Delivering Strong Performance Through Uncertainty
In the first half of 2025, conditions remained challenging in parts of Europe and North America. At the same time, our business in the Latin America and the Asia Pacific Middle East regions continued to demonstrate resilience and momentum. We stayed close to clients market-by-market and sector-by-sector, recognizing that uncertainty does not affect every industry or geography equally. We leaned into what has always differentiated our company: local execution on a global scale, a diversified portfolio of solutions, and a disciplined, data-informed approach to where we deploy capacity and investment.
Over the course of the year, stabilization became more evident in select markets, including Italy, Spain, Manpower in the US, and later in the year, France, reflecting more consistent client engagement. These regional dynamics translated into improved visibility and momentum across the business, particularly through enterprise pipeline activity and more focused demand in higher-skilled roles.
Building a Leaner, More Resilient Operating Model
2025 demanded rigor and consistency of execution. We continued to align capacity closely with client activity, take structural cost actions, and simplify how we operate, while deliberately protecting the investments that underpin our long-term differentiation. This discipline strengthened the organization and improved our ability to respond quickly as conditions evolved.
Throughout the year, we reduced SG&A on a constant currency basis, driven by structural cost reductions, tighter discretionary spending, and continued progress in process standardization and shared services. Importantly, these actions were executed without compromising client service, talent quality, or our ability to invest in technology and innovation.
These efforts are not short-term tactics. They are part of building a leaner, more efficient operating model designed to scale. As demand improves, this foundation positions us to generate operating leverage, reinvest through the cycle, and strengthen the durability and quality of our earnings over time.
From Digitization to Measurable Impact
The adoption of AI and advanced technology accelerated further in 2025, with focus shifting from experimentation to disciplined deployment and measurable impact. We believe our ability to translate technology investment into real productivity gains and commercial outcomes will be a clear competitive advantage. This is how we strengthen execution today while positioning the business for operating leverage as demand improves.
Our approach is grounded in what we call the Human Edge. As AI reshapes how work gets done, differentiation comes from combining digital intelligence with uniquely human capabilities such as empathy, judgment, creativity and resilience. We are using AI not to replace people, but to elevate human potential, helping clients unlock productivity while building more adaptable, future-ready workforces. This work is guided by strong governance and a deep commitment to data privacy, security and ethics, ensuring trust remains at the center as we scale innovation globally.
PowerSuiteTM remains the backbone of our digitization strategy. With nearly 90 percent of our business operating on this global platform, we have built integrated technology rails and a proprietary data foundation spanning more than 70 countries. This enables us to scale innovation, standardize processes and deploy AI where it creates the most value, improving recruiter productivity and enhancing experiences for clients and candidates. With this platform largely in place, our focus is increasingly shifting toward front-office enablement, applying AI-enabled tools via our Sophie AI enterprise platform, enhancing recruiter and sales workflows to support scalable growth over time. We see a significant runway ahead as we continue to scale these capabilities and remain committed to leading the industry in applying technology and AI to deliver productivity, insight, and impact at scale.
“Across our portfolio, the Manpower brand returned to growth, supported by sustained enterprise demand and improved client engagement. Professional and IT hiring within Experis began to stabilize, while Talent Solutions remained closely embedded with enterprise clients, with continued strength in MSP supporting workforce strategy and delivery.”
— Jonas Prising, Chair & CEO
Investing in Our People and the Skills of the Future
The impact of AI on work will reward organizations that combine technology adoption with workforce transformation. That is why we continued to upskill our own teams and embed AI more deeply across the organization. Our actions are always rooted in the premise that productivity gains translate into stronger commercial performance and a more efficient cost structure.
At the same time, we continued to support clients who are asking the most important question of this era: how do we build a workforce ready for what comes next? Across sectors, we see the same urgency in finding specialized talent, reskilling existing workforces, and creating new pathways to meaningful careers. This is where ManpowerGroup is uniquely positioned to lead: connecting people, insights, and opportunity at a global scale.
To our employees, thank you for your resilience, dedication and commitment to our purpose. To our clients, candidates and partners, thank you for the trust you place in ManpowerGroup to help you navigate change. And to our shareholders, thank you for your continued support as we strengthen our company for the long term.
We remain guided by a simple belief. Meaningful work has the power to change lives. By connecting more people to it, we help build stronger businesses, more resilient communities and a better future for all.
Chair & CEO
