Q2 2026 Adecco Group AG Earnings Call Transcript
Key Points
- Adecco Group AG (AHEXY) delivered strong organic revenue growth of 5.6% year-on-year, with continued market share gains of 160 basis points in Q2.
- The company's EBITDA excluding one-offs rose 21% year-on-year on an organic constant currency basis, with margin expansion of 30 basis points to 2.8%.
- Akodis returned to revenue growth, with EBITDA up 23% and margin improvement of 180 basis points, driven by strong aerospace and defense demand and a healthy 91% utilization rate.
- Agentic AI deployment exceeded targets, reaching 50% of Adecco revenue enabled by agents, with plans to raise to 70% by end of 2026, improving fill rates by 10% and reducing time-to-submit by 40%.
- The company made solid progress on deleveraging, reducing net debt-to-EBITDA ratio by 0.5 times year-on-year to 2.7 times, with a strong cash conversion ratio of 83%.
- Gross margin declined 20 basis points organically year-on-year, though improving sequentially from a 40 basis point drop in Q1.
- Permanent placement gross profit remained negative, down 1% year-on-year, though stabilizing from a 7% decline in Q1.
- Adecco France revenues declined 1% year-on-year, with margin pressure due to headwinds in logistics and healthcare sectors.
- Akodis Germany continued to face challenges, with revenues down 3% and further restructuring charges due to unexpected softness in automotive, impacting one-off costs.
- Q2 cash flow from operating activities was down EUR58 million year-on-year, driven by working capital absorption from revenue growth, with free cash outflow of EUR14 million.
Hello, and welcome to the Adecco Group Second Quarter 2026 Results Call. Please note that this call is being recorded. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during that time, please press star followed by one on your telephone keypad.
Thank you. I'd now like to hand the call over to Diego Tritane.
Head of Investor Relations and Portfolio Strategy. Please go ahead.
Good morning, and thank you for joining the Adecco Group's conference call today. I'm Diego Chantin, the Group's Head of Investor Relations and Portfolio Strategy.
With me are the Adecco Group's CEO, Denis Mashuel, and CFO, Valentina Ficayo.
Before we begin, please take note of the disclaimer on slide 2.
Today's presentation will reference both GAAP and non-GAAP financial results and operating metrics.
This conference call will include forward-looking statements, which are based on current assumptions and, as always, present opportunities as well as risks and
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