Michael Page (PAGE) Q3 2026 TU earnings summary

Executive summary

• Q3 gross profit was £190.5m, up 1.5% in constant currencies and 1.4% reported; first quarterly growth since Q4 2022, with ~50% of the business growing.

• Growth in the Americas, Asia Pacific and Southern Europe offset declines in EMEA overall and the UK; regional recovery remained uneven.

Financial highlights

• Q3 gross profit was £190.5m, up 1.5% in constant currencies and 1.4% reported YoY, from £187.8m.

• Permanent gross profit was £134.2m, up 1.1% in constant currencies; temporary gross profit was £56.3m, up 2.6%.

• Growth markets represented ~50% of Q3 gross profit; Page Executive grew 15%.

• Net cash was ~£6m at 30 September, versus net debt of ~£7m at Q2-end and net cash of ~£38m at Q3 2025-end.

Outlook and guidance

• FY 2026 operating profit expected to be in line with consensus of ~£29m; full-year expectations maintained.

• A further ~£2.5m of one-off senior-exit costs is expected in H2, following ~£2.5m incurred in H1.

• Improvement and normalisation continued in several markets, but significant uncertainty remains; improved offer conversion could extend to more markets over the next 3–6 months.