Adecco Group Ag · SIX:ADEN
Adecco — Investor Day (2025)
16 slides from Adecco's investor day presentation, Dec 2, 2025
Slide 1: Financial strategy and capital allocation
Financial strategy and capital allocation Coram Williams, CFO Valentina Ficaio, Incoming CFO
Slide 2: Clear financial objectives set to drive value creation
Clear financial objectives set to drive value creation Maximize absolute FCF Maximize absolute EBITA Delever to ≤ 1.5x ND/EBITDA by end-271 1 2 3 4 5 6 GAIN OPTIMIZE MAXIMIZE MAINTAIN OPTIMIZE OPTIMIZE Market share Pricing Productivity G&A costs Working Capex sustainably & mix (Sales, bench at lowes
Slide 3: Valentina Ficaio, incoming Group CFO
Valentina Ficaio, incoming Group CFO • Valentina Ficaio appointed to the Executive Committee of the Adecco Group as CFO, effective January 1, 2026 • Coram Williams, CFO since 2020, will step down to assume the role of CFO for a company in the automotive sector in Germany • Valentina joined the Adecc
Slide 4: The agility advantage: driving growth and shareholder value
The agility advantage: driving growth and shareholder value Strategic edge Operating model Financial impact Financial objectives focused on maximizing absolute EBITA, deleveraging 4
Slide 5: The Group continues to sustainably grow market share
The Group continues to sustainably grow market share Consistently outperforming key competitors Key levers Avg. quarterly relative growth performance Sales pipeline won, LTM (EUR mn) (% change yoy, org TDA) 2023 2024 Q1 25 Q2 25 Q3 25 +780 +200 +30 +205 +375 bps bps bps bps bps Retain Gain Grow Rela
Slide 6: Constant optimizing of mix, pricing, underpins healthy gross margin
Constant optimizing of mix, pricing, underpins healthy gross margin Driving a higher value mix Supported by pricing discipline Maintaining healthy margins Gross profit by service line (EUR mn) Adecco GBU flexible placement spread Underlying gross margin (%)1 +50 bps +35 bps 53% 43% 2019 LTM Outplace
Slide 7: Strong potential for productivity improvement
Strong potential for productivity improvement Productivity improvement Strong bench Centralised hubs, platform, AI to potential management lift productivity Adecco GBU DC / Selling FTE Akkodis GBU utilisation ratio • 13 on- / off-shore centralised hubs, supporting ~75% Adecco GBU revs 93% 91% 91% •
Slide 8: Maintaining G&A costs at lowest level
Maintaining G&A costs at lowest level Holding G&A costs <3.5% of revenues Incremental savings potential 2022 2023 2024 LTM Global Business Services >4% 3.6% <3.5% <3.5% • Leverage scale; drive delivery improvement and productivity through automation and AI G&A savings, by year, vs. 2022 baseline • P
Slide 9: Optimizing net working capital and capital expenditure
Optimizing net working capital and capital expenditure Well-managed working capital Best-in-class DSO Disciplined capital expenditure Strongly correlated to revenues, Consistently ahead Capex over €50 mn lower vs 22 within +/- €200 mn (2015-2024) of key competitors -300 58 13% 0.9% -200 10% 7% 0.7%
Slide 10: Group financial ambitions
Group financial ambitions Group framework GBU margin corridors Dual Revenue Growth Strategy • Sustained market share gains • Investment in faster growth segments and solutions EBITA margin 3-6% range 7-10% range 8-11% range Achieve ~6% EBITA margin1 • Optimize pricing/mix • Maximize productivity, co
Slide 11: Path toward ~6% EBITA margin ambition
Path toward ~6% EBITA margin ambition • Deliver Akkodis Germany, Adecco US turnaround • Strong local execution to grow ~4.5% key geographies, sectors • Continued expansion in higher value solutions 3.0% • Akkodis’ value creation plan • Adecco reimagining staffing • Scaling LHH Coaching & Skilling EB
Slide 12: Solid cash generation and robust financial structure
Solid cash generation and robust financial structure Solid cash generation across cycle Strong liquidity, low interest expenses Cash conversion ratio and Operating FCF In % and € mn terms • Undrawn €750 mn RCF 123% • 80% debt fixed; interest rate sensitivity +/- 1% = ~€6 mn 109% 103% 93% • No covena
Slide 13: Clear capital allocation policy
Clear capital allocation policy 1 Invest in profitable growth Committed to investment grade credit rating Attractive dividends, 2 40-50% payout ratio on adjusted EPS 3 Bolt-on M&A to accelerate strategy 4 Return excess cash to shareholders 13
Slide 14: The agility advantage: driving growth and shareholder value
The agility advantage: driving growth and shareholder value Strategic edge Operating model Financial impact Gain market share Financial objectives focused on maximizing 3-6% EBITA margin though cycle, absolute achieving EBITA, ~6% EBITA margin in a deleveraging supportive economic environment Deleve
Slide 15: Closing remarks
Closing remarks Denis Machuel, CEO
Slide 16: The agility advantage: driving growth and shareholder value
The agility advantage: driving growth and shareholder value Unrivalled Execution-driven Enhanced strategic edge operating model financial impact 16