HRnetGroup : Presentation Slides

2025 RESULTS ANNOUNCEMENT

25 February 2026

2025 Happy Shareholder Returns

Dividend Payout1Dividend Yield2

Dividend/share3(cents)

1 Dividend/NPAT

Dividends from 2025 NPAT to shareholders = S$41.3m = 79% FCF

2 Dividend/Closing Price as at last trading day of the financial period

3

Interim dividend(*Special dividend) per share (cent) Final dividend per share (cent) 1

Twin Engines Drive Growth, Hedge Risk

Professional Recruitment (PR) Flexible Staffing (FS)

Executive Search / Permanent Placement

4,766 placements a year

Fees = % of the Candidate's first-year package

Contractors / Temps Staffing 16,421 monthly average contractors Fees = Markup on Contractor payroll

2

S$'m

REVENUE

3.0%

2025 Better Results

GROSS PROFIT

0.6%

NPAT

14.3%

PR

FS

567.0 584.0

54.9

524.1

508.0

55.8

2024 2025

122.2 122.9

PR

54.9

55.6

FS

63.8

64.1

2024 2025

GP MARGIN

52.9

46.3

2024 2025

NPAT/GP CONVERSION

21.6% 21.0% 37.9% 43.1%

3

2025 Analysts' Expectations

		Phillip Capital	CGS	RHB	Maybank
Date of last report		19 Aug 2025	14 Aug 2025	29 Jan 2026	13 Aug 2024
Recommendation		BUY	HOLD	BUY	HOLD
Target Price S$		0.78	0.70	0.85	0.70
Latest Closing Price1S$		0.745	0.745	0.745	0.745
S$'m	2025A
Revenue	584.0	583.2	576.9	564.0	588.4
Gross Profit	122.9	125.8	122.4	123.0	-
NPAT	52.9	54.3	49.8	53.0	48.5
Actual vs Expectation		<	>	=	>
1 Closing share price as of 23 Feb 2026						4

2008

GFC

S$'m

Three Decades of Resilience

1997

AFC

2000 Dot-

com crash & 9-11

2003

SARS

2019

COVID-19

US

Tariffs

Revenue

584

433

192

NPAT

53

50

22

0.7 13

0.02

1.5

5

1 Revenue prior to 2014 prepared based on combined results of subsidiary companies with different financial year ends; 2014, 2015 and 2016 based on new financial year ending 31 December

Outperforming Peers in Growth & Tenacity

HRnet

HAYS PAGE

ADE MAN RW

HRnet

ADE

PAGE MAN HAYS

RW

6

1 Source: TTM Company Data

15.0%

14.3%

2025 NPAT Growth

10.0%

5.0%

0.0%

Loss (S$25.5m)

-5.0%

-10.0%

-7.0%

-15.0%

-20.0%

-25.0%

-30.0%

-35.0%

-59.2%

-76.7%

-109.2%

-359.6%

HRnetGroup

HRnetGroup

1 Source: Latest available 12-month YOY growth based on company data

2

Bars are truncated for presentation purposes

Adecco Hays Page ManpowerGroup Robert Walters

7

50.0%

43.1%

2025 Superior Conversion

NPAT/GP

6.3%

1.5%

Loss

(S$25.5m)

-0.4%

-0.8%

40.0%

30.0%

20.0%

10.0%

0.0%

-10.0%

HRnetGroup

HRnetGroup

-5.0%

Adecco Page ManpowerGroup Hays Robert Walters

1 Source: Latest available 12-month YOY growth based on company data 8

2025 Diversified Regional Mix

Revenue Gross Profit

Singapore 63% (66%)

Singapore 52% (55%)

North Asia231% (29%)

North Asia2

43% (41%)

Rest of Asia36% (5%)

Rest of Asia3

5% (4%)

1 2024 figures in brackets

2 North Asia : Beijing, Shanghai, Shenzhen, Guangzhou, Suzhou, Chengdu, Xi'an, Taipei, Kaohsiung, Hsinchu, Hong Kong SAR, Tokyo and Seoul 9

3 Rest of Asia : Kuala Lumpur, Jakarta, Bangkok and Ho Chi Minh City

2025 Moving with Growth Sectors

Financial &

Insurance

21% ~

IT & Tech

24% (23%)

Retail &

Consumer

14% (15%)

Services

7% (8%)

Healthcare

Life Science

14% ~

Manufacturing

8% (7%)

Others

12% ~

Private

84% (85%)

Public

16% (15%)

1 Prior year % indicated in brackets; ~ denotes no change between prior and current year % 10

2 AI related revenue : 12% of IT & Tech

2025 Loyal & Diversified Customers

Top 5 clients average 18 years with us

	Customer since	2025 Revenue Contribution
1. Client (Financial & Insurance)	2000	4.8%
2. Client (IT services)	2022	4.5%
3. Client (Financial & Banking)	2004	3.1%
4. Client (Retail & Consumer)	1999	2.5%
5. Client (Retail & Consumer / Education)	2010	2.3%
Contribution from Top 5 clients		17.2%
Contribution from Top 10 clients		25.9%
			11

2025 GP Dynamics

4.6%	Volume increase
(3.1)%	Unit GP decrease
1.3%	Gross Profit increase S$

5.6%	Volume increase
(5.7)%	Unit GP decrease
(0.4)%	Gross Profit decrease

PR

FS

55.6m

45%

S$63.8m

52%

Others 3%

1 FS Volume refers to average number of contractors 16,421 (2024: 15,548)

2 PR Volume refer to number of placements 4,766 (2024: 4,558)

3 FS Unit GP refers to average GP per contractor and PR Unit GP refers to average GP per placement 12

2025 Pivoting Recruitment Value

Industry

Korn Ferry

5.0% 1

Heidrick & Struggles

11.5%

Robert Walters

14.0%2

SThree

11.0%2

Job Placements

Manpower

10.0%3

Adecco

8.7%3

Executive Search

Permanent Placements

Proportion 34%

Growth

16.2%

Proportion 37%

Growth

7.8%

Proportion 29%

Growth

0.7%

*Source: Latest available 12-month YOY growth based on company data

1Executive search GP

2Placement GP 13

3Placement Revenue

Defensive Recurring Base

650

S$'m

Revenue

200

S$'m

Gross Profit

PR

FS - mainly recurring

PR

FS - mainly recurring

550 150

450 100

350 50

250

2018 2019 2020 2021 2022 2023 2024 2025

-

2018 2019 2020 2021 2022 2023 2024 2025

Others include Octomate, payroll outsourcing and employer of record 14

Internationalising FS Volumes

2025

(16,421 HC)

5.6%

SINGAPORE

6%

TAIWAN

21%

INDONESIA

40%

OTHERS

0.1%

2024

(15,548 HC)

15

1 HC refers to average monthly contractor headcount

2025 Tight Cost Management

2025 2024 Change

S$'m S$'m S$'m %

Selling, General, Admin Expenses

Employee Benefit Expenses1	65.1	63.9		1.2	1.8
Facilities & Depreciation	10.0	11.4		(1.4)	(12.3)
Selling Expenses	3.2	3.0		0.2	3.9
Other Expenses2	3.6	2.8		0.8	38.2
Finance Costs	0.8	0.6		0.2	28.3
	82.7	81.7		1.0	1.2

1 Employee benefit expenses increased mainly due to increase in headcount, incentives and bonuses 16

2 Other expenses increased mainly due to unrealised foreign exchange loss on intercompany balances

2025 Other Income

2025 2024 Change

	S$'m	S$'m	S$'m	%
Government subsidies1	9.2	6.8	2.2	34.4
Net fair value gain (loss) on financial2 & other assets3	6.0	(3.3)	9.3	n.m.
Interest income	5.3	8.0	(2.7)	(33.3)
Gain on disposal of investments	0.8	0.1	0.7	n.m.
Dividend income	0.6	0.9	(0.3)	(35.8)
Others	0.4	0.6	(0.2)	(36.3)
Reversal of trade related accruals - 2.3 (2.3) n.m.
Other income	22.3	15.4	6.9	44.5

1 Mainly relates to Singapore Progressive Wage Credit Scheme (PWCS) 2023 S$3m & 2024 S$5.2m co-funding wage increase received

2 Mainly marketable securities in the HR space 17

3 Gold investment

2025 Deep & Strategic Cash Moat

(Zero Borrowings)

S$'m

Working Capital 130

Gold S$10.7m

CLN/T-bills1

S$62.7m

Net Cash

S$262.9m

Dividends 40

Share Buyback 10

M&A & Organic Growth 156

Cash Moat2 ~336

1 Credit Linked Notes (CLN) : DBS issued notes with Monetary Authority of Singapore (MAS) bill as credit underlying

T-Bills : Short-term Singapore Government Securities (SGS) issued by MAS 18

2 Cash & Cash equivalents + CLN/T-bills + Gold

2026 Business Focus

1. Pivoting PR towards Senior Executive Search

   • Harness our heritage strengths

   • Cyclical needs Higher GP/Placement

2. Expanding FS International

   • Leverage on our balance sheet strength

   • Structural needs Higher volumes

3. Cultivating Recurring Revenue Streams

   • Beyond traditional recruitment

   • People-lighter, Tech-smarter

19

Power-Packed, AI driven HR application on-the-go. Modular and built for scale.

Customer Base

• Government and Large-Scale Corporates

• Taps onto the HRnetGroup network

  Revenue Model

• One-time setup cost

• Any customisation or integration cost

• Monthly recurring license revenue over 3-5 years

• Scalable with no. of users, modules adopted, & add-ons

  Trusted By

  
  
  

  Modules

  • Payroll with Instant Pay

  • Instant Claims

  • Leave

  • AI Rostering

  • Timesheet

  • Training

  • Appraisal

  • Others

20

47 Business Leader Co-Owners

LORENCZ TAY	VICKI ONG	KHIM GOH	CATHERINE YEOW	ADRIAN CHIA	MAVERICK TAN	BLISS TSAI	KUNG SHIH CHAN	AVIEL SIM	JACELYN CHUA	ASAKO YOSHII
Singapore, Shanghai,	Taipei	Kuala Lumpur	Bangkok	Shanghai	Shenzhen	Taipei	Shanghai	Hong Kong SAR, Kuala	Singapore	Tokyo
Hong Kong SAR, Taipei & Tokyo								Lumpur, Singapore

DEBBY LIM	RUBBY LIM	WILL YAN	RITA DONG	FIONA FENG	VIRGIN SHEN	KATHERINE CHOW	ANNIE ZHANG	LEE CHUNG	BENNY ZHANG	BEN PENG
Jakarta	Jakarta	Beijing	Shanghai	Beijing	Shanghai	Hong Kong SAR	Shanghai	Taipei	Taipei	Shanghai

KAREN KOH	FRANCES LI	MIRANDA CHIN	LEE MEI CHIN	PING CHEN	KELVIN RIMBUN	ZOEY TONG	JOYCE LI	RITA WANG	ROGER TANG	VIVI YIN
Hong Kong SAR	Shenzhen	Taipei	Kuala Lumpur	Taipei	Jakarta	Singapore	Shanghai	Shanghai	Shanghai	Shanghai

SARAH SUN

BOWEN NI

DAIKI DAI

DANIEL CAO

AGNES CHEN

DEBORAH HO

MAGDELENE TEO

GRACE TANG

ERIC MA

LILIAN ZHAO

STEFFEN TIAN

LEE JIA JUN

TOM TANG

TINA SHEN

Shanghai

Chengdu

Chengdu

Beijing

Shenzhen

Singapore

Singapore

Singapore

Xi'an

Beijing

Chengdu

Singapore

Shanghai

Shanghai

21

Built for Scale. Structured for Resilience

Our competitive edge

• 47 Co-Owners driving performance and accountability

• Regional integration across 18 cities strengthens

  competitive positioning

• Collaboration engineered into performance incentives

  Mainland China

  Thailand

  Hong Kong SAR

  South Korea

  Taiwan

  Japan

• Client relationships anchored beyond individuals

  Vietnam

  Malaysia

  Singapore

  Indonesia

  22

  
  
  
  
  Four Pillars of Value

  INFRASTRUCTURE TO SCALE

  STRONG FINANCIALS FY2025

  • 1,056 people, 41 Business Units, 46 offices,

    18 Asian cities

  • 20 brands with differentiated services

  • Systems, processes, digital infrastructure

  • Revenue S$584.0m

  • Gross Profit S$122.9m

  • NPAT S$52.9m. FCF S$52.0m

  • Cash Moat S$336.3m

    CO-OWNERS BUILD IT TO LAST

    GOOD DIVIDENDS YIELD

  • Co-ownership model with 47 business leaders

  • M&A profit accretive & successful integration

• TTM Dividend : 4.2 cts1, 5.6% yield2

• 78% 2025 dividend payout

• 59% cumm dividend payout

1 1H2025 : 2 cts, 2H2025 : 2.2 cts

2 Dividend yield calculated based on TTM dividend/closing price as at 31 Dec 2025 23

Corporate office: 391A Orchard Road, Ngee Ann City Tower A #23-03 Singapore 238873

Website: https://www.hrnetgroup.com

Email: [e-mail]