Zurich – November 12, 2026 -- Adecco Group lifted EBITA excluding one-offs by 10% year on year to €213 million, with the margin up 20 basis points to 3.6%, as organic revenue grew 3.7% on a TDA basis. The company published the figures in an ad hoc announcement under Art. 53 of the SIX Swiss Exchange Listing Rules.
Americas growth of 9% leads Adecco's regional gains
The Adecco business grew 4.7% year on year. Americas rose 9%, EMEA excluding France 8% and APAC 5%.
Akkodis was flat. LHH grew 1%, with Professional Recruitment Solutions up 6%. Flexible placement maintained its growth momentum, and permanent placement returned to growth.
Operating leverage lifts EBITA margin despite a 30 bp gross margin decline
Gross margin came in at 18.9%, down 30 basis points year on year and up 30 basis points quarter on quarter. Adecco attributed the movement to mix and firm pricing.
Productivity rose 5% year on year, and the organic drop-down ratio reached 64%. Operating income increased 14% to €180 million. Basic EPS rose 23% to €0.65, and adjusted EPS climbed 17% to €0.79.
Net debt/EBITDA falls to 2.5x on €213 million operating cash flow
Operating cash flow rose 6% to €213 million, and LTM cash conversion stood at 84%. Net debt/EBITDA declined to 2.5x, down 0.6x year on year and 0.2x quarter on quarter. Adecco is on track to reach 1.5x or lower by end-2027.
Adecco targets €75 million of additional run-rate savings by Q3 2027
The group is simplifying its organization and aligning leadership. It is bringing related services together to capture growing demand and support margin progression. The new savings come on top of the €200 million achieved over the past three years.
CEO Denis Machuel said the group is "on a positive trajectory" of growth, operating leverage and deleveraging. He added that Adecco continues to invest in technology, particularly deploying agentic AI at scale.