ManpowerGroup (MAN) investor relations material

Executive summary

• Q3 revenue was $4.84B, up 4.4% reported, 5.2% constant currency and 6% organic constant currency; growth was led by Manpower and improving Experis trends.

• Adjusted EBITDA margin expanded 10 bps YoY in constant currency; revenue momentum and improving demand supported operating leverage.

• Management described 2026 as an inflection point, citing improving demand, execution and transformation progress as support for profitable growth.

• Becky Frankiewicz becomes CEO and joins the Board Jan. 1, 2027; Jonas Prising becomes Executive Chair.

Financial highlights

• System-wide revenue, including franchises, was $5.3B; adjusted EBITDA was $107M, up 14% in constant currency, with a 2.2% margin, up 10 bps YoY.

• Gross profit was $767.3M, up 0.4% in constant currency; gross margin was 15.9%, down 70 bps YoY.

• Reported diluted EPS was $0.71 versus $0.38 a year earlier; adjusted EPS was $1.01, up 24% in constant currency.

• Adjusted SG&A declined 2% in constant currency and was 13.7% of revenue on a constant-currency basis; reported SG&A was $685.0M.

• Nine-month revenue was $14.21B, up 7.3% reported and 4.7% in constant currency; adjusted EPS was $2.51, up 21% in constant currency.

Outlook and guidance

• Q4 revenue guidance is 3%–7% reported and constant-currency growth, or 4%–8% organic constant-currency growth; gross margin is guided to 15.8%–16.0%.

• Q4 EBITA margin guidance is 2.2%–2.4%; adjusted EBITDA margin is projected to expand 20 bps YoY. EPS guidance is $1.03–$1.13, with a 44% tax rate.

• Q4 regional outlook: Americas up 7%–11%, Southern Europe flat to up 4%, Northern Europe up 8%–12% and APME up 1%–5%.

• The $200M permanent annual cost-savings target for 2028 remains on track; transformation implementation expanded to the U.K. in Q3.

• Free cash flow is expected to be very strong in Q4, with quarter-end MSP payment timing expected to reverse positively.