Robert Walters (RWA): Market recovery and 2026 NFI

This situation live

£89m · 132.0p · −3% since the first step

15 Jan 2026 · 2026 NFI planned slightly below 2025 · −27% until the next step our initial planning assumption is for 2026 Group net fee income to be slightly below 2025.

15 Apr 2026 · Q1 in line; guidance unchanged, March fees up · +6% until the next step our guidance for 2026 Group net fees remains unchanged.

14 Jul 2026 · H1 in line; Q2 slipped to -4% · +23% until the next step First half trading in-line with the Board's expectations.

Upgrade / downgrade cycle

Market recovery and 2026 NFI

Q3 net fees up 1%; result at least in line

JAN15 Next: Q4 trading update in 83 days

Every step · 6

15 Jan 2026 2026 NFI planned slightly below 2025 – our initial planning assumption is for 2026 Group net fee income to be slightly below 2025. ↗
11 Mar 2026 2026 NFI still slightly below 2025 – The Board's planning assumption therefore remains for 2026 Group net fees to be slightly below 2025 - as reflected in current market expectations1. ↗
15 Apr 2026 Q1 in line; guidance unchanged, March fees up – our guidance for 2026 Group net fees remains unchanged. ↗
14 Jul 2026 H1 in line; Q2 slipped to -4% – First half trading in-line with the Board's expectations. ↗
30 Jul 2026 H1 in line; profit now seen at upper end – The Board envisages a financial result for the year towards the upper end of current market expectations1. ↗
14 Oct 2026 Q3 net fees up 1%; result at least in line – Q3 Group net fees up 1%*, representing sequential improvement versus H1 (H1 2026: -3%). ↗

What is happening

Robert Walters: Market recovery and 2026 NFI – Q3 net fees up 1%; result at least in line. ['Q3 net fees up 1%; result at least in line']

In short: Fees fell 14% in 2025 and 2026 net fees are planned slightly below 2025. H1 was down 3% cc, in line with the Board, after Q1 -2% and Q2 -4%. The Board now expects the full-year financial result towards the upper end of market expectations (operating loss range £(14.2)m to £(8.1)m) and still expects net fees slightly below 2025.
Announced: 15 Jan 2026 · 2026 NFI planned slightly below 2025
Latest: 14 Oct 2026 · Q3 net fees up 1%; result at least in line
Q2 net fees: £69.4m, down 4% constant currency
H1 net fees: £134.6m, down 3% constant currency
June: Group net fees up 1% year on year
Europe: H1 net fees down 16% constant currency
Next milestone: Q3 trading update on 14 October 2026
2026 guidance: Group net fees slightly below 2025
Profit view: Result towards upper end of current market expectations
Consensus: Operating loss £(14.2)m to £(8.1)m, three analyst estimates

Q4 trading update (15 Jan 2027).

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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