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Adecco Group (ADEN) investor relations material
Adecco Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 1.3% year-on-year revenue growth for FY25, with Q4 revenues up 3.9% and market share gains of 245 bps for the year and 395 bps in Q4, outpacing key competitors for the third consecutive year.
Delivered industry-leading 19.2% gross margin, stable gross profit, and strong cost discipline, including EUR 23 million G&A savings and a 3% productivity increase.
Improved leverage with net debt/EBITDA at 2.4x, down 0.2x year-over-year, and maintained robust cash generation and a 102% cash conversion ratio.
Outperformed competitors in relative growth, with three consecutive quarters of revenue growth and stable margins.
Proposed dividend of CHF 1.00 per share (46% payout ratio), with an option for cash or scrip dividend.
Financial highlights
FY25 revenues reached EUR 23 billion, with Q4 revenues at EUR 6 billion; FY25 gross profit was EUR 4,422 million (19.2% margin), and Q4 gross profit was EUR 1,141 million (19.1% margin).
FY25 EBITDA/EBITA was EUR 693 million (3.0% margin); Q4 EBITDA/EBITA was EUR 225 million (3.8% margin), up 20% year-on-year.
Adjusted EPS for FY25 was EUR 2.37; Q4 adjusted EPS was EUR 0.76.
Operating cash flow for FY25 was EUR 613 million; free cash flow was EUR 483 million; cash conversion ratio was 102%.
Net debt reduced by EUR 186 million to EUR 2.29 billion; leverage ratio improved to 2.4x net debt/EBITDA.
Outlook and guidance
Q1 2026 expected to see broadly stable gross margin and SG&A expenses sequentially, with continued positive volume momentum.
Committed to reducing net debt/EBITDA to 1.5x or below by end of 2027, barring major disruptions.
Focus remains on market share gains, disciplined cost and capacity management, and profitable growth.
Operating costs guided to remain stable, supported by productivity gains and cost discipline.
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