ManpowerGroup reports $34.1 million net income for Q3 2026

Cover page 1 change

3 unchanged paragraphs

For the quarterly period ended : June September 30, 2026

23 unchanged paragraphs

Financial St atements (unaudited) 22 changes

4 unchanged paragraphs

$ 76.3 78.5 and $ 74.1 , respectively

3 unchanged paragraphs

$ 588.8 594.4 and $ 579.1 , respectively

33 unchanged paragraphs

Operating profit (loss)

1 unchanged paragraph

Earnings (loss) before income taxes

7 unchanged paragraphs

Other comprehensive income (loss):

Other comprehensive (loss) income:

1 unchanged paragraph

Adjustments on derivative instruments, net of income taxes of $ 4.0 , $( 32.5 ), $ 9.0 and $( 44.2 ), respectively ( 111.1 ( 152.5

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

Adjustments on derivative instruments, net of income taxes of $ 2.4 , $ 23.6 , $ 11.4 and $( 20.6 ), respectively ( 90.3

1 unchanged paragraph

Defined benefit pension plans and retiree health care plan, net of income taxes of $ 0.1 , $ 1.8 0.0 , $ 0.2 0.3 and $( 0.1 ), respectively ( 0.3 ( 0.6 0.2 ( 0.3 0.9 ( 0.5

Total other comprehensive income (loss) income

4 unchanged paragraphs

Adjustments to reconcile net earnings (loss) to net cash used in operating activities:

46 unchanged paragraphs

Other comprehensive loss

Issuances under equity plans

Share-based compensation expense

Noncontrolling interest transactions

Balance, September 30, 2026

14 unchanged paragraphs

Other comprehensive loss

Issuances under equity plans

Share-based compensation expense

Noncontrolling interest transactions

Balance, September 30, 2025

1 unchanged paragraph

Notes to the financial statements 108 changes

For the three and six months ended June 30, 2026 and 2025

For the three and nine months ended September 30, 2026 and 2025 (in millions, except share and per share data)

10 unchanged paragraphs

Balance, June 30, 2026

Balance, September 30, 2026

1 unchanged paragraph

We determine whether a contract is or contains a lease at contract inception. We recognize right-of-use ("ROU") assets and lease liabilities on the balance sheet for leases with contract terms longer than 12 months. We classify the lease as a finance or operating lease which affects the recognition, measurement, and presentation of lease expenses and cash flows. Our Consolidated Balance Sheets present operating lease ROU assets, short-term operating lease liability and long-term operating lease liability as separate line items.

6 unchanged paragraphs

Management closely monitors the financial and operating results relative to the assumptions used in our fair value estimates, as well as macroeconomic conditions and strategic initiatives that may impact the reporting units and indefinite-lived intangible assets. During the second quarter of 2026, 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 were below its carrying amount. The actual results of revenues and OUP margins for our key reporting units were consistent with the forecasted assumptions used for the near-term revenue growth and OUP margins utilized in the discounted cash flow models as of our valuation date. In evaluating triggering events, we considered external data points from analysts, market peers, our past history and experience, actual operating results, and near-term and long-term forecasts. Specifically, we observed largely stable activity levels across North America and Europe, with improving trends in certain reporting units, which management expects to continue through 2026. Based on the analysis performed, we concluded that the fair value of the reporting units continued to equal or exceed the carrying value and that no triggering events requiring an interim impairment test were identified.

Management closely monitors the financial and operating results relative to the assumptions used in our fair value estimates, as well as macroeconomic conditions and strategic initiatives that may impact the reporting units and indefinite-lived intangible assets. During the third quarter of 2026, 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 with the exception of Switzerland. The carrying value of the Switzerland reporting unit had previously been adjusted to fair value as a result of an impairment charge recognized during the second quarter of 2025. As of September 30, 2026, the goodwill balance related to our Switzerland reporting unit was $ 32.4 .

Key assumptions for our United States reporting unit in our Americas segment, which represents the reporting unit with the most significant goodwill balance, included a discount rate of 9.2 %, revenue growth rates for the next 10 years ranging from 3.0 % to 8.0 % and average OUP margins of 4.8 %. 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.

8 unchanged paragraphs

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, 2026 related to remaining performance obligations, which are not material.

1 unchanged paragraph

Our deferred revenue w as $ 37.7 36.1 as of June September 30, 2026 and $ 45.6 as of December 31, 2025.

1 unchanged paragraph

Three Months Ended June September 30,

2 unchanged paragraphs

Six Months Ended June 30,

Nine Months Ended September 30,

3 unchanged paragraphs

Three Months Ended June September 30,

2 unchanged paragraphs

Six Months Ended June 30,

Nine Months Ended September 30,

3 unchanged paragraphs

During the three months ended June September 30, 2026 and 2025 , we recognized share-based compensation expense of $ 7.6 7.3 and $ 7.7 4.9 , respectively, and $ 13.6 20.9 and $ 15.3 20.2 for the six nine months ended June September 30, 2026 and 2025, , respectively. The expense relates to 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. There was no consideration received from share-based awards for both the six nine months ended June September 30, 2026 and 2025 .

1 unchanged paragraph

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 $ 0.8 and $ 2.3 for the six nine months ended June September 30, 2026 and 2025, respectively.

1 unchanged paragraph

On June 30, 2026, we liquidated our previously discontinued Venezuela operations within our Americas segment. As a result, we recognized a one-time net loss of $ 5.5 in interest and other expenses in the Consolidated Statements of Operations for the three and six nine months ended June September 30, 2026.

On April 30, 2026, we sold our Jefferson Wells U.S. business, a non-core finance and accounting business in the United States, which is was part of our Americas segment, for a transaction value of $ 100.0 . Net cash proceeds were $ 87.5 after working capital adjustments and other items. In connection with the disposition, we recognized a one-time net gain of $ 30.0 28.3 in selling and administrative expenses in the Consolidated Statements of Operations for the three and six nine months ended June September 30, 2026. The net gain included $ 30.0 recognized on in the transaction is subject to final working capital adjustments, which are expected to be finalized during second quarter of 2026, partially offset by a $ 1.7 reduction recognized in the third quarter of 2026 related to final working capital adjustments.

1 unchanged paragraph

During the six nine months ended June September 30, 2026 , we recorded $ 22.6 30.6 in restructuring costs, of which $ 6.7 8.0 was recorded during the three months ended June September 30, 2026. During the three and six nine months ended June September 30, 2025 , we recorded restructuring costs of $ 14.4 21.4 and $ 30.2 51.6 , respectively. Payments made from the restructuring reserve were $ 14.2 and $ 32.0 46.2 during the three and six nine months ended June September 30, 2026, 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 $ 25.2 19.0 reserve will be paid by the end of 2026.

2 unchanged paragraphs

Balance, June 30, 2026

Balance, September 30, 2026

(a) Balances related to the United States were $ 0.6 and $ 2.6 4.9 as of December 31, 2025 and June September 30, 2026 , respectively .

(b) Balances related to France were $ 3.1 and $ 3.6 4.5 as of December 31, 2025 and June September 30, 2026, respectively. Balances related to Italy were $ 0.6 and $ 1.7 1.1 as of December 31, 2025 and June September 30, 2026 , respectively.

1 unchanged paragraph

We recorded income tax expense on pre-tax earnings resulting in at an effective rate of 42.0 49.8 % for the three months ended June September 30, 2026, as compared to income tax expense on a pre-tax loss resulting in a negative an effective tax rate of 60.2 66.0 % for the three months ended June September 30, 2025. The 2026 rate as compared to the 2025 rate was favorably impacted by the gain on the sale of our Jefferson Wells U.S. business higher level and unfavorably impacted by strategic transformation program costs, overall mix of earnings due in part to fewer restructuring charges, and a discontinued business liquidation charge costs recorded in the second quarter The 2025 rate was negative due as compared to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges amount recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. 2025. The 42.0 49.8 % effective tax rate for the three months ended June September 30, 2026 was higher than the United States Federal statutory rate of 21 % primarily due to the overall mix of earnings, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.

We recorded income tax expense on pre-tax earnings resulting in at an effective rate of 48.0 48.7 % for the six nine months ended June September 30, 2026, as compared to income tax expense on a pre-tax loss resulting in a negative an effective tax rate of 144.8 256.2 % for the six nine months ended June September 30, 2025. The 2026 rate was favorably impacted by the overall mix of earnings and the gain on the sale of our Jefferson Wells U.S. business and unfavorably impacted by restructuring charges, strategic transformation program costs, and a discontinued business liquidation charge recorded in the first six months of 2026. second quarter. The 2025 rate was negative due to a pre-tax loss that primarily resulted from unfavorably impacted by the goodwill and indefinite lived 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 48.0 48.7 % effective tax rate for the six nine months ended June September 30, 2026 was higher than the United States Federal statutory rate of 21 % primarily due to the overall mix of earnings, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.

We had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 41.0 41.6 as of June September 30, 2026. If recognized, the entire amount would favorably affect the effective tax rate except for $ 3.9 . As of December 31, 2025, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $ 41.4 .

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 2019 through 2026 for our major operations in France, Italy, the United Kingdom and the United States. As of June September 30, 2026, we were subject to tax audits in Belgium, Germany, India, Israel, Mexico, Spain, Switzerland, and the United States.

2 unchanged paragraphs

Net earnings (loss) available to common shareholders

6 unchanged paragraphs

There were 0.6 million and 1.0 0.7 million share-based awards excluded from the calculation of net earnings (loss) per share - diluted for the three months ended June September 30, 2026 and 2025, respectively, because their impact was anti-dilutive. There were 0.6 million and 1.1 million share-based awards excluded from the calculation of net earnings (loss) per share - diluted for the six nine months ended June September 30, 2026 and 2025 , respectively, because their impact was anti-dilutive.

5 unchanged paragraphs

(a) Balances were net of accumulated impairment loss of $ 807.4 as of both June September 30, 2026 and December 31, 2025 .

(b) Balances were net of accumulated impairment loss of $ 139.5 as of both June September 30, 2026 and December 31, 2025 .

(c) Balances were net of accumulated impairment loss of $ 30.6 as of both June September 30, 2026 and December 31, 2025 .

Total consolidated amortization expense related to intangible assets for the remainder of 2026 is expected to be $ 13.7 6.9 and in each of the next five years as follows: 2027 - $ 27.1 27.0 , 2028 - $ 27.1 , 2029 - $ 26.7 26.6 , 2030 - $ 26.3 26.2 and 2031 - $ 26.1 26.0 .

2 unchanged paragraphs

Balance, June 30, 2026

Balance, September 30, 2026

(a) Balances related to the United States were $ 1,007.2 and $ 1,071.7 as of December 31, 2025 and June September 30, 2026 , respectively. The increase in 2026 was due to the transfer of goodwill associated with the acquisitions of Right Management and Jefferson Wells U.S. from Corporate to the United States. The goodwill was reassigned to better align with the reporting unit that manage manages and benefit benefits from the underlying operations.

(b) Balances related to France were $ 80.5 and $ 78.3 77.6 as of December 31, 2025 and June September 30, 2026 , respectively. Balances related to Italy were $ 4.0 and $ 3.9 as of December 31, 2025 and June September 30, 2026 , respectively .

8 unchanged paragraphs

During the three and six nine months ended June September 30, 2026, contributions made to our pension plans were $ 4.5 4.4 and $ 9.0 13.4 , respectively, and contributions made to our retiree health care plan were $ 0.2 0.3 and $ 0.5 0.8 , respectively. During 2026, we expect to make total contributions of approximately $ 21.0 to our pension plans and to fund our retiree health care payments as incurred.

3 unchanged paragraphs

Translation loss on long-term intercompany loans, net of income taxes of $ 19.2 on both dates ( 133.4 133.6 ( 133.6

Gain (loss) on derivative instruments, net of income tax benefit of $( 12.4 10.0 ) and $( 21.4 ), respectively ( 28.8 ( 53.9

1 unchanged paragraph

Defined benefit pension plans, net of income tax benefit of $( 16.1 16.0 ) and $( 16.4 ), respectively

2 unchanged paragraphs

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 no income of $ 0.3 and $ 0.4 or expense during the three months ended June September 30, 2026 and income of $ 0.2 d uring the three months ended September 30, 2025. respectively. During the six nine months ended June September 30, 2026 and 2025, , we recorded income of $ 0.5 and $ 0.1 0.3 , respectively.

1 unchanged paragraph

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, 2026, we did not repurchase any shares under the 2023 authorization. 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 . As of June September 30, 2026, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.

10 unchanged paragraphs

The € 400.0 ($ 455.9 452.5 ) notes due June 2027 and the € 500.0 ($ 567.0 562.7 ) notes due December 2030 were designated as a hedge of our net investment in our foreign subsidiaries with a Euro-functional currency as of June September 30, 2026.

On September 10, 2025, we de-designated our previous cross-currency swap and entered into a new agreement under which we pay fixed-rate Swiss franc ("CHF") and receive fixed-rate United States dollar ("USD") payments. The new swap, designated as a net investment hedge of our foreign subsidiary with a CHF functional currency, includes modified terms such as a reset of the USD fixed rate and an extension of maturity. The notional amount of the swap is was $ 413.8 and consists consisted 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 Consolidated Statements of Cash Flows.

1 unchanged paragraph

On August 28, 2026, we de-designated the tranche maturing September 10, 2026 and entered into a new cross-currency swap designated as a net investment hedge of our foreign subsidiary with a CHF functional currency. The new swap is economically similar to the de-designated tranche but includes modified terms such as a reset of the USD fixed rate and an extension of maturity. The replacement swap has a notional amount of $ 137.9 , and matures on September 10, 2029 . The swap contains a significant financing component. Accordingly, future cash settlements related to the swap will be classified within financing activities in the Consolidated Statements of Cash Flows.

At the time of de-designation, the total mark-to-market loss on the de-designated tranche was $ 30.5 , of which $ 27.0 was related to currency effects and was recorded in foreign currency translation within AOCL. The remaining $ 3.5 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, 2026 and 2025 was as follows:

1 unchanged paragraph

Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

3 unchanged paragraphs

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, 2026 and 2025:

2 unchanged paragraphs

Three Months Ended June September 30,

1 unchanged paragraph

Three Months Ended June September 30,

5 unchanged paragraphs

Six Months Ended June 30,

Nine Months Ended September 30,

1 unchanged paragraph

Six Months Ended June 30,

Nine Months Ended September 30,

3 unchanged paragraphs

We expect the net amount of pre-tax derivative gains and losses included in AOCL at June September 30, 2026 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.

3 unchanged paragraphs

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, 2026 and 2025:

2 unchanged paragraphs

Three Months Ended June September 30,

1 unchanged paragraph

Three Months Ended June September 30,

7 unchanged paragraphs

Six Months Ended June 30,

Nine Months Ended September 30,

1 unchanged paragraph

Six Months Ended June 30,

Nine Months Ended September 30,

7 unchanged paragraphs

Six Months Ended June 30,

We also use certain derivatives, which are not designated as hedging instruments, as economic hedges of foreign currency and interest rate exposure. For our forward contracts that are not designated as hedges, any gain or loss resulting from the change in fair value is recognized in current period earnings. These gains or losses are offset by the exposure related to receivables and payables with our foreign subsidiaries and to interest due on our Euro-denominated notes, which is paid annually in June. The effect of our forward contracts that are not designated as hedging instruments on the Consolidated Statements of Operations for the three and six nine months ended June September 30, 2026 and 2025 was as follows:

Gain (Loss) Recognized in Income

Location of Gain (Loss)

Three Months Ended June September 30,

Nine Months Ended September 30,

3 unchanged paragraphs

The following tables present the fair value of derivative and non-derivative assets and liabilities on the Consolidated Balance Sheets as of June September 30, 2026 and December 31, 2025:

5 unchanged paragraphs

Instruments not designated as hedges:

Foreign currency forward contracts

Accounts receivable, net

15 unchanged paragraphs

The carrying value of the long-term debt approximates fair value, except for the Euro-denominated notes, because the interest rates are variable and reflect current market rates. The fair value of the Euro-denominated notes, as observable at commonly quoted intervals (Level 2 inputs), was $ 1,024.4 1,003.1 and $ 1,645.3 as of June September 30, 2026 and December 31, 2025, respectively, compared to a carrying value of $ 1,022.9 1,015.2 and $ 1,639.0 , respectively.

Our deferred compensation plan assets, included in other assets on the Consolidated Balance Sheets, were $ 200.6 194.1 and $ 188.6 as of June September 30, 2026 and December 31, 2025, respectively. We determine the fair value of these assets, comprised of publicly traded securities, by using market quotes as of the last day of the period (Level 1 inputs).

2 unchanged paragraphs

4 unchanged paragraphs

4 unchanged paragraphs

6 unchanged paragraphs

3 unchanged paragraphs

2 unchanged paragraphs

3 unchanged paragraphs

1 unchanged paragraph

7 unchanged paragraphs

1 unchanged paragraph

6 unchanged paragraphs

2 unchanged paragraphs

and 28 more changes in the filing

Management's Discussion and Analysis o f Financial Condition and Results of Operations in millions, except share and per share data 1 change

See the financial measures section on page 34 35 for further information on the Non-GAAP financial measures of constant currency and organic constant currency.

Forward-looking statements 138 changes

2 unchanged paragraphs

Our operating profit increased $137.3 in the second quarter of 2026 and our operating profit margin increased 290 basis points compared to the second quarter of 2025. Operating profit margin increased in the second quarter of 2026 primarily due to the negative impact of impairment in the prior year related to our goodwill and indefinite lived intangible assets, the positive impact from the gain on sale of the Jefferson Wells U.S. business in the current year, and increased demand in our Manpower staffing services.

In the second third quarter of 2026, we delivered strong continued revenue growth and improved profitability, with particularly driven by strong demand performance in the Manpower brand, particularly in the United States, Latin America, Asia Pacific Middle East and select European markets including Italy, Spain, Poland and Norway. Employers remain measured in their workforce planning decisions, but hiring activity continued to improve broad-based growth across many of our key markets. Demand trends strengthened continued to improve during the quarter, supported by very with strong revenue growth in the Manpower brand United States and sequential improvement across Experis Northern Europe, including the United Kingdom and Germany, as well as continued growth in Italy and Asia Pacific Middle East. Experis trends improved globally, with the U.S. business returning to organic growth, while Talent Solutions benefited from continued growth in MSP and strengthening RPO activity, partially offset by lower outplacement activity in Right Management. While performance continues to vary across markets and brands, the continued strength in Manpower, improving trends in across Experis continued growth in MSP, and strengthening RPO activity support Talent Solutions, and progress on our view transformation strategy reinforce our belief that 2026 represents an important inflection point for ManpowerGroup as we execute our transformation strategy and position the business for long-term profitable growth.

During the second third quarter of 2026, the United States dollar weakened strengthened on average, relative to the currencies in most of our markets, and overall had a favorable an unfavorable impact on our reported results. The changes in the foreign currency exchange rates had a 1.7% favorable -0.8% unfavorable impact on revenues from services. 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 2026 compared to the second third quarter of 2025, we experienced a 14.4% 13.5% revenue increase in the Americas, primarily driven by an increase in demand for our Manpower staffing services and the favorable impact of currency exchange rates. partially offset by a decrease in demand for our Experis interim services. During the second third quarter of 2026 compared to the second third quarter of 2025, we experienced a 7.4% 1.0% revenue increase in Southern Europe, primarily due to an increase in demand for Manpower staffing services the favorable impact of currency exchange rates, and an increase in demand for our Experis interim services, partially offset by the unfavorable impact of currency exchange rates. During the second third quarter of 2026 compared to the second third quarter of 2025, we experienced a 3.9% 5.4% revenue increase in Northern Europe, primarily due to an increase in demand for our Manpower staffing services and the favorable impact of currency exchange rates, partially offset by a decrease in demand for our Experis interim services and the unfavorable impact of currency exchange rates. We experienced a -1.2% -1.1% revenue decrease in APME in the second third quarter of 2026 compared to the second third quarter of 2025 primarily due to the unfavorable impact of currency exchange rates, partially offset by an increase in demand for our Manpower staffing services and an increase in demand for our Experis interim services.

From a brand perspective, we experienced revenue increases in Manpower and Talent Solutions while Experis experienced a revenue decrease in the second third quarter of 2026 compared to the second third quarter of 2025. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services. and Outcome Based Solutions. In our Talent Solutions brand, the revenue increase was primarily due to the favorable impact of currency exchange rates. increased demand for our MSP and RPO businesses. The revenue decrease in our Experis brand was primarily due to decreased demand in the sale of our Jefferson Wells U.S. business, which represented a portion of our Experis interim services and permanent recruitment services. business.

In the second third quarter of 2026, our gross profit margin decreased 80 70 basis points compared to the second third quarter of 2025, primarily attributable to decreases in our staffing and interim margins due to business mix shifts, decreased demand in our permanent recruitment business, and impact from the sale of the higher-margin Jefferson Wells U.S. decreased margins in our career transition business.

Our operating profit increased 23.7% in the third quarter of 2026 and our operating profit margin increased 30 basis points compared to the third quarter of 2025. Operating profit margin increased in the third quarter of 2026 primarily due to lower selling and administrative expenses as a percent of revenue driven by less restructuring and lower personnel costs as we see the impact of previous restructuring actions taken, partially offset by lower gross profit margins, increased strategic transformation program costs and increased demand for our Manpower staffing services.

Operating Results - Three Months Ended June September 30, 2026 and 2025

The following table presents selected consolidated financial data for the three months ended June September 30, 2026 as compared to 2025.

2 unchanged paragraphs

Selling and administrative expenses, excluding goodwill impairment charge (4.6 (6.0

Goodwill impairment charge

1 unchanged paragraph

Operating profit (loss)

2 unchanged paragraphs

Earnings (loss) before income taxes

2 unchanged paragraphs

Net earnings (loss) per share – diluted

1 unchanged paragraph

• a 20 basis point unfavorable impact from other services.

• an $88.7 impact of goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units in the prior-year quarter ended June 30, 2025 compared to no impairment charges in the current-year quarter ended June 30, 2026;

• a $30.0 positive impact from the gain on sale of our Jefferson Wells U.S. business in the current-year quarter;

• a $7.3 decrease (-51.3% as reported and -52.9% in constant currency) in restructuring costs when compared to the second quarter of 2025; partially offset by

• a $7.1 increase in strategic transformation program costs related to our global transformation initiative; and

• a 200 basis point favorable impact attributable to our goodwill and indefinite lived intangible asset impairment charges in 2025 which were related to our Switzerland and United Kingdom reporting units compared to no impairment charges in the current-year quarter ended June 30, 2026;

The year-over-year increase in revenues from services was 7.5% (5.8% 4.4% (5.2% in constant currency and 6.1% 5.6% in organic constant currency) primarily attributed to:

• a revenue increase in the Americas of 14.4% (12.5% 13.5% (11.5% increase in constant currency and 13.9% 13.6% in organic constant currency) primarily driven by a $126.1 $119.8 increase in demand for our Manpower staffing services and a $20.0 $21.6 favorable impact of currency exchange rates. partially offset by a $7.9 decrease in demand for our Experis interim services. The United States, our largest market in the Americas, experienced a revenue increase of 6.0% (8.0% 5.5% (8.6% in organic constant currency) primarily driven by a $42.3 $41.5 increase in demand for our Manpower staffing services and an $11.1 increase in demand in our Experis interim services, partially offset by a $10.3 $19.2 decrease in demand for our Experis interim services due to the sale of our Jefferson Wells U.S. business. The revenue increase in the United States was accompanied by a revenue increase of 29.0% (23.8% 27.0% (21.7% in constant currency) in our Other America Americas countries, primarily driven by an $83.0 a $78.3 increase in demand for our Manpower staffing services and a $4.9 increase in demand for our Experis interim services.

• a revenue increase in Southern Europe of 7.4% (4.0% 1.0% (2.1% in constant currency) primarily driven by a $79.6 $39.1 increase in demand for our Manpower staffing services a $73.3 favorable impact of currency exchange rates, and a $5.0 $6.4 increase in demand for our Experis interim services, partially offset by a $24.0 unfavorable impact of currency exchange rates. France, the largest market in Southern Europe, experienced a revenue increase decrease of 2.5% (flat -3.5% (-1.9% in constant currency) primarily driven by a $27.8 favorable an $18.6 unfavorable impact of currency exchange rates, and an $8.1 increase a $14.1 decrease in demand for our Manpower staffing services, partially offset by and a $4.2 $3.2 decrease in demand for our Outcome Based Solutions. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 9.6% (7.0% 4.5% (6.2% in constant currency) primarily driven by a $29.2 $23.3 increase in demand for our Manpower staffing services, and partially offset by a $12.5 favorable $7.9 unfavorable impact of currency exchange rates;

• a revenue increase in Northern Europe of 3.9% (1.4% 5.4% (5.9% in constant currency) primarily driven by a $34.2 $65.4 increase in demand for our Manpower staffing services, and the $20.1 favorable impact of currency exchange rates, partially offset by a $19.7 an $11.1 decrease in demand for our Experis interim services and a $4.3 unfavorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue increases in the Nordics of $11.7, Poland Germany of $ 11.4, $19.8, the United Kingdom of $5.9 and Belgium of $2.4, which represented revenue increases $18.0, Poland of 7.3%, 18.1%, 2.3% and 2.9%, respectively (1.1%, 15.0%, 1.9%, $ 7.8, and 0.5%, respectively, in constant currency). This was partially offset by decreases in the Netherlands of $3.3 and Germany Nordics of $0.4, $3.7, which represented revenue decreases increases of -3.6% 19.8%, 6.8%, 11.6% and -0.4% 2.4%, respectively (-5.9% (21.7%, 7.2%, 15.1%, and -2.6% a decrease of -0.5%, respectively, in constant currency); and

• a revenue decrease in APME of -1.2% (5.0% -1.1% (4.3% increase in constant currency) primarily driven by a $32.8 $28.0 unfavorable impact of currency exchange rates, partially offset by a $25.2 $22.2 increase in demand for our Manpower staffing services and a $1.8 $1.6 increase in demand for our Experis interim services. Japan's -7.0% In Japan, revenue decrease (2.7% from services decreased by $19.1, or -6.1% (1.4% increase in constant currency), is primarily due to a $30.8 driven by the $23.3 unfavorable impact of currency exchange rates, partially offset by a $7.9 $4.8 increase in demand for our Manpower staffing services. India's -6.9% In India, revenue decrease (3.0% from services decreased by $3.9, or -5.7% (3.2% increase in constant currency), is primarily due to a $6.7 driven by the $6.1 unfavorable impact of currency exchange rates, partially offset by a $2.2 $1.9 increase in demand for our Manpower staffing services.

The year-over-year 80 70 basis point decrease in gross profit margin was primarily attributed to:

• a 50 basis point unfavorable impact from the decrease in staffing and interim margins due to business mix shifts; and the sale of the higher-margin Jefferson Wells U.S. business;

• a 10 basis point unfavorable impact from decreases in permanent recruitment margins due to lower levels of activity; demand; and

• a 10 basis point unfavorable impact from lower demand in career transition services.

The -15.3% -2.5% decrease in selling and administrative expenses in the second third quarter of 2026 compared to the second third quarter of 2025 (-16.6% (-2.0% in constant currency and -16.1% -1.3% in organic constant currency) was primarily attributed to:

• a $9.8 $15.9 decrease (-0.5% (-4.0% as reported, -2.2% -3.5% in constant currency, and -1.4% -2.6% in organic constant currency) in personnel costs primarily due to a $9.4 $12.2 decrease in salaries as we saw the effects of restructuring actions previously taken and a $4.4 decrease due to the sale of our Jefferson Wells U.S. business;

• a $13.4 decrease (-62.8% as reported, -62.3% in constant currency and organic constant currency) in restructuring costs when compared to the third quarter of 2025; and

• a $10.1 increase $3.3 decrease due to the impact of changes in currency exchange rates; partially offset by

• an $8.4 increase in strategic transformation program costs.

Selling and administrative expenses as a percent of revenues decreased 370 100 basis points in the second third quarter of 2026 compared to the second third quarter of 2025 due primarily to:

1 unchanged paragraph

• a 50 basis point favorable impact due to the gain on the sale of our Jefferson Wells U.S. business;

• a 30 basis point favorable impact due to decreases office lease expense and other non-personnel costs; and

Net earnings per share - diluted was $1.13 in the second quarter of 2026 compared to net loss per share - diluted of -$1.44 in the second quarter of 2025. The gain on the sale of our Jefferson Wells U.S. business and a discontinued business liquidation charge favorably impacted net earnings per share $0.37, partially offset by restructuring and strategic transformation program costs with an unfavorable impact of $0.23. The net positive impact of all these factors is approximately $0.14, net of tax, in the second quarter of 2026.

Weighted average shares - diluted increased to 47.4 million in the second quarter of 2026 from 46.5 million in the second quarter of 2025. The increase was primarily attributable to the inclusion of certain dilutive securities in the second quarter of 2026 weighted average share count. In the second quarter of 2025, all dilutive securities were excluded due to the net loss incurred during the period.

• a 20 30 basis point favorable impact as a result of the decrease in restructuring costs incurred in the second third quarter of 2026 compared to the second third quarter of 2025; and

• a 10 basis point favorable impact due to currency exchange rates; partially offset by

• a 10 basis point unfavorable impact due to our strategic transformation program costs.

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 $19.0 $20.2 in the second third quarter of 2026 compared to $17.8 $17.1 in the second third quarter of 2025 primarily due to increased interest expense on €500.0 notes due December 2030. Foreign exchange loss, net was $1.7 $1.3 in the second third quarter of 2026 compared to $1.3 $2.4 in the second third quarter of 2025. Miscellaneous income, net was $1.1 $7.2 in the second third quarter of 2026 compared to $2.6 $5.8 in the second third quarter of 2025.

We recorded income tax expense on pre-tax earnings resulting in at an effective rate of 42.0% 49.8% for the three months ended June September 30, 2026, as compared to income tax expense on a pre-tax loss resulting in a negative an effective tax rate of 60.2% 66.0% for the three months ended June September 30, 2025. The 2026 rate as compared to the 2025 rate was favorably impacted by the gain on the sale of our Jefferson Wells U.S. business higher level and unfavorably impacted by strategic transformation program costs, overall mix of earnings due in part to fewer restructuring charges, and a discontinued business liquidation charge costs recorded in the second quarter The 2025 rate was negative due as compared to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges amount recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. 2025. The 42.0% 49.8% effective tax rate for the three months ended June September 30, 2026 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax.

Net earnings per share - diluted was $0.71 in the third quarter of 2026 compared to net earnings per share - diluted of $0.38 in the third quarter of 2025. The current year quarter included restructuring costs, strategic transformation program costs, an adjustment related to the sale of our Jefferson Wells U.S. business, and Argentina hyperinflationary related non-cash currency translation losses, which negatively impacted earnings per share by $0.30 in the third quarter of 2026 compared to restructuring costs and a non-cash currency translation charge related to our Argentina business which unfavorably impacted net earnings per share - diluted by approximately $0.45, net of tax, in the third quarter of 2025.

Weighted average shares - diluted increased to 48.1 million in the third quarter of 2026 from 46.9 million in the third quarter of 2025. The increase was due to a higher share price and additional share-based award grants.

Operating Results - Six Nine Months Ended June September 30, 2026 and 2025

The following table presents selected consolidated financial data for the six nine months ended June September 30, 2026 as compared to 2025.

2 unchanged paragraphs

Selling and administrative expenses, excluding goodwill impairment charge (0.5 (4.1

Goodwill impairment charge

Selling and administrative expenses, excluding impairment charges (1.2 (3.4

3 unchanged paragraphs

Earnings (loss) before income taxes

4 unchanged paragraphs

• a revenue increase in APME of 2.8% (6.5% in constant currency) primarily driven by a $56.5 increase in demand for our Manpower staffing services and a $7.5 increase in demand for our Experis interim services, partially offset by a $37.5 unfavorable impact of currency exchange rates. Within our APME segment, we experienced revenue decreases in Japan of -2.2% and India of -1.3% (increases of 4.3% and 6.6% in constant currency, respectively). Japan's revenue decrease was primarily due to a $39.7 unfavorable impact of currency exchange rates, partially offset by a $22.9 increase in demand for our Manpower staffing services. India's revenue decrease was primarily due to a $10.6 unfavorable impact of currency exchange rates, partially offset by a $5.1 increase in demand for our Manpower staffing services and a $2.5 increase in demand for our Experis interim services.

The year-over-year increase in revenues from services of 8.8% (4.4% 7.3% (4.7% in constant currency and 4.7% 5.0% in organic constant currency) was attributed to:

• a revenue increase in the Americas of 10.0% (8.0% 11.2% (9.2% in constant currency and 8.7% 10.3% in organic constant currency) primarily driven by a $204.0 $323.8 increase in demand for our Manpower staffing services and a $41.7 $63.3 favorable impact of currency exchange rates, partially offset by a decrease in demand for our Experis interim services of $59.8. $63.1. The United States, our largest market in the Americas, experienced a revenue increase of 0.5% (1.4% 2.2% (3.8% in organic constant currency) primarily driven by a $55.0 $96.4 increase in demand for our Manpower staffing services and a $10.6 an $18.1 increase in demand for MSP services, partially offset by a $62.8 $39.3 decrease in demand for our Experis interim services and a $31.6 decrease in revenue for our Experis interim services due to the sale of our Jefferson Wells U.S. business. The revenue increase in the United States was accompanied by an increase in our Other America Americas countries, which experienced a revenue increase of $163.2, 27.1% (21.7% in constant currency), primarily driven by the $149.1 $227.4 increase in demand for our Manpower staffing services.

• a revenue increase in Southern Europe of 10.7% (3.5% 7.3% (3.0% in constant currency) primarily driven by the $285.3 $261.3 favorable impact of currency exchange rates, and a $137.1 $176.3 increase in demand for our Manpower staffing services, and a $14.3 increase in demand for our Experis interim services. France, the largest market in Southern Europe, experienced a revenue increase of 6.2% (-0.1% 2.8% (-0.8% decrease in constant currency) primarily driven by the $133.9 $115.2 favorable impact of currency exchange rates, and an $11.5 increase in demand for our Manpower staffing services, partially offset by an $8.7 $11.9 decrease in our Outcome Based Solutions and a $2.6 decrease in demand for our Manpower staffing services. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 14.1% (7.2% 10.7% (6.9% in constant currency) primarily driven by a $79.8 increase in demand for our Manpower staffing services, the $59.5 $51.6 favorable impact of currency exchange rates, and a $56.5 $5.7 increase in demand for our Manpower staffing Experis interim services.

• a revenue increase in Northern Europe of 5.9% (-0.1% decrease 5.7% (2.0% increase in constant currency) primarily driven by the $92.5 favorable impact of currency exchange rates and a $53.1 $118.6 increase in demand for our Manpower staffing services and the $88.2 favorable impact of currency exchange rates, partially offset by a $40.4 $51.5 decrease in demand for our Experis interim services. Within our Northern Europe segment, we experienced revenue increases in the United Kingdom of $35.8, the Nordics of $31.4, $35.1, Poland of $25.5, the United Kingdom of $17.8, Belgium $33.4, Germany of $8.4, $14.8, and the Netherlands Belgium of $1.2, $4.4, which represented revenue increases of 10.5%, 21.2%, 3.4%, 5.6%, 4.6%, 7.8%, 17.7%, 5.1%, and 0.7%, 1.8%, respectively (0.6%, 14.2%, flat, and decreases of -0.7% (2.4%, 0.2%, 14.5%, 2.0%, and -5.5%, respectively, in constant currency). This was partially offset by a revenue -1.5% decrease, in Germany of $5.0, or -2.7% (-8.4% respectively, in constant currency); and

• a revenue increase in APME of 1.4% (5.7% in constant currency) primarily driven by a $78.7 increase in demand for our Manpower staffing services and a $9.1 increase in demand for our Experis interim services, partially offset by a $65.4 unfavorable impact of currency exchange rates. In Japan, revenues from services decreased by $32.5, or -3.6% (3.3% increase in constant currency), primarily driven by a $63.0 unfavorable impact of currency exchange rates, partially offset by a $27.7 increase in demand for our Manpower staffing services. In India, revenues from services decreased by $5.6, or -2.8% (5.5% increase in constant currency), primarily driven by a $16.7 unfavorable impact of currency exchange rates, partially offset by a $7.0 increase in demand for our Manpower staffing services and a $2.4 increase in demand for our Experis interim services.

The year-over-year 100 80 basis point decrease in gross profit margin was primarily attributed to:

• a 60 50 basis point unfavorable impact from the decrease in staffing and interim margins from business mix shifts and the sale of the higher-margin Jefferson Wells U.S. business;

1 unchanged paragraph

• a 20 basis point unfavorable impact from decreased demand for our career transition services.

• an $8.0 decrease to office lease and occupancy costs (-3.4% as reported, -7.7% in constant currency, and -7.5% in organic constant currency); and

• a 10 basis point unfavorable impact from the decrease in margins in our MSP business.

The -6.6% -5.3% decrease in selling and administrative expenses in the first half nine months of 2026 compared to the first half nine months of 2025 (-10.0% (-7.4% in constant currency and -9.7% -7.0% in organic constant currency) was primarily attributed to:

• an $88.7 impact of goodwill and indefinite lived indefinite-lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units in the first half nine months of 2025 compared to no impairment charges in the first half nine months of 2026;

• a $24.1 $40.1 decrease (1.2% increase (-0.5% as reported, -2.8% decrease -3.0% in constant currency, and -2.3% -2.4% in organic constant currency) in personnel costs primarily due to an $18.8 a $28.8 decrease in salaries as we saw the effects of restructuring actions previously taken and an $8.3 decrease due to the sale of our Jefferson Wells U.S. business;

• a $30.0 $28.3 positive impact from the gain on the sale of our Jefferson Wells U.S. business in the first half nine months of 2026;

• a $7.9 $21.2 decrease (-22.6% (-39.9% as reported and -27.6% -42.5% in constant currency and organic constant currency) in restructuring costs incurred in the first half nine months of 2026 compared to the first half nine months of 2025; partially offset by and

• an $11.6 decrease in office leases and occupancy costs (-4.8% as reported, -7.4% in constant currency, and -7.2% in organic constant currency); partially offset by

• a $49.1 $45.7 increase due to the impact of currency exchange rates; and

• a $17.0 $25.6 increase in strategic transformation program costs related to our global transformation initiative in the first nine months of 2026 when compared to none in the first nine months of 2025.

Selling and administrative expenses as a percent of revenues decreased 240 190 basis points in the first half nine months of 2026 compared to the first half nine months of 2025 due primarily to:

• a 100 70 basis point decrease attributable to goodwill and indefinite lived indefinite-lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units in the first half nine months of 2025 compared to no impairment charges in the first half nine months of 2026;

1 unchanged paragraph

• a 10 basis point favorable currency impact; and

• a 20 basis point increase due to strategic transformation program costs related to our global transformation initiative.

Net earnings per share - diluted was $1.19 in the first half of 2026 compared to net loss per share - diluted of -$1.32 in the first half of 2025. The gain on the sale of our Jefferson Wells U.S. business and a discontinued business liquidation charge favorably impacted net earnings per share $0.38, but was partially offset by restructuring and strategic transformation program costs with an unfavorable impact of $0.70. The net positive impact of all these factors is approximately $0.32, net of tax, in the first half of 2026.

• a 40 20 basis point favorable impact due to the gain on the sale of our Jefferson Wells U.S. business during the first half nine months of 2026;

• a 30 20 basis point favorable impact due to decreases in office lease and occupancy expense and other non-personnel costs;

• a 10 20 basis point favorable impact as a result of the decrease in restructuring costs incurred in the first half nine months of 2026 compared to the first half nine months of 2025; partially offset by

• a 10 basis point unfavorable impact due to our strategic transformation program costs.

1 unchanged paragraph

6 unchanged paragraphs

4 unchanged paragraphs

5 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

13 unchanged paragraphs

2 unchanged paragraphs

and 58 more changes in the filing

Controls and procedures 1 change

1 unchanged paragraph

During the first half nine months of 2026, we completed the implementation of a new enterprise resource planning (ERP) system Oracle Cloud ERP in our France and Italy businesses, which are part of our Southern Europe segment and 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.

1 unchanged paragraph

Unregistered sales of stock 3 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 2026. As of June September 30, 2026, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.

1 unchanged paragraph

(a) Represents shares of common stock withheld by ManpowerGroup to satisfy tax withholding obligations on shares acquired by certain employees in settlement of restricted stock units.

September 1 - 30, 2026

Other information 1 change

5 unchanged paragraphs

During the quarter ended June September 30, 2026 , 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 7 changes

Amended and Restated Articles of Incorporation of ManpowerGroup Inc.

Amended and Restated By-Laws of ManpowerGroup Inc., as amended through May 8, 2026.

Equity Incentive Plan of ManpowerGroup Inc., incorporated by reference to the Company's Current Report on Form 8-K dated May 8, 2026.**

Letter Agreement between Jonas Prising and the Company dated as of October 14, 2026.

Amended and Restated Letter Agreement between Becky Frankiewicz and the Company dated as of October 14, 2026.

6 unchanged paragraphs

The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June September 30, 2026 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language)

** Management contract, of compensatory plan or arrangement

5 unchanged paragraphs