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; system-wide revenue was $5.3B.

• Operating profit rose 23.7% reported to $82.3M; adjusted EBITDA margin expanded 10 bps YoY to 2.2%.

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

Financial highlights

• Gross profit was $767.3M, down 0.2% reported and up 0.4% constant currency; gross margin was 15.9%, down 70 bps YoY.

• Net earnings were $34.1M and diluted EPS was $0.71, versus $18.0M and $0.38 in Q3 2025; adjusted EPS was $1.01.

• Adjusted EBITDA was $107M, up 14% in constant currency; adjusted EBITDA margin was 2.2%, up 10 bps YoY.

• Adjusted SG&A fell 2% in constant currency; adjusted SG&A was 13.8% of revenue, versus 15.2% reported in Q3 2025.

• Q3 adjusted EPS growth was 24% in constant currency; specified items reduced reported EPS by $0.30.

Outlook and guidance

• Q4 revenue guidance is up 3%–7% reported and constant currency, and 4%–8% organic constant currency; organic days-adjusted growth midpoint is 4%.

• Q4 gross margin guidance is 15.8%–16.0%; adjusted EBITDA margin is projected to expand 20 bps YoY, with underlying staffing margin expected to remain stable.

• Q4 EPS guidance is $1.03–$1.13, with a 44% tax rate; adjusted EBITA margin guidance is 2.2%–2.4%.

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

• Q4 free cash flow is expected to be very strong; underlying U.S. growth is expected in the mid-single digits, with France’s revenue trend expected to improve slightly YoY.