Revenue and EBITA
Q1 revenues of EUR 5.5 billion and underlying EBITA of EUR 146 million, representing an EBITA margin of 2.7%; adjusted net income of EUR 91 million.
Return to Organic Growth and Broader Momentum
Organic growth returned with 63% of the business now in growth (up from 50% in Q4), equating to c.0.4% growth for the quarter; sequential improvement in growth rates across most markets and positive volume trends into April.
Operational Business Outperformance
Operational segment grew 3% globally; U.S. operational grew 8%, outpacing the market and delivering double-digit profit growth driven by central delivery model and the digital marketplace.
Commercial Wins and Pipeline
10x10x10 initiative delivered over EUR 600 million of new wins in Q1; improved enterprise exit rates, a solid pipeline and new client wins across life sciences, semiconductors and energy.
Digital Marketplace Traction
Digital marketplace live in 9 markets; March saw almost 600,000 self-service shifts and ~240,000 monthly active users; 77% of targeted talent onboarded in UK within 2 hours; c.15% of group revenue run-rate already through marketplaces (~EUR 4 billion) with target to reach ~22% by year-end.
Productivity and AI Adoption
80% of staff AI trained; FTE-to-volume correlation at a 6-year low and improvements in efficiency (ICR ~68% last 4 quarters), supporting structural OpEx reductions and operational leverage potential.
Regional Strengths
Strong performance in Iberia (+9%, Spain >10%), Italy (operational +9%, Professional +6%), APAC resilience (Japan +5%, India growth accelerated to +16%), Brazil and LatAm momentum; manufacturing PMIs >50 in most markets.
Balance Sheet and Leverage
Net debt decreased EUR 131 million year-over-year; leverage ratio at 1.5; net finance costs trending down reflecting lower net debt.