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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.
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Q2 2025 earnings summary5 Aug, 2025

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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Frequently asked questions

Adecco Group AG provides human resource services, and is one of the largest HR company in Switzerland. It operates through four segments: Europe, America, Asia-Pacific, and it also provides services to other businesses in its Corporate Center unit. The Europe segment offers HR outsourcing services in various European countries. The America segment addresses a wide range of HR solutions for businesses, employees and job seekers across the Americas. The Asia-Pacific segment offers a similar range of HR solutions for businesses in this area. The Corporate Center unit provides various human resource functions to its parent and third parties.

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