Robert Walters (RWA) Q4 2025 TU earnings summary

Executive summary

• Q4 net fee income declined 14% year-on-year, with stable sequential performance and increasing geographic divergence; UK and Spain saw strong growth, while Northern Europe and Asia-Pacific faced headwinds.

• Specialist recruitment accounted for 82% of group fees, with recruitment outsourcing at 18%; early stage talent advisory nearly doubled net fee income year-on-year.

• Recruitment outsourcing was impacted by client churn, but retained clients were more resilient, down just 5% for the year.

Financial highlights

• Q4 Group net fee income was £64.5m, down 15% (14% in constant currency) from £75.5m in Q4 2024; full-year 2025 Group NFI was £274.1m, down 15% (14% in constant currency) from £321.4m in 2024.

• Group productivity (net fee income per fee earner) rose 3% year-on-year.

• Fee earner headcount reduced by 5% quarter-on-quarter, ending the year at 1,679; total staff just under 2,900.

• Cost base run rate exited the year below £24 million, down from £25–26 million a year ago.

• Net cash at year-end was £26.2 million, in line with prior guidance.

Outlook and guidance

• 2026 group net fee income expected to be slightly below 2025, with a modest range of outcomes possible due to ongoing market uncertainty.

• Focus remains on further cost reduction, portfolio management, and driving fee earner productivity.

• Recovery anticipated to be gradual and market-specific, not driven by a single global event.