2025 was a solid operational year for MU. Despite a reduced volume of projects driven by economic conditions, MU outperformed industry peers through increasing fee levels, an exceptionally strong balance sheet and a solid profit. MU demonstrated its strength and continued development despite ongoing financial turbulence and global uncertainty. It further strengthened its organisation and introduced enhanced client offerings, ensuring clients have access to the leadership development they need.
In 2025, the fine-tuning of our client offerings continued by increasing the efficiency and fine-tuning the client perception of our deliveries. An activity characterised by the core of the MU way of working, MU Leader Selection Science®. An updated MU Professional SearchTM service was launched, the MU Executive Search™ and the MU Leadership AssessmentTM services, both based on the latest scientific developments in our field, have been further refined. This enhancement underlines our continuous development of proven MU Services, Methods, and Tools to ensure effective solutions meeting the clients’ needs for successful leaders. The work to develop our services, as well as validation and success-rate follow up, is run by the independent MU Research Institute (MU RI). The development and validation work provided by MU RI is together with the deliveries of certified MU Experts the core behind every promise we make to clients.
Despite adverse trading conditions, 2025 saw MU strengthen our position in the Executive Search and Leadership Advisory segment and manage our cost base effectively. It also saw MU Expert Consultants increase their client work and productivity.
Underpinning our strategic achievements in 2025:
2025 was a challenging year for the global executive search industry. The long-awaited return of more significant growth in the world economy was again delayed in 2025, largely as a result of geopolitical and economic uncertainty.
Despite a reduced volume of projects driven by economic conditions, MU outperformed peers with increasing fee levels, an exceptionally strong balance sheet and a solid profit - with an adjusted EBITDA margin of over 6% (5% including non-recurring items affecting comparability).
MU is financially strong, the group is equity funded and has no financial net debt and can manage swings in profit and cash generation over time whilst continuing to pay attractive dividends to Partners, as in 2025.
In the coming year, will focus fully on increasing our presence with our clients to be able to provide our industry-leading capabilities to them, whenever they need this. Our strength allows us to carefully and selectively welcome exceptional new talent to our team - as employees, associates and affiliated partner firms.
Our relentless focus on client’s needs, exceptional MU Experts and industry-leaders services, method and tools form the base for the continued increasing strength of MU.
Acquiring and increasing the effectiveness of leadership to improve clients’ results is the greatest challenge organisations face – and the only way they can sustainably outperform. To serve our clients ever better, the key focus areas for management in 2026 are:
▸ Continued enlargement of our presence in key markets, industry practices, and global reach through careful and selective hiring of senior consultants, new associates and affiliated partners
▸ Continued financial vigilance.
With our transformation completed, the MU team looks forward to a full focus on client sales, client care and client development work. At the same time, as every year, further strengthening our industry leading quality assurance and certification regime for MU Experts: Focus on the scientific basis for predicting leader success, and inclusion and diversity.