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Adecco (ADEN) investor relations material
Adecco Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved group market share gain of 205 bps, with Adecco up 130 bps year-over-year and all GBUs improving sequentially.
Revenues reached €5.8bn in Q2, up 0.4% year-over-year organically, with Americas (+14%) and APAC (+9%) leading growth.
Strategic execution, digital investments, and AI-driven solutions drove client wins and commercial excellence.
Turnaround in Adecco U.S. and Akkodis Germany progressing, with restructuring and profitability improvement expected.
Disciplined cost management improved SG&A performance and supported margin recovery.
Financial highlights
Q2 gross profit was €1.1bn with an 18.9% margin; EBITA (excluding one-offs) was €141m at a 2.5% margin.
Adjusted EPS was €0.46; operating cash flow was €81m; cash conversion at 98%.
Free cash flow was €52m; CapEx was €29m; net debt at quarter-end was €2,882m, €90m lower YoY; net debt/EBITDA at 3.6x.
Effective tax rate for Q2 was 36%.
H1 2025 revenues were €11,348m, down 2% YoY; EBITA excluding one-offs was €273m, down 19% YoY.
Outlook and guidance
Q3 expected to see sequential gross margin improvement (20–30 bps) and modestly lower SG&A (ex-one-offs).
Profitability anticipated to improve through H2, with a firm commitment to a 3% EBITA margin floor for 2025.
Targeting net debt/EBITDA ≤1.5x by end-2027, absent major macro/geopolitical disruption.
FY2025 gross interest expense guidance lowered to €75m; CHF225m senior bond to be repaid in Q4.
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