Jack will go through the second quarter results and guidance for the third quarter of 2025. 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. Our most recent ManpowerGroup employment outlook survey of more than 40,000 employers across 42 countries also supports this view. The global hiring outlook is holding steady, up very slightly year-over-year and just one point lower than last quarter.
and parts of Europe and a return to revenue growth in our Manpower and Talent Solutions brands. This quarter, system-wide revenue, which includes our expanding franchise revenue base, was $4.9 billion. Adjusting for restructuring cost, EBITDA was $89 million, representing a decrease of 25% in constant currency year-over-year. Earnings per basic share was a -$1.44 on a reported basis while earnings per diluted share was $0.78 on an adjusted basis.
Leveraging our proprietary data, we continuously assess real-time market dynamics to identify and act on growth opportunities. At the same time, we're taking swift, targeted actions to protect and optimize performance in sectors experiencing headwinds such as automotive, ensuring we remain focused on profitable growth and long-term resilience. We know client demand is reactive to many factors, and we are staying closely connected to our clients, anticipating their evolving needs and ensuring we remain the strategic. As technology transformation accelerates, we continue to build a strong enterprise sales pipeline, simplify organization, and manage costs with discipline by prioritizing growth initiatives that will deliver the greatest value.
| Metric | Period | Current guidance |
|---|---|---|
| U.S. business revenue | Q3 2025 | slightly improved low single-digit percentage decline (raised, sequential improvement expected) |
| Organic days adjusted constant currency revenue | Q3 2025 | flat (raised, reflecting improving momentum) |
| France revenue trend | Q3 2025 | stable activity, slightly improved rate of decline (raised) |
| Italy revenue growth | Q3 2025 | similar to slightly improved growth trend (reiterated) |
| Germany revenue trend | Q3 2025 | slightly improved year-over-year decline (raised modestly) |
| Adjusted EBITDA margin | Q3 2025 | 2.1% (raised 10 basis points on typical seasonal improvement) |
| Metric | YoY | Note |
|---|---|---|
| Total revenue (constant currency) | -3% | challenging conditions in certain markets but continued strong market performance overall |
| Manpower brand (organic constant currency) | +1% | return to growth, led by strong U.S. Manpower up 9% days adjusted |
| Experis brand (organic constant currency) | -9% | non-recurrence of prior-year healthcare technology projects; six-month trend of -8% more indicative of underlying activity |
| Talent Solutions brand (organic constant currency) | +1% | strong MSP revenue increase, offset by slight RPO decrease and mid-single digit Right Management decline |
| Adjusted EBITDA | -25% constant currency | gross margin decline from enterprise mix shift and lower perm contribution |
| Adjusted EPS | -43% constant currency | $0.78, $0.08 above guidance midpoint |
| Americas segment revenue (constant currency) | +2% | U.S. Talent Solutions up 13% offsetting a 3% U.S. days adjusted decline |
| Northern Europe segment revenue (constant currency) | -10% | Germany automotive weakness, challenging U.K., and difficult Nordics conditions |
| APME segment revenue (organic constant currency) | +8% | consistent Japan performance up 7% |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Employer sentiment and uncertainty | Q1: heightened uncertainty around trade negotiations, paused hiring | Q2: uncertainty beginning to ease, employers proving resilient and absorbing shocks with greater pragmatism | — |
| AI and workforce readiness | Q1: early AI exploration | Q2: 58% of employers investing in AI but only 26% believe their workforce is ready; Work Intelligence Lab launched to deliver workforce intelligence; sales targeting engine lifts revenue opportunities about 50% | — |
| Transformation and PowerSuite | Q1: building digital core | Q2: nearly 65% of revenues on PowerSuite back office, 90% on front office, on track to cross over in second half of 2026 | — |
| Portfolio optimization | Q1: reviewing portfolio | Q2: moved some smaller markets to franchise models, continuing to evaluate markets where a local approach could grow brands faster | — |