Manpower Group (MAN): Strong 2Q reflecting broad-based growth acceleration partially mitigated by limited margin expansion

Research evidence excerpt

Manpower Group (MAN): Strong 2Q reflecting broad-based growth acceleration partially mitigated by limited margin expansion

Goldman Sachs Manpower Group (MAN)

quarter. Southern Europe revenue increased 4.0% y/y CC, while Northern Europe

revenue was up 1.4%. Americas revenue grew 12.5% y/y CC and APME revenue rose

5.0%. MAN’s 2Q revenue outperformed in all geographies vs our estimates.

EPS above estimates. EBITA margins expanded 10 bps y/y to 2.1%, in-line with our

estimate and consensus, reflecting improved operating leverage and cost discipline. EPS

of $0.99 outperformed our forecast and consensus of $0.95.

2Q 2026 Positives / Negatives

Positives:

n Accelerating organic revenue growth, with guidance pointing to sustained

momentum into 3Q. Revenue growth accelerated sharply from 3% y/y CC in 1Q to

6% in 2Q, with MAN guiding to 3-7% growth in 3Q. Trends improved through the

quarter across several key markets, with France remaining stable, Italy exiting the

quarter with solid growth and the US continuing to strengthen, as Experis improved

from a 2% decline during the quarter to roughly flat exiting 2Q and is tracking to

return to growth in 3Q. These trends support sustained positive momentum in

MAN’s CC revenue growth through 3Q.

n Broad-based growth across business lines. The Manpower brand delivered its fifth

consecutive quarter of growth, including 16% y/y growth in the US Manpower

business, supported by strength across manufacturing, aerospace, logistics, retail,

automotive and consumer goods verticals. Trends also improved across the rest of

the portfolio, with Experis improving to down 2% y/y in 2Q from down 9% in 1Q and

Talent Solutions improving to flat from down 1%.

n Share gain opportunities remain supported by exposure to faster-growing end

markets.