It is after recovery.
Essentially you should imagine the end of the round at the very bottom (below every actually written text) of the helper card and the start of the round at the very top.
You can read about this in the official FAQ p 14. :
The Recovery Phase is broken into four steps that occur
before the end of the round and any end of round effects
triggering. The four steps are Recover, Remove Exhaustion,
Exhaust Dice, and Pass the First Player Token.