Adecco : 2023 Third Quarter Results Press Release

AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

Group press release, Zurich, November 2, 2023

Q3 2023 RESULTS

Strong market share gains, improved profitability

• Revenues +3% yoy organic TDA1; Adecco +4%, led by APAC, Southern Europe & EEMENA and LatAm; Akkodis consulting +8%, and LHH Career Transition +84%
• Further strong market share gains; Adecco's relative revenue growth +930 bps
• Healthy 20.8% gross margin, -10 bps lower yoy organically, reflecting firm pricing and current business mix
• Solid 4.0% EBITA margin excl. one-offs, up +40 bps yoy
• Group productivity +6% yoy, higher in all GBUs; FTEs -4% yoy
• SG&A excl. one-offs at 17.0% of revenues, improved 50 bps yoy; €24 million yoy reduction in G&A costs
• Upgraded end-23 G&A savings run-rate to €90 million (from €60 million at Q2 results)
• Operating income €184 million, +18% yoy
• Basic EPS €0.62; Adjusted EPS €0.85

Denis Machuel, Adecco Group CEO, commented:

"In a challenging macroeconomic environment, the Group delivered good growth and a stronger relative revenue performance, with a strengthened EBITA. Adecco gained share in every region, with margin expansion delivered through pricing discipline, productivity gains and good cost control. Adecco North America showed further positive signs of turnaround progress and achieved profitability. Akkodis continued to expand its consulting business, while actively managing the significant downturn in the tech staffing market. This, combined with productivity gains and delivery on synergies, resulted in improved profitability. LHH delivered a strong margin, with very good growth in both Career Transition and Ezra.

We are steadily improving our business as we execute methodically on our Simplify-Execute-Grow plan. Together with our leadership team, I am looking forward to sharing more on our plans to further strengthen the Adecco Group's performance at our upcoming Capital Markets Day."

KEY FIGURES	Q3 23	Q3 22	CHANGE
EUR millions, unless otherwise stated			Reported	Organic
Revenues	5,958	6,044	-1%	+3%1
Gross profit	1,242	1,267	-2%	+1%
EBITA excl. one-offs2	235	215	+9%	+14%
Operating income	184	163	+13%	+18%3
Net income / (loss)4	103	108	-4%
Basic EPS	0.62	0.65	-4%
Adjusted EPS2	0.85	0.90	-6%
Gross profit margin		21.0%	-20 bps	-10 bps
20.8%
SG&A excl. one-offs2 as % of revenues	17.0%	17.5%	-50 bps
EBITA margin excl. one-offs	4.0%	3.6%	+40 bps
Cash flow from operating activities		+110	+172
+282
Cash conversion ratio2	85%	46%
Net debt/EBITDA excl. one-offs2	2.9x	2.8x

Unless otherwise noted, all growth rates in this release refer to same period in prior year. 1 On an organic and trading days adjusted basis. 2 For further details on the use of non-GAAP measures in this release, please refer to the 2022 Annual Report. 3 In constant currency terms. 4 Attributable to Adecco Group shareholders.

Q3 2023 Results

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Q3 FINANCIAL PERFORMANCE

1. EVENUES

Third quarter revenues of EUR 5,958 million were up 3 percent on an organic, TDA basis (up 2 percent organic,

1 percent lower reported). Currency translation had a net negative impact of approximately 300 basis points and working days a net negative impact of approximately 100 basis points.

At the Global Business Unit level, organically and TDA, Adecco revenues were up 4 percent (flat reported), Akkodis revenues were 3 percent lower (8 percent lower reported), and LHH revenues were 2 percent higher (4 percent lower reported).

By service line, growth was led by Career Transition, for whom revenues were up 87 percent organically (80 percent reported), while Outsourcing, Consulting & Other Services grew 6 percent (3 percent reported). Flexible Placement revenues were up 1 percent (2 percent lower reported), Permanent Placement revenues were 26 percent lower

(28 percent lower reported), and Training, Up-skilling & Re-skilling services revenues were 9 percent lower (12 percent lower reported).

Q3 REVENUES (% CHANGE YEAR-ON-YEAR)
Group, by growth	Group, by Global Business	Group, by Service Line
driver		Unit
			Reported	Organic,		Reported	Organic
				TDA
Organic, TDA	+3	Adecco	0	+4	Flexible Placement	-2	+1
TDA	-1	Akkodis	-8	-3	Permanent Placement	-28	-26
Currency	-3	LHH	-4	+2	Career Transition	+80	+87
M&A	0				Outsourcing, Consulting	+3	+6
			& Other Services
					Training, Up-skilling &	-12	-9
					Re-skilling
Group	-1	Group	-1	+3	Group	-1	+2

GROSS PROFIT

In the third quarter period, gross profit reached EUR 1,242 million, up 1 percent organically (2 percent lower reported). Gross margin, at 20.8 percent, was healthy, 10 basis points lower on an organic basis and 20 basis points lower on a reported basis, reflecting firm pricing discipline and current sector and services mix. Currency effects had a 10 basis points negative impact.

By service line, on an organic basis, margin expanded 100 basis points in Career Transition and 10 basis points in Outsourcing, Consulting & Other services. In Permanent Placement the margin was 70 basis points lower, in Flexible Placement 30 basis points lower, and in Training, Up-skilling & Re-skilling 20 basis points lower.

SELLING, GENERAL & ADMINISTRATIVE EXPENSES (SG&A)

SG&A excluding one-offs was EUR 1,010 million, 1 percent lower organically (5 percent reported), and 5 percent lower sequentially. As a percentage of revenues, SG&A excluding one-offs was at 17.0 percent, an improvement of 50 basis points, and 70 basis points sequentially.

Q3 2023 Results

3

Full-time Employees ("FTEs") reduced 4 percent to 37,664, and 2 percent sequentially. Group productivity, in terms of gross profit per FTE, rose 6 percent, improving in all GBUs. On a sequential basis, Group productivity was 3 percent higher.

As part of its ongoing G&A savings plan, the Group delivered a €24 million reduction in G&A costs in the quarter relative to the prior year period.

EBITA

EBITA excluding one-offs was EUR 235 million, compared to EUR 215 million in the prior year period.

The EBITA margin excluding one-offs was 4.0 percent, up 40 basis points. Income from the FESCO JV was EUR 4 million this quarter, from EUR 6 million in the prior year period.

One-off costs were EUR 27 million, compared to EUR 23 million in the prior year period, reflecting restructuring charges from actions taken to secure targeted G&A savings and AKKA integration and related costs.

AMORTISATION OF INTANGIBLES

Amortisation of intangible assets was EUR 24 million in the quarter, from EUR 28 million in the prior year period.

OPERATING INCOME

The Group generated an operating income of EUR 184 million, 18 percent higher in constant currency terms, due to the aforementioned items.

NET INCOME AND EPS

Net income attributable to Adecco Group shareholders was EUR 103 million, compared to 108 million in the prior year period. The result reflects interest expense of EUR 17 million, compared to EUR 12 million in the prior year period, other income/expenses, net of negative EUR 5 million, compared to negative EUR 7 million in the prior year period, and net income attributable to noncontrolling interests of EUR 1 million, from EUR 2 million in the prior year period. Income taxes amounted to EUR 58 million, including EUR 14 million of non-cash items mainly related to true-ups on deferred tax assets in France and Germany.

Basic EPS was EUR 0.62, compared to the prior year period's EUR 0.65. Adjusted EPS, which is the Group's net income excluding a total EUR 40 million for amortisation of intangibles, one-off costs, and associated tax effects, divided by basic weighted-average shares outstanding, was EUR 0.85, compared to the prior year period's EUR 0.90.

CASH FLOW AND NET DEBT

Cash flow from operating activities was EUR 282 million in the quarter, compared to EUR 110 million in the prior year period. Cash flow was positively impacted by the timing of working capital, with favourable payables and tax balances and supportive customer collections. DSO was 54 days, improved by one day year-on-year. The rolling last four quarters cash conversion ratio was 85 percent, up sequentially and a strong result during a period of growth and transformation.

Net debt was EUR 2,817 million at end Q3 23. The Net Debt to EBITDA ratio, excluding one-offs was 2.9x, below the 3.2x ratio of Q2 23. The Group reiterates its firm commitment to decrease leverage going forward.

As a reminder, the Adecco Group issued EUR 1,500 million of senior and subordinated debt in H2 2021 at attractive terms to finance AKKA's acquisition. In addition, the Group has a solid financial structure, with fixed interest rates on 79 percent of its outstanding gross debts, no financial covenants on any of its outstanding debts, a well-balanced bond maturity profile and strong liquidity including an undrawn EUR 750 million revolving credit facility. In addition, the company has no bonds maturing until end 2024.

Q3 2023 Results

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GLOBAL BUSINESS UNIT RESULTS

Unless otherwise noted, all growth rates in this section refer to the same period in the prior year, with revenues stated on an organic and trading days adjusted (TDA) basis, and EBITA or EBITA margins stated excluding one-offs.

ADECCO

EUR millions, unless otherwise stated			Revenues		EBITA margin excl. one-offs
		Q3 23	Q3 22	CHANGE (% yoy)	Q3 23	CHANGE
				Reported	Organic, TDA		(bps, yoy)
Adecco	4,618	4,608	0	+4	4.1%	(10)
France	1,249	1,293	-3	-2	5.0%	+10
Northern Europe	595	623	-5	-1	2.0%	(130)
DACH	434	413	+5	+6	4.2%	(210)
Southern Europe & EEMENA	1,079	1,008	+7	+9	5.7%	+10
Americas	678	738	-8	+1	1.4%	+110
APAC	583	533	+9	+21	4.6%	0

2022 results restated due to the transfer of part of AKKA's US operations to Adecco Americas (Adecco US), effective Jan 1, 2023

Adecco delivered very strong relative revenue growth of +930 basis points in the period, taking market share versus key competitors across all regions and for the fifth consecutive quarter.

Revenues grew 4 percent in the third quarter. Revenue growth was strong in APAC and Southern Europe & EEMENA, and solid in DACH. Results from the Americas were robust, while revenues in Northern Europe and France were soft.

Flexible Placement revenues were 2 percent higher organically, underpinned by resilient volumes. Revenues were very strong in Outsourcing, up 12 percent organically. In Permanent Placement, revenues were 2 percent lower organically. On a sector basis, autos, public sector and logistics were strong, manufacturing was robust, while IT Tech was weak.

Gross margin was healthy if slightly below prior year levels, with good pricing discipline, underpinned by continued talent scarcity, outweighed by current sector and services mix.

The EBITA margin, at 4.1 percent, reflects gross margin developments, G&A savings and improved productivity. Gross profit per selling FTE, rose 5 percent, reaching 2021 levels, while Selling FTEs reduced 3 percent.

SEGMENT RESULTS

ADECCO FRANCE

• Revenues were 2 percent lower, reflecting a subdued market backdrop. On an end-market basis, construction, healthcare, and autos were strong, while IT Tech and retail were weak.
• The EBITA margin of 5.0 percent reflects lower volumes and positive timing impacts on social charges.

ADECCO NORTHERN EUROPE

• Revenues from UK & Ireland were up 1 percent, reflecting recent contract wins. Revenues were 10 percent lower in the Nordics, impacted by new construction regulations. In Benelux, revenues were flat. The region's growth outpaced the market. Strong growth in autos and public services was outweighed by challenging dynamics in IT Tech, financial services, and consulting.
• The EBITA margin of 2.0 percent mainly reflects lower volumes and adverse client mix, partly mitigated by solid pricing and right-sizing, including an approximately 10 percent reduction in headcount.

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ADECCO DACH

• Revenues in Germany were up 10 percent, outperforming the market. Both Flexible Placement and Permanent Placement were strong, In Switzerland & Austria revenues were 1 percent lower, performing well against a tough market backdrop. Across the region, growth was generated mainly by autos, logistics and professional services.
• The EBITA margin of 4.2 percent mainly reflects current sector mix and headcount investments.

ADECCO SOUTHERN EUROPE & EEMENA

• Revenue growth was strong, with Italy up 7 percent, Iberia up 11 percent and EEMENA up 12 percent. All segments gained market share. Flexible Placement growth was strong while Permanent Placement was robust. In sector terms, growth was broad-based, led by logistics and autos.
• The EBITA margin of 5.7 percent mainly reflects current client mix, solid pricing and good cost discipline.

ADECCO AMERICAS

• Latin America revenues grew 23 percent, led by Argentina and Mexico. The region delivered good growth in Flexible Placement and strong growth in Outsourcing. Logistics, IT Tech and healthcare were strong.
• In North America, revenues were 8 percent lower, outperforming a challenging market. Autos and consumer goods were solid, while IT Tech and financial services were subdued.
• The EBITA margin improved 110 basis points to 1.4 percent. US operations returned to profitability, supported by right-sizing of headcount and other G&A savings.

ADECCO APAC

• Revenue growth was very strong across the region, with Japan up 13 percent, Asia up 9 percent, and India up 19 percent. In Australia & New Zealand, revenues were 73% higher, boosted by a significant new government contract. Both flexible placement and outsourcing activities were very strong. End-market growth was broad- based, with public sector and retail performing notably well.
• The EBITA margin of 4.6 percent was flat.

AKKODIS

EUR millions,			Revenues		EBITA margin excl. one-offs
unless otherwise stated
Q3 23	Q3 22	CHANGE (% yoy)	Q3 23	CHANGE
			Reported	Organic, TDA		(bps, yoy)
Akkodis	897	974	-8	-3	6.2%	+50
North EMEA				0
South EMEA				+8
North America				-16
Akkodis APAC				+4

Akkodis 2022 results restated due to the transfer of part of AKKA's US operations to Adecco effective Jan 1, 2023

Akkodis' revenues were 3 percent lower (8 percent lower reported), challenged by a sharp reduction in tech sector activity. Tech staffing revenues were 19 percent lower organically, while consulting revenues continued to be strong, growing 8 percent organically.

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By segment:

• North EMEA revenues were flat. Germany was 1 percent higher, despite ongoing talent scarcity. Data Respons was up 2 percent, reflecting a strong comparative.
• South EMEA revenues were up 8 percent. Revenues in France were up 9 percent, led by aerospace.
• North America revenues were 16 percent lower, impacted by a sharp downturn in staffing activity for tech talent, particularly in permanent placement. Consulting was strong, with revenues up 24 percent. Relative to competitors, business performance was solid.
• APAC revenues rose 4 percent. Strong growth in Japan, where revenues rose 9 percent, was partly offset by revenues in Australia, down 7 percent, reflecting headwinds in tech staffing markets.

Akkodis' EBITA margin expanded 50 basis points, reflecting strong synergy delivery and agile management of staffing activities, with North America delivering a 55 percent recovery ratio in the quarter. The GBU's productivity, in terms of gross profit per FTE, rose 3 percent.

Total synergies secured for 2023, in EBITA terms, are projected at approximately EUR 59 million, which compares favourably to targeted in-year synergies of EUR 50-55 million.

LHH

EUR millions,			Revenues		EBITA margin excl. one-offs
unless otherwise stated
	Q3 23	Q3 22	CHANGE (% yoy)	Q3 23	CHANGE
				Reported	Organic, TDA		(bps, yoy)
LHH	443	462	-4	+2	8.0%	+430
Recruitment Solutions				-18
Career Transition & Mobility				+84
Learning & Development				-21
Pontoon & Other				-1

Revenues in LHH were 2 percent higher (4 percent lower reported) in the third quarter. By segment:

• Recruitment Solutions revenues were 18 percent lower, reflecting subdued market activity, particularly in the US and UK, and across both permanent and flexible professional placement.
• Performance in Career Transition & Mobility was excellent. Revenues rose 84 percent, led by the US. The segment continued to win new clients world-wide, particularly among SMEs. Its pipeline is solid.
• Learning & Development revenues were 21 percent lower, with General Assembly and Talent Development challenged by continued headwinds in their end-markets. Ezra performed well, with revenues up 34 percent. Its pipeline is strong.
• In Pontoon & Other, revenues in Pontoon were 4 percent higher, while revenues in Hired were subdued. Both units were challenged by the tech sector downturn.

The EBITA margin, up 430 basis points, benefited from segment mix, mainly higher volumes in Career Transition & Mobility, and firm cost discipline. In Recruitment Solutions, management is strengthening operational discipline while protecting capacity in order to capture a market recovery.

Outlook

The Group exited the quarter with growth consistent with Q3 levels, and volumes in October were resilient. The diversity of the Group's activities and geographic footprint provide opportunities for profitable growth and market share gain, while recognising elevated geopolitical and macroeconomic pressures. It expects Q4's gross margin and SG&A expenses as a percentage of revenues to be around Q3 23 levels.

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More information

The Q3 2023 results press release is available on the Investor Relations website.The Q3 2023 results presentation will be available at 09:00 a.m. CET. A live webcast for analysts and investors is scheduled today, November 2, starting at 09:30 a.m. CET (08:30 a.m. GMT). The webcast can be followed via the Investor Relations section of the Group's website.

Questions from analysts and investors can be made by telephone: UK/Global [phone]; USA [phone]; Switzerland [phone]. Once joined via telephone, please press * and 1 to enter the queue. Please registerat least 10 minutes prior to the start of the presentation. A replay will be made available after the event and can be accessed at any time on our website.

Financial calendar

•	Capital Markets Day	7 November 2023
•	Q4 2023 results	29 February 2024

ABOUT THE ADECCO GROUP

The Adecco Group is the world's leading talent 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 an inclusive culture, 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 the date 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.

Zurich, November 2, 2023 Denis Machuel, CEO

For further information please contact:
[e-mail]	[e-mail]
[phone]	[phone]

Q3 2023 Results

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Revenues by segment

Revenues by segment		Q3				Variance % 23 vs 22		% of revenues	9M				Variance % 23 vs 22		% of revenues
EUR millions		2023		2022		EUR	Constant	Organic	Organic		Q3 2023		2023		2022		EUR	Constant	Organic	Organic		9M 2023
		currency	TDA					currency	TDA
Adecco France
1,249		1,293	-3%	-3%	-3%	-2%		21%		3,698		3,691	0%	0%	0%	0%		21%
Adecco Northern Europe	595		623	-5%	-2%	-2%	-1%		10%		1,765		1,824	-3%	0%	0%	0%		10%
Adecco DACH	434		413	5%	4%	4%	6%		7%		1,245		1,153	8%	7%	7%	8%		7%
Adecco Southern Europe & EEMENA	1,079		1,008	7%	8%	8%	9%		18%		3,225		3,012	7%	7%	7%	7%		18%
Adecco Americas 1)	678		738	-8%	-1%	-1%	1%		12%		2,036		2,086	-2%	1%	0%	0%		11%
Adecco APAC	583		533	9%	21%	21%	21%		10%		1,700		1,596	7%	14%	14%	14%		10%
Adecco	4,618		4,608	0%	3%	3%	4%		78%		13,669		13,362	2%	4%	4%	4%		77%
Akkodis 1)	897		974	-8%	-4%	-4%	-3%		15%		2,805		2,666	5%	7%	0%	0%		15%
LHH	443		462	-4%	0%	0%	2%		7%		1,374		1,400	-2%	-1%	-1%	0%		8%
Adecco Group	5,958		6,044	-1%	2%	2%	3%		100%		17,848		17,428	2%	4%	3%	3%		100%

1) In 2023, part of Akka's US operations are reported in Adecco Americas. The 2022 information has been restated to conform with current period presentation.

Revenues by service line

Revenues by service line	Q3			Variance % 23 vs 22
EUR millions	2023		2022		EUR	Constant	Organic
		currency
Flexible Placement		4,530		4,633	-2%	1%	1%
Permanent Placement		141		197	-28%	-26%	-26%
Career Transition		125		70	80%	87%	87%
Outsourcing, Consulting & Other Services		1,086		1,057	3%	6%	6%
Training, Up-skilling & Re-skilling		76		87	-12%	-9%	-9%
Adecco Group		5,958		6,044	-1%	2%	2%

9M			Variance % 23 vs 22
2023		2022		EUR	Constant	Organic
		currency
13,450		13,399	0%	2%	2%
528		603	-12%	-11%	-11%
371		206	80%	82%	82%
3,243		2,953	10%	12%	5%
256		267	-4%	-3%	-3%
17,848		17,428	2%	4%	3%

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EBITA1) and EBITA margin excluding one-offs by segment

EBITA	Q3			Variance % 23 vs 22		% of EBITA2)		9M			Variance % 23 vs 22		% of EBITA2)
EUR millions	2023		2022		EUR	Constant	Q3 2023		2023		2022		EUR	Constant	9M 2023
		currency				currency
								22%		160		161	-1%
Adecco France	62		63	-3%	-3%				-1%		21%
Adecco Northern Europe	12		21	-42%	-41%		4%		31		43	-28%	-25%		4%
Adecco DACH	18		26	-29%	-30%		6%		26		40	-37%	-37%		3%
Adecco Southern Europe & EEMENA	61		56	8%	9%		22%		182		165	10%	11%		24%
Adecco Americas 3)	9		2	332%	839%		3%		16		16	-1%	22%		2%
Adecco APAC	27		25	10%	20%		10%		90		89	1%	7%		12%
Adecco	189		193	-2%	0%		67%		505		514	-2%	0%		66%
Akkodis 3)	56		56	1%	5%		20%		152		168	-9%	-7%		20%
LHH	35		18	105%	118%		13%		103		83	25%	25%		14%
Corporate	(45)		(52)	-11%	-12%				(157)		(160)	-1%	-4%
								100%		603		605	0%	3%		100%
Adecco Group	235		215	9%	14%
										9M
	Q3
EBITA margin	2023		2022		Variance					2023		2022		Variance
		bps							bps
Adecco France	5.0%		4.9%	10					4.3%		4.4%	(10)
Adecco Northern Europe	2.0%		3.3%	(130)					1.7%		2.3%	(60)
Adecco DACH	4.2%		6.3%	(210)					2.1%		3.5%	(140)
Adecco Southern Europe & EEMENA	5.7%		5.6%	10					5.7%		5.5%	20
Adecco Americas 3)	1.4%		0.3%	110					0.8%		0.8%	-
Adecco APAC	4.6%		4.6%	-					5.3%		5.5%	(20)
Adecco	4.1%		4.2%	(10)					3.7%		3.9%	(20)
Akkodis 3)	6.2%		5.7%	50					5.4%		6.3%	(90)
LHH	8.0%		3.7%	430					7.5%		5.9%	160
Adecco Group	4.0%		3.6%	40					3.4%		3.5%	(10)

1. EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.
2. % of EBITA before Corporate
3. In 2023, part of Akka's US operations are reported in Adecco Americas. The 2022 information has been restated to conform with current period presentation.

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EBITA1) and EBITA margin by segment

EBITA	Q3			Variance % 23 vs 22		% of EBITA2)		9M			Variance % 23 vs 22		% of EBITA2)
EUR millions	2023		2022		EUR	Constant	Q3 2023		2023		2022		EUR	Constant	9M 2023
		currency				currency
Adecco France		60		62	-5%	-5%
			23%		157		160	-2%	-2%		23%
Adecco Northern Europe		10		20	-49%	-48%		4%		26		42	-38%	-36%		4%
Adecco DACH		18		26	-30%	-31%		7%		25		47	-47%	-48%		3%
Adecco Southern Europe & EEMENA		59		56	6%	6%		23%		178		165	8%	8%		26%
Adecco Americas 3)		6		-		n.m.	-434%		2%		4		13	-69%	-59%		1%
Adecco APAC		27		25	9%	19%		11%		89		89	0%	6%		12%
Adecco		180		189	-5%	-3%		70%		479		516	-7%	-5%		69%
Akkodis 3)			45
		52	-12%	-8%		18%		125		162	-22%	-20%		18%
LHH			32		15	115%	131%		12%		87		60	45%	45%		13%
Corporate			(49)		(64)	-23%	-24%				(166)		(216)	-23%	-25%
Adecco Group		208		192	9%	13%		100%		525		522	1%	5%		100%
				Q3								9M
EBITA margin			2023		2022		Variance					2023		2022		Variance
			bps							bps
Adecco France		4.8%		4.9%	(10)					4.2%		4.3%	(10)
Adecco Northern Europe		1.7%		3.3%	(160)					1.5%		2.3%	(80)
Adecco DACH		4.2%		6.3%	(210)					2.0%		4.1%	(210)
Adecco Southern Europe & EEMENA		5.5%		5.6%	(10)					5.5%		5.5%	-
Adecco Americas 3)		0.8%		-0.1%	90					0.2%		0.6%	(40)
Adecco APAC		4.5%		4.6%	(10)					5.2%		5.5%	(30)
Adecco		3.9%		4.1%	(20)					3.5%		3.9%	(40)
Akkodis 3)		5.1%		5.3%	(20)					4.5%		6.1%	(160)
LHH			7.1%		3.2%	390					6.3%		4.3%	200
Adecco Group		3.5%		3.2%	30					2.9%		3.0%	(10)

1. EBITA is a non-US GAAP measure and refers to operating income before amortisation and impairment of goodwill and intangible assets.
2. % of EBITA before Corporate
3. In 2023, part of Akka's US operations are reported in Adecco Americas. The 2022 information has been restated to conform with current period presentation.

Reconciliation of EBITA to EBITA excluding one-offs

EBITA	EBITA excluding one-offs		One-offs		EBITA		EBITA excluding one-offs		One-offs		EBITA
EUR millions	Q3 2023	Q3 2022	Q3 2023	Q3 2022	Q3 2023	Q3 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Adecco France	62	63			(2)	(1)			60	62		160	161			(3)	(1)			157	160
Adecco Northern Europe	12	21			(2)	(1)			10	20		31	43			(5)	(1)			26	42
Adecco DACH 1)	18	26			-	-			18	26		26	40			(1)	7			25	47
Adecco Southern Europe & EEMENA	61	56			(2)	-			59	56		182	165			(4)	-			178	165
Adecco Americas 2)	9	2			(3)	(2)			6	-		16	16			(12)	(3)			4	13
Adecco APAC	27	25			-	-			27	25		90	89			(1)	-			89	89
Adecco	189	193			(9)	(4)			180	189		505	514			(26)	2			479	516
Akkodis 2)	56	56			(11)	(4)			45	52		152	168			(27)	(6)			125	162
LHH	35	18			(3)	(3)			32	15		103	83			(16)	(23)			87	60
Corporate	(45)	(52)			(4)	(12)			(49)	(64)		(157)	(160)			(9)	(56)			(166)	(216)
Adecco Group		235	215			(27)	(23)			208	192		603	605			(78)	(83)			525	522

1) 9M 2022 one-offs in Adecco DACH include the release of restructuring accruals in Germany, driven by lower-than-expected severance costs. 2) In 2023, part of Akka's US operations are reported in Adecco Americas. The 2022 information has been restated to conform with current period presentation.