Monthly Workout - May Tracker

Research evidence excerpt

Monthly Workout - May Tracker

EUROPE | Business & Employment

Services EquityMayResearch20, 2026

KEY STOCKS FEATURED INCLUDE:Monthly Workout - May Tracker

We update our industry tracker, which continues to highlight mixed trends TICKER RATING PRICE TARGET

across the board. Temp volumes momentum shows some improvement on ADEN SW UNPF CHF13.50

the back of easy comps. Yet, gross margin pressure remains the key theme, HAS LN UNPF 28.00p

highlighted by another disappointed performance in Q1. The headroom for PAGE LN HOLD 125.00p

productivity gains appears increasingly limited, further raising concerns on RAND NA UNPF €21.00

profit trajectory. We keep our cautious sector stance.

Industry tracker update: (1) macro indicators continue to highlight the current mixed

backdrop, although most of them bottomed out. PMI across key countries now trend above

the 50 mark and continue to improve, while industrial production index did not show yet

any positive inflection; (2) staffing indicators reflect this mixed and volatile backdrop. US

temp volumes continue to experience y/y decline (penetration rate at historical low), and so

are French volumes. Indicators across UK and Germany continue to be mixed as well. This

backdrop is mirrored in the recent trends reported by temp staffing companies. Underlying

volumes across the major countries are yet to show a positive inflection, and the improving

top-line growth momentum reflects a combination of a stabilization on the back of easy comps

together with business development. With a still volatile geopolitical/macro backdrop, visibility

remains low.

Key takes from earnings season: (1) revenue from temp staffers came ahead of expectations

in Q1, although gross margin once again missed guidance/consensus, reflecting continued