Manpower Group (MAN): 2Q First Take: Revenue and EPS upside with the 3Q guide in-line to ahead of Street

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Manpower Group (MAN): 2Q First Take: Revenue and EPS upside with the 3Q guide in-line to ahead of Street

Equity Research

16 July 2026 | 5:26AM PDT

Manpower Group (MAN): 2Q First Take: Revenue and EPS upside with

the 3Q guide in-line to ahead of Street

We expect investors to have a positive reaction to Manpower’s 2Q 2026 earnings George K. Tong, CFA

+1(415)249-7421 |

release, with revenue and EPS outperforming consensus and the guide for 3Q george.tong@gs.com

Goldman Sachs & Co. LLC

revenue ahead of the Street and EPS in-line at the midpoint. On a constant currency

Sami Nasir, CFA

basis, overall revenue grew 6% y/y in 2Q, accelerating from 1Q’s 3% growth, driven +1(415)834-7967 | sami.nasir@gs.com

by strong demand in the US, Latin America, APME and select European countries Goldman Sachs & Co. LLC

Anna Wuincluding Italy, Spain, Poland and Norway. France delivered flat y/y CC revenue +1(415)249-7235 | anna.wu@gs.com

performance in 2Q, consistent with performance in 1Q. MAN generates two-thirds of Goldman Sachs & Co. LLC

Lakritzrevenue from Europe and ~25% of revenue from France. EBITA margins expanded 10 Alex +1(415)249-7072 | alex.lakritz@gs.com

bps y/y to 2.1% driven by operating leverage and selective cost-cutting and Goldman Sachs & Co. LLC

productivity initiatives. The company continues to execute on its global strategic

transformation program targeting $200mn in permanent cost savings by 2028. On

the earnings call, we expect investors to be focused on how staffing volumes in

Europe and the US progressed during and exiting the quarter, how the macro and

geopolitical environment is affecting industrial temp staffing demand, the impact

that AI is having on Experis and Talent Solutions, and areas of the business where

management is reducing costs.