THE ADECCO GROUP Q4 & FULL YEAR 2025 RESULTS
Strong share gains and solid growth; operating leverage and cashflow drive deleveraging
ZURICH, Feb. 25, 2026 /PRNewswire/ -- AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange
Q4 HIGHLIGHTS
- Further market share gains, Group +395 bps and Adecco +240 bps
- Group revenues further sequentially improved at +3.9% yoy, strongest quarter of the year
- By GBU, Adecco revenues +4.9% yoy; led by Americas +21% yoy, APAC+7% yoy; Akkodis -1% yoy; LHH +2% yoy
- Healthy 19.1% gross margin, stable yoy organic, reflecting solutions and client mix, firm pricing
- 3.8% EBITA margin excl. one-offs, +60 bps yoy, reflecting strong operating leverage, with productivity +11% yoy, firm progress with Akkodis Germany turnaround. Drop-down ratio >80%
- Operating income €186 million, +34% yoy; Net income €88 million, +31% yoy
- Basic EPS €0.52; Adjusted EPS €0.76
FULL-YEAR HIGHLIGHTS
- Strong market share gains, Group +245 basis points
- Revenues +1.3% yoy. By GBU, Adecco +2.5% yoy; Akkodis -4% yoy; LHH flat yoy
- Healthy 19.2% gross margin, -20 bps yoy, reflecting mix effects, firm pricing
- 3.0% EBITA margin excl. one-offs, in line with management's commitment
- Operating income €572 million, +8% yoy; Net income €295 million, +2% yoy
- Basic EPS €1.76; Adjusted EPS €2.37
- Strong cash generation: operating cash flow +€613 million; free cash flow +€483 million; 102% conversion ratio
- Improving financial structure: end-25 net debt/EBITDA ratio 2.4x, -0.2x yoy and -0.6x qoq; net debt €186 million lower yoy; targeting ≤ 1.5x net debt/EBITDA ratio by end-27
- Proposed DPS of CHF 1.00, cash dividend with option to receive as shares
Denis Machuel, Adecco Group CEO, commented:
"We had a strong finish to the year with ongoing positive momentum and a third consecutive quarter of growth, achieving a 3.8% margin in Q4. Rigorous execution through 2025 delivered 245 basis points of market share gains, strong operating leverage and cashflow, driving an improvement in leverage.
"Adecco grew 4.9 percent in Q4, consistently gaining market share across regions. Akkodis saw further sequential improvement including firm progress in its German turnaround. LHH continued to lead strongly in career transition, grew Ezra significantly, and achieved highly profitable growth.
"The Adecco Group is strongly positioned to help our 100,000 plus clients to manage and upskill their workforces with agility – keeping people firmly at the heart. We will continue to pioneer and scale human-centric AI across talent and technology offerings. I look forward to building on this solid performance in 2026."
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