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is a global leader in innovative workforce solutions.
−Removed: Through our network of over 2,100 offices in approximately 75 countries and territories, we put millions of people to work each year with our global, multinational and local clients across all major industry segments.
+Added: Through our network of approximately 2,100 offices in more than 70 countries and territories, we put millions of people to work each year with our global, multinational and local clients across all major industry segments.
Our strong and distinct brands provide specialized solutions that drive organizations forward, accelerate individual success and help build more sustainable communities.
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By offering a comprehensive range of workforce solutions and services, we help companies improve strategy, quality, and efficiency, increase productivity and reduce costs across their workforce to achieve their business goals.
−Removed: ManpowerGroup’s offerings of innovative workforce solutions and services includes:
+Added: ManpowerGroup’s offerings of innovative workforce solutions and services include:
• Recruitment and Assessment – By leveraging our trusted brands, industry knowledge and expertise, we identify the right talent in the right place to help our clients quickly access the people and skills they need when they need them.
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As digital transformation and skills shortages continue in the technology field, Experis provides talent with the combination of in-demand technical skills together with the soft skills that are critical for business success.
−Removed: Talent Solutions combines leading global offerings Recruitment Process Outsourcing (RPO), TAPFIN - Managed Service Provider (MSP) and Right Management to provide data-driven capabilities that help organizations with their workforce transformation.
−Removed: Talent Solutions helps organizations more effectively source, manage and develop talent at scale.
−Removed: From talent attraction and acquisition to upskilling, development and retention, we leverage our integrated HR tech stack PowerSuite to deliver workforce solutions across multiple countries at scale.
+Added: Talent Solutions Talent Solutions delivers integrated and data-driven workforce solutions to help clients more effectively attract, acquire, develop and retain qualified talent.
+Added: Our lines of business — RPO, TAPFIN-MSP and Right Management — are seamlessly integrated with our PowerSuite HR tech stack to deliver workforce solutions that span the talent lifecycle across multiple countries at scale.
+Added: The rapid expansion and application of AI across our enterprise is enhancing these offerings, making them increasingly predictive, precise and efficient.
Our leadership position enables us to be a pathway to quality employment opportunities for people at all points in their career journey and we have connected people to meaningful work for over 75 years.
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Documents available on the website are also available in print for any shareholder who requests them.
−Removed: Requests may be made by writing to Secretary, ManpowerGroup, 100 Manpower Place, Milwaukee, Wisconsin 53212.
+Added: Requests may be made by writing to Corporate Secretary, ManpowerGroup, 100 Manpower Place, Milwaukee, Wisconsin 53212.
We are not including the information contained on or available through our website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K.
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We are a leading provider of permanent, temporary and contract recruitment, assessment and selection, training and outsourcing services throughout Europe.
−Removed: The Southern Europe segment had 1,166 branch offices as of December 31, 2024.
+Added: The Southern Europe segment had 1,174 branch and 5 franchise offices as of December 31, 2025.
Our largest operations in this segment are in France (53% of the segment revenue) and Italy (22% of the segment revenue).
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Our largest operations in Northern Europe are in the United Kingdom, the Nordics, Germany, the Netherlands and Belgium providing a comprehensive suite of workforce solutions and services through Manpower, Experis, and Talent Solutions.
−Removed: Collectively, we operate through 282 branch offices in this region.
+Added: Collectively, we operate through 237 branch and 2 franchise offices in this region.
In the United Kingdom, where we have the largest operation in this segment, we are a leading provider of workforce solutions and services.
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During 2025 in Northern Europe, 87% of revenues were derived from our staffing/interim services, 3% from permanent recruitment services, 7% from outcome-based solutions and consulting and 3% from other services.
−Removed: We operate through 110 branch offices in the Asia Pacific Middle East (APME) region.
+Added: We operate through 111 branch and 7 franchise offices in the Asia Pacific Middle East (APME) region.
The largest of these operations are located in Japan and India, which operate through branch offices.
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Legal Regulations
−Removed: The employment services industry is closely regulated in all of the major markets in which we operate, except the United States, the United Kingdom, Canada and Australia.
+Added: The employment services industry is closely regulated in most of the major markets in which we operate.
Employment services firms are generally subject to one or more of the following types of government regulation:
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People, Knowledge and Innovation.
−Removed: Our 26,700 employees, spanning approximately 75 countries, help improve the lives of approximately 500,000 workers daily by providing guidance, advice, assessments, coaching, upskilling, reskilling and pathways to long-term sustainable employment.
+Added: Our 25,400 employees, spanning more than 70 countries, help improve the lives of approximately 485,000 workers daily by providing guidance, advice, assessments, coaching, upskilling, reskilling and pathways to long-term sustainable employment.
These efforts support local economies by increasing employability and opportunity for the millions of lives that we reach each year.
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Education, Exposure and Experience.
−Removed: • For our Future Leaders Program (FLP) that targets individual contributors wanting to take on their first managerial role, 110 employees completed this program in 2024 and a total of 955 employees have completed the program since its inception in 2019.
−Removed: • For our Accelerated Leadership Program (XLP) that targets current managers ready to move into bigger or more complex roles, 20 employees completed this program in 2024 - and a total of 101 employees have completed the program since it began in 2022.
−Removed: • For our Strategic Leadership Program (SLP) that focuses on senior leaders to prepare them to move into the Global Leadership team, 42 employees completed the program since the program began in 2022.
−Removed: The program runs every other year and our next cohort will start in 2025 with 12 employees identified through talent planning and calibration.
+Added: • For our Future Leaders Program (FLP) that targets individual contributors wanting to take on their first managerial role, 121 employees are enrolled in this program in 2025 and a total of 1,166 employees have completed the program since its inception in 2019.
+Added: • For our Accelerated Leadership Program (XLP) that targets current managers ready to move into bigger or more complex roles, 25 employees will begin this program in 2026 - and a total of 101 employees have completed the program since it began in 2022.
+Added: The program runs every even year;
+Added: the last cohort took place in 2024 with 20 participants.
+Added: • For our Strategic Leadership Program (SLP) that focuses on senior leaders to prepare them to move into the Global Leadership team, 9 employees completed the program in 2025 out of 12 initially selected, bringing the total to 49 participants since its start in 2022.
+Added: The program runs every odd year, and the next cohort will begin in 2027.
Upon completion of these programs, the majority of our participants have made positive leadership career moves.
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Our core belief is that for ManpowerGroup to be successful, each of us needs to be accountable to delivering on these at all levels of our organization.
−Removed: In 2024, we conducted a global employee survey with over 22,000 staff participating, achieving an 80% response rate.
+Added: In 2025, we conducted a global employee survey with over 19,000 staff participating, achieving a 73% response rate.
Over 8,600 employees left nearly 13,000 comments to help leaders improve the employee experience at ManpowerGroup.
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Our profitability is sensitive to decreases in demand.
−Removed: Based on current macroeconomic conditions, there is a significant risk that some of our most important markets will experience a recession, which would likely be accompanied by a decline in demand for our services.
+Added: Based on current macroeconomic conditions, there is a significant risk that some of our most important markets will experience, or continue to experience, recessionary pressure, which would likely be accompanied by a decline in demand for our services.
When demand drops or remains low, our operating profit is impacted unfavorably as we experience a deleveraging of our selling and administrative expense base as expenses do not decline as quickly as revenues.
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There is a risk that economic conditions in European markets or elsewhere may continue to be negatively impacted by geopolitical events.
−Removed: In recent years these have included labor unrest, civil protest, heightened trade tensions, refugee crises, and military conflicts, including the ongoing conflicts between Russia and Ukraine and Israel and Hamas.
+Added: In recent years these have included labor unrest, civil protest, heightened trade tensions, refugee crises, and military conflicts.
We cannot predict the potential consequences arising from these conflicts and the further escalation of geopolitical tensions globally, including whether they could have an effect on the global economy and on our business and results of operations.
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There is a risk we may not be able to respond with sufficient speed and agility to the needs of our diverse clients, which span all industries and whose needs may change rapidly as their businesses and industries evolve.
−Removed: The size and breadth of our organization, comprising approximately 26,700 employees based out of over 2,100 offices in approximately 75 countries and territories, may make it difficult for us to effectively manage our resources, to maintain our corporate culture throughout the organization, to drive service improvements and to provide coordinated solutions to our clients who require our services in multiple locations.
+Added: The size and breadth of our organization, comprising approximately 25,400 employees based out of approximately 2,100 offices in more than 70 countries and territories, may make it difficult for us to effectively manage our resources, to maintain our corporate culture throughout the organization, to drive service improvements and to provide coordinated solutions to our clients who require our services in multiple locations.
For example, client demands for uniform service across borders may be difficult to satisfy because of variation in local laws and customs.
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Unauthorized access to, disclosure, modification, use or loss of personal or confidential data may occur through various methods.
−Removed: These include, but are not limited to, ransomware, systems failure, employee negligence or malfeasance, fraud or misappropriation, or unauthorized access to or through our information systems, whether by our employees, vendors or third parties, including a cyberattack by hackers, members of organized crime and/or state-sponsored organizations, who may develop and deploy supply chain interruptions, social engineering attacks, viruses, worms or other malicious software programs, or obtain credentials to our systems through other unrelated cyberattacks.
+Added: These include, but are not limited to, ransomware, systems failure, employee negligence or malfeasance, fraud or misappropriation, or unauthorized access to or through our information systems, whether by our employees, vendors or third parties, including a cyberattack by hackers, members of organized crime and/or state-sponsored organizations, who may develop and deploy supply chain interruptions, social engineering attacks, viruses, worms or other malicious software programs, or obtain credentials to our systems through other unrelated cyber attacks.
An incident involving disclosure, system failure, data modification, loss or security breach could harm our reputation and subject us to significant monetary damages or losses, litigation, negative publicity, regulatory enforcement actions, fines, criminal prosecution, as well as liability under our contracts and laws that protect personal and/or confidential data, resulting in increased costs or loss of revenues.
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We regularly engage an independent external security firm to assess our defenses to a potential cyberattack, and these assessments may uncover new or additional vulnerabilities and weaknesses that could lead to a compromise of our systems and/or a loss of personal data.
−Removed: In a recent evaluation, vulnerabilities were identified that could facilitate or contribute to a security incident involving personal data.
+Added: As a result of previous assessments, vulnerabilities were identified that could facilitate or contribute to a security incident involving personal data.
The assessment firm was able to penetrate defensive protections adopted by us, as well as protections that we obtain from third party providers.
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Risks and uncertainties related to the development and use of AI could harm our business operations, reduce demand for our services, and raise legal or regulatory challenges .
−Removed: Leveraging AI-based technology for our internal operations and service offerings presents risks, costs, and challenges as we begin to implement AI capabilities, including generative AI, to improve our operating efficiency and develop client offerings.
−Removed: If we fail to continue to develop and implement AI-based services and solutions or if those technologies fail to perform as predicted, we may not be able to recover our investment in these technologies and we may fail to realize the potential benefits of AI.
+Added: Leveraging AI-based technology for our internal operations and service offerings presents risks, costs, and challenges as we continue to implement AI capabilities, including generative AI, to improve our operating efficiency and develop client offerings.
+Added: If we fail to continue to develop and implement AI-based services and solutions or if those technologies fail to perform as predicted, we may not be able to recover our investment in these technologies and we may fail to realize the potential growth benefits of AI.
The rapidly increasing deployment of AI technology by our customers may lead to reduced demand for our services and solutions.
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The development, adoption, and use of AI technologies is still in early stages and could involve significant legal, reputational and financial harm.
−Removed: AI algorithms and training methodologies may be flawed and datasets may be overbroad, insufficient, or contain biased information.
+Added: AI algorithms and training methodologies may be flawed and datasets may be over-broad, insufficient, or contain biased information.
Moreover, the use of AI may give rise to risks related to harmful content, accuracy, bias, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity and health and safety, among others.
1 unchanged sentence
Evolving rules, regulations, and industry standards governing AI may require us to incur significant costs to modify, maintain, or align our business practices, services and solutions to comply with US and non-US rules and regulations, the nature of which cannot be determined at this time and may be inconsistent across jurisdictions.
−Removed: Several jurisdictions where we operate are considering or have enacted legislation and policies regulating AI, such as the European Union’s AI Act.
+Added: Several jurisdictions where we operate are considering or have enacted legislation, guidance and policies regulating AI, such as the European Union’s AI Act.
These regulations may impose significant requirements on how we design, build and deploy AI and use AI to make employment decisions on behalf of ourselves or our clients.
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In many markets, we have recently experienced an unusually tight labor market, with historically low levels of unemployment, and there is a risk that we may be unable to meet our clients’ requirements in identifying an adequate number of associates.
−Removed: These labor shortages have been exacerbated by employees and potential employees leaving the labor market due to burn-out, resignation, early retirement, immigration challenges, workplace safety concerns, and childcare responsibilities.
+Added: These labor shortages have been exacerbated by employees and potential employees leaving the labor market due to burn-out, resignation, early retirement, immigration challenges (such as changes in visa cost and availability), workplace safety concerns, and childcare responsibilities.
Workers have also impacted the labor market through increasing demands for change in employment conditions, such as demands for higher wages, remote work, and additional flexibility in work schedule.
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Qualified personnel with relevant skills may not be available to us in sufficient numbers and on terms of employment acceptable to us.
−Removed: Additionally, our clients may look to us for assistance in identifying and integrating into their organizations’ workers from diverse backgrounds, and who may represent different generations, geographical regions, and skillsets.
+Added: Additionally, our clients may look to us for assistance in identifying and integrating into their organizations workers from diverse backgrounds, and who may represent different generations, geographical regions, and skill sets.
These needs may change due to business requirements, or in response to geopolitical and societal trends.
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Our global operations subject us to certain risks beyond our control.
−Removed: With operations in approximately 75 countries and territories around the world, we are subject to numerous risks outside of our control, including risks arising from political unrest and other political events, regional and international hostilities and international responses to these hostilities, strikes and other worker unrest, natural disasters, the impact of global climate change, acts of war, terrorism, international conflict, severe weather conditions, pandemics, and other global health emergencies, disruptions of infrastructure and utilities including energy, cyberattacks, and other events beyond our control.
+Added: With operations in more than 70 countries and territories around the world, we are subject to numerous risks outside of our control, including risks arising from political unrest and other political events, regional and international hostilities and international responses to these hostilities, strikes and other worker unrest, natural disasters, the impact of global climate change, acts of war, terrorism, international conflict, severe weather conditions, pandemics, and other global health emergencies, disruptions of infrastructure and utilities including energy, cyberattacks, and other events beyond our control.
Although it is not possible to predict such events or their consequences, these events could materially adversely affect our reputation, business and financial results.
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For example, we may fail to structure and price our solutions in a manner that properly compensates us to create an adequate delivery model, to adequately manage new solutions, or to obtain adequate insurance coverage in amount or scope to cover potential risks arising from such solutions.
−Removed: Our business strategy also includes continuing efforts to transform how we use personnel and technology to manage our financial administration and to enhance our delivery of services.
−Removed: For example, in 2024 we continued to progress in our deployment of PowerSuite, our global cloud-based platforms for front and back office.
−Removed: In addition, during 2024, we opened our Global Business Services center in Porto, Portugal, our regional finance center to serve all of Europe and a central component of our global strategy to standardize, centralize and transform finance service delivery.
+Added: Our business strategy also includes continuing efforts to transform how we use personnel and technology to manage our financial administration and to enhance our efficiency and delivery of services.
+Added: For example, we continue to implement global cloud-based platforms in an effort to improve our front and back office.
These projects are complex and may consume considerable financial and personnel resources.
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Our sustainability commitments and disclosures may expose us to risks, legal liability, and increased costs.
−Removed: Our business could be impacted in several ways by our corporate sustainability initiatives, including our goals for sustainability, diversity, and inclusion.
+Added: Our business could be impacted in several ways by our corporate sustainability initiatives.
• Our positions and disclosures on these matters, or failure to achieve our commitments, could harm our reputation or brand image.
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• Positions we take, or do not take, on politically sensitive social issues or other sustainability matters may be unpopular with certain existing or potential clients and employees, which may impact our ability to attract and retain those clients and employees.
−Removed: • We may experience increased compliance burdens and costs in order to implement our initiatives, including those costs associated with any new legal or regulatory requirements (such as the EU Corporate Sustainability Reporting Directive (CSRD)), or voluntary standards and commitments, designed to mitigate climate change or address human capital management concerns.
−Removed: We will be required to report on CSRD commencing in 2025 (filing in 2026) and will be subject to limited assurance requirements by a third party.
+Added: • We may experience increased compliance burdens and costs in order to make disclosures or implement our initiatives, including those costs associated with any new legal or regulatory requirements (such as the EU Corporate Sustainability Reporting Directive (CSRD)), or voluntary standards and commitments, designed to mitigate climate change or address human capital management concerns.
If we are not able to implement processes and controls to accumulate data to support the disclosures in a timely manner, we may not be able to meet the regulatory requirements and reporting timelines or fail to meet the limited assurance requirements.
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Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint and overall efficiency.
−Removed: We have engaged in such dispositions in the past, including the dispositions of our businesses in Korea and Austria in 2024, the Philippines in 2023 and Russia and Hungary in 2022, respectively.
+Added: We have engaged in such dispositions in the past, including the dispositions of our businesses in South Africa and New Caledonia in 2025, South Korea and Austria in 2024, and the Philippines in 2023.
We expect that we will continue to dispose of portions of our business that are not meeting our performance or strategic objectives.
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Our working capital is primarily in the form of trade receivables which generally increase as sales increase.
−Removed: One of the ways in which we measure our working capital is in terms of working capital as a percent of revenue with a focus on Days Sales Outstanding (“DSO”).
+Added: One of the ways in which we measure our working capital is in terms of working capital as a percentage of revenue with a focus on Days Sales Outstanding (“DSO”).
During periods of decline or uncertainty, our clients may slow the rate at which they pay their vendors, or they may become unable to pay their obligations.
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As of December 31, 2025, we had $1,677.1 million of total debt.
+Added: On December 15, 2025, we offered and sold €500.0 aggregate principal amount of the Company’s 3.750% notes due December 2030.
+Added: The net proceeds from the 2025 €500.0 notes of €497.4 were used in January 2026 to redeem our 2018 €500.0 notes due June 22, 2026.
Our level of debt and the limitations imposed on us by our credit agreements could have important consequences for investors, including the following:
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The overall tax environment has made it increasingly challenging for multinational corporations to operate with certainty about taxation in many jurisdictions.
−Removed: For example, a number of members of the Organization for Economic Co-operation and Development have agreed to enact the Pillar Two international tax reform, which introduces a global minimum effective tax rate whereby certain multinational groups are subject to a 15% minimum tax on income derived in low-tax jurisdictions.
−Removed: These rules became effective in some countries in 2024.
−Removed: As another example, in February 2025 the French government enacted legislation resulting in a one-year temporary increase in the corporate income tax rate for our French business from 25.825% to 36.125% for 2025 and a three-year delay to the scheduled phase-out of the French business tax (CVAE).
−Removed: We estimate this legislation will increase our consolidated global effective tax rate in the range of 4% to 5% based on current projections.
−Removed: These proposed and enacted changes in tax laws, treaties or regulations, or their interpretation or enforcement, could have a material adverse impact on our current or future tax positions.
+Added: For example, a number of members of the Organization for Economic Co-operation and Development (OECD) have agreed to enact the Pillar Two international tax reform, which introduces a global minimum effective tax rate whereby certain multinational groups are subject to a 15% minimum tax on income derived in low-tax jurisdictions.
+Added: These rules became effective in some countries in 2024 with multiple countries and the OECD continuing to issue relevant legislation and guidance.
+Added: As another example, in February 2026 the French government passed the Finance Bill for 2026 which includes a one-year extension of the corporate income tax surcharge that was originally enacted for tax year 2025 and increased the corporate income tax rate for our French business from 25.825% to 36.125%.
+Added: In addition, the United States Work Opportunity Tax Credit (WOTC) has not been renewed for 2026 at this time.
+Added: If WOTC is enacted in the United States and retroactively applied to the beginning of 2026, we estimate it would reduce our full year estimated tax rate in the range of 1.0 to 1.5% based on current projections.
+Added: These proposed and enacted changes in tax laws, treaties or regulations, or their interpretation or enforcement, could have a material impact on our current or future tax positions.
The price of our common stock may fluctuate significantly, which may result in losses for investors.
52 unchanged sentences
We are in the business of employing people and placing them in the workplaces of other businesses.
−Removed: Risks relating to these activities could include possible claims of or relating to:
+Added: Risks relating to these activities include claims of or relating to:
• discrimination or harassment;
10 unchanged sentences
• our workers’ misuse of proprietary information, misappropriation of funds, other criminal activity or torts or other similar claims.
−Removed: We may incur fines and other losses or negative publicity with respect to the above risks.
+Added: We have and may continue to incur fines and other losses or negative publicity with respect to the above risks.
In addition, some or all of these claims may give rise to litigation, which could be time-consuming to our management team and costly and could have a negative impact on our business regardless of the merits of the claim.
33 unchanged sentences
Our systems periodically experience directed attacks intended to lead to interruptions and delays in our operations and the services we provide to clients as well as loss, misuse or theft of personal information (candidates, associates, vendors, clients and employees) and other data, confidential information or intellectual property, and we have experienced data exposures in the past.
−Removed: However, to date these incidents have not had a material impact on our services, information systems or business .
+Added: However, to date these incidents have not materially affected nor are these specific prior incidents reasonably likely to materially affect the company, including its business strategy, results of operations, or financial condition .
Any significant disruption to our services or access to our systems could result in a loss of clients and adversely affect our business and results of operations.
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.