# ManpowerGroup Inc.: Form 10-Q for the period ended Jun 30, 2025

- Company: [ManpowerGroup Inc.](/companies/man.md) (CIK 871763)
- Form: 10-Q
- Filed: 2025-08-05
- Accepted by EDGAR: Aug 5, 2025, 16:30 ET
- Period: 2025-06-30
- Accession: 0000950170-25-103114
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/871763/000095017025103114/man-20250630.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/871763/000095017025103114/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-04-01 to 2025-06-30 | $4.52bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 6 months, 2025-01-01 to 2025-06-30 | $8.61bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Cost of revenue | 3 months, 2025-04-01 to 2025-06-30 | $3.76bn | us-gaap:CostOfGoodsAndServicesSold |
| Cost of revenue | 6 months, 2025-01-01 to 2025-06-30 | $7.15bn | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months, 2025-04-01 to 2025-06-30 | $763.7m | us-gaap:GrossProfit |
| Gross profit | 6 months, 2025-01-01 to 2025-06-30 | $1.46bn | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2025-04-01 to 2025-06-30 | $789.0m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 6 months, 2025-01-01 to 2025-06-30 | $1.46bn | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2025-04-01 to 2025-06-30 | −$25.3m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2025-01-01 to 2025-06-30 | $2.9m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2025-04-01 to 2025-06-30 | $26.0m | us-gaap:InterestExpense |
| Interest expense | 6 months, 2025-01-01 to 2025-06-30 | $48.5m | us-gaap:InterestExpense |
| Income tax | 3 months, 2025-04-01 to 2025-06-30 | $25.3m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2025-01-01 to 2025-06-30 | $36.4m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 6 months, 2025-01-01 to 2025-06-30 | −$61.5m | us-gaap:ProfitLoss |
| Diluted EPS | 3 months, 2025-04-01 to 2025-06-30 | −$1.44 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months, 2025-01-01 to 2025-06-30 | −$1.32 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-04-01 to 2025-06-30 | −$1.44 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2025-01-01 to 2025-06-30 | −$1.32 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-04-01 to 2025-06-30 | 46,500,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months, 2025-01-01 to 2025-06-30 | 46,700,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months, 2025-01-01 to 2025-06-30 | −$342.8m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months, 2025-01-01 to 2025-06-30 | $31.3m | us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 6 months, 2025-01-01 to 2025-06-30 | $33.3m | us-gaap:PaymentsOfDividends |
| Share repurchases | 6 months, 2025-01-01 to 2025-06-30 | $38.2m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2025-06-30 | $289.8m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-06-30 | $5.14bn | us-gaap:AssetsCurrent |
| Total assets | at 2025-06-30 | $8.51bn | us-gaap:Assets |
| Current liabilities | at 2025-06-30 | $5.27bn | us-gaap:LiabilitiesCurrent |
| Current portion of debt | at 2025-06-30 | $815.4m | us-gaap:DebtCurrent |
| Shareholders' equity | at 2025-06-30 | $1.99bn | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 70,376 characters.

### in millions, except share and per share data

See the financial measures section on page 36 for further information on the Non-GAAP financial measures of constant currency and organic constant currency.

### Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, (each a "forward-looking statement"). Statements made in this quarterly report that are not statements of historical fact are forward-looking statements. In addition, from time to time, we and our representatives may make statements that are forward-looking. Forward-looking statements are based on management’s current assumptions and expectations and are subject to risks and uncertainties that are beyond our control and may cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “may,” “believe,” “seek,” “estimate,” and other similar expressions. Important factors that could cause our actual results to differ materially from those contained in the forward-looking statements include, among others, the risk factors discussed in Item 1A – Risk Factors in our annual report on Form 10-K for the year-ended December 31, 2024, which information is incorporated herein by reference. Such risks and uncertainties include, but are not limited to, volatile, negative or uncertain economic conditions, particularly in Europe and the United States, including inflation, global trade policies, and geopolitical risk and uncertainty; changes in labor and tax legislation in places we do business; failure to implement strategic transformation initiatives and technology investments; and other factors that may be disclosed from time to time in our SEC filings or otherwise. We caution that any forward-looking statement reflects only our belief at the time the statement is made. We undertake no obligation to update any forward-looking statements to reflect subsequent events or circumstances.

### Business Overview

Our business is cyclical in nature and is sensitive to macroeconomic conditions generally. Client demand for workforce solutions and services is dependent on the overall strength of the labor market and secular trends toward greater workforce flexibility within each of the segments where we operate. Improving economic growth typically results in increasing demand for labor, resulting in greater demand for our staffing services while demand for our outplacement services typically declines. During periods of decreased demand, as we continued to experience in the second quarter of 2025, our operating profit is generally impacted unfavorably as we experience a deleveraging of selling and administrative expenses, which may not decline at the same pace as revenues. By contrast, during periods of increased demand, we are generally able to improve our profitability and operating leverage as our cost base can support some increase in business without a similar increase in selling and administrative expenses.

In the second quarter of 2025, we observed continued stabilization in several of our key markets. Latin America and Asia Pacific continued to experience good demand while demand in parts of Europe and North America saw stabilizing trends in many markets during the quarter. Employers are proving resilient but remain cautious in their workforce strategies with many maintaining current staffing levels and taking a measured approach to new hiring, reflecting ongoing macroeconomic and geopolitical uncertainties, including the impact of recent policy shifts and global trade dynamics. In Europe, particularly Northern Europe, employers continue to be more cautious, reflecting their greater exposure to economic and geopolitical headwinds. Although we are encouraged by early signs of stabilization in some regions, we believe many employers are still awaiting greater clarity in the economic outlook before committing to increased workforce investments. As such, we expect the business environment to remain mixed, with potential headwinds continuing to impact our operations in the near term.

During the second quarter of 2025, the United States dollar weakened, on average, relative to the currencies in most of our markets, and overall had a favorable impact on our reported results. The changes in the foreign currency exchange rates had a 3.5% favorable impact on revenues from services and an approximately $0.04 per share favorable impact on net earnings per share – diluted in the quarter. Substantially all of our subsidiaries derive revenues from services and incur expenses within the same local currency and generally do not have cross-currency transactions, and therefore, changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated. To understand the performance of our underlying business, we utilize constant currency or organic constant currency variances for our consolidated and segment results.

During the second quarter of 2025 compared to the second quarter of 2024, we experienced a -0.4% revenue decrease in the Americas, primarily driven by a decrease in demand for our Experis interim services and the unfavorable impact of currency exchange rates, partially offset by the increase in demand for our Manpower staffing services and an increase in demand for Right Management outplacement services. During the second quarter of 2025 compared to the second quarter of 2024, we experienced a 2.4% revenue increase in Southern Europe, primarily due to the favorable impact of currency exchange rates and increased demand for Manpower consulting services, partially offset by the decrease in demand for our Manpower staffing services, a decrease in demand for Experis interim services, and a decrease in demand for Talent Based Outsourcing (TBO). During the second quarter of 2025 compared to the second quarter of 2024, we experienced a -5.1% revenue decrease in Northern Europe, primarily due to a decrease in demand for our Manpower staffing services, a decrease in demand for our Experis interim services, a decrease in demand for our Experis solutions services, and a decrease in demand for our permanent recruitment services, partially offset by the favorable impact of currency exchange rates. We experienced a -3.0% revenue decrease in APME in the second quarter of 2025 compared to the second quarter of 2024 primarily due to the disposition of our Korea business in 2024 which contributed to the decrease in revenue for our Manpower staffing and TBO services, partially offset by the favorable impact of currency exchange rates.

From a brand perspective, we experienced revenue increases in Manpower and Talent Solutions while Experis experienced a revenue decrease in the second quarter of 2025 compared to the second quarter of 2024. In our Manpower brand, the revenue increase was primarily due to increased demand for staffing services, partially offset by decreased demand for TBO. The revenue increase in our Talent Solutions brand, which includes RPO, MSP and our Right Management offerings, was primarily due to an increase in demand for our MSP services offset by lower demand for our Right Management outplacement services. The revenue decrease in our Experis brand was primarily due to decreased demand for interim services and timing of healthcare technology projects compared to the prior year.

In the second quarter of 2025, our gross profit margin decreased 50 basis points compared to the second quarter of 2024, primarily due to a decrease in staffing and interim margins due to business mix changes, slight decreases in permanent recruitment, and a decrease in MSP.

Our operating profit decreased -125% in the second quarter of 2025 and our operating profit margin decreased 280 basis points compared to the second quarter of 2024. Operating profit margin decreased primarily due to goodwill and indefinite lived intangible asset impairments, a decrease in gross profit margin, dispositions, and an increase in restructuring expense taken in the second quarter of 2025.

### Operating Results - Three Months Ended June 30, 2025 and 2024

The following table presents selected consolidated financial data for the three months ended June 30, 2025 as compared to 2024.

*(in millions, except per share data)*

|  | 2025 | 2024 | Variance | Constant Currency Variance |
| --- | ---: | ---: | ---: | ---: |
| Revenues from services | $4,519.3 | $4,520.7 | 0.0% | (3.5)% |
| Cost of services | 3,755.6 | 3,734.8 | 0.6% | (3.0)% |
| Gross profit | 763.7 | 785.9 | (2.8)% | (5.8)% |
| Gross profit margin | 16.9% | 17.4% |  |  |
| Selling and administrative expenses | 789.0 | 684.8 | 15.2% | 12.2% |
| Operating (loss) profit | (25.3) | 101.1 | (125.0)% | (127.9)% |
| Operating profit margin | (0.6)% | 2.2% |  |  |
| Interest and other expenses, net | 16.5 | 8.7 | 89.1% |  |
| (Loss) earnings before income taxes | (41.8) | 92.4 | (145.3)% | (144.0)% |
| Provision for income taxes | 25.3 | 32.3 | (21.9)% |  |
| Effective income tax rate | (60.2)% | 35.0% |  |  |
| Net (loss) earnings | $(67.1) | $60.1 | (211.6)% | (208.2)% |
| Net (loss) earnings per share – diluted | $(1.44) | $1.24 | (216.3)% | (212.8)% |
| Weighted average shares – diluted | 46.5 | 48.4 | (4.0)% |  |

27

The year-over-year decrease in revenues from services was flat year over year (-3.5% in constant currency and -1.4% in organic constant currency) was attributed to:

- a revenue decrease in the Americas of -0.4% (2.0% increase in constant currency) primarily driven by a $56.6 decrease in demand for our Experis interim services and a $25.2 unfavorable impact of currency exchange rates, partially offset by a $68.7 increase in demand for our Manpower staffing services. The United States, our largest market in the Americas, experienced a revenue decrease of -3.3% primarily driven by a $49.8 decrease in demand for our Experis interim services, partially offset by a $19.9 increase in demand for our Manpower Staffing service, and a $3.0 increase in demand for our Right Management outplacement services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $18.6.
- a revenue increase in Southern Europe of 2.4% (-2.8% in constant currency and -2.2% in organic constant currency) primarily driven by a $110.8 favorable impact of currency exchange rates and a $4.4 increase in demand for our Manpower consulting services, partially offset by a $48.2 decrease in demand for our Manpower staffing services, and a $9.5 decrease in demand for TBO. France, the largest market in Southern Europe, experienced a revenue decrease of -1.3% (-6.3% in constant currency) primarily driven by a $67.8 decrease in demand for our Manpower staffing services, partially offset by a $58.5 favorable impact of currency exchange rates. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 9.4% (increase of 3.9% in constant currency) primarily driven by the $24.3 favorable impact of currency exchange rates, a $17.4 increase in demand for our Manpower staffing services and a $2.9 increase in demand for our Manpower and Experis consulting services;
- a revenue decrease in Northern Europe of -5.1% (-10.4% in constant currency and -10.3% in organic constant currency) primarily driven by a $38.0 decrease in demand for our Manpower staffing services, a $26.9 decrease in demand for our Experis interim services, and a $6.9 decrease in demand for our Experis Solutions services, partially offset by the $44.1 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $26.1, the Nordics of $9.0, Germany of $21.5, the Netherlands of $0.4, and an increase in Belgium of $4.4, which represented revenue decreases of -9.0%, -5.4%, -18.5%, -0.4%, and an increase of 5.7% respectively (-14.0%, -11.4%, -22.7%, -5.5%, and an increase of 0.3% respectively, in constant currency); and
- a revenue decrease in APME of -3.0% (-8.0% in constant currency and an increase of 7.8% in organic constant currency) primarily driven by the disposition and franchising of our Korea business in 2024. Offsetting the disposition are revenue increases in Japan of $20.1 and India of $7.7 and the $27.0 favorable impact of currency exchange rates. Japan's increase is primarily due to a $14.6 increase in demand for our Manpower staffing services and $2.6 increase in demand for our Experis interim services. India's revenue increase is primarily due to a $6.7 increase in demand for our Manpower staffing services.

The year-over-year 50 basis point decrease in gross profit margin was primarily attributed to:

- a 30 basis point unfavorable impact from the decrease in staffing and interim margins from mix shifts;
- a 10 basis point unfavorable impact from decreases in permanent recruitment margins which was relatively stable, but at lower levels; and
- a 10 basis point unfavorable impact from other items.

The 15.2% increase in selling and administrative expenses in the second quarter of 2025 (12.2% in constant currency and 13.5% in organic constant currency) was primarily attributed to:

- goodwill and indefinite lived intangible asset impairment charges of $88.7 which were related to our Switzerland and United Kingdom reporting units;
- $14.4 of restructuring costs, incurred in the second quarter of 2025 compared to no restructuring in the second quarter of 2024; and
- a $13.3, or 2.1% increase due to the impact of changes in currency exchange rates; partially offset by
- a $17.6, or -1.1% decrease (-3.9% in constant currency and -2.9% in organic constant currency) in personnel costs primarily due to a $16.9 decrease in salaries and other personnel costs as we saw the effects of restructuring actions taken in 2024 and 2023; and
- a $5.2, or -2.8% decrease (-2.6% in constant currency and -1.2% in organic constant currency) in non-personnel costs primarily due to a $2.1 reduction in other office related costs as well as broader cost-cutting measures implemented during the quarter which impacted multiple expense streams;

Selling and administrative expenses as a percent of revenues increased 240 basis points in the second quarter of 2025 compared to the second quarter of 2024 due primarily to:

- a 200 basis point increase attributable to our goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units; and
- a 30 basis point unfavorable impact as a result of the increase in restructuring costs incurred in the second quarter of 2025 compared to the second quarter of 2024; partially offset by
- a 20 basis point favorable impact as salaries and office lease and occupancy costs decreased as a percent of revenues.

Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $17.8 in the second quarter of 2025 compared to $13.4 in the second quarter of 2024 primarily due to increased revolver borrowings and lower interest income during the period. Foreign exchange loss, net was $1.3 in the second quarter of 2025 compared to $1.8 in the second quarter of 2024 primarily due to a reduction in foreign currency exchange losses year over year. Miscellaneous income, net was $2.6 in the second quarter of 2025 compared to $6.5 in the second quarter of 2024.

We recorded income tax expense on a pre-tax loss resulting in a negative effective rate of -60.2% for the three months ended June 30, 2025, as compared to income tax expense on pre-tax earnings resulting in an effective rate of 34.9% for the three months ended June 30, 2024. The 2025 rate was negative due to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 2025 rate was also unfavorably impacted by the lower level and overall mix of earnings due in part to the restructuring costs recorded in the quarter and the 2025 enacted one-time French exceptional corporate income tax surcharge. The negative effective tax rate of 60.2% for the three months ended June 30, 2025 was significantly different than the United States Federal statutory rate of 21% primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax.

Net loss per share - diluted was $1.44 in the second quarter of 2025 compared to net earnings per share of $1.24 in the second quarter of 2024. Goodwill and intangible asset impairment charges recorded in the second quarter of 2025 negatively impacted net loss per share - diluted by $1.79. Restructuring costs and other items unfavorably impacted net earnings per share - diluted by approximately $0.30, net of tax, in the second quarter of 2025. The loss from the disposition of subsidiaries recorded in 2025 negatively impacted net earnings per share - diluted by approximately $0.13, net of tax.

Weighted average shares - diluted decreased to 46.5 million in the second quarter of 2025 from 48.4 million in the second quarter of 2024. This decrease was due to the impact of share repurchases completed since the second quarter of 2024, partially offset by grants of share-based awards.

### Operating Results - Six Months Ended June 30, 2025 and 2024

The following table presents selected consolidated financial data for the six months ended June 30, 2025 as compared to 2024.

*(in millions, except per share data)*

|  | 2025 | 2024 | Variance | Constant Currency Variance |
| --- | ---: | ---: | ---: | ---: |
| Revenues from services | $8,609.6 | $8,924.0 | (3.5)% | (4.0)% |
| Cost of services | 7,147.6 | 7,374.4 | (3.1)% | (3.6)% |
| Gross profit | 1,462.0 | 1,549.6 | (5.7)% | (6.0)% |
| Gross profit margin | 17.0% | 17.4% |  |  |
| Selling and administrative expenses | 1,459.1 | 1,382.6 | 5.5% | 5.1% |
| Operating profit | 2.9 | 167.0 | (98.3)% | (98.2)% |
| Operating profit margin | 0.0% | 1.9% |  |  |
| Interest and other expenses, net | 28.0 | 17.1 | 63.7% |  |
| (Loss) earnings before income taxes | (25.1) | 149.9 | (116.8)% | (114.8)% |
| Provision for income taxes | 36.4 | 50.1 | (27.3)% |  |
| Effective income tax rate | (145.0)% | 33.4% |  |  |
| Net (loss) earnings | $(61.5) | $99.8 | (161.6)% | (159.0)% |
| Net (loss) earnings per share – diluted | $(1.32) | $2.05 | (164.3)% | (161.5)% |
| Weighted average shares – diluted | 46.7 | 48.7 | (4.1)% |  |

The year-over-year decrease in revenues from services of -3.5% -4.0% in constant currency and -1.9% in organic constant currency) was attributed to:

- a revenue increase in the Americas of 0.8% (3.6% in constant currency) primarily driven by a $139.2 increase in demand for our Manpower staffing services and a $9.3 increase in demand for TBO, partially offset by a decrease in demand for Experis interim services of $71.9, and a $59.7 unfavorable impact of currency exchange rates. The United States, our largest market in the Americas, experienced a revenue decrease of -1.1% primarily driven by a $57.6 decrease in demand for our Experis interim services, partially offset by a $35.9 increase in demand for our Manpower staffing services and a $3.6 increase in demand for our MSP services. The revenue decrease in the United States was offset by our Other America countries, which experienced a revenue increase of $30.5.
- a revenue decrease in Southern Europe of -2.4% (-3.8% in constant currency and -3.1% in organic constant currency) primarily driven by a $136.8 decrease in demand for our Manpower staffing services, a $10.5 decrease in demand for our Outcome Based Solutions, an $8.5 decrease in demand for our Experis interim services, and a $7.0 decrease in demand for our permanent recruitment services, partially offset by the $58.7 favorable impact of currency exchange rates and $5.2 increase in Manpower Consulting. France, the largest market in Southern Europe, experienced a revenue decrease of -6.6% (-7.8% in constant currency) primarily driven by a $167.8 decrease in demand for our Manpower staffing services and a $5.9 decrease in demand for our permanent recruitment services, partially offset by the $29.0 favorable impact of currency exchange rates. Italy, our second-largest market in Southern Europe, experienced a revenue increase of 4.1% (2.7% in constant currency) primarily driven by a $24.4 increase in demand for our Manpower staffing services, the $12.2 favorable impact of currency exchange rates, and a $6.3 increase in demand for our Manpower and Experis consulting services, partially offset by $2.4 decrease in demand for our Experis interim services;
- a revenue decrease in Northern Europe of -10.7% (-12.4% in constant currency and -12.3% in organic constant currency) primarily driven by a $113.5 decrease in demand for our Manpower staffing services, a $55.5 decrease in demand for our Experis interim services, a $16.4 decrease in demand for our Experis Solutions services, and a $12.8 decrease in demand for our permanent recruitment services, partially offset by the $29.0 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $76.0, the Nordics of $37.8, Germany of $61.7, the Netherlands of $10.6 and Belgium of $1.5, which represented revenue decreases of -12.8%, -11.3%, -24.8%, -5.6% and -1.0%, respectively (-15.0%, -12.7%, -25.6%, -6.7% and -2.4%, respectively, in constant currency); and
- a revenue decrease in APME of -7.0% (-8.6% in constant currency and an increase of 7.5% in organic constant currency) primarily driven by the disposition and franchising of our Korea business in 2024. The decrease from the disposition was partially offset by revenue increases in Japan of $38.9 and India of $15.9, and the $17.6 favorable impact of currency exchange rates. Japan's revenue increase is primarily due to a $27.3 increase in demand for our Manpower staffing services and $5.9 increase in demand for our Experis interim service. India's increase is primarily due to a $12.6 increase in demand for our Manpower staffing service.

The year-over-year 40 basis point decrease in gross profit margin was primarily attributed to:

- a 20 basis point unfavorable impact from the decrease in staffing and interim margins from mix shifts;
- a 10 basis point unfavorable impact from decreases in permanent recruitment, and
- a 10 basis point unfavorable impact from decreased demand for our Right Management outplacement services;

The 5.5% increase in selling and administrative expenses in the first half of 2025 (5.1% in constant currency and 6.4% in organic constant currency) was primarily attributed to:

- goodwill and indefinite lived intangible asset impairment charges of $88.7 which were related to our Switzerland and United Kingdom reporting units; and
- $30.2 in restructuring costs, incurred in the first half of 2025 compared to no restructuring costs in the first half of 2024; partially offset by
- a $34.6, or -3.8% decrease (-4.1% in constant currency and -3.0% in organic constant currency) in personnel costs primarily due to a $16.3 decrease in salaries as we saw the effects of restructuring actions taken in 2024 and 2023 and an $8.6 decrease in bonuses and sales commission costs; and
- a $14.9, or -4.0% decrease (-2.7% in constant currency and -1.1% in organic constant currency) in non-personnel costs primarily due to a $4.0 decrease in other office costs and a $2.9 decrease in communication costs as a result of restructuring actions taken in 2024 and 2023;

Selling and administrative expenses as a percent of revenues increased 140 basis points in the first half of 2025 compared to the first half of 2024 due primarily to:

- a 100 basis point increase attributable to our goodwill and indefinite lived intangible asset impairment charges which were related to our Switzerland and United Kingdom reporting units;
- a 30 basis point unfavorable impact as a result of the increase in restructuring costs incurred in the first half of 2025 compared to the first half of 2024; and
- a 10 basis point unfavorable impact from changes in currency exchange rates; partially offset by
- a 10 basis point favorable impact as personnel costs decreased as a percent of revenues primarily due to decreased bonuses and sales commissions.

Interest and other expenses, net is comprised of interest, foreign exchange gains and losses and other miscellaneous non-operating income and expenses, including those associated with noncontrolling interests. Interest expense, net was $33.4 in the first half of 2025 compared to $25.7 in the first half of 2024 primarily due to increased revolver and other short-term borrowings during the period. Foreign exchange loss, net was $2.2 in the first half of 2025 compared to $4.2 in the first half of 2024 primarily due to a reduction in foreign currency exchange losses year over year. Miscellaneous income, net was ($7.6) in the first half of 2025 compared to ($12.8) in the first half of 2024.

We recorded income tax expense on a pre-tax loss resulting in a negative effective rate of 144.8% for the six months ended June 30, 2025, as compared to income tax expense on pre-tax earnings resulting in an effective rate of 33.4% for the six months ended June 30, 2024. The 2025 rate was negative due to a pre-tax loss that primarily resulted from the goodwill and indefinite lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 2025 rate was also unfavorably impacted by the lower level and overall mix of earnings due in part to the restructuring costs recorded in the quarter, and the 2025 enacted one-time French exceptional corporate income tax surcharge. The negative effective tax rate of 144.8% for the first half of 2025 was significantly different than the United States Federal statutory rate of 21% primarily due to the factors noted above as well as tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances and the French business tax.

Net loss per share - diluted was $1.32 in the first half of 2025 compared to net earnings per share of $2.05 in the first half of 2024. Goodwill and intangible asset impairment charges recorded in the first half of 2025 unfavorably impacted net loss per share - diluted by $1.79. Restructuring costs and other items unfavorably impacted net earnings per share - diluted by approximately $0.56, net of tax, in the first half of 2025. The loss from the disposition of subsidiaries recorded in the first half of 2025 unfavorably impacted net earnings per share - diluted by approximately $0.13, net of tax.

Weighted average shares - diluted decreased to 46.7 in the first half of 2025 from 48.7 in the first half of 2024. This decrease was due to the impact of share repurchases completed since the first half of 2024, partially offset by grants of share-based awards.

### Segment Operating Results

#### Americas

In the Americas, revenues from services decreased -0.4% (2.0% increase in constant currency) in the second quarter of 2025 compared to the second quarter of 2024. In the United States (which represented 64% of the Americas' revenues), revenues from services decreased -3.3% in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $49.8 decrease in demand for our Experis interim services, partially offset by a $19.9 increase in demand for our Manpower staffing services, and a $3.0 increase in demand for our Right Management outplacement services. In Other Americas, revenues from services increased 5.1% (11.9% in constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $48.8 increase in demand for our Manpower staffing services and a $4.9 increase in demand for TBO, partially offset by the $25.2 unfavorable impact of foreign currency exchange rates. The constant currency increase in Other Americas was primarily due to inflation in Argentina. Within our Other Americas segment, we experienced an increase in Chile and Argentina of $11.8, or 36.9%, and $6.6, or 21.6% respectively (38.8% and 57.8%, respectively, in constant currency), partially offset by decreases in Canada and Mexico of $7.0, or -8.8%, and $5.4, or -8.3%, respectively (-7.8% and an increase of 3.3%, respectively, in constant currency).

In the Americas, revenues from services increased 0.8% (3.6% increase in constant currency) in the first half of 2025 compared to the first half of 2024. In the United States, revenues from services decreased -1.1% in the first half of 2025 compared to the first half of 2024, primarily driven by a $57.6 decrease in demand for our Experis interim services, partially offset by a $35.9 increase in demand for our Manpower staffing services. In Other Americas, revenues from services increased 4.2% (12.5% in constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by a $103.3 increase in demand for our Manpower staffing services and a $9.3 increase in demand for TBO, partially offset by the $59.7 unfavorable impact of foreign currency exchange rates and a $14.3 decrease in demand for our Experis interim services. The constant currency increase in Other Americas was primarily due to inflation in Argentina. Within our Other Americas segment, we experienced an increase in Chile of $25.0, Argentina of $15.9, Peru of $14.8, and Colombia of $13.3, which represented increases of 41.7%, 27.4%, 25.4%, and 17.7%, respectively (43.8%, 63.4%, 22.8%, and 25.7%, respectively, in constant currency), partially offset by decreases in Canada and Mexico of $18.3, or -11.6%, and $17.0, or -13.0%, respectively (-8.5% and an increase of 1.1%, respectively, in constant currency).

Gross profit margin decreased 90 basis points in the second quarter of 2025 compared to the second quarter of 2024. This decrease was primarily due to decreased activity in our Experis interim services, which contributed 130 basis points to the decrease, partially offset by increased margins in our Manpower staffing services, which offset the decrease by 30 basis points, and our Manpower and Experis permanent recruitment services which offset the decrease by 10 basis points.

Gross profit margin decreased 120 basis points in the first half of 2025 compared to the first half of 2024. This decrease was primarily due to decreased activity in our Experis interim services and permanent recruitment services, which contributed 120 basis points and 20 bases points, respectively, to the decrease, partially offset by increased margins in our Manpower staffing services, which offset the decrease by 40 basis points.

Selling and administrative expenses decreased -0.8% (1.0% increase in constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $3.6 decrease in non-personnel costs, the $3.5 favorable impact of currency exchange rates and a $3.6 decrease in bonuses and sales commissions, partially offset by a $4.0 increase in personnel costs.

Selling and administrative expenses decreased -3.1% (-1.0% in constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by the $8.4 favorable impact of currency exchange rates and an $8.1 decrease in non-personnel costs.

OUP decreased -19.9% (-18.0% in constant currency) in the second quarter of 2025, which represented a 3.4% OUP margin, a decrease from 4.2% in the second quarter of 2024. This OUP decrease was primarily due to decreased profitability in our United States business of $7.8, which experienced decreased demand in our higher-margin Experis interim services. In the United States, OUP margin decreased to 2.9% in the second quarter of 2025 from 3.9% in the second quarter of 2024 primarily due to decreased margins in our Experis interim business. Other Americas OUP margin decreased to 4.3% in the second quarter of 2025 from 4.8% in the second quarter of 2024 primarily due to a decrease in our gross profit margin.

OUP decreased -13.5% (-10.7% in constant currency) in the first half of 2025, which represented a 2.9% OUP margin, a decrease from 3.4% in the first half of 2024. This OUP decrease was primarily due to decreased profitability in our United States business of $8.4, which experienced decreased demand in our higher-margin Experis interim services. In the United States, OUP margin decreased to 2.3% in the first half of 2025 from 2.9% in the first half of 2024 primarily due to business mix, partially offset by a decrease in our selling and administrative expenses as a percent of revenue. Other Americas OUP margin decreased to 4.1% in the first half of 2025 from 4.4% in the first half of 2024 primarily due to a decrease in our gross profit margin.

#### Southern Europe

In Southern Europe, revenues from services increased 2.4% (decreased -2.8% in constant currency and -2.2% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024 primarily due to a $110.8 favorable impact of currency exchange rates, partially offset by a $48.2 decrease in demand for Manpower staffing services. In France (which represented 53% of Southern Europe’s revenues), revenues from services decreased -1.3% (-6.3% in constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $67.8 decrease in demand for our Manpower staffing services, partially offset by the $58.5 favorable impact of currency exchange rates. In Italy (which represented 22% of Southern Europe’s revenues), revenues from services increased 9.4% (3.9% in constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the $24.3 favorable impact of currency exchange rates, a $17.4 increase in demand for our Manpower staffing services, and a $2.9 increase in demand for our Manpower and Experis consulting services. In Other Southern Europe, revenues from services increased 5.0% (decrease of -0.6% in constant currency and increase of 2.4% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily due to the $28.0 favorable impact of currency exchange rates, partially offset by a $3.6 decrease in demand for our Experis interim services. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $21.7, or 17.6% (11.5% in constant currency), partially offset by a revenue decrease in Switzerland of $6.0, or -5.5% (-13.7% in constant currency).

In Southern Europe, revenues from services decreased -2.4% (-3.8% in constant currency and -3.1% in organic constant currency) in the first half of 2025 compared to the first half of 2024 primarily due to a $136.8 decrease in demand for our Manpower staffing services and an $8.5 decrease in demand for our Experis interim services, partially offset by the $58.7 favorable impact of currency exchange rates. In France, revenues from services decreased -6.6% (-7.8% in constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by a $167.8 decrease in demand for our Manpower staffing services and a $5.9 decrease in demand for our permanent recruitment services, partially offset by the $29.0 favorable impact of currency exchange rates. In Italy, revenues from services increased 4.1% (increase of 2.7% in constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by a $24.4 increase in demand for our Manpower staffing services, the $12.2 favorable impact of currency exchange rates, and a $6.3 increase in demand for our Manpower and Experis consulting services. In Other Southern Europe, revenues from services increased 1.8% (flat in constant currency and increase of 3.3% in organic constant currency) in the first half of 2025 compared to the first half of 2024, primarily due to the $17.5 favorable impact of currency exchange rates, partially offset by a $6.3 decrease in demand for our Outcome Based Solutions. Within our Other Southern Europe segment, we experienced a revenue increase in Spain of $34.5, or 14.8% (13.2% in constant currency), partially offset by a revenue decrease in Switzerland of $26.8, or -12.3% (-15.4% in constant currency).

Gross profit margin decreased 20 basis points in the second quarter of 2025 compared to the second quarter of 2024. This decrease was primarily due to lower activity in our higher margin Experis interim services, which contributed 10 basis points to the decrease, and lower activity in our permanent recruitment services, which contributed 10 basis points to the decrease.

Gross profit margin decreased 20 basis points in the first half of 2025 compared to the first half of 2024. This decrease was primarily due to lower activity in our higher margin Experis interim services, which contributed 10 basis points to the decrease, and lower activity in our permanent recruitment services, which contributed 10 basis points to the decrease.

Selling and administrative expenses, excluding impairment charges, increased 5.8% (0.4% in constant currency and 1.3% in organic constant currency) during the second quarter of 2025 compared to the second quarter of 2024, primarily due to the $12.2 unfavorable impact of currency exchange rates and an increase of $6.0 in non-personnel costs, partially offset by $7.2 decrease in personnel costs in the second quarter of 2025.

Selling and administrative expenses, excluding impairment charges, increased 1.6% (0.2% in constant currency and 1.2% in organic constant currency) during the first half of 2025 compared to the first half of 2024, primarily due to an increase of $9.5 in non-personnel costs and the $6.0 unfavorable impact of currency exchange rates, partially offset by a decrease of $11.6 in personnel costs incurred in the first quarter of 2025.

OUP decreased -11.9% (-16.3% in constant currency and -16.8% in organic constant currency), in the second quarter of 2025, which represented a 3.4% OUP margin, a decrease from 4.0% in the second quarter of 2024. This OUP decrease was primarily due to decreased profitability in the France reporting unit of $7.6. In France, the OUP margin decreased to 2.8% for the second quarter of 2025 compared to 3.4% for the second quarter of 2024, primarily driven by increases in selling and administrative expenses as a percent of revenue. In Italy, the OUP margin decreased to 6.7% for the second quarter of 2025 compared to 7.8% for the second quarter of 2024 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin decreased to 1.7% for the second quarter of 2025 from 1.9% for the second quarter of 2024 primarily due to decreased activity in higher-margin permanent recruitment services, and an increase in our selling and administrative expenses as a percent of revenue.

OUP decreased -19.3% (-20.9% in constant currency and -21.4% in organic constant currency), in the first half of 2025, which represented a 3.1% OUP margin, a decrease from 3.8% in the first half of 2024. This OUP decrease was primarily due to decreased profitability in the France reporting unit of $19.3. In France, the OUP margin decreased to 2.5% for the first half of 2025 compared to 3.2% for the first half of 2024, primarily driven by increases in selling and administrative expenses as a percent of revenue. In Italy, the OUP margin decreased to 6.5% for the first half of 2025 compared to 7.3% for the first half of 2024 primarily due to a decrease in gross profit margin as we saw decreased activity in our higher-margin permanent recruitment services. In Other Southern Europe, the OUP margin decreased to 1.3% for the first half of 2025 from 2.0% for the first half of 2024 primarily due to decreased activity in higher-margin permanent recruitment services, and an increase in our selling and administrative expenses as a percent of revenue.

#### Northern Europe

In Northern Europe, the largest country operations include the United Kingdom, the Nordics, Germany, the Netherlands and Belgium (comprising 33%, 20%, 12%, 12% and 10%, respectively, of Northern Europe’s revenues). In the Northern Europe region, revenues from services decreased -5.1% (-10.4% in constant currency and -10.3% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by a $38.0 decrease in demand for our Manpower staffing services and a $26.9 decrease in demand for our Experis interim services, partially offset by the $44.1 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $26.1, Germany of $21.5, the Nordics of $9.0, the Netherlands of $0.4 and an increase in Belgium of $4.4, which represented revenue decreases of -9.0%, -18.5%, -5.4%, -0.4% and an increase of 5.7%, respectively (-14.0%, -22.7%, -11.4%, -5.5% and an increase of 0.3%, respectively, in constant currency).

In the Northern Europe region, revenues from services decreased -10.7% (-12.4% in constant currency and -12.3% in organic constant currency) in the first half of 2025 compared to the first half of 2024, primarily driven by a $113.5 decrease in demand for our Manpower staffing services and a $55.5 decrease in demand for our Experis interim services, partially offset by the $29.0 favorable impact of currency exchange rates. Within our Northern Europe segment, we experienced revenue decreases in the United Kingdom of $76.0, the Germany of $61.7, Nordics of $37.8, the Netherlands of $10.6 and Belgium of $1.5, which represented revenue decreases of -12.8%, -24.8%, -11.3%, -5.6% and -1.0%, respectively (-15.0%, -25.6%, -12.7%, -6.7% and -2.4%, respectively, in constant currency)

Gross profit margin decreased by 100 basis points in the second quarter of 2025 compared to the second quarter of 2024. The decrease was primarily due to a decrease in our Experis interim margins, which had a 60 basis point impact, a decrease in our consulting margin, which had a 20 point impact, and decreased activity in our higher-margin permanent recruitment business, which had a 40 basis point impact. These contributions were partially offset by a shift in business mix towards our higher-margin Right Management outplacement and MSP services, which contributed a 40 basis point increase.

Gross profit margin decreased by 50 basis points in the first half of 2025 compared to the first half of 2024. The decrease was primarily due to a decrease in our Experis interim margins, which had a 40 basis point impact, decreased activity in our higher-margin permanent recruitment business, which had a 30 basis point impact, and decreased activity in our solutions business, which had a 20 basis point impact. These contributions were partially offset by a shift in business mix towards our higher-margin MSP services, which contributed an increase of 50 basis points.

Selling and administrative expenses, excluding impairment charges, decreased -6.3% (-7.2% in constant currency and -7.1% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024. The decrease is primarily driven by a $14.3 decrease in personnel costs as we experienced the impacts of significant restructuring actions taken in 2024 and 2023. This decrease was partially offset by $10.8 in restructuring costs incurred in the second quarter of 2025.

Selling and administrative expenses, excluding impairment charges, decreased -4.9% (-4.3% in constant currency and -4.3% in organic constant currency) in the first half of 2025 compared to the first half of 2024. The decrease is primarily driven by a $26.4 decrease in personnel costs as we experienced the impacts of significant restructuring actions taken in 2024 and 2023. This decrease was partially offset by $22.0 in restructuring costs incurred in the first half of 2025.

OUP in Northern Europe decreased $6.6 (reported and constant currency variances are not meaningful) in the second quarter of 2025, which represented a -1.1% OUP margin, a decrease from -0.3% in the second quarter of 2024. This OUP decrease was primarily driven by OUP decreases in the Nordics and United Kingdom of $6.4 and $6.1, respectively. The OUP margin decrease was primarily driven by a decrease in gross profit margin.

OUP in Northern Europe decreased $24.9 (reported and constant currency variances are not meaningful) in the first half of 2025, which represented a -1.8% OUP margin, a decrease from -0.1% in the first half of 2024. This OUP decrease was primarily driven by an OUP decrease in United Kingdom and the Nordics of $16.4 and $13.6, respectively. The OUP margin decrease was primarily driven by a decrease in gross profit margin.

#### APME

Revenues from services decreased -3.0% (-8.0% in constant currency and an increase of 7.8% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024 primarily driven by the disposition and franchising of our Korea business in 2024. In Japan (which represented 61% of APME’s revenues), revenues from services increased 15.7% (7.3% in constant currency), primarily driven by a $23.3 favorable impact of currency exchange rates, a $14.6 increase in demand for our Manpower staffing services, and a $2.6 increase in demand for our Experis interim services. In India (which represented 13% of APME’s revenues), revenues from services increased 9.5% (12.3% in constant currency), primarily driven by a $6.4 increase in demand for our Manpower staffing services, partially offset by the $1.7 unfavorable impact of currency exchange rates.

Revenues from services decreased -7.0% (-8.6% in constant currency and an increase of 7.5% in organic constant currency) in the first half of 2025 compared to the first half of 2024 primarily driven by the Korea disposition and franchising. In Japan, revenues from services increased 10.0% (7.1% in constant currency), primarily driven by a $27.3 increase in demand for our Manpower staffing services, the $16.1 favorable impact of currency exchange rates, and a $5.9 increase in demand for our Experis interim services. In India (which represented 13% of APME’s revenues), revenues from services increased 9.3% (13.0% in constant currency), primarily driven by a $13.9 increase in demand for our Manpower staffing services, partially offset by the $4.5 unfavorable impact of currency exchange rates.

Gross profit margin increased by 110 basis points in the second quarter of 2025 compared to the second quarter of 2024, primarily due to increased margins for our Manpower staffing services, which contributed 120 basis points to the increase, Experis interim services, which contributed 40 basis points to the increase, and increased margins for our training services, which contributed 20 basis points to the increase. The increase was partially offset by decreased activity in our TBO services, which decreased 70 basis points.

Gross profit margin increased by 120 basis points in the first half of 2025 compared to the first half of 2024, primarily due to increased margins for our Manpower staffing services, which contributed 100 basis points to the increase, increased margins for our Experis interim services, which contributed 40 basis points to the increase, increased margins for our MSP business, which contributed 20 basis points to the increase, and increased margins for our training services, which contributed 20 basis points to the increase. The increase was partially offset by decreased activity in our TBO services, which decreased 60 basis points.

Selling and administrative expenses increased 3.3% (decreased -3.1% in constant currency and increased 6.6% in organic constant currency) in the second quarter of 2025 compared to the second quarter of 2024. The increase is primarily due to the $3.9 unfavorable impact of currency exchange rates, partially offset by a $1.8 decrease in non-personnel costs.

Selling and administrative expenses decreased -1.1% (decreased -3.3% in constant currency and increased 6.9% in organic constant currency) in the first half of 2025 compared to the first half of 2024. The decrease is primarily due to a $4.0 reduction in non-personnel costs, partially offset by the $2.7 unfavorable impact of currency exchange rates.

OUP in APME increased 5.1% (2.2% in constant currency and 11.3% in organic constant currency) in the second quarter of 2025, which represented a 5.0% OUP margin, an increase from 4.6% in the second quarter of 2024. This OUP margin increase was primarily driven by increased activity and gross profit margin improvements in our staffing and interim services, partially offset by an increase in selling and administrative expenses as percent of revenue.

OUP in APME increased 3.3% (2.5% in constant currency and 12.5% in organic constant currency) in the first half of 2025, which represented a 4.6% OUP margin, an increase from 4.2% in the first half of 2024. This OUP margin increase was primarily driven by increased activity and gross profit margin improvements in our staffing and interim services, partially offset by an increase in selling and administrative expenses as percent of revenue.

### Financial Measures

#### Constant Currency and Organic Constant Currency Reconciliation

Changes in our financial results include the impact of changes in foreign currency exchange rates, acquisitions, and dispositions. We provide “constant currency” and “organic constant currency” calculations in this report to remove the impact of these items. We express year-over-year variances that are calculated in constant currency and organic constant currency as a percentage.

When we use the term “constant currency,” it means that we have translated financial data for a period into United States dollars using the same foreign currency exchange rates that we used to translate financial data for the previous period. We believe that this calculation is a useful measure, indicating the actual growth or decline of our operations. We use constant currency results in our analysis of subsidiary or segment performance, including Argentina which operates in a hyperinflationary economy. We also use constant currency when analyzing our performance against that of our competitors. Substantially all of our subsidiaries derive revenues and incur expenses within a single country and, consequently, do not generally incur currency risks in connection with the conduct of their normal business operations. Changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated.

When we use the term “organic constant currency,” it means that we have further removed the impact of acquisitions in the current period and dispositions from the prior period from our constant currency calculation. We believe that this calculation is useful because it allows us to show the actual growth or decline of our ongoing business.

The constant currency and organic constant currency financial measures are used to supplement those measures that are in accordance with United States Generally Accepted Accounting Principles (“GAAP”). These Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate such financial results differently. These Non-GAAP financial measures are not measurements of financial performance under GAAP, and should not be considered as alternatives to measures presented in accordance with GAAP.

Constant currency and organic constant currency percent variances, along with a reconciliation of these amounts to certain of our reported results, are provided below:

| Revenues from services: Americas: | Three Months Ended June 30, 2025, Compared to 2024 Reported Amount | Reported Variance | Impact of Currency | Constant Currency Variance | Impact of Acquisitions and Dispositions (In Constant Currency) | Organic Constant Currency Variance |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| United States | $674.1 | (3.3)% | 0.0% | (3.3)% | — | (3.3)% |
| Other Americas | 385.9 | 5.1% | (6.8)% | 11.9% | — | 11.9% |
|  | 1,060.0 | (0.4)% | (2.4)% | 2.0% | — | 2.0% |
| Southern Europe: |  |  |  |  |  |  |
| France | 1,149.3 | (1.3)% | 5.0% | (6.3)% | — | (6.3)% |
| Italy | 475.9 | 9.4% | 5.5% | 3.9% | — | 3.9% |
| Other Southern Europe | 524.1 | 5.0% | 5.6% | (0.6)% | (3.0)% | 2.4% |
|  | 2,149.3 | 2.4% | 5.2% | (2.8)% | (0.6)% | (2.2)% |
| Northern Europe | 794.4 | (5.1)% | 5.3% | (10.4)% | (0.1)% | (10.3)% |
| APME | 525.3 | (3.0)% | 5.0% | (8.0)% | (15.8)% | 7.8% |
|  | 4,529.0 |  |  |  |  |  |
| Intercompany Eliminations | (9.7) |  |  |  |  |  |
| Consolidated | $4,519.3 | 0.0% | 3.5% | (3.5)% | (2.1)% | (1.4)% |
| Gross Profit | $763.7 | (2.8)% | 3.0% | (5.8)% | (1.1)% | (4.7)% |
| Selling and Administrative Expenses | $789.0 | 15.2% | 3.0% | 12.2% | (1.3)% | 13.5% |
| Operating Loss | $(25.3) | (125.0)% | 2.9% | (127.9)% | 0.4% | (128.3)% |

36

PART 1

| Revenues from services: Americas: | Six Months Ended June 30, 2025, Compared to 2024 Reported Amount | Reported Variance | Impact of Currency | Constant Currency Variance | Impact of Acquisitions and Dispositions (In Constant Currency) | Organic Constant Currency Variance |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| United States | $1,362.9 | (1.1)% | 0.0% | (1.1)% | — | (1.1)% |
| Other Americas | 753.8 | 4.2% | (8.3)% | 12.5% | — | 12.5% |
|  | 2,116.7 | 0.8% | (2.8)% | 3.6% | — | 3.6% |
| Southern Europe: |  |  |  |  |  |  |
| France | 2,115.0 | (6.6)% | 1.2% | (7.8)% | — | (7.8)% |
| Italy | 873.7 | 4.1% | 1.4% | 2.7% | — | 2.7% |
| Other Southern Europe | 994.6 | 1.8% | 1.8% | 0.0% | (3.3)% | 3.3% |
|  | 3,983.3 | (2.4)% | 1.4% | (3.8)% | (0.7)% | (3.1)% |
| Northern Europe | 1,525.2 | (10.7)% | 1.7% | (12.4)% | (0.1)% | (12.3)% |
| APME | 1,001.7 | (7.0)% | 1.6% | (8.6)% | (16.1)% | 7.5% |
|  | 8,626.9 |  |  |  |  |  |
| Intercompany Eliminations | (17.3) |  |  |  |  |  |
| Consolidated | $8,609.6 | (3.5)% | 0.5% | (4.0)% | (2.1)% | (1.9)% |
| Gross Profit | $1,462.0 | (5.7)% | 0.4% | (6.0)% | (1.2)% | (4.8)% |
| Selling and Administrative Expenses | $1,459.1 | 5.5% | 0.4% | 5.1% | (1.3)% | 6.4% |
| Operating Profit | $2.9 | (98.3)% | (0.1)% | (98.2)% | — | (98.2)% |

### Liquidity and Capital Resources

Cash used to fund our operations is primarily generated through operating activities and provided by our existing credit facilities. We believe our available cash and existing credit facilities are sufficient to cover our cash needs for the foreseeable future. We assess and monitor our liquidity and capital resources globally. We use a global cash pooling arrangement, intercompany borrowing, and some local credit lines to meet funding needs and allocate our capital resources among our various entities. As of June 30, 2025, we had $157.7 of cash held by foreign subsidiaries. We have historically made and anticipate future cash repatriations to the United States from certain foreign subsidiaries to fund domestic operations.

The nature of our operations is such that our most significant current asset is accounts receivable and our most significant current liabilities are payroll-related costs, which are generally paid either weekly or monthly. As the demand for our services increases, we generally experience an increase in our working capital needs, as we continue to pay our associates on a weekly or monthly basis while the related accounts receivable are outstanding for much longer, which may result in a decline in operating cash flows.

Conversely, as the demand for our services declines, we generally experience a decrease in our working capital needs, as the existing accounts receivable are collected and not replaced at the same level, resulting in a decline of our accounts receivable balance, with less of an effect on current liabilities due to the shorter cycle time of the payroll related items. While this may result in an increase in our operating cash flows, longer payment terms and timing of payroll, tax and supplier-related payments significantly impact our cash position and cash flows each period. Any increase in operating cash flows from an economic slowdown would not be sustained in the event that a downturn continues for an extended period, as we are seeing in the current economic cycle.

Cash used in operating activities was $342.8 and $21.9 for the six months ended June 30, 2025 and June 30, 2024, respectively. Changes in operating assets and liabilities utilized $441.3 of cash during the six months ended June 30, 2025 and $191.2 during the six months ended June 30, 2024. These changes were primarily attributable to the timing of collections and payments. Accounts receivable increased to $4,641.3 as of June 30, 2025 from $4,297.2 as of December 31, 2024 primarily due to the impact of changes in currency exchange rates. Days Sales Outstanding ("DSO") increased by four days from December 31, 2024 to 56 days as of June 30, 2025.

Cash used in investing activities was $34.0 and $21.6 for the six months ended June 30, 2025 and 2024, respectively. Capital expenditures were $31.3 for the six months ended June 30, 2025 compared to $23.7 for the six months ended June 30, 2024. These expenditures were primarily comprised of purchases of computer equipment, office furniture and other costs related to office openings and refurbishments, as well as capitalized software costs. From time to time, we acquire and invest in companies throughout the world, including franchises. Total cash consideration paid for acquisitions, net of cash acquired, was $2.3 and $2.8 for the six months ended June 30, 2025 and 2024, respectively.

Cash provided by financing activities was $124.0 for the six months ended June 30, 2025 compared to $38.6 used in the six months ended June 30, 2024. Net debt borrowings were $202.8 and $124.7 in the six months ended June 30, 2025 and 2024, respectively. The larger borrowings in 2025 were due to our working capital needs which typically peak in the second quarter and improve in the second half of the year.

Our €500.0 notes and €400.0 notes are due June 2026 and June 2027, respectively. When those notes mature, we plan to refinance them with new borrowings. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets for replacement of those notes.

Our $600.0 revolving credit agreement requires that we comply with a leverage ratio (Net Debt-to-Net Earnings before interest and other expenses, provision for income taxes, intangible asset amortization expense, depreciation and amortization expense ("EBITDA")) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The exclusion of certain restructuring expenses is also allowed in the determination of EBITDA in the agreement. During the second quarter of 2025, the definition of net debt in the agreement was amended to define net debt as total debt less cash in excess of $200.0 through December 31, 2025 and less cash in excess of $300.0 thereafter. As defined in the agreement, we had a Net Debt-to-EBITDA ratio of 3.22 to 1 and a fixed charge coverage ratio of 2.80 to 1 as of June 30, 2025. Based on our current forecast, we expect to be in compliance with our financial covenants for the next 12 months.

As of June 30, 2025, we had letters of credit of $0.4 issued and $136.0 drawn under our $600.0 revolving credit facility. We also had $50.0 drawn under our $150.0 working capital facility. Additional borrowings of $463.6 and $100.0 were available to us under our $600.0 revolving credit facility and $150.0 working capital facility, respectively, as of June 30, 2025.

In addition to the previously mentioned facilities, we maintain separate bank credit lines with financial institutions to meet the working capital needs of our subsidiary operations. As of June 30, 2025, such uncommitted credit lines totaled $314.1, of which $272.5 was unused. Under the revolving credit agreement, total subsidiary borrowings cannot exceed $300.0 in the first, second and fourth quarters, and $600.0 in the third quarter of each year. Additional borrowings of $258.4 could have been made under these lines as of June 30, 2025.

We have assessed our liquidity position as of June 30, 2025 and for the near future. As of June 30, 2025, our cash and cash equivalents balance was $289.8. We also have access to the previously mentioned revolving credit facility that could have immediately provided us with up to $600.0 of additional cash, less any outstanding borrowings and letters of credit, and we have an option to request an increase to the total availability under the revolving credit facility by an additional $300.0 and each lender may participate in the requested increase at their discretion. In addition, we have access to the previously mentioned credit lines to meet the working capital needs of our subsidiaries, of which $258.4 was available to use as of June 30, 2025. Our €500.0 ($588.6) notes mature in June 2026, and our €400.0 ($469.5) notes mature in June 2027. Based on the above, we believe we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations currently and in the near future.

The following table provides an informational summary of our liquidity and capital structure as of:

|  | June 30, 2025 | December 31, 2024 |
| --- | ---: | ---: |
| Cash and cash equivalents | $289.8 | $509.4 |
| Available capacity under the revolving credit facility (a) | 463.6 | 599.6 |
| Available capacity under the working capital facility (b) | 100.0 | 150.0 |
| Available liquidity | $853.4 | $1,259.0 |
| Capital structure |  |  |
| Short-term borrowings | $226.8 | $23.4 |
| Current maturities of long-term debt | 588.6 | — |
| Long-term debt | 470.3 | 929.4 |
| Total debt | $1,285.7 | $952.8 |
| Total shareholders' equity (excludes non-controlling interest) | 1,994.4 | 2,125.2 |
| Total capitalization | $3,280.1 | $3,078.0 |
| Debt to capitalization | 39.2% | 31.0% |
| Long-term debt to total debt | 36.6% | 97.5% |

(a) Available capacity under the revolving credit facility represents $600.0 of total borrowing capacity less outstanding borrowings and letters of credit.

(b) Available capacity under the working capital facility represents $150.0 of total borrowing capacity less outstanding borrowings and letters of credit.

The Board of Directors declared a semi-annual dividend of $0.72 and $1.54 per share on May 2, 2025 and May 3, 2024, respectively. The 2025 dividends were paid on June 16, 2025 to shareholders of record as of June 2, 2025. The 2024 dividends were paid on June 14, 2024 to shareholders of record as of June 3, 2024.

In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the six months ended June 30, 2025, we repurchased 0.7 million shares under the 2023 authorization at a cost of $37.0. During the six months ended June 30, 2024, we repurchased 1.0 million shares under the 2023 authorization at a cost of $77.0. As of June 30, 2025, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.

We had aggregate commitments of $2,602.2 as of June 30, 2025 related to debt, operating leases, severance and office closure costs, transition tax resulting from the Tax Act and certain other commitments compared to $2,279.6 as of December 31, 2024.

We also have entered into guarantee contracts and stand-by letters of credit totaling $727.9 and $571.0 as of June 30, 2025 and December 31, 2024, respectively ($681.1 and $524.2 for guarantees as of June 30, 2025 and December 31, 2024, respectively, and $46.8 for stand-by letters of credit as of both dates). The guarantees primarily relate to staffing license requirements, operating leases and indebtedness. The stand-by letters of credit mainly relate to workers’ compensation in the United States. If certain conditions were met under these arrangements, we would be required to satisfy our obligations in cash. Due to the nature of these arrangements and our historical experience, we do not expect any significant payments under these arrangements. Therefore, they have been excluded from our aggregate commitments. The cost of these guarantees and letters of credit were $0.8 and $0.7 for the six months ended June 30, 2025 and 2024, respectively.

During the six months ended June 30, 2025, we recorded $30.2 in restructuring costs. During the six months ended June 30, 2024, we did not record any restructuring costs. Payments made from the restructuring reserve were $29.0 during the six months ended June 30, 2025. We use our restructuring reserve for severance, office closures, office consolidations, and professional and other fees related to restructuring in multiple countries and territories. We expect a majority of the remaining $46.1 reserve will be paid by the end of 2025.

### Application of Critical Accounting Policies

The Company is supplementing the critical accounting policies as described in the 2024 Annual Report with the following critical accounting estimates.

In accordance with the accounting guidance on goodwill, we perform an annual impairment test of goodwill at our reporting unit level during the third quarter, or more frequently if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value.

We evaluate the recoverability of goodwill utilizing an income approach that estimates the fair value of the future discounted cash flows to which the goodwill relates. This approach reflects management’s internal outlook of the reporting units, which is believed to be the best determination of value due to management’s insight and experience with the reporting units. Significant assumptions used in our goodwill impairment tests include: expected future revenue growth rates, operating unit profit margins, working capital levels, discount rates, and a terminal value multiple.

Management closely monitors the financial and operating results impacting our reporting units and makes comparisons to the key assumptions used in our fair value estimate at the time of our annual impairment test, in addition to operational initiatives and macroeconomic conditions, which may impact the results of the reporting units. During the second quarter of 2025, in connection with the preparation of our financial statements, we assessed the changes in circumstances that occurred during the quarter to determine if it was more likely than not that the fair value of any reporting unit is below its carrying amount. We identified several factors related to our United Kingdom and Switzerland reporting units that led us to conclude that it was more likely than not that the fair value of the reporting units were below the carrying values which triggered us to perform an interim goodwill impairment assessment for these reporting units. These factors included further deterioration of the macroeconomic and local market conditions, financial performance that came in below management’s planned revenue and OUP margin expectations for the first half of 2025, and downward revisions to full year 2025 planned revenue and OUP projections. As a result of the interim test, we recognized a partial non-cash goodwill impairment loss of $33.4 related to our United Kingdom reporting unit in our Northern Europe segment and a partial $24.7 non-cash goodwill impairment loss related to our Switzerland reporting unit in our Southern Europe segment to bring the carrying value of these reporting units down to their estimated fair value. Key assumptions included in the United Kingdom discounted cash flow valuation performed during the second quarter of 2025 included a discount rate of 11.4%, working capital as a percentage of revenue of 6.6%, revenue growth for the next 10 years ranging from -8.4% to 10.0%, and terminal value revenue growth and OUP margin of 3.0% and 3.2%, respectively. Key assumptions included in the Switzerland discounted cash flow valuation performed during the second quarter of 2025 included a discount rate of 11.2%, working capital as a percentage of revenue of 10.5%, revenue growth for the next 10 years ranging from -12.4% to 12.0% and terminal value revenue growth and OUP margin of 3.0% and 4.2%, respectively. The remaining goodwill balances related to our United Kingdom and Switzerland reporting units, as of June 30, 2025, were $79.3 and $35.8, respectively.

While we did not identify triggering events for other reporting units during the second quarter; we continue to monitor performance trends and macroeconomic developments closely. Further deterioration in operating results or market conditions may result in future impairments that could be material to our Consolidated Financial Statements.

### Recently Issued Accounting Standards

See Note 2 to the Consolidated Financial Statements.

## Market risk

As filed, 235 characters.

Our 2024 Annual Report on Form 10-K contains certain disclosures about market risks affecting us. There have been no material changes to the information provided which would require additional disclosures as of the date of this filing.

## Controls and procedures

As filed, 1,517 characters.

We maintain a set of disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports filed by us under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management of the company, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding timely disclosure. We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures at a reasonable assurance level pursuant to Rule 13a-15 of the Exchange Act. Based on that evaluation, our Chief Executive Officer and our Executive Vice President and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective at the reasonable assurance level.

There have been no changes in our internal control over financial reporting identified in connection with the evaluation discussed above that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 206 characters.

As of the date of this filing, the Company and its operations continue to be subject to the risk factors previously disclosed in the “Risk Factors” sections contained in the 2024 Annual Report on Form 10-K.

Filed Aug 5, 2025.
Source: SEC EDGAR, the filing index for accession 0000950170-25-103114. Last ingested by Listed: Nov 2, 2026, 15:00 ET. No prices; not investment advice.