PageGroup (PAGE) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 gross profit was £187.0m, down 4.9% year-over-year in constant currency, reflecting resilience amid ongoing geopolitical and macroeconomic uncertainty.

• Americas and Asia Pacific delivered growth, while EMEA and UK faced challenging market conditions with subdued client and candidate confidence.

• Fee earner headcount increased by 0.5%, with reductions in EMEA and UK offset by investments in Americas and Asia Pacific.

• Productivity, measured as gross profit per fee earner, grew 2% year-over-year.

• Conversion of offers to placements remains a key operational challenge, with some normalization in Asia Pacific and the US.

Financial highlights

• Gross profit declined 4.9% year-over-year in constant currency; reported decline was 3.9%.

• Net debt at 31 March 2026 was approximately £7m, compared to net cash of £31m at Q4 2025, due to seasonal bonus payments.

• Gross profit per fee earner increased 2% year-over-year.

• Permanent recruitment gross profit decreased 3.7% in constant currency; temporary recruitment fell 7.8%.

• Foreign exchange movements increased reported gross profit by 1.0 percentage point (£2.0m).

Outlook and guidance

• Heightened geopolitical and macroeconomic risks, particularly from Middle East conflict, create increased uncertainty for the remainder of 2026.

• Focus remains on controlling costs, investing in innovation and technology, and maintaining a strong balance sheet.

• Management expects to return to a net cash position by year-end, subject to trading and dividend decisions.

• Continued reallocation of resources to regions with long-term structural opportunities and aligning headcount to market activity.