Robert Walters (RWA) Q3 2026 TU earnings summary

Executive summary

• Q3 net fees were £69.7m versus £69.6m, flat reported and up 1% in constant currency, improving from a 3% decline in H1; more than half of specialist recruitment markets grew, versus 48% in H1.

• Improved productivity, cost actions and stronger market-level execution supported momentum, while conditions remained mixed and uncertain.

Financial highlights

• Net fee income per fee earner rose 8% YoY in constant currency; after typical 2%-3% annual wage inflation, management estimated a 5%-6% gain.

• Underlying monthly cost run rate was ~£22m in Q3, down from ~£23m in Q2 2026.

• Fee rates remained stable, with further improvement a focus for now and next year.

• Q3 year-to-date net fees were £204.3m, down 3% reported and 2% in constant currency.

Outlook and guidance

• FY2026 financial result expected to be at least in line with current market expectations; company-compiled consensus from three analyst estimates is an operating loss of £8.3m.

• Mixed market conditions point to continued volatility and caution in Q4.

• 2027 focus is operating leverage: profit growth outpacing net fee income growth, which in turn outpaces headcount growth.

• Year-end 2026 net cash expected to be stable versus the 2025 year-end position.