Adecco Group AG earnings date
Adecco Group AG (ADIA) Q3 2026 Earnings Report
DE:ADIA Q3 2026 EPS Results
- Actual EPS
- EUR 0.40
- Consensus EPS
- EUR 0.33
- Beat/Miss
- Beat by +EUR 0.07
- One Year Ago EPS
- EUR 0.35
DE:ADIA Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- EUR 6.12B
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/12/2026
- Time
- Before Open
- Conference Call
- Thursday, November 12, 2026
Adecco Group AG's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. The group reported organic revenue growth, higher EBITA and EPS, sequential gross-margin expansion, strong cash generation, continued deleveraging, broad regional growth, improving permanent placement trends and measurable AI-driven productivity gains. The main challenges were continued weakness in France, flat Akkodis revenue with softness in Australia and Germany, declines in LHH Coaching and Skilling, an organically lower gross margin and EUR 80 million of expected one-off costs. Management nevertheless expressed confidence in Q4 momentum, the organizational simplification plan and achieving the 1.5x-or-below net debt-to-EBITDA target by the end of 2027.
For Q4, the group expects positive momentum in volumes, gross margin to be slightly higher sequentially, and SG&A expenses excluding one-offs to be slightly higher sequentially in line with normal seasonality and modestly lower year-on-year as a percentage of revenues; gross margin is expected to benefit from continuation of sequential improvement in flexible placement, permanent placement and outsourcing, consulting and other, partly offset by slight FX headwinds, probably to the same amount seen in Q3. France margin is expected to improve as early as Q4, with growth coming back progressively over a few quarters, while positive momentum in permanent placement is anticipated to continue in Q4, and management expressed confidence for North America in Q4 and next year. Full run-rate SG&A savings of EUR 75 million are expected by Q3 2027, in addition to EUR 200 million in annualized G&A savings already achieved over the past 3 years, with approximately EUR 75 million of one-off costs, including approximately EUR 20 million in Q4, while the full-year one-off guidance was moved from EUR 60 million to EUR 80 million and EUR 55 million of one-off costs are expected for the vast majority in H1 next year; the group expects to reach net debt-to-EBITDA of 1.5 or below by the end of 2027.
- Group Revenue and Profit GrowthThird-quarter revenue was EUR 6 billion, up 3.7% year-on-year on an organic, trading-days-adjusted basis. Group EBITA excluding one-offs was EUR 213 million, up 10% year-on-year on an organic constant-currency basis, while the EBITA margin increased 20 basis points to 3.6%.
- Gross Margin and Operating Leverage ImprovementGross profit was EUR 1.1 billion, with a gross margin of 18.9%, improving 30 basis points sequentially. The improvement reflected business mix and firm pricing. Productivity increased 5% year-on-year, SG&A as a percentage of revenue improved 50 basis points, and the organic drop-down ratio was 64% in Q3 and 83% over the last four quarters.
- EPS GrowthBasic EPS increased 23% to EUR 0.65, while adjusted EPS increased 17% to EUR 0.79.
- Deleveraging and Financial PositionThe net debt-to-EBITDA ratio was 2.5x, down 0.6x year-on-year and 0.2x sequentially. Net debt was EUR 249 million lower than in the prior-year period, and management said it remains on track to reach 1.5x or below by the end of 2027. The group also had 82% of gross debt at fixed rates, no financial covenants and strong liquidity.
- Strong Cash GenerationLast-twelve-month cash conversion was 84%. Q3 cash flow from operating activities was EUR 213 million versus EUR 200 million in the prior-year period, free cash flow was EUR 182 million, up EUR 12 million year-on-year, and DSO remained best-in-class at 53.4 days.
- Market-Share Gains and Return to Permanent Placement GrowthManagement said the group has outperformed its main competitors over the past four years and gained around 200 basis points over the last four quarters. Permanent placement returned to growth, with gross profit up 1% organically year-on-year, while flexible placement maintained good momentum.
- Broad-Based Adecco GrowthAdecco revenue increased 4.7% year-on-year to EUR 5 billion. Flexible placement grew 5%, outsourcing grew 12% and MSP grew 14% organically, while EBITA increased 5% to EUR 190 million. The EBITA margin was 3.8%, improving 50 basis points sequentially, and direct contribution per selling FTE increased 5%.
- Regional Growth Outside FranceAdecco EMEA excluding France grew 8% year-on-year, with Italy up 4%, Iberia up 15%, DACH up 5%, the U.K. and Ireland up 8%, Northern Europe up 11%, and EEMENA up 24%. Adecco Americas grew 9%, including North America up 6% and Latin America up 13%. APAC grew 5%, led by Japan at 9% and Asia at 5%.
- North America Turnaround ProgressNorth America permanent placement increased 36%, SME revenue increased 22%, and growth was led by technology, healthcare and manufacturing. The Americas EBITA margin improved 50 basis points to 3%. Management also reported U.S. construction growth of 31%, healthcare growth of 26%, manufacturing growth of 8%, an 8% increase in gross profit per selling FTE, and a 27-basis-point improvement in gross margin.
- Permanent Placement Momentum Across RegionsGroup permanent placement grew 2%. In Adecco, automotive and mobility grew 43%, logistics grew 15%, North America grew 36%, Iberia grew 17% and APAC grew 10%. LHH permanent placement returned to growth at 5% in Q3 versus a 2% decline in Q2, with the U.S. up 8% and Italy up 21%.
- Akkodis Margin Expansion and Germany ProfitabilityAkkodis revenue was EUR 714 million and flat organically, with Consulting and Solutions up 1%. Akkodis Germany returned to profitability, while the EBITA margin improved 110 basis points year-on-year to 5.6%. Utilization improved 100 basis points sequentially to 92%, and growth was strong in aerospace and defense and in Southern Europe and Japan.
- LHH Profitability ImprovementLHH revenue rose 1% to EUR 322 million. Professional Recruitment Solutions grew 6%, Career Transition and Mobility was resilient against a tough comparable, and direct contribution per selling FTE increased by double digits. LHH EBITA increased 30% to EUR 38 million, while the EBITA margin expanded 260 basis points to 11.6%.
- AI Deployment and Efficiency GainsRecruiter agents were live in 19 countries, up from 10 in Q2. More than 80% of Adecco revenue was enabled by AI, exceeding the 70% target, and agent conversations reached more than 3.7 million year-to-date, up 66% since Q2. Candidate profiles were submitted to clients 40% faster with a 10% higher fill rate, and more than 70% of associate queries were solved by AI agents in countries where the technology was available.
- New AI Products and Scaling InitiativesAdecco launched EZRA Loop in October, combining human coaching with an AI development partner. Akkodis launched AI Factory to industrialize and scale AI solutions globally, allowing successful solutions developed in one market to be reused and adapted elsewhere. Management also said the agentic AI rollout was expanding from 42 large U.K. clients toward potentially 100 large clients and later across branches.
- Organizational Simplification and Planned SavingsFrom January 1, 2027, the group will operate through three global business lines: Workforce Solutions, Talent Transformation Solutions and Technology Solutions. Professional recruitment and RPO will move into Workforce Solutions alongside staffing, tech staffing, MSP and outsourcing. The change is expected to deliver EUR 75 million of additional run-rate SG&A savings by Q3 2027, in addition to EUR 200 million of annualized G&A savings achieved over the past three years.
- Client Wins and Portfolio SynergiesAkkodis secured a multiyear contract with a major French defense company for critical air defense systems and, together with Adecco, expanded a partnership with a global technology company in Japan for autonomous-driving testing and data collection. Management said the wins demonstrate the combined value of the group's specialized expertise and broader delivery capabilities.
- Positive Near-Term OutlookManagement said Q4 volumes continued to show positive momentum, gross margin was expected to be slightly higher sequentially, and SG&A excluding one-offs was expected to be slightly higher sequentially due to normal seasonality but modestly lower year-on-year as a percentage of revenue. Management also anticipated continued positive permanent-placement momentum in Q4.
DE:ADIA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | 0.38- | 0.4 | ― | ― |
| Nov 12, 2026 | 2026 (Q3) | 0.330.40 | 0.35 | 12.92% (+0.05) | |
| Aug 06, 2026 | 2026 (Q2) | 0.250.32 | 0.24 | 32.33% (+0.08) | |
| May 13, 2026 | 2026 (Q1) | 0.230.26 | 0.24 | 8.12% (+0.02) | |
| Feb 25, 2026 | 2025 (Q4) | 0.350.40 | 0.3 | 35.35% (+0.11) | |
| Nov 06, 2025 | 2025 (Q3) | 0.320.35 | 0.34 | 4.31% (+0.01) | |
| Aug 05, 2025 | 2025 (Q2) | 0.230.24 | 0.32 | -24.00% (-0.08) | |
| May 08, 2025 | 2025 (Q1) | -0.400.24 | 0.29 | -14.78% (-0.04) | |
| Feb 26, 2025 | 2024 (Q4) | 0.240.30 | 0.37 | -18.47% (-0.07) | |
| Nov 05, 2024 | 2024 (Q3) | 0.320.34 | 0.41 | -17.74% (-0.07) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
