Adecco Posts Third-Quarter Underlying EPS of €0.65, Up 23% Year Over Year
Key Facts
Adecco Group reported on November 12, 2026, that third-quarter underlying earnings per share rose to €0.65, up 23% year over year, while adjusted earnings per share reached €0.79, up 17%. The company’s results showed revenue rising to €5.998 billion from €5.776 billion a year earlier, a reported increase of 4% and organic growth adjusted for trading days of 4%. Operating income was €180 million, exceeding analysts’ expectations of €166 million, according to Reuters. Net income attributable to shareholders also increased to €113 million from €89 million, up 27%. The results point to improving profits alongside continued revenue growth, albeit at a slower pace than in the previous quarter.
Organic revenue growth was 3.6% in the third quarter, compared with 5.6% in the second quarter, according to Reuters, despite permanent placement returning to growth. By service line, revenue from flexible placement rose 3% organically at constant currency. Revenue from outsourcing, consulting and other services increased 12%, while revenue from training, upskilling and reskilling fell 14%. The divergence highlights differing demand trends across the group’s businesses during the period. Group revenue had grown 3.4% year over year in the third quarter of 2025 and 3.0% quarter over quarter, with revenue at the Adecco unit up 4.5% and revenue at Akkodis down 3% at the time.
Reuters reported that Adecco France revenue fell 4% in the third quarter amid unfavorable market conditions, with France remaining a weak spot in the results. The chief executive said some clients that had been cautious about permanent hiring decided to proceed despite continued uncertainty. Brokerage Vontobel described the stabilization of permanent placement as “encouraging.” In a consensus published by the group on October 20, the average forecast from 12 analysts for third-quarter revenue at the Adecco unit was €5.043 billion. The forecasts provide context for comparing the unit’s performance, while the group as a whole recorded revenue of €5.998 billion for the period.
Looking ahead, management said business volume momentum would remain positive in the fourth quarter and that the gross margin was expected to edge up from the third quarter. Adecco also targets additional annual savings at a run rate of €75 million by the third quarter of 2027. These savings would be on top of the €200 million the group said it had achieved over the previous three years. The plan puts cost reduction among management’s priorities, alongside tracking business momentum and improving operating earnings. According to the company’s statement, the fourth-quarter outlook remains for positive volumes and a slight quarter-over-quarter increase in the gross margin.