STRONG PERFORMANCE IN Q3 2015 CONTINUED STEADY REVENUE GROWTH WITH ANOTHER QUARTER OF GOOD MARGIN EXPANSION

• Revenues up 4% organically [1]




• Gross margin 19.0%; gross profit up 5% organically




• SG&A excluding one-offs [2] up 2% organically




• EBITA margin excluding one-offs 5.8%, up 40 bps




• EBITA [3] excluding one-offs EUR 329 million, up 12% organically




• Impairment of goodwill of EUR 740 million resulting in operating loss of EUR 425 million; impairment charge is non-cash with no impact on dividend policy




• 2015 EBITA margin excluding one-time items expected to be strong at approximately 5.2%, but below the target of >5.5%, as organic revenue growth is steady but not accelerating




• For 2016, Adecco anticipates a continuation of current organic revenue growth trends and an EBITA margin similar to the EBITA margin excluding one-offs now expected in 2015

[1] Organic growth is a non-US GAAP measure and excludes the impact of currency, acquisitions and divestitures.

[2] One-offs comprise integration costs of EUR 3 million in Q3 2015 and restructuring costs in North America of EUR 5 million in Q3 2014.

[3] EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.