Second quarter 2012 HIGHLIGHTS

Gross margin up 80 bps to 17.7% and a solid EBITA margin

Second quarter 2012 HIGHLIGHTS

Revenues of EUR 5.2 billion, up 1% (-4% organically1)

Gross margin at 17.7%, up 80 bps year-on-year (+30 bps organically)

SG & A slightly below the prior year, organically and before integration and restructuring costs

EBITA2 before integration and restructuring costs at EUR 194 million

EBITA margin at 3.7%, down 20 bps year-on-year before integration and restructuring costs

Net income of EUR 113 million, down 20%

Operating cash flow of EUR 81 million in H1 2012 (EUR -30 million in H1 2011)

news

Zurich, Switzerland, August 9, 2012: Adecco Group, the world’s leading provider of Human Resources solutions, today announced results for the second quarter of 2012. Revenues were up 1% or down 4% organically, to EUR 5.2 billion. The gross margin was 17.7%, an increase of 80 bps versus the prior year and up 30 bps organically. Continued strong cost control resulted in slightly lower SG & A, on an organic basis and before integration and restructuring costs. The Q2 2012 EBITA margin before integration and restructuring costs was 3.7%, down 20 bps compared to the same quarter last year. Net income was down 20% to EUR 113 million. The Group generated operating cash flow of EUR 81 million in the first half of 2012.

Patrick De Maeseneire, CEO of the Adecco Group said:“I am pleased that our price discipline is paying off, leading to a 30 bps organic increase in the gross margin to 17.7%. At the same time, the cost base continued to be a key priority. SG & A was slightly down, on an organic basis and before restructuring and integration costs. And we achieved a solid EBITA margin of 3.7%, down 20 bps year-on-year before one-off costs. In terms of revenues, Q2 2012 was again characterised by a diverging picture geographically. Revenue growth in North America slightly accelerated to 2%. The UK also held up well as did the Emerging Markets, where we continued to see double-digit revenue growth. Our focus on profitability and optimisation of the business in France, coupled with more challenging market conditions, impacted revenue growth. Demand slowed in Germany and also further in Italy. In Japan, due to the completion of some large projects, organic growth was in negative territory. On the other hand, our outplacement and talent development business LHH returned to growth of 2% organically. We have a strong global platform for organic growth and a good business mix. Price discipline and the continued focus on cost optimisation remain key priorities for us and we are committed to our EBITA margin target of above 5.5% midterm.”