Customer DeclineAdecco suffered disproportionately because of lower volumes, with their 3 largest customers facing structural decline.
Macroeconomic UncertaintyOngoing macroeconomic uncertainty, like potential impacts from US tariffs and EU cyclical recovery, poses a challenge for Adecco in the near term.
Project CancellationsProjects with auto OEM are being stopped, delayed or cancelled, which is putting pressure on volume, utilization rate, and margins.