Adecco Group (ADEN) Q3 2026 earnings summary

Executive summary

• Revenue was €5,998m, up 3.7% YoY organically, trading-days adjusted; flexible placement remained strong and permanent placement returned to growth.

• Adjusted EBITA rose 10% to €213m, with margin up 20 bps to 3.6%; operating leverage supported higher earnings and deleveraging.

• Net debt/EBITDA declined to 2.5x; the end-2027 target remains ≤1.5x, conditional on no major macroeconomic or geopolitical disruption.

Financial highlights

• Revenue was €5,998m, up 3.7% organically, trading-days adjusted; gross profit was €1,132m.

• Adjusted EBITA was €213m, up 10% YoY; adjusted EBITA margin increased 20 bps to 3.6%.

• Basic EPS rose 23% to €0.65; adjusted EPS increased 17% to €0.79.

• Operating cash flow was €213m versus €200m in Q3 2025; free cash flow was €182m.

• SG&A excluding one-offs was €923m, up 1% organically, and 15.4% of revenue.

Outlook and guidance

• Q4 volume momentum is expected to remain positive; gross margin is expected to rise slightly sequentially.

• Q4 SG&A excluding one-offs is expected to rise slightly sequentially with seasonality, but decline modestly YoY as a percentage of revenue.

• An additional €75m of annualized SG&A savings is targeted by Q3 2027; expected related one-offs include €20m in Q4 2026 and most of the remaining €55m in H1 2027.

• Net debt/EBITDA target remains ≤1.5x by end-2027, conditional on no major macroeconomic or geopolitical disruption.