European Business Services "The Signal Service" McKenzie

Research evidence excerpt

European Business Services "The Signal Service" McKenzie

Global Research

18 May 2026ab

European Business Services Equities

Europe including UKThe Signal Service

Industrial Services

Rory McKenzie

TP: rising incoming after recent share price performance Analyst

We have been receiving an increasing number of investor questions on TP in recent rory.mckenzie@ubs.com

weeks, with the shares now up c.+35% over the past month. This performance stands +44-20-7568 1977

out even within the wider outsourced CX subsector, with US peer Concentrix down c.- Nicole Manion

15% over the same period. We see limited fundamental drivers to explain this strong Analyst

performance, after TP reported a relatively subdued Q1 (albeit one that was well- nicole.manion@ubs.com

flagged), and with limited visibility on FY'26 guidance (although the sequential growth +44-20-7568 2094

improvement in Specialized Services was at least one reassuring datapoint). We note Abi Bell

that short interest in the name has been elevated and indeed still-rising over recent Analyst

months, but in this context we have been having more discussions with value-oriented abi.bell@ubs.com

investors about potential strategic options, and technical factors may go some way to +44-20-7568 1594

explain the recent share price move. Abdihakem Ahmed

Associate Analyst

abdihakem.ahmed@ubs.com

We hosted TP at our 'Best of Europe' Conference for US investors just last week (read

+44-20-7567 1050

our feedback from those meetings here), and while we see little change to the

fundamental outlook, much of the discussion centred on recent management change

and potential strategic options (e.g. ongoing portfolio review, capital allocation and use

of share buybacks).