ManpowerGroup (MAN) investor relations material

Executive summary

• Q2 2026 revenues reached $4.9B (system-wide $5.3B), up 8% as reported and 6% in constant currency, exceeding expectations and driven by robust demand in the US, Latin America, APME, and select European markets.

• Strategic transformation and AI initiatives advanced, enhancing productivity, talent experience, and monetization opportunities.

• Manpower brand achieved strong growth, with Experis and Talent Solutions showing sequential improvement.

• 2026 is seen as an inflection point as transformation strategy execution continues.

• Sale of Jefferson Wells U.S. business generated $100M in proceeds and a $30M gain, with $88M net cash.

Financial highlights

• Gross profit for Q2 was $780.3M, with gross margin at 16.1%, down year-over-year due to mix shifts and business dispositions.

• Adjusted EBITDA was $103M, up 15% year-over-year; adjusted EBITDA margin 2.1%.

• Adjusted EPS was $0.99, reported EPS $1.13, both up year-over-year.

• Operating profit was $112M, up from a loss of $25.3M in Q2 2025.

• Free cash flow outflow of $9M in Q2, a significant improvement from the prior year.

Outlook and guidance

• Q3 2026 EPS guidance: $0.96–$1.06, including a $0.02 unfavorable FX impact and a 44% effective tax rate.

• Organic days adjusted constant currency revenue growth expected to continue at 6% at the midpoint in Q3.

• Gross profit margin forecasted at 15.9–16.1%, EBITDA margin projected to be up 10 bps year-over-year.

• Management expects continued improvement in demand trends, especially in Manpower and Talent Solutions.