Adecco Q2 Revenues Stable Margins Decline Despite Market Share Gains

Adecco Group reported a mixed second quarter in 2025 with revenues slightly down by 1% year-over-year to approximately €5.78 billion, but stable in organic terms, reflecting cautious business development amid economic concerns. The company's adjusted EBITA margin declined by 60 basis points to 2.5%, with adjusted EBITA falling 21% to €141 million, while net income remained stable at €58 million. Despite these declines, Adecco gained market share and exceeded sales expectations, with disciplined cost management and turnaround efforts in key subsidiaries like Akkodis progressing well. The group highlighted continued positive momentum into the third quarter, expecting sequential gross margin improvement consistent with seasonal trends. Adecco's CEO emphasized the company's innovative strategy, including pioneering generative and agentic AI, as a driver for ongoing performance momentum. Overall, the company outperformed in a mixed market environment, underpinned by strong cash flow and improved cost control in major markets such as France and the US.