Adecco Group Ag · SIX:ADEN
Adecco — Q3 2025 Earnings Presentation
23 slides from Adecco's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 report
Q3 2025 report Denis Machuel, CEO Coram Williams, CFO 6 November 2025
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- dives
Slide 3: Valentina Ficaio appointed Group CFO
Valentina Ficaio appointed 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: Q3 2025 overview
Q3 2025 overview • Strong market share gains: Group +375 bps, Adecco +300 bps • Good growth, with all GBUs improving sequentially. Strong performance from Adecco North America, +20% yoy • Healthy gross margin -10 bps yoy organic, and +30 bps qoq • Akkodis Germany turnaround progressing well • Rigoro
Slide 5: Continued outperformance, flex market recovery
Continued outperformance, flex market recovery Further increase in market share Improvement in flex volumes Relative revenue development (% yoy) Flex Placement volumes (% yoy) +375 +300 bps bps 0% Q1 25 Q2 25 Q3 25 Q4 24 Q1 25 Q2 25 Q3 25 Adecco Group Adecco Key competitors Adecco GBU Adecco G121 1
Slide 6: Strong client win momentum – Q3 case studies
Strong client win momentum – Q3 case studies VALUE DRIVERS Life sciences, Global leader Selected as preferred supplier • Global footprint and breadth of services for global solutions • Quality of reporting, data insights and analytics Aerospace, Germany • Comprehensive suite of advanced engineering
Slide 7: Good growth and operating leverage
Good growth and operating leverage Revenues €4.7 bn, +4.5% yoy EBITA €182 mn, 3.9% margin Share of Group 80% Share of Group 73% • +300 bps market share gain 4.1% 3.8% 3.9% 4% 3% 2% 4% 3.4% 3.4% 3.6% 1% -1% 3.0% 3.1% 3.2% -2% -4% -4% • Flex +4%, outsourcing +12%1, perm -7%1, MSP +5%1. SMEs +5% • Cons
Slide 8: Europe returned to growth, margins improved
Europe returned to growth, margins improved Revenues Q3 25 Revenues Q2 25 EBITA excl. one-offs Q3 25 % yoy % yoy Change EUR mn EUR mn EBITA % org. TDA org. TDA bps yoy Adecco France 1,144 -2% -4% 46 4.0% +80 Adecco EMEA 2,206 +3% +0% 90 4.1% +20 excl. France Q3 Revenues by country/region (% yoy org.
Slide 9: Strong growth in Americas, APAC
Strong growth in Americas, APAC Revenues Q3 25 Revenues Q2 25 EBITA excl. one-offs Q3 25 % yoy % yoy Change EUR mn EUR mn EBITA % org. TDA org. TDA bps yoy Adecco Americas 689 +20% +14% 17 2.5% +240 Adecco APAC 619 +9% +9% 29 4.7% - Q3 Revenues by country/region (% yoy org. TDA) Americas highlights
Slide 10: Improving performance despite German market headwinds
Improving performance despite German market headwinds Revenues €818 mn, -3% yoy EBITA €37 mn, 4.5% margin Share of Group 14% Share of Group 15% • Consulting & Solutions (C&S) -1%, improved sequentially. Utilisation solid at 8% 8.8% 91% 3% 5% 4% 2% -1% 6.2% 5.8% 4.9% 5.1% 6.1% 4.5% 4.3% 6.5% -3% -5%
Slide 11: Solid execution led by Career Transition, Ezra
Solid execution led by Career Transition, Ezra Revenues €320 mn, +4% yoy EBITA €29 mn, 9.0% margin Share of Group 6% Share of Group 12% 2% -1% 4% 9.7% 9.5% 9.0% • Taking share in tough professional -2% 8.9% -5% -5% 7.7% 8.7% 7.7% recruitment markets. RS -5% yoy, weighed -9% -10% -9% 6.6% 4.6% by per
Slide 12: Healthy gross margin, -10 bps yoy organic
Healthy gross margin, -10 bps 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) 0 0 (25) +10 (10) +15 Revenues by service line (% yoy org. CC) 19.4% 28 1 19.2% 10 3 4 1
Slide 13: Solid EBITA margin, +10 bps yoy, reflecting good operating leverage
Solid EBITA margin, +10 bps yoy, reflecting good operating leverage KPIs EBITA bridge, excl. one-offs (As % of revenues yoy, in bps) €919 mn SG&A -1% reported; excl. (10) 0 (10) +40 (10) 0 +2% yoy org. CC one-offs 15.9% revenues 3.4% 3.3% G&A 3.0% revenues Productivity < (DC/Selling +8% yoy FTE) Sel
Slide 14: Solid cash generation and robust financial structure
Solid cash generation and robust financial structure LTM CASH CONVERSION 110% STRONG LIQUIDITY, LOW INTEREST EXPENSES • Q3 DSO 53.6 days, best-in-class • Undrawn €750 mn RCF • Q3 OCF +€200 mn, from +€121 mn in Q3 24 • 80% debt fixed; interest rate sensitivity +/- 1% = ~€6 mn • Cash result reflects s
Slide 15: Near-term outlook
Near-term outlook Based on Q4 volumes to date, the Group expects revenue growth in Q4 to be in line with Q3 revenue growth. For Q4, the Group expects gross margin and SG&A expenses excluding one-offs to be broadly stable sequentially. The Group is focused on managing capacity with agility to balance
Slide 16: Key takeaways
Key takeaways Further increase in market share 1 All GBUs improving sequentially Strong growth in Adecco US 2 Akkodis Germany turnaround progressing well CAPITAL MARKETS 3 Good operating leverage and solid cash generation DAY 2025 26 NOVEMBER, 2025 LONDON 16
Slide 17: Q&A
Q&A
Slide 18: APPENDIX
APPENDIX
Slide 19: Additional financial framework
Additional financial framework EUR mn, unless otherwise stated FY 2024 FY 2025 Est. Q1 2025 Q2 2025 Q3 2025 Q4 2025 Est. ~ (60) One-off costs (87)1 (5) (11) (20) ~ (25) from (50) Depreciation2 (162) ~ (160) (40) (38) (37) ~ (40) Amortisation (81) ~ (60) (16) (15) (15) ~ (15) Interest expense, gross
Slide 20: Rereported segment results
Rereported segment results Revenues by segment Revenues by segment 2023 2024 2023 2024 EUR millions Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Adecco France 1,182 1,275 1,253 1,240 1,101 1,178 1,158 1,138 4,950 4,575 Adecco EMEA 2,076 2,168 2,176 2,276 2,115 2,210 2,157 2,264 8,696 8,746 Adecco Americas 703 697
Slide 21: Rereported segment results
Rereported segment results Revenues by segment 2023 2024 2023 2024 Organic (yoy) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Adecco France -7% -8% -8% -8% -8% Adecco EMEA 2% 2% -1% -1% 0% Adecco Americas -3% -5% -5% -4% -4% Adecco APAC 12% 14% 4% 6% 9% Adecco 0% 0% -3% -2% -1% Akkodis -4% -2% -3% -5% -4% LHH -10%
Slide 22: Rereported segment results
Rereported segment results EBITA1) by segment EBITA excl. one-offs by segment 2023 2024 2023 2024 EUR millions Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Adecco France 41 58 63 59 27 34 38 50 221 149 Adecco EMEA 77 71 93 71 75 79 86 76 312 316 Adecco Americas - 8 10 24 4 3 2 11 42 20 Adecco APAC 39 25 27 31 28 3
Slide 23: investor.relations@adeccogroup.com
investor.relations@adeccogroup.com