ManpowerGroup (NYSE: MAN) posts Q1 2026 results, outlines $200M cost-savings drive

Rhea-AI Filing Summary

ManpowerGroup reported mixed first-quarter 2026 results, combining solid revenue growth with sharply lower reported profits as it invests in a major transformation program. Revenue reached $4.5 billion, up 10.3% year over year, or 2.9% in constant currency, helped by strength in Southern Europe and the APME region.

Net earnings declined to $2.5 million, or $0.05 per diluted share, compared with $5.6 million and $0.12 a year earlier, reflecting $0.46 per-share in restructuring and strategic transformation costs. Excluding these charges, adjusted earnings were $0.51 per diluted share, up 3% in constant currency despite a higher tax rate.

The company expanded a global strategic transformation program expected to deliver $200 million in permanent cost savings in 2028, driven by standardized front- and back-office processes and AI-enabled tools across its PowerSuite platform. Operating profit was $28.3 million and cash used in operating activities improved to $126.3 million. Management guided second-quarter diluted EPS to a range of $0.91–$1.01, including a modestly favorable currency impact and a projected 43% tax rate.

Insights

Equity analyst – staffing & human capital

Revenue growth and aggressive transformation spend produce mixed, but strategically focused, results.

ManpowerGroup delivered Q1 2026 revenue of $4.51B, up 10.3% reported and 2.9% in constant currency, but operating profit was only $28.3M. GAAP EPS fell to $0.05, largely due to restructuring and strategic transformation program costs.

Those charges reduced EPS by $0.46, leaving adjusted EPS at $0.51, a 3% constant-currency increase versus Q1 2025 despite a higher tax rate. This indicates core profitability is stabilizing even as the company absorbs upfront costs to reset its cost base and processes.

The expanded global strategic transformation is expected to generate $200M in permanent annual savings in 2028, suggesting a multi-year margin expansion opportunity if executed effectively. Management’s Q2 2026 EPS guidance of $0.91–$1.01, including $0.05 favorable currency and a 43% tax rate, signals confidence that current spending will translate into stronger near-term earnings.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 revenue: $4.51B Q1 2026 net earnings: $2.5M Q1 2026 diluted EPS (GAAP): $0.05/share +5 more

8 metrics

Q1 2026 revenue $4.51B Revenues from services, up 10.3% reported and 2.9% constant currency vs Q1 2025

Q1 2026 net earnings $2.5M Net earnings for three months ended March 31, 2026 vs $5.6M in 2025

Q1 2026 diluted EPS (GAAP) $0.05/share Down from $0.12 per diluted share in prior-year quarter

Q1 2026 adjusted diluted EPS $0.51/share Excludes $0.46 per share of restructuring and transformation costs, up 3% in constant currency

Transformation program savings target $200M Expected permanent annual cost savings in 2028 from global strategic transformation

Operating profit Q1 2026 $28.3M Operating profit vs $28.2M in Q1 2025; margin 0.6% reported

Cash and cash equivalents $224.9M Balance at March 31, 2026 vs $871.0M at December 31, 2025

Q2 2026 EPS guidance $0.91–$1.01 Expected diluted EPS range including $0.05 favorable currency and 43% tax rate

Key Terms

constant currency, strategic transformation program, SG&A, EBITA, +2 more

6 terms

constant currency financial

"Revenues for the first quarter were $4.5 billion, a 10% increase... On a constant currency basis, revenues increased 3%"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

strategic transformation program financial

"launched expanded global strategic transformation program, now expected to deliver $200 million in permanent cost savings in 2028"

SG&A financial

"SG&A down year over year in constant currency reflecting strong cost management"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

EBITA financial

"EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets and Goodwill Impairment"

EBITA stands for Earnings Before Interest, Taxes and Amortization and measures a company’s profit from operations after removing the effects of financing, tax rules and amortization charges. Investors use it to compare underlying business performance across firms by focusing on the company’s core ability to generate cash, like judging a car’s engine power before accounting for fuel costs, loan payments and bookkeeping adjustments.

PowerSuite technical

"Our PowerSuite platform to develop and deploy our AI capabilities at scale"

net Debt-to-EBITDA ratio financial

"we had a net Debt-to-EBITDA ratio of 2.86 to 1 and a fixed charge coverage ratio of 2.89 to 1"

The net debt-to-EBITDA ratio compares a company's total debt, after subtracting its cash reserves, to its earnings before interest, taxes, depreciation, and amortization (a measure of profitability). It shows how many years it would take for the company to pay off its debt using its current earnings. Investors use this ratio to assess a company's financial health and its ability to manage and repay debt.

Earnings Snapshot

Revenue: $4.51B · Guidance included

Q1 2026

Revenue $4.51B +10.3% reported, +2.9% constant currency YoY

Net earnings $2.5M -55.4% reported YoY

Diluted EPS (GAAP) $0.05 -55.2% YoY

Adjusted diluted EPS $0.51 +3% constant currency YoY

Operating profit $28.3M +0.5% reported, -17.8% constant currency YoY

Guidance

For Q2 2026, ManpowerGroup expects diluted EPS of $0.91–$1.01, including an estimated $0.05 favorable currency impact and an effective tax rate of 43.0%.

Understanding 8-K Material Events →

false000087176300008717632026-04-162026-04-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 16, 2026

MANPOWERGROUP INC.

(Exact name of registrant as specified in its charter)

Wisconsin		1-10686		39-1672779
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

100 Manpower Place
Milwaukee, Wisconsin		53212
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (414) 961-1000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	MAN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

The information in this Item 2.02, including exhibit 99.1 attached hereto, is furnished solely pursuant to Item 2.02 of Form 8-K. Consequently, such information is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in this Item 2.02, including exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.

On April 16, 2026, we issued a press release announcing our results of operations for the three months ended March 31, 2026 and 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Exhibits

Exhibit No.		Description
99.1		Press Release dated April 16, 2026
99.2		Presentation materials for April 16, 2026 Conference Call
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

					MANPOWERGROUP INC.
Dated:		April 16, 2026			By:		/s/ John T. McGinnis
					Name:		John T. McGinnis
					Title:		Executive Vice President and Chief Financial Officer

Exhibit 99.1

FOR IMMEDIATE RELEASE		Contact:
		Haley Jones
		+1.414.906.6804
		haley.jones@manpowergroup.com

ManpowerGroup Reports 1st Quarter 2026 Results

•Launched expanded global strategic transformation program, now expected to deliver $200 million in permanent cost savings in 2028

•Revenues of $4.5 billion (10% as reported, 3% constant currency)

•Strong demand in Asia Pacific and Latin America and in select European countries. France continued sequential improvement to achieve a flat revenue trend year over year

•Manpower had strong growth in the quarter. Experis impacted by soft professional demand, with stable underlying activity. Talent Solutions headwinds continue, driven by tempered permanent hiring, with rate of decline narrowing over last two quarters

•SG&A down year over year in constant currency reflecting strong cost management

MILWAUKEE, April 16, 2026 – ManpowerGroup (NYSE: MAN) today reported net earnings of $0.05 per diluted share for the three months ended March 31, 2026 compared to net earnings of $0.12 per diluted share in the prior year period. Net earnings in the quarter were $2.5 million compared to net earnings of $5.6 million a year earlier. Revenues for the first quarter were $4.5 billion, a 10% increase from the prior year period.

The current year quarter included restructuring costs and strategic transformation program costs which reduced earnings per share by $0.46 in the first quarter. Excluding these charges, earnings per share was $0.51 per diluted share in the quarter representing an increase of 3% in constant currency which incorporates a higher tax rate in the first quarter of 2026.1

Financial results in the quarter were also impacted by the U.S. dollar relative to foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 3% compared to the prior year period.

Jonas Prising, ManpowerGroup Chair & CEO, said, “We delivered solid performance in the quarter driven by disciplined execution and stabilization in demand trends across key markets. This marks five consecutive quarters of year over year revenue trend improvement. We grew our pipeline, saw continued momentum across the portfolio within our Manpower brand, and enhanced operating leverage through

1 The prior year period included various adjustments which reduced earnings per share by $0.32 in the first quarter which are also excluded when determining the year over year adjusted trend.

reductions in SG&A. Building on this progress and our ongoing transformational efforts, we are taking proactive steps to ensure we are positioned to succeed in any operating environment. This includes launching a strategic transformation program that is intended to not only improve our cost and margin profile, yet also enable ManpowerGroup to gain market share and deliver best-in-class client service. Further, we continue to make significant progress in advancing our AI strategy, including improving the candidate and client experience and bringing new products to market to enhance our competitive position and drive long-term value creation.”

We anticipate diluted earnings per share in the second quarter will be between $0.91 and $1.01, which includes an estimated favorable currency impact of 5 cents and a 43% effective tax rate."

In conjunction with its first quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on April 16, 2026 at 7:30 a.m. Central time (8:30 a.m. Eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com.

Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/.

About ManpowerGroup

ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for more than 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2026 ManpowerGroup was named one of the World's Most Ethical Companies for the 17th time – all confirming our position as the brand of choice for in-demand talent. For more information, visit www.manpowergroup.com.

Forward-Looking Statements

This press release 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 trends in labor demand and the future strengthening of such demand, the Company’s financial outlook, and the Company’s strategic initiatives and technology investments, including our ability to increase market share and the acceleration of transformation initiatives to remove structural costs from the organization to drive efficiencies, which are subject to risks and uncertainties. The Company’s actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company’s reports filed with the SEC, including the information under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2025, which information is incorporated herein by reference.

We caution that any forward-looking statement reflects only our belief at the time the statement is made. The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.

ManpowerGroup

Results of Operations

(In millions, except per share data)

		Three Months Ended March 31
										% Variance
										Amount				Constant
		2026				2025				Reported				Currency
		(Unaudited)
Revenues from services (a)		$	4,510.4			$	4,090.3				10.3	%			2.9	%
Cost of services			3,787.4				3,392.0				11.7	%			4.1	%
Gross profit			723.0				698.3				3.5	%			-2.8	%
Selling and administrative expenses			694.7				670.1				3.7	%			-2.2	%
Operating profit			28.3				28.2				0.5	%			-17.8	%
Interest and other expenses, net			12.9				11.5				13.3	%
Earnings before income taxes			15.4				16.7				-8.3	%			-27.5	%
Provision for income taxes			12.9				11.1				15.1	%
Net earnings		$	2.5			$	5.6				-55.4	%			-64.7	%
Net earnings per share - basic		$	0.05			$	0.12				-55.2	%
Net earnings per share - diluted		$	0.05			$	0.12				-55.2	%			-64.6	%
Weighted average shares - basic			46.7				46.8				-0.3	%
Weighted average shares - diluted			47.1				47.3				-0.4	%

(a)Revenues from services include fees received from our franchise offices of $3.8 million for both the three months ended March 31, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $454.3 million and $418.4 million for the three months ended March 31, 2026 and 2025, respectively.

ManpowerGroup

Operating Unit Results

(In millions)

		Three Months Ended March 31
										% Variance
										Amount				Constant
		2026				2025				Reported				Currency
		(Unaudited)
Revenues from Services:
Americas:
United States (a)		$	654.9			$	688.8				-4.9	%			-4.9	%
Other Americas			460.7				367.9				25.2	%			19.4	%
			1,115.6				1,056.7				5.6	%			3.5	%
Southern Europe:
France			1,068.6				965.7				10.7	%			-0.3	%
Italy			474.7				397.8				19.3	%			7.5	%
Other Southern Europe			558.0				470.5				18.6	%			6.1	%
			2,101.3				1,834.0				14.6	%			3.0	%
Northern Europe			790.1				730.8				8.1	%			-1.8	%
APME			510.5				476.4				7.1	%			8.1	%
			4,517.5				4,097.9
Intercompany Eliminations			(7.1	)			(7.6	)
		$	4,510.4			$	4,090.3				10.3	%			2.9	%
Operating Unit Profit (Loss):
Americas:
United States		$	2.1			$	11.3				-81.9	%			-81.9	%
Other Americas			17.0				14.2				20.9	%			14.4	%
			19.1				25.5				-24.9	%			-28.5	%
Southern Europe:
France			17.1				21.0				-18.5	%			-25.1	%
Italy			28.7				24.6				16.6	%			5.5	%
Other Southern Europe			8.4				4.6				83.1	%			63.8	%
			54.2				50.2				8.0	%			-2.0	%
Northern Europe			(8.2	)			(18.3	)			55.5	%			62.8	%
APME			21.7				20.0				7.7	%			11.4	%
			86.8				77.4
Corporate expenses			(51.5	)			(41.1	)
Intangible asset amortization expense			(7.0	)			(8.1	)
Operating profit			28.3				28.2				0.5	%			-17.8	%
Interest and other expenses, net (b)			(12.9	)			(11.5	)
Earnings before income taxes		$	15.4			$	16.7

(a)In the United States, revenues from services include fees received from our franchise offices of $2.4 million and $2.2 million for the three months ended March 31, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $78.4 million and $76.9 million for the three months ended March 31, 2026 and 2025, respectively.

(b)The components of interest and other expenses, net were:

		2026				2025
Interest expense		$	25.7			$	22.5
Interest income			(6.1	)			(6.9	)
Foreign exchange loss			0.6				0.9
Miscellaneous income, net			(7.3	)			(5.0	)
		$	12.9			$	11.5

ManpowerGroup

Consolidated Balance Sheets

(In millions)

		March 31,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	224.9			$	871.0
Accounts receivable, net			4,628.2				4,770.3
Prepaid expenses and other assets			209.7				149.1
Total current assets			5,062.8				5,790.4
Other assets:
Goodwill			1,539.4				1,544.6
Intangible assets, net			422.9				430.1
Operating lease right-of-use assets			373.9				392.7
Other assets			874.1				879.1
Total other assets			3,210.3				3,246.5
Property and equipment:
Land, buildings, leasehold improvements and equipment			523.2				526.9
Less: accumulated depreciation and amortization			405.0				403.7
Net property and equipment			118.2				123.2
Total assets		$	8,391.3			$	9,160.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	2,558.8			$	2,721.1
Employee compensation payable			199.4				232.3
Accrued payroll taxes and insurance			654.1				672.1
Accrued liabilities			484.9				457.6
Value added taxes payable			388.4				418.1
Short-term operating lease liability			104.6				107.4
Short-term borrowings and current maturities of long-term debt			112.4				625.0
Total current liabilities			4,502.6				5,233.6
Other liabilities:
Long-term debt			1,034.3				1,052.1
Long-term operating lease liability			287.6				304.3
Other long-term liabilities			501.3				509.8
Total other liabilities			1,823.2				1,866.2
Shareholders' equity:
ManpowerGroup shareholders' equity
Common stock			1.2				1.2
Capital in excess of par value			3,577.4				3,572.5
Retained earnings			3,734.8				3,732.3
Accumulated other comprehensive loss			(412.1	)			(412.1	)
Treasury stock, at cost			(4,836.3	)			(4,834.3	)
Total ManpowerGroup shareholders' equity			2,065.0				2,059.6
Noncontrolling interests			0.5				0.7
Total shareholders' equity			2,065.5				2,060.3
Total liabilities and shareholders' equity		$	8,391.3			$	9,160.1

ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)

		Three months ended
		March 31,
		2026				2025
		(Unaudited)
Cash Flows from Operating Activities:
Net earnings		$	2.5			$	5.6
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization			20.2				21.2
Deferred income taxes			6.1				7.3
Provision for credit losses			2.5				1.5
Share-based compensation			6.0				7.6
Changes in operating assets and liabilities:
Accounts receivable			92.2				245.1
Other assets			(73.5	)			(34.9	)
Accounts payable			(141.0	)			(265.1	)
Other liabilities			(41.3	)			(141.5	)
Cash used in operating activities			(126.3	)			(153.2	)
Cash Flows from Investing Activities:
Capital expenditures			(9.0	)			(13.7	)
Acquisition of businesses, net of cash acquired			—				(1.0	)
Proceeds from the sale of property and equipment			0.3				0.1
Cash used in investing activities			(8.7	)			(14.6	)
Cash Flows from Financing Activities:
Net change in short-term borrowings			24.0				50.7
Net proceeds from revolving debt facility			50.0				26.0
Proceeds from long-term debt			0.1				—
Repayments of long-term debt			(582.3	)			(0.1	)
Taxes paid related to net share settlement			(2.7	)			(5.9	)
Repurchases of common stock and excise tax			(0.3	)			(25.0	)
Cash (used in) provided by financing activities			(511.2	)			45.7
Effect of exchange rate changes on cash			0.1				7.7
Change in cash and cash equivalents			(646.1	)			(114.4	)
Cash and cash equivalents, beginning of period			871.0				509.4
Cash and cash equivalents, end of period		$	224.9			$	395.0

First Quarter Results April 16, 2026 Exhibit 99.2

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 uncertainty regarding trade policy developments, trends in labor demand and the future strengthening of such demand, the impact of AI on labor markets, financial outlook, outlook for our business in the regions in which we operate as well as key countries within those regions, the Company’s strategic initiatives and technology investments, including transformation programs and the use of AI to drive innovation, the ability of our PowerSuite platform to develop and deploy our AI capabilities at scale, and the positioning of future growth for our brands, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties. The Company’s actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company’s reports filed with the SEC, including the information under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2025, which information is incorporated herein by reference.​ We caution that any forward-looking statement reflects only our belief at the time the statement is made. The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.

First Quarter Highlights Manpower had strong growth in the quarter. Experis impacted by soft professional demand, with stable underlying activity. Talent Solutions headwinds continue, driven by tempered permanent hiring, with rate of decline narrowing over last two quarters Ongoing cost-out initiatives resulted in a 4% constant currency year-over-year reduction in SG&A, as adjusted, during the quarter Delivered solid performance in the first quarter, driven by strong growth in certain markets and broad-based market stabilization in others Launched expanded global strategic transformation program, expected to deliver $200 million in permanent cost savings in 2028; enabling more efficient cost structure and positioning our brands to win market share Advanced AI strategy from helping create new ways to deliver a best-in-class talent experience monetizing new human + agentic solutions for our clients through strategic partnerships

Front Office Transformation to Drive Growth and Structural Cost Reduction Back Office Transformation PowerSuite Industry Leading Technology Platform Executing standardized and centralized end to end processes in Finance and IT globally Front Office Transformation PowerSuite Industry Leading Technology Platform Implementing standardized, AI infused end to end processes for Recruiting, Sales and Service Delivery Impact Increase fill rates and speed to placement, connecting more people to work Improve client and candidate experience Accelerate return to historical margins, with a foundation to expand margins over time Applying Learnings

AI as a Growth Multiplier Three areas where AI is already driving measurable value 1 COMMERCIAL POTENTIAL AI-Powered Sales Targeting Engine Pinpoints highest-probability opportunities for maximum conversion. Deployed in France, scaling to ~50% of markets by year-end 2 TALENT EXPERIENCE AI Screening via Hubert / PowerSuite Scaling to ~70% of markets by year-end 3 MONETIZATION SoundHound Partnership & EXCELERATE AI Experis supporting companies to redesign workflows with human + agentic solutions ~$200M Incremental revenue – AI Sales Targeting 25K+ AI-led interviews completed in 6 months EXCELERATE AI services suite – Human + Agentic solutions 80%+ Workforce using AI

As Reported As Adjusted Q1 Financial Highlights 10% 3% CC 10% 3% CC Revenue $4.5B (Systemwide $5.0B) -110 bps -110 bps Gross Margin 16.0% -3% -17% CC 18% 5% CC EBITA $35M ($61M as adjusted) -10 bps 10 bps EBITA Margin 0.8% (1.4% as adjusted) -55% -65% CC 15% 3% CC EPS $0.05 ($0.51 as adjusted) Excludes the impact of restructuring costs and strategic transformation program costs of $26.0M ($21.5M net of tax). Prior year period excludes the impact of restructuring costs and other items. Systemwide revenue also includes revenues generated by franchise offices, which were $454.3M and which generated franchise fees of $3.8M included in revenue. Variances reported above do not include franchise offices. EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets and Goodwill Impairment. Reported operating profit was $28M, and operating profit margin was 0.6%. As adjusted, operating profit was $54M, and operating profit margin was 1.2%. (3) (3) Consolidated Financial Highlights ManpowerGroup 2026 First Quarter Results (1) (2)

Transformation Expected to Yield $200 million of Savings During net investment period of 2026 and 2027, Restructuring and Strategic Transformation Program costs are greater than cost savings. Investments in 2026 and 2027 are expected to drive significant benefits in 2028 achieving $200M of run rate savings.  Joining Leading Front and Back Office Technology With Best End-to-End Processes to Drive Superior Growth and Efficiency ~80% of revenues now on our leading PowerSuite Back Office technology Standardization and centralization driving savings in 2026 that grow in future years ~90% of revenues now on our leading PowerSuite Front Office technology In Q1, launched Front Office process transformation in North America Best-in-class processes enabled by leading technology and agentic A.I. to drive revenue growth while significantly improving efficiency Expanding to the Rest of the World in 2027 expected to drive significant savings in 2028 Savings ($M)

EPS Bridge – Q1 vs. Guidance Midpoint ManpowerGroup 2026 First Quarter Results (1) Detail of items included on slide 3.

Manpower organic CC revenue growth improved sequentially to 6% year over year, from 5% in Q4. Talent Solutions organic CC revenue improved to -1% year over year, from -4% in Q4. RPO improved from the Q4 trend due to select client programs. MSP improved and Right Management experienced growth in the quarter. Experis organic CC revenue growth -9% year over year, from -6% in Q4 reflecting timing of Healthcare IT projects in prior year period. Business line classifications can vary by entity and are subject to change as service requirements change. Business Line Revenue Q1 2026(1) ManpowerGroup 2026 First Quarter Results vs. 2025 reported % vs. 2025 organic CC % MANPOWER EXPERIS TALENT SOLUTIONS

Consolidated Gross Margin Change ManpowerGroup 2026 First Quarter Results

Business line classifications can vary by entity and are subject to change as service requirements change. Business Line Gross Profit – Q1 2026(1) ManpowerGroup 2026 First Quarter Results

(15.6% CC) (16.3% CC) SG&A Expense Bridge – Q1 YoY(in millions of USD) ManpowerGroup 2026 First Quarter Results (15.0% CC)

As Reported As Adjusted Q1 Financial Highlights 6% 4% CC 6% 4% CC Revenue $1.1B -25% -28% CC 1% -2% CC OUP $19M ($26M as adjusted) -70 bps -10 bps OUP Margin 1.7% (2.3% as adjusted) Americas Segment(25% of Revenue) ManpowerGroup 2026 First Quarter Results Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues less direct costs and branch and national headquarters operating costs. Current period excludes the impact of restructuring costs of $6.7M. Prior year period variances exclude restructuring costs. (1)

Americas – Q1 Revenue Trend YoY ManpowerGroup 2026 First Quarter Results

As Reported As Adjusted Q1 Financial Highlights 15% 3% CC 15% 3% CC Revenue $2.1B 8% -2% CC 8% -2% CC OUP $54M ($58M as adjusted) -10 bps -10 bps OUP Margin 2.6% (2.8% as adjusted) Southern Europe Segment(47% of Revenue) ManpowerGroup 2026 First Quarter Results (1) Current period excludes the impact of restructuring costs of $4.0M. Prior year period variances exclude restructuring and other costs.

Southern Europe – Q1 Revenue Trend YoY ManpowerGroup 2026 First Quarter Results

As Reported As Adjusted Q1 Financial Highlights 8% -2% CC -1% OCC 8% -2% CC -1% OCC Revenue $790M NM NM NM NM OUP -$8M (-$3M as adjusted) 150 bps 40 bps OUP Margin -1.0% (-0.4% as adjusted) Northern Europe Segment(17% of Revenue) ManpowerGroup 2026 First Quarter Results (1) Current period excludes the impact of restructuring costs of $4.8M. Prior year period variances exclude restructuring costs. Variances are not meaningful. (2) (2)

Northern Europe – Q1 Revenue Trend YoY ManpowerGroup 2026 First Quarter Results -28%

As Reported As Adjusted Q1 Financial Highlights 7% 8% CC 7% 8% CC Revenue $510M 8% 11% CC 10% 13% CC OUP $22M ($22M as adjusted) 0 bps 10 bps OUP Margin 4.2% (4.3% as adjusted) APME Segment(11% of Revenue) ManpowerGroup 2026 First Quarter Results Current period excludes the impact of restructuring costs of $0.4M.

APME – Q1 Revenue Trend YoY ManpowerGroup 2026 First Quarter Results

Cash Flow Summary ManpowerGroup 2026 First Quarter Results

Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash) Balance Sheet Highlights ManpowerGroup 2026 First Quarter Results 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 €500M of Euro notes scheduled to mature in June 2026. The notes due in June 2026 were repaid with cash in January 2026. 2025 adjusted total debt and total debt to capitalization reflects underlying debt and cash levels excluding the issuance on December 15, 2025. (1) (1)

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 Europe Up 3-7% (Up 1-5% CC) Northern Europe Down 2% / Up 2% (Down 3% / Up 1% CC) APME Down 3% / Up 1% (Up 3-7% CC) Gross Profit Margin 16.1 – 16.3% EBITA(1) Margin 2.0 – 2.2% Operating Profit Margin 1.9 – 2.1% Tax Rate 43.0% EPS(2) $0.91 – $1.01 (favorable $0.05 currency) Estimates are assuming FX rates of 1.16 for Euro, 1.33 for GBP, 0.0063 for JPY and 0.0007 for ARS. EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets and Goodwill Impairment. Restructuring and cost optimization program costs are not included in the underlying guidance.

Appendix

Industry Vertical Composition Based on Revenues – Q1 2026 ManpowerGroup 2026 First Quarter Results Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation.

Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €400M 3.514% Jun 2027 461 - Euro Notes - €500M 3.786% Dec 2030 573 - Revolving Credit Agreement 4.790% Dec 2030 50 550 Uncommitted lines and Other Various Various 63 387 Total Debt 1,147 937 (3) (1)(2) (4) (2) Debt and Credit Facilities – March 31, 2026(in millions of USD) ManpowerGroup 2026 First Quarter Results The $600M agreement requires that we comply with a Leverage Ratio (net Debt-to-EBITDA) of not greater than 3.5 to 1 and a Fixed Charge Coverage Ratio of not less than 1.5 to 1, in addition to other customary restrictive covenants. As defined in the agreement, we had a net Debt-to-EBITDA ratio of 2.86 to 1 and a fixed charge coverage ratio of 2.89 to 1 as of March 31, 2026. Per the agreement, the definition of net debt is defined as total debt less cash in excess of $300M. As of March 31, 2026, there were $0.4M of standby letters of credit issued under the agreement. Under the $600M agreement, we have an option to increase the total availability under the facility by an additional $300M. Represents uncommitted lines of credit & overdraft facilities. The total amount of the facilities as of March 31, 2026 was $514.0M and subsidiary facilities accounted for $364.0M of the total. Total subsidiary borrowings are limited to $300M due to restrictions in our Revolving Credit Facility, with the exception of Q3 when subsidiary borrowings are limited to $600M. This rate is the effective interest rate for this note, net of a favorable impact of a forward rate lock.

FAQ

How did ManpowerGroup (MAN) perform financially in Q1 2026?

ManpowerGroup delivered higher revenue but lower reported profit in Q1 2026. Revenue rose to $4.51 billion, up 10.3% year over year, or 2.9% in constant currency. However, net earnings fell to $2.5 million, with diluted EPS declining to $0.05.

What were ManpowerGroup (MAN) adjusted earnings in Q1 2026?

Adjusted earnings improved despite heavy transformation costs. Excluding restructuring and strategic transformation charges, ManpowerGroup reported Q1 2026 adjusted diluted EPS of $0.51, representing a 3% increase in constant currency versus the prior year, even with a higher effective tax rate.

How much revenue growth did ManpowerGroup (MAN) report by region in Q1 2026?

Growth was strongest outside the United States. Southern Europe revenue reached $2.10 billion, up 14.6% reported and 3.0% constant currency, while APME rose to $510.5 million, up 7.1% reported and 8.1% constant currency. Americas revenue grew 5.6% reported.

What is ManpowerGroup’s new transformation and cost-savings plan?

ManpowerGroup expanded a global strategic transformation program focused on front- and back-office standardization and AI-enabled processes. The company expects this initiative to deliver about $200 million in permanent annual cost savings in 2028, supporting a more efficient structure and margin improvement.

What EPS guidance did ManpowerGroup (MAN) give for Q2 2026?

For the second quarter of 2026, ManpowerGroup anticipates diluted EPS between $0.91 and $1.01. This outlook includes an estimated favorable currency impact of $0.05 per share and assumes an effective tax rate of approximately 43%.

How did ManpowerGroup’s cash flow and debt position change in Q1 2026?

Operating cash flow remained negative but improved year over year, with cash used in operating activities of $126.3 million versus $153.2 million previously. Cash and equivalents declined to $224.9 million, and total assets fell to $8.39 billion from $9.16 billion.

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