Manpowergroup · NYSE:MAN
Manpowergroup — Q1 2026 Earnings Presentation
26 slides from Manpowergroup's earnings presentation, Apr 16, 2026
Slide 1: First Quarter Results
First Quarter Results April 16, 2026 Data Classification Level Document Title Here | 1
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, including statements regarding economic and geopolitical uncertainty, including uncert
Slide 3: First Quarter Highlights
First Quarter Highlights Delivered solid performance in the first quarter, driven by strong growth in certain markets and broad-based market stabilization in others Manpower had strong growth in the quarter. Experis impacted by soft professional demand, with stable underlying activity. Talent Soluti
Slide 4: Front Office Transformation to Drive Growth and Structural Cost Reduction
Front Office Transformation to Drive Growth and Structural Cost Reduction Back Office Front Office Transformation Transformation • PowerSuite Industry Leading • PowerSuite Industry Leading Technology Platform Technology Platform • Executing standardized and Applying Learnings • Implementing standard
Slide 5: AI as a Growth Multiplier
AI as a Growth Multiplier Three areas where AI is already driving measurable value 1 2 3 COMMERCIAL POTENTIAL TALENT EXPERIENCE MONETIZATION AI-Powered Sales AI Screening via SoundHound Targeting Engine Hubert / PowerSuite Partnership & Pinpoints highest-probability Scaling to ~70% of markets by EXC
Slide 6: Consolidated Financial Highlights
ManpowerGroup 2026 First Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted Q1 Financial Highlights 10% 10% (2) 3% CC 3% CC Revenue $4.5B (Systemwide $5.0B) -110 bps -110 bps Gross Margin 16.0% (3) -3% 18% EBITA $35M -17% CC 5% CC ($61M as adjusted) (3) EBITA Margin 0.8% -
Slide 7: Transformation Expected to Yield $200 million of Savings
Transformation Expected to Yield $200 million of Savings Joining Leading Front and Back Office Technology With Best End-to-End Processes to Drive Superior Growth and Efficiency o ~80% of revenues now on our leading Savings ($M) PowerSuite Back Office technology Standardization and centralization d
Slide 8: EPS Bridge – Q1 vs. Guidance Midpoint
ManpowerGroup 2026 First Quarter Results EPS Bridge – Q1 vs. Guidance Midpoint (1) (1) Detail of items included on slide 3. ManpowerGroup | First Quarter 2026 Results April 2026 | 8
Slide 9: Business Line Revenue Q1 2026
ManpowerGroup 2026 First Quarter Results Business Line Revenue Q1 2026(1) MANPOWER EXPERIS TALENT SOLUTIONS 15% 15% 10% 5% 6% 3% 0% -4% -1% -5% -9% -10% vs. 2025 reported % vs. 2025 organic CC % Manpower organic CC revenue growth improved Talent Solutions organic CC revenue improved sequentially to
Slide 10: Consolidated Gross Margin Change
ManpowerGroup 2026 First Quarter Results Consolidated Gross Margin Change ManpowerGroup | First Quarter 2026 Results April 2026 | 10
Slide 11: Business Line Gross Profit – Q1 2026
ManpowerGroup 2026 First Quarter Results Business Line Gross Profit – Q1 2026(1) (1) Business line classifications can vary by entity and are subject to change as service requirements change. ManpowerGroup | First Quarter 2026 Results April 2026 | 11
Slide 12: SG&A Expense Bridge – Q1 YoY
ManpowerGroup 2026 First Quarter Results SG&A Expense Bridge – Q1 YoY (in millions of USD) (16.3% CC) (15.0% CC) (15.6% CC) ManpowerGroup | First Quarter 2026 Results April 2026 | 12
Slide 13: Americas Segment
ManpowerGroup 2026 First Quarter Results Americas Segment (25% of Revenue) (1) As Reported As Adjusted Q1 Financial Highlights 6% 6% Revenue $1.1B 4% CC 4% CC -25% 1% OUP $19M -28% CC -2% CC ($26M as adjusted) OUP Margin 1.7% -70 bps -10 bps (2.3% as adjusted) (1) Current period excludes the impact
Slide 14: Americas – Q1 Revenue Trend YoY
ManpowerGroup 2026 First Quarter Results Americas – Q1 Revenue Trend YoY ManpowerGroup | First Quarter 2026 Results April 2026 | 14
Slide 15: Southern Europe Segment
ManpowerGroup 2026 First Quarter Results Southern Europe Segment (47% of Revenue) (1) As Reported As Adjusted Q1 Financial Highlights 15% 15% Revenue $2.1B 3% CC 3% CC 8% 8% OUP $54M -2% CC -2% CC ($58M as adjusted) OUP Margin 2.6% -10 bps -10 bps (2.8% as adjusted) (1) Current period excludes the i
Slide 16: Southern Europe – Q1 Revenue Trend YoY
ManpowerGroup 2026 First Quarter Results Southern Europe – Q1 Revenue Trend YoY ManpowerGroup | First Quarter 2026 Results April 2026 | 16
Slide 17: Northern Europe Segment
ManpowerGroup 2026 First Quarter Results Northern Europe Segment (17% of Revenue) (1) As Reported As Adjusted Q1 Financial Highlights 8% 8% -2% CC -2% CC Revenue $790M -1% OCC -1% OCC (2) (2) NM NM OUP -$8M NM NM (-$3M as adjusted) OUP Margin -1.0% 150 bps 40 bps (-0.4% as adjusted) (1) Current peri
Slide 18: Northern Europe – Q1 Revenue Trend YoY
ManpowerGroup 2026 First Quarter Results Northern Europe – Q1 Revenue Trend YoY -28% ManpowerGroup | First Quarter 2026 Results April 2026 | 18
Slide 19: APME Segment
ManpowerGroup 2026 First Quarter Results APME Segment (11% of Revenue) As Reported As Adjusted Q1 Financial Highlights 7% 7% Revenue $510M 8% CC 8% CC 8% 10% OUP $22M 11% CC 13% CC ($22M as adjusted) OUP Margin 4.2% 0 bps 10 bps (4.3% as adjusted) (1) Current period excludes the impact of restructur
Slide 20: APME – Q1 Revenue Trend YoY
ManpowerGroup 2026 First Quarter Results APME – Q1 Revenue Trend YoY ManpowerGroup | First Quarter 2026 Results April 2026 | 20
Slide 21: Cash Flow Summary
ManpowerGroup 2026 First Quarter Results Cash Flow Summary ManpowerGroup | First Quarter 2026 Results April 2026 | 21
Slide 22: Balance Sheet Highlights
ManpowerGroup 2026 First Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) (1) Total Debt Net Debt Net (Cash) Total Debt to (1) Total Capitalization (1) Long term debt was temporarily increased by €500M on December 15, 2025 when we issued the €500M of Euro notes due 2030 to re
Slide 23: Second Quarter 2026 Outlook
ManpowerGroup 2026 First Quarter Results Second Quarter 2026 Outlook Revenue Total Up 3-7% (Up 1-5% CC) Americas Up 6-10% (Up 5-9% CC) Southern Up 3-7% (Up 1-5% CC) Europe Northern Down 2% / Up 2% (Down 3% / Up 1% CC) Europe APME Down 3% / Up 1% (Up 3-7% CC) Gross Profit Margin 16.1 – 16.3% EBITA(1)
Slide 24: Appendix
Appendix ManpowerGroup | First Quarter 2026 Results April 2026 | 24
Slide 25: Industry Vertical Composition Based on Revenues – Q1 2026
ManpowerGroup 2026 First Quarter Results Industry Vertical Composition Based on Revenues – Q1 2026 Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation. ManpowerGroup | First Quarter 2026 Results April 2026 | 25
Slide 26: Debt and Credit Facilities – March 31, 2026
ManpowerGroup 2026 First Quarter Results Debt and Credit Facilities – March 31, 2026 (in millions of USD) (2) Interest Maturity Total Remaining Rate Date Outstanding Available (4) Euro Notes - €400M 3.514% Jun 2027 461 - Euro Notes - €500M 3.786% Dec 2030 573 - (1)(2) Revolving Credit Agreement 4.79