Off the Call: Page Group PLC | Europe

Research evidence excerpt

Off the Call: Page Group PLC | Europe

Update

July 13, 2026 08:59 AM GMT

Morgan Stanley & Co. International plc+MPage Group PLC | Europe Remi Grenu

Equity Analyst

Off the Call Remi.Grenu@morganstanley.comAnnelies Vermeulen +44 20 7425-0552

Annelies.Vermeulen@morganstanley.com +44 20 7425-4367

Key Takeaways Zachariah Al-Qaryooti

Q&A focussed on conversion rates, regional performance, Page Executive, cost Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

initiatives and drop through to profit.

Page Group PLC (PAGE.L, PAGE LN)

Shares up 10% this morning, in our view on 2Q26 gross profit beat and FY26 Business Services | United Kingdom

profit guidance in line with cons. Stock Rating Underweight

Industry View Attractive

Price target 110p

Conversion rates. Improvements in performance have primarily been driven by Shr price, close (Jul 10, 2026) 129p

52-Week Range 290-101p

stronger offer acceptance rates. Acceptance levels have returned to more typical

Mkt cap, curr (mn) £404

historical norms in countries where Page is experiencing better momentum, with Net debt (12/26e) (mn)* £(8)

EV, curr (mn)* £373

around four out of five offers being accepted. Management noted that no market is

currently experiencing a deterioration in conversion rates. The recovery in * = GAAP or approximated based on GAAP

permanent recruitment has been supported mainly by better conversion and higher

consultant productivity, rather than a meaningful increase in hiring activity. One

exception is the US construction business, which, after seven quarters of recovery,

has begun to see an improvement in underlying volume trends.

UK. The UK continues to face a challenging operating environment, although

management is beginning to see signs of improvement in certain areas. Business