Core Insights - The company has experienced a modest improvement in win rates and secured new enterprise programs in sectors like financial services and life sciences, contributing to margin improvement and future growth as client demand recovers [1] - After eleven consecutive quarters of organic constant currency revenue declines, the company returned to growth in the third quarter, driven by stabilization of demand in North America and Europe [2][4] - The ManpowerGroup Employment Outlook Survey indicates a steady hiring outlook, with 45% of employers planning to maintain current workforce levels, the highest since early 2022 [3] Financial Performance - Reported revenue for the quarter was $4.6 billion, down 2% year-over-year in constant currency, while system-wide revenue was $4.9 billion [5][10] - Reported EBITDA was $74 million, with an adjusted EBITDA of $96 million, representing a 22% decrease in constant currency year-over-year [5][11] - Earnings per diluted share were $0.38 on a reported basis and $0.83 on an adjusted basis, with adjusted earnings per share decreasing by 39% year-over-year in constant currency [5][12] Market Trends - Gradual signs of stabilization in hiring are observed, with employers adapting to economic uncertainty and geopolitical complexities [4][6] - The company is seeing strong momentum in Latin America and APME, while Europe and North America show softer trends [4][7] - The demand in Europe and North America is holding steady, with an expanding enterprise pipeline concentrated among global enterprise clients [7] Business Segment Performance - The Manpower brand reported a 3% growth in organic constant currency, while Experis and Talent Solutions brands declined by 7% and 8% respectively [13] - The Americas segment revenue increased by 6% year-over-year on a constant currency basis, while Southern Europe revenue decreased by 1% [18][21] - The Asia Pacific Middle East segment saw an 8% increase in organic constant currency revenue, with Japan's revenue growing by 6% [25] Cost Management and Efficiency - The company is focused on cost containment and driving efficiencies, with adjusted SG&A expenses down 2% on a constant currency basis [16][17] - Capital expenditures for the quarter were $15 million, and free cash flow was $45 million, reflecting a positive trend despite previous declines [26][27] - The company is advancing digitization and standardization initiatives to streamline operations and improve efficiency [31][32] Future Outlook - The company forecasts ongoing stability in most markets, with earnings per share for the fourth quarter expected to be in the range of $0.78 to $0.88 [29] - The guidance includes a favorable foreign currency impact and anticipates a flat revenue trend at the midpoint [30] - Employers are becoming more resilient to policy fluctuations, with improved visibility for planning into 2026 [41]