European Business Services "The Signal Service" McKenzie

Research evidence excerpt

European Business Services "The Signal Service" McKenzie

Global Research

12 May 2026ab

European Business Services Equities

Europe including UKThe Signal Service

Industrial Services

Rory McKenzie

Staffing: French temp volumes deteriorate in April Analyst

Adding to staffing industry headlines, latest French (% group gross profit: 24% ADEN, rory.mckenzie@ubs.com

13% RAND, 22% PAGE, 5% HAS) PRISME data saw temporary volumes deteriorate +44-20-7568 1977

slightly to -1.2% y/y in Apr-26, after -0.8% in Mar and -1.3% in Feb (although volumes Nicole Manion

are now -16.8% vs. 2019, vs. -15.5% in Mar). Our view: While data continues Analyst

to indicate a stabilising rate of decline for Staffing & Recruitment companies, the latest nicole.manion@ubs.com

datapoints continue to show month-to-month volatility in trends and so no clear picture +44-20-7568 2094

of an 'improving recovery' - and given the potential for secondary impacts of rising Abi Bell

geopolitical risk, we believe investors need to be prepared for continued earnings Analyst

downgrades over FY'26e. abi.bell@ubs.com

+44-20-7568 1594

Chemical Distribution: Suppliers largely see Q1 beats but outlook remains Abdihakem Ahmed

cautious Associate Analyst

Adding to results and outlook commentary from Azelis and IMCD, we note Chemical abdihakem.ahmed@ubs.com

+44-20-7567 1050

suppliers trends/comments including:

Symrise - Consumer chemical & ingredients supplier Symrise reported Q1'26

organic sales -0.4% y/y (after +3.6% in Q4, but ahead of consensus -1.6%).

Encouragingly, at a UBS Fireside Chat (see feedback here), management pointed

to a 'good improvement' in April trends, and indicated recent trading and

customer conversations are yet to indicate any pre-buying ahead of anticipated

price increases.