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Denis Machuel, CEO Coram Williams, CFO Q3 2025 report 6 November 2025
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Disclaimer & note on terminology Forward-looking statements Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward- looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to the Adecco Group AG as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward- looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company’s forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation affecting temporary work; intense competition in the markets in which the Company operates; integration of acquired companies; changes in the Company’s ability to attract and retain qualified internal and external personnel or clients; the potential impact of disruptions related to IT; any adverse developments in existing commercial relationships, disputes or legal and tax proceedings. ‘Organic growth’ excludes the impact of currency, acquisitions and divestitures. This presentation refers to revenue growth yoy on an organic, trading days adjusted basis for the Adecco GBU, unless otherwise stated. This presentation refers to gross margin development yoy on an organic basis, and on an organic CC basis for Akkodis and LHH GBUs, unless otherwise stated. ‘EBITA’ refers to operating income before amortisation and impairment of goodwill and intangible assets. This presentation refers to EBITA, EBITA margin and yoy margin development excluding one-offs, unless otherwise stated. ‘Net debt’ comprises short-term and long-term debt less cash and cash equivalents and short-term investments. ‘Free cash flow’ comprises cash flows from operating activities less capital expenditures. ‘Cash conversion’ is calculated as last 4 quarters of free cash flow before interest and tax paid (FCFBIT) divided by last 4 quarters of EBITA excluding one-offs. ‘Conversion ratio’ is calculated as EBITA excluding one-offs divided by gross profit. ‘Net debt to EBITDA’ is calculated as net debt less 50% of the EUR 500 mn hybrid bond at period end divided by last 4 quarters of EBITA excluding one-offs plus depreciation. Non-US GAAP measures used 2
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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 Adecco Group in 2019 as CFO for Iberia, then became regional CFO for Southern and Eastern Europe, Middle East and Northern Africa, before assuming her current role of Group SVP of finance, leading financial planning, controllership and strategy • She held CFO roles in the automotive sector, including in banking and finance, prior to joining the Group, and holds a business and managerial economics degree from Luiss Guido Carli University, Rome 3
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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 • Rigorous execution driving good operating leverage, with productivity +8% yoy1 Revenues €5.8 bn +3.4% yoy org. TDA Gross Profit €1,107 mn 19.2% margin EBITA €195 mn 3.4% margin 5,958 6,109 5,717 5,844 5,704 5,873 5,573 5,775 5,776 3% 1% 0% -2% -5% -5% -2% 0% 3% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Revenues (EUR mn) % yoy, organic, TDA 1,211 1,200 1,130 1,132 1,105 1,129 1,084 1,090 1,107 20.3%19.6% 19.8% 19.4% 19.4% 19.2% 19.4% 18.9% 19.2% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Gross Profit (EUR mn) Gross Profit margin 235 264 157 179 186 187 132 141 195 4.0% 4.3% 2.8% 3.1% 3.3% 3.2% 2.4% 2.5% 3.4% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITA, excl. one-offs (EUR mn) EBITA margin, excl. one-offs <Adj EPS <+€200 mnOp CF < 110% €0.67 LTM cash conversion 4 1 Direct Contribution / Selling FTE
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Improvement in flex volumesFurther increase in market share Continued outperformance, flex market recovery 5 Q1 25 Q2 25 Adecco Group Key competitorsAdecco +375 bps +300 bps Q4 24 Q1 25 Q2 25 Q3 25 Flex Placement volumes (% yoy) Adecco G121 0% 1 Twelve countries with the highest revenue contribution Relative revenue development (% yoy) Q3 25 Adecco GBU
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Strong client win momentum – Q3 case studies • Global footprint and breadth of services • Quality of reporting, data insights and analytics VALUE DRIVERS Selected as preferred supplier for global solutions Life sciences, Global leader • Comprehensive suite of advanced engineering services supporting operational efficiency, sustainability innovation • Global footprint to maximise responsiveness and cross-fertilisation Selected as tier 1 supplier of system engineering expertise Aerospace, Germany • Personalised, AI-enabled development accessible to +27,000 employees • Measurable performance at all levels Selected for AI-human coaching services, to drive leadership excellence, at scale Software provider, USA 6
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Good growth and operating leverage • +300 bps market share gain • Flex +4%, outsourcing +12%1, perm -7%1, MSP +5%1. SMEs +5% • Consumer goods, F&B, manufacturing, financial & professional services and autos strong. Logistics weak • Healthy gross margin, reflecting client & solutions mix, mainly lower perm volumes. Pricing firm • Improved productivity: DC/Selling FTE +5%, selling FTEs -1% • EBITA margin reflects higher volumes and strong operating leverage supported by G&A savings, agile capacity management. DDR >100% 4,711 4,859 4,459 4,618 4,531 4,690 4,386 4,621 4,658 4% 3% 1% -2% -4% -4% -1% 2% 4% Q3 23Q4 23Q1 24 Q2 24Q3 24Q4 24Q1 25 Q2 25Q3 25 Revenues (EUR mn) % yoy, organic, TDA 193 185 134 155 154 170 136 146 182 4.1% 3.8% 3.0% 3.4% 3.4% 3.6% 3.1% 3.2% 3.9% Q3 23Q4 23Q1 24 Q2 24Q3 24Q4 24 Q1 25 Q2 25Q3 25 EBITA, excl. one-offs (EUR mn) EBITA margin, excl. one-offs Revenues €4.7 bn, +4.5% yoy EBITA €182 mn, 3.9% margin Share of Group 80% Share of Group 73% Americas, APAC strong Europe robust Margin +50 bps yoy Higher volumes Strong operating leverage 7 1 On an organic, constant currency basis
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Europe returned to growth, margins improved -2 0 13 -4 0 5 8 4 1 France Italy Iberia UK & Ire. Ger & Aus. EEMENA Benelux Switz. Nordics Q3 Revenues by country/region (% yoy org. TDA) Revenues Q3 25 Revenues Q2 25 EBITA excl. one-offs Q3 25 EUR mn % yoy org. TDA % yoy org. TDA EUR mn EBITA % Change bps yoy Adecco France 1,144 -2% -4% 46 4.0% +80 Adecco EMEA excl. France 2,206 +3% +0% 90 4.1% +20 GBU Revs 25% 13% 8% 7% 6% 4% 4% 3% 2% France highlights • Sequentially improved; robust growth from large clients • Autos, financial & professional services, F&B, construction strong; logistics challenged • Margin reflects strong G&A savings EMEA excl. France highlights • Returned to growth; strong relative performance • Iberia, EEMENA, Benelux strong; Italy, Germany & Austria flat • F&B, manufacturing, autos strong; logistics soft • Margin reflects client mix, good operating leverage, with productivity up in all territories, G&A savings 8
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Strong growth in Americas, APAC • NAM: further improved, ahead of market. Consumer goods, autos, manufacturing, F&B strong • LatAm: all countries strong. Financial & professional services, logistics, manufacturing strong • Margin reflects higher volumes, operating leverage, with productivity higher, ongoing cost optimisation • Continued strong growth and market share gains • Strength in financial & professional services, consumer goods, F&B, defence • FESCO income €6 mn, flat yoy • Margin reflects higher volumes, G&A savings, modest growth investments 20 21 8 18 -3 14 NAM LatAm Japan Asia Aus. & NZ India GBU Revs 9% 5% 6% 4% 2% 1% Revenues Q3 25 Revenues Q2 25 EBITA excl. one-offs Q3 25 EUR mn % yoy org. TDA % yoy org. TDA EUR mn EBITA % Change 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) APAC highlightsAmericas highlights 9
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907 930 928 898 867 872 863 835 818 -3% -5% -5% -3% -4% -6% -8% -6% -3% 8% 3% 5% 4% 2% -3% -5% -5% -1% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Revenues (EUR mn) % yoy, org CC C&S % yoy, org CC Improving performance despite German market headwinds • Consulting & Solutions (C&S) -1%, improved sequentially. Utilisation solid at 91% • EMEA mixed: France +1%, ahead of market. ASD, autos strong. Germany -9%, impacted by autos; momentum in defence. Italy, Iberia, UK performed well • NAM returned to growth: tech staffing improving, C&S +45% • APAC stable: Japan & China +2%, Australia -4% 1 • EBITA margin mainly reflects pressure in Germany. Solid utilisation, turnaround actions, good cost discipline drive sequential uplift. Excl. Germany margin 6.5%, up yoy • German turnaround plan increased to c. €50 mn; on track to return to healthy run-rate profitability by year-end Revenues €818 mn, -3% yoy Share of Group 14% EMEA -3% yoy NAM +1% yoy APAC 0% yoy Margin -60 bps yoy German market headwinds 56 82 54 44 44 53 30 13 37 6.2% 8.8% 5.8% 4.9% 5.1% 6.1% 3.5% 1.6% 4.5% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITA, excl. one-offs (EUR mn) EBITA margin, excl. one-offs Excl. Germany EBITA €37 mn, 4.5% margin Share of Group 15% 10 4.3%4.5% 1 Including Barhead acquisition, closed February 2025 6.5%
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Solid execution led by Career Transition, Ezra • Taking share in tough professional recruitment markets. RS -5% yoy, weighed by perm -8% yoy, and gross profit -6%. RS productivity (GP/billing FTE) flat, billing FTEs -6%. RPO soft • CT strong; US +7%; RoW +11%. Healthy pipeline • Encouraging growth in CS, driven by Ezra, +59%, and GA, +48%. Ezra pipeline strong • EBITA margin reflects higher volumes and strong operating leverage, with productivity +25% yoy (DC/selling FTE) Revenues €320 mn, +4% yoy EBITA €29 mn, 9.0% margin Professional Recruitment Solutions (PRS) -7% yoy Career Transition (CT) +9% yoy Coaching & Skilling (CS) +40% yoy Margin +240 bps yoy Higher volumes Strong operating leverage Share of Group 6% Share of Group 12% 356 353 349 347 324 332 342 337 320 2% -2% -9% -10% -9% -5% -5% -1% 4% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Revenues (EUR mn) % yoy, org CC 31 26 30 34 22 15 26 32 29 8.9% 7.7% 8.7% 9.7% 6.6% 4.6% 7.7% 9.5% 9.0% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITA, excl. one-offs (EUR mn) EBITA margin, excl. one-offs 11
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55 11 8 22 4 Healthy gross margin, -10 bps yoy organic Gross profit bridge (As % of revenues yoy, in bps) 19.4% 0 (25) +10 +150 (10) Q3 24 Q3 25Outs, Cons & Other Career Transition Perm. Placement Flex. Placement ScopeFX Training, Up/Re- skilling 19.2% 19.6% % Gross Profit by service line (10) 3 -8 10 4 28 Revenues by service line (% yoy org. CC) Flexible Placement Permanent Placement Career Transition Outsourcing, Consulting & Other Training, Up/Re-skilling 12 1 Underlying result adjusted for Akkodis Academy US 1 Adecco + LHH Ezra + GA
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Solid EBITA margin, +10 bps yoy, reflecting good operating leverage SG&A excl. one-offs €919 mn -1% reported; +2% yoy org. CC 15.9% revenues G&A 3.0% revenues Productivity (DC/Selling FTE) +8% yoy Selling FTEs -3% yoy FTEs -1% yoy 3.3% Q3 24 Q3 25Organic Gross Margin Op. Leverage 3.4% FESCO JV +40 0(10)(10) FX 0 Scope EBITA bridge, excl. one-offs (As % of revenues yoy, in bps) 13 (10) Akkodis Germany < KPIs
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Solid cash generation and robust financial structure • Q3 DSO 53.6 days, best-in-class • Q3 OCF +€200 mn, from +€121 mn in Q3 24 • Cash result reflects strong working capital management, working capital absorption for growth • Q3 Capex -€30 mn • Q3 FCF +€170 mn, up +€88 mn yoy • End Q3 net debt €2,705 mn, €220 mn lower yoy • 50% equity treatment for €500 mn hybrid bond in leverage calculation, ensuring consistency and transparency in reporting of capital structure, alignment with rating agencies’ practice • ND/EBITDA ratio -0.3x qoq, from 3.3x end-H1 (rereported), and +0.2x yoy, from 2.8x end Q3 24 (rereported) • Remain committed to net debt/EBITDA ≤1.5x2 by end-27 • Undrawn €750 mn RCF • 80% debt fixed; interest rate sensitivity +/- 1% = ~€6 mn • No covenants on debt • CHF 225 mn senior bond to mature end-Nov 25 • Q3 interest expense €13 mn, net and €20 mn, gross LTM CASH CONVERSION 110% STRONG LIQUIDITY, LOW INTEREST EXPENSES NET DEBT / EBITDA 3.0x1 500 500 300 500 300 50 225 100 300 42 37 43 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2039 EUR CHF NOK JPY EUR hybrid WELL-BALANCED BOND MATURITY PROFILE 1 Applying 50% equity treatment to the hybrid 2 Absent any major macroeconomic or geopolitical disruption 14
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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 share gain and productivity in mixed markets, in addition to securing G&A savings. The Group is on track to deliver its full year EBITA margin commitment. 15 15
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1 2 3 Further increase in market share All GBUs improving sequentially Strong growth in Adecco US Akkodis Germany turnaround progressing well Good operating leverage and solid cash generation CAPITAL MARKETS DAY 2025 26 NOVEMBER, 2025 LONDON Key takeaways 16
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Q&A
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APPENDIX
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Additional financial framework 1 Of which, EUR 79 mn mainly G&A related, and EUR 8 mn AKKA integration and related costs. 2 Depreciation across COS and SG&A was EUR 78 mn in H1 and EUR 37 mn in Q3. 3 Tax rate including discrete events. EUR mn, unless otherwise stated FY 2024 FY 2025 Est. Q1 2025 Q2 2025 Q3 2025 Q4 2025 Est. One-off costs (87)1 ~ (60) from (50) (5) (11) (20) ~ (25) Depreciation2 (162) ~ (160) (40) (38) (37) ~ (40) Amortisation (81) ~ (60) (16) (15) (15) ~ (15) Interest expense, gross (73) ~ (75) (17) (15) (20) ~ (20) Other income/(expenses), net (25) ~ (35) from (30) (8) (12) (6) ~ (10) Effective tax rate 32%3 ~ 36% 31%3 35%3 34%3 ~ 36% Capital expenditure (144) ~ (130) from (160) (21) (29) (30) ~ (50) FY 2024 FY 2025 Est. Q1 2025 Q2 2025 Q3 2025 Q4 2025 Est. Foreign exchange impact on revenues (at current rates, yoy) (1.1)% ~ (1.3)% +0.5% (0.9)% (2.2)% ~ (3.0)% Trading Days Adjustment (difference in trading hours, yoy) 0.8% (0.3)% (0.7)% (0.7)% 0.0% 0.0% 19 Adjusted guidance
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Rereported segment results Revenues by segment Revenues by segment 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 703 697 698 746 654 644 624 653 2,844 2,575 Adecco APAC 567 554 584 597 589 586 592 635 2,302 2,402 Adecco 4,528 4,694 4,711 4,859 4,459 4,618 4,531 4,690 18,792 18,298 Akkodis 992 934 907 930 928 898 867 872 3,763 3,565 LHH 387 386 356 353 349 347 324 332 1,482 1,352 Elimination (15) (16) (16) (33) (19) (19) (18) (21) (80) (77) Adecco Group 5,892 5,998 5,958 6,109 5,717 5,844 5,704 5,873 23,957 23,138 2023 2024 The Company has updated the split by geography within the Adecco GBU to align with the current structure and responsibilities of regional management and transferred the MSP Pontoon operations from LHH to Adecco to accelerate synergies between MSP and the staffing business. Revenues by segment 2023 2024 EUR (yoy) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Adecco France -7% -8% -8% -8% -8% Adecco EMEA 2% 2% -1% -1% 1% Adecco Americas -7% -8% -11% -12% -9% Adecco APAC 4% 6% 1% 6% 4% Adecco -2% -2% -4% -3% -3% Akkodis -6% -4% -4% -6% -5% LHH -10% -10% -9% -6% -9% Elimination Adecco Group -3% -3% -4% -4% -3% 2023 2024 The Company has updated the split by geography within the Adecco GBU to align with the current structure and responsibilities of regional management and transferred the MSP Pontoon operations from LHH to Adecco to accelerate synergies between MSP and the staffing business. 20
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Rereported segment results Revenues by segment 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% -11% -10% -5% -9% Elimination Adecco Group -2% -1% -3% -3% -2% The Company has updated the split by geography within the Adecco GBU to align with the current structure and responsibilities of regional management and transferred the MSP Pontoon operations from LHH to Adecco to accelerate synergies between MSP and the staffing business. 2023 2024 Revenues by segment 2023 2024 Organic TDA change (yoy) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Adecco France -7% -8% -9% -10% -8% Adecco EMEA 4% 0% -3% -3% -1% Adecco Americas -2% -5% -7% -6% -5% Adecco APAC 14% 14% 4% 5% 9% Adecco 1% -2% -4% -4% -2% Akkodis -2% -2% -5% -6% -4% LHH -10% -11% -11% -7% -10% Elimination Adecco Group 0% -2% -5% -5% -3% 2023 2024 The Company has updated the split by geography within the Adecco GBU to align with the current structure and responsibilities of regional management and transferred the MSP Pontoon operations from LHH to Adecco to accelerate synergies between MSP and the staffing business. 21
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Rereported segment results EBITA1) by segment EBITA excl. one-offs by segment 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 39 28 33 122 128 Adecco 157 162 193 185 134 155 154 170 697 613 Akkodis 48 48 56 82 54 44 44 53 234 195 LHH 31 34 31 26 30 34 22 15 122 101 Corporate and Other (52) (60) (45) (29) (61) (54) (34) (51) (186) (200) Adecco Group 184 184 235 264 157 179 186 187 867 709 1) EBIT A is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets. The Company has updated the split by geography within the Adecco GBU to align with the current structure and responsibilities of regional management and transferred the MSP Pontoon operations from LHH to Adecco to accelerate synergies between MSP and the staffing business. 2023 2024 EBITA excl. one-offs margin by segment 2023 2024 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Adecco France 3.5% 4.6% 5.0% 4.8% 2.5% 2.9% 3.2% 4.3% 4.5% 3.3% Adecco EMEA 3.7% 3.3% 4.2% 3.1% 3.5% 3.6% 3.9% 3.4% 3.6% 3.6% Adecco Americas 0.1% 1.0% 1.5% 3.1% 0.6% 0.5% 0.1% 1.8% 1.5% 0.8% Adecco APAC 6.8% 4.6% 4.7% 5.1% 4.8% 6.6% 4.7% 5.3% 5.3% 5.4% Adecco 3.5% 3.5% 4.1% 3.8% 3.0% 3.4% 3.4% 3.6% 3.7% 3.4% Akkodis 4.8% 5.2% 6.2% 8.8% 5.8% 4.9% 5.1% 6.1% 6.2% 5.5% LHH 7.9% 8.6% 8.9% 7.7% 8.7% 9.7% 6.6% 4.6% 8.3% 7.4% Adecco Group 3.1% 3.1% 4.0% 4.3% 2.8% 3.1% 3.3% 3.2% 3.6% 3.1% 2023 2024 The Company has updated the split by geography within the Adecco GBU to align with the current structure and responsibilities of regional management and transferred the MSP Pontoon operations from LHH to Adecco to accelerate synergies between MSP and the staffing business. 22
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investor.relations@adeccogroup.com