Switzerland's Adecco Q2 organic revenue rises

Adecco AG

06/08/2026 05:49

Overview
Switzerland staffing firm's Q2 organic revenue up 5.6% yr/yr, led by Americas and APAC
Gross margin at 18.6%, down 30 bps yr/yr, but improved sequentially
Q2 EBITA margin excluding one-offs rose 30 bps yr/yr to 2.8%

Outlook
Adecco targets net debt/EBITDA at or below 1.5x by 2027, absent major disruptions
Company raises ambition for agent-enabled productivity coverage to 70% by end of yr
Adecco expects continued focus on technology-enabled productivity to drive performance

Result Drivers
REGIONAL GROWTH - Americas and APAC led organic revenue growth, with Europe also improving sequentially
OPERATING LEVERAGE - Margin improvement attributed to strong operating leverage and disciplined capacity management
PRODUCTIVITY GAINS - Direct contribution per selling FTE rose 6% year-on-year, while selling FTEs were 2% lower

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
EUR 6 bln
 
Q2 Gross Margin
 
18.60%
 
Q2 Adjusted EBITA Margin
 
2.80%
 
Q2 Basic EPS
 
EUR 0.28
 
Q2 Operating Income
 
EUR 109 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and 7 "sell" or "strong sell"
The average consensus recommendation for the employment services peer group is "buy."
Wall Street's median 12-month price target for Adecco Group AG is CHF23.00, about 1.8% below its August 5 closing price of CHF23.42
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 7 three months ago

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Aug 5 - Barrett Business Q2 revenue slightly misses estimates on softness in client hiring 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)