Robert Walters (RWA) investor relations material

Business overview and market positioning

• Operates as a global talent solutions provider, offering specialist recruitment, recruitment outsourcing, consultancy, and talent advisory services.

• Addresses a global market estimated at over £60bn in net fee income, with specialist permanent recruitment as the largest segment.

• Market is driven by structural trends: persistent skills shortages and rapid changes in work, including increased remote work and higher career mobility.

• Top 10 players hold only 7% of the global direct hire market, indicating high fragmentation and growth potential.

• Expansion focus is on growing share in targeted regions and investing in new service lines to increase addressable market.

Strategic direction and operational improvements

• Pursues two organic growth levers: geographic penetration and service-line diversification, with a focus on operational efficiency.

• Cost base has been significantly reduced since 2023, with annualized savings of around £83m.

• Cash-generative, capital-light model supports a strong balance sheet and future shareholder returns.

• No dividends paid in 2025 or 2026 interim periods to prioritize balance sheet strength.

• Management team has deep sector experience and recent leadership transitions, including a new CEO in 2023 and interim CFO in 2026.

Financial and trading performance

• Q2 2026 group net fees down 4% YoY, but H1 2026 showed sequential improvement over 2025, with June net fees up 1% YoY.

• Specialist recruitment saw growth in Japan (+2%), UK (+21%), Spain (+2%), and New Zealand (+16%), while Europe and Rest of World faced tougher conditions.

• Recruitment outsourcing net fees up 9% YoY in Q2 2026, with strong consultancy performance.

• Group net fee income per fee earner rose 6% YoY in Q2 2026, reflecting improved productivity.

• Headcount reduced by 11% YoY to 2,782 at June 2026, aligning with market conditions and productivity goals.