Hays PLC | Europe 4Q26 and guidance in line

研报英文原文证据摘录

Hays PLC | Europe 4Q26 and guidance in line

Update

July 10, 2026 06:43 AM GMT

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

Equity Analyst

4Q26 and guidance in line Remi.Grenu@morganstanley.comAnnelies Vermeulen +44 20 7425-0552

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

Reaction to earnings Zachariah Al-Qaryooti

Unchanged In-line Largely unchanged Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Hays PLC (HAYS.L, HAS LN)

Source: Company data, Morgan Stanley Research

Business Services | United Kingdom

Stock Rating Equal-weight

Key Takeaways Industry View Attractive

Price target 35p

4Q26 net fee lfl growth was -5%, marginally better than cons, driven by weaker Shr price, close (Jul 8, 2026) 36p

52-Week Range 68-29p

UK and Germany while ANZ and RoW were more resilient. Mkt cap, curr (mn) £568

Net debt (06/26e) (mn)* £(28)

Perm remained under pressure (down -7%) driven by uncertain environment and EV, curr (mn)* £531

softened slightly through the quarter. Temp and contracting more resilient (-3%). * = GAAP or approximated based on GAAP

FY26 guidance for operating profit at the upper end of cons range (£37-46m), do

not expect meaningful revision from the £44m cons currently expects.

Net cash at £20m in line with management expectations but slightly below our

estimate, driven by seasonality and timing of payments.

4Q26: Q4 like for like net fees decline of -5%, slightly ahead of company compiled

consensus (-6%) and in-line with our estimate (-5%). Within that, Perm was weaker

at -7% lfl while temp was more resilient at -3%, as expected. Regionally, Germany lfl

growth -7% was ahead of cons of -9%, and within this, the Temp & Contracting