ManpowerGroup (MAN) Investor presentation summary

Business overview and strategy

• Over 75 years of global workforce expertise, placing approximately 500,000 people into work daily across 75 countries and territories, with $18B in 2025 annual revenues.

• Operates through distinct brands: Manpower (62% of 2025 gross profit), Experis (22%), and Talent Solutions (16%), offering staffing, IT resourcing, and integrated workforce solutions.

• Recognized as a global leader in contingent staffing, IT services, and workforce solutions, with a focus on innovation, people, and knowledge.

• Strategic focus on delivering innovative workforce solutions leveraging a global footprint, broad product portfolio, and collaborative organization model.

• Business mix has shifted toward higher-value solutions, with Experis and Talent Solutions now comprising 38% of gross profit.

Market trends and competitive positioning

• Secular workforce trends, such as digital transformation, diverse global workforce, and new work models, are driving demand for flexible talent solutions.

• Penetration rates in key markets remain below historical peaks, suggesting further growth potential as workforce trends evolve.

• Recognized for sustainability, ethics, and innovation, including awards from TIME, Forbes, EcoVadis, and Everest Group.

• First in the industry with validated 2030 emission reduction goals by SBTI, aiming for net zero by 2045.

Financial performance and targets

• 2025 revenues were $18.0B, with operating unit profit of $511M (excluding restructuring), and EBITA margin at 1.9%.

• Challenging environment in Europe and North America since 2023, with EBITA as adjusted at $337M in 2025.

• Solid balance sheet with $871M in cash, total debt-to-capitalization at 45% (35% as adjusted), and debt-to-EBITDA as adjusted at 4.14x (2.70x as adjusted).

• Durable free cash flow performance, with $258M in 2025, maintaining financial flexibility.

• Dividend yield at 4.3% in 2025, with $0.72 per share semi-annual dividend and 0.7M shares repurchased.

• ROIC at 5.4% in 2025, with capital efficiency a key management incentive metric.

• Financial targets include exceeding or maintaining market revenue growth, EBITA margin of 4.5–5.0%, and ROIC of 15%.