The Adecco Group notes S&P Global’s revised credit rating for the Group and reiterates its robust financial structure
S&P Global revised its credit rating of The Adecco Group to BBB from BBB+, with a stable outlook, as of November 17, 2025.
The Group acknowledges this decision and would like to highlight that:
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The Group announced its third quarter results on November 6, 2025. The Group delivered strong results across all key financial metrics, including a solid EBITA margin of 3.4 percent, up 10 basis points year-on-year and 90 basis points sequentially, and operating cash flow of EUR 200 million, up EUR 79 million year-on-year. The fourth quarter outlook confirmed the Group is on track to reach its full-year margin commitment
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This decision has limited impact on borrowing costs, at c. EUR 4 million on a full-year basis; nevertheless, the Group reiterates guidance for gross interest expense of EUR 75 million in 2025
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The Group will repay its CHF 225 million senior bond at maturity in November 2025, and is in the process of refinancing its hybrid bond, reaffirming its long-term role in the capital structure
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S&P Global acknowledges that the Group’s “financial policy continues to support investment-grade ratings, supported by ongoing deleveraging efforts”. S&P Global highlight “the Group’s high standing in the credit markets and prudent liquidity management” as well as the Group’s “exceptional” liquidity
The Adecco Group benefits from a robust financial structure with fixed interest rates on 80 percent of outstanding gross debts, no financial covenants on any of its outstanding debts, and strong liquidity resources, including a committed undrawn EUR 750 million revolving credit facility.
The updated dividend policy, announced in February 2025 alongside Full Year 2024 results, will accelerate deleveraging and increase financial flexibility. The Group remains firmly committed to bringing the net debt to EBITDA ratio to 1.5 times or below by the end of 2027, absent any major macroeconomic or geopolitical disruption.
Management will share the evolution of the Group’s strategy and detailed value creation plans at the Capital Markets Day on November 26th.
The full report is available here.
Financial calendar
- Capital Markets Day 2025 November 26, 2025, London
- Q4 & FY 2025 results February 25, 2026
About The Adecco Group:
The Adecco Group is the world’s leading talent and technology expertise company. Our purpose is making the future work for everyone. Through our three global business units - Adecco, Akkodis and LHH - across 60 countries, we enable sustainable and lifelong employability for individuals, deliver digital and engineering solutions to power the Smart Industry transformation and empower organisations to optimise their workforces. The Adecco Group leads by example and is committed to fostering sustainable employability and supporting resilient economies and communities. The Adecco Group AG is headquartered in Zurich, Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN).
Important notice about forward-looking information
Information in this release may involve guidance, expectations, beliefs, plans, intentions, or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco Group AG as of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company's forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation of temporary work; intense competition in the markets in which the Company operates; integration of acquired companies; changes in the Company's ability to attract and retain qualified internal and external personnel or clients, the potential impact of disruptions related to IT; any adverse developments in existing commercial relationships, disputes or legal and tax proceedings.
For further information please contact:
Investor Relations
investor.relations@adeccogroup.com
+41 (0)44 878 88 88
Press Office
+41 (0)44 878 87 87