Manpowergroup · NYSE:MAN
Manpowergroup — Q3 2026 Earnings Presentation
23 slides from Manpowergroup's earnings presentation, Oct 15, 2026
Slide 1: Third Quarter Results
Third Quarter Results October 15, 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: Third Quarter Highlights
Third Quarter Highlights Delivered strong results, with ongoing revenue momentum in the quarter driving continued operating leverage. Performance reflects continued demand improvements, consistent execution, and benefits of the strategic actions taken. Momentum broadened across brands.
Slide 4: Consolidated Financial Highlights
ManpowerGroup 2026 Third Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted Q3 Financial Highlights 4% 4% (2) 5% CC 5% CC Revenue $4.8B (Systemwide $5.3B) 6% OCC 6% OCC -70 bps -70 bps Gross Margin 15.9% (3) 20% 12% EBITA $89M 22% CC 14% CC ($107M as adjusted) (3) EBITA Ma
Slide 5: EPS Bridge – Q3 vs. Guidance Midpoint
ManpowerGroup 2026 Third Quarter Results EPS Bridge – Q3 vs. Guidance Midpoint (1) (1) (1) Detail of items included on slide 4. ManpowerGroup | Third Quarter 2026 Results October 2026 | 5
Slide 6: Business Line Revenue Q3 2026
ManpowerGroup 2026 Third Quarter Results Business Line Revenue Q3 2026(1) MANPOWER EXPERIS TALENT SOLUTIONS 15% 10% 7% 5% 6% 1% 1% 0% 0% -3% -5% vs. 2025 reported % vs. 2025 organic CC % Manpower organic CC revenue growth continued at a strong 7% year over year, closely aligned to the Talent Solutio
Slide 7: Consolidated Gross Margin Change
ManpowerGroup 2026 Third Quarter Results Consolidated Gross Margin Change ManpowerGroup | Third Quarter 2026 Results October 2026 | 7
Slide 8: Business Line Gross Profit – Q3 2026
ManpowerGroup 2026 Third Quarter Results Business Line Gross Profit – Q3 2026(1) (1) Business line classifications can vary by entity and are subject to change as service requirements change. ManpowerGroup | Third Quarter 2026 Results October 2026 | 8
Slide 9: SG&A Expense Bridge – Q3 YoY
ManpowerGroup 2026 Third Quarter Results SG&A Expense Bridge – Q3 YoY (in millions of USD) (15.1% CC) (13.7% CC) (14.1% CC) ManpowerGroup | Third Quarter 2026 Results October 2026 | 9
Slide 10: Americas Segment Q3 Financial Highlights
ManpowerGroup 2026 Third Quarter Results Americas Segment (26% of Revenue) (1) As Reported As Adjusted Q3 Financial Highlights 13% 13% 12% CC 12% CC Revenue $1.2B 14% OCC 14% OCC 25% 21% OUP $47M 23% CC 19% CC ($52M as adjusted) OUP Margin 3.8% 30 bps 30 bps (4.2% as adjusted) (1) Current period exc
Slide 11: Americas – Q3 Revenue Trend YoY
ManpowerGroup 2026 Third Quarter Results Americas – Q3 Revenue Trend YoY ManpowerGroup | Third Quarter 2026 Results October 2026 | 11
Slide 12: Southern Europe Segment Q3 Financial Highlights
ManpowerGroup 2026 Third Quarter Results Southern Europe Segment (46% of Revenue) (1) As Reported As Adjusted Q3 Financial Highlights 1% 1% Revenue $2.2B 2% CC 2% CC -2% 0% OUP $65M -1% CC 1% CC ($69M as adjusted) OUP Margin 2.9% -10 bps -10 bps (3.1% as adjusted) (1) Current period excludes the imp
Slide 13: Southern Europe – Q3 Revenue Trend YoY
ManpowerGroup 2026 Third Quarter Results Southern Europe – Q3 Revenue Trend YoY ManpowerGroup | Third Quarter 2026 Results October 2026 | 13
Slide 14: Northern Europe Segment Q3 Financial Highlights
ManpowerGroup 2026 Third Quarter Results Northern Europe Segment (18% of Revenue) (1) As Reported As Adjusted Q3 Financial Highlights 5% 5% Revenue $861M 6% CC 6% CC (2) (2) NM NM NM NM OUP $8M NM 110 bps OUP Margin 0.9% (1) Prior year period variances exclude restructuring costs. (2) Variances are
Slide 15: Northern Europe – Q3 Revenue Trend YoY
ManpowerGroup 2026 Third Quarter Results Northern Europe – Q3 Revenue Trend YoY -28% ManpowerGroup | Third Quarter 2026 Results October 2026 | 15
Slide 16: APME Segment Q3 Financial Highlights
ManpowerGroup 2026 Third Quarter Results APME Segment (10% of Revenue) As Reported Q3 Financial Highlights -1% Revenue $515M 4% CC -10% -4% CC OUP $24M 50 bps OUP Margin 4.6% ManpowerGroup | Third Quarter 2026 Results October 2026 | 16
Slide 17: APME – Q3 Revenue Trend YoY
ManpowerGroup 2026 Third Quarter Results APME – Q3 Revenue Trend YoY ManpowerGroup | Third Quarter 2026 Results October 2026 | 17
Slide 18: Cash Flow Summary
ManpowerGroup 2026 Third Quarter Results Cash Flow Summary (1) (1) Free Cash Flow was negatively impacted by the timing of MSP business payments at the end of the third quarter in 2026. This will positively impact the fourth quarter in 2026. Excluding the quarter end MSP items, Free Cash Flow would
Slide 19: Balance Sheet Highlights
ManpowerGroup 2026 Third Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) (1) Total Debt Net Debt 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 refinance the
Slide 20: Fourth Quarter 2026 Outlook
ManpowerGroup 2026 Third Quarter Results Fourth Quarter 2026 Outlook Revenue Total Up 3-7% (Up 3-7% CC) (Up 4-8% OCC) Americas Up 7-11% (Up 5-9% CC) (Up 7-11% OCC) Southern Flat / Up 4% (Up 1-5% CC) Europe Northern Up 8-12% (Up 8-12% CC) Europe APME Up 1-5% (Up 2-6% CC) Gross Profit Margin 15.8 – 16
Slide 21: Appendix
Appendix ManpowerGroup | Third Quarter 2026 Results October 2026 | 21
Slide 22: Industry Vertical Composition Based on Revenues – Q3 2026
ManpowerGroup 2026 Third Quarter Results Industry Vertical Composition Based on Revenues – Q3 2026 Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation. ManpowerGroup | Third Quarter 2026 Results October 2026 | 22
Slide 23: Debt and Credit Facilities – September 30, 2026
ManpowerGroup 2026 Third Quarter Results Debt and Credit Facilities – September 30, 2026 (in millions of USD) (2) Interest Maturity Total Remaining Rate Date Outstanding Available (4) Euro Notes - €400M 3.514% Jun 2027 452 - Euro Notes - €500M 3.786% Dec 2030 563 - (1)(2) Revolving Credit Agreement