ManpowerGroup Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue reached $4.8B, with 6% organic days-adjusted constant-currency growth and adjusted EBITDA margin up 10 bps YoY. Q4 guidance calls for 3%–7% constant-currency revenue growth and 20 bps EBITDA margin expansion; Becky Frankiewicz becomes CEO Jan. 1, 2027.
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Q2 saw 6% constant currency revenue growth to $4.9B, with strong performance in the U.S. and key verticals. Transformation initiatives and AI partnerships are driving operational efficiency and new revenue streams. Guidance anticipates continued growth and stable margins in Q3.
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Q1 2026 delivered 3% organic constant currency revenue growth and a 1.4% adjusted EBITDA margin, with strong Manpower brand performance and ongoing transformation initiatives targeting $200 million in cost savings by 2028. AI-driven solutions are scaling globally, supporting growth and operational efficiency.
Fiscal Year 2025
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Fourth quarter results showed stabilization with 2% organic constant currency revenue growth and improved profitability driven by cost discipline and digital investments. Key markets like the US, France, and Italy showed sequential improvement, while management remains committed to long-term margin expansion and expects continued positive trends into 2026.
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Revenue returned to growth after 11 quarters of declines, with stabilization in North America and Europe and strong momentum in Latin America and APME. Adjusted EBITDA and EPS declined year-over-year, but cost actions and AI investments are driving operational efficiencies and future growth. Q4 guidance anticipates flat revenue and stable margins.
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System-wide revenue was $4.9B with adjusted EBITDA of $89M, down 25% year-over-year. U.S. and Asia Pacific showed resilience, while Northern Europe faced headwinds. Q3 guidance anticipates flat to slightly declining revenue and improved free cash flow.
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Q1 2025 saw revenue decline 5% year-over-year, with growth in Latin America and Asia-Pacific offset by weakness in Europe and North America. Adjusted EBITDA fell 32%, and Q2 guidance anticipates continued challenges, with EPS forecasted at $0.65–$0.75.
Fiscal Year 2024
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Q4 revenue declined 3% year-over-year in constant currency, with adjusted EBITDA down 12% and adjusted EPS down 27%. Europe and North America remain challenging, while APME and LATAM show growth. Guidance for Q1 2025 anticipates further revenue and margin declines, with continued focus on cost management and technology investment.
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Q3 revenue declined 2% year-over-year in constant currency, with adjusted EBITDA up 2% and adjusted EPS down 8%. Employer sentiment remains cautious, especially in Europe and North America, while Asia Pacific and Latin America show strength. Q4 guidance anticipates continued challenges, with a 1–5% revenue decline and ongoing cost management.
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Q2 revenue declined 3% year-over-year in constant currency, with adjusted EBITDA down 9% and adjusted EPS down 12%. Staffing trends stabilized in North America and Europe, while Asia and Latin America remained resilient. Q3 guidance anticipates continued challenges, especially in permanent recruitment.