Hays (HAS) investor relations material

Executive summary

• Group net fees declined 8% year-on-year, with temporary and contracting down 5% and permanent down 13%.

• Consultant fee productivity grew 7% year-on-year, with headcount reduced by 4% in the quarter and 15% year-on-year.

• Pre-exceptional operating profit was broadly stable year-on-year, with increases in UK&I and ANZ.

• Strategic focus on cost savings and resource allocation continues, targeting £45m annual structural cost savings by FY29.

• Post-summer activity levels recovered to normal, and trading was stable on a seasonally adjusted basis.

Financial highlights

• Group net fees: -8% year-on-year; temp/contracting: -5%; perm: -13%.

• Average group temp margin increased by 3% year-on-year.

• Net debt at approximately GBP 40 million at quarter end, reflecting seasonal outflows and payment timing.

• Cost base improved to GBP 74 million from GBP 75 million in Q4 2025.

• Days sales outstanding (DSO) maintained at 37 days.

Outlook and guidance

• Near-term market conditions expected to remain challenging due to macroeconomic uncertainty.

• Consultant headcount expected to remain broadly stable in Q2, focusing on high-performing business lines.

• No material working day impacts anticipated for H1 or FY 2026.

• Confident in benefiting materially when markets recover, though timing is uncertain.