Q4 2025 ManpowerGroup Inc Earnings Call Transcript
Key Points
- ManpowerGroup Inc (MAN) reported a stabilization in revenue trends, with a reported revenue of $4.7 billion for the fourth quarter, marking a 2% organic constant currency growth.
- The company achieved an adjusted EBITDA margin of 2.1%, reflecting improving demand trends across core markets.
- ManpowerGroup Inc (MAN) has seen sequential improvement in key demand indicators, particularly in the US and France, with France showing resilience despite political and budget uncertainty.
- The company's diversified multi-brand portfolio continues to perform well, with the Manpower brand growing for three consecutive quarters and six quarters in the US.
- Cost discipline remains a core priority, with a 4% constant currency reduction in SG&A expenses, contributing to improved profitability across the portfolio.
- Despite improvements, ManpowerGroup Inc (MAN) is not yet calling a broad-based recovery, indicating ongoing challenges in achieving consistent growth across all markets.
- Permanent recruitment activity was softer than expected in Europe, contributing to a 30 basis points decline in gross profit margin.
- The Experis brand experienced a 6% decline, and Talent Solutions saw a 4% decline, indicating ongoing challenges in these segments.
- The company faced a negative earnings per share of $0.29 for the full year, with a 38% constant currency decrease in adjusted earnings per share.
- Free cash flow for the full year 2025 was an outflow of $161 million, compared to an inflow of $258 million in the prior year, highlighting cash flow challenges.
Welcome to ManpowerGroup's fourth quarter earnings results conference call. (Operator Instructions) This call is being recorded. If you care to drop off now, please do so.
I would now like to turn the call over to ManpowerGroup's Chair and CEO, Mr. Jonas Prising. Sir, you may begin.
Good morning and thank you for joining us for our fourth quarter 2025 conference call. Our Chief Financial Officer, Jack McGinnis; and our President and Chief Strategy Officer, Becky Frankiewicz, are both with me today. For your convenience, our prepared remarks are available in the Investor Relations section of our website at manpowergroup.com.
I'll begin with a brief overview of the quarter and the full year, including how we're seeing conditions evolve across markets and what that means for our execution. Becky will ground us in the broader environment, what we're hearing directly from the market and how we're evaluating those insights, as we position the business. Jack will then
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