ADECCO accelerates in the fast lane!

The Swiss recruitment agency ADECCO published its 3Q25 business figures, which clearly exceeded expectations for the key figures. The annual report for 2Q25 was already better than that of its competitors; however, the sluggish economic environment prevented ADECCO from achieving even better figures. In 1Q25, revenue had still shrunk and stagnated over the summer months, but ADECCO has now returned to growth. The recruitment agency increased organically by +3.4% (expected: +2.4%). This was the first growth in six quarters. Sales rose slightly to EUR 5.78 billion (expected: EUR 5.71 billion) and adjusted operating profit at EBITDA level climbed +5% to EUR 195 million (expected: EUR 171 million), thanks to a pleasingly high level of cost discipline. Net profit fell by -10% to EUR 89m, partly due to higher taxes. In comparison with competitors such as Randstad, ADECCO always looks better this year; two weeks ago, the Dutch competitor reported negative organic growth of around -1% for 3Q25. In addition, the number of employees fell slightly again. ADECCO grew primarily with the placement of temporary workers, consulting for company relocations and career transitions. The "ADECCO division" grew thanks to the recovery in Europe (+4.5%), strong growth in the Americas (+20%) and in the Asia-Pacific region (+9%). Akkodis again saw a year-on-year decline in sales and profitability. This unit, which specializes in specialist recruitment and technology consulting, has been held back for several quarters by its German business, which is suffering from the crisis in the automotive industry. However, the restructuring of Akkodis should be completed by the end of the year.

ADECCO is still on course, even accelerating and leaving its competitors behind. Increasing confidence is spreading! If the global economy also recovers, the target price of CHF 33 could be reached quickly!