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8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 17, 2025

MANPOWERGROUP INC.

(Exact name of registrant as specified in its charter)


Wisconsin	1-10686	39-1672779
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


100 Manpower Place
Milwaukee, Wisconsin		53212
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (414) 961-1000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	MAN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

The information in this Item 2.02, including exhibit 99.1 attached hereto, is furnished solely pursuant to Item 2.02 of Form 8-K. Consequently, such information is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in this Item 2.02, including exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.

On April 17, 2025, we issued a press release announcing our results of operations for the three months ended March 31, 2025 and 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Effective January 1, 2025, our segment reporting was realigned to include our Morocco business within Other Southern Europe. Accordingly, France is now adjusted to exclude Morocco. All previously reported results have been recast to conform to the current year presentation. Attached hereto as Exhibit 99.3 is our Operating Unit Results since January 1, 2023.

Item 9.01. Exhibits


Exhibit No.		Description
99.1		Press Release dated April 17, 2025
99.2		Presentation materials for April 17, 2025 Conference Call
99.3		Operating Unit Results reflecting the recast segment results
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		MANPOWERGROUP INC.

Dated:	April 17, 2025	By:	/s/ John T. McGinnis
		Name:	John T. McGinnis
		Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1


FOR IMMEDIATE RELEASE		Contact:

		Haley Jones
		+1.414.906.6804
		[email protected]

ManpowerGroup Reports 1st Quarter 2025 Results

•

Revenues of $4.1 billion (-7% as reported, -5% constant currency (CC), -2% organic CC)

•

Latin America and Asia Pacific experienced good demand while Europe and North America continued to operate in a challenging environment during the quarter

•

Gross profit margin of 17.1% reflects solid staffing margins across most major markets and slightly weaker permanent recruitment activity

•

SG&A down year over year with additional restructuring actions taken in the quarter

•

$25 million of common stock repurchased during the quarter

MILWAUKEE, April 17, 2025 – ManpowerGroup (NYSE: MAN) today reported net earnings of $0.12 per diluted share for the three months ended March 31, 2025 compared to net earnings of $0.81 per diluted share in the prior year period. Net earnings in the quarter were $5.6 million compared to net earnings of $39.7 million a year earlier. Revenues for the first quarter were $4.1 billion, a 7% decrease from the prior year period.

The current year quarter included restructuring costs and higher income tax charges. The tax charges resulted from legislation changes enacted in France and country mix updates based on the economic environment. The restructuring and tax charges reduced earnings per share by $0.32 in the first quarter. Excluding these charges, earnings per share was $0.44 per diluted share in the quarter representing a decrease of 51% in constant currency.1

Financial results in the quarter were also impacted by the U.S. dollar relative to foreign currencies compared to the prior year period.2 On a constant currency basis, revenues decreased 5% compared to the prior year period and on an organic constant currency basis, revenues decreased 2% compared to the prior year period.

[1] The prior year period included various adjustments which reduced earnings per share by $0.13 which are also excluded when determining the year over year adjusted trend.

[2] The first quarter earnings per share guidance estimated a negative 6 cent foreign currency impact and the actual impact was a -1 cent and as adjusted was -2 cents.

Jonas Prising, ManpowerGroup Chair & CEO, said, “During the quarter, we saw good growth in Latin America and Asia Pacific while operating conditions remained challenging in Europe and North America. More recently, the demand outlook is less clear based on increased caution following trade policy developments. In this uncertain environment, we continue to compete well in the market and remain focused on what we can control, staying close to our clients and candidates and adjusting our cost base to market conditions as needed.

We anticipate diluted earnings per share in the second quarter will be between $0.65 and $0.75, which includes an estimated favorable currency impact of 3 cents and a 46.5% effective tax rate."

In conjunction with its first quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on April 17, 2025 at 7:30 a.m. central time (8:30 a.m. eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com.

Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/.

About ManpowerGroup

ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2025 ManpowerGroup was named one of the World's Most Ethical Companies for the 16th time – all confirming our position as the brand of choice for in-demand talent. For more information, visit www.manpowergroup.com.

Forward-Looking Statements

This press release contains statements, including statements regarding global economic and geopolitical uncertainty, including uncertainty in trade policy announcements, trends in labor demand and the future strengthening of such demand, financial outlook, the outlook for our business in regions in which we operate as well as key countries within those regions, and the Company’s strategic initiatives and technology investments, including transformation programs and the positioning of future growth for our brands that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company’s expected future results. The Company’s actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company’s reports filed with the SEC, including the information under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, which information is incorporated herein by reference.

The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.

ManpowerGroup

Results of Operations

(In millions, except per share data)


	Three Months Ended March 31
					% Variance
					Amount			Constant
	2025		2024		Reported			Currency
	(Unaudited)
Revenues from services (a)	$	4,090.3	$	4,403.3		-7.1	%		-4.6	%
Cost of services		3,392.0		3,639.6		-6.8	%		-4.2	%
Gross profit		698.3		763.7		-8.6	%		-6.2	%
Selling and administrative expenses		670.1		697.8		-4.0	%		-1.9	%
Operating profit		28.2		65.9		-57.2	%		-52.6	%
Interest and other expenses, net		11.5		8.4		37.0	%
Earnings before income taxes		16.7		57.5		-70.9	%		-67.9	%
Provision for income taxes		11.1		17.8		-37.2	%
Net earnings	$	5.6	$	39.7		-86.0	%		-84.6	%
Net earnings per share - basic	$	0.12	$	0.82		-85.5	%
Net earnings per share - diluted	$	0.12	$	0.81		-85.5	%		-84.0	%
Weighted average shares - basic		46.8		48.3		-3.1	%
Weighted average shares - diluted		47.3		48.9		-3.3	%

(a)

Revenues from services include fees received from our franchise offices of $3.8 million and $3.3 million for the three months ended March 31, 2025 and 2024, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $418.4 million and $277.2 million for the three months ended March 31, 2025 and 2024, respectively.

ManpowerGroup

Operating Unit Results

(In millions)


	Three Months Ended March 31
							% Variance
							Amount			Constant
	2025			2024 (a)			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States (b)	$	688.8		$	680.4			1.2	%		1.2	%
Other Americas		367.9			356.0			3.3	%		13.1	%
		1,056.7			1,036.4			2.0	%		5.3	%
Southern Europe:
France		965.7			1,099.3			-12.2	%		-9.5	%
Italy		397.8			404.3			-1.6	%		1.4	%
Other Southern Europe		470.5			477.7			-1.5	%		0.7	%
		1,834.0			1,981.3			-7.4	%		-4.8	%
Northern Europe		730.8			870.3			-16.0	%		-14.3	%
APME		476.4			535.1			-11.0	%		-9.2	%
		4,097.9			4,423.1
Intercompany Eliminations		(7.6	)		(19.8	)
	$	4,090.3		$	4,403.3			-7.1	%		-4.6	%
Operating Unit Profit (Loss):
Americas:
United States	$	11.3		$	12.0			-5.2	%		-5.2	%
Other Americas		14.2			14.1			0.0	%		8.0	%
		25.5			26.1			-2.4	%		2.0	%
Southern Europe:
France		21.0			32.7			-35.8	%		-34.2	%
Italy		24.6			27.4			-10.4	%		-7.8	%
Other Southern Europe		4.6			9.8			-52.9	%		-52.3	%
		50.2			69.9			-28.2	%		-26.4	%
Northern Europe		(18.3	)		0.0		N/A			N/A
APME		20.0			19.9			1.0	%		2.9	%
		77.4			115.9
Corporate expenses		(41.1	)		(41.7	)
Intangible asset amortization expense		(8.1	)		(8.3	)
Operating profit		28.2			65.9			-57.2	%		-52.6	%
Interest and other expenses, net (c)		(11.5	)		(8.4	)
Earnings before income taxes	$	16.7		$	57.5

(a) Effective January 1, 2025, our segment reporting was realigned to include our Morocco business within Other Southern Europe. Accordingly, France is now adjusted to exclude Morocco. All previously reported results have been recast to conform to the current year presentation.

(b) In the United States, revenues from services include fees received from our franchise offices of $2.2 million and $2.4 million for the three months ended March 31, 2025 and 2024, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $76.9 million and $87.4 million for the three months ended March 31, 2025 and 2024, respectively.


	2025			2024
Interest expense	$	22.5		$	20.4
Interest income		(6.9	)		(8.1	)
Foreign exchange loss		0.9			2.4
Miscellaneous income, net		(5.0	)		(6.3	)
	$	11.5		$	8.4

ManpowerGroup

Consolidated Balance Sheets

(In millions)


	March 31,			December 31,
	2025			2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	395.0		$	509.4
Accounts receivable, net		4,168.8			4,297.2
Prepaid expenses and other assets		185.9			163.7
Total current assets		4,749.7			4,970.3
Other assets:
Goodwill		1,577.9			1,563.4
Intangible assets, net		479.4			486.1
Operating lease right-of-use assets		381.0			361.3
Other assets		726.9			701.5
Total other assets		3,165.2			3,112.3
Property and equipment:
Land, buildings, leasehold improvements and equipment		511.7			488.2
Less: accumulated depreciation and amortization		389.4			369.8
Net property and equipment		122.3			118.4
Total assets	$	8,037.2		$	8,201.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	2,409.6		$	2,612.9
Employee compensation payable		199.8			241.1
Accrued payroll taxes and insurance		594.3			615.2
Accrued liabilities		472.2			475.1
Value added taxes payable		359.7			370.8
Short-term operating lease liability		102.5			98.6
Short-term borrowings and current maturities of long-term debt		100.6			23.4
Total current liabilities		4,238.7			4,437.1
Other liabilities:
Long-term debt		971.4			929.4
Long-term operating lease liability		295.0			279.0
Other long-term liabilities		427.2			428.6
Total other liabilities		1,693.6			1,637.0
Shareholders' equity:
ManpowerGroup shareholders' equity
Common stock		1.2			1.2
Capital in excess of par value		3,552.8			3,546.1
Retained earnings		3,817.9			3,812.3
Accumulated other comprehensive loss		(447.1	)		(443.0	)
Treasury stock, at cost		(4,822.0	)		(4,791.4	)
Total ManpowerGroup shareholders' equity		2,102.8			2,125.2
Noncontrolling interests		2.1			1.7
Total shareholders' equity		2,104.9			2,126.9
Total liabilities and shareholders' equity	$	8,037.2		$	8,201.0

ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)


	Three Months Ended
	March 31,
	2025			2024
	(Unaudited)
Cash Flows from Operating Activities:
Net earnings	$	5.6		$	39.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		21.2			21.6
Deferred income taxes		7.3			7.5
Provision for doubtful accounts		1.5			2.6
Share-based compensation		7.6			7.5
Changes in operating assets and liabilities:
Accounts receivable		245.1			283.9
Other assets		(34.9	)		(62.5	)
Accounts payable		(265.1	)		(69.7	)
Other liabilities		(141.5	)		(114.6	)
Cash (used in) provided by operating activities		(153.2	)		116.0
Cash Flows from Investing Activities:
Capital expenditures		(13.7	)		(11.8	)
Acquisition of business, net of cash acquired		(1.0	)		—
Proceeds from the sale of property and equipment		0.1			2.1
Cash used in investing activities		(14.6	)		(9.7	)
Cash Flows from Financing Activities:
Net change in short-term borrowings		50.7			3.7
Net proceeds from revolving debt facility		26.0			—
Repayments of long-term debt		(0.1	)		(0.2	)
Payments of contingent consideration for acquisition		—			(1.1	)
Proceeds from share-based awards		—			0.4
Other share-based award transactions		(5.9	)		(10.3	)
Repurchases of common stock		(25.0	)		(50.0	)
Cash provided by (used in) financing activities		45.7			(57.5	)
Effect of exchange rate changes on cash		7.7			(25.3	)
Change in cash and cash equivalents		(114.4	)		23.5
Cash and cash equivalents, beginning of period		509.4			581.3
Cash and cash equivalents, end of period	$	395.0		$	604.8

First Quarter Results April 17, 2025 Exhibit 99.2

FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic and geopolitical uncertainty, including uncertainty regarding trade policy developments, trends in labor demand and the future strengthening of such demand, the impact of AI on labor markets, financial outlook, including the impact of tariffs, outlook for our business in the regions in which we operate as well as key countries within those regions, the Company’s strategic initiatives and technology investments, including transformation programs and the use of AI, and the positioning of future growth for our brands, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company’s expected future results. The Company’s actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company’s reports filed with the SEC, including the information under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, which information is incorporated herein by reference. The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.

Excludes the impact of restructuring costs of $15.8M ($12.4M net of tax) and $2.8M of higher tax charges from a French law change and updated country earnings mix for the current environment. Prior year period excludes the impact of the run-off Proservia business in Germany. Systemwide revenue also includes revenues generated by franchise offices, which were $418.4M. Variances reported above do not include franchise offices. EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets and Goodwill Impairment. Reported operating profit was $28M, and operating profit margin was 0.7%. As adjusted, operating profit was $44M, and operating profit margin was 1.1%. As Reported As Adjusted Q1 Financial Highlights -7% -5% CC -2% OCC -7% -4% CC -2% OCC Revenue $4.1B (Systemwide $4.5B) -20 bps -40 bps Gross Margin 17.1% -51% -47% CC -35% -32% CC EBITA $36M ($52M as adjusted) -80 bps -50 bps EBITA Margin 0.9% (1.3% as adjusted) -86% -84% CC -53% -51% CC EPS $0.12 ($0.44 as adjusted) (3) (3) Consolidated Financial Highlights ManpowerGroup 2025 First Quarter Results (1) (2)

EPS Bridge – Q1 vs. Guidance Midpoint ManpowerGroup 2025 First Quarter Results (1) Detail of items included on slide 3.

Manpower organic CC revenue decreased slightly from the Q4 trend of -1% year over year. Talent Solutions organic CC revenues decreased from the Q4 trend of +6% year over year. RPO was down slightly in the quarter following strong seasonal volumes in Q4. MSP continued to report strong double digit percentage growth, while Right Management experienced a decline on a slowing of outplacement. Experis organic CC revenue trend improved from the Q4 trend of -6% year over year. Business line classifications can vary by entity and are subject to change as service requirements change. MANPOWER EXPERIS TALENT SOLUTIONS Business Line Revenue Q1 2025(1) vs. 2024 reported % vs. 2024 organic CC % ManpowerGroup 2025 First Quarter Results

Consolidated Gross Margin Change ManpowerGroup 2025 First Quarter Results

Trend Business line classifications can vary by entity and are subject to change as service requirements change. █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total Business Line Gross Profit – Q1 2025(1) ManpowerGroup 2025 First Quarter Results

(16.3% CC) (15.7% CC) SG&A Expense Bridge – Q1 YoY(in millions of USD) ManpowerGroup 2025 First Quarter Results (15.9% CC)

As Reported Q1 Financial Highlights 2% 5% CC Revenue $1.1B -2% 2% CC OUP $25M -10 bps OUP Margin 2.4% Americas Segment(25% of Revenue) ManpowerGroup 2025 First Quarter Results Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues less direct costs and branch and national headquarters operating costs.

Americas – Q1 Revenue Trend YoY ManpowerGroup 2025 First Quarter Results

As Reported As Adjusted Q1 Financial Highlights -7% -5% CC -4% OCC -7% -5% CC -4% OCC Revenue $1.8B -28% -26% CC -27% OCC -23% -21% CC -22% OCC OUP $50M ($54M as adjusted) -80 bps -60 bps OUP Margin 2.7% (2.9% as adjusted) Southern Europe Segment(45% of Revenue) ManpowerGroup 2025 First Quarter Results (1) Current period excludes the impact of restructuring costs of $3.5M. Organic constant currency variances adjust for the disposition and franchise of our Austria business.

Southern Europe – Q1 Revenue Trend YoY ManpowerGroup 2025 First Quarter Results

As Reported As Adjusted Q1 Financial Highlights -16% -14% CC -16% -14% CC Revenue $731M NM NM NM NM OUP -$18M (-$6M as adjusted) NM -150 bps OUP Margin -2.5% (-0.8% as adjusted) Northern Europe Segment(18% of Revenue) ManpowerGroup 2025 First Quarter Results (1) Current period excludes the impact of restructuring costs of $12.3M. Prior year period variances exclude restructuring and other costs.

Northern Europe – Q1 Revenue Trend YoY ManpowerGroup 2025 First Quarter Results

As Reported Q1 Financial Highlights -11% -9% CC 7% OCC Revenue $476M 1% 3% CC 14% OCC OUP $20M 50 bps OUP Margin 4.2% APME Segment(12% of Revenue) ManpowerGroup 2025 First Quarter Results Organic constant currency variances adjust for the disposition and franchise of our Korea business. (1)

APME – Q1 Revenue Trend YoY ManpowerGroup 2025 First Quarter Results

Cash Flow Summary ManpowerGroup 2025 First Quarter Results

Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash) Balance Sheet Highlights ManpowerGroup 2025 First Quarter Results

ManpowerGroup 2025 First Quarter Results Second Quarter 2025 Outlook Revenue Total Down 1-5% (Down 3-7% CC) (Down 1-5% OCC) Americas Down 1-5% (Down 3% / Up 1% CC) Southern Europe Down 2% / Up 2% (Down 2-6% CC) (Down 1-5% OCC) Northern Europe Down 6-10% (Down 9-13% CC) APME Down 3-7% (Down 7-11% CC) (Up 4-8% OCC) Gross Profit Margin 17.0 – 17.2% EBITA(1) Margin 1.8 – 2.0% Operating Profit Margin 1.6 – 1.8% Tax Rate 46.5% EPS $0.65 – $0.75 (favorable $0.03 currency) Estimates are assuming FX rates of 1.12 for Euro, 1.30 for GBP, 0.0069 for JPY and 0.0009 for ARS. EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets and Goodwill Impairment.

Latin America and Asia Pacific saw good growth during the quarter while the environment remained challenging in Europe and North America Gross profit margin of 17.1% reflects solid staffing margins across most major markets and slightly weaker permanent recruitment activity Named World’s Most Ethical Company for the 16th time In this uncertain environment, we continue to compete well in the market and remain focused on what we can control by staying close to our customers and candidates and adjusting our cost base as needed Key Take Aways ManpowerGroup 2025 First Quarter Results

Appendix

Industry Vertical Composition Based on Revenues – Q1 2025 ManpowerGroup 2025 First Quarter Results Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation.

The $600M agreement requires that we comply with a Leverage Ratio (net Debt-to-EBITDA) of not greater than 3.5 to 1 and a Fixed Charge Coverage Ratio of not less than 1.5 to 1, in addition to other customary restrictive covenants. As defined in the agreement, we had a net Debt-to-EBITDA ratio of 2.68 to 1 and a fixed charge coverage ratio of 3.05 to 1 as of March 31, 2025. In the agreement, net debt is defined as total debt less cash in excess of $400M. As of March 31, 2025, there were $0.4M of standby letters of credit issued under the agreement. Under the $600M agreement, we have an option to increase the total availability under the facility by an additional $300M. Represents uncommitted lines of credit & overdraft facilities. The total amount of the facilities as of March 31, 2025 was $448.6M and subsidiary facilities accounted for $298.6M of the total. Total subsidiary borrowings are limited to $300M due to restrictions in our Revolving Credit Facility, with the exception of Q3 when subsidiary borrowings are limited to $600M. This rate is the effective interest rate for this note, net of a favorable impact of a forward rate lock. Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €500M 1.809% Jun 2026 540 - Euro Notes - €400M 3.514% Jun 2027 431 - Revolving Credit Agreement 5.444% May 2027 26 574 Uncommitted lines and Other Various Various 75 373 Total Debt 1,072 947 (3) (1)(2) (4) (2) Debt and Credit Facilities – March 31, 2025(in millions of USD) ManpowerGroup 2025 First Quarter Results

EX-99.3

Exhibit 99.3

ManpowerGroup

Recast Operating Unit Results

(In millions)


	Three Months Ended March 31
							% Variance
							Amount			Constant
	2024			2023			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States	$	680.4		$	741.6			-8.3	%		-8.3	%
Other Americas		356.0			388.6			-8.4	%		12.5	%
		1,036.4			1,130.2			-8.3	%		-1.1	%
Southern Europe:
France		1,099.3			1,150.6			-4.5	%		-5.6	%
Italy		404.3			422.2			-4.2	%		-5.4	%
Other Southern Europe		477.7			495.1			-3.5	%		-3.0	%
		1,981.3			2,067.9			-4.2	%		-4.9	%
Northern Europe		870.3			967.6			-10.1	%		-12.1	%
APME		535.1			605.9			-11.7	%		-4.8	%
		4,423.1			4,771.6
Intercompany Eliminations		(19.8	)		(19.3	)
	$	4,403.3		$	4,752.3			-7.3	%		-5.5	%
Operating Unit Profit:
Americas:
United States	$	12.0		$	30.0			-60.2	%		-60.2	%
Other Americas		14.1			18.6			-24.1	%		-15.2	%
		26.1			48.6			-46.4	%		-43.0	%
Southern Europe:
France		32.7			44.5			-26.4	%		-27.3	%
Italy		27.4			30.7			-10.7	%		-11.8	%
Other Southern Europe		9.8			14.7			-33.5	%		-31.4	%
		69.9			89.9			-22.2	%		-22.7	%
Northern Europe		0.0			5.0			-99.9	%		-108.6	%
APME		19.9			21.1			-6.1	%		3.3	%
		115.9			164.6
Corporate expenses		(41.7	)		(37.9	)
Intangible asset amortization expense		(8.3	)		(8.8	)
Operating profit		65.9			117.9			-44.1	%		-41.7	%
Interest and other expenses, net		(8.4	)		(7.5	)
Earnings before income taxes	$	57.5		$	110.4


	Three Months Ended June 30												Six Months Ended June 30
							% Variance												% Variance
							Amount			Constant									Amount			Constant
	2024			2023			Reported			Currency			2024			2023			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States	$	697.0		$	709.1			-1.7	%		-1.7	%	$	1,377.4		$	1,450.7			-5.1	%		-5.1	%
Other Americas		367.4			389.6			-5.7	%		17.1	%		723.4			778.2			-7.0	%		14.8	%
		1,064.4			1,098.7			-3.1	%		5.0	%		2,100.8			2,228.9			-5.7	%		1.9	%
Southern Europe:
France		1,164.1			1,258.4			-7.5	%		-6.4	%		2,263.4			2,409.0			-6.0	%		-6.0	%
Italy		434.9			457.8			-5.0	%		-3.9	%		839.2			880.0			-4.6	%		-4.6	%
Other Southern Europe		499.0			510.7			-2.3	%		0.3	%		976.7			1,005.8			-2.9	%		-1.3	%
		2,098.0			2,226.9			-5.8	%		-4.4	%		4,079.3			4,294.8			-5.0	%		-4.6	%
Northern Europe		837.3			952.5			-12.1	%		-12.0	%		1,707.6			1,920.1			-11.1	%		-12.1	%
APME		541.4			599.4			-9.7	%		-2.0	%		1,076.5			1,205.3			-10.7	%		-3.4	%
		4,541.1			4,877.5									8,964.2			9,649.1
Intercompany Eliminations		(20.4	)		(21.4	)								(40.2	)		(40.7	)
	$	4,520.7		$	4,856.1			-6.9	%		-3.5	%	$	8,924.0		$	9,608.4			-7.1	%		-4.5	%
Operating Unit Profit (Loss):
Americas:
United States	$	27.4		$	23.1			18.7	%		18.7	%	$	39.4		$	53.1			-25.9	%		-25.9	%
Other Americas	$	17.7			20.1			-12.1	%		2.0	%	$	31.8			38.7			-17.8	%		-6.3	%
		45.1			43.2			4.4	%		10.9	%		71.2			91.8			-22.5	%		-17.6	%
Southern Europe:
France		39.8			49.4			-19.3	%		-18.3	%		72.5			93.9			-22.7	%		-22.6	%
Italy		34.0			36.3			-6.3	%		-5.2	%		61.4			67.0			-8.3	%		-8.2	%
Other Southern Europe		9.4			6.9			32.0	%		37.1	%		19.2			21.6			-12.1	%		-9.1	%
		83.2			92.6			-10.3	%		-9.0	%		153.1			182.5			-16.1	%		-15.7	%
Northern Europe		(2.4	)		(9.7	)		75.6	%		73.1	%		(2.4	)		(4.7	)		49.4	%		35.0	%
APME		25.0			25.7			-2.0	%		8.2	%		44.9			46.8			-3.8	%		6.0	%
		150.9			151.8									266.8			316.4
Corporate expenses		(41.7	)		(35.5	)								(83.4	)		(73.4	)
Intangible asset amortization expense		(8.1	)		(8.7	)								(16.4	)		(17.5	)
Operating profit		101.1			107.6			-6.1	%		-0.1	%		167.0			225.5			-25.9	%		-21.9	%
Interest and other expenses, net		(8.7	)		(11.8	)								(17.1	)		(19.3	)
Earnings before income taxes	$	92.4		$	95.8								$	149.9		$	206.2


	Three Months Ended September 30												Nine Months Ended September 30
							% Variance												% Variance
							Amount			Constant									Amount			Constant
	2024			2023			Reported			Currency			2024			2023			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States	$	697.4		$	730.2			-4.5	%		-4.5	%	$	2,074.8		$	2,180.9			-4.9	%		-4.9	%
Other Americas		353.1			381.1			-7.3	%		13.1	%		1,076.5			1,159.3			-7.1	%		14.2	%
		1,050.5			1,111.3			-5.5	%		1.5	%		3,151.3			3,340.2			-5.7	%		1.8	%
Southern Europe:
France		1,156.8			1,191.0			-2.9	%		-3.7	%		3,420.2			3,600.0			-5.0	%		-5.2	%
Italy		419.1			413.7			1.3	%		0.5	%		1,258.3			1,293.7			-2.7	%		-3.0	%
Other Southern Europe		519.7			504.0			3.1	%		2.7	%		1,496.4			1,509.8			-0.9	%		0.0	%
		2,095.6			2,108.7			-0.6	%		-1.3	%		6,174.9			6,403.5			-3.6	%		-3.5	%
Northern Europe		828.3			914.2			-9.4	%		-11.0	%		2,535.9			2,834.3			-10.5	%		-11.7	%
APME		562.8			564.8			-0.3	%		1.6	%		1,639.3			1,770.1			-7.4	%		-1.8	%
		4,537.2			4,699.0									13,501.4			14,348.1
Intercompany Eliminations		(7.0	)		(23.4	)								(47.2	)		(64.1	)
	$	4,530.2		$	4,675.6			-3.1	%		-1.8	%	$	13,454.2		$	14,284.0			-5.8	%		-3.6	%
Operating Unit Profit (Loss):
Americas:
United States	$	22.3		$	24.5			-9.0	%		-9.0	%	$	61.7		$	77.6			-20.6	%		-20.6	%
Other Americas	$	13.8			13.4			3.4	%		9.0	%	$	45.6			52.1			-12.4	%		-2.4	%
		36.1			37.9			-4.6	%		-2.7	%		107.3			129.7			-17.3	%		-13.3	%
Southern Europe:
France		41.2			47.7			-13.8	%		-14.3	%		113.7			141.6			-19.7	%		-19.8	%
Italy		27.4			27.0			1.1	%		-0.1	%		88.8			94.0			-5.6	%		-5.9	%
Other Southern Europe		7.2			9.7			-23.4	%		-21.8	%		26.4			31.3			-15.6	%		-13.0	%
		75.8			84.4			-10.1	%		-10.6	%		228.9			266.9			-14.2	%		-14.1	%
Northern Europe		(25.7	)		(30.6	)		16.1	%		18.7	%		(28.1	)		(35.3	)		20.5	%		20.8	%
APME		23.0			24.2			-5.5	%		-1.9	%		67.9			71.0			-4.4	%		3.4	%
		109.2			115.9									376.0			432.3
Corporate expenses		(30.2	)		(37.4	)								(113.6	)		(110.8	)
Intangible asset amortization expense		(8.2	)		(8.7	)								(24.6	)		(26.2	)
Operating profit		70.8			69.8			1.5	%		4.5	%		237.8			295.3			-19.5	%		-15.6	%
Interest and other expenses, net		(11.6	)		(15.1	)								(28.7	)		(34.4	)
Earnings before income taxes	$	59.2		$	54.7								$	209.1		$	260.9


	Three Months Ended December 31												Year Ended December 31
							% Variance												% Variance
							Amount			Constant									Amount			Constant
	2024			2023			Reported			Currency			2024			2023			Reported			Currency
	(Unaudited)
Revenues from Services:
Americas:
United States	$	691.8		$	685.2			1.0	%		1.0	%	$	2,766.6		$	2,866.2			-3.5	%		-3.5	%
Other Americas		381.8			389.4			-2.0	%		18.1	%		1,458.3			1,548.6			-5.8	%		15.2	%
		1,073.6			1,074.6			-0.1	%		7.2	%		4,224.9			4,414.8			-4.3	%		3.1	%
Southern Europe:
France		1,111.3			1,190.1			-6.6	%		-5.9	%		4,531.5			4,790.1			-5.4	%		-5.4	%
Italy		418.7			415.1			0.9	%		1.8	%		1,677.0			1,708.8			-1.9	%		-1.8	%
Other Southern Europe		513.4			506.6			1.3	%		1.8	%		2,009.8			2,016.4			-0.3	%		0.5	%
		2,043.4			2,111.8			-3.2	%		-2.5	%		8,218.3			8,515.3			-3.5	%		-3.3	%
Northern Europe		768.4			913.7			-15.9	%		-16.4	%		3,304.3			3,748.0			-11.8	%		-12.9	%
APME		522.0			552.2			-5.5	%		-4.0	%		2,161.3			2,322.3			-6.9	%		-2.3	%
		4,407.4			4,652.3									17,908.8			19,000.4
Intercompany Eliminations		(7.7	)		(21.8	)								(54.9	)		(85.9	)
	$	4,399.7		$	4,630.5			-5.0	%		-2.9	%	$	17,853.9		$	18,914.5			-5.6	%		-3.4	%
Operating Unit Profit (Loss):
Americas:
United States	$	16.0		$	16.8			-4.1	%		-4.1	%	$	77.7		$	94.4			-17.6	%		-17.6	%
Other Americas	$	18.3			19.1			-4.8	%		16.2	%	$	63.9			71.2			-10.3	%		2.6	%
		34.3			35.9			-4.5	%		6.7	%		141.6			165.6			-14.5	%		-8.9	%
Southern Europe:
France		35.8			45.2			-20.7	%		-20.5	%		149.5			186.8			-19.9	%		-20.0	%
Italy		24.3			30.7			-20.5	%		-20.1	%		113.1			124.7			-9.3	%		-9.4	%
Other Southern Europe		15.1			14.9			0.2	%		-0.3	%		41.5			46.2			-10.5	%		-8.9	%
		75.2			90.8			-17.2	%		-17.1	%		304.1			357.7			-15.0	%		-14.8	%
Northern Europe		(16.5	)		(81.4	)		79.7	%		78.3	%		(44.6	)		(116.7	)		61.8	%		60.9	%
APME		15.8			21.6			-27.0	%		-28.3	%		83.7			92.6			-9.7	%		-3.7	%
		108.8			66.9									484.8			499.2
Corporate expenses		(32.5	)		(42.9	)								(146.1	)		(153.7	)
Goodwill impairment charges		—			(55.1	)								—			(55.1	)
Intangible asset amortization expense		(8.1	)		(8.4	)								(32.7	)		(34.6	)
Operating (loss) profit		68.2			(39.5	)		272.6	%		280.2	%		306.0			255.8			19.6	%		25.2	%
Interest and other expenses, net		(20.5	)		(15.5	)								(49.2	)		(49.9	)
Earnings (loss) before income taxes	$	47.7		$	(55.0	)							$	256.8		$	205.9