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Adecco Group (ADEN) investor relations material
Adecco Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue was €5,998m, up 3.7% YoY organically, trading-days adjusted; flexible placement remained strong and permanent placement returned to growth.
Adjusted EBITA rose 10% to €213m, with margin up 20 bps to 3.6%; operating leverage supported higher earnings and deleveraging.
Net debt/EBITDA declined to 2.5x; the end-2027 target remains ≤1.5x, conditional on no major macroeconomic or geopolitical disruption.
Financial highlights
Revenue was €5,998m, up 3.7% organically, trading-days adjusted; gross profit was €1,132m.
Adjusted EBITA was €213m, up 10% YoY; adjusted EBITA margin increased 20 bps to 3.6%.
Basic EPS rose 23% to €0.65; adjusted EPS increased 17% to €0.79.
Operating cash flow was €213m versus €200m in Q3 2025; free cash flow was €182m.
SG&A excluding one-offs was €923m, up 1% organically, and 15.4% of revenue.
Outlook and guidance
Q4 volume momentum is expected to remain positive; gross margin is expected to rise slightly sequentially.
Q4 SG&A excluding one-offs is expected to rise slightly sequentially with seasonality, but decline modestly YoY as a percentage of revenue.
An additional €75m of annualized SG&A savings is targeted by Q3 2027; expected related one-offs include €20m in Q4 2026 and most of the remaining €55m in H1 2027.
Net debt/EBITDA target remains ≤1.5x by end-2027, conditional on no major macroeconomic or geopolitical disruption.
- Organic revenue up 5.6%, margin expansion, AI-driven gains, and improved leverage.ADEN
Q2 2026 - Strong Q1 growth, higher profitability, and AI-driven productivity support a positive outlook.ADEN
Q1 2026 - Sustained market share gains and digital innovation drive growth, efficiency, and ESG leadership.ADEN
Investor presentation - Strong market share gains, revenue growth, and margin expansion support a positive outlook.ADEN
Q4 2025 - Q3 2025 saw strong share gains, margin improvement, and robust cash generation.ADEN
Q3 2025 - Q2 revenues fell 2% but market share, cash flow, and G&A savings all improved.ADEN
Q2 2024 - Q3 revenues dropped 5% but margins and cash flow remained strong, with stable Q4 outlook.ADEN
Q3 2024 - Market share gains and margin resilience offset revenue decline, led by APAC and Americas growth.ADEN
Q1 2025 - Revenue fell 3% but market share, cash flow, and cost savings improved; deleveraging prioritized.ADEN
Q4 2024
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