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Results release Q1 2021 ● ROBUST START TO 2021 Further strengthening of margin through delivery of strategy Summary and highlights Revenues up 2 % year - on - year organically ' and trading days adjusted ( TDA ) Gross margin 20.1 % , up 80 bps yoy , driven by improved mix and pricing discipline EBITA² margin excluding one - offs³ 4.2 % , up 120 bps yoy , with positive gross margin performance further supported by productivity improvement ● A THE ADECCO GROUP Strong financial position and cash flow development : Net Debt / EBITDA4 excluding one - offs 0.3x , Free Cash Flow5 at EUR 89 million . Share buyback commenced in April Revenues in March 2021 up 9 % organically and TDA , with volumes in April indicating gradual sequential recovery " The Group had a robust start to 2021 , showing continued resilience and sector - leading profitability . Despite the ongoing challenges from Covid - 19 , we returned to modest revenue growth , and several businesses are now back above 2019 levels . Positive mix development , pricing and cost discipline drove broad - based margin improvement . With our diversified portfolio of services we support our clients and candidates with the solutions they need to adapt to the future of work . As an essential service provider , we have an important role to play in helping society successfully exit from the current crisis , supporting a recovery in employment and a safe return to work for all . " Since launching our Future @ Work strategy at the end of last year , we have made good progress . We successfully transitioned to a new organisation structure built around three Global Business Units - Adecco , Talent Solutions and Modis - and several key strategic initiatives are well underway . Alain Dehaze , Chief Executive Officer We are encouraged to see continued recovery , though we are mindful of uncertainties related to Covid - 19 and the economic environment . Our unparalleled service range , operational agility and strong financial position provide a platform for generating long - term value for all our stakeholders , and delivering on our ambitious financial targets over the medium term . While the economic recovery may remain uneven , we will continue to implement our strategy with one clear objective : to make the future work for everyone . " ¹ Organic growth is a non - US GAAP measure and excludes the impact of currency , acquisitions and divestitures . 2 EBITA is a non - US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets . 3 In Q1 2021 , EBITA included one - offs of EUR 6 million ; in Q1 2020 , EBITA included one - offs of EUR 18 million . Q1 2021 results | adeccogroup.com 4 Net debt and Net debt to EBITDA are non - US GAAP measures . Net debt comprises short - term and long - term debt less cash and cash equivalents and short - term investments . Net debt to EBITDA is calculated as net debt at period end divided by last 4 quarters of EBITA excluding one - offs plus depreciation . 5 Free cash flow is a non - US GAAP measure and comprises cash flows from operating activities less capital expenditures . 4 May 2021 Page 1 of 13