Earnings release
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Unless otherwise noted, all growth rates in this release refer to the same period in the prior year. 1 On an organic and trading days adjusted basis. 2 On an organic and constant currency basis. 3 For further details on the use of non-GAAP measures in this release, please refer to the 2024 Annual Report and page 4. 4 In constant currency terms. 5 Attributable to Adecco Group shareholders. 6 Please see page 11 for the description of this non-GAAP measure. AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange Group press release, Zurich, Switzerland, November 6, 2025 Q3 2025 RESULTS Strong share gains, good growth and improved profit margin HIGHLIGHTS • Further strong market share gains, Group +375 bps and Adecco +300 bps • Group revenues +3.4%1 yoy, and +3.0%1 qoq, with all GBUs improving sequentially • Adecco GBU revenues +4.5%1 yoy; Europe returned to growth; Americas +20%1 yoy, APAC +9%1 yoy • Akkodis GBU revenues -3%2 yoy; German turnaround progressing well • LHH GBU revenues +4%2 yoy, led by CT +9% yoy2, Ezra +59% yoy2 • Healthy 19.2% gross margin, -10 bps yoy organic, and +30 bps sequentially, reflecting business mix, firm pricing • Solid 3.4% EBITA margin excl. one-offs, +10 bps yoy, reflecting good operating leverage, with productivity +8% yoy • Operating income €160 million, +2%4 yoy; Net income €89 million5, -2%4 yoy • Basic EPS €0.53; Adjusted EPS €0.67 • Strong 110% LTM cash conversion; solid operating cash flow of €200 million, up €79 million yoy • ND/EBITDA -0.3x qoq, with net debt €220 million lower yoy Denis Machuel, Adecco Group CEO, commented: “Our positive trajectory has continued in mixed markets, with further market share gains and good growth. We have improved margins by 90 basis points compared to the last quarter, demonstrating strong operating leverage. We thank our teams for yet another quarter of rigorous execution. We remain on track to reach our full year margin commitment. “We are particularly pleased with Adecco’s strong results, with solid growth across multiple regions. Akkodis improved sequentially with our German turnaround progressing well . LHH returned to growth, supported by continued strength from Career Transition. “We look forward to sharing the evolution of our strategy and detailed value creation plans at our Capital Markets Day in London on 26 November.” Key figures EUR millions, unless otherwise stated Q3 25 Q3 24 CHANGE Reported Organic Revenues 5,776 5,704 +1% +3%1 Gross profit 1,107 1,105 0% +3% SG&A expenses, excl. one-offs3 -919 -925 -1% +2% EBITA excl. one-offs3 195 186 +5% +8% Operating income 160 162 -1% +2%4 Net income5 89 99 -10% -2%4 Basic EPS 0.53 0.59 -10% -2%4 Adjusted EPS6 0.67 0.68 -2% Gross profit margin 19.2% 19.4% -20 bps -10 bps EBITA margin excl. one-offs 3.4% 3.3% +10 bps Cash flow from operating activities 200 121 +79 Free Cash Flow 170 82 +88 Net debt/EBITDA excl. one-offs3 3.0x 2.8x
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Q3 2025 RESULTS 2 1 On an organic and trading days adjusted basis. FINANCIAL PERFORMANCE Revenues Third quarter revenues of EUR 5,776 million were up 3.4 percent on an organic, trading days adjusted (TDA) basis (up 3 percent organic constant currency, up 1 percent reported). Currency translation had a net negative impact of approximately 200 basis points. At the Global Business Unit (GBU) level, Adecco revenues were 4 percent higher on an organic, trading days adjusted basis (up 5 percent organic constant currency, up 3 percent reported), Akkodis revenues were 3 percent lower, organic, constant currency (6 percent lower reported), and LHH revenues were up 4 percent, organic, constant currency (1 percent lower reported). By service line, on an organic constant currency basis, Career Transition grew 10 percent (6 percent reported), Flexible Placement was up 3 percent (1 percent reported), Outsourcing, Consulting & Other was up 4 percent (2 percent reported). Permanent Placement was 8 percent lower (10 percent reported), while Training, Up-skilling & Re-skilling was up 1 percent (4 percent lower reported). Q3 REVENUES (CHANGE YEAR -ON -YEAR ) GROUP , BY GROWTH DRIVER GROUP , BY GLOBAL BUSINESS UNIT GROUP , BY SERVICE LINE Reported Organic, CC Reported Organic, CC Organic, TDA +3% Adecco +3% +4%1 Career Transition +6% +10% TDA 0% Akkodis -6% -3% Flexible Placement +1% +3% Currency -2% LHH -1% +4% Outsourcing, Consulting & Other Services +2% +4% M&A +0% Permanent Placement -10% -8% Training, Up-skilling & Re-skilling -4% +1% Group +1% Group +1% +3%1 Group +1% +3% Gross profit Gross profit was EUR 1,107 million, up 3 percent organically (flat reported). Gross margin, at 19.2 percent, was healthy. On a year-on-year basis, gross margin was 20 basis points lower, reflecting current business mix and firm pricing. Currency effects had a 10 basis points negative impact. By service line, on an organic basis, Career Transition was 10 basis points higher, Flexible Placement was flat, Outsourcing, Consulting & Other was 10 basis points lower, and Permanent Placement was 25 basis points lower. Training, Up-skilling & Re-skilling expanded 15 basis points. Selling, general & administrative expenses (SG&A) SG&A expenses excluding one-offs were EUR 919 million, 2 percent higher organically. As a percentage of revenues, SG&A excluding one-offs was 15.9 percent, 30 basis points improved year-on-year, reflecting cost mitigation efforts and agile capacity management. Average company-based Full-time Employees (“FTEs”) were 1 percent lower versus the prior year period, to 33,960. Productivity, in terms of direct contribution per selling FTE rose 8 percent.
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Q3 2025 RESULTS 3 EBITA EBITA excluding one-offs was EUR 195 million, up 8 percent versus the prior year period on an organic basis. FESCO JV income was EUR 6 million, flat year-on-year. The EBITA margin, excluding one-offs, was 3.4 percent, 10 basis points higher year-on-year. The margin mainly reflects gross margin developments and good operating leverage. One-off costs were EUR 20 million, mainly reflecting restructuring charges taken in Akkodis Germany, from EUR 3 million in the prior year period. Amortisation of intangibles Amortisation of intangible assets was EUR 15 million in the quarter, from EUR 21 million in the prior year period. Operating income Due to the aforementioned items, the Group generated an operating income of EUR 160 million, 2 percent higher in constant currency. Net income and EPS The net income attributable to Adecco Group shareholders was EUR 89 million, 2 percent lower in constant currency (10 percent reported), reflecting operating income developments, and, in addition: • Interest expense of EUR 20 million, from EUR 18 million in the prior year period. • Other income/(expenses), net, of minus EUR 6 million, mainly reflecting the mark-to- market of foreign exchange contracts, compared to minus EUR 7 million in the prior year period. • Income taxes of EUR 45 million, compared to EUR 38 million in the prior year period, with an effective tax rate, including discrete events, of 34 percent. Basic EPS was EUR 0.53, 2 percent lower in constant currency (10 percent reported). Adjusted EPS, which is the Group’s net income excluding a total EUR 25 million for amortisation of intangibles, one-off costs, and associated tax effects, divided by basic weighted-average shares outstanding, was EUR 0.67, 2 percent lower. Cash flow and net debt The Group delivered Cash flow from Operating Activities of EUR +200 million in the quarter, compared to EUR +121 million in the prior year period. Operating cash flow was driven by strong working capital management, partially offset by working capital absorption due to improved revenue performance. DSO was best-in-class at 53.6 days, and 0.3 days higher year-on-year. Capital expenditures were EUR 30 million in the quarter, from EUR 39 million in the previous year period. Free Cash Flow was EUR +170 million, compared to EUR +82 million in the prior year period. The last 12-month cash conversion ratio was strong, at 110 percent. At the end of Q3 25, net debt was EUR 2,705 million. Compared to end Q3 24, net debt is EUR 220 million lower. The Group has a robust financial structure, with fixed interest rates on 80 percent of its outstanding gross debts, no financial covenants on any of its outstanding debts, strong liquidity
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Q3 2025 RESULTS 4 resources, including an undrawn EUR 750 million revolving credit facility, and a well-balanced debt maturity profile. Since 2021, the Group’s capital structure has included a EUR 500 million hybrid bond, which rating agencies classify as 50 percent equity and 50 percent debt. Management is in the process of refinancing the hybrid bond, reaffirming its long-term role in the capital structure. In light of the planned refinancing, to align with rating agency methodology, the Group will now apply 50 percent equity treatment to the hybrid bond when reporting its leverage ratio. This adjustment does not impact the Group’s credit rating and ensures consistency in how leverage is assessed across stakeholders. Importantly, net debt calculations remain unchanged. LEVERAGE RATIOS 2025 2024 End-H1 End-Q3 End-Q4 End-H1 End-Q3 End-Q4 New treatment (50% hybrid bond as equity) 3.3x 3.0x 2.7x 2.8x 2.6x Prior treatment 3.6x 3.3x 3.0x 3.1x 2.8x On an underlying basis, strong cash generation and EBITDA improvement in the third quarter has reduced the Group’s net debt to EBITDA ratio, excluding one-offs, by 0.3x sequentially. The Group remains firmly committed to deleveraging, with a target of being at or below 1.5x net debt to EBITDA by end 2027, absent any major macroeconomic or geopolitical disruption. GLOBAL BUSINESS UNIT RESULTS Unless otherwise noted, all growth rates in this section refer to the same period in the prior year, with revenues stated on an organic and trading days adjusted (TDA) basis for the Adecco GBU and on an organic basis for the Akkodis and LHH GBUs. EBITA and EBITA margins are stated excluding one-offs. ADECCO EUR millions, unless otherwise stated Revenues EBITA margin excl. one-offs Q3 25 Q3 24 CHANGE (yoy) Q3 25 CHANGE Reported Organic, TDA (bps, yoy) Adecco (80% of Group revenues) 4,658 4,531 +3% +4% 3.9% +50 France 1,144 1,158 -1% -2% 4.0% +80 EMEA excl. France 2,206 2,157 +2% +3% 4.1% +20 Americas 689 624 +10% +20% 2.5% +240 APAC 619 592 +5% +9% 4.7% - Quarterly revenue and EBITA margin excl. one-offs for 2024 reflect new segment reporting structure, effective Jan 1, 2025 Adecco delivered strong relative revenue growth of +300 basis points in the period. Revenues were 4.5 percent higher year-on-year and 2.8 percent improved sequentially. Europe returned to growth, benefiting from strong growth in Iberia, stabilisation in Italy and Germany & Austria, and continued momentum in France. North America improved materially, while LatAm and APAC remained strong.
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Q3 2025 RESULTS 5 By service line, flexible placement revenues were up 4 percent. On an organic basis, outsourcing was up 12 percent, MSP was up 5 percent, while permanent placement was 7 percent lower. SME revenues were strong, growing 5 percent. On a sector basis, growth was led by consumer goods, food & beverage, manufacturing, financial & professional services and autos. Logistics remained weak. Gross margin was healthy, reflecting current mix, in particular lower permanent placement volumes, with pricing firm. The EBITA margin of 3.9 percent was 50 basis points higher, mainly reflecting higher volumes and strong operating leverage, supported by a firm focus on productivity, which was up 5 percent, and G&A savings. Segment results Adecco France (19% of Group revenues) • Revenues were 2 percent lower, improved sequentially and ahead of the market, with robust growth from large clients. Headwinds from logistics continued to weigh, while autos, financial & professional services, food & beverage and construction were strong. The EBITA margin of 4.0 percent, up 80 basis points year-on-year, mainly reflects strong benefit from the execution of G&A savings plans. Adecco EMEA excl. France (38% of Group revenues) • Performance was varied across the region, with strong relative performance in most territories. • Looking at the larger markets: o Revenues were flat in Italy, with strong activity in logistics and food & beverage offsetting weak autos demand. o In Iberia, revenues were up 13 percent, reflecting strength in flex and outsourcing, and double-digit growth from SMEs. Food & beverage, financial & professional services, manufacturing and autos were strong, while logistics was weak. o In the UK & Ireland, revenues were 4 percent lower, ahead of competitors in a challenging market. Headwinds in logistics and public sector demand weighed. o Revenues in Germany & Austria were flat year-on-year, ahead of competitors in a tough market. Logistics was weak, while manufacturing and autos were robust. • The EBITA margin of 4.1 percent, up 20 basis points year-on-year, mainly reflects client mix, good operating leverage, and G&A savings. Adecco Americas (12% of Group revenues) • North America revenues were 20 percent higher, well ahead of market, reflecting strength in flex and across all client segments, including double-digit growth from SMEs. Consumer goods, autos, manufacturing and food & beverage were notably strong. • Latin America revenues were up 21 percent, with all countries growing double-digit, fuelled by demand for flex and outsourcing across SMEs and large clients. By sector, financial & professional services, logistics and manufacturing were strong. • The EBITA margin was 240 basis points higher, reflecting higher volumes, strong operating leverage, with productivity higher, and ongoing cost optimisation efforts.
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Q3 2025 RESULTS 6 Adecco APAC (11% of Group revenues) • APAC was strong, with revenues up 9 percent and ahead of market, led by strong demand from SMEs. Japan was up 8 percent, Asia up 18 percent, and India up 14 percent. In Australia & New Zealand, revenues were 3 percent lower. By sector, growth was led by financial & professional services, consumer goods, food & beverage and defence. • The EBITA margin of 4.7 percent reflects higher volumes, G&A savings and modest investment in capacity to capture growth. AKKODIS EUR millions, unless otherwise stated Revenues EBITA margin excl. one offs Q3 25 Q3 24 CHANGE (yoy) Q3 25 CHANGE Reported Organic, CC (bps, yoy) Akkodis (14% of Group revenues) 818 867 -6% -3% 4.5% (60) EMEA -3% North America +1% APAC 0% Akkodis revenues were 3 percent lower (6 percent reported), and sequentially improved. Consulting & Solutions revenues were 1 percent lower, weighed by lower autos demand. By segment: • EMEA revenues were 3 percent lower. Germany was 9 percent lower, reflecting continued market headwinds in autos. Revenues in France were up 1 percent, ahead of market. France benefited from positive momentum in aerospace & defence and autos. Among smaller markets, Italy, Iberia and the UK performed well. • North America revenues returned to growth, rising 1 percent, supported by modest improvement in tech staffing demand. Consulting & Solutions grew 45 percent. • APAC revenues flat, with Japan & China up 2 percent. Australia was 4 percent lower, including Barhead Solutions, which was acquired in February 2025. Akkodis’ EBITA margin of 4.5 percent mainly reflects challenges in Germany, partly offset by solid utilisation of 91.1 percent, savings from the German turnaround effort and good cost discipline. Excluding Germany, Akkodis’ EBITA margin was 6.5 percent. The execution of Germany’s turnaround continues to progress, with the level of targeted savings increased to circa EUR +50 million. To date, an annualised savings run-rate of EUR 36 million, has been achieved, mainly from adjusting consultant headcount and G&A savings. Further savings, centred on real-estate optimisation, are anticipated in Q4. These actions will enable the unit to return to healthy run-rate profitability by the end of the year.
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Q3 2025 RESULTS 7 LHH EUR millions, unless otherwise stated Revenues EBITA margin excl. one-offs Q3 25 Q3 24 CHANGE (yoy) Q3 25 CHANGE Reported Organic, CC (bps, yoy) LHH (6% of Group revenues) 320 324 -1% +4% 9.0% +240 Professional Recruitment Solutions -7% Career Transition & Mobility +9% Coaching & Skilling +40% Quarterly revenue and EBITA margin excl. one-offs for 2024 reflect new segment reporting structure, effective Jan 1, 2025 Revenues in LHH returned to growth, rising 4 percent (1 percent lower reported) in the third quarter. By segment: • Professional Recruitment Solutions revenues were 7 percent lower, with the unit taking share in tough recruitment markets. Recruitment Solutions revenues were 5 percent lower, with permanent placement 8 percent lower, while Recruitment Solutions’ gross profit was 6 percent lower. Productivity in terms of gross profit per billing FTEs was flat, with billing FTEs down 6 percent. RPO activities remain soft. • Career Transition & Mobility was very strong, with revenues up 9 percent. US revenues were 7 percent higher and outside the US, revenues were up 11 percent. Its pipeline remains healthy across geographies. • Coaching & Skilling revenues were 40 percent higher. Ezra’s revenues were very strong, rising 59 percent to another record level. General Assembly returned to growth, with revenues up an encouraging 48 percent, driven by its B2B business, which focuses on AI- offerings. The EBITA margin of 9.0 percent was supported by higher volumes and strong operating leverage, with productivity up 25 percent year-on-year. 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.
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Q3 2025 RESULTS 8 More information The Q3 2025 results press release is available on the Investor Relations website. The Q3 2025 results presentation will be available at 09:00 a.m. CET. A live webcast for analysts and investors is scheduled today, November 6, starting at 09:30 CET (08:30 GMT). The webcast can be followed via the Investor Relations section of the Group’s website. Please note that the Group is broadcasting via a separate platform that requires registration prior to joining the call. We strongly recommend registering with this provider at least 10 minutes before the start of the presentation. Analysts and investors can also participate by telephone with conference ID: 9946979. To dial- in: UK +44 (0)20 3481 4247; USA/International +1 (646) 307 1963; Switzerland +41 (0)43 210 51 63. To ask a question, press *1. A transcript will be made available after the event. Financial calendar • Capital Markets Day 2025 November 26, 2025, London • Q4 & FY 2025 results February 25, 2026 About The Adecco Group The Adecco Group is the world’s leading talent and technology expertise company. Our purpose is making the future work for everyone. Through our three global business units - Adecco, Akkodis and LHH - across 60 countries, we enable sustainable and lifelong employability for individuals, deliver digital and engineering solutions to power the Smart Industry transformation and empower organisations to optimise their workforces. The Adecco Group leads by example and is committed to fostering sustainable employability and supporting resilient economies and communities. The Adecco Group AG is headquartered in Zurich, Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). Important notice about forward-looking information 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 Adecco Group AG as 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 of 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. For further information, please contact: Investor Relations investor.relations@adeccogroup.com +41 (0)44 878 88 88 Press Office media@adeccogroup.com +41 (0) 79 876 09 21
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Q3 2025 RESULTS 9 Revenues by segment % of revenues2) % of revenues2) EUR millions 2025 2024 EUR Constant currency Organic Organic TDA Q3 2025 2025 2024 EUR Constant currency Organic Organic TDA 9M 2025 Adecco France 1) 1’144 1’158 -1% -1% -2% -2% 19% 3’258 3’437 -5% -5% -6% -5% 19% Adecco EMEA excl. France 1) 2’206 2’157 2% 3% 3% 3% 38% 6’484 6’482 0% 0% 0% 1% 38% Adecco Americas 1) 689 624 10% 19% 20% 20% 12% 2’024 1’922 5% 10% 12% 12% 12% Adecco APAC 1) 619 592 5% 10% 10% 9% 11% 1’899 1’767 7% 9% 9% 10% 11% Adecco 1) 4’658 4’531 3% 5% 5% 4% 80% 13’665 13’608 0% 1% 1% 2% 80% Akkodis 818 867 -6% -3% -3% -3% 14% 2’516 2’693 -7% -6% -6% -6% 14% LHH 1) 320 324 -1% 4% 4% 4% 6% 999 1’020 -2% -1% -1% -1% 6% Elimination 1) (20) (18) (56) (56) Adecco Group 5’776 5’704 1% 3% 3% 3% 100% 17’124 17’265 -1% 0% 0% 0% 100% 1) 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. Comparative period restated to conform to current year presentation. 2) % of revenues before Elimination. 9M Variance % 25 vs 24Q3 Variance % 25 vs 24 Revenues by service line EUR millions 2025 2024 EUR Constant currency Organic 2025 2024 EUR Constant currency Organic Career Transition 122 116 6% 10% 10% 379 364 4% 6% 6% Flexible Placement 4’341 4’279 1% 3% 3% 12’737 12’808 -1% 0% 0% Outsourcing, Consulting & Other Services 1’115 1’094 2% 4% 4% 3’382 3’397 0% 1% 1% Permanent Placement 132 147 -10% -8% -8% 432 473 -9% -8% -8% Training, Up-skilling & Re-skilling 66 68 -4% 1% 1% 194 223 -13% -12% -12% Adecco Group 5’776 5’704 1% 3% 3% 17’124 17’265 -1% 0% 0% Q3 Variance % 25 vs 24 9M Variance % 25 vs 24 EBITA1) and EBITA margin excluding one-offs by segment EBITA % of EBITA2) % of EBITA2) EUR millions 2025 2024 EUR Constant currency Q3 2025 2025 2024 EUR Constant currency 9M 2025 Adecco France 3) 46 38 22% 22% 18% 105 99 5% 5% 17% Adecco EMEA excl. France 3) 90 86 5% 6% 36% 217 240 -9% -9% 34% Adecco Americas 3) 17 2 n.m. n.m. 7% 36 9 359% 442% 6% Adecco APAC 3) 29 28 7% 10% 12% 106 95 12% 13% 17% Adecco 3) 182 154 19% 20% 73% 464 443 5% 5% 74% Akkodis 37 44 -17% -15% 15% 80 142 -44% -43% 12% LHH 3) 29 22 35% 47% 12% 87 86 2% 3% 14% Corporate and Other (53) (34) 59% 56% (163) (149) 10% 8% Adecco Group 195 186 5% 8% 100% 468 522 -10% -9% 100% EBITA margin 2025 2024 Variance bps 2025 2024 Variance bps Adecco France 3) 4.0% 3.2% 80 3.2% 2.9% 30 Adecco EMEA excl. France 3) 4.1% 3.9% 20 3.3% 3.7% (40) Adecco Americas 3) 2.5% 0.1% 240 1.8% 0.4% 140 Adecco APAC 3) 4.7% 4.7% - 5.6% 5.4% 20 Adecco 3) 3.9% 3.4% 50 3.4% 3.3% 10 Akkodis 4.5% 5.1% (60) 3.2% 5.3% (210) LHH 3) 9.0% 6.6% 240 8.7% 8.4% 30 Adecco Group 3.4% 3.3% 10 2.7% 3.0% (30) 1) EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets. 2) % of EBITA before Corporate and Other. 3) 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. Comparative period restated to conform to current year presentation. Q3 Variance % 25 vs 24 9M Variance % 25 vs 24 Q3 9M
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Q3 2025 RESULTS 10 EBITA1) and EBITA margin by segment EBITA % of EBITA2) % of EBITA2) EUR millions 2025 2024 EUR Constant currency Q3 2025 2025 2024 EUR Constant currency 9M 2025 Adecco France 3) 49 36 36% 36% 22% 106 95 10% 10% 18% Adecco EMEA excl. France 3) 89 84 6% 7% 39% 216 223 -3% -3% 36% Adecco Americas 3) 17 2 n.m. n.m. 7% 35 7 483% 631% 6% Adecco APAC 3) 29 28 8% 11% 13% 106 95 13% 14% 18% Adecco 3) 184 150 23% 24% 81% 463 420 10% 11% 78% Akkodis 15 45 -67% -66% 6% 47 131 -64% -64% 8% LHH 3) 29 21 39% 52% 13% 86 69 25% 26% 14% Corporate and Other (53) (33) 64% 60% (164) (159) 3% 2% Adecco Group 175 183 -5% -2% 100% 432 461 -6% -5% 100% EBITA margin 2025 2024 Variance bps 2025 2024 Variance bps Adecco France 3) 4.3% 3.1% 120 3.3% 2.8% 50 Adecco EMEA excl. France 3) 4.0% 3.9% 10 3.3% 3.4% (10) Adecco Americas 3) 2.5% 0.1% 240 1.7% 0.3% 140 Adecco APAC 3) 4.7% 4.6% 10 5.6% 5.3% 30 Adecco 3) 4.0% 3.3% 70 3.4% 3.1% 30 Akkodis 1.8% 5.2% (340) 1.9% 4.9% (300) LHH 3) 8.9% 6.4% 250 8.5% 6.7% 180 Adecco Group 3.0% 3.2% (20) 2.5% 2.7% (20) 1) EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets. 2) % of EBITA before Corporate and Other. 3) 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. Comparative period restated to conform to current year presentation. Q3 Variance % 25 vs 24 9M Variance % 25 vs 24 Q3 9M Reconciliation of EBITA to EBITA excluding one-offs EBITA EUR millions Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Adecco France 1) 46 38 3 (2) 49 36 105 99 1 (4) 106 95 Adecco EMEA excl. France 1) 90 86 (1) (2) 89 84 217 240 (1) (17) 216 223 Adecco Americas 1) 17 2 - - 17 2 36 9 (1) (2) 35 7 Adecco APAC 1) 29 28 - - 29 28 106 95 - - 106 95 Adecco 1) 182 154 2 (4) 184 150 464 443 (1) (23) 463 420 Akkodis 37 44 (22) 1 15 45 80 142 (33) (11) 47 131 LHH 1) 29 22 - (1) 29 21 87 86 (1) (17) 86 69 Corporate and Other (53) (34) - 1 (53) (33) (163) (149) (1) (10) (164) (159) Adecco Group 195 186 (20) (3) 175 183 468 522 (36) (61) 432 461 1) 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. Comparative period restated to conform to current year presentation. EBITAEBITA excluding one-offs One-offs EBITA EBITA excluding one-offs One-offs
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Q3 2025 RESULTS 11 Consolidated statements of operations EUR millions except share and per share information 2025 20 24 EUR Constant currency 2025 2024 E UR Constant currency Revenues 5’776 5 ’704 1% 3% 17’124 17’265 -1% 0% Direct costs of services (4’669) ( 4’599) (13’843) (13’898) Gross profit 1’107 1 ’105 0% 3% 3’281 3’367 -3% -2% Selling, general, and administrative expenses (938) ( 928) 1% 4% (2’882) (2’933) -2% -1% Proportionate net income of equity method investment FESCO Adecco 6 6 4% 10% 33 27 20% 24% EBITA1) 175 183 -5% -2% 432 461 -6% -5% Amortisation of intangible assets (15) ( 21) (46) (64) Operating income 160 1 62 -1% 2% 386 397 -3% -1% Interest expense (20) ( 18) (52) (54) Other income/(expenses), net (6) ( 7) (26) (14) Income before income taxes 134 1 37 -2% 3% 308 329 -6% -4% Provision for income taxes (45) ( 38) (102) (99) Net income 89 9 9 -10% -2% 206 230 -11% -7% Net income attributable to noncontrolling interests - - 1 - Net income attributable to Adecco Group shareholders 89 9 9 -10% -2% 207 230 -10% -7% Basic earnings per share2) 0.53 0.59 -10% -2% 1.23 1.37 -10% -7% Diluted earnings per share3) 0.52 0.59 -10% -2% 1.23 1.37 -10% -7% Gross margin 19.2% 1 9.4% 19.2% 19.5% SG&A as a percentage of revenues 16.3% 1 6.3% 16.8% 17.0% EBITA margin 3.0% 3 .2% 2.5% 2.7% Operating income margin 2.8% 2. 8% 2.3% 2.3% Net income margin attributable to Adecco Group shareholders 1.5% 1 .7% 1.2% 1.3% 1) EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets. 2) Basic weighted-average shares were 168,013,637 in Q3 2025 and 167,848,791 in 9M 2025 (167,768,501 in Q3 2024 and 167,803,776 in 9M 2024). 3 ) Diluted weighted-average shares were 168,829,994 in Q3 2025 and 168,420,944 in 9M 2025 (168,365,461 in Q3 2024 and 168,468,881 in 9M 2024). Q3 Variance % 9M Variance % Reconciliation for Adjusted EPS1) EUR millions Variance % Variance % except share and per share information 2025 2024 EUR 2025 20 24 EUR Net income attributable to Adecco Group shareholders 89 99 -10% 207 23 0 -10% Amortisation and impairment of goodwill and intangible assets 15 21 46 64 One-offs in EBITA 20 3 36 61 One-offs in Other income/(expenses), net - - 6 1 Tax effects, other exceptional tax items (10) (7) (24) (33) Adjusted Net income attributable to Adecco Group shareholders2) 114 116 -2% 271 323 - 16% Basic earnings per share3) 0.53 0.59 -10% 1 .23 1.37 -10% Adjusted earnings per share1), 3) 0.67 0.68 -2% 1 .61 1.92 -16% Q3 9M 1) Adjusted EPS is a non-US GAAP measure and refers to Net income attributable to Adecco Group shareholders before amortisation and impairment of goodwill and intangible assets, excluding one-off costs and exceptional tax items, divided by basic weighted-average shares outstanding. 2) Adjusted Net income attributable to Adecco Group shareholders is a non-US GAAP measure and refers to Net income attributable to Adecco Group shareholders before amortisation and impairment of goodwill and intangible assets, excluding one-off costs and exceptional tax items. 3) Basic weighted-average shares were 168,013,637 in Q3 2025 and 167,848,791 in 9M 2025 (167,768,501 in Q3 2024 and 167,803,776 in 9M 2024).
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Q3 2025 RESULTS 12 Consolidated balance sheets EUR millions 30 September 31 December 2025 2024 Assets Current assets: – Cash and cash equivalents 342 482 – Trade accounts receivable, net 4’223 4’118 – Other current assets 536 480 Total current assets 5’101 5’080 Property, equipment, and leasehold improvements, net 441 498 Operating lease right-of-use assets 464 482 Equity method investments 232 224 Other assets 733 765 Intangible assets, net 804 854 Goodwill 4’015 4’196 Total assets 11’790 12’099 Liabilities and shareholders’ equity Liabilities Current liabilities: – Accounts payable and accrued expenses 4’242 4’291 – Current operating lease liabilities 194 197 – Short-term debt and current maturities of long-term debt 483 290 Total current liabilities 4’919 4’778 Operating lease liabilities 295 322 Long-term debt, less current maturities 2’564 2’668 Other liabilities 712 745 Total liabilities 8’490 8’513 Shareholders’ equity Adecco Group shareholders’ equity: – Common shares 11 11 – Additional paid-in capital 548 552 – Treasury shares, at cost (14) (36) – Retained earnings 3’300 3’269 – Accumulated other comprehensive income/(loss), net (554) (220) Total Adecco Group shareholders’ equity 3’291 3’576 Noncontrolling interests 9 10 Total shareholders’ equity 3’300 3’586 Total liabilities and shareholders’ equity 11’790 12’099
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Q3 2025 RESULTS 13 Consolidated statements of cash flows EUR millions 2025 2024 2025 2024 Cash flows from operating activities Net income 89 99 206 230 Adjustments to reconcile net income to cash flows from operating activities: – Depreciation and amortisation 52 61 160 189 – Other charges 6 (53) 19 (67) Changes in operating assets and liabilities, net of acquisitions and divestitures: – Trade accounts receivable 52 128 (260) 281 – Accounts payable and accrued expenses (25) (138) 83 (323) – Other assets and liabilities 26 24 (71) (94) Cash flows from operating activities 200 121 137 216 Cash flows from investing activities Capital expenditures (30) (39) (80) (99) Cash settlements on derivative instruments 2 9 18 (2) Other acquisition, divestiture and investing activities, net (10) (3) (36) (5) Cash flows used in investing activities (38) (33) (98) (106) Cash flows from financing activities Net increase/(decrease) in short-term debt (106) (150) 83 82 Repayment of long-term debt (2) Dividends paid to shareholders (176) (432) Purchase of treasury shares (19) (20) Other financing activities, net 1 (2) (5) Cash flows used in financing activities (105) (169) (95) (377) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) (6) (103) (17) Net increase/(decrease) in cash, cash equivalents and restricted cash 56 (87) (159) (284) Cash, cash equivalents and restricted cash: – Beginning of period 378 449 593 646 – End of period 434 362 434 362 Q3 9M