Slide 1: Q4 25 & FY 25 report
Q4 25 & FY 25 report Denis Machuel, CEO Valentina Ficaio, CFO 25 February 2026
Slide 2: Disclaimer & note on terminology
Disclaimer & note on terminology Forward-looking statements Non-US GAAP measures used Information in this release may involve guidance, expectations, beliefs, ‘Organic growth’ excludes the impact of currency, acquisitions, and plans, intentions or strategies regarding the future. These forward- dive
Slide 3: Opening remarks
Opening remarks Denis Machuel, CEO
Slide 4: 2025 highlights
2025 highlights • Strong market share gains: Group +245 bps • Ongoing positive momentum, 3rd consecutive quarter of revenue growth in Q4 • Stable gross profit1 and healthy 19.2% gross margin • Managing costs and capacity with discipline: further €23 mn G&A savings; productivity +3% • Strong cash gen
Slide 5: Successfully executing Group strategy, driving momentum
Successfully executing Group strategy, driving momentum Consistently outperforming key competitors Volumes improving through 2025 Avg. quarterly relative growth performance (% change Flex Placement & Outsourcing volumes (% yoy) yoy, org TDA) 2023 2024 2025 +780 +200 +245 0% bps bps bps Q4 24 Q1 25 Q
Slide 6: Advancing the RUN & CHANGE agenda at pace
Advancing the RUN & CHANGE agenda at pace • Traction in NAM: FY revenues +12%, • €58 mn run-rate savings from • CT expanding successfully with margin +230 bps Akkodis Germany SMEs: FY clients +17% • France improved: taking share, • NAM consulting revenues +27% • Candidates using Career Studio AI rec
Slide 7: Firm progress in Akkodis Germany
Firm progress in Akkodis Germany Right-sizing for profitable growth €58 mn savings locked-in Achieved healthy run-rate profitability by end-25 • Cost of sales €43 mn, SG&A expenses €15 mn, including real estate optimization of €8 mn from 26 sites • ~600 headcount reduction, including 3rd wave curren
Slide 8: Attractive shareholder remuneration
Attractive shareholder remuneration FY25 Adjusted EPS Proposed dividend €2.37 Proposed DPS of CHF 1.00, representing a 46%1 payout ratio, in line with Group dividend policy. Shareholders will be able to elect to receive the dividend in the form of shares, or in cash. The share dividend (scrip) is a
Slide 9: Q4 results review
Q4 results review Valentina Ficaio, CFO
Slide 10: Q4 2025 overview
Q4 2025 overview • Further market share gains: Group +395 bps • +3.9% revenue growth and +4.0%1 gross profit growth • Healthy gross margin, stable yoy organic • Rigorous execution driving strong operating leverage; productivity +11% yoy; drop down ratio >80% • EBITA +20% yoy and EBITA margin +60 bps
Slide 11: Strong growth and operating leverage
Strong growth and operating leverage Revenues €4.8 bn, +4.9% yoy EBITA €191 mn, 4.0% margin Share of Group 81% Share of Group 68% 4% 5% 3.9% 4.0% • +240 bps market share gain 1% -2% 2% 3.6% -1% 3.4% 3.4% -4% -4% 3.0% 3.1% 3.2% • Flex +4%, outsourcing +14%1, perm -6%1, MSP +6%1. SMEs +5% • Consumer g
Slide 12: Europe +2% yoy, improved profitability
Europe +2% yoy, improved profitability Revenues Q4 25 Revenues Q3 25 EBITA excl. one-offs Q4 25 % yoy % yoy Change EUR mn EUR mn EBITA % org. TDA org. TDA bps yoy Adecco France 1,131 -2% -2% 49 4.4% +10 Adecco EMEA 2,331 +4% +3% 91 3.9% +50 excl. France Q4 Revenues by country/region (% yoy org. TDA)
Slide 13: Strong growth in Americas, APAC
Strong growth in Americas, APAC Revenues Q4 25 Revenues Q3 25 EBITA excl. one-offs Q4 25 % yoy % yoy Change EUR mn EUR mn EBITA % org. TDA org. TDA bps yoy Adecco Americas 743 +21% +20% 24 3.3% +150 Adecco APAC 621 +7% +9% 27 4.3% -100 Q4 Revenues by country/region (% yoy org. TDA) Americas highligh
Slide 14: Further sequential improvement; revenue stabilization, recovery in profitability
Further sequential improvement; revenue stabilization, recovery in profitability Revenues €830 mn, -1% yoy EBITA €59 mn, 7.0% margin Share of Group 14% Share of Group 21% 7.0% • Consulting & Solutions (C&S) returned to 5% 4% 2% 2% 5.8% 6.1% -3% -5% -5% -1% 4.9% 5.1% growth, +2% -1% 4.5% • EMEA mixed
Slide 15: Strong execution delivering highly profitable growth
Strong execution delivering highly profitable growth Revenues €325 mn, +2% yoy EBITA €31 mn, 9.7% margin Share of Group 5% Share of Group 11% 4% 2% 9.7% 9.5% 9.0% 9.7% -1% 8.7% • Strong share gains in subdued -5% -5% 7.7% professional recruitment market. RS -9% -10% -9% 6.6% gross profit flat, with
Slide 16: Healthy gross margin, stable yoy organic
Healthy gross margin, stable yoy organic Flexible Placement Gross profit bridge Permanent Placement (as % of revenues yoy, in bps) Career Transition Outsourcing, Consulting & Other Training, Up/Re-skilling (10) (20) (10) 0 +30 0 Revenues by service line (% yoy org. CC) 16 1 19.2% 19.1% 4 6 2 19.6% M
Slide 17: Solid EBITA margin, +60 bps yoy
Solid EBITA margin, +60 bps yoy KPIs EBITA bridge, excl. one-offs (as % of revenues yoy, in bps) €917 mn SG&A -3% reported; (10) +30 0 +50 (10) excl. 15.4% revenues one-offs -70 bps yoy 3.8% G&A 3.0% revenues < 3.2% Productivity (DC/Selling +11% yoy FTE) FTEs -0.4% yoy FX/ Akkodis Gross profit Opera
Slide 18: Strong cash generation, strengthening financial structure
Strong cash generation, strengthening financial structure LTM CASH CONVERSION 102% STRONG LIQUIDITY, LOW INTEREST EXPENSES FY OCF +€613 MN & FCF +€483 MN • Undrawn €750 mn RCF • Q4 OCF +€476 mn, -€15 mn yoy • 76% debt fixed; interest rate sensitivity +/- 1% = ~€6 mn Cash result reflects strong colle
Slide 19: Near-term outlook
Near-term outlook The Group has seen continued positive momentum in volumes to date this quarter. For Q1, the Group expects gross margin and SG&A expenses, excluding one-offs, to be broadly stable sequentially. We are rigorously executing the Group’s strategy and run-and-change priorities, focusing
Slide 20: Key takeaways
Key takeaways Successfully executing Group Delivered margin commitment, Reduced debt strategy; driving momentum gained +245 bps market share, through run-and-change and returned to growth in 2025 agenda Firmly committed to achieving Continued positive momentum in ≤ 1.5x ND/EBITDA by end-271 volumes
Slide 21: Q&A
Q&A
Slide 22: Appendix
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Slide 23: 2025 GBU overview
2025 GBU overview By GBU Adecco Akkodis LHH Revenues (€ mn) 18,491 3,346 1,324 yoy +2.5% org TDA -4% org CC 0% org CC EBITA (€ mn) 655 139 118 % margin, yoy 3.5%, +10 bps 4.1%, -140 bps 8.9%, +150 bps 23
Slide 24: Additional financial framework
Additional financial framework EUR mn, unless otherwise stated 2025 Q1 25 Q2 25 Q3 25 Q4 25 2026e Q1 26e One-off costs (60)1 (5) (11) (20) (24) ~(40) ~(15) Depreciation2 (153) (40) (38) (37) (39) ~(160) ~(40) Amortization (61) (16) (15) (15) (15) ~(60) ~(15) Interest expense, gross (68) (17) (15) (2
Slide 25: The agility advantage: driving growth and shareholder value
The agility advantage: driving growth and shareholder value Strategic edge Operating model Financial impact An execution-driven model that turns strategy into results through two pillars: Clear targets supported by disciplined execution: End-to-end talent and technology solutions Strengthen RUN enab
Slide 26: Turning strategy into results through two pillars
Turning strategy into results through two pillars Strengthen RUN Accelerate CHANGE Enhancing commercial and Innovate and transform operational excellence Develop next-generation assets, leveraging AI to unlock new to drive profitable growth efficiencies and growth levers • Deliver Akkodis Germany, A
Slide 27: investor.relations@adeccogroup.com
investor.relations@adeccogroup.com 27