ManpowerGroup

Jack McGinnis, and our President and Chief Strategy Officer, Becky Frankowitz, are both with me today. For your convenience, our prepared remarks are available in the Investor Relations section of our website at manpowergroup.com. I'll begin with a brief overview of the quarter and the full year, including how we're seeing conditions evolve across markets and what that means for our execution. Becky will ground us in the broader environment, what we're hearing directly from the market, and how we're evaluating those insights as we position the business. Jack will then walk through the detailed financial results and our guidance for the first quarter of 2026. I'll close with a few comments before we open the line for Q&A. Jack will now cover the safe harbor line.

Good morning, everyone. This conference call includes forward-looking statements, including statements concerning economic and geopolitical uncertainty, which are subject to known and unknown risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results might differ materially from those projected in the forward-looking statements. We assume no obligation to update or revise any forward-looking statements. Slide two of our earnings release presentation further identifies forward-looking statements made in this call. and factors that may cause our actual results to differ materially, and information regarding reconciliation of non-GAAP measures. Thanks, Jack.

Let me begin by saying we're pleased with our fourth quarter results, which marked a clear shift to stabilization, led by enterprise demand and supported by disciplined execution and a continued commitment to cost optimization. In the fourth quarter, we delivered reported revenues of $4.7 billion, which represented organic constant currency growth of 2%. System-wide revenue, which includes our expanding franchise revenue base, was $5.1 billion. Adjusted EBITDA margin of 2.1% reflects improving demand trends across core markets, as well as P&L leverage. Though we faced strong headwinds during the first half of 2025, reflected in our full year results, we are encouraged by our fourth quarter performance, which demonstrated sequential improvement through year end. As we move through the fourth quarter, revenue trends strengthened in several key markets. Clients remain deliberate in their hiring given the macro backdrop, yet engagement levels are steady and activity is becoming more consistent. Importantly, while we're not yet calling a broad-based recovery, we are seeing clear sequential improvement in key demand indicators, including MAMPR associates on assignments in key markets, such as the U.S. and France, which are performing better than expected, with France in particular showing resilience despite ongoing political and budget uncertainty. Markets such as Italy and Spain stabilized earlier and began to inflect with Italy standing out as a clear outperformer on both growth and margin. These trends reinforce our view that the shape of the recovery can be different by market, with some inflecting earlier and others requiring longer periods of stabilization first. Against this backdrop, our priorities remain clear. Execute with rigor, maintain cost discipline, and leverage our digitization advantage to position the business to generate operating leverage as demand improves. We are working to ensure that we're structurally stronger, more efficient, agile, and better positioned to capture share. To that end, our diversified multi-brand portfolio continues to perform well in a selective demand environment and plays a critical role in earnings durability. Manpower addresses in-demand AI resilience skills at scale, supporting clients from entry level to specialized roles in growth sectors, and has grown for three consecutive quarters. with six quarters in the U.S. Xperis, our brand providing specialized technology, talent, and services that maximize returns on digital, cloud, AI, and data investments, has seen the rate of decline narrowing and sequential improvement through the second half of the year. Talent Solutions delivers scaled enterprise offerings, including tap-in MSP, right management, outplacement, and consulting, which saw growth in the quarter. firm recruitment across brands, including our Talent Solutions RPO offering, continues to face a challenging environment. As demand stabilizes, this breadth of our portfolio and geographic footprint positions us to improve win rates, capture share, and generate stronger incremental margins. We are pleased with our progress, but a long way from being satisfied, and we will continue to focus on improving the current trajectory. On that point, Let me provide an update on our cost discipline and operating leverage. Cost discipline remains a core leadership priority across our operations. Over the last three years, we have taken decisive actions to structurally reduce costs and align capacity with demand. These actions include permanent changes to our operating model in our back office and technology infrastructure, as well as targeted adjustments to current market conditions. Our efforts were further on display during the fourth quarter as we delivered a 4% constant currency reduction in SG&A while driving organic growth. This reflects both structural cost reductions and tighter discretionary spend. Further, we accelerated cost actions across corporate functions and select geographies, sharpened capacity alignment, and reduced overheads. These actions are translating into improved profitability across the portfolio. For instance, for the first time in five quarters, we delivered positive operating profit in our Northern European business this quarter, a region where we've been highly focused on right-sizing the cost base. Importantly, we have more opportunity to enhance our cost structure across our global business. Jack will provide additional details on these efforts, including ongoing optimization actions, particularly in North America, as part of our broader transformation program. Before that, Let me turn it over to Becky to expand on the work we're doing to capture critical market insights that are evolving our business model in line with changing customer needs and candidate behaviors.