Slide 1: ManpowerGroup First Quarter Results
April 19, 2022 ManpowerGroup First Quarter Results Exhibit 99.2
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic uncertainty, the Russia-Ukraine war and other geopolitical uncertainty, financial and labor outlook, the Company’s strategic initiatives and technology investments, the impact of the Mexican labo
Slide 3: Consolidated Financial Highlights
Consolidated Financial Highlights Excludes the net impact of integration costs of $3.7M ($2.9M net of tax) and loss on Russia disposition of $8M in Q1 2022. EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets. As Reported As Adjust
Slide 4: EPS Bridge – Q1 vs. Guidance Midpoint
EPS Bridge – Q1 vs. Guidance Midpoint
Slide 5: Business Line Revenue Q1 2022
Business Line Revenue Q1 2022(1) Business line classifications can vary by entity and are subject to change as service requirements change. Experis showing strong growth and integration of the U.S. acquisition is proceeding well Continued strong growth in market-leading RPO and MSP offerings Solid o
Slide 6: Consolidated Gross Margin Change
Consolidated Gross Margin Change
Slide 7: Business Line Gross Profit – Q1 2022
Trend Business Line Gross Profit – Q1 2022(1) (1) Business line classifications can vary by entity and are subject to change as service requirements change. █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total Total Gross Profit $897M
Slide 8: SG&A Expense Bridge – Q1 YoY
SG&A Expense Bridge – Q1 YoY (in millions of USD) Reported and as adjusted ratios are unfavorably impacted 10 bps due to the effect of currency exchange rates on our business mix. In constant currency, SG&A reported and as adjusted are 14.6% and 14.4% of revenue, respectively. (2)
Slide 9: Americas Segment (24% of Revenue)
Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues less direct costs and branch and national headquarters operating costs. Americas Segment (24% of Revenue) As Reported As Adjusted(1) Q1 Financial Highlights 25% 26% CC 7% OCC 25%
Slide 10: Americas – Q1 Revenue Trend YoY
Americas – Q1 Revenue Trend YoY
Slide 11: Southern Europe Segment (43% of Revenue)
Southern Europe Segment (43% of Revenue) As Reported Q1 Financial Highlights 2% Revenue $2.2B 8% CC 30% OUP $95M 38% CC 90 bps OUP Margin 4.3%
Slide 12: Southern Europe – Q1 Revenue Trend YoY
Southern Europe – Q1 Revenue Trend YoY
Slide 13: Northern Europe Segment (21% of Revenue)
As Reported As Adjusted(1) Q1 Financial Highlights 3% 2% CC 4% OCC 3% 2% CC 4% OCC Revenue $1.1B 32% 35% CC 28% OCC 88% 92% CC 114% OCC OUP $3M ($9M as adjusted) 10 bps 10 bps OCC 40 bps 40 bps OCC OUP Margin 0.3% (0.8% as adjusted) Northern Europe Segment (21% of Revenue) Excludes the loss on dispo
Slide 14: Northern Europe – Q1 Revenue Trend YoY
Northern Europe – Q1 Revenue Trend YoY Revenue trend includes the loss of revenues since the sale of Russia. On an organic CC basis, the revenue trend is +11%.
Slide 15: APME Segment (12% of Revenue)
APME Segment (12% of Revenue) As Reported Q1 Financial Highlights 1% Revenue $618M 6% CC 1% OUP $19M 10% CC 10 bps OUP Margin 3.1%
Slide 16: APME – Q1 Revenue Trend YoY
APME – Q1 Revenue Trend YoY (1)
Slide 17: Cash Flow Summary — YTD
ManpowerGroup 2022 First Quarter Results Cash Flow Summary — YTD (in millions of USD) 2022 2021 Net Earnings 92 62 Non-cash Provisions and Other 37 20 Change in Operating Assets/Liabilities (58) 59 Capital Expenditures 19) 13) Free Cash Flow 52 128 Change in Debt (28) 3 Acquisitions of Businesses, i
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash)
Slide 19: Debt and Credit Facilities – March 31, 2022
Debt and Credit Facilities – March 31, 2022 (in millions of USD) (3) (1)(2) The $600M agreement requires that we comply with a Leverage Ratio (net Debt-to-EBITDA) of not greater than 3.5 to 1 and a Fixed Charge Coverage Ratio of not less than 1.5 to 1, in addition to other customary restrictive cove
Slide 20: Second Quarter 2022 Outlook
Second Quarter 2022 Outlook Revenue Total Down 2/Up 2% (6-10% CC) (2-6% OCC) Americas Up 22-26% (24-28% CC) (5-9% OCC) Southern Europe Down 2-6% (Up 3-7% CC) Northern Europe Down 8-12% (Flat/Down 4% CC) (Down 1%/Up 3% OCC) APME Flat/Down 4% (Up 3-7% CC) Gross Profit Margin 17.7 – 17.9% EBITA(1) Marg
Slide 21: Key Take Aways
Our first quarter results reflect strength of brands and geographic footprint with revenue growth of 10% in constant currency Gross profit margin of 17.4% reflects good pricing discipline, strong permanent recruitment activity and improved business mix Very good progress in advancing our Diversifica
Slide 22: Appendix
SSS —_—__—_—_— ManpowerGroup 2022 First Quarter Results Appendix April 2022 ManpowerGroup | First Quarter 2022 Results 2
Slide 23: Industry Vertical Composition – Q1 2022
Industry Vertical Composition – Q1 2022 Manufacturing, 40.3%