Adecco Group (ADEN) Q3 2025 earnings summary

Executive summary

• Leadership transition announced: Coram Williams to step down as CFO, succeeded by Valentina Ficai effective January 2026, ensuring continuity and strong succession planning.

• Group achieved strong market share gains, up 375 basis points year-over-year, with Adecco up 300 basis points, and all global business units improving sequentially.

• Revenues reached €5.8 billion, up 3.4% year-over-year on an organic trading days-adjusted basis, with sequential improvement across all GBUs.

• EBITA margin excluding one-offs rose to 3.4%, up 10 basis points year-over-year, reflecting good operating leverage and productivity gains.

• Strong cash generation with operating cash flow at €200 million, up €79 million year-over-year, and free cash flow at €170 million, up €88 million.

Financial highlights

• Gross profit was €1.1 billion, with a gross margin of 19.2%, down 10–20 basis points year-over-year but up 30 basis points sequentially.

• EBITA (excluding one-offs) was €195 million, with a 3.4% margin, matching Q3 guidance and up 8% organically.

• Adjusted EPS was €0.67.

• Net income attributable to shareholders was €89 million, down 2% year-over-year in constant currency.

• Net debt at quarter-end was €2,705 million, €220 million lower year-over-year; net debt/EBITDA at 3.0x.

Outlook and guidance

• Q4 revenue growth expected to be in line with Q3 on an organic trading days-adjusted basis.

• Gross margin and SG&A expenses (excluding one-offs) expected to remain broadly stable sequentially.

• Group remains on track to achieve full-year EBITA margin commitment and targets net debt to EBITDA ratio of 1.5x or below by end of 2027.