This report does not constitute a rating action. Overview Key strengths Key risks Global leader in human resource (HR) solutions, with revenue of €23 billion in fiscal 2025. Macroeconomic uncertainties in Europe and North America to weigh on operating performance over the next 12 months. Solid long-term growth prospects for temporary staffing on the back of the global workforce's transition to more flexible practices, with diversification into permanent, outsourcing, consulting, and other services. Exposure to economic cycles, given talent-solution revenue doesn’t fully offset cyclical declines in staffing. Diverse client base and strong geographic presence in about 60 countries. Tight headroom in credit metrics due to the tough macroeconomic and employment environment, although we expect leverage to trend toward at least
