Robert Walters (RWA) investor relations material

Executive summary

• First-half 2026 performance was in line with expectations amid global uncertainty, with a sharpened strategic focus on cost, cash, and growth actions supporting a return to growth in specialist recruitment.

• The addressable market has expanded over the past three years, driven by service line diversification and growth actions.

• Substantial progress was made on reducing the cost base and optimizing cash levels.

• Specialist recruitment and outsourcing segments showed growth in key markets.

Financial highlights

• Net fee income for H1 2026 was £134.6m, down 3–4% year-on-year, with sequential improvement from 2025.

• Operating loss reduced to £4.5m from £7.8m, including a £1.1m one-off redundancy charge.

• Loss before tax improved to £6.8m from £10.2m; loss after tax was £9.1m compared to £11.2m in H1 2025.

• Operating costs fell by 6% year-on-year, with an £8.7m reduction and headcount down 11%.

• Net cash at period end was £17.2m, down from £30.1m a year earlier.

Outlook and guidance

• Full-year 2026 results are expected toward the upper end of current market expectations, with group net fees anticipated to be slightly below 2025.

• Further cost base reductions are anticipated in H2; net cash at year-end expected to be broadly stable versus 2025.

• No interim dividend declared to maintain balance sheet strength.

• Analyst consensus for 2026 operating loss ranges from £8.1m to £14.2m.