Cash Flow Statement

Operating Cash Flow

+76%

-33%

10Y

Currency: EUR

	Dec-2001	Mar-2002	Jun-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Jan-2005	Apr-2005	Jul-2005	Oct-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	(283)	(96)	44	256	252	270	374	305	271	280	278	332	365	370	387	453	490	525	570	611	644	731	797	743	748	740	678	499	384	23	(55)	8	42	286	325	424	468	512	528	520	531	503	476	378	333	346	419	558	602	621	629	640	690	723	11	10	(6)	6	693	725	757	759	709	790	744	722	868	460	462	451	361	728	247	110	10	(97)	375	499	553	588	558	488	464	345	343	330	324	327	308	303	298	303	290	289	279
Depreciation & Amortization	861	657	455	156	157	147	183	142	132	132	131	120	116	111	109	109	108	107	107	106	107	107	111	116	121	126	126	128	130	133	128	123	123	124	135	142	146	147	147	144	148	152	153	155	150	146	143	143	139	135	132	129	129	130	133	135	133	130	125	119	115	113	109	109	111	117	128	138	147	150	154	171	185	200	209	209	206	199	194	186	188	217	239	270	286	278	272	257	254	253	253	244	236	224	215
Change in Deffered Taxes	(56)	0	0	(36)	0	0	0	65	0	0	0	(3)	0	0	0	14	0	0	0	(66)	0	0	0	(37)	0	0	0	33	0	0	0	(76)	0	0	0	5	0	0	0	(52)	0	0	0	30	0	0	0	38	0	0	0	(10)	0	0	0	29	0	0	0	38	0	0	0	(168)	0	0	(168)	(25)	0	0	0	(54)	0	0	0	(12)	0	0	0	(39)	0	0	0	(78)	0	0	0	(25)	0	0	0	(58)	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6	0	0	0	3	0	0	0	0	0	0	0	1	0	0	0	5	0	0	0	12	0	0	0	14	0	0	0	13	0	0	0	15	0	0	0	21	0	0	0	12	0	0	0	14	0	0	0	12	0	0	0	12	0	0	0	16	0	0	0	21	0	0	0	23	0	0	0	20	0	0	0	20	0	0	0
Other Non-Cash Items	52	43	51	115	113	107	120	78	83	124	132	93	95	59	51	7	8	5	7	36	35	26	37	37	44	51	89	192	197	365	301	206	145	(12)	18	42	41	27	16	47	2	5	29	52	75	77	46	36	88	82	88	31	17	17	764	795	0	785	65	(11)	2	6	51	176	162	159	(53)	238	253	244	390	(111)	306	310	285	469	26	25	102	67	71	56	(10)	25	36	68	70	67	0	36	(29)	43	45	70	129
Cash Taxes Paid	172	0	116	175	0	0	0	134	0	0	0	117	0	0	0	169	0	0	0	185	0	0	0	279	0	0	0	273	0	0	0	96	0	0	0	98	0	0	0	180	0	0	0	251	0	0	0	169	0	0	0	230	0	0	0	237	0	0	0	259	0	0	0	258	0	0	258	290	0	0	0	256	0	0	0	290	0	99	0	195	0	108	0	227	0	227	0	146	0	206	0	155	0	232	0
Cash Interest Paid	122	0	102	83	0	0	0	63	0	0	0	49	0	0	0	42	0	0	0	43	0	0	0	52	0	0	0	46	0	0	0	22	0	0	0	95	0	0	0	56	0	0	0	71	0	0	0	76	0	0	0	78	0	0	0	56	0	0	0	64	0	0	0	44	0	0	44	44	0	0	0	19	0	0	0	20	0	5	0	10	0	6	0	24	0	24	0	54	0	76	0	54	0	70	0
Change in Working Capital	346	240	277	(23)	70	94	50	(137)	(103)	(241)	(219)	64	13	38	(7)	(285)	(135)	(178)	(78)	60	19	102	154	203	37	33	116	202	457	577	360	216	28	(173)	(146)	(158)	(244)	(291)	(223)	(135)	(42)	(25)	(67)	(36)	(144)	(82)	(43)	(255)	(178)	(74)	(98)	(5)	(100)	(110)	(123)	(170)	(241)	(223)	(261)	(177)	(61)	(6)	(26)	(170)	(211)	(126)	(94)	(84)	55	(86)	(139)	146	84	399	493	151	170	(176)	(228)	(80)	(115)	(252)	(298)	(19)	(215)	(65)	117	(63)	11	127	36	175	117	24	63
Cash from Operating Activities	921 N/A	788 -14%	771 -2%	468 -39%	555 +19%	586 +6%	691 +18%	453 -34%	453 N/A	366 -19%	391 +7%	606 +55%	586 -3%	575 -2%	537 -7%	298 -45%	485 +63%	473 -2%	620 +31%	747 +20%	739 -1%	900 +22%	1 033 +15%	1 062 +3%	906 -15%	906 N/A	965 +7%	1 054 +9%	1 168 +11%	1 098 -6%	734 -33%	477 -35%	338 -29%	225 -33%	332 +48%	455 +37%	411 -10%	395 -4%	468 +18%	524 +12%	639 +22%	635 -1%	591 -7%	579 -2%	414 -28%	487 +18%	565 +16%	520 -8%	651 +25%	764 +17%	751 -2%	785 +5%	736 -6%	760 +3%	785 +3%	799 +2%	703 -12%	727 +3%	651 -10%	694 +7%	851 +23%	910 +7%	881 -3%	737 -16%	638 -13%	704 +10%	681 -3%	727 +7%	892 +23%	734 -18%	741 +1%	880 +19%	768 -13%	965 +26%	943 -2%	720 -24%	765 +6%	535 -30%	609 +14%	722 +19%	663 -8%	470 -29%	356 -24%	543 +53%	372 -31%	533 +43%	705 +32%	563 -20%	612 +9%	694 +13%	533 -23%	707 +33%	630 -11%	549 -13%	628 +14%
Investing Cash Flow
Capital Expenditures	(197)	(180)	(154)	(110)	(96)	(88)	(102)	(54)	(49)	(52)	(54)	(68)	(70)	(71)	(70)	(68)	(73)	(74)	(79)	(85)	(85)	(89)	(88)	(91)	(94)	(97)	(101)	(106)	(110)	(112)	(99)	(92)	(84)	(83)	(99)	(105)	(111)	(110)	(112)	(109)	(107)	(107)	(102)	(88)	(86)	(76)	(70)	(81)	(78)	(80)	(83)	(80)	(83)	(89)	(94)	(97)	(91)	(85)	(78)	(76)	(78)	(85)	(94)	(100)	(119)	(136)	(144)	(158)	(171)	(159)	(159)	(156)	(147)	(148)	(153)	(157)	(143)	(140)	(127)	(132)	(145)	(167)	(201)	(215)	(226)	(228)	(200)	(216)	(193)	(175)	(181)	(144)	(139)	(134)	(125)
Other Items	(153)	(12)	(81)	(82)	(82)	5	(7)	(378)	(319)	(358)	(300)	181	(179)	138	205	(173)	(73)	(374)	(495)	(223)	(22)	(19)	(801)	(850)	(857)	(879)	(96)	(104)	(105)	(106)	(242)	(186)	(1 004)	(970)	(872)	(915)	(107)	(133)	(245)	(208)	(315)	(287)	(98)	(109)	34	45	14	26	34	18	(11)	(13)	(71)	(199)	(173)	(149)	(201)	(56)	(67)	(56)	17	11	(16)	(13)	(82)	(416)	(152)	(186)	(128)	204	(41)	480	493	482	504	(5)	19	11	(52)	(74)	(827)	(1 256)	(1 219)	(1 231)	(521)	(87)	(64)	7	31	33	40	(13)	(48)	(10)	(24)
Cash from Investing Activities	(350) N/A	(192) +45%	(235) -22%	(192) +18%	(178) +7%	(84) +53%	(109) -30%	(432) -297%	(368) +15%	(410) -11%	(354) +14%	113 N/A	(249) N/A	67 N/A	135 +101%	(241) N/A	(146) +39%	(448) -207%	(574) -28%	(308) +46%	(107) +65%	(108) -1%	(889) -723%	(941) -6%	(951) -1%	(976) -3%	(197) +80%	(210) -7%	(215) -2%	(218) -1%	(341) -56%	(278) +18%	(1 088) -291%	(1 053) +3%	(971) +8%	(1 020) -5%	(218) +79%	(243) -11%	(357) -47%	(317) +11%	(422) -33%	(394) +7%	(200) +49%	(197) +2%	(52) +74%	(31) +40%	(56) -81%	(55) +2%	(44) +20%	(62) -41%	(94) -52%	(93) +1%	(154) -66%	(288) -87%	(267) +7%	(246) +8%	(292) -19%	(141) +52%	(145) -3%	(132) +9%	(61) +54%	(74) -21%	(110) -49%	(113) -3%	(201) -78%	(552) -175%	(296) +46%	(344) -16%	(299) +13%	45 N/A	(200) N/A	324 N/A	346 +7%	334 -3%	351 +5%	(162) N/A	(124) +23%	(129) -4%	(179) -39%	(206) -15%	(972) -372%	(1 423) -46%	(1 420) +0%	(1 446) -2%	(747) +48%	(315) +58%	(264) +16%	(209) +21%	(162) +22%	(142) +12%	(141) +1%	(157) -11%	(187) -19%	(144) +23%	(149) -3%
Financing Cash Flow
Net Issuance of Common Stock	21	22	23	16	0	0	6	10	0	0	6	7	0	(46)	(47)	(49)	(23)	(1)	1	(80)	(100)	(37)	(31)	(84)	(308)	(386)	(398)	(279)	(64)	(13)	(8)	584	587	587	587	28	(8)	(106)	(128)	(178)	0	(56)	(79)	(191)	(260)	(397)	(410)	(297)	(258)	(161)	(221)	(281)	(277)	(236)	(213)	(225)	(219)	(208)	(113)	(20)	(27)	(100)	(188)	(304)	(314)	(242)	(155)	(115)	(162)	(164)	(163)	(87)	(19)	(46)	(46)	(46)	(30)	(47)	136	136	0	0	(5)	(5)	0	0	0	0	0	(1)	(20)	(20)	0	0	0
Net Issuance of Debt	(433)	(610)	(598)	(420)	(301)	(499)	82	339	371	349	(228)	(347)	(413)	(409)	(552)	(272)	(311)	41	177	192	306	6	(190)	(208)	(200)	(130)	(12)	(353)	(404)	(118)	(109)	346	310	(117)	(133)	(322)	(205)	69	95	107	384	108	489	653	260	185	107	(6)	114	12	(294)	(404)	(262)	572	504	458	(58)	(262)	(218)	(197)	116	(191)	(123)	(14)	342	6	(32)	(215)	(582)	(160)	(317)	(73)	(46)	43	233	140	101	(127)	1 374	1 207	646	298	(1 265)	(923)	(331)	160	(2)	(186)	(183)	(126)	(26)	(172)	(89)	(213)	(169)
Cash Paid for Dividends	(123)	0	(130)	(135)	0	(82)	(82)	(75)	0	0	(86)	(86)	0	(165)	(121)	(122)	0	(122)	(121)	(120)	0	(129)	(135)	(135)	0	(210)	(163)	(163)	0	(173)	(173)	(173)	0	(91)	(91)	(91)	0	(149)	(149)	(149)	0	(256)	(256)	(256)	0	(266)	(266)	(266)	0	(291)	(291)	(291)	0	(348)	(348)	(348)	0	(372)	(372)	(372)	0	(235)	(374)	(374)	0	(489)	0	(350)	0	(10)	(360)	(360)	0	(381)	(381)	(381)	0	(365)	(365)	(365)	0	(409)	(409)	(409)	0	(422)	(422)	(422)	0	(432)	(432)	(432)	0	(176)	(176)
Other	18	10	76	108	153	213	212	83	64	(12)	(4)	19	(3)	(11)	(23)	(35)	(34)	(41)	(42)	(5)	9	(28)	25	3	(5)	37	(11)	(5)	(1)	5	6	(105)	0	(107)	(107)	0	0	2	(3)	(4)	(8)	(10)	0	1	3	2	(3)	(1)	0	0	(2)	0	0	0	0	1	0	0	0	0	0	0	(1)	(3)	0	0	(3)	(2)	(4)	(6)	(5)	(4)	0	(2)	(2)	(3)	0	0	(7)	2	1	(33)	(31)	(46)	0	(16)	(13)	(12)	0	(12)	(11)	(10)	0	(8)	(7)
Cash from Financing Activities	(517) N/A	(701) -36%	(629) +10%	(431) +31%	(277) +36%	(365) -32%	218 N/A	357 +64%	369 +3%	346 -6%	(312) N/A	(407) -30%	(490) -20%	(631) -29%	(743) -18%	(478) +36%	(490) -3%	(123) +75%	15 N/A	(13) N/A	95 N/A	(188) N/A	(331) -76%	(424) -28%	(648) -53%	(689) -6%	(584) +15%	(800) -37%	(632) +21%	(299) +53%	(284) +5%	652 N/A	618 -5%	272 -56%	256 -6%	(385) N/A	(304) +21%	(184) +39%	(185) -1%	(224) -21%	85 N/A	(214) N/A	154 N/A	207 +34%	(253) N/A	(476) -88%	(572) -20%	(570) +0%	(410) +28%	(440) -7%	(808) -84%	(976) -21%	(832) +15%	(14) +98%	(57) -307%	(114) -100%	(625) -448%	(842) -35%	(703) +17%	(589) +16%	(282) +52%	(525) -86%	(685) -30%	(695) -1%	(349) +50%	(728) -109%	(540) +26%	(682) -26%	(1 098) -61%	(690) +37%	(845) -22%	(524) +38%	(427) +19%	(386) +10%	(196) +49%	(290) -48%	(313) -8%	(540) -73%	1 138 N/A	980 -14%	418 -57%	39 -91%	(1 710) N/A	(1 383) +19%	(790) +43%	(283) +64%	(437) -54%	(620) -42%	(617) +0%	(571) +7%	(489) +14%	(634) -30%	(551) +13%	(416) +25%	(352) +15%
Change in Cash
Effect of Foreign Exchange Rates	(11)	(35)	(35)	(20)	(21)	(17)	(17)	(21)	(7)	13	5	2	7	12	16	10	(1)	(15)	(13)	(19)	(17)	(23)	(25)	(17)	(27)	(21)	(5)	(25)	(1)	(3)	(13)	33	42	67	57	41	10	(18)	(2)	0	35	27	(14)	(17)	(56)	(54)	(27)	(35)	(41)	(22)	1	18	74	52	17	20	(42)	(19)	(7)	2	21	(39)	(58)	(92)	(105)	(35)	(16)	14	41	8	62	18	17	5	(97)	(116)	(94)	(76)	22	91	82	119	128	40	(4)	(31)	(65)	3	0	8	(17)	31	15	(60)	(55)
Net Change in Cash	43 N/A	(139) N/A	(127) +9%	(175) -37%	79 N/A	121 +53%	784 +550%	357 -54%	447 +25%	315 -30%	(270) N/A	314 N/A	(146) N/A	23 N/A	(55) N/A	(411) -647%	(152) +63%	(113) +26%	48 N/A	407 +748%	710 +74%	581 -18%	(212) N/A	(320) -51%	(720) -125%	(780) -8%	179 N/A	19 -89%	320 +1 584%	578 +81%	96 -83%	884 +821%	(90) N/A	(489) -443%	(326) +33%	(909) -179%	(101) +89%	(50) +50%	(76) -52%	(17) +78%	337 N/A	54 -84%	531 +883%	572 +8%	53 -91%	(74) N/A	(90) -22%	(140) -56%	156 N/A	240 +54%	(150) N/A	(266) -77%	(176) +34%	510 N/A	478 -6%	459 -4%	(256) N/A	(275) -7%	(204) +26%	(25) +88%	529 N/A	272 -49%	28 -90%	(163) N/A	(17) +90%	(611) -3 494%	(171) +72%	(285) -67%	(464) -63%	97 N/A	(242) N/A	698 N/A	704 +1%	918 +30%	1 001 +9%	152 -85%	234 +54%	(210) N/A	1 590 N/A	1 587 0%	191 -88%	(795) N/A	(2 646) -233%	(2 246) +15%	(1 169) +48%	(96) +92%	(61) +36%	(263) -331%	(167) +37%	(11) +93%	(114) -936%	(53) +54%	(93) -75%	(71) +24%	72 N/A
Free Cash Flow
Free Cash Flow	724 N/A	608 -16%	618 +2%	358 -42%	459 +28%	497 +8%	588 +18%	399 -32%	404 +1%	314 -22%	337 +7%	538 +60%	516 -4%	504 -2%	467 -7%	230 -51%	412 +79%	399 -3%	541 +36%	662 +22%	654 -1%	811 +24%	945 +17%	971 +3%	812 -16%	809 0%	864 +7%	948 +10%	1 058 +12%	986 -7%	635 -36%	385 -39%	254 -34%	142 -44%	233 +64%	350 +50%	300 -14%	285 -5%	356 +25%	415 +17%	532 +28%	528 -1%	489 -7%	491 +0%	328 -33%	411 +25%	495 +20%	439 -11%	573 +31%	684 +19%	668 -2%	705 +6%	653 -7%	671 +3%	691 +3%	702 +2%	612 -13%	642 +5%	573 -11%	618 +8%	773 +25%	825 +7%	787 -5%	637 -19%	519 -19%	568 +9%	537 -5%	569 +6%	721 +27%	575 -20%	582 +1%	724 +24%	621 -14%	817 +32%	790 -3%	563 -29%	622 +10%	395 -36%	482 +22%	590 +22%	518 -12%	303 -42%	155 -49%	328 +112%	146 -55%	305 +109%	505 +66%	347 -31%	419 +21%	519 +24%	352 -32%	563 +60%	491 -13%	415 -15%	503 +21%

Income Statement Balance Sheet Cash Flow Statement

Adecco Group AG
SIX:ADENE

Cash Flow Statement

Cash Flow Statement
Adecco Group AG

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Adecco Group AG SIX:ADENE

Cash Flow Statement

Cash Flow Statement Adecco Group AG

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Adecco Group AG
SIX:ADENE

Cash Flow Statement
Adecco Group AG