ManpowerGroup reports $18 million net income for Q3 2025

Cover page 1 change

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For the quarterly period ended : June September 30, 2025

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Financial St atements (unaudited) 35 changes

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$ 77.3 79.1 and $ 67.6 , respectively

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$ 565.2 571.8 and $ 530.4 , respectively

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Common stock, $ .01 par value, authorized 125,000,000 shares, issued 119,150,638 119,161,655 and 118,853,620 shares, respectively

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Treasury stock at cost, 72,862,955 72,864,475 and 72,105,407 shares, respectively ( 4,834.3 ( 4,791.4

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Operating (loss) profit

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(Loss) Earnings before income taxes

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Net (loss) earnings per share – basic

Net (loss) earnings per share – diluted

Net earnings (loss) per share – basic

Net earnings (loss) per share – diluted

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Other comprehensive loss:

Consolidated Statements of Com prehensive (Loss) Income (Loss) (Unaudited)

Other comprehensive income / loss:

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Adjustments on derivative instruments, net of income taxes of $( 32.5 ), $ 1.1 , $( 44.2 ) and $ 13.0 , respectively ( 111.1 ( 152.5

Translation adjustments of long-term intercompany loans, net of income taxes of $ 0.0 , $ 0.0 0.1 , $ 0.1 and $ 0.0 0.1 , respectively ( 0.3 ( 0.7 0.5 ( 0.2

Adjustments on derivative instruments, net of income taxes of $ 23.6 , $( 14.5 ), $( 20.6 ) and $( 1.5 ), respectively ( 52.8 ( 90.3 ( 7.5

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Defined benefit pension plans and retiree health care plan, net of income taxes of $ 1.8 0.0 , $ 0.3 0.0 , $( 0.1 ) and $ 0.3 , respectively ( 0.3 ( 1.1 ( 3.8 ( 4.9 ( 7.9 0.2 ( 34.4 0.6 ( 70.9 0.5 ( 69.4 1.7

Total other comprehensive (loss) income

Comprehensive income (loss)

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Six Months Ended June 30,

Nine Months Ended September 30,

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Net cash (used in) provided by operating activities

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Net cash used in investing activities

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Net cash provided by (used in) financing activities

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Other comprehensive loss

Issuances under equity plans

Share-based compensation expense

Noncontrolling interest transactions

Balance, September 30, 2025

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Other comprehensive income

Issuances under equity plans

Share-based compensation expense

Repurchases of common stock, including excise tax

Noncontrolling interest transactions

Balance, September 30, 2024

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Notes to the financial statements 120 changes

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024 (in millions, except share and per share data)

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Balance, June 30, 2025

Balance, September 30, 2025

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ROU assets represent our right to use an underlying asset for the lease term. and Lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. As the rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate. We determine our incremental borrowing rate at the commencement date using our unsecured borrowing rate, adjusted for collateralization, lease term, economic environment, currency and other factors. ROU assets are recognized at commencement date at the value of the related lease liabilities, adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Our lease terms include options to renew or not terminate the lease when it is reasonably certain that we will exercise that option.

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In accordance with the accounting guidance on goodwill and other intangible assets, we perform an annual impairment test of goodwill at our reporting unit level and indefinite-lived intangible assets at our unit of account level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. In the event the fair value of a reporting unit is less than the carrying value including goodwill, we would record an impairment charge based on equal to the excess of a reporting units' the carrying amount over its the fair value. Similarly, if the fair value of an indefinite-lived intangible asset is less than its carrying value, we record an impairment charge for the difference.

We evaluate the recoverability of goodwill utilizing an income approach that estimates the fair value of the future discounted cash flows to which the goodwill relates. This approach reflects management's internal outlook of the reporting units, which is believed to be the best determination of value due to management's insight and experience with the reporting units. Significant assumptions used in our goodwill impairment tests include: expected future revenue growth rates, operating unit profit (OUP) margins, working capital levels, discount rates, and a terminal value revenue growth rates and OUP margin. multiple. The expected future revenue growth rates and operating unit profit OUP margins are determined after taking into consideration our historical revenue growth rates and operating unit profit margins, performance, our assessment of future market potential, and our expectations of expected future business performance conditions. We believe that the future discounted cash flow valuation model provides the most reasonable and meaningful fair value estimate based on the reporting units' projections of future operating results and cash flows and is fair value, consistent with our view of how market participants would value the company's our reporting units in an orderly transaction.

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Management closely monitors the financial and operating results impacting our reporting units and indefinite-lived intangible assets and makes comparisons relative to the key assumptions used in our fair value estimate at the time of our annual impairment test, in addition to operational initiatives and estimates, as well as macroeconomic conditions which and strategic initiatives that may impact the results of the reporting units and indefinite-lived intangible assets. During the second quarter of 2025, in connection with the preparation of our financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair value of any reporting unit or indefinite-lived intangible asset were was below its carrying amount. We identified several factors related to affecting our United Kingdom and Switzerland reporting units that led us to conclude that it was more likely than not that the fair value of the reporting units were below the carrying values which triggered us to perform an interim goodwill impairment assessment for these reporting units. was necessary. These factors included further deterioration of the macroeconomic and local market conditions, financial performance that came in below management's planned revenue and OUP expectations for the first half of 2025, and downward revisions to full year full-year 2025 planned revenue and OUP projections. As a result, of the interim test, we recognized a partial non-cash goodwill impairment loss of $ 33.4 related to for our United Kingdom reporting unit in our Northern Europe segment and a partial $ 24.7 non-cash goodwill impairment loss related to for our Switzerland reporting unit in our Southern Europe segment, to bring the reducing their carrying value of these reporting units down values to their estimated fair value. Key assumptions included in the United Kingdom discounted cash flow valuation performed during the second quarter of 2025 included a discount rate of 11.4 %, working capital as a percentage of revenue of 6.6 %, revenue growth for the next 10 years ranging from - 8.4 % to 10.0 %, and terminal value revenue growth and OUP margin of 3.0 % and 3.2 %, respectively. Key assumptions included in the Switzerland discounted cash flow valuation performed during the second quarter of 2025 included a discount rate of 11.2 %, working capital as a percentage of revenue of 10.5 %, revenue growth for the next 10 years ranging from - 12.4 % to 12.0 % and terminal value revenue growth and OUP margin of 3.0 % and 4.2 %, respectively. The remaining goodwill balances related to our United Kingdom and Switzerland reporting units, as of June 30, 2025, were $ 79.3 and $ 35.8 , respectively.

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While we continued to see challenging market conditions in North America and Europe, which led to lower l evels of revenues and OUP in certain of our other reporting units than we had forecasted during our 2024 annual impairment testing, we concluded, based on our analysis performed, that there was no triggering event related to our other reporting units and the fair value of the reporting units continued to exceed the carrying value.

During the third quarter of 2025, we completed the annual impairment test of our goodwill and indefinite-lived intangible assets. The fair value exceeded the carrying amount by more than 10 % for all reporting units except the United Kingdom and Switzerland, whose carrying values had already been adjusted to fair value in the second quarter. As of September 30, 2025, the goodwill balances related to our United Kingdom and Switzerland reporting units were $ 77.9 and $ 35.4 , respectively.

Due to current macroeconomic conditions in North America and Europe, our assumptions for near-term revenue growth and OUP margins were lower than in the prior year, resulting in reduced excess fair value for several reporting units. Key assumptions for reporting units included in the North America and Europe segments included average revenue growth rates for the next 10 years of 3.3 % and 2.6 %, respectively, average OUP margins of 5.8 % and 2.4 %, respectively, and discount rates ranging from 9.4 % to 10.8 % and 10.1 % to 12.4 %, respectively. Management closely monitors the performance and assumptions used in our fair value estimates, along with macroeconomic and operational developments that may impact future impairment assessments.

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On July 4, 2025, the bill commonly known as the One Big Beautiful Bill Act was signed into law. The legislation includes significant changes to U.S. federal tax law, including the permanent extension of certain Tax Cuts and Jobs Act business provisions and the modification of several international tax laws. We are currently assessing its impact on our Consolidated Financial Statements.

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In September 2025, the FASB issued new guidance on internal-use software. The guidance removes the requirement to evaluate costs by development stage and allows capitalization to begin once management commits funding and completion is probable. The new standard is effective as of January 1, 2028, with early adoption permitted. It may be adopted prospectively or retrospectively. We are currently assessing the impact of this guidance on our Consolidated Financial Statements.

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We do not disclose the amount of unsatisfied performance obligations for client contracts with an original expected length of one year or less and those client contracts for which we recognize revenues at the amount to which we have the right to invoice for services performed. We have other contracts with revenues expected to be recognized subsequent to June September 30, 2025 related to remaining performance obligations, which are not material.

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Our deferred revenue was w as $ 34.2 30.8 as of June September 30, 2025 and $ 30.3 as of December 31, 2024.

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Three Months Ended June September 30,

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Six Months Ended June 30,

Nine Months Ended September 30,

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Three Months Ended June September 30,

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Six Months Ended June 30,

Nine Months Ended September 30,

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During the three months ended June September 30, 2025 and 2024, we recognized share-based compensation exp ense of $ 7.7 4.9 and $ 7.5 7.0 , respectively, and $ 15.3 20.2 and $ 15.0 22.0 for the six nine months ended June September 30, 2025 and 2024, respectively. The expense exp ense relates to stock options, deferred stock units, restricted stock units, performance share units and a savings-related share option scheme in the United Kingdom. We recognize share-based compensation expense in selling and administrative expenses on a straight-line basis over the service period of each award. Consideration received from share-based awards was no ne and $ 0.7 0.8 for the six nine months ended June September 30, 2025 and 2024 , respectively.

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From time to time, we acquire and invest in companies throughout the world, including franchises. T otal cash consideration paid for acquisitions, net of cash acquired, was $ 2.3 and $ 2.8 f or the six nine months ended June September 30, 2025 and . For the nine months ended September 30, 2024, respectively. total cash consideration was $ 7.7 , which included the purchase of a franchise in the United States and contingent consideration payments related to a previous acquisition.

Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint as well as improve our overall efficiency. On May 31, 2025, we disposed of our New Caledonia business in our APME segment and simultaneously entered into a franchise agreement. In connection with this transaction, we recognized a one-time net loss on disposition of $ 1.4 , of which $ 0.2 was included in selling and administrative expenses and $ 1.2 was included in interest and other expenses in the Consolidated Statements of Operations for the three and six nine months ended June September 30, 2025.

On May 30, 2025, we disposed of our South Africa business in our Northern Europe segment in exchange for a non-interest-bearing loan receivable of $ 1.4 and simultaneously entered into a franchising agreement. We recognized a one-time net loss on disposition of $ 4.8 , of which $ 2.2 was included in selling and administrative expenses and $ 2.6 was included in interest and other expenses in the Consolidated Statements of Operations for the three and six nine months ended June September 30, 2025.

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During the six nine months ended June September 30, 2025, we recorded $ 30.2 i n 51.6 in restructuring costs, of which $ 14.4 21.4 was recorded during the three months ended June September 30, 2025. During Du ring the three and six nine months ended June September 30, 2024, we did no t record any recorded $ 37.6 in restructuring costs. . Payments made from the restructuring reserve wer e $ 16.7 22.7 and $ 29.0 51.7 during the three and six nine months ended June September 30, 2025, respectively. During the three and nine months ended September 30, 2024, payments made from the restructuring reserve were $ 19.7 and $ 70.7 , respectively. We use our restructuring reserve for severance, office closures, office consolidations, and professional and other fees related to restructuring in multiple countries and territories. We expect a majority of the remaining $ 46.1 r eserve 43.7 reserve will be paid by the end of 2025.

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Balance, June 30, 2025

Balance, September 30, 2025

(a) Balances related to the United States were $ 4.0 and $ 1.0 1.5 as of December 31, 2024 and June September 30, 2025 , respectively .

(b) Balances related to France were $ 1.2 and $ 2.4 2.5 as of December 31, 2024 and June September 30, 2025, respectively. Balances related to Italy were $ 2.0 and $ 1.9 as of December 31, 2024 and June September 30, 2025 , respectively.

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(8) Net (Loss) Earnings Per Share

We recorded income tax expense on a pre-tax loss resulting in a negative at an effective tax rate of 60.2 66.0 % for the three months ended June September 30, 2025, as compared to income tax expense on pre-tax earnings resulting in an effective rate of 34.9 61.5 % for the three months ended June September 30, 2024. The 2025 rate was negative due to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 2025 rate was also unfavorably impacted by the lower level and overall mix of earnings due in part to restructuring costs recorded in the quarter and the 2025 enacted one-time French exceptional corporate income tax surcharge. The negative 66.0 % effective tax rate of 60.2 % for the three months ended June 30, third quarter of 2025 was significantly different higher than the United States Federal statutory rate of 21 % primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax.

We recorded income tax expense on a pre-tax loss resulting in a negative at an effective rate of 144.8 256.2 % for the six nine months ended June September 30, 2025, as compared to income tax expense on pre-tax earnings resulting in an effective rate of 33.4 41.4 % for the six nine months ended June September 30, 2024. The 2025 rate was negative due to a pre-tax loss that primarily resulted from unfavorably impacted by the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 2025 rate was also unfavorably impacted by the lower level and overall mix of earnings due in part to restructuring costs recorded in the quarter and the 2025 enacted one-time French exceptional corporate income tax surcharge. The negative 256.2 % effective tax rate of 144.8 % for the first half of nine months ended September 30, 2025 was significantly different higher than the United States Federal statutory rate of 21 % primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax.

We had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 38.4 39.5 as of June September 30, 2025. If recognized, the entire amount would favorably affect the effective tax rate except for $ 10.0 . As of December 31, 2024, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 36.1 .

We conduct business globally in various countries and territories. We are routinely audited by the tax authorities of the various tax jurisdictions in which we operate. Generally, the tax years that could be subject to examination are 2018 through 2025 for our major operations in France, Italy, the United Kingdom and the United States. As of June September 30, 2025 , we were subject to tax audits in Austria, Germany, India, Israel, Spain and the United States.

(8) Net Earnings (Loss) Per Share

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Net (loss) earnings (loss) available to common shareholders

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Net (loss) earnings per share - basic

Net (loss) earnings per share - diluted

Net earnings (loss) per share - basic

Net earnings (loss) per share - diluted

There were 1.0 0.7 million and 0.8 million share-based awards excluded from the calculation of net (loss) earnings per share - diluted for the three months ended June September 30, 2025 and 2024, respectively, because their impact was anti-dilutive. There were 1.1 million and 0.8 million share-based awards excluded from the calculation of net (loss) earnings (loss) per share - diluted for the six nine months ended June September 30, 2025 and 2024 , respectively, because their impact was anti-dilutive.

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(a) Balances were net of accumulated impairment loss of $ 807.4 and $ 749.3 as of June September 30, 2025 and December 31, 2024 , respectively.

(b) Balances were net of accumulated impairment loss of $ 139.5 as of both June September 30, 2025 and December 31, 2024 .

(c) Balances were net of accumulated impairment loss of $ 30.6 and no ne as of June September 30, 2025 and December 31, 2024 , respectively.

Total consolidated amortization expense related to intangible assets for the remainder of 2025 is expected to be $ 15.0 7.1 and in each of the next five years as follows: 2026 - $ 27.7 27.8 , 2027 - $ 27.1 , 2028 - $ 27.2 , 2029 - $ 26.8 and 2030 - $ 26.3 .

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Balance, June 30, 2025

Balance, September 30, 2025

(a) Balances related to the United States were $ 1,007.2 as of both December 31, 2024 and June September 30, 2025 .

(b) Balances related to France were $ 70.9 and $ 80.8 80.4 as of December 31, 2024 and June September 30, 2025 , respectively. Balances related to Italy were $ 3.5 and $ 4.0 as of December 31, 2024 and June September 30, 2025 , respectively .

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During the three and six nine months ended June September 30, 2025, contributions made to our pension plans were $ 6.0 4.5 and $ 11.5 16.0 , respectively, and contributions made to our retiree health care plan were $ 0.2 0.3 and $ 0.5 0.8 , respectively. During 2025, we expect to make total contributions of approximately $ 23.0 21.0 to our pension plans and to fund our retiree health care payments as incurred.

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Translation loss on long-term intercompany loans, net of income taxes of $ 19.2 and $ 19.1 , respectively ( 133.9 133.7 ( 133.2 (Loss) gain on derivative instruments, net of income tax benefit of $( 44.9 21.3 ) and $( 0.7 ), respectively ( 113.5 51.3

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Defined benefit pension plans, net of income tax benefit of $( 20.5 ) and $( 20.6 ), on both dates respectively ( 8.9 8.8 ( 8.9

Retiree health care plan, net of income taxes of $ 2.0 1.9 and $ 2.1 , respectively

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Noncontrolling interests, reported in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses, net in our Consolidated Statements of Operations. We recorded income of $ 0.4 0.2 and expenses of $ 0.1 d uring during the three months ended June September 30, 2025 and 2024, respectively. During the six nine months ended June September 30, 2025 and 2024 , we recorded income of $ 0.1 0.3 and expenses of $ 0.0 0.1 , respectively.

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In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the six nine months ended June September 30, 2025, , we repurchased 0.7 million shares under the 2023 authorization at a cost of $ 37.0 . During the six nine months ended June September 30, 2024 , we repurchased 1.0 1.5 million shares under the 2023 authorization at a cost of $ 77.0 106.0 . As of June September 30, 2025, , there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.

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In September 2022, we entered into a cross currency swap agreement where we pay fixed-rate Swiss franc ("CHF") payments and receive fixed-rate United States dollar payments. This swap was designated as a net investment hedge of our foreign subsidiary with CHF functional currency.

The € 400.0 ($ 469.5 467.6 ) notes due June 2027 and the € 500.0 ($ 588.6 586.1 ) no tes due June 2026 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of June September 30, 2025.

In September 2022, we entered into a cross-currency swap agreement under which we pay fixed-rate Swiss franc ("CHF") and receive fixed-rate United States dollar ("USD") payments. The swap was designated as a net investment hedge of our foreign subsidiary with a CHF functional currency . On September 10, 2025, we de-designated the original swap and entered into a new cross-currency swap with modified terms, including a reset of the USD fixed rate and an extension of maturity. The new swap has a notional amount of $ 413.8 and consists of three tranches, each representing one-third of the total notional amount, with staggered maturities on September 10, 2026 , September 10, 2027 and September 11, 2028 . The swap contains a significant financing component. Accordingly, future cash settlements related to the swap will be classified within financing activities in the statement of cash flows.

The new swap was designated as a net investment hedge under the spot method. At the time of de-designation, the total mark-to-market loss on the original swap was $ 99.6 , of which $ 82.2 was related to currency effects and was recorded in foreign currency translation within AOCL. The remaining $ 17.4 represents the excluded component, which is being amortized into interest expense over the life of the new swap.

The effect of our net investment hedges on AOCL for the three and six nine months ended June September 30, 2025 and 2024 was as follows:

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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On June 9, 2022, we entered into a forward starting interest rate swap agreement with a notional amount of € 300.0 and a fixed rate of 1.936 %, which was accounted for as a cash flow hedge, to hedge the interest rate exposure related to our anticipated issuance of € 400.0 notes to repay our existing € 400.0 notes maturing in September 2022 . Upon the issuance of the notes on June 30, 2022, we settled this forward starting interest rate swap, resulting in a gain of $ 2.0 , which was recorded in AOCI AOCL and is being amortized over the term of the notes as an offset to interest expense.

The following tables present the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income ("OCI"), AOCL and earnings for the three and six nine months ended June September 30, 2025 and 2024:

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Three Months Ended June September 30,

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from AOCI into Income

Three Months Ended June September 30,

from AOCL into Income

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Six Months Ended June 30,

Gain (Loss) Reclassified from AOCI AOCL into Income

Nine Months Ended September 30,

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Six Months Ended June 30,

from AOCI into Income

Nine Months Ended September 30,

from AOCL into Income

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We expect the net amount of pre-tax derivative gains and losses included in AOCL at June September 30, 2025 to be reclassified into earnings within the next 12 months will not be significant. The actual amount that will be reclassified to earnings over the next 12 months will vary due to future currency exchange rates.

We account for derivatives as fair value hedges when the hedged item is a recognized asset, liability, or firm commitment. We use cross currency swaps to hedge the changes in cash flows of certain of our foreign currency denominated intercompany notes due to changes in foreign currency exchange rates. We record the change in carrying value of the foreign currency denominated notes due to changes in exchange rates into earnings each period. The changes in fair value of the cross-currency swap derivatives are recorded in other comprehensive income OCI with an immediate reclassification into earnings for the change in fair value attributable to fluctuations in foreign currency exchange rates.

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The following tables present the impact that the fair value hedges had on our Consolidated Statement of Operations for the three and six nine months ended June September 30, 2025 and 2024:

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and 40 more changes in the filing

Forward-looking statements 124 changes

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Our operating profit decreased -125% in the second quarter of 2025 and our operating profit margin decreased 280 basis points compared to the second quarter of 2024. Operating profit margin decreased primarily due to goodwill and indefinite lived intangible asset impairments, a decrease in gross profit margin, dispositions, and an increase in restructuring expense taken in the second quarter of 2025.

Our business is cyclical in nature and is sensitive to macroeconomic conditions generally. Client demand for workforce solutions and services is dependent on the overall strength of the labor market and secular trends toward greater workforce flexibility within each of the segments where we operate. Improving economic growth typically results in increasing demand for labor, resulting in greater demand for our staffing services while demand for our outplacement services typically declines. During periods of decreased demand, as we continued to experience in the second quarter of 2025, our operating profit is generally impacted unfavorably as we experience a deleveraging of selling and administrative expenses, which may not decline at the same pace as revenues. By contrast, during periods of increased demand, we are generally able to improve our profitability and operating leverage as our cost base can support some increase in business without a similar increase in selling and administrative expenses.

In the second third quarter of 2025, we observed continued stabilization in several of our key markets. Latin America and Asia Pacific continued to experience good demand while demand in parts of Europe and North America saw continued stabilizing trends in many markets during the quarter. Employers are proving resilient but remain cautious in their workforce strategies with many maintaining current staffing levels and taking a measured approach to new hiring, reflecting ongoing macroeconomic and geopolitical uncertainties, including the impact of recent policy shifts and global trade dynamics. In Europe, particularly Northern Europe, employers continue to be more cautious, reflecting their greater exposure to economic and geopolitical headwinds. Although we are encouraged by early signs of stabilization in some regions, we believe many employers are still awaiting greater clarity in the economic outlook before committing to increased workforce investments. As such, we expect the business environment to remain mixed. with potential headwinds continuing to impact our operations in the near term.

During the second third quarter of 2025, the United States dollar weakened on average, relative to the currencies in most of our markets, and overall had a favorable impact on our reported results. The changes in the foreign currency exchange rates had a 3.5% 3.8% favorable impact on revenues from services. and an approximately $0.04 per share favorable impact on net earnings per share – diluted in the quarter. Substantially all of our subsidiaries derive revenues from services and incur expenses within the same local currency and generally do not have cross-currency transactions, and therefore, changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated. To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results.

During the second third quarter of 2025 compared to the second third quarter of 2024, we experienced a -0.4% 4.6% revenue decrease increase in the Americas, primarily driven by an increase in demand for our Manpower staffing services, partially offset by a decrease in demand for our Experis interim services and the unfavorable impact of currency exchange rates. partially offset by the increase in demand for our Manpower staffing services and an increase in demand for Right Management outplacement services. During the second third quarter of 2025 compared to the second third quarter of 2024, we experienced a 2.4% 5.2% revenue increase in Southern Europe, primarily due to the favorable impact of currency exchange rates, and increased demand for Manpower consulting services, partially offset by the decrease in decreased demand for our Manpower staffing services a decrease in demand for Experis interim services, and a decrease in demand for Talent Based Outsourcing (TBO). During the second third quarter of 2025 compared to the second third quarter of 2024, we experienced a -5.1% -1.4% revenue decrease in Northern Europe, primarily due to a decrease in demand for our Manpower staffing services, a decrease in demand for our Experis interim services, a decrease in demand for our Experis solutions services, and a decrease in demand for our permanent recruitment services, partially offset by the favorable impact of currency exchange rates. We experienced a -3.0% -7.5% revenue decrease in APME in the second third quarter of 2025 compared to the second third quarter of 2024 primarily due to the disposition of our Korea business in 2024 which contributed to the decrease in revenue for our Manpower staffing and TBO services, partially offset by the favorable impact of currency exchange rates.

From a brand perspective, we experienced a revenue increases increase in Manpower while Experis and Talent Solutions while Experis experienced a revenue decrease decreases in the second third quarter of 2025 compared to the second third quarter of 2024. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services and Manpower consulting services, partially offset by decreased demand for TBO. The revenue increase decrease in our Talent Solutions brand, which includes RPO, MSP and our Right Management offerings, was primarily due to an increase a decrease in demand for our MSP services offset by lower demand for our Right Management outplacement services The revenue decrease in our Experis brand was primarily due to as well as decreased demand for interim our permanent recruitment services, and timing of healthcare technology projects compared to the prior year. partially offset by strong MSP revenue growth.

In the second third quarter of 2025, our gross profit margin decreased 50 70 basis points compared to the second third quarter of 2024, primarily due attributable to a decrease decreases in our staffing and interim margins due to business mix changes slight decreases in driven by enterprise clients, lower permanent recruitment activity, and a decrease in MSP. lower outplacement activity.

Our operating profit decreased -6.1% in the third quarter of 2025 and our operating profit margin decreased 20 basis points compared to the third quarter of 2024. Operating profit margin decreased in the third quarter of 2025 primarily due to the decrease in our gross profit margin and the non-recurrence of corporate cost reductions experienced in the prior year period.

Operating Results - Three Months Ended June September 30, 2025 and 2024

The following table presents selected consolidated financial data for the three months ended June September 30, 2025 as compared to 2024.

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Operating (loss) profit

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(Loss) Earnings before income taxes

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Net (loss) earnings per share – diluted

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• goodwill and indefinite lived intangible asset impairment charges of $88.7 which were related to our Switzerland and United Kingdom reporting units;

• $14.4 of restructuring costs, incurred in the second quarter of 2025 compared to no restructuring in the second quarter of 2024; and

• a 200 basis point increase attributable to our goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units; and

• a 20 basis point favorable impact as salaries and office lease and occupancy costs decreased as a percent of revenues.

Net loss per share - diluted was $1.44 in the second quarter of 2025 compared to net earnings per share of $1.24 in the second quarter of 2024. Goodwill and intangible asset impairment charges recorded in the second quarter of 2025 negatively impacted net loss per share - diluted by $1.79. Restructuring costs and other items unfavorably impacted net earnings per share - diluted by approximately $0.30, net of tax, in the second quarter of 2025. The loss from the disposition of subsidiaries recorded in 2025 negatively impacted net earnings per share - diluted by approximately $0.13, net of tax.

The year-over-year decrease increase in revenues from services was flat year over year (-3.5% 2.3% (-1.5% decrease in constant currency and -1.4% 0.7% increase in organic constant currency) was primarily attributed to:

• a revenue decrease increase in the Americas of -0.4% (2.0% 4.6% (5.5% increase in constant currency) primarily driven by a $56.6 $77.6 increase in demand for our Manpower staffing services, partially offset by a $27.7 decrease in demand for our Experis interim services and a $25.2 $10.0 unfavorable impact of currency exchange rates. partially offset by a $68.7 increase in demand for our Manpower staffing services. The United States, our largest market in the Americas, experienced a revenue decrease of -3.3% -0.9% primarily driven by a $49.8 $27.5 decrease in demand for our Experis interim services, partially offset by a $19.9 $20.1 increase in demand for our Manpower Staffing service, services and a $3.0 $10.6 increase in demand for our Right Management outplacement MSP services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $18.6. $54.7.

• a revenue increase in Southern Europe of 2.4% (-2.8% 5.2% (-1.3% decrease in constant currency and -2.2% -0.6% decrease in organic constant currency) primarily driven by a $110.8 $137.1 favorable impact of currency exchange rates and a $4.4 $5.8 increase in demand for our Manpower consulting services, partially offset by a $48.2 $21.0 decrease in demand for our Manpower staffing services and a $9.5 decrease in demand for TBO. Outcome Based Solutions. France, the largest market in Southern Europe, experienced a revenue decrease increase of -1.3% (-6.3% 1.4% (-4.7% in constant currency) primarily driven by a $67.8 $70.9 favorable impact of currency exchange rates, partially offset by a $47.7 decrease in demand for our Manpower staffing services. partially offset by a $58.5 favorable impact of currency exchange rates. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 9.4% 10.3% (increase of 3.9% 3.7% in constant currency) primarily driven by the $24.3 $27.9 favorable impact of currency exchange rates, a $17.4 $14.5 increase in demand for our Manpower staffing services and a $2.9 $2.1 increase in demand for our Manpower and Experis consulting services;

• a revenue decrease in Northern Europe of -5.1% (-10.4% -1.4% (-6.7% in constant currency and -10.3% -6.2% in organic constant currency) primarily driven by a $38.0 $31.2 decrease in demand for our Manpower staffing Experis interim services, a $26.9 $7.5 decrease in demand for our Experis interim outplacement services, and a $6.9 $7.3 decrease in demand for our Experis Solutions Manpower staffing services, partially offset by the $44.1 $43.8 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $26.1, the Nordics of $9.0, $28.1 and Germany of $21.5, the Netherlands $20.5, which represented revenue decreases of $0.4, -9.6% and an increase -17.0%, respectively (-12.8% and -21.9%, respectively, in constant currency). This was partially offset by increases in Belgium of $4.4, $15.9, the Nordics of $4.0, and the Netherlands of $2.3, which represented revenue decreases increases of -9.0%, -5.4%, -18.5%, -0.4%, 19.9%, 2.7%, and an increase of 5.7% 2.5% respectively (-14.0%, -11.4%, -22.7%, -5.5%, (increased 12.8%, decreased -4.2%, and an increase of 0.3% decreased -3.6% respectively, in constant currency); and

• a revenue decrease in APME of -3.0% -7.5% (-8.0% in constant currency and an 8.2% increase of 7.8% in organic constant currency) primarily driven by the disposition and franchising of our Korea business in 2024. Offsetting the disposition are were revenue increases in Japan of $20.1 $20.4 and India of $7.7 $5.9 and the $27.0 a $3.0 favorable impact of currency exchange rates. Japan's revenue increase is primarily due to a $14.6 $14.0 increase in demand for our Manpower staffing services and $2.6 $1.9 increase in demand for our Experis interim services. India's revenue increase is primarily due to a $6.7 $4.6 increase in demand for our Manpower staffing services and a $3.3 increase in demand for our Experis interim services.

The year-over-year 50 70 basis point decrease in gross profit margin was primarily attributed to:

• a 30 40 basis point unfavorable impact from the decrease in staffing and interim margins from due to business mix shifts driven by enterprise clients;

• a 10 20 basis point unfavorable impact from decreases in permanent recruitment margins which was relatively stable, but at due to lower levels of activity; and

• a 10 basis point unfavorable impact from other items. the decrease in career transition margins.

The 15.2% increase -1.3% decrease in selling and administrative expenses in the second third quarter of 2025 (12.2% (-5.1% in constant currency and 13.5% -4.0% in organic constant currency) was primarily attributed to:

• a $17.6, or -1.1% $19.6 decrease (-3.9% (-1.2% reported, -4.3% in constant currency, and -2.9% -3.2% in organic constant currency) in personnel costs primarily due to a $16.9 $12.0 decrease in salaries and other personnel costs as we saw the effects of restructuring actions previously taken; in 2024 and 2023; and

• a $5.2, or -2.8% $14.2 decrease (-2.6% (-1.0% reported, -7.7% in constant currency and -1.2% -6.1% in organic constant currency) in non-personnel costs primarily due to a $2.1 $3.1 reduction in other office related lease and occupancy costs as well as and broader cost-cutting measures implemented during the quarter which impacted multiple expense streams; and

• a $13.9 decrease (-38.1% reported, -40.2% in constant currency and organic constant currency) in restructuring costs when compared to the third quarter of 2024; partially offset by

• a $13.3, or 2.1% $27.2 increase due to the impact of changes in currency exchange rates; partially offset by and

• a $10.7 increase (35.5% reported, in constant currency, and in organic constant currency) in corporate expense due to one-off reductions in the prior year.

Selling and administrative expenses as a percent of revenues increased 240 decreased 50 basis points in the second third quarter of 2025 compared to the second third quarter of 2024 due primarily to:

• a 30 basis point favorable impact as a result of lower personnel costs primarily due to a decrease in salaries and other personnel costs due to the effects of restructuring actions previously taken; and

• a 30 basis point unfavorable favorable impact as a result of the increase decrease in restructuring costs incurred in the second third quarter of 2025 compared to the second third quarter of 2024; partially offset by

• a 10 basis point unfavorable impact due to the changes in currency exchange rates.

Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $17.8 $17.1 in the second third quarter of 2025 compared to $13.4 $16.9 in the second third quarter of 2024 primarily due to increased revolver borrowings. and lower interest income during the period. Foreign exchange loss, net was $1.3 $2.4 in the second third quarter of 2025 compared to $1.8 $1.0 in the second third quarter of 2024 primarily due to a reduction in foreign non-cash currency exchange losses year over year. translation loss related to our Argentina business. Miscellaneous income, net was $2.6 $5.8 in the second third quarter of 2025 compared to $6.5 $6.3 in the second third quarter of 2024.

We recorded income tax expense on a pre-tax loss resulting in a negative at an effective rate of -60.2% 66.0% for the three months ended June September 30, 2025, as compared to income tax expense on pre-tax earnings resulting in an effective rate of 34.9% 61.5% for the three months ended June September 30, 2024. The 2025 rate was negative due to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 2025 rate was also unfavorably impacted by the lower level and overall mix of earnings due in part to the restructuring costs recorded in the quarter and the 2025 enacted one-time French exceptional corporate income tax surcharge. The negative 66.0% effective tax rate of 60.2% for the three months ended June 30, third quarter of 2025 was significantly different higher than the United States Federal statutory rate of 21% primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax.

Net earnings per share - diluted was $0.38 in the third quarter of 2025 compared to $0.47 in the third quarter of 2024. Restructuring costs and a non-cash currency translation charge related to our Argentina business unfavorably impacted net earnings per share - diluted by approximately $0.45, net of tax, in the third quarter of 2025.

Weighted average shares - diluted decreased to 46.5 46.9 million in the second third quarter of 2025 from 48.4 48.1 million in the second third quarter of 2024. This decrease was due to the impact of share repurchases completed since the second third quarter of 2024, partially offset by grants of share-based awards.

Operating Results - Six Nine Months Ended June September 30, 2025 and 2024

The following table presents selected consolidated financial data for the six nine months ended June September 30, 2025 as compared to 2024.

5 unchanged paragraphs

(Loss) Earnings before income taxes

4 unchanged paragraphs

The year-over-year decrease in revenues from services of -3.5% -4.0% -1.6% (-3.2% in constant currency and -1.9% -1.0% in organic constant currency) was attributed to:

• a revenue increase in the Americas of 0.8% (3.6% 2.0% (4.2% in constant currency) primarily driven by a $139.2 $216.8 increase in demand for our Manpower staffing services and a $9.3 $13.0 increase in demand for TBO, partially offset by a decrease in demand for Experis interim services of $71.9, $99.6, and a $59.7 $69.8 unfavorable impact of currency exchange rates. The United States, our largest market in the Americas, experienced a revenue decrease of -1.1% -1.0% primarily driven by a $57.6 $85.1 decrease in demand for our Experis interim services, partially offset by a $35.9 $56.0 increase in demand for our Manpower staffing services and a $3.6 $27.1 increase in demand for our MSP services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $30.5. $85.2.

• a revenue decrease increase in Southern Europe of -2.4% (-3.8% 0.2% (-2.9% decrease in constant currency and -3.1% -2.2% decrease in organic constant currency) primarily driven by the $195.9 favorable impact of currency exchange rates and an $11.8 increase in our Manpower consulting services, partially offset by a $136.8 $157.8 decrease in demand for our Manpower staffing services, a $10.5 $20.0 decrease in demand for our Outcome Based Solutions, an $8.5 $11.4 decrease in demand for our Experis interim services, and a $7.0 an $8.2 decrease in demand for our permanent recruitment services. partially offset by the $58.7 favorable impact of currency exchange rates and $5.2 increase in Manpower Consulting. France, the largest market in Southern Europe, experienced a revenue decrease of -6.6% (-7.8% -3.9% (-6.8% in constant currency) primarily driven by a $167.8 $215.5 decrease in demand for our Manpower staffing services and a $5.9 $7.7 decrease in demand for our permanent recruitment services, partially offset by the $29.0 $99.9 favorable impact of currency exchange rates. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 4.1% (2.7% 6.2% (3.0% in constant currency) primarily driven by a $24.4 increase in demand for our Manpower staffing services, the $12.2 $40.1 favorable impact of currency exchange rates, and a $6.3 $38.9 increase in demand for our Manpower and Experis consulting staffing services, partially offset by $2.4 decrease and an $8.4 increase in demand for our Manpower and Experis interim consulting services.

• a revenue decrease in Northern Europe of -10.7% (-12.4% -7.6% (-10.5% in constant currency and -12.3% -10.3% in organic constant currency) primarily driven by a $113.5 $120.8 decrease in demand for our Manpower staffing services, a $55.5 an $86.8 decrease in demand for our Experis interim services, a $16.4 $19.2 decrease in demand for our Experis Solutions permanent recruitment services, and a $12.8 $19.6 decrease in demand for our permanent recruitment Experis Solutions services, partially offset by the $29.0 $72.8 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $76.0, $104.1, Germany of $82.2, the Nordics of $37.8, Germany of $61.7, $33.8, and the Netherlands of $10.6 and $8.3, partially offset by an increase in Belgium of $1.5, $14.4, which represented revenue decreases of -12.8%, -11.3%, -24.8%, -5.6% -11.7%, -22.3%, -7.0%, -2.9% and -1.0%, an increase of 6.2%, respectively (-15.0%, -12.7%, -25.6%, -6.7% (-14.3%, -24.4%, -10.1%, -5.7% and -2.4%, an increase of 2.9%, respectively, in constant currency); and

• a revenue decrease in APME of -7.0% (-8.6% -7.1% (-8.4% decrease in constant currency and an increase of 7.5% 7.8% in organic constant currency) primarily driven by the disposition and franchising of our Korea business in 2024. The decrease from Offsetting the disposition was partially offset by were revenue increases in Japan of $38.9 $75.4 and India of $15.9, $17.3, and the $17.6 a $20.6 favorable impact of currency exchange rates. Japan's revenue increase is primarily due to a $27.3 $41.3 increase in demand for our Manpower staffing services, a $19.1 favorable impact of currency exchange rates, and $5.9 a $7.8 increase in demand for our Experis interim service. India's increase is primarily due to a $12.6 $17.2 increase in demand for our Manpower staffing service, partially offset by a $7.5 unfavorable impact of currency exchange rates.

The year-over-year 40 50 basis point decrease in gross profit margin was primarily attributed to:

1 unchanged paragraph

• a $14.9, or -4.0% decrease (-2.7% in constant currency and -1.1% in organic constant currency) in non-personnel costs primarily due to a $4.0 decrease in other office costs and a $2.9 decrease in communication costs as a result of restructuring actions taken in 2024 and 2023;

• a 10 basis point unfavorable impact from changes in currency exchange rates; partially offset by

• a 10 20 basis point unfavorable impact from decreases in permanent recruitment; and

• a 10 basis point unfavorable impact from decreased demand for our Right Management outplacement career transition services.

The 5.5% 3.2% increase in selling and administrative expenses in the first half nine months of 2025 (5.1% (1.7% in constant currency and 6.4% 2.9% in organic constant currency) was primarily attributed to:

• goodwill and indefinite lived indefinite-lived intangible asset impairment charges of $88.7 which were related to our Switzerland and United Kingdom reporting units; and

• a $33.0 increase due to the impact of currency exchange rates;

• a $23.5 increase (20.7% reported, in constant currency and in organic constant currency) in corporate expense due to one-off reductions in the prior year; and

• $30.2 a $13.7 increase (44.2% reported, 39.4% in constant currency and organic constant currency) in restructuring costs incurred in the first half nine months of 2025 compared to no restructuring costs in the first half nine months of 2024; partially offset by

• a $34.6, or -3.8% $56.6 decrease (-2.9% reported, -4.1% in constant currency and -3.0% -3.1% in organic constant currency) in personnel costs primarily due to a $16.3 $30.2 decrease in salaries as we saw the effects of restructuring actions previously taken, in 2024 and 2023 and an $8.6 a $16.0 decrease in bonuses and sales commission costs, and a $10.5 decrease in other personnel costs; and

• a $9.2 decrease (-19.5% reported, -20.0% in constant currency and -12.3% in organic constant currency) in other office costs.

Selling and administrative expenses as a percent of revenues increased 140 70 basis points in the first half nine months of 2025 compared to the first half nine months of 2024 due primarily to:

• a 100 70 basis point increase attributable to our goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units;

• a 30 10 basis point unfavorable impact as a result of the increase in restructuring costs incurred in the first half nine months of 2025 compared to the first half nine months of 2024; and partially offset by

1 unchanged paragraph

Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $33.4 $50.5 in the first half nine months of 2025 compared to $25.7 $42.6 in the first half nine months of 2024 primarily due to increased revolver and other short-term borrowings during the period. Foreign exchange loss, net was $2.2 $4.6 in the first half nine months of 2025 compared to $4.2 $5.2 in the first half nine months of 2024 primarily due to a reduction in foreign currency exchange losses year over year. Miscellaneous income, net was ($7.6) $13.4 in the first half nine months of 2025 compared to ($12.8) $19.1 in the first half nine months of 2024.

We recorded income tax expense on a pre-tax loss resulting in a negative at an effective rate of 144.8% 256.2% for the six nine months ended June September 30, 2025, as compared to income tax expense on pre-tax earnings resulting in an effective rate of 33.4% 41.4% for the six nine months ended June September 30, 2024. The 2025 rate was negative due to a pre-tax loss that primarily resulted from unfavorably impacted by the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 2025 rate was also unfavorably impacted by the lower level and overall mix of earnings due in part to the restructuring costs recorded in the quarter, and the 2025 enacted one-time French exceptional corporate income tax surcharge. The negative 256.2% effective tax rate of 144.8% for the first half of nine months ended September 30, 2025 was significantly different higher than the United States Federal statutory rate of 21% primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax.

Net loss per share - diluted was $1.32 $0.93 in the first half nine months of 2025 compared to net earnings per share of $2.05 $2.53 in the first half nine months of 2024. Goodwill and intangible asset impairment charges recorded in the first half nine months of 2025 unfavorably impacted net loss per share - diluted by $1.79. Restructuring costs and other items unfavorably impacted net earnings per share - diluted by approximately $0.56, $1.10, net of tax, in the first half nine months of 2025. The loss from the disposition of subsidiaries recorded in the first half nine months of 2025 unfavorably impacted net earnings per share - diluted by approximately $0.13, net of tax.

Weighted average shares - diluted decreased to 46.7 46.6 in the first half nine months of 2025 from 48.7 48.5 in the first half nine months of 2024. This decrease was due to the impact of share repurchases completed since the first half nine months of 2024, partially offset by grants of share-based awards.

1 unchanged paragraph

OUP in Northern Europe decreased $6.6 (reported and constant currency variances are not meaningful) in the second quarter of 2025, which represented a -1.1% OUP margin, a decrease from -0.3% in the second quarter of 2024. This OUP decrease was primarily driven by OUP decreases in the Nordics and United Kingdom of $6.4 and $6.1, respectively. The OUP margin decrease was primarily driven by a decrease in gross profit margin.

In the Americas, revenues from services decreased -0.4% (2.0% increased 4.6% (5.5% increase in constant currency) in the second third quarter of 2025 compared to the second third quarter of 2024. In the United States (which represented 64% 63% of the Americas' revenues), revenues from services decreased -3.3% -0.9% in the second third quarter of 2025 compared to the second third quarter of 2024, primarily driven by a $49.8 $27.5 decrease in demand for our Experis interim services, partially offset by a $19.9 $20.1 increase in demand for our Manpower staffing services. and a $3.0 increase In demand for our Right Management outplacement services. In Other Americas, revenues from services increased 5.1% (11.9% 15.5% (18.3% in constant currency) in the second third quarter of 2025 compared to the second third quarter of 2024, primarily driven by a $48.8 $57.5 increase in demand for our Manpower staffing services and a $4.9 $3.7 increase in demand for TBO, partially offset by the $25.2 $10.0 unfavorable impact of foreign currency exchange rates. The constant currency increase in Other Americas was primarily due to inflation in Argentina. Within our Other Americas segment, we experienced an increase in Chile and Argentina of $11.8, or 36.9%, and $6.6, or 21.6% respectively (38.8% and 57.8%, respectively, in constant currency), partially offset by decreases in Mexico of $5.5, Canada of $3.0, and Mexico Argentina of $7.0, or -8.8%, $0.9, which represented increases of 33.1%, 9.9%, 3.9%, and $5.4, or -8.3%, 2.8%, respectively (-7.8% (37.3%, 8.1%, 4.9%, and an increase of 3.3%, 45.2%, respectively, in constant currency).

In the Americas, revenues from services increased 0.8% (3.6% 2.0% (4.2% increase in constant currency) in the first half nine months of 2025 compared to the first half nine months of 2024. In the United States, revenues from services decreased -1.1% -1.0% in the first half nine months of 2025 compared to the first half nine months of 2024, primarily driven by a $57.6 an $85.1 decrease in demand for our Experis interim services, partially offset by a $35.9 $56.0 increase in demand for our Manpower staffing services. In Other Americas, revenues from services increased 4.2% (12.5% 7.9% (14.4% in constant currency) in the first half nine months of 2025 compared to the first half nine months of 2024, primarily driven by a $103.3 $160.8 increase in demand for our Manpower staffing services and a $9.3 $13.0 increase in demand for TBO, partially offset by the $59.7 $69.8 unfavorable impact of foreign currency exchange rates and a $14.3 $14.5 decrease in demand for our Experis interim services. The constant currency increase in Other Americas was primarily due to inflation in Argentina. Within our Other Americas segment, we experienced an increase in Chile of $25.0, Argentina of $15.9, $36.8, Peru of $14.8, and $23.0, Colombia of $13.3, $23.0, and Argentina of $16.7, which represented increases of 41.7%, 27.4%, 25.4%, 38.5%, 25.9%, 20.1%, and 17.7%, 19.0%, respectively (43.8%, 63.4%, 22.8%, (41.4%, 21.5%, 24.4%, and 25.7%, 57.1%, respectively, in constant currency), partially offset by decreases in Canada and Mexico of $18.3, $15.3, or -11.6%, -6.5%, and $17.0, $11.5, or -13.0%, -6.2%, respectively (-8.5% (-4.1% decrease and an 3.2% increase of 1.1%, respectively, in constant currency, respectively).

Gross profit margin decreased 20 110 basis points in the second third quarter of 2025 compared to the second third quarter of 2024. This decrease was primarily due to lower decreased activity in our higher margin Experis interim services, which contributed 10 100 basis points to the decrease, and lower decreased activity in our permanent recruitment outplacement services, which contributed 10 basis points to the decrease.

Gross profit margin decreased 120 110 basis points in the first half nine months of 2025 compared to the first half nine months of 2024. This decrease was primarily due to decreased activity in our Experis interim services and permanent recruitment services, which contributed 120 basis points and 20 bases basis points, respectively, to the decrease, partially offset by increased margins in our Manpower staffing services, which offset the decrease by 40 30 basis points.

Selling and administrative expenses decreased -0.8% (1.0% increase -1.6% (-0.9% in constant currency) in the second third quarter of 2025 compared to the second third quarter of 2024, primarily driven by a $3.6 $1.8 decrease in non-personnel costs and the $3.5 $1.4 favorable impact of currency exchange rates, and a $3.6 decrease in bonuses and sales commissions, partially offset by a $4.0 $2.1 increase in personnel costs.

Selling and administrative expenses decreased -3.1% -2.6% (-1.0% decrease in constant currency) in the first half nine months of 2025 compared to the first half nine months of 2024, primarily driven by the $8.4 $9.9 favorable impact of currency exchange rates, partially offset by a $3.1 increase in personnel costs and an $8.1 decrease a $1.6 increase in non-personnel costs.

OUP decreased -19.9% (-18.0% increased 5.1% (4.8% increase in constant currency) in the second third quarter of 2025, which represented a 3.4% OUP margin, a decrease no change from 4.2% the 3.4% in the second third quarter of 2024. This OUP decrease increase was primarily due to decreased increased profitability in our United States business Canada and Central America businesses of $7.8, which experienced decreased demand in our higher-margin Experis interim services. $1.5 and $0.7, respectively. In the United States, OUP margin decreased to 2.9% 3.0% in the second third quarter of 2025 from 3.9% 3.2% in the second third quarter of 2024 primarily due to decreased margins in our Experis interim business and our permanent placement business. Other Americas OUP margin decreased increased to 4.3% in the second third quarter of 2025 from 4.8% 3.9% in the second third quarter of 2024 primarily due to a decrease an increase in our gross profit margin.

OUP decreased -13.5% (-10.7% -7.2% (-5.5% in constant currency) in the first half nine months of 2025, which represented a 2.9% 3.1% OUP margin, a decrease from 3.4% in the first half nine months of 2024. This OUP decrease was primarily due to decreased profitability in our United States business of $8.4, $10.1, which experienced decreased demand in our higher-margin Experis interim services. In the United States, OUP margin decreased to 2.3% 2.5% in the first half nine months of 2025 from 2.9% 3.0% in the first half nine months of 2024 primarily due to business mix, partially offset by a decrease in our selling and administrative expenses as a percent of revenue. Other Americas OUP margin decreased to 4.1% in the first half nine months of 2025 from 4.4% 4.2% in the first half nine months of 2024 primarily due to a decrease in our gross profit margin.

In Southern Europe, revenues from services increased 2.4% (decreased -2.8% 5.2% (-1.3% decrease in constant currency and -2.2% -0.6% decrease in organic constant currency) in the second third quarter of 2025 compared to the second third quarter of 2024 primarily due to a $110.8 $137.1 favorable impact of currency exchange rates, partially offset by a $48.2 $21.0 decrease in demand for Manpower staffing services. In France (which represented 53% of Southern Europe's revenues), revenues from services decreased -1.3% (-6.3% increased 1.4% (-4.7% decrease in constant currency) in the second third quarter of 2025 compared to the second third quarter of 2024, primarily driven by the $70.9 favorable impact of currency exchange rates, partially offset by a $67.8 $47.7 decrease in demand for our Manpower staffing services. partially offset by the $58.5 favorable impact of currency exchange rates. In Italy (which represented 22% 21% of Southern Europe's revenues), revenues from services increased 9.4% (3.9% 10.3% (3.7% in constant currency) in the second third quarter of 2025 compared to the second third quarter of 2024, primarily driven by the $24.3 $27.9 favorable impact of currency exchange rates, a $17.4 $14.5 increase in demand for our Manpower staffing services, and a $2.9 $2.1 increase in demand for our Manpower and Experis consulting services. In Other Southern Europe, revenues from services increased 5.0% (decrease of -0.6% 9.6% (2.2% in constant currency and increase of 2.4% 5.1% in organic constant currency) in the second third quarter of 2025 compared to the second third quarter of 2024, primarily due to the $28.0 $38.4 favorable impact of currency exchange rates, partially offset by a $3.6 $2.5 decrease in demand for our Experis interim services. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $21.7, $26.0, or 17.6% 18.7% (11.5% in constant currency), partially offset by a revenue decrease in Switzerland of $6.0, $4.9, or -5.5% (-13.7% -4.4% (-11.7% in constant currency).

In Southern Europe, revenues from services decreased -2.4% (-3.8% increased 0.2% (-2.9% decrease in constant currency and -3.1% -2.2% decrease in organic constant currency) in the first half nine months of 2025 compared to the first half nine months of 2024 primarily due to a $136.8 $157.8 decrease in demand for our Manpower staffing services and an $8.5 $11.4 decrease in demand for our Experis interim services, partially offset by the $58.7 $195.9 favorable impact of currency exchange rates. In France, revenues from services decreased -6.6% (-7.8% -3.9% (-6.8% in constant currency) in the first half nine months of 2025 compared to the first half nine months of 2024, primarily driven by a $167.8 $215.5 decrease in demand for our Manpower staffing services and a $5.9 $7.7 decrease in demand for our permanent recruitment services, partially offset by the $29.0 $99.9 favorable impact of currency exchange rates. In Italy, revenues from services increased 4.1% (increase of 2.7% 6.2% (3.0% in constant currency) in the first half nine months of 2025 compared to the first half nine months of 2024, primarily driven by the $40.1 favorable impact of currency exchange rates, a $24.4 $38.9 increase in demand for our Manpower staffing services, the $12.2 favorable impact of currency exchange rates, and a $6.3 an $8.4 increase in demand for our Manpower and Experis consulting services. In Other Southern Europe, revenues from services increased 1.8% (flat 4.5% (0.8% in constant currency and increase of 3.3% 3.9% in organic constant currency) in the first half nine months of 2025 compared to the first half nine months of 2024, primarily due to the $17.5 $55.9 favorable impact of currency exchange rates, partially offset by a $6.3 $11.6 decrease in demand for our Outcome Based Solutions. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $34.5, $60.5, or 14.8% (13.2% 16.2% (12.6% in constant currency), partially offset by a revenue decrease in Switzerland of $26.8, $31.8, or -12.3% (-15.4% -9.6% (-14.1% in constant currency).

Gross profit margin decreased 20 60 basis points in the first half third quarter of 2025 compared to the first half third quarter of 2024. This decrease was primarily due to lower higher activity in our higher margin Experis interim Manpower staffing services, which contributed 10 50 basis points to the decrease, and lower activity in our permanent recruitment outplacement services, which contributed 10 20 basis points to the decrease, partially offset by a 10 basis point increase from our consulting business.

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and 44 more changes in the filing

Controls and procedures 2 changes

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During the quarter ended September 30, 2025, we completed the implementation of a new enterprise resource planning (ERP) system Oracle Cloud ERP related to our North America segment and Corporate, which replaced several legacy systems used for procurement, invoice to cash processes and general ledger functions. As a result, we have made changes to our internal control over financial reporting to reflect the changes in the system environment and related processes.

There have been were no other changes in our internal control over financial reporting identified in connection with the evaluation discussed above that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 2 changes

In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. The following table shows the total number of shares repurchased during the second third quarter of 2025. As of June September 30, 2025, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.

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September 1 - 30, 2025

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Other information 1 change

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During the quarter ended June September 30, 2025 , no director or Section 16 officer adopted or terminated any "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements" as each term is defined in Item 408(a) of Regulation S-K.

Exhibits 2 changes

Amendment No. 2 dated as of June 26, 2025 to the Credit Agreement dated as of May 27, 2022 among the Company, a syndicate of lenders and JPMorgan Chase Bank, N.A., as Administrative Agent.

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The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June September 30, 2025 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language)

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