Adecco : 2022 Third Quarter Results Presentation

Q3 22 report

• Business update

Denis Machuel, CEO & Coram Williams, CFO

3 November 2022

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Disclaimer & note on terminology

Forward-looking statements

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 the 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; the impact of the global outbreak of novel coronavirus disease (COVID); changes in regulation affecting 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.

Non-US GAAP measures used

'Organic growth' excludes the impact of currency, acquisitions and divestitures. This presentation refers to revenue growth yoy on an organic, trading days adjusted basis, unless otherwise stated.

This presentation refers to gross margin development yoy on an organic basis, unless otherwise stated.

'EBITA' refers to operating income before amortisation and impairment of goodwill and intangible assets. This presentation refers to EBITA, EBITA margin and yoy margin development excluding one-offs, unless otherwise stated.

'Net debt' comprises short-term and long-term debt less cash and cash equivalents and short-term investments.

'Free cash flow' comprises cash flows from operating activities less capital expenditures.

'Cash conversion' is calculated as last 4 quarters of free cash flow before interest and tax paid (FCFBIT) divided by last 4 quarters of EBITA excluding one-offs.

'Conversion ratio' is calculated as EBITA excluding one-offs divided by gross profit.

'Net debt to EBITDA' is calculated as net debt at period end divided by last 4 quarters of EBITA excluding one-offs plus depreciation.

Q3 2022 results & Business update

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Agenda

Time (CET)	Session
09:30	Q3 22 Results report - CEO, CFO
10:10	10 minute Coffee Break
10:20	Business update - CEO, CFO
11:00	Q&A
11:30	Event Ends

Q3 2022 results & Business update

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Q3 2022

Results report

Q3 22 financial overview

Revenues		Gross profit		EBITA excl. one-offs

€6,044 mn	+6% yoy1		€1,267 mn	+5% yoy1		€215 mn
+16% reported, incl. AKKA		21.0% margin	+20 bps yoy		3.6% margin	(120) bps yoy
Adj. EPS			Cash Flow			Balance Sheet
€0.90	(17)% yoy		Cash conversion	46%		Net debt / EBITDA	2.6x2

1 Organic 2 Adjusted for the acquisition of AKKA (Proforma)

Q3 2022 results

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