Adecco Shareholders Bet on Equity With 53% Scrip Dividend Take-Up

By Matthew Richardson

ZURICH, Switzerland – May 05, 2026 – The Adecco Group today revealed a significant vote of confidence from its investors, announcing that 53.01% of its 2025 dividend will be paid in new company shares rather than cash. The decision allows the global talent and technology firm to retain approximately CHF 79 million, providing a strategic injection of capital as it pursues ambitious goals for deleveraging and technological investment.

This high take-up rate for the scrip dividend option, which was offered to shareholders following the Annual General Meeting on April 15, will result in the issuance of 5,268,324 new shares. The remaining 46.99% of the dividend will be paid in cash, with both the new shares and cash payments scheduled for May 7, 2026.

In a statement, Adecco Group CEO Denis Machuel lauded the outcome. "We are pleased with the take-up of our scrip dividend and thank our shareholders for their partnership and support of the Group's strategy," he commented. Machuel emphasized the company's focus on a dual mandate: "delivering attractive returns to our shareholders while retaining financial flexibility to invest in our competitive differentiators and prioritize deleveraging."

A Calculated Choice for Growth

The strong preference for equity over cash highlights a belief among a majority of shareholders in Adecco's long-term trajectory. Investors who opted for the scrip dividend were incentivized by an issue price of CHF 16.94 per new share, representing a 6.0% discount to the reference share price of CHF 18.02. This reference price was calculated as the volume-weighted average price of Adecco shares on the SIX Swiss Exchange from late April to early May.

While the issuance of over 5.2 million new shares will introduce a modest dilution effect of approximately 3.14% for existing shareholders, the move is being interpreted as a strategic maneuver to fortify the company's financial position without tapping external capital markets. This approach reflects a careful balancing act, rewarding investors while simultaneously preserving cash for internal use.

The decision comes after a period of recalibration for Adecco's dividend policy. The company had previously adjusted its dividend for the 2024 and 2025 fiscal years, citing macroeconomic headwinds and a strategic need to strengthen its balance sheet. By offering a scrip option, Adecco provided a compelling alternative for income-focused investors to reinvest in the company's future at an attractive price point, signaling a shared commitment to its growth narrative.

Bolstering the Balance Sheet for a Tech-Forward Future

The CHF 79 million in retained cash is a crucial component of Adecco's broader financial strategy. The company has been transparent about its primary goals: reducing debt and funding a significant business transformation. At the end of the first quarter, Adecco's net debt stood at €2.54 billion, with a net debt-to-EBITDA ratio of 2.7x. The firm has set a clear target to bring this ratio down to 1.5x or below by the end of 2027.

The capital preserved through the scrip dividend provides direct support for this deleveraging effort. By retaining earnings that would have otherwise been distributed, Adecco lessens its reliance on cash flow from operations to pay down debt, freeing up resources for critical investments. This financial prudence is particularly important as the company navigates a complex global economic environment and positions itself for leadership in the evolving world of work.

This financial flexibility is essential for fueling Adecco's strategic pivot. The company is actively shifting its business mix away from traditional general staffing and towards higher-margin, specialized services. This includes significant investments in its three global business units: Adecco, Akkodis (its high-tech engineering and digital solutions arm), and LHH (which focuses on career transition and talent development).

Investing in the Future of Work

The dividend strategy is inextricably linked to Adecco's operational transformation. The retained capital is not merely for shoring up the balance sheet; it is the fuel for future-proofing the entire organization. A key focus is the expansion of Akkodis, which is at the forefront of powering the Smart Industry transformation with its digital and engineering expertise.

Furthermore, Adecco is making substantial investments in technology and artificial intelligence to enhance its service offerings and internal efficiencies. The company has been vocal about its commitment to pioneering human-centric AI to augment its workforce solutions and improve the customer experience. This includes a recently announced partnership with Salesforce to develop integrated human and AI agent capabilities, a move that positions Adecco at the cutting edge of the HR tech revolution.

By directing capital towards these high-growth areas, Adecco aims to improve its profitability, targeting an EBITA margin corridor of 3-6% through the economic cycle. The success of this strategy hinges on the company's ability to continuously invest in its platforms, delivery hubs, and digital staffing solutions. The strong shareholder support for the scrip dividend indicates that investors understand and endorse this long-term vision.

With the dividend terms now finalized, all eyes will turn to the company's upcoming first-quarter results, scheduled for release on May 13, 2026. This report will provide the first concrete data points of the year, offering investors and analysts a clearer picture of Adecco's revenue growth, margin performance, and progress on its strategic initiatives. The positive reception of the scrip dividend provides a supportive backdrop, but the forthcoming financial results will be the next critical test of the company's path forward.