Adecco gained market share in 2025, with Group revenue growth 245 basis points ahead of key competitors, while maintaining rigorous cost discipline. In Q1 2026, CEO Denis Machuel highlighted strong execution with growth across all regions and deployment of agentic AI across new markets on their digital platform to lift fill rates and reduce time to fill. The company is executing a disciplined growth and profitability strategy supported by technology innovation.
Cyborg Score Rationale
Q1 2026 revenue of €5.65 billion was up 5.3% on an organic basis, marking the fourth quarter of growth with market share gains of 365 basis points while maintaining healthy gross margins and robust EBITA. The technology platform supports over €10 billion in revenue, with agentic AI set to cover more than 50% of Adecco GBU revenues by end of 2026. Margin expansion and AI-driven productivity gains are offsetting market headwinds.
Top Insights
Flexible placement revenue up 6% in Q1 2026 led by enterprise activity; outsourcing jumped 16% organically while permanent placement fell 7%, reflecting client demand volatility
Adecco outperforming across all regions with double-digit growth in Iberia, Nordics, North America, Latin America and Asia; Akkodis stabilizing; LHH achieved double-digit EBITA margin from Career Transition and Ezra strength
Agentic AI expected to cover 50%+ of Adecco GBU revenues by end 2026, positioning the company for operational efficiency gains ahead of competitors
2.6% EBITA margin with 94% LTM cash conversion demonstrating strong cash generation despite working capital absorption from growth
Named Competitors
Kelly Services — Staffing and workforce solutions
PageGroup — Specialist recruitment and staffing
TrueBlue — Staffing and workforce management
Quess Corporation — Staffing and human capital solutions
Newmark Group — Commercial real estate and staffing services
Recent Developments
(May 2026) Q1 2026 revenue of €5.65 billion, up 5.3% organically on trading days adjusted basis; agentic AI deployments advancing across new markets
(May 2026) Gained 365 basis points of market share vs. competitors while maintaining healthy gross margins and robust EBITA
(April 2026) Board changes announced: Tobias Knechtle, Matthias Rebellius, and Jacques Sanche proposed as new directors; Kathleen Taylor and Didier Lamouche not standing for re-election; chair Jean-Christophe Deslarzes to step down in 2027 after 12 years on board
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