Strong execution driving market share gains with solid margins

ZURICH, May 8, 2025 -- HIGHLIGHTS

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  • Revenues -2% yoy, +3% qoq; Outperforming markets, Adecco's relative revenue growth strong, +130 bps
  • By GBU, Adecco, -1% yoy, led by APAC +11% and Americas +4%; Akkodis -8%, with Consulting -5%; LHH -5%
  • Healthy 19.4% gross margin, -40 bps yoy, reflecting current business mix, firm pricing
  • 2.4% EBITA margin excl. one-offs, -40 bps yoy, reflecting agile capacity management, good cost discipline and favourable timing of FESCO JV income
  • Operating income €111 million, -11% yoy, constant currency; Net income €60 million, -19% yoy
  • Basic EPS €0.36; Adjusted EPS €0.48
  • Strong LTM cash conversion 105%. Operating cash flow -€144 million, mainly reflecting working capital absorption for growth, and in line with normal seasonality

Denis Machuel, Adecco Group CEO, commented:

"The consistent, rigorous execution of our strategy continues to pay off. In the first quarter, we gained market share with solid margin performance. We will meet our commitments, navigating increased macroeconomic uncertainty from shifting trade policy with strong cost discipline, securing G&A savings and through the agile management of sales and delivery capacity. We are firmly addressing areas of underperformance and have good traction in the turnaround of Adecco US. We are well positioned to gain further market share through AI-driven innovation and customer proximity in the quarters to come."

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