Manpowergroup · NYSE:MAN
Manpowergroup — Q4 2025 Earnings Presentation
24 slides from Manpowergroup's earnings presentation, Jan 29, 2026
Slide 1: Fourth Quarter Results
Fourth Quarter Results January 29, 2026
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, the
Slide 3: Fourth Quarter and 2025 Highlights
Fourth Quarter and 2025 Highlights Delivered solid performance in the fourth quarter, driven by broad-based market stabilization and enterprise demand Sequential improvement in revenue growth and profitability through 2025, exiting the year with momentum in core markets including France and the US G
Slide 4: Consolidated Financial Highlights Q4
ManpowerGroup 2025 Fourth Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted Q4 Financial Highlights 7% 7% (2) 1% CC 1% CC Revenue $4.7B (Systemwide $5.1B) 2% OCC 2% OCC -90 bps -90 bps Gross Margin 16.3% (3) 15% 7% EBITA $88M 5% CC -2% CC ($100M as adjusted) (3) EBITA Mar
Slide 5: Consolidated Financial Highlights 2025
ManpowerGroup 2025 Fourth Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted 2025 Financial Highlights 1% 1% (2) -2% CC -2% CC Revenue $18.0B (Systemwide $19.5B) 0% OCC 0% OCC -60 bps -60 bps Gross Margin 16.7% (3) -20% -16% EBITA $270M -24% CC -20% CC ($337M as adjusted)
Slide 6: EPS Bridge – Q4 vs. Guidance Midpoint
ManpowerGroup 2025 Fourth Quarter Results EPS Bridge – Q4 vs. Guidance Midpoint (1) (1) Detail of items included on slide 3. ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 6
Slide 7: Business Line Revenue Q4 2025
ManpowerGroup 2025 Fourth Quarter Results Business Line Revenue Q4 2025(1) 10% 10% 5% 5% 0% -3% -2% -4% -5% -6% -10% MANPOWER EXPERIS TALENT SOLUTIONS vs. 2024 reported % vs. 2024 organic CC % Manpower organic CC revenue growth improved sequentially to 5% year over year, from 3% in Q3. Talent Soluti
Slide 8: Consolidated Gross Margin Change
ManpowerGroup 2025 Fourth Quarter Results Consolidated Gross Margin Change ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 8
Slide 9: Business Line Gross Profit – Q4 2025
ManpowerGroup 2025 Fourth Quarter Results Business Line Gross Profit – Q4 2025(1) Trend █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total (1) Business line classifications can vary by entity and are subject to change as service requirements change. ManpowerGroup | Fourth Quarter 2025 R
Slide 10: SG&A Expense Bridge – Q4 YoY
ManpowerGroup 2025 Fourth Quarter Results SG&A Expense Bridge – Q4 YoY (in millions of USD) (15.6% CC) (14.4% CC) (14.7% CC) ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 10
Slide 11: Americas Segment
ManpowerGroup 2025 Fourth Quarter Results Americas Segment (24% of Revenue) (1) As Reported As Adjusted Q4 Financial Highlights 6% 6% Revenue $1.1B 5% CC 5% CC 9% 0% OUP $37M 7% CC -3% CC ($39M as adjusted) OUP Margin 3.3% 10 bps -20 bps (3.4% as adjusted) (1) Current period excludes the impact of r
Slide 12: Americas – Q4 Revenue Trend YoY
ManpowerGroup 2025 Fourth Quarter Results Americas – Q4 Revenue Trend YoY ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 12
Slide 13: Southern Europe Segment
ManpowerGroup 2025 Fourth Quarter Results Southern Europe Segment (48% of Revenue) (1) As Reported As Adjusted Q4 Financial Highlights 10% 10% Revenue $2.2B 1% CC 1% CC -5% 5% OUP $71M -13% CC -4% CC ($77M as adjusted) OUP Margin 3.2% -50 bps -20 bps (3.4% as adjusted) (1) Current period excludes th
Slide 14: Southern Europe – Q4 Revenue Trend YoY
ManpowerGroup 2025 Fourth Quarter Results Southern Europe – Q4 Revenue Trend YoY ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 14
Slide 15: Northern Europe Segment
ManpowerGroup 2025 Fourth Quarter Results Northern Europe Segment (17% of Revenue) (1) As Reported As Adjusted Q4 Financial Highlights 7% 7% Revenue $819M -1% CC -1% CC (2) (2) NM NM OUP -$1M NM NM ($5M as adjusted) OUP Margin -0.1% 200 bps 190 bps (0.6% as adjusted) (1) Current period excludes the
Slide 16: Northern Europe – Q4 Revenue Trend YoY
ManpowerGroup 2025 Fourth Quarter Results Northern Europe – Q4 Revenue Trend YoY -28% ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 16
Slide 17: APME Segment
ManpowerGroup 2025 Fourth Quarter Results APME Segment (11% of Revenue) (1) As Reported As Adjusted Q4 Financial Highlights 0% 0% 0% CC 0% CC Revenue $520M 6% OCC 6% OCC 76% 3% 78% CC 4% CC OUP $28M 82% OCC 6% OCC 230 bps 20 bps OUP Margin 5.3% (1) Prior year period variances exclude restructuring c
Slide 18: APME – Q4 Revenue Trend YoY
ManpowerGroup 2025 Fourth Quarter Results APME – Q4 Revenue Trend YoY ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 18
Slide 19: Cash Flow Summary
ManpowerGroup 2025 Fourth Quarter Results Cash Flow Summary ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 19
Slide 20: Balance Sheet Highlights
ManpowerGroup 2025 Fourth 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 15th when we issued the €500M of Euro notes due 2030 to refin
Slide 21: First Quarter 2026 Outlook
ManpowerGroup 2025 Fourth Quarter Results First Quarter 2026 Outlook Revenue Total Up 6-10% (Down 1% / Up 3% CC) Americas Flat / Up 4% (Down 1% / Up 3% CC) Southern Up 11-15% (Flat / Up 4% CC) Europe Northern Up 4-8% (Down 1-5% CC) Europe APME Up 3-7% (Up 4-8% CC) Gross Profit Margin 16.2 – 16.4% EB
Slide 22: Appendix
Appendix ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 22
Slide 23: Industry Vertical Composition Based on Revenues – Q4 2025
ManpowerGroup 2025 Fourth Quarter Results Industry Vertical Composition Based on Revenues – Q4 2025 Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation. ManpowerGroup | Fourth Quarter 2025 Results January 2026 | 23
Slide 24: Debt and Credit Facilities – December 31, 2025
ManpowerGroup 2025 Fourth Quarter Results Debt and Credit Facilities – December 31, 2025 (in millions of USD) (3) Interest Maturity Total Remaining Rate Date Outstanding Available (1) Euro Notes - €500M 1.809% Jun 2026 587 - (5) Euro Notes - €400M 3.514% Jun 2027 468 - Euro Notes - €500M 3.786% Dec