Manpower 3Q26: Stable organic growth trends; gross margin below cons

Manpower (not covered) slightly missed Visible Alpha consensus EPS expectations by c.1% in 3Q26; sales were in line at c.6% organic growth vs. 5.4% consensus and within the 4-8% guided range. Gross margin was ~10bps below consensus while EBITA margin was in line. Momentum was stronger in the Americas (+12% ccy, US +6%) and Northern Europe (+6%), with France weaker (-2%). France revenue trends were slightly softer (-2% yoy) with volatility in July and August before improving in September and early October, and management expects a slightly better trend in 4Q26. Northern Europe accelerated, with the UK +7% and Germany up double digits, while Italy remained resilient (+5%). The Manpower brand in the US grew 15% yoy versus +16% in 2Q26. Management does not see the current 6% organic growth as a ceiling, with commercial staffing leading the recovery and early signs of improvement in professional staffing and Talent Solutions;