Adecco Q1 Margin Miss Fuels 13% Drop

Adecco shares fell over 13% after Q1 2026 results showed revenue €5.66bn (+2% YoY) but gross margin slipped to 18.8%, missing estimates.
Adjusted EBITA rose 12% to €148m, aided by €20m income from Fesco JV, yet underlying EBITA was ~7% below consensus.
SG&A expenses were €935m flat YoY, cash flow from operations showed €178m outflow, widening from €144m a year earlier and missing forecasts.
For Q2, Adecco expects marginally lower gross margin and slightly higher SG&A, implying mid‑single‑digit EBIT shortfall and ~7% EPS downgrade versus consensus.