Adecco Group (ADEN) Q3 2025 earnings summary

Executive summary

• Achieved strong market share gains: Group up 375 bps, Adecco up 300 bps year-over-year, with all global business units improving sequentially and Adecco North America revenues up 20% year-over-year.

• Group delivered €5.8 billion in revenues, up 3.4% year-over-year organically, with EBITA margin excluding one-offs at 3.4%, up 10 bps year-over-year.

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

• Akkodis Germany turnaround progressing, with productivity up 8% year-over-year and €36 million run-rate savings achieved.

• Leadership transition: Valentina Ficaio appointed Group CFO effective January 2026, succeeding Coram Williams, ensuring continuity.

Financial highlights

• Q3 revenues reached €5,776 million, up 3.4% organically year-over-year; gross profit was €1,107 million (19.2% margin), down 10–20 bps year-over-year but up 30 bps sequentially.

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

• Adjusted EPS was €0.67, down 5% year-over-year; net income was €89 million, down 2% in constant currency.

• Operating cash flow was €200 million, up €79 million year-over-year; free cash flow €170 million, up from €82 million prior year.

• Net debt at end of Q3 was €2,705 million, €220 million lower year-over-year; net debt/EBITDA at 3.0x, down 0.3x sequentially.

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 (excluding one-offs) to remain broadly stable sequentially.

• On track to deliver full-year EBITA margin commitment of at least 3%, with focus on agile capacity management and G&A savings.

• Targeting net debt/EBITDA ≤1.5x by end of 2027, absent major disruptions.