Brunel Q1 2026 results: First signs of performance rebound with return to organic growth

Q1 2026 Highlights

• Total Revenue of EUR 298.9 million, down 4% (up 1% organically)
• Gross Profit of EUR 53.4 million, down 5% (down 1% organically)
• Operating costs down by 5% (down 2% organically), supported by cost reduction program executed last year
• Underlying EBIT of EUR 7.9 million, down 5% (up 5% organically)

Peter de Laat, CEO: “Our results for the first quarter of 2026 mark a first step from stabilisation towards recovery. After the usual slow start of the year, we quickly returned to the run rate of around EUR 300 million in revenue per quarter with increased efficiency.

The conflict in the Middle East has a significant impact on Brunel, with more than 2,000 Brunellers working in that region. I’m proud of our local team who went out of their way to keep everybody safe and calm, and to demobilise specialists when necessary. Our specialists in the region showed great resilience as they continued to support our clients under very difficult circumstances.

This same resilience was demonstrated by our teams across the globe in the challenging environment. We remained focused on our strategic priorities. Our strong track record of execution through economic volatility has enabled us to manage the business with agility while continuing to drive profitable growth.

We are encouraged by the return to organic growth in the first quarter, with organic Group revenue increasing by 1% driven by strong momentum in the DACH region and continued solid performance in Australasia and the Americas. Performance in the Middle East & India proved resilient despite heightened geopolitical unrest, while the Netherlands continued to be impacted by challenging market conditions. Disciplined cost management and efficiency measures supported resilient EBIT performance, underscoring the operational resilience of the business.

We continue to enhance our operating model, focusing on efficiency and scalability, supported by digital and AI-driven recruitment capabilities that advance end-to-end recruitment workflows by improving productivity and speed of delivery. Leveraging our global network and long-standing client relationships. We remain well positioned to support our clients in delivering complex projects across a wide range of industries, even in a challenging market environment.

Looking ahead, we expect a gradual continuation of this recovery, while remaining mindful of ongoing geopolitical and market uncertainty, particularly in the Middle East. We look forward to providing further insight into our strategic priorities at our Capital Markets Day on May 12, 2026.”