2Q26: Solid Perf. In the Qtr Supports Guide Which Implies Continued Improvement

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2Q26: Solid Perf. In the Qtr Supports Guide Which Implies Continued Improvement

where we notice positive YoY hiring for MAN

since Dec. 2025. Figure 1 - MAN short interest running ~15% of

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What Makes MAN Different from Other Staffers: We like blue collar staffers vs white collar staffers 1614

in an age of AI disruption and believe the company's Manpower brand (65% of GP) which focuses on 12

blue collar staffing positions it well in the changing market. Specifically, we like blue collar staffing 108

vs white collar staffing given the potential for AI to eliminate or reduce demand for certain white 64

collar roles. Our view has long held been that automation will likely disrupt white collar staffing 20

roles in finance, accounting, HR, customer support and legal. Additionally, we think improvement Jun-11 Mar-12 Dec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Sep-25 Jun-26

in heavy blue collar industries (manf., retail, and logistics) position the company well to service . MAN

the incremental demand. That said, near term we believe AI has increased demand for tech. talent Source: Company data, Factset, Jefferies

which bodes well for Experis (~90% tech) and other tech. recruiters.

3Q Guide Implies Continued Improvement. Mgmt provided 3Q26 revenue guide which assumes

CC revenue growth of 5% at the midpoint, in-line with our estimates driven by improvement in the

US and Northern Europe. Specifically, the US is expected to deliver a similar rate of growth in 3Q26

as it did in 2Q26. We note MAN US delivered better CC revenue trends than guided (came in at 6%

vs guide at LSD%) driven by strength in the Manpower brand (+16% YoY) and improving QoQ trends

in Experis (came in flat vs down 15% in 1Q26).