2023, our operating profit goal of £400m was based on seven years of positive macro-economic conditions. Since then, trading conditions in the majority of our markets have deteriorated. We continue to reallocate resource, in line with our Strategy, into the areas of the business where we see the most significant long-term structural opportunities. We reviewed disciplines that were less profitable and transferred consultants to more productive roles. Against our social impact goal of changing one million lives, we performed strongly. In 2025, we changed 147,592 lives, which brings us to a total of 793,323 lives changed since we set this target in 2020. This puts us well on track to deliver our one million target by 2030. We also made excellent progress on our customer experience goal of achieving a client net promoter score of over 60, from our baseline of 52 in 2022. Our NPS score increased to 61 in 2024, and in 2025 our score improved again to 66, exceeding our 2030 target for the second consecutive year. This highlights our commitment to providing outstanding service to our customers. Looking ahead As we enter 2026, a high degree of macro-economic and geopolitical uncertainty remains across the majority of our markets. The conversion of interviews to accepted offers is still the most significant area of challenge due to subdued candidate and client confidence. Despite this, we have made good progress against our Strategy. We have an established, experienced management team and a flexible business model, and I remain confident in the execution of our Strategy, driving the long-term profitability of the Group. For almost 50 years, PageGroup has grown and evolved in order to deliver specialised sector experience, market knowledge and a consultative approach to recruitment. One thing that remains unchanged is our commitment to the professional success of our clients, candidates and employees. The Company values of earn trust, grow connections and make a difference are as evident now as they have ever been. The PageGroup team look forward to working for your future. Nick Kirk Chief Executive Officer 7 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Nicholas Kirk, CEO Nick Kirk Despite ongoing macroeconomic uncertainty, the Group delivered a resilient performance in 2025." Annual Report & Accounts 2025 8 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Business Model Our model at work Our People Our Purpose An experienced senior management team and high-quality consultants. Expertise in premium candidate sourcing and advocating for clients and candidates. Our Culture Diverse and inclusive culture with ingrained values of how to do business ethically. We have created an environment where developing our People and achieving results for our Customer is paramount. We work closely with our clients and candidates. Our Customer-centric ethos upholds our reputation, maintains our competitive edge and enables our business to thrive. Our Relationships Our Value Proposition Model Clients Sector expertise Appropriate candidate shortlist Professional high quality service Our Brand and Scale Global reach, with deep local knowledge. Specialist industry and market knowledge. High levels of operational efficiency. Technology and Innovation Focused on how best to acquire, engage and nurture Customers to build long-term relationships. The use of technology allows us to leverage growth and improve our conversion rate. Financial Capability Consultants Team-based structure and compensation Access to jobs across entire Group Consistent process Candidates Professional high-quality service Market understanding and client profiling Career advice Our business is supported by a strong balance sheet and significant cash flow generation. Underpinned by our values 9 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Leads to... Repeat business Greater exclusivity Future candidates Leads to... Rapid career promotion Career opportunities Reward and recognition Leads to... Career-long relationships Peer recommendations Future clients Delivering our strategic objectives Organic, high margin, diversified growth: With a core focus on organic growth, our broad-based capabilities enable us to capitalise on market opportunities around the globe, avoiding over-reliance on one geography or discipline. Scalable and flexible capacity: Our brand and scale enable us to build an unrivalled skillset, together with the ability to respond quickly to changing market conditions. Talent and skills development: The recruitment, retention and development of talent is fundamental to driving our meritocratic growth model. Our strategic framework is outlined on page 19. Sustainable growth for the benefit of our Stakeholders Our People Supportive, inclusive culture where they experience real opportunities for development and a long and rewarding career. Investors Seek assurance that their investment will grow under responsible stewardship. Customers Rely on us to provide world-class specialist recruitment services and solutions to help drive their business and careers forward. Society & Government Need businesses that have a positive impact. Suppliers Seek strong and enduring partnerships based on fair terms. Stakeholder engagement is outlined on page 45. EARN TRUST GROW CONNECTIONS MAKE A DIFFERENCE Annual Report & Accounts 2025 10 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Services, scale and specialisms What we do PageGroup is a worldwide leader in specialist recruitment. We have 49 years of recruitment experience and deliver recruitment services to clients across 34 countries through our network of 123 offices. Geographic reach Our substantial and well-balanced business reaches across all regions. Our global model allows us to source candidates from domestic and international markets and provide a comprehensive service to both local and multinational clients. Specialist expertise We have developed PageGroup's reputation as a global recruitment leader through our focus on specialist areas of the market, replicated across our international network. We operate across 14 disciplines aligned with professions, with further specialism focus within these (e.g. cyber security and AI within Technology) to ensure we provide expert recruitment capability to our clients. Perm and non perm mix PageGroup is the international market leader for permanent recruitment in the majority of the countries in which we operate. Our specialist capability has fuelled a substantial and growing non-permanent recruitment business, focused on markets where non-permanent placements, including contracting, for professionally qualified candidates play a significant role in the working environment. 11 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Our brands The executive search division of PageGroup provides a range of search, selection and talent management solutions for organisations on a permanent and interim basis. Recognised for our powerful in-house research function, speed and flexibility of response, and assignment completion rates, organisations worldwide use Page Executive to secure their senior talent. The roles on which we focus typically sit at the sub-Board and Board levels. Michael Page comprises 14 disciplines, each providing the capability to meet the needs of our clients to recruit permanent, temporary, contract and interim opportunities, typically at qualified professional and management level. The businesses we work with range from SMEs to global blue-chip organisations. Page Personnel offers specialist recruitment services to clients requiring permanent, temporary or contract employees. It provides specialist services to organisations requiring talent at professional clerical and support levels. Enterprise Solutions Our Enterprise Solutions team brings together the full power of PageGroup to support our largest customers with their complex, global requirements. We build deep, long-term partnerships, leveraging our global scale, insights and technology to deliver for our customers in a more efficient way, allowing them to focus on their core business. Our flexible offering covers a range of global managed recruitment solutions through our outsourcing business, including Recruitment Process Outsourcing (RPO) and Managed Service Provision (MSP), together with a number of outsourcing consultancy solutions. + Boutiques Market gap Executive search Qualified professional ENTERPRISE SOLUTIONS + Boutiques Support professional Generalist staffing Annual Report & Accounts 2025 12 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Market dynamics The professional recruitment sector has always been highly sensitive to fluctuating economic conditions and is influenced strongly by client and candidate confidence. Market liquidity can change rapidly, whether in terms of candidate confidence or availability of jobs. It can also be localised, by geography or discipline, and differ between non-permanent and permanent placements in the same market. In a number of geographic regions, such as Asia and Latin America, our target markets are very large, yet relatively immature. This provides not only significant market share opportunities, but also challenges in areas such as business development. New markets can take time to reach maturity, but the advantages of being an early mover and being able to build scale can be considerable. As well as the influence of the general macroeconomic environment on business activity, there are a number of market-based drivers that can impact financial performance materially. These are split into elements which affect market liquidity and those which influence consultant productivity and therefore gross profit. It is the nature of the professional recruitment market that strong market conditions will see drivers align in both elements and this can have a dramatic impact on our overall performance. 13 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Market Liquidity Candidate availability Impact Financial Impact Often highly discipline/geography-specific, especially at midpoints in the cycle as client confidence grows. This is a key driver of most other elements, as the quality of a recruiter is most clearly demonstrated through their ability to source difficult-to-find candidates. Candidate confidence A major influence on market liquidity where the macro environment is sufficiently stable, candidates will look to progress their careers, which helps to drive job liquidity. Mainly visible through improvement in gross profit, a buoyant market helps to drive consultant productivity. Gross Profit and Productivity Fees/Rates Group average typically moves within a c. 10% range over the cycle (19%-21%), but a much wider range by geographical market (c. 15%-35%). Wage inflation Impact Reflects level of candidate shortage and liquidity within a particular discipline or geography, plus macro-economic conditions. Time-to-hire In usual times, as candidates become scarcer, companies shorten the decision-making process in order not to lose preferred candidates. This has become particularly noticeable since the introduction of video interviews. However, current macro-economic uncertainty has reduced levels of candidate and client confidence, leading to higher levels of candidate offer rejections and more risk averse client behaviour. This has slowed the recruitment process, impacting time-to-hire. Notable influence on both gross profit and also conversion rate. Productivity, especially in permanent recruitment, Financial Impact is significantly enhanced as these market drivers align positively. Annual Report & Accounts 2025 14 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Our Strategy Our Ambition To be the leading specialist recruitment consultancy in each of our chosen markets. Our Purpose To change lives. This forms the foundation of our business and guides us in everything we do. Our three strategic goals Operating profit of £400 m Changing One million lives Increasing our net promoter score to 60 + Our four strategic pillars of growth Maximising our core business Accelerating growth of our Technology business Expanding Page Executive Building out our capabilities for Strategic Customers 15 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Our strategic goals We launched our refreshed Strategy in September 2023, which takes the Group through to 2030. We have three strategic goals: delivering operating profit of £400m; changing one million lives; and increasing our net promoter score to over 60. This year we made good progress on our strategic objectives, which will ensure that we are well placed to take advantage of opportunities when market conditions improve. Operating Profit £400m Our primary financial goal is to deliver £400m of Operating Profit by 2030 for our Shareholders and our People. This is based on targeting gross profit of just under £2bn, at a conversion rate in excess of 20%. To achieve this goal, we will continue to build on our existing strengths and leverage our global platforms, in order to maximise performance. This goal was based on seven years of positive macro-economic conditions. Since we launched the Strategy, trading conditions in the majority of our markets have been challenging. We continue to reallocate resource, in line with our Strategy, into the areas of the business where we see the most significant long-term structural opportunities. As part of this, we reviewed businesses that were less profitable and transferred consultants to more productive roles. Social Impact 1m lives changed Since 2020, we have committed to the goal of changing one million lives by 2030. Progress against our Social Impact goal is measured by the number of people whose lives we have changed by placing them into decent work as well as the number of people who access our social impact programmes, including skills-sharing volunteering events. In 2025, we changed 147,592 lives, which brings us to a total of 793,323 lives changed since we set this target in 2020. This puts us well on track to deliver our one million target by 2030. Customer Experience 60+ NPS We are committed to delivering a best-in-class Customer experience. As a cross-industry benchmark, this means exceeding what is classed as 'excellent'. This is a critical measure of how we build deeper, continuous relationships with clients to ensure our long-term success. We have made significant progress on our customer experience goal of achieving a client net promoter score of over 60, from our baseline of 52 in 2022. Our NPS score increased to 61 in 2024, and in 2025 our score improved again to 66, exceeding our 2030 target for the second consecutive year. This supports our commitment to providing excellent service to our customers, further solidifying our position as a benchmark of quality in our industry. 60+ NPS 61 in 2024 GOOD EXCE 66 LLENT FAIR in 2025 Source: Bain & Company, an NPS score above 0 is fair, above 20 is good and above 50 is excellent. Annual Report & Accounts 2025 16 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Our strategic pillars Our Strategy prioritises delivering what we are famous for, building on our existing strengths and leveraging our established global platform. To achieve our Strategy, we have four pillars of growth: our Core business, our Technology business, Page Executive and Enterprise Solutions, which supports our strategic customers with their complex, global requirements. Core Technology Our Core business is the main driver of Group performance. We define our Core business as Michael Page and Page Personnel, which covers all disciplines except Technology. We remain focused on strengthening our market-leading positions and exiting less profitable business lines in certain markets. Despite the tougher market conditions, we have made progress with our Strategy. We have remained focused on reallocating resources to match activity levels, as well as investing into business areas where we see the greatest long-term opportunities. Whilst macro-economic uncertainty continues to impact the majority of our geographies, we have seen a recovery in our US business, which has delivered five successive quarters of growth. As anticipated, this recovery has been driven almost entirely by an improvement in the conversion rate of offers to placements, rather than increasing activity levels. Technology recruitment is a scale play for Page, enabling us to build a high-volume, high-value business. Our goal is to build a £350m gross profit business by 2030, with a 20% conversion rate. As has been widely reported in recent years, trading conditions in the Technology sector have been challenging. Despite this, Technology remains our second largest discipline, making up 12% of the Group's gross profit in 2025. Within Technology, we continue to see a more resilient performance from non-permanent recruitment. We are reshaping this business from the pre-pandemic model, increasing our offering within contracting and interim roles. This is particularly evident in markets such as Brazil, Greater China, Colombia and Spain. We have also been rolling out our proven contracting model from Germany into other markets in Northern Europe. Despite the tough conditions globally, there were some individual markets which delivered good growth in 2025, including the US, Colombia, Greater China, India and Japan. We continue to believe Technology is a key part of our Strategy and Vision. 17 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Page Executive Enterprise Solutions Page Executive is a market gap play. We operate at salary levels above Michael Page, specialising in senior leadership search and recruitment, as well as offering executive advisory services. Our goal is to generate over £200m of gross profit by 2030. We delivered another strong performance in 2025, down just 2% against a record comparator. Within this, our best performing markets were Spain, Colombia, Greater China and South East Asia. A key element of our Page Executive strategy has been to focus on more senior leadership roles and, as a result, increase the salary levels at which we place. This strategy continues to prove successful and we have seen a notable increase in the median placement salary. Alongside this, the track record and success of our well-tenured consultants in Page Executive has resulted in an increase in our median fee. We continue to believe that the market gap opportunity within Page Executive is greater than we initially anticipated. Enterprise Solutions is a partnership play. We support our largest strategic customers with their complex, global requirements. We build deep, long-term partnerships, leveraging our global scale, insights and technology to deliver for our customers in a more efficient way, allowing them to focus on their core business. Our goal by 2030 is to deliver a business with gross profit of £500m, at a conversion rate of 20%. Our well-established, global platform across 34 markets allows us to consult with clients as they look to enter new markets. And our customer centric approach, highlighted by our net promoter score, increasingly makes us the partner of choice. Despite the sector-wide challenges in recruitment outsourcing, we delivered an encouraging performance in 2025. Against the backdrop of a difficult macro, we generated 12% more gross profit from our largest 20 clients than we did in our record year in 2022. Within Enterprise Solutions, our outsourcing business delivered growth of 18% and a record performance. We have also seen a strong increase in our sales pipeline as our strategic commitment to global customers gathers momentum. We remain focused on winning business that delivers conversion rates in line with our Strategy. Annual Report & Accounts 2025 18 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Our strategic framework Our strategic framework centres on three core objectives that drive progress towards our strategic Vision and deliver sustainable financial returns. These are to: Look for organic, targeted and diversified growth Our business model is centred on delivering organic, targeted and diverse growth. As recruitment is a cyclical business and impacted by the strength of economies, diversification and targeted growth are important components of our Strategy, reducing our reliance on any individual market or business and focusing on accelerating growth where we see high potential. Our objective is to be the leading specialist recruitment consultancy in each of our chosen markets. We have continued to expand in selective markets and to reallocate headcount in line with our Strategy, to ensure that we are well positioned to take advantage of opportunities and deliver against our strategic goals when macro-economic conditions improve. We continue to invest in organic growth by drawing upon the skills and experiences of our proven management teams, ensuring we have the best and most experienced home-grown talent in each key role. By focusing on targeted markets within our core businesses, Michael Page and Page Personnel, and building out our capabilities in our high growth businesses, Page Executive and Enterprise Solutions, the Group is better positioned to face adverse market conditions. PageGroup's historical success across major global economies has helped us to identify the markets likely to produce long-term gross profit growth at attractive conversion rates. This enables us to offer a premium service that is valued by our clients and attracts the highest calibre of candidates. 19 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Position the business to be scalable and highly flexible to react to market conditions Our ability to respond quickly to changes in market conditions is critical to managing the business efficiently through economic cycles. Our team-based structure and profit share business model has proven highly scalable on a global basis. The small size of our specialist teams enables us to grow gross profit quickly with incremental increases in fee-earner headcount. When market conditions tighten, this headcount is reduced, mostly via natural attrition, to ensure a lower cost base in a slowdown. Having invested years in training and developing our highly capable management teams, our objective is to ensure we retain this expertise within the Group. By following this course of action, we typically gain market share during downturns and position our businesses for market-leading growth when economic conditions improve. Our global footprint requires high levels of operational efficiency in order to achieve this strategic objective. Our focus on shared service centres has delivered greater economies of scale and efficiencies. It has driven consistency, increased flexibility and improved the quality of the service provided to our operational business. Collectively, our shared service centres allow us to be more agile, reduce our fixed costs and remove constraints on how quickly we can react to market conditions. Nurture and develop our People, driving our meritocratic growth model We recognise that our employees are key to our long-term success. The recruitment, development and retention of talent is a key priority for the Group. We recruit from a diverse set of backgrounds and value our consultants' experiences greatly. We have clear and defined career pathways for consultants through to senior management and Board level. This helps to ensure that we retain the best talent and develop our People for leadership positions. We have a proven track record of internal promotion and international career moves, and the newly evolving hybrid working model will provide greater opportunities in this area. Our highly experienced management team has the longest tenure in the industry and is passionate about developing the next generation of Page leaders. Many of our management team have international experience and this has helped with global knowledge sharing and best practice. It also allows us to capitalise on opportunities and react to market conditions effectively. Increasingly, we are promoting within regions, and many of our leaders have had long-standing careers in those markets, combined with valuable local expertise. We introduced our continuous listening strategy in 2020, and the insights from these initiatives have allowed us to build understanding and drive change and improvement. We are committed to diversity and inclusion and have made significant progress in this area in recent years. Underpinned by our global diversity and inclusion framework, we have numerous internal communities to ensure all our employees have networks in which they can connect, share and learn. Annual Report & Accounts 2025 20 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Our competitive advantage Our global reach, established brands and unique culture create strength; our data and technology turn it into results - together they power growth and leadership in every market. Our competitive advantage stems from the balanced combination of these four factors, refined over the past 49 years of business success. Scale Our scale enables PageGroup to commit to markets through economic cycles, which, combined with our strong financial standing, has given clients the confidence to build lasting relationships with us. Temporary staff also take reassurance from our financial strength, knowing their services will be paid for. The breadth of our client base globally, even in our new markets, gives us the ability to offer diverse expertise across a wide range of complementary specialisms and geographies, enhancing our offering to the market and the candidate pools we can access. Our scale has led to us having an unrivalled skillset with high levels of experience, which is available to clients of any size and across all the sectors in which we operate. Culture PageGroup's culture is unique and sets us apart from the competition. Our global culture delivers a consistent approach, both internally and externally, whilst remaining accepting of each of our market's local characteristics. A diverse team brings different perspectives and insight to our business. We work closely with our clients to source and recruit from a diverse talent pool to provide them with the best candidates. We have ingrained values of how we do business ethically and make long-term decisions. Our Purpose and Values that are the key to our success are set out on page 37. Brands We deliver specialised sector experience via three key brands: Page Executive, Michael Page and Page Personnel, supported by Enterprise Solutions and supplementary brands throughout our international locations. The first class reputation of our brands gives high-quality candidates assurance to place key decisions on their future in our hands. Our superior level of expertise and the knowledge of our consultants inspires trust and assurance of service quality, for both clients and candidates, enabling our brands to outperform other recruitment businesses. Data and Technology The digital revolution has transformed the recruitment market. The impact of technology on the behaviours and expectations of both clients and candidates continues to grow at pace. Our innovation approach is focused on how best to acquire, engage and nurture customers, both candidates and clients, to build long-term relationships. Our internal Business Technology function focuses on designing, implementing and exploiting scalable global systems. By improving our processes and tools, we empower consultants to be more productive. In our operational business we are utilising technologies such as our fully integrated sales and marketing platform, Customer Connect, to engage with customers throughout their journey. The use of our global data and insights allows us to leverage growth in the business and improve our conversion rate. 21 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Capital allocation policy The Group's Strategy is to operate a policy of financing the activities and development of the Group (including our sustainability objectives) from our retained earnings and to maintain a strong balance sheet position. We first use our cash for our operational and investment requirements, and for hedging our liabilities under the Group's share plans. Over and above this requirement, we review our liquidity to make returns to Shareholders, primarily by way of ordinary dividends. Our policy is to grow the ordinary dividend over the course of the economic cycle, in line with our long-term growth rate. We believe this will enable us to sustain the ordinary dividend payments during a downturn, as well as increase it during more prosperous times. Beyond these two priorities, cash generated will be returned to Shareholders through supplementary returns, using either special dividends or share buybacks. Annual Report & Accounts 2025 22 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Review of the Year Financial summary 2025 2024 Change Change CC* Revenue £1,596.6m £1,738.9m -8.2% -7.4% Gross profit £769.5m £842.6m -8.7% -7.6% Operating profit £20.9m £52.4m -60.2% -58.8%** Profit before tax £16.2m £49.1m -67.0% Basic earnings per share 2.9p 9.1p -68.1% Diluted earnings per share 2.9p 9.0p -67.8% Total dividend per share 8.57p 17.11p *At constant currency - all growth rates in constant currency at prior year rates unless otherwise stated ** Excluding impact of hyperinflation in Argentina Regional Reviews Gross profit Reported CC Year-on-year % of Group 2025 (£m) 2024 (£m) % % EMEA 53% 409.9 462.5 -11.4% -11.9% Americas 19% 147.9 149.2 -0.9% +3.3%** Asia Pacific 16% 120.6 126.4 -4.7% -1.4% UK 12% 91.1 104.5 -12.8% -12.8% Total 100% 769.5 842.6 -8.7% -7.6% Permanent 72% 551.2 605.9 -9.0% -7.7% Temporary 28% 218.3 236.7 -7.8% -7.5% ** Excluding impact of hyperinflation in Argentina At constant exchange rates, Group revenue decreased 7.4% to £1,596.6m (2024: £1,738.9m), and gross profit decreased 7.6% to £769.5m (2024: £842.6m) for the year ended 31 December 2025. Gross profit per fee earner remained high, up 0.3% in constant currencies, but down 0.8% in reported rates to £148.9k (2024: £150.0k). The Group's revenue and gross profit mix between permanent and temporary placements were 35:65 (2024: 35:65) and 72:28 (2024: 72:28) respectively. Revenue from temporary placements comprises the salaries of those placed, together with the margin charged. This margin on temporary placements was in line with 2024 at 21.0%. Pricing remained strong across the Group, as we continued to see candidate shortages in the majority of our markets. Total Group headcount decreased by 541 (-7.3%) in the year to 6,820. This comprised a net decrease of 402 fee earners (-7.5%) and 139 operational support staff (-7.0%). We reduced our fee earner headcount in all four quarters, primarily in Europe and the UK, in line with the tougher trading conditions seen throughout 2025. In total, administrative expenses decreased 4.2% in constant currencies to £748.7m (2024: £790.1m). The Group's operating profit from trading activities totalled £20.9m (2024: £52.4m). 23 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Europe, Middle East and Africa (EMEA) EMEA is the Group's largest region, contributing 53% of the Group's gross profit in the year. With operations in 14 countries, PageGroup has a strong presence in the majority of EMEA markets and is the clear leader in specialist permanent recruitment in the two largest, France and Germany, and many of the others. Across the region, permanent placements accounted for 65% and temporary placements 35% of gross profit. EMEA (£m) Growth rates (53% of Group in 2025) 2025 2024 Reported CC Gross profit 409.9 462.5 -11.4% -11.9% Operating profit 31.4 60.9 -48.4% -48.8% Conversion rate (%) 7.7% 13.2% In constant currencies, revenue declined 9.5% to £863.9m (2024: £946.8m) and gross profit declined 11.9% to £409.9m (2024: £462.5m). Market conditions remained tough throughout the year in EMEA, due to ongoing political and macro-economic instability across most markets, particularly our two largest, France and Germany. France, the Group's largest market, declined 17%. Temporary recruitment, down 7%, was more resilient than permanent, down 25%. Germany, our second largest market, declined 12%. Trading was challenging but stable in H2, with companies continuing to limit and delay hiring decisions due to macro-economic uncertainty. Our Technology and Finance focused Interim business was the most resilient, down 5%. However, The Americas The Americas accounted for 19% of the Group's gross profit in 2025, with North America representing 11% of the Group and Latin America, 8%. The US, where we have seven offices, has a well-developed recruitment industry, but in many disciplines, for example Construction, there is limited national competition of any scale. PageGroup's breadth of professional specialisms and geographic reach is uncommon and provides a real competitive advantage. tough conditions continued in Michael Page, down 22%. Spain delivered the standout result in the region, growing 2%, with good levels of candidate and client confidence. Elsewhere in Europe, market conditions remained challenging in all countries. The region delivered operating profit of £31.4m (2024: £60.9m), with a conversion rate of 7.7% (2024: 13.2%). Excluding one off costs, underlying operating profit was £39.4m, with a conversion rate of 9.6%. Profitability decreased on 2024 due to the tougher trading conditions seen in 2025, albeit the region continues to have the highest conversion rate of the Group. Headcount across the region decreased by 326 (-9.2%) during the year, to 3,204 at the end of 2025 (2024: 3,530). Latin America has a highly under-developed recruitment industry, where PageGroup enjoys the market-leading position with over 500 fee earners in seven countries. There are few international competitors and none with regional scale. Across the Americas, permanent placements accounted for 81% of gross profit and temporary placements 19%. Americas (£m) Growth rates (19% of Group in 2025) 2025 2024 Reported CC Gross profit 147.9 149.2 -0.9% +3.3%** Operating profit 4.7 6.9 -32.6% -23.8%** Conversion rate (%) 3.2% 4.7% ** Excluding impact of hyperinflation in Argentina In constant currencies and excluding Argentina due to hyperinflation, revenue grew 5.2% to £282.8m (2024: £279.8m) while gross profit increased 3.3% to £147.9m (2024: £149.2m). In North America, gross profit grew 8%, due to the US, which was up 9%. We saw good levels of activity and trading, with strong results particularly in our largest discipline of Construction, as well as in Manufacturing. In Latin America, excluding Argentina, gross profit declined 3% with mixed performance across the region. Mexico, our largest country in the region, declined 12%, due to the ongoing tariff uncertainty. Brazil grew 3%, driven by our temporary recruitment business, up 10%. The remaining four countries in the region grew 2% collectively. The Americas delivered operating profit of £4.7m (2024: £6.9m) at a conversion rate of 3.2% (2024: 4.7%). Excluding one off costs, underlying operating profit was £6.5m, with a conversion rate of 4.4%, broadly in line with 2024. Across the region, headcount decreased by 19 (-1.4%) in 2025 to 1,308 (2024: 1,327). Annual Report & Accounts 2025 24 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Asia Pacific Asia Pacific represented 16% of the Group's gross profit in 2025, with 84% of the region being Asia and 16% Australia. Other than in the financial centres of Hong Kong, Singapore and Tokyo, the Asian recruitment industry is generally highly under-developed and offers attractive opportunities in both international and domestic markets at good conversion rates. With a highly experienced management team, just over 1,000 fee earners and limited competition, the size of the opportunity in Asia is significant. Across Asia Pacific, permanent placements accounted for 86% and temporary placements only 14% of gross profit, well below the Group average, however we have seen increasing demand for flexible hiring options in recent years. Australia is a mature, well-developed and highly competitive recruitment market. PageGroup has a meaningful presence in white-collar permanent recruitment in the majority of the professional disciplines and major cities in Australia. Asia Pacific (£m) Growth rates (16% of Group in 2025) 2025 2024 Reported CC Gross profit 120.6 126.4 -4.7% -1.4% Operating (loss)/profit -1.9 -8.3 +77.2% +81.7% Conversion rate (%) -1.6% -6.6% In Asia Pacific, in constant currencies, revenue declined 3.7% to £215.2m (2024: £231.8m) and gross profit declined 1.4% to £120.6m (2024: £126.4m). In Greater China, where gross profit declined 7%, trading remained challenging. Despite this, productivity remained high due to the level of experience of our consultants. South East Asia grew 2%, with particularly strong results in Page Executive. Japan declined 1%. India delivered the standout result with another record year, up 14% on 2024. Australia declined 10%, with ongoing challenging conditions across all states. United Kingdom The UK represented 12% of the Group's gross profit in 2025. It is a mature, highly competitive and sophisticated market with the majority of vacant positions being outsourced to recruitment firms. In the UK, permanent placements accounted for 70% and temporary placements 30% of gross profit. We drove further efficiencies in the organisation through the migration of our Page Personnel brand to Michael The region made an operating loss of £1.9m (2024: loss of £8.3m), with a negative conversion rate of 1.6%, albeit this was a significant improvement on 2024, due to the improved trading conditions. Excluding one off costs, underlying operating loss was £1.7m, with a negative conversion rate of 1.4%. Headcount across the region decreased by 64 (-4.2%) in the year, ending the year at 1,468 (2024: 1,532). This was due to the finalisation of the transition of our SSC from Singapore to Kuala Lumpur in the year. Page, which we completed in January 2025. Our focus remains to ensure a seamless journey for our clients and candidates through one core brand, Michael Page. There remain opportunities to increase the size and breadth of our reach in the UK under the higher salary-level Page Executive brand, as well as by growing our contracting/ interim business and by building on our existing strengths within permanent recruitment in Michael Page. UK (£m) Growth rate (12% of Group in 2025) 2025 2024 Gross profit 91.1 104.5 -12.8% Operating loss -13.3 -7.1 -89.0% Conversion rate (%) -14.6% -6.7% In the UK, revenue decreased 16.3% on 2025 to £234.7m (2024: £280.5m) and gross profit decreased 12.8% from £104.5m in 2024 to £91.1m. We continued to see clients deferring hiring decisions and candidates cautious about accepting offers. Permanent recruitment declined 10% against 2024, with temporary down 19%, due partially to the migration of our UK Page Personnel business, which had a greater degree of temporary recruitment, to Michael Page this year. The operating result for the year was a loss of £13.3m (2024: loss of £7.1m). While the UK trading business was profitable despite the tougher trading conditions, the high proportion of Group senior management and Group support based in the UK meant the region had a negative conversion rate of 14.6%. Excluding one off costs, the underlying operating loss was £7.9m. Headcount decreased by 132 (-13.6%) in the year to 840 at the end of December 2025 (2024: 972). 25 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Operating profit and conversion rates The Group's organic growth model and profit-based team bonus ensures cost control remains tight. Approximately three-quarters of costs were employee related, including wages, bonuses, share-based long-term incentives, and training & relocation costs. Depreciation and amortisation for the year totalled £57.3m (2024: £62.9m). Against the ongoing challenging trading conditions, we have taken robust action to optimise our cost base by simplifying our management structure, reducing our leadership team and improving the efficiency of our business support functions. These initiatives incurred a one-off cost of c. £15m in 2025, partially offset by savings in 2025 of c. £5m. The programme remains on track to deliver annualised savings of c. £15m from 2026. Group operating profit declined 58.8% to £20.9m (2024: £52.4m) for the year ended 31 December 2025, and the Group's conversion rate for the year decreased from 6.2% in 2024 to 2.7%. This was due to the more challenging trading conditions experienced through 2025 in the majority of our markets and one-off costs relating to our cost optimisation programme, partially offset by the reduction in fee earner headcount. A net interest charge of £4.6m (2024: £3.3m) was due primarily to an IFRS 16 interest charge of £5.1m. Earnings per share In 2025, basic and diluted earnings per share both decreased to 2.9p (2024: 9.1p basic and 9.0p diluted), as a result of the decrease in profits due to the tougher trading conditions. Capital allocation The Group's strategy is to operate a policy of financing the activities and development of the Group from our retained earnings and to maintain a strong balance sheet position. The first use of our cash is to satisfy our operational and investment requirements and to hedge our liabilities under the Group's share plans. The second use of cash is to make returns to Shareholders through ordinary dividends. We review our liquidity over and above our operational and investment requirements to determine the amount of these returns. Our policy is to grow this ordinary dividend over the course of the economic cycle, in line with our long-term growth rate, subject to affordability. Thirdly, any remaining surplus cash will be returned to Shareholders through supplementary returns, using special dividends or share buybacks. We paid an interim dividend of 5.36p per share, flat on the 2024 interim dividend. This amounted to a cash return to shareholders of £16.7m, paid out in October 2025. PageGroup's stated capital allocation policy is for the Directors to continue to finance the activities and development of the Group from retained earnings and to maintain a strong balance sheet position. While reviewing the Group's current and future cash position, in light of the sustained challenging trading environment and the ongoing unpredictable nature of our markets, the Board believes it is prudent to declare a final dividend for 2025 of 3.21p (2024: 11.75p) per ordinary share. This action balances the Group's current level of profitability and affordability with the desire to continue to invest in growth areas. The Board recognises the importance of dividends to shareholders and will continue to assess the level of dividend payment while considering the Group's prospects. When taken together with the interim dividend of 5.36p (2024: 5.36p) per ordinary share, this represents a total dividend for the year of 8.57p per ordinary share. The proposed final dividend, which amounts to £10.0m, will be paid on 17 June 2026 to shareholders on the register as at 15 May 2026, subject to shareholder approval at the Annual General Meeting on 28 May 2026. We will continue to monitor our cash position in 2026 and will make returns to shareholders in line with the above policy. Cash flow and balance sheet Cash flow in the year was strong, with £73.8m (2024: £145.9m) generated from operations. The closing cash balance was £31.4m at 31 December 2025 (2024: £95.3m). In October 2025 the Group extended the maturity date of its £80m committed multi-currency revolving credit facility agreement with HSBC and BBVA by one year to 8 December 2028. There were no further amendments to the pricing, covenants or other terms of the Facility. In addition, PageGroup maintains an uncommitted Confidential Invoice Facility with HSBC whereby the Group has the option to discount receivables in order to advance cash. The Invoice Facility is for up to £50m depending on debtor levels. Neither of these facilities were drawn as at 31 December 2025. We also have uncommitted bank overdraft facilities of £22m. These facilities are used on an ad hoc basis to fund any major Group GBP cash outflows. Income tax paid in the year was £24.2m (2024: £19.3m) and net capital expenditure was £11.4m (2024: £15.8m). Total dividends of £53.6m were paid in 2025 (2024: £52.0m). In 2025, £8.3m (2024: £13.2m) was spent on the purchase of shares by the Employee Benefit Trust to satisfy future committed obligations under our employee share plans. The most significant item in our balance sheet was trade receivables, which amounted to £213.0m at 31 December 2025 (2024: £223.3m), comprising permanent fees invoiced and salaries and fees invoiced in the temporary placement business, but not yet paid. Day's sales in debtors decreased due to temporary recruitment, which has a shorter collection period, being more resilient in 2025 than permanent recruitment. Taxation The tax charge for the year was £7.2m (2024: £20.7m). This represented an effective tax rate of 44.4% (2024: 42.1%). The rate is higher than the effective UK rate for the calendar year of 25.0% (2024: 25.0%) due primarily to the impact of irrecoverable overseas withholding taxes and permanent differences, which have a disproportionate impact due to the reduction in profits compared to the prior year. The prior year rate was significantly impacted Annual Report & Accounts 2025 26 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION by the one off derecognition of certain deferred tax assets. In 2025, the tax rate was impacted primarily by irrecoverable overseas withholding taxes and differing overseas tax rates of 22.1%, other permanent differences of 9.8%, offset against other tax movements (5.5%) and prior year adjustments of (7.0%). As at 31 December 2025, PageGroup's deferred tax assets were £28.5m (2024: £18.1m) and its deferred tax liabilities were £0.7m (2024: £0.6m). The tax charge for the year reflects the Group's tax strategy, which is aligned to business goals. It is PageGroup's policy to pay its fair share of taxes in the countries in which it operates and deal with its tax affairs in a straightforward, open and honest manner. The Group's tax strategy is set out in detail on our website in the Investor section under "Responsibilities". UK deferred tax assets The Group has recognised deferred tax assets of £8.7m (2024: £0.3m) in the UK, primarily in respect of losses. These losses were mainly generated during the current year due to challenging trading conditions and non-recurring restructuring costs incurred by the Group. These losses can be carried forward indefinitely and are able to be utilised against future profits generated in the UK. The Group has reviewed the latest forecasts, based on the most recent financial budget and management projections, in order to assess the likelihood of the losses being utilised within a reasonably foreseeable timeframe. Due to the structure of the Group, changes in profitability of the operating entities globally can significantly impact the UK's profitability. Based on various scenarios applied to the Group, utilising differing levels of growth, the forecast recovery period is between three and eleven years, with the average utilisation period being six years. UK law restricts the amount of losses that can be used in any given year to 50% of the in-year profits, over a de minimis threshold of £5m, which contributes to the extended period of utilisation. As such, the Group concluded it is probable that the UK business will generate sufficient taxable profits against which we can utilise these losses. Share options and share repurchases At the beginning of 2025 the Group had 12.7m share options outstanding, of which 5.3m had vested, but had not been exercised. During the year, options were granted over 2.4m shares under the Group's share option plans. No options were exercised during the year, and options lapsed over 2.0m shares. At the end of 2025, options remained outstanding over 13.1m shares, of which 4.5m had vested, but had not been exercised. During 2025, 2.9m shares were purchased by the Group's Employee Benefit Trust, and no shares were cancelled (2024: 2.8m shares were purchased and no shares were cancelled). Approved by the Board on 4 March 2026 and signed on its behalf by: Kelvin Stagg Chief Financial Officer Cash flow waterfall 2025 200 180 8.1 23.7 160 140 120 100 £m 80 60 40 20 81.8 11.3 41.6 8.3 (40.1) 31.4 53.6 0.9 95.3 0 Dec 2024 EBITDA Working Capital Tax and net interest Net Capex Lease payment EBT share purchases Dividends Exchange Dec 2025 Cash Increase Decrease 27 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Key Performance Indicators We use the following key performance indicators to measure our progress against our strategic objectives: Financial Gross profit growth* (%) 2021 2022 2023 2024 -7.6 2025 -12.8 -6.3 20.2 49.1 -28.1 2020 * Increase in gross profit in constant currency over the prior year How measured: Gross profit growth represents revenue less cost of sales expressed as the percentage change over the prior year. It consists principally of placement fees for permanent candidates and the margin earned on the placement of temporary candidates. Why it's important: This metric shows the income growth of the business. The indicator is recorded in both constant and reported currency, as foreign exchange movements in our international markets can impact it significantly. How we performed in 2025: Gross profit decreased 7.6% in constant currencies and 8.7% in reported rates against 2024. This was due to continued tough trading conditions in 2025, which impacted client and candidate confidence. Relevant strategic objective: Organic growth. Basic earnings per share (pence) 2025 How measured: Profit for the How we performed in 2025: 2021 -1.8 2.9 2023 2024 9.1 24.4 2020 2022 37.2 year attributable to the Group's equity shareholders, divided by the weighted average number of shares in issue during the year. 43.7 Why it's important: This measures the underlying profitability of the Group and the progress made against the prior year. The Group saw a 68.1% decrease in Basic EPS to 2.9p, due to the decline in operating profit from 2024. Relevant strategic objective: Sustainable growth. Ratio of permanent versus temporary placements (%) Gross Profit Perm Temp 2025 72 28 2024 72 28 2023 73 27 2022 77 23 2021 77 23 2020 72 28 How measured: Gross profit earned from permanent and temporary placements, expressed as percentage of the Group's total gross profit. Why it's important: This ratio reflects both the current stage of the economic cycle and our geographic spread, as a number of countries culturally have minimal white collar temporary roles. It gives a guide as to the operational gearing potential in the business, which is significantly greater for permanent recruitment. How we performed in 2025: 72% of our gross profit was generated from permanent placements, in line with 2024. During periods of market uncertainty, clients often seek more flexible options in temporary recruitment. However, due to softer activity and trading in our European businesses, where we have a higher proportion of non-permanent business, as well as a tougher comparator in temporary recruitment, we saw similar declines across permanent recruitment (-7.7%) and temporary (-7.5%). Relevant strategic objective: Diversification. Annual Report & Accounts 2025 28 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 2025 31.4 2024 95.3 2023 90.1 2022 131.5 2021 154.0 2020 166.0 Cash (£m) How measured: Cash and short-term deposits. 166.0 Why it's important: The level of cash reflects our cash generation and conversion capabilities and our success in managing our working capital. It determines our ability to reinvest in the business, to return cash to shareholders and to ensure we remain financially robust through cycles. How we performed in 2025: Cash decreased to £31.4m (2024: £95.3m). The year-on-year movement was driven primarily by reduced cash generation from operations, as a result of the ongoing challenging market conditions. Relevant strategic objective: Sustainable growth. Strategic Fee earner headcount growth (%) How measured: Number of fee How we performed in 2025: Net -7.5 -8.2 14.2 -15.7 -14.6 2025 2024 2023 2022 2021 2020 earners and directors involved in revenue-generating activities at the year end, expressed as the 18.2 percentage change compared to the prior year. Why it's important: Growth in fee earners is a guide to our confidence in the business and macroeconomic outlook, as it reflects our expectations as to the level of future demand for our services above the existing capacity currently within the business. fee earner headcount decreased by 402, or 7.5%, in the year, resulting in 4,968 fee earners at the end of the year. We saw reductions primarily across Europe and the UK, as challenging trading conditions continued in 2025. However, we continued to reallocate resources into markets where we saw improvements in business confidence, such as in Asia and the US. Relevant strategic objective: Sustainable growth. Gross profit per fee earner (£'000) 2025 148.9 How measured: Gross profit How we performed in 2025: Productivity grew 0.3% in constant currencies but declined 0.8% in reported rates to £148.9k (2024: 2024 2023 150.0 159.0 divided by the average number of fee-generating staff, calculated on a rolling monthly average basis. 2022 159.4 Why it's important: This is our 2021 157.2 indicator of productivity, which is 2020 113.3 affected by levels of activity in the market, capacity within the business and the number of recently hired fee earners who are not yet at full productivity. Currency movements can also impact this figure. £150.0k). Whilst we experienced tough trading conditions in 2025, our action on fee earner headcount through the year, down 7.5%, meant productivity stayed relatively flat on 2024 and at high levels for the Group. Relevant strategic objective: Organic growth. Conversion rate (%) How measured: Operating profit (EBIT) shown as a percentage of gross profit. 2025 2.7 2024 6.2 2023 11.8 2022 18.2 2021 19.2 2020 2.8 Why it's important: This reflects how successful the Group is at managing business-related costs, growing fee-earner productivity and the level of investment being directed towards future growth. How we performed in 2025: The Group's conversion rate for the year decreased to 2.7% (2024: 6.2%). This was reflective of the tougher trading conditions during the year and one-off costs, partly offset by the reduction in fee earner headcount. Relevant strategic objective: Sustainable growth. 29 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION People Employee index Positive Engagement Score 79 % How measured: A significant output of the Company's periodically taken employee surveys. Why it's important: When there is a sustainable work environment and motivated staff in the business, critical talent is retained and productivity is enhanced. How we performed in 2025: We recorded a 79% positive score for employee engagement in the latest Employee Engagement Survey in 2025, broadly in line with the previous year (2024: 80%). The 2025 survey included a combination of questions, including: how valued our people felt; how proud they were to work for PageGroup; and how they can see their work relates to PageGroup's purpose of changing lives. Relevant strategic objective: Sustainable growth. To become Net-zero across our full value chain by 2050 How measured: The GHG Protocol emissions) reduced by 17% to 1,623 Total GHG emissions -CO 2 e tonnes -16 % is used to calculate direct and indirect GHG emissions. Why it's important: In the emissions estimates, CO 2 e impact of our value chain and operations are examined in absolute terms. How we performed in 2025: Total GHG emissions (Scope 1, 2 and 3) decreased by 16% to 45,343 tCO 2 e. Operational emissions (Scope 1 and 2 tCO 2 e, due partly to the continued transition of our offices to renewable energy. Value chain emissions (Scope 3) decreased by 16% to 43,719 tCO 2 e, with reductions across almost all Scope 3 categories including purchased goods and services. Relevant strategic objective: Sustainable growth. Intensity values of GHG emissions How measured: Intensity levels of GHG emissions are measured by total emissions per 1,000 people. For of the Group's changing business profile and especially movement in headcount. How we performed in 2025: Tonnes of Tonnes of CO 2 e per employee -10 % PageGroup, the most precise metric of activity levels is headcount, which is not influenced by factors like fluctuations in foreign exchange rates and business blend. Why it's important: It helps to find the areas where emissions reduction efforts have been successful, as GHG measurements are normalised in context CO 2 e per employee decreased by 10% to 6.6 tonnes of CO 2 e per employee. The reduction in overall emissions decreased by a greater amount than the reduction in headcount. Relevant strategic objective: Sustainable growth. Client net promoter score How measured: Client net promoter score is a metric used to measure 66 (2024: 61), exceeding our strategic target for a second consecutive year. Rated as excellent 66 customer satisfaction and loyalty. Why it's important: This score helps the Group gauge the quality of our customer service, and allows us to benchmark against our competitors. How we performed in 2025: The Group's net promoter score improved to This highlights our commitment to providing excellent service to our customers, further cementing our position as a benchmark of quality in our industry. Relevant strategic objective: Sustainable growth. Annual Report & Accounts 2025 30 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Q&A with Nick Kirk, CEO Nick joined Michael Page in February 1995, when the Company had around 400 employees and operated in just six countries. Starting as a consultant in the newly created Michael Page Sales business, he progressed into management and leadership as the business grew and new offices were opened around the UK. Continued success led to him being promoted to Director in 2002. He was promoted again in 2007 to Managing Director of the Michael Page Sales business. Nick then began to take responsibility for other businesses including Page Personnel and Michael Page Finance. In 2013, Nick was promoted to Regional Managing Director and in 2018 he took full responsibility for the UK business. Three years later, he added the North American business to his remit and became a member of Executive Board. On 1 January 2023, Nick was appointed Chief Executive and, in conjunction with the Board, led the development of Page's new Strategy, setting ambitious future goals for the Group. He has a proven track record of addressing business challenges in a people-focused business. What is your outlook for 2026? Looking ahead, global macro-economic and political uncertainty continues to affect the majority of our markets. Despite this backdrop, we delivered consistent growth in the US and Asia this year. Where we saw improved trading, this was driven by higher levels of conversion of offers to placements. In our other countries where trading remains challenging, we are yet to see any improvement in this metric, due to subdued candidate and client confidence. In response to the challenging environment, we took decisive action to optimise the cost base. This included simplifying our management structure, reducing the size of our operational leadership team and increasing the efficiency of our business support functions. In line with our expectations, these initiatives incurred a one-off cost of c. £15m this year, within operating profit. This was partially offset by savings in H2 2025 of c. £5m. Going forward, these initiatives will deliver annualised savings of c. £15m from 2026. Consistent with our Strategy, we continue to align headcount with activity levels across all our markets. Our focus remains to balance near-term productivity with ensuring we are well placed to take advantage of opportunities when market conditions improve. We have a diversified and adaptable business model, a highly experienced management team, a strong balance sheet and our cost base is under continuous review. These fundamental strengths give us confidence, despite the macro-economic uncertainty, in our ability to implement our Strategy and drive the long-term profitability of the Group. What has driven the US recovery this year? Our business, like others in the sector, is inherently cyclical. One of the distinguishing factors of the most recent downturn however, is not a fall in activity levels - job acquisition and interview volumes have remained broadly stable - but a decline in the conversion of offers to placements. Traditionally, our consultants would see four out of every five offers accepted. Over the past two years, that ratio has slipped to three out of five, meaning our consultants are delivering the same workload for roughly 25% less revenue. Towards the end of last year and throughout 2025, we saw a gradual but meaningful return to more typical conversion levels in the US. Confidence has improved across both candidates and clients, and, contrary to the past couple of years, when initial offers are declined, both parties are now more open to negotiate to reach agreement. This improvement has been supported by a greater willingness by clients to enhance salary offers. Although increases are not returning to the levels we saw in 2021 and 2022, when initial salary proposals fall short, clients are prepared to offer more to secure preferred candidates. The US recovery has been confidence-led and conversion-driven, rather than activity-led. It reflects a normalisation of candidate and client behaviour". The US grew every quarter this year, despite no material increase in job acquisition and interview volumes. In 31 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION summary, our recovery in the US has been confidence-led and conversion-driven, rather than activity-led. It reflects a normalisation of candidate and client behaviour and a return to offer dynamics more consistent with pre-pandemic conditions. What is your approach to dividends in the current environment? We have a clear capital allocation strategy, with three defined uses of cash. We first use our cash to satisfy our operational and investment requirements, and to hedge our liabilities under the Group's share plans. The second use of cash is to make returns to Shareholders through ordinary dividends. We review our liquidity over and above our operational and investment requirements to determine the amount of these returns. Our policy is to grow this ordinary dividend over the course of the economic cycle, in line with our longterm growth rate, subject to affordability. We believe this enables us to sustain the level of ordinary dividend payments during a downturn, as well as increasing it during more prosperous times. The nature of our business is that should we experience sustained tough market conditions, our working capital position unwinds, allowing us to sustain dividend payments. Thirdly, any remaining surplus cash will be returned to Shareholders through supplementary returns, using special dividends or share buybacks. Since flotation in 2001, we have returned over £1.3bn to Shareholders, over half of which has come via supplementary returns. Clearly there is a heightened degree of macro-economic and political uncertainty in the majority of the markets in which we operate, but we will continue to monitor our liquidity in 2026 and will make returns to Shareholders in line with the above policy. Will AI make human recruiters obsolete? AI is not a passing trend; it is a permanent and rapidly evolving force that is reshaping the recruitment industry. Whilst it brings a number of risks that must be carefully managed, it also presents significant opportunities, including increased efficiency and automation. Like past technological advancements, AI will undoubtedly create job disruption. Certain roles will change or disappear, but new roles and capabilities will also emerge. Our history shows that we adapt, and we will continue to do so. We have proactively embraced this shift. We are proud to say that we are at the very forefront of the industry in our adoption of, and exploration into, AI. We have already implemented several AI-driven tools within our business, with further solutions in development. Our business is focused on white-collar, professional recruitment, an area where our consultants' expertise, market knowledge and human judgement remain essential. Candidates with established careers seek meaningful discussions about their long-term aspirations and the nuances of prospective roles and employers. Similarly, clients value consultative advice when assessing candidates, beyond what appears on paper. These are complex conversations that require empathy, contextual understanding and strategic guidance, which AI cannot replicate. Whilst technology and AI can act as a powerful tool to support efficiency and enhance certain stages of the process, we are a People business, and our consultants remain right at the centre of what we do. For further insight into the risks and opportunities associated with AI, and our assessment of its long-term impact on recruitment, please refer to pages 33 to 35. We are streamlining and refocusing the business into markets we believe will offer us long-term growth at conversion rates in line with or above our target." How are you reshaping the business for continued success? In response to the tougher macro-economic conditions, we continue to review our business operations, reallocating resources into areas where we see the greatest future potential. As part of this repositioning, we have been reviewing disciplines that are less profitable and transferring consultants to more productive roles. In Japan, we had a business across multiple disciplines and brands. We operated in many markets without achieving significant levels of penetration or market share. In line with our Strategy, we have simplified the operating model to position the business for accelerated longer term growth, with three key areas of focus: as a specialist Technology recruiter in the domestic Nikkei market; as a dedicated contracting recruiter across Technology and Finance; and building on our existing strength as a permanent recruiter in the bilingual, bicultural, Gaishikei market. Within Technology, one of our strategic pillars of growth, we continue to see a more resilient performance in non-permanent recruitment. We are reshaping this business from the pre-pandemic model, increasing our offering within contracting and interim roles. This is particularly evident in markets such as Brazil, Greater China, Colombia and Spain. We have also been rolling out our proven contracting model from Germany into other markets in Northern Europe, and I am pleased with the progress to date. These are just a few of the many examples where we have executed our Strategy, streamlining and refocusing the business into markets we believe will offer us long-term growth at conversion rates in line with or above our target. Annual Report & Accounts 2025 32 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Artificial Intelligence Harnessing the power of Artificial Intelligence Technology and AI have positively reshaped our industry in recent years, driving a more data-led approach to recruitment. We are already leveraging AI to enhance the recruitment experience for our People and our Customers. Like any major innovation, AI presents both risks and opportunities for our industry, challenging traditional recruitment practices, whilst offering new ways to enhance efficiency, insights, and customer service. Changing jobs and the workforce As intelligent automation accelerates, it is inevitable that AI will have an impact on the workplace, displacing and altering roles. Whilst highly administrative jobs are expected to be more exposed, professional and specialist roles are likely to remain more resilient. This is not new. Technological enhancements are constantly reshaping the workspace, giving rise to new skills, roles and job opportunities. These advancements offer employers the opportunity to focus their staff on high-value tasks. As a trusted recruitment partner, we are constantly talking to our clients about future-proofing their organisation, and about the new skills and roles they will need to be successful. Customer expectations AI is transforming customer service in recruitment by improving speed, accuracy and candidate matching. However, excessive reliance on automation can weaken the human connection that drives strong hiring outcomes and customer satisfaction. Without proper oversight, AI may add bias, misinterpret CVs or mis-rank candidates, reducing trust and service quality. Empathy, communication and cultural fit remain critical qualities best assessed through meaningful human interaction with experienced consultants. 33 Annual Report & Accounts 2025 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Data security and responsible AI Data security and responsible AI are central to our programme. We are committed to protecting candidate and client information through robust governance, secure systems and compliance with data regulations. Our AI tools are carefully selected, monitored and regularly reviewed to ensure fairness, transparency and ethical use. Human oversight remains embedded in our AI-enabled process, ensuring accountability and reducing the risk of bias or error. By combining secure technology with responsible innovation, we build trust, safeguard sensitive data and deliver reliable, high-quality recruitment outcomes. We use AI to enhance, not replace, our consultants in the recruitment experience. Technology handles the heavy lifting, whilst our teams focus on building relationships, advising clients and supporting candidates. This balanced approach ensures every customer benefits from both data-driven insights and human expertise, and strengthens our commitment to service excellence as reflected in our market-leading net promoter score. Looking ahead AI will undoubtedly reshape elements of our industry, but we do not believe it poses a long-term threat to our business model. In recent times, our industry has adapted to many technological changes including the internet, job boards, social media and data analytics. Each of these changed how we worked, but none removed the need for high-quality recruitment consultancy. Fundamentally, we operate as a relationship-led, white-collar professional recruitment business. Whilst AI may pose more of a threat to high-volume, blue-collar recruitment, the dynamics of white-collar hiring are inherently different. Our candidates have established careers, complex motivations and long-term goals, and they expect a trusted human adviser to understand these. Likewise, employers hiring at this level want more than a CV; they require informed, human insight into cultural fit, leadership potential and long-term value. AI can support the process, but it cannot replace the depth of conversation, credibility and judgement that our experienced consultants provide. Whilst technology and AI are powerful tools, we expect them to remain a vital supporting role to our consultants rather than a replacement. By staying alert to emerging risks and continuing to adapt, our relationship-driven model and focus on white-collar professional recruitment positions us strongly for the years ahead. Annual Report & Accounts 2025 34 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION AI built on solid foundations In recent years, we have focused on building solid foundations to enable us to accelerate the use of AI across our organisation. By implementing global systems such as Customer Connect and our Global Finance System, we have created an integrated data ecosystem where information is organised, consistent, optimised, secure and governed. Our data intelligence platform has been built with market-leading systems including Azure, Databricks, GCP and Salesforce, giving us the scalability and reliability to deploy AI at pace across our organisation. To build on these foundations, we have also established a dedicated data and innovation lab that provides the infrastructure for us to quickly experiment, test and learn, ensuring we focus on moving solely use cases that drive real business value to production. Keeping our consultants at the heart of what we do The opportunities to deploy AI are extensive but we need to drive value into the business and ensure we keep humans at the heart of what we do, building around the blend of technology and human capability across the recruitment framework. Our focus is on where we deploy technology or human engagement, weighted towards the best outcome for our customers. Our deployment is centred around three core programmes: Empowering our employees - we have deployed and trained our teams to use Microsoft Copilot to elevate individual productivity and enable our People to work smarter, reduce time spent on routine tasks, and focus on high value client and candidate engagement. Enhancing our tools and systems - AI tools, either within suppliers' products or purpose built, have been deployed to streamline and automate routine, manual tasks that currently consume significant consultant and business support time. Significant parts of our recruitment cycle already deployed globally include: Intelligent job advert creation, Copilot agents and customer journey personalisation. Innovating to drive growth and efficiencies - we are using traditional and agentic AI to rethink and redesign some of our core business processes and products that are used by our back-office teams and our consultants to drive efficiencies. An example of one of these products is our Business Development hub. This tool brings all the right opportunities into one place, whether from marketing, internal or external data sources. It leverages AI to enrich and prioritise these opportunities more quickly, enabling more meaningful and informed conversations with our clients. 35 Annual Report & Accounts 2025 Recruit Smarter, Work Smarter Source Match Connect Progress Place Engage & Enrich AI Deployed STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION People & Culture We are proud of the culture we have built at Page. It is embedded across our organisation through our Purpose, values, behaviours and actions. We promise our People an inclusive culture that rewards strong performance, and the training, support, tools and technology to help them achieve their full potential. We believe our Culture fosters long-term relationships with our Customers, where we can deliver valuable insights and excellent experiences. In 2025, we focused on fostering growth through development opportunities and high-performance recognition. The global rollout of a new learning experience platform is keeping us at the forefront of human capital development by allowing personalised, modernised learning journeys. Inclusion and psychological safety remain foundational to our Culture. It is embedded through global and local campaigns, ensuring recruitment that is free from bias, and providing accessible development pathways and opportunities. Our People value flexibility and are passionate about delivering positive social impact through our volunteering programmes. We are encouraged that our survey results show high satisfaction with both of these areas. Our Culture framework, set out on page 37, outlines how we assess, embed and monitor culture. Pages 36-44 provide further details on our key initiatives and activities in 2025. Tessel Naaijkens Chief People Officer At Page, our Purpose to change lives starts with our own People. We are committed to organic growth, creating opportunities for our People to build long-term, rewarding careers in recruitment. Our People are key to our success and we believe that human connection will remain at the heart of our services. By fostering a culture that is inclusive, enables high-performance, and is aligned to what matters most to our employees, we aim to create positive outcomes for both our People and our Customers." Awards and Recognition Annual Report & Accounts 2025 36 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION Our Purpose WHY WE DO WHAT WE DO Our Purpose articulates the underlying motivation for our actions and why we are engaged in our business. Our Values HOW WE WANT TO WORK Our values are central to everything we do. EARN TRUST GROW CONNECTIONS MAKE A DIFFERENCE Our People AN INCLUSIVE WORKPLACE WHERE EVERYONE CAN THRIVE PageGroup is all about People Creating opportunities to engage with People through key life moments; having valuable conversations - more frequently and with more relevant dialogue. Inclusive Culture Ensuring every employee has a sense of belonging and can be their authentic self. Growth and Rewards Clear and challenging career paths, industry-leading training and fostering a high-trust, high-performance culture. Wellbeing and Flexibility Enabling our People to perform at their best. Tools and Technology Providing our People with a competitive edge. Social Impact So our People know they are part of something bigger. Our Customers STAYING AHEAD -LEADING OUR INDUSTRY Customers are at the centre of our business Aiming to be the most customer-centric recruiter and setting us apart from the competition by delivering an excellent experience for our Customers. Staying ahead - leading our industry to best support our Customers. Improving processes and tools to support consultant productivity. Leveraging technology Improving our Customer experience. Innovative approaches Providing a more effective service. Building relationships Going further to build lasting relationships with our clients, candidates and consultants. Through a personal, professional service, creating the opportunity for candidates and clients to reach their potential. Our Measures KEEPING US ON TRACK, FOCUSED ON CONTINUOUS IMPROVEMENT Our People Employee voice Retention Career progression & mobility Talent development Inclusive culture Rewards & recognition Health & wellbeing Our Customers Engaging our Customers - NPS, Customer satisfaction Retaining our Customers - repeat business, Preferred Supplier Agreements Innovation External Recognition Public commitments Awards 37 Annual Report & Accounts 2025 Attention : This is an excerpt of the original content. 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