Core Viewpoint - Brunel International N.V. reported its second quarter and first half 2025 results, highlighting a mixed performance across different regions and ongoing cost reduction efforts [1]. Q2 2025 Key Points - Revenue for Q2 2025 was EUR 303 million, a decrease of 12% (7% organic decline) [8]. - Gross profit for Q2 2025 was EUR 52 million, down 20% (14% organic decline) [8]. - Underlying EBIT for Q2 2025 was EUR 6.3 million, a decline of 46% (27% organic decline) [8]. - The company experienced continued softness in the Netherlands and DACH regions, while performance in Australasia, Americas, and Asia was relatively strong [4]. - Global permanent placement activities showed a slight recovery, with fees increasing from EUR 3.3 million to EUR 4.1 million compared to Q1 2025, although still significantly lower than the previous year [4]. H1 2025 Key Points - Revenue for H1 2025 totaled EUR 613 million, down 11% (8% organic decline) [8]. - Gross profit for H1 2025 was EUR 109 million, a decrease of 19% (16% organic decline) [8]. - Underlying EBIT for H1 2025 was EUR 14.7 million, down 45% (31% organic decline) [8]. - Free cash flow for H1 2025 was negative EUR 24.3 million, compared to negative EUR 0.2 million in H1 2024 [8]. - The cost reduction program initiated in summer 2024 delivered EUR 13.4 million in savings, with a target of EUR 20 million annual run-rate [5]. - An additional cost reduction program is expected to yield around EUR 10 million in annual savings, with a one-off impact of EUR 8 million [5].

Core Insights - ManpowerGroup has appointed Valerie Beaulieu-James as its first Chief Growth Officer, effective August 1, 2025, to lead the company's commercial strategy and accelerate growth [1][2]. Company Overview - ManpowerGroup is a leading global workforce solutions company that has been providing innovative talent solutions for over 75 years, operating in more than 70 countries and territories [6]. - The company is recognized for its commitment to diversity and has been named one of the World's Most Ethical Companies for the 16th time in 2025 [6]. Leadership and Strategy - Beaulieu-James will report to President & Chief Strategy Officer Becky Frankiewicz and will be responsible for shaping and executing ManpowerGroup's Integrated Commercial Strategy across its brands: Manpower, Experis, and Talent Solutions [3]. - The new Chief Growth Officer aims to leverage data, market intelligence, and AI-driven capabilities to enhance market share, deepen stakeholder engagement, and strengthen brand equity globally [3][4]. Vision and Goals - Beaulieu-James expressed her commitment to transforming the world of work by focusing on human-centered solutions while utilizing insights and AI to improve client and candidate experiences [5]. - The company aims to accelerate its growth agenda and create more personalized connections to meaningful work for candidates [4][5].

Financial Data and Key Metrics Changes - Global enterprise revenues for the second quarter of 2025 were $1,370 million, down 7% from the same period last year on both a reported and adjusted basis [6] - Net income per share decreased to $0.41 from $0.66 year-over-year [6] - Cash flow from operations was $119 million during the quarter [7] - Return on invested capital was 12% in the second quarter [9] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year-over-year, with U.S. revenues at $668 million and non-U.S. revenues at $207 million [10][11] - Protiviti's global revenues were $495 million, with U.S. revenues down 1% and non-U.S. revenues up 11% year-over-year [12][13] - Contract Talent Solutions bill rates increased by 3.8% year-over-year, adjusted for revenue mix [12] Market Data and Key Metrics Changes - The unemployment rate for college-educated professionals remained low at 2.5%, indicating labor supply constraints [22] - Job openings are above historical levels, suggesting strong pent-up hiring demand despite subdued hiring activity [22] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities through its strong brand, technology, and unique business model that includes both professional staffing and business consulting services [7] - The strategic integration of contract professionals sourced through Talent Solutions is seen as a key driver for performance [24] - The company is committed to connecting people to meaningful work and providing clients with the necessary talent and consulting expertise [24] Management's Comments on Operating Environment and Future Outlook - Management noted that fears of economic recession have eased, and small business confidence has rebounded modestly [22] - The tone of client conversations has improved recently, indicating a potential uptick in demand [48] - Protiviti's pipeline remains strong, with new opportunities increasing significantly in the last thirty days [36] Other Important Information - The company distributed a cash dividend of $0.59 per share, totaling $59 million, with an average annual growth of 11.5% since 2004 [8] - The adjusted operating income for the second quarter was $59 million, or 4.3% of revenue [16] Q&A Session Summary Question: Inquiry about bill rate increases - Management indicated that unadjusted bill rates would be higher due to mix impacts, with historical increases of 100 to 200 basis points [28][30] Question: Clarification on Protiviti's project timelines - Management explained that the slight year-on-year revenue decline is due to extended conversion timelines and reduced average project sizes, but the pipeline remains strong [34][36] Question: Dynamics of the entry-level labor market - Management noted that AI has had little impact on revenues so far, and small business clients typically seek experienced staff rather than entry-level graduates [60][62] Question: Performance of financial services clients - Management stated that trends in Protiviti's financial services client base are consistent with overall business trends, with cost consciousness and extended decision cycles [70] Question: Competitive dynamics in Protiviti - Management clarified that competition from the Big Four has stabilized, and competitive dynamics are not a significant factor in the current revenue trends [92] Question: Non-U.S. productivity growth - Management highlighted that non-U.S. productivity growth was driven by favorable comparisons and successful joint projects in Germany and Canada [99]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q2 2025 were $1.37 billion, down 7% year-over-year on both reported and adjusted bases [4] - Net income per share decreased to $0.41 from $0.66 in the same quarter last year [4] - Cash flow from operations was $119 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] - Return on invested capital was 12% in Q2 [6] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year-over-year, with U.S. revenues at $668 million and non-U.S. revenues at $207 million, down 11% and 13% respectively [6][7] - Protiviti's global revenues were $495 million, with U.S. revenues down 1% and non-U.S. revenues up 11% year-over-year [9][10] - Contract Talent Solutions gross margin was 39.1%, slightly down from 39.3% year-over-year [11] - Overall gross margin for Talent Solutions was 47.1%, down from 47.4% [12] Market Data and Key Metrics Changes - The U.S. job market remains resilient with an unemployment rate of 4.1%, and the unemployment rate for college-educated professionals is at 2.5% [20] - Job openings are above historical levels, indicating strong pent-up hiring demand [20] - Protiviti achieved year-on-year revenue growth for the fourth consecutive quarter, although growth rates have moderated due to economic uncertainty [21] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities through its strong brand, technology, and unique business model that includes both professional staffing and consulting services [5] - The strategic integration of contract professionals through Talent Solutions is seen as a key driver for performance [22] - The company remains committed to connecting people to meaningful work and providing clients with the necessary talent and consulting expertise [22] Management's Comments on Operating Environment and Future Outlook - Management noted that elevated global economic uncertainty has extended client caution and subdued hiring activity [4] - There is a cautious optimism as small business confidence has rebounded modestly, and hiring urgency is expected to increase [20][21] - The company anticipates a slight year-on-year revenue decline in Q3 but expects potential growth by Q4 if new opportunities materialize [31] Other Important Information - The company has 6.2 million shares available for repurchase under its stock repurchase plan [5] - The tax rate for Q2 was 33%, up from 29% year-over-year due to increased nondeductible expenses [15] Q&A Session Summary Question: Inquiry about bill rate increases - Management acknowledged that bill rates have increased due to a mix shift, but specific unadjusted figures were not provided [24][25] Question: Clarification on Protiviti's project timelines - Management indicated that conversion timelines have extended, impacting revenue, but the pipeline remains strong with new opportunities increasing [28][30] Question: Dynamics of the entry-level labor market - Management noted that AI has had little impact on revenues so far, and small business clients typically seek experienced staff rather than entry-level graduates [50][51] Question: Performance of financial services clients - Management stated that trends in Protiviti's financial services client base mirror overall business trends, with cost consciousness and extended decision cycles [59] Question: Resilience of enterprise clients - Management observed that enterprise clients have been more resilient than SMB clients, particularly reflected in Protiviti's results [81]

Financial Performance - Revenue reached $4.5 billion, with system-wide revenue at $4.9 billion[5] - Gross margin was 16.9%[5] - EBITA was $72 million, or $89 million as adjusted[5] - EPS was -$1.44, or -$0.78 as adjusted[5] Segment Performance - Americas revenue was $1.1 billion with OUP at $36 million and OUP margin at 3.4%[22] - Southern Europe revenue was $2.1 billion with OUP at $73 million and OUP margin at 3.4%[25] - Northern Europe revenue was $794 million with OUP at -$9 million and OUP margin at -1.1%[28] - APME revenue was $525 million with OUP at $26 million and OUP margin at 5.0%[31] Business Line Performance - Manpower organic CC revenue increased slightly from the Q1 trend of -2% year over year[12] - Experis organic CC revenue trend declined further from the Q1 trend of -5% year over year[12] - Talent Solutions organic CC revenues increased from the Q1 trend of -2% year over year[13] Outlook - Third quarter 2025 revenue is expected to be flat to up 4% (down 4% to flat CC)[40] - EPS is projected to be $0.77 to $0.87, including a favorable $0.03 currency impact[40] Debt - Total debt outstanding was $1.286 billion as of June 30, 2025[47]

Core Insights - ManpowerGroup reported a net loss of $67.1 million or $1.44 per basic share for Q2 2025, a significant decline from net earnings of $60.1 million or $1.24 per diluted share in the same period last year [1][2] - Revenues for the second quarter remained flat at $4.5 billion, but decreased by 3% on a constant currency basis [1][7] - The company faced a non-cash goodwill and intangible asset impairment charge of $89 million, restructuring costs, and losses from the sale of businesses, which collectively reduced earnings per share by $2.22 [2][8] Financial Performance - For the six months ended June 30, 2025, net losses were $61.5 million or $1.32 per basic share, compared to net earnings of $99.8 million or $2.05 per diluted share in the prior year [3][18] - Excluding impairment and restructuring charges, adjusted earnings per share for the six-month period was $1.22, reflecting a 47% decrease in constant currency [3][10] - Total revenues for the six-month period were $8.6 billion, a decrease of 4% compared to the previous year [3][18] Operational Insights - The company is focusing on diversifying, digitizing, and innovating to enhance its role as a strategic workforce partner amid mixed demand across global markets [3][5] - Positive signs of stabilization are noted in the U.S. and parts of Europe, although demand remains volatile due to economic and geopolitical factors [3][5] - The gross profit margin for Q2 2025 was 16.9%, slightly down from the previous quarter, influenced by changes in business mix [7][12] Segment Performance - The Americas region saw a slight revenue decline of 0.4%, with the U.S. specifically down by 3.3% [14][21] - Southern Europe reported a 2.4% increase in revenues, driven by growth in Italy, while Northern Europe experienced a 10.7% decline [14][21] - The Manpower and Talent Solutions brands returned to revenue growth, while Experis faced declines due to sluggish professional staffing demand [7][12] Future Outlook - The company anticipates diluted earnings per share for Q3 2025 to be between $0.77 and $0.87, factoring in a favorable currency impact [3][5] - Ongoing investments in digital capabilities and AI adoption are expected to position the company for future growth and enhanced client value [3][5]

Company Overview - Robert Half's 2024 service revenues reached $5.80 billion[6] - The company boasts a 20-year average return on invested capital of 26%[6] - Robert Half has a global presence in 32 countries[5] - The company's full-time internal staff totals 14,700 as of December 31, 2024[6] Revenue Mix & Performance - In Q1 2025, contract talent solutions accounted for 57% of global revenues[20] - Permanent placement talent solutions represented 8% of Q1 2025 global revenues[20] - Protiviti contributed 35% to the company's Q1 2025 global revenues[20] - The United States accounts for 77% of talent solutions revenue mix[17] Financial Strength - The company maintains a strong balance sheet with zero debt[76] - As of March 31, 2025, Robert Half's cash reserves stood at $342 million[76]

Core Insights - The global Net Employment Outlook (NEO) for Q3 2025 stands at +24%, indicating stable hiring intentions despite trade uncertainties [2][4][8] - Companies investing in technology, AI, and automation show the most optimistic hiring plans, highlighting a connection between innovation and workforce confidence [1][4][8] Global Hiring Trends - 40% of employers plan to increase hiring, 42% will maintain current staff levels, 16% anticipate cuts, and 2% are uncertain about their hiring plans [1][8] - Asia Pacific leads with a hiring outlook of 29%, followed by the Americas at 27%, and Europe and the Middle East at 19% [6][8][10] Impact of Trade Uncertainty - 89% of companies report that trade uncertainty has influenced their hiring decisions, with many still planning for steady hiring in Q3 [3][8] - The trade situation has caused some companies to pause or slow their hiring plans, but overall hiring outlooks have stabilized [4][8] Sector-Specific Insights - The Information Technology sector has the strongest hiring outlook at 36%, followed by Financials & Real Estate at 28%, and Industrials & Materials at 26% [8] - Companies heavily investing in technology report more optimistic hiring plans compared to those not planning such investments [8] Regional Highlights - The United Arab Emirates tops global hiring intentions at 48%, followed by India at 42% and Costa Rica at 41% [9][17] - Argentina has the weakest global outlook at 3%, while countries like Israel and Sweden show significant year-over-year improvements [9][17]

Core Viewpoint - Atlantic International Corp. has launched a conversational AI platform through its subsidiary Lyneer Staffing Solutions, aimed at transforming hiring and compensation decision-making processes for organizations [1][5]. Group 1: AI Platform Features - The AI platform offers an intuitive conversational interface that allows hiring managers and HR professionals to access real-time market intelligence through natural dialogue [2]. - It integrates job market data from various hiring platforms, including regional economic indicators and career development trajectories, to provide actionable insights [2]. - Key features include real-time compensation analysis, benefits and bonus structure insights, cost-of-living adjustment calculations, career progression analysis, and custom report generation [9]. Group 2: Subscription Model - The subscription-based model democratizes access to workforce intelligence, enabling organizations of all sizes to utilize sophisticated market analysis [3]. - Subscribers benefit from ongoing platform enhancements and regular data updates, ensuring access to the latest market intelligence [4]. - This flexible model allows clients to scale their access based on evolving needs while maintaining continuous insight into critical market trends [4]. Group 3: Company Background - Lyneer Staffing Solutions specializes in strategic staffing, talent acquisition, and workforce management services, utilizing its proprietary Apollo Ecosystem to deliver data-driven solutions [6]. - Atlantic International Corp. is a leading provider of strategic staffing and workforce solutions, committed to combining advanced technology with industry expertise [7].

Core Insights - ManpowerGroup has launched a new AI HR Hub in Paris, emphasizing its commitment to human-first, AI-powered solutions for clients and candidates [1][3] - The initiative aligns with a €200 million investment in innovation projects and training in France over the next three years, supporting the country's economic and innovation attractiveness [2] - The AI HR Hub will serve as a Regional Center of Excellence, focusing on developing home-grown innovations and scaling advanced capabilities across ManpowerGroup's global brands [3][4] Investment and Job Creation - ManpowerGroup is creating more than 30 branches and over 200 high-skilled jobs across France as part of its investment strategy [2] - The company aims to enhance the talent pool in France, supporting the growth of AI development through ethical and inclusive practices [4][5] AI HR Hub Focus Areas - Enhanced Candidate Journeys: Utilizing GenAI for personalized career guidance, skills assessments, and real-time job matching [8] - Smarter Client Solutions: Leveraging AI and predictive analytics for improved workforce planning and hiring processes [8] - Empowered HR Agents: Implementing agentic AI tools to support recruiters and talent advisors, enhancing personalization in line with labor market demand [8]