Slide 1: ManpowerGroup Third Quarter Results
ManpowerGroup Third Quarter Results October 19, 2023 Exhibit 99.2
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic and geopolitical uncertainty, financial outlook, including future restructuring charges resulting from the wind-down of the Proservia business in Germany, labor demand, the outlook for our busine
Slide 3: Q3 Consolidated Financial Highlights
Excludes the net impact of restructuring costs of $38.1M ($34.0M net of tax), the loss on sale of our Philippines business of $1.3M ($1.4M net of tax) and a non-cash currency translation charge of $3.6M related to hyper-inflationary Argentina, while Q3 2022 excludes the net impact of integration cos
Slide 4: EPS Bridge – Q3 vs. Guidance Midpoint
EPS Bridge – Q3 vs. Guidance Midpoint ManpowerGroup 2023 Third Quarter Results
Slide 5: Business Line Revenue Q3 2023
Experis revenues decreased in the quarter with the most pronounced impact from enterprise clients. Represented a slight improvement from the second quarter trend Within Talent Solutions, both MSP and Right Management experienced steady revenue levels from Q2, while RPO experienced further declines M
Slide 6: Consolidated Gross Margin Change
Consolidated Gross Margin Change ManpowerGroup 2023 Third Quarter Results
Slide 7: Business Line Gross Profit – Q3 2023
(1) Business line classifications can vary by entity and are subject to change as service requirements change. █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total Business Line Gross Profit – Q3 2023(1) ManpowerGroup 2023 Third Quarter Results
Slide 8: SG&A Expense Bridge – Q3 YoY
Q3 2023 includes restructuring costs of $38.1M which consists of $6.0M in the Americas, $3.8M in Southern Europe, $27.5M in Northern Europe, and $0.8M in APME (1) (15.3% CC) (16.1% CC) (14.6% CC) SG&A Expense Bridge – Q3 YoY (in millions of USD) ManpowerGroup 2023 Third Quarter Results
Slide 9: Americas Segment Q3 Financial Highlights
As Reported As Adjusted Q3 Financial Highlights -10% -7% CC -10% -7% CC Revenue $1.1B -47% -44% CC -43% -41% CC OUP $38M ($44M as adjusted) -230 bps -220 bps OUP Margin 3.4% (4.0% as adjusted) Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to seg
Slide 10: Americas – Q3 Revenue Trend YoY
Americas – Q3 Revenue Trend YoY ManpowerGroup 2023 Third Quarter Results
Slide 11: Southern Europe Segment Q3 Financial Highlights
As Reported As Adjusted Q3 Financial Highlights 3% -3% CC 3% -3% CC Revenue $2.1B -16% -21% CC -12% -18% CC OUP $84M ($88M as adjusted) -90 bps -70 bps OUP Margin 4.0% (4.2% as adjusted) Southern Europe Segment (45% of Revenue) Current period excludes the impact of restructuring costs of $3.8M. (1)
Slide 12: Southern Europe – Q3 Revenue Trend YoY
Impact reflects business performance after adjusting for loss of revenues due to Hungary sale. Southern Europe – Q3 Revenue Trend YoY ManpowerGroup 2023 Third Quarter Results
Slide 13: Northern Europe Segment Q3 Financial Highlights
As Reported As Adjusted Q3 Financial Highlights -4% -10% CC -4% -10% CC Revenue $914M -341% -332% CC -125% -127% CC OUP $-31M ($-3M as adjusted) -470 bps -170 bps OUP Margin -3.4% (-0.4% as adjusted) Northern Europe Segment (19% of Revenue) Current period excludes the impact of restructuring costs o
Slide 14: Northern Europe – Q3 Revenue Trend YoY
Northern Europe – Q3 Revenue Trend YoY ManpowerGroup 2023 Third Quarter Results
Slide 15: APME Segment Q3 Financial Highlights
As Reported As Adjusted Q3 Financial Highlights -4% -2% CC -4% -2% CC Revenue $565M 3% 7% CC 7% 11% CC OUP $24M ($25M as adjusted) +30 bps +40 bps OUP Margin 4.3% (4.4% as adjusted) APME Segment (12% of Revenue) Current period excludes the impact of restructuring costs of $0.8M. ManpowerGroup 2023 T
Slide 16: APME – Q3 Revenue Trend YoY
APME – Q3 Revenue Trend YoY ManpowerGroup 2023 Third Quarter Results
Slide 17: Cash Flow Summary – YTD
Cash Flow Summary – YTD ManpowerGroup 2023 Third Quarter Results
Slide 18: Balance Sheet Highlights
Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash) Balance Sheet Highlights ManpowerGroup 2023 Third Quarter Results
Slide 19: Debt and Credit Facilities – September 30, 2023
Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €500M 1.809% Jun 2026 527 - Euro Notes - €400M 3.514% Jun 2027 419 - Revolving Credit Agreement 6.444% May 2027 - 600 Uncommitted lines and Other Various Various 16 334 Total Debt 962 934 (3) (1)(2) (4) (2) Debt and Credi
Slide 20: Fourth Quarter 2023 Outlook
EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets. Estimates are assuming FX rates of 1.055 for the Euro, 1.22 for the GBP and 0.0068 for JPY. Revenue Total Down 3-7% (Down 4-8% CC) Americas Down 7-11% (Down 3-7% CC) Southern Eur
Slide 21: Key Take Aways
A challenging operating environment in North America and Europe contributed to revenue declines across brands during the quarter. This was partially offset by strength in APME and Latin America. Gross profit margin of 17.6% reflects strong staffing margin trends. We have taken decisive actions to si
Slide 22: Building Candidate Loyalty with huManpower
Building Candidate Loyalty with huManpower
Slide 23: Appendix
Appendix ManpowerGroup | Third Quar October 2023 | 23
Slide 24: Industry Vertical Composition Based on Revenues – Q3 2023
Industry Vertical Composition Based on Revenues – Q3 2023 ManpowerGroup 2023 Third Quarter Results