Tear Sheet: Adecco Group AG

This report does not constitute a rating action. : Given the current macroeconomic landscape, we anticipate the recovery in volumes will be slower than we had initially assumed and so we have further revised downwards our base case. Our forecasts factor in some real estate proceeds, but the timing of disposals remains uncertain. Although Adecco?s dividend cut earlier this year will help reduce leverage starting in 2025, it remains uncertain whether this alone is enough to offset the drag from weaker-than-expected operating results. There continues to be significant downward pressure on the ratings in the absence of volume recovery, financial policy, and other management actions to deleverage in line with our expectations by end of 2025. . We now forecast

...July 15, 2025 This report does not constitute a rating action. Adecco's rating headroom remains limited and will depend on the trajectory of volume recovery, progress on cost improvements, and the company's financial policy and management actions: Given the current macroeconomic landscape, we anticipate the recovery in volumes will be slower than we had initially assumed and so we have further revised downwards our base case. Our forecasts factor in some real estate proceeds, but the timing of disposals remains uncertain. Although Adecco's dividend cut earlier this year will help reduce leverage starting in 2025, it remains uncertain whether this alone is enough to offset the drag from weaker-than-expected operating results. There continues to be significant downward pressure on the ratings in the absence of volume recovery, financial policy, and other management actions to deleverage in line with our expectations by end of 2025. We have lowered our forecasts for Adecco Group from fiscal...

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