Overview

• Workforce solutions provider's Q2 revenue rose 8% yr/yr, beating analyst expectations

• Adjusted EPS for Q2 beat consensus

Outlook

• ManpowerGroup expects Q3 diluted EPS between $0.96 and $1.06, including 2 cent currency headwind

• Company maintains view that 2026 is an inflection point as it executes transformation strategy

Result Drivers

• REGIONAL DEMAND - Strong demand in the United States, Latin America, APME, and select European countries including Italy, Spain, Poland and Norway drove revenue growth

• BRAND PERFORMANCE - Very strong revenue growth in Manpower brand; improved trends in Experis and Talent Solutions, especially in the United States

• COST DISCIPLINE - Gross profit growth combined with SG&A reductions generated meaningful growth in profitability year over year

Company press release: ID:nPn6krCLHa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue from services	Beat	$4.86 bln	$4.72 bln (8 Analysts)
Q2 Adjusted EPS	Beat	$0.99	$0.95 (10 Analysts)
Q2 EPS		$1.13
Q2 Net Income		$53.50 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the employment services peer group is "buy."

• Wall Street's median 12-month price target for ManpowerGroup Inc is $37.00, about 5.2% below its July 15 closing price of $39.02

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 7 three months ago

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