Investment Case

Why Invest in The Adecco Group

The Adecco Group is the global leader in workforce solutions. We are the largest player in the industry by revenues, with the highest profitability amongst our major competitors. We have a strong track record of cash generation and a shareholder-friendly approach to the use of our cash flow.

The world of work is changing, bringing exciting opportunities for The Adecco Group. We are responding by transforming and innovating, to drive revenue growth and capture opportunities in margin accretive activities.

We are investing in these initiatives within the context of our ongoing commitment to return a substantial portion of our cash flow to shareholders. Our dividend policy is to maintain a dividend pay-out ratio in a range of 40-50% of adjusted net earnings. We are also committed to paying at least a stable dividend compared to the previous year even if the pay-out range is temporarily exceeded, barring seriously adverse economic conditions. In addition to our annual dividend payments, at the end of each year we will review our financial position and excess cash will be returned to shareholders.

We have an experienced management team. The Executive Committee is composed of the CEO, CFO, and regional and functional heads, with a total staffing experience of more than 160 years. Our management approach combines relentless operational execution with the implementation our six strategic priorities: Professional Staffing & Solutions, Permanent Placement, Segmentation, Digital, Engagement, and Thought Leadership.

We are continuously driving performance, strengthening our operations and enhancing our competitive position. We are working with leading partners to streamline our processes and upgrade our customer-facing and back office IT. We are also acting on areas of underperformance, improving those businesses currently operating below their potential and exiting those that cannot achieve our goals.

The Adecco Group has a longstanding tradition of transparent communication and open engagement between management and investors. For further details about the company and our investment story, please contact the Investor Relations team at investor.relations@adecco.com