Q4 2025 Adecco Group AG Earnings Call Transcript
Key Points
- Adecco Group AG (AHEXF) gained 245 basis points in market share relative to key competitors in 2025.
- The company achieved a strong cash conversion ratio of 102%, with operating cash flow of EUR613 million and free cash flow of EUR483 million.
- Adecco North America saw a significant turnaround with full-year revenues up 12% and EBITA margin expanding by 230 basis points.
- The group's digital strategy led to a 550 basis points improvement in fill rates year-on-year.
- Akkodis Germany restructuring resulted in EUR58 million in annual cost savings, contributing to a 5.4% EBITA margin run rate by year-end.
- Permanent placement revenues were down 6%, impacting overall gross margin.
- Adecco France experienced a 2% revenue decline, with logistics weighing on performance.
- The UK and Ireland saw a 1% revenue decline due to lower logistics and public sector demand.
- Akkodis' revenues were 1% lower, with Germany facing a 7% decline due to automotive sector headwinds.
- The group's EBITA margin was affected by a 10 basis points negative impact from FX and a 20 basis points negative impact from flexible placement.
Thank you for standing by. My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to the Adecco Group Q4 and full-year 2025 results. (Operator Instructions)
I would now like to turn the call over to Benita Barretto, Head of Investor Relations. Please go ahead.
Good morning. Thank you for joining our conference call today. I'm Benita Barretto, the group's Head of Investor Relations. And with me are the Adecco Group CEO, Denis Machuel; and CFO, Valentina Ficaio.
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 uncertainties.
With that, I will now hand over to Denis.
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