Overview Key strengths Key risks Global leader of human resource (HR) solutions, with revenue of €21 billion in 2021. Macroeconomic uncertainty and poor growth across Europe and North America to weigh on Adecco's near-term operating performance. Good long-term growth prospects for the temporary staffing industry on the back of the global workforce's transition to more flexible practices. Exposure to economic cycles as talent-solution revenue is insufficient to offset cyclical declines in staffing. Diverse client base and strong geographic presence in 60 countries. Participation in highly competitive and fragmented industry with a market share of only 5%. Comfortable financial leverage, as adjusted by S&P Global Ratings, expected to drop below 2x, alongside strong, countercyclical free cash flow with low capital expenditure
