Adecco Group AG
F:ADI1
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Adecco Group AG
F:ADI1
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Adecco Group AG
Adecco Group AG is a global staffing and workforce services company. It helps employers find temporary workers, permanent hires, and project talent, and it also offers career transition, training, and outplacement services to people who are changing jobs. Through its Adecco, LHH, and Akkodis brands, it serves a wide range of industries that need flexible labor, hiring support, and specialized technical skills. The company makes money mainly by charging employers for placing workers, supplying temporary staff, and running workforce programs and consulting assignments. In many cases, it hires workers itself and bills clients for their labor plus a service fee, which gives it a role between companies that need people and workers looking for jobs. It also earns fees from recruitment and human capital services. What makes Adecco’s business model different is that it sits right in the middle of the labor market. Instead of selling a product, it helps companies adjust their workforce quickly and helps workers move into new roles. That makes the business closely tied to hiring trends, contractor demand, and employers’ need for outside help with staffing and workforce management.
Adecco Group AG is a global staffing and workforce services company. It helps employers find temporary workers, permanent hires, and project talent, and it also offers career transition, training, and outplacement services to people who are changing jobs. Through its Adecco, LHH, and Akkodis brands, it serves a wide range of industries that need flexible labor, hiring support, and specialized technical skills.
The company makes money mainly by charging employers for placing workers, supplying temporary staff, and running workforce programs and consulting assignments. In many cases, it hires workers itself and bills clients for their labor plus a service fee, which gives it a role between companies that need people and workers looking for jobs. It also earns fees from recruitment and human capital services.
What makes Adecco’s business model different is that it sits right in the middle of the labor market. Instead of selling a product, it helps companies adjust their workforce quickly and helps workers move into new roles. That makes the business closely tied to hiring trends, contractor demand, and employers’ need for outside help with staffing and workforce management.
Revenue Growth: Adecco Group’s full-year revenue grew 1.3% year-on-year, with Q4 revenue up 3.9% to EUR 6 billion, the strongest quarterly performance of the year.
Profitability: Group gross margin for the year was 19.2%, industry-leading, with Q4 gross profit up 4%. EBITA reached EUR 693 million for the year (3% margin) and EUR 225 million in Q4 (3.8% margin, up 60 bps).
Cost Discipline: The group achieved net G&A savings of nearly EUR 200 million since 2022, with Q4 productivity up 11% and operating leverage driving margin improvement.
Strong Cash Flow: Free cash flow reached EUR 483 million for the year, with a high cash conversion ratio of 102%. Net debt fell to EUR 2.29 billion, and leverage improved to 2.4x.
Market Share Gains: Adecco outperformed competitors, gaining 245 basis points of market share for the year and 395 bps in Q4, driven by strong delivery and digital innovation.
Turnarounds & Restructuring: Akkodis Germany restructuring delivered EUR 58 million in annual savings and a 5.4% EBITA margin run rate, while Adecco North America revenues rose 12% for the year and 23% in Q4.
Shareholder Returns: The Board proposed a dividend of CHF 1 per share (46% payout), with a scrip (stock) option to support deleveraging and growth.
Positive Outlook: Management reports continued positive volume momentum into 2026 and expects gross margin and SG&A to remain broadly stable in Q1.
