Robert Walters (RWA) Q2 2026 TU earnings summary

Executive summary

• First half trading aligned with Board expectations, showing resilience amid geopolitical uncertainty.

• Sequential improvement in net fees, with June net fees up 1% year-over-year.

• Good trading momentum entering the second half, with focus on cost base and productivity.

Financial highlights

• Q2 2026 Group net fees down 4% year-over-year; H1 2026 net fees down 3% year-over-year.

• Q2 net fees: £69.4m (down 4% in constant currency); H1 net fees: £134.6m (down 3% in constant currency).

• Net cash at 30 June 2026: £17.2m, in line with expectations.

Outlook and guidance

• Management remains focused on delivering full-year performance targets.

• Continued momentum expected in several markets, with ongoing cost optimization.