A Message from Mr. Sandeep Gulati,
Managing Director, ManpowerGroup India and Middle East.

The ManpowerGroup Employment Outlook Survey is the most comprehensive, forward-looking employment survey of its kind, used globally as a key economic indicator. The Net Employment Outlook is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers expecting a decrease in hiring activity. Running since 1962, various factors underpin the success of the Survey:

Unique – It is unparalleled in its size, scope, longevity and area of focus. The ManpowerGroup Employment Outlook Survey is the most extensive, forward-looking employment survey in the world, asking employers to forecast employment over the next quarter. In contrast, other surveys and studies focus on retrospective data to report on what occurred in the past.Independent – The survey is conducted with a representative sample of employers from throughout the countries and territories in which it is conducted. The survey participants are not derived from ManpowerGroup’s customer base.

Robust – The survey is based on interviews with 39,063 public and private employers across 41 countries to measure anticipated employment trends each quarter. This sample allows for analysis to be performed across specific sectors and regions to provide more detailed information.

Focused – For more than six decades the survey has derived all of its information from a single question (Q1 2026 example): “How do you anticipate total employment at your location to change in the three months to the end of March 2026 as compared to the current quarter?"

Survey Methodology – Survey responses were collected from October 1-31, 2025. Size of organization and sector are standardized across all countries and territories to allow international comparisons.

This report contains forward-looking statements, including statements regarding labor demand in certain regions, countries and industries, and economic uncertainty. Actual events or results may differ materially from those contained in the forward-looking statements, due to risks, uncertainties and assumptions. These factors include those found in the Company's reports filed with the U.S. Securities and Exchange Commission (SEC), including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2024, whose information is incorporated herein by reference. ManpowerGroup disclaims any obligation to update any forward-looking or other statements in this release, except as required by law.

All the data in the survey is based on the answer to one question: How do you anticipate total employment at your location to change in the coming three months as compared to the current quarter?

In addition to the main employment question, the survey asks up to six additional questions which change quarterly. These questions reflect changing economic or workforce dynamics and trends. Topic areas range from talent shortage to workforce training and development to employee sentiments and well-being.

The Net Employment Outlook is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers that expect to see a decrease in employment at their location in the next quarter. A positive Net Employment Outlook figure means that, on balance, there are more employers who expect to add to their headcount in the following three months than those who intend to reduce staff.

The ManpowerGroup Employment Outlook Survey only measures if employers expect to hire or not and does not provide information about specific job changes. The Survey is a forecast, not a commitment, based on informed opinions from employers and hiring managers on what will likely happen in their organization in the following quarter.

Survey responses were collected from October 1-31, 2025. Size of organization and sector are standardized across all countries and territories to allow international comparisons.

Employers are selected based on the types of companies and organizations they represent. We want to ensure that our panel is representative of each participating country’s national labor market, so each country’s panel is built in proportion to that country’s overall distribution of industry sectors and organization sizes.

The person we select to interview will be someone with a good overview of staffing levels and hiring intentions within their organization. Normally this will be the head of HR or an HR manager. However, in smaller organizations, that person may be a general manager or even the CEO.

Reputation Leaders is our lead research partner who analyzes data for all 41 countries and territories to ensure consistency.

Seasonal adjustment is a statistical process that allows the Survey data to be presented without the impact of hiring fluctuations that normally occur through the course of the year, usually as a result of various external factors, such changes in weather, traditional production cycles, and public holidays. Seasonal adjustment has the effect of flattening peaks and smoothing troughs in the data to better illustrate underlying employment trends and provide a more accurate representation of the ManpowerGroup Employment Outlook Survey results.

Beginning with the Q1 2026 survey, the industry sectors have been updated to align with the North American Industry Classification System (NAICS). Historical data has been reclassified and will still be available as defined below.

Construction & Real Estate: Construction;Real Estate; Building Products; Construction & Engineering; Trading Companies & Distributors; Other Industrials Sub-Industry; Construction Materials; Real Estate Management & Development; Construction of Buildings; Heavy and Civil Engineering Construction; Specialty Trade Contractors; Rental and Leasing Services; and Lessors of Nonfinancial Intangible Assets.

Banking, Finance and Insurance: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Mortgage Real Estate Investment Trusts; Insurance; Equity Real Estate Investment Trusts; Other Financials & Real Estate Sub-Industry; Monetary Authorities-Central Bank; Credit Intermediation and Related Activities; Securities, Commodity Contracts, and Other Financial Investments and Related Activities; Insurance Carriers and Related Activities; Funds, Trusts, and Other Financial Vehicles.

Hospitality: Leisure Facilities, Gaming & Casinos; Accommodation, Restaurants, Hotels, Resorts & Cruise Lines; Arts, Entertainment, and Recreation; Accommodation and Food Services.

Information: Software; Communications Equipment; Technology Hardware, Storage & Peripherals; Other IT Sub-Industry; Diversified Telecommunication Services; Wireless Telecommunication Services; Media and Publishing; Entertainment; Interactive Media & Services; Other Communication Sub-Industry; Motion Picture and Sound Recording Industries; Newspaper, Periodical, Book, and Directory Publishers; Software Publishers; Broadcasting and Content Providers; Telecommunications; Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services; Web Search Portals, Libraries, Archives, and Other Information Services.

Manufacturing: Manufacturing; Aerospace & Defense; Electrical Equipment; Machinery; Chemicals; Other Materials Sub-Industry; Electronic Equipment, Instruments & Components; Semiconductors & Semiconductor Equipment; Industrials Manufacturing; Energy & Utilities Manufacturing; Materials Manufacturing; Transportation Manufacturing; Consumer Goods & Services Manufacturing; Health Care & Life Sciences Manufacturing; IT Manufacturing; Communication Services Manufacturing; Other Manufacturing; Food Manufacturing; Beverage and Tobacco Product Manufacturing; Textile Mills; Textile Product Mills; Apparel Manufacturing; Leather and Allied Product Manufacturing; Wood Product Manufacturing; Paper Manufacturing; Printing and Related Support Activities; Petroleum and Coal Products Manufacturing; Basic Chemical Manufacturing; Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments Manufacturing; Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing; Pharmaceutical and Medicine Manufacturing; Paint, Coating, and Adhesive Manufacturing; Soap, Cleaning Compound, and Toilet Preparation Manufacturing; Other Chemical Product and Preparation Manufacturing; Plastics and Rubber Products Manufacturing; Nonmetallic Mineral Product Manufacturing; Primary Metal Manufacturing; Fabricated Metal Product Manufacturing; Machinery Manufacturing; Computer and Peripheral Equipment Manufacturing; Communications Equipment Manufacturing; Audio and Video Equipment Manufacturing; Semiconductor and Other Electronic Component Manufacturing; Navigational, Measuring, Electromedical, and Control Instruments Manufacturing; Manufacturing and Reproducing Magnetic and Optical Media; Electrical Equipment, Appliance, and Component Manufacturing; Motor Vehicle Manufacturing; Motor Vehicle Body and Trailer Manufacturing; Motor Vehicle Parts Manufacturing; Aerospace Product and Parts Manufacturing; Railroad Rolling Stock Manufacturing; Ship and Boat Building; Other Transportation Equipment Manufacturing; Furniture and Related Product Manufacturing; Miscellaneous Manufacturing.

Professional, Scientific & Technical Services: Professional, Scientific and Technical Activities; Commercial Services & Supplies; Professional Services; Specialized Consumer Services; IT Services; Administrative and Support Services; Legal Services; Accounting, Tax Preparation, Bookkeeping, and Payroll Services; Architectural, Engineering, and Related Services; Specialized Design Services; Computer Systems Design and Related Services; Management, Scientific, and Technical Consulting Services; Scientific Research and Development Services; Advertising, Public Relations, and Related Services; Other Professional, Scientific, and Technical Services; Management of Companies and Enterprises.

Public Sector, Health & Social Services: Education; Human Health and Social Work; Government (National or Local) or Public Service; Education Services; Health Care Equipment & Supplies; Health Care Providers & Services; Health Care Technology; Biotechnology; Pharmaceuticals; Life Sciences Tools & Services; Other Health Care & Life Sciences Sub-Industry; Not for Profit / Charity / Religious Organization; Educational Institutions; Educational Services; Health Care and Social Assistance; Other Services (except Public Administration); Public Administration.

Trade & Logistics: Wholesale and Retail Trade; Repair of Vehicles; Containers & Packaging; Paper & Forest Products; Air Freight & Logistics; Airlines; Marine; Road & Rail; Transportation Infrastructure; Auto Components; Automobiles; Other Transport, Logistics & Automobiles Sub-Industry; Household Durables; Leisure Products; Textiles, Apparel & Luxury Goods; Distributors; Online & Direct Marketing Retail; Multiline Retail (Department Stores, etc.); Specialty Retail (Apparel, Technology, etc.); Other Consumer Discretionary Goods & Services Sub-Industry; Food & Staples Retailing; Beverages; Food Products; Tobacco; Household Products; Personal Products; Other Consumer Staples Sub-Industry; Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers; Furniture and Home Furnishing Merchant Wholesalers; Lumber and Other Construction Materials Merchant Wholesalers; Professional and Commercial Equipment and Supplies Merchant Wholesalers; Metal and Mineral (except Petroleum) Merchant Wholesalers; Household Appliances and Electrical and Electronic Goods Merchant Wholesalers; Hardware, and Plumbing and Heating Equipment and Supplies Merchant Wholesalers; Machinery, Equipment, and Supplies Merchant Wholesalers; Miscellaneous Durable Goods Merchant Wholesalers; Paper and Paper Product Merchant Wholesalers; Drugs and Druggists' Sundries Merchant Wholesalers; Apparel, Piece Goods, and Notions Merchant Wholesalers; Grocery and Related Product Merchant Wholesalers; Farm Product Raw Material Merchant Wholesalers; Chemical and Allied Products Merchant Wholesalers; Petroleum and Petroleum Products Merchant Wholesalers; Beer, Wine, and Distilled Alcoholic Beverage Merchant Wholesalers; Miscellaneous Nondurable Goods Merchant Wholesalers; Wholesale Trade Agents and Brokers; Motor Vehicle and Parts Dealers; Building Material and Garden Equipment and Supplies Dealers; Food and Beverage Retailers; Furniture, Home Furnishings, Electronics, and Appliance Retailers; General Merchandise Retailers; Health and Personal Care Retailers; Gasoline Stations and Fuel Dealers; Clothing, Clothing Accessories, Shoe, and Jewelry Retailers; Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers; Air Transportation; Rail Transportation; Water Transportation; Truck Transportation; Transit and Ground Passenger Transportation; Pipeline Transportation; Scenic and Sightseeing Transportation; Support Activities for Transportation; Postal Service; Couriers and Messengers; Warehousing and Storage.

Utilities & Natural Resources: Mining and Quarrying; Electricity, Gas and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and Remediation Activities; Energy Equipment & Services; Oil, Gas & Consumable Fuels; Electric Utilities; Gas Utilities; Multi-Utilities; Water Utilities; Waste Remediation; Independent Power and Renewable Electricity Producers; Other Energy and Utilities Sub-Industry; Metals & Mining; Agriculture and Fishing; Agriculture, Forestry, Fishing and Hunting; Oil and Gas Extraction; Mining (except Oil and Gas); Support Activities for Mining; Utilities; Waste Management and Remediation Services.