Monthly Workout — June Tracker & RAND Preview

Research evidence excerpt

Monthly Workout — June Tracker & RAND Preview

EUROPE | Business & Employment

Services EquityJuneResearch29, 2026

KEY STOCKS FEATURED INCLUDE:Monthly Workout — June Tracker & RAND

TICKER RATING PRICE TARGETPreview

ADEN SW UNPF CHF13.50

We update our industry tracker, which continues to highlight mixed trends HAS LN UNPF 28.00p

across the board. Temp volumes showed some improvement, but gross PAGE LN HOLD 125.00p

margin pressure remains the key theme. We preview RAND 2Q results RAND NA UNPF €21.00

and update our estimates (c.-3%). We expect the downward gross margin

trajectory to continue, while the headroom for productivity gains appears

increasingly limited.

Industry tracker update: (1) most key macroeconomic indicators continue to signal an

uncertain environment across major markets. While PMIs in key countries had been trending

above the 50 threshold, recent data since May points to some softening, particularly in

Germany and France. Notably, France’s Services PMI is now close to historical lows. While

consumer confidence and the industrial production index do not yet show any positive

inflection; (2) staffing indicators reflect this mixed and volatile backdrop. US temp volumes

continue to experience y/y decline, although it appears to be bottoming out, while penetration

rate is at historical lows. 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.