Adecco: Q3 2026 RESULTS Donnerstag, 12. November 2026 - 06:40
Growth momentum and operating leverage drive margin expansion and further deleveraging
Organic revenue growth of +3.7% TDA yoy; continuing growth momentum in flexible placement; permanent placement back to growth
Adecco +4.7% yoy: Americas +9%, EMEA excl. France +8% and APAC +5%
Akkodis flat yoy; LHH +1% yoy, Professional Recruitment Solutions +6%
Gross margin 18.9%, -30 bps yoy, +30 bps qoq, driven by mix and firm pricing
EBITA €213 million excl. one-offs, +10% yoy, consistent profitable growth
EBITA margin 3.6% excl. one-offs, +20 bps yoy, reflecting strong operating leverage, with productivity +5% yoy and a strong organic drop-down ratio of 64%
Operating income €180 million, +14% yoy
Basic EPS €0.65, +23% yoy; Adjusted EPS €0.79 +17% yoy
Operating cash flow of €213 million, +6% yoy; LTM cash conversion at 84%
Further deleveraging, with net debt/EBITDA at 2.5x, -0.6x yoy and -0.2x qoq; on track to achieve net debt/EBITDA ≤1.5x by end-2027
Simplifying the organization and aligning leadership to drive growth and margin progression; delivering €75 million of additional run-rate savings by Q3 2027
“We are on a positive trajectory with continued growth and strong operating leverage driving improved profitability and deleveraging. We see encouraging developments in the market with good momentum in flexible placement, and permanent placement returning to growth.
“We are taking steps to further simplify our organization, bringing related services together to most efficiently deliver the Group’s full value to clients and capture growing demand. This evolution will strengthen our operating model, support margin progression and generate an incremental €75 million in annual run-rate savings by the third quarter of 2027. This is on top of the €200 million achieved in the last three years.
“We continue to build our strong performance on rigorous execution, client proximity and ongoing investments in technology, particularly the deployment of leading-edge agentic AI at scale.”
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