PageGroup (PAGE) Q2 2026 TU earnings summary

Executive summary

• Q2 gross profit was GBP 197.6 million, down 0.2% in constant currencies, with about half of the business experiencing growth, notably in the Americas, Asia-Pacific, and Southern Europe, while France, Northern Europe, and the UK remained challenging.

• Productivity per fee earner grew 5% year-over-year, reaching the highest quarterly level since 2022.

• Strategic focus on higher salary roles, tight cost control, and a highly adaptable, diversified business model supported results.

• Fee earner headcount reduced by 80 (1.6%) in Q2, mainly in France and Northern Europe; total headcount at quarter-end was 6,679.

• Page Executive delivered a record quarter with 15% growth year-over-year.

Financial highlights

• Q2 gross profit was GBP 197.6 million, down 0.2% in constant currency; H1 gross profit was GBP 385.2 million, down 2.4% year-over-year.

• Net debt at end of June was GBP 7 million, expected to close the year with GBP 30–40 million net cash.

• 2025 final dividend of GBP 10 million paid in June.

• Operating profit for 2026 expected to be in line with consensus at around GBP 28 million.

• Annualized cost savings of GBP 40 million achieved through operational efficiency programs.

Outlook and guidance

• Board expects 2026 operating profit to align with consensus (GBP 28 million).

• High degree of uncertainty remains for the rest of the year despite signs of normalization in some markets.

• No significant soft comparatives expected in Q3; comps get tougher in Q4.