Manpowergroup · NYSE:MAN
Manpowergroup — Q3 2025 Earnings Presentation
23 slides from Manpowergroup's earnings presentation, Oct 16, 2025
Slide 1: Third Quarter Results
Third Quarter Results October 16, 2025
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic and geopolitical uncertainty, including uncertainty regarding trade policy developments, trends in labor demand and the future strengthening of such demand, the impact of AI on labor markets, fin
Slide 3: Consolidated Financial Highlights
ManpowerGroup 2025 Third Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted Q3 Financial Highlights 2% 2% (2) -2% CC -2% CC Revenue $4.6B (Systemwide $4.9B) 1% OCC 1% OCC -70 bps -70 bps Gross Margin 16.6% (3) -6% -18% EBITA $74M -4% CC -22% CC ($96M as adjusted) (3) EBITA
Slide 4: EPS Bridge – Q3 vs. Guidance Midpoint
ManpowerGroup 2025 Third Quarter Results EPS Bridge – Q3 vs. Guidance Midpoint (1) (1) Detail of items included on slide 3. ManpowerGroup | Third Quarter 2025 Results October 2025 | 4
Slide 5: Business Line Revenue Q3 2025
ManpowerGroup 2025 Third Quarter Results Business Line Revenue Q3 2025(1) 10% 5% 4% 3% 0% -5% -5% -6% -7% -8% -10% MANPOWER EXPERIS TALENT SOLUTIONS vs. 2024 reported % vs. 2024 organic CC % Manpower organic CC revenue increased slightly Talent Solutions organic CC revenues declined from the from th
Slide 6: Consolidated Gross Margin Change
ManpowerGroup 2025 Third Quarter Results Consolidated Gross Margin Change ManpowerGroup | Third Quarter 2025 Results October 2025 | 6
Slide 7: Business Line Gross Profit – Q3 2025
ManpowerGroup 2025 Third Quarter Results Business Line Gross Profit – Q3 2025(1) Trend (1) Business line classifications can vary by entity and are subject to change as service requirements change. ManpowerGroup | Third Quarter 2025 Results October 2025 | 7
Slide 8: SG&A Expense Bridge – Q3 YoY
ManpowerGroup 2025 Third Quarter Results SG&A Expense Bridge – Q3 YoY (in millions of USD) (15.7% CC) (14.8% CC) (15.1% CC) ManpowerGroup | Third Quarter 2025 Results October 2025 | 8
Slide 9: Americas Segment
ManpowerGroup 2025 Third Quarter Results Americas Segment (24% of Revenue) (1) As Reported As Adjusted Q3 Financial Highlights 5% 5% Revenue $1.1B 6% CC 6% CC 5% 5% OUP $38M 5% CC 5% CC ($43M as adjusted) OUP Margin 3.5% 10 bps 0 bps (3.9% as adjusted) (1) Current period excludes the impact of restr
Slide 10: Americas – Q3 Revenue Trend YoY
ManpowerGroup 2025 Third Quarter Results Americas – Q3 Revenue Trend YoY ManpowerGroup | Third Quarter 2025 Results October 2025 | 10
Slide 11: Southern Europe Segment
ManpowerGroup 2025 Third Quarter Results Southern Europe Segment (47% of Revenue) (1) As Reported As Adjusted Q3 Financial Highlights 5% 5% -1% CC -1% CC Revenue $2.2B -1% OCC -1% OCC -13% -14% OUP $66M -19% CC -19% CC -19% OCC -20% OCC ($70M as adjusted) OUP Margin 3.0% -60 bps -70 bps (3.2% as adj
Slide 12: Southern Europe – Q3 Revenue Trend YoY
ManpowerGroup 2025 Third Quarter Results Southern Europe – Q3 Revenue Trend YoY ManpowerGroup | Third Quarter 2025 Results October 2025 | 12
Slide 13: Northern Europe Segment
ManpowerGroup 2025 Third Quarter Results Northern Europe Segment (18% of Revenue) (1) As Reported As Adjusted Q3 Financial Highlights -1% -1% -7% CC -7% CC Revenue $817M -6% OCC -6% OCC (2) (2) NM NM OUP -$15M NM NM (-$1M as adjusted) OUP Margin -1.8% 130 bps -20 bps (-0.2% as adjusted) (1) Current
Slide 14: Northern Europe – Q3 Revenue Trend YoY
ManpowerGroup 2025 Third Quarter Results Northern Europe – Q3 Revenue Trend YoY -28% ManpowerGroup | Third Quarter 2025 Results October 2025 | 14
Slide 15: APME Segment
ManpowerGroup 2025 Third Quarter Results APME Segment (11% of Revenue) (1) As Reported As Adjusted Q3 Financial Highlights -7% -7% -8% CC -8% CC Revenue $521M 8% OCC 8% OCC 16% 5% 11% CC 5% CC OUP $27M 22% OCC 14% OCC 100 bps 60 bps OUP Margin 5.1% (1) Prior year period variances exclude restructuri
Slide 16: APME – Q3 Revenue Trend YoY
ManpowerGroup 2025 Third Quarter Results APME – Q3 Revenue Trend YoY ManpowerGroup | Third Quarter 2025 Results October 2025 | 16
Slide 17: Cash Flow Summary
ManpowerGroup 2025 Third Quarter Results Cash Flow Summary ManpowerGroup | Third Quarter 2025 Results October 2025 | 17
Slide 18: Balance Sheet Highlights
ManpowerGroup 2025 Third Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) Total Debt Net Debt Net (Cash) Total Debt to Total Capitalization ManpowerGroup | Third Quarter 2025 Results October 2025 | 18
Slide 19: Fourth Quarter 2025 Outlook
ManpowerGroup 2025 Third Quarter Results Fourth Quarter 2025 Outlook Revenue Total Up 3-7% (Down 2% / Up 2% CC) Americas Down 2% / Up 2% (Down 3% / Up 1% CC) Southern Up 7-11% (Down 2% / Up 2% CC) Europe Northern Up 5-9% (Down 3% / Up 1% CC) Europe Flat / Up 4% (Down 2% / Up 2% CC) (Up 4-8% APME OCC
Slide 20: Key Take Aways
ManpowerGroup 2025 Third Quarter Results Key Take Aways After 11 consecutive quarters of organic constant currency revenue declines, ManpowerGroup crossed back over to growth during the third quarter. The stabilization of demand in recent quarters in North America and Europe, despite ongoing tariff
Slide 21: Appendix
Appendix ManpowerGroup | Third Quarter 2025 Results October 2025 | 21
Slide 22: Industry Vertical Composition Based on Revenues – Q3 2025
ManpowerGroup 2025 Third Quarter Results Industry Vertical Composition Based on Revenues – Q3 2025 Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation. ManpowerGroup | Third Quarter 2025 Results October 2025 | 22
Slide 23: Debt and Credit Facilities – September 30, 2025
ManpowerGroup 2025 Third Quarter Results Debt and Credit Facilities – September 30, 2025 (in millions of USD) (2) Interest Maturity Total Remaining Rate Date Outstanding Available Euro Notes - €500M 1.809% Jun 2026 586 - (4) Euro Notes - €400M 3.514% Jun 2027 468 - (1)(2) Revolving Credit Agreement