Adecco Group Inc.

Latest Results (02.10.2025):

Adecco Group Inc. reported its Q2 2025 financial results, demonstrating increased market share gains and solid margins despite a mixed market environment. The company showcased growth across its Global Business Units (GBUs) and maintained strong cash conversion, underpinned by disciplined cost management and strategic execution.

Revenue Growth

In Q2 2025, Adecco Group Inc. achieved revenues of €5.8 billion, marking a 0.4% year-over-year increase and a 2% quarter-over-quarter growth. All GBUs showed sequential improvement, with the Adecco GBU rising by 2% year-over-year and 3% quarter-over-quarter, driven by strong performances in the Americas (+14% yoy) and APAC (+9% yoy).

Gross Profit and Margins

The company reported a gross profit of €1.1 billion, reflecting an 18.9% gross margin, which is 50 basis points lower year-over-year due to changes in business mix and firm pricing. Despite the margin compression, Adecco maintained healthy profitability levels.

EBITA and Operating Income

Adecco Group Inc. posted an EBITA margin excluding one-offs of 2.5%, a decrease of 60 basis points year-over-year. Operating income increased by 6% to €115 million, supported by effective cost discipline and agile capacity management.

Net Income and Earnings Per Share

Net income attributable to Adecco Group shareholders rose by 8% year-over-year to €58 million. Basic earnings per share (EPS) remained steady at €0.35, while adjusted EPS decreased by 29% to €0.46, primarily due to a lower level of excluded items compared to the prior year.

Cash Flow and Financial Position

The company maintained a strong last twelve-month (LTM) cash conversion ratio of 98%, with operating cash flow of €81 million. Adecco Group Inc. ended Q2 2025 with a net debt to EBITDA ratio of 3.6x, supported by a robust financial structure and ongoing deleveraging efforts.

CEO Commentary

Denis Machuel, Adecco Group CEO, highlighted the company's continued market share gains and the successful implementation of cost management strategies. He emphasized the positive performance in key markets and the progress of the turnaround plan in Akkodis Germany, alongside the advancement of their innovation strategy involving generative and agentic AI.