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AD HOC ANNOUNCEMENT pursuant to Art . 53 Listing Rules of SIX Swiss Exchange Group press release , Zurich , Switzerland , November 2 , 2021 Q3 2021 RESULTS Profitable growth and record gross margin Revenues up 9 % organic TDA¹ , led by US Professional Recruitment + 26 % , Global Professional Recruitment + 28 % , Adecco Southern Europe & EEMENA + 21 % and Modis + 14 % Gross profit up 16 % ² ; led by Professional Recruitment up ~ 50 % and Adecco + 18 % Record 20.8 % gross profit margin , up 120 basis points , driven by portfolio , better mix , pricing EBITA excluding one - offs³ EUR 250 million ; 4.8 % margin , up 30 basis points Operating income EUR 196 million , up 75 % Cash conversion 69 % , reflecting normal working capital absorption due to improving revenue growth Strong strategic progress , including acquisition of QAPA and BPI Group and planned reorganisation of Talent Solutions / LHH operating model AKKA transaction financing completed , securing financing synergies of approximately EUR 10 million p.a. post completion4 ; integration planning firmly on track Alain Dehaze , Adecco Group CEO , commented : " Our three global business units - Adecco , LHH ( Talent Solutions ) and Modis - continue to progress our long - term Future @ Work strategy , delivering growth , a record gross profit margin and sector - leading EBITA margin that reflects the strength of this portfolio and our focus on higher - value services . " A " Among our global business units , Adecco's revenues are above 2019 levels in Southern Europe & EEMENA region , Latin America , Canada and APAC , led by Japan and Australia . LHH ( Talent Solutions ) saw excellent growth in Professional Recruitment , with permanent placement now ahead of 2019 levels . " KEY FIGURES THE ADECCO GROUP " Modis executed strongly and generated revenues above 2019 levels . I am pleased to see the integration plan for AKKA progressing at full speed . Financing for the transaction was completed in September and , subject to the regulatory approvals process , we anticipate acquiring a controlling stake in early 2022. " EUR millions , unless otherwise stated Revenues Gross profit EBITA excluding one - offs³ Operating income Net income attributable to Adecco Group shareholders Basic EPS Gross profit margin EBITA margin excluding one - offs Cash flow from operating activities Cash conversion ratio³ Days sales outstanding Net debt / EBITDA excluding one - offs5 Q3 21 5,220 1,086 250 196 133 0.83 20.8 % 4.8 % 224 69 % 51 O.2x Q3 20 4,835 949 220 112 80 0.50 19.6 % 4.5 % 150 153 % 51 0.5x CHANGE Reported + 8 % + 14 % + 13 % + 75 % + 67 % + 67 % +120 bps +30 bps +74 -0.3x Organic + 9 % ¹ + 16 % + 15 % + 76 % 4 +110 bps +20 bps 1 2 Unless otherwise noted , all growth rates in this release refer to same period in prior year . ¹ On an organic and trading days adjusted basis . ² On an organic basis . 3 For further details on the use of non - GAAP measures in this release , refer to the Financial Information section and the Additional Information Section of the 2020 Annual Report . 4 Post - completion , subject to customary approvals . 5 In constant currency terms .