MAN · ManpowerGroup Inc.

ManpowerGroup's first quarter 2026 results reflected solid revenue growth amidst a mixed global demand environment. Revenues increased 10% as reported to $4.5 billion, or 3% in constant currency, marking five consecutive quarters of year-over-year revenue trend improvement. Performance was driven by strong demand in Asia Pacific and Latin America, while France showed sequential improvement to achieve flat revenue trends year-over-year. The Manpower brand delivered strong growth, though Experis faced headwinds from soft professional demand, and Talent Solutions continued to experience declines driven by tempered permanent hiring. GAAP net earnings fell to $2.5 million, or $0.05 per diluted share, down from $0.12 per share in the prior year. However, the current quarter included $0.46 per share in restructuring and strategic transformation program costs; excluding these, adjusted EPS was $0.51, representing a 3% increase in constant currency. The company announced an expanded global strategic transformation program targeting $200 million in permanent cost savings by 2028, aimed at improving cost and margin profiles while enabling market share gains. Management highlighted progress in AI strategy and the deployment of the PowerSuite platform to drive efficiency. For the second quarter of 2026, management guided for diluted EPS in the range of $0.91 to $1.01, incorporating an estimated favorable currency impact of 5 cents and a 43% effective tax rate. The balance sheet showed a significant reduction in cash and cash equivalents to $224.9 million from $871.0 million at year-end 2025, primarily driven by debt repayments of $582.3 million and share repurchases.