Slide 1: Second Quarter Results
Second Quarter Results July 17, 2025
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic and geopolitical uncertainty, including uncertainty regarding trade policy developments, trends in labor demand and the future strengthening of such demand, the impact of AI on labor markets, fin
Slide 3: Consolidated Financial Highlights
ManpowerGroup 2025 Second Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted Q2 Financial Highlights 0% 0% (2) -3% CC -3% CC Revenue $4.5B (Systemwide $4.9B) -1% OCC -1% OCC -50 bps -50 bps Gross Margin 16.9% (3) -34% -21% EBITA $72M -44% CC -25% CC ($89M as adjusted) (3)
Slide 4: EPS Bridge – Q2 vs. Guidance Midpoint
ManpowerGroup 2025 Second Quarter Results EPS Bridge – Q2 vs. Guidance Midpoint (1) (1) (1) Detail of items included on slide 3. ManpowerGroup | Second Quarter 2025 Results July 2025 | 4
Slide 5: Business Line Revenue Q2 2025
ManpowerGroup 2025 Second Quarter Results Business Line Revenue Q2 2025(1) 10% 5% 1% 3% 1% 2% 0% -5% -7% -9% -10% MANPOWER EXPERIS TALENT SOLUTIONS vs. 2024 reported % vs. 2024 organic CC % Manpower organic CC revenue increased slightly Talent Solutions organic CC revenues increased from from the Q1
Slide 6: Consolidated Gross Margin Change
ManpowerGroup 2025 Second Quarter Results Consolidated Gross Margin Change ManpowerGroup | Second Quarter 2025 Results July 2025 | 6
Slide 7: Business Line Gross Profit – Q2 2025
ManpowerGroup 2025 Second Quarter Results Business Line Gross Profit – Q2 2025(1) Trend █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total (1) Business line classifications can vary by entity and are subject to change as service requirements change. ManpowerGroup | Second Quarter 2025 R
Slide 8: SG&A Expense Bridge – Q2 YoY
ManpowerGroup 2025 Second Quarter Results SG&A Expense Bridge – Q2 YoY (in millions of USD) (15.0% CC) (15.2% CC) (17.6% CC) ManpowerGroup | Second Quarter 2025 Results July 2025 | 8
Slide 9: Americas Segment
ManpowerGroup 2025 Second Quarter Results Americas Segment (23% of Revenue) As Reported Q2 Financial Highlights 0% Revenue $1.1B 2% CC -20% -18% CC OUP $36M -80 bps OUP Margin 3.4% Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenue
Slide 10: Americas – Q2 Revenue Trend YoY
ManpowerGroup 2025 Second Quarter Results Americas – Q2 Revenue Trend YoY ManpowerGroup | Second Quarter 2025 Results July 2025 | 10
Slide 11: Southern Europe Segment
ManpowerGroup 2025 Second Quarter Results Southern Europe Segment (47% of Revenue) (1) As Reported As Adjusted Q2 Financial Highlights 2% 2% -3% CC -3% CC Revenue $2.1B -2% OCC -2% OCC -12% -9% OUP $73M -16% CC -14% CC -17% OCC -14% OCC ($75M as adjusted) OUP Margin 3.4% -60 bps -50 bps (3.5% as adj
Slide 12: Southern Europe – Q2 Revenue Trend YoY
ManpowerGroup 2025 Second Quarter Results Southern Europe – Q2 Revenue Trend YoY ManpowerGroup | Second Quarter 2025 Results July 2025 | 12
Slide 13: Northern Europe Segment
ManpowerGroup 2025 Second Quarter Results Northern Europe Segment (18% of Revenue) (1) As Reported As Adjusted Q2 Financial Highlights -5% -5% Revenue $794M -10% CC -10% CC OUP -$9M (2) (2) NM NM NM NM (-$6M as adjusted) OUP Margin -1.1% -80 bps -90 bps (-0.8% as adjusted) (1) Current period exclude
Slide 14: Northern Europe – Q2 Revenue Trend YoY
ManpowerGroup 2025 Second Quarter Results Northern Europe – Q2 Revenue Trend YoY -28% -22% ManpowerGroup | Second Quarter 2025 Results July 2025 | 14
Slide 15: APME Segment
ManpowerGroup 2025 Second Quarter Results APME Segment (12% of Revenue) (1) As Reported As Adjusted Q2 Financial Highlights -3% -3% -8% CC -8% CC Revenue $525M 8% OCC 8% OCC 5% 6% OUP $26M 2% CC 0% CC 11% OCC 9% OCC ($27M as adjusted) OUP Margin 5.0% 40 bps 50 bps (5.1% as adjusted) (1) Current peri
Slide 16: APME – Q2 Revenue Trend YoY
ManpowerGroup 2025 Second Quarter Results APME – Q2 Revenue Trend YoY ManpowerGroup | Second Quarter 2025 Results July 2025 | 16
Slide 17: Cash Flow Summary
ManpowerGroup 2025 Second Quarter Results Cash Flow Summary ManpowerGroup | Second Quarter 2025 Results July 2025 | 17
Slide 18: Balance Sheet Highlights
ManpowerGroup 2025 Second Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) Total Debt Net Debt Net (Cash) Total Debt to Total Capitalization ManpowerGroup | Second Quarter 2025 Results July 2025 | 18
Slide 19: Third Quarter 2025 Outlook
ManpowerGroup 2025 Second Quarter Results Third Quarter 2025 Outlook Flat / Up 4% (Down 4% / Flat CC) (Down 2% / Up Revenue Total 2% OCC) Americas Up 1-5% (Up 1-5% CC) Southern Up 3-7% (Down 4% / Flat CC) (Down 3% / Up 1% Europe OCC) Northern Down 2% / Up 2% (Down 3-7% CC) Europe APME Down 5-9% (Dow
Slide 20: Key Take Aways
ManpowerGroup 2025 Second Quarter Results Key Take Aways Latin America and Asia Pacific continued to experience good demand while demand in Europe and North America saw stabilizing trends in many markets during the quarter Manpower and Talent Solutions brands crossed back over to revenue growth in t
Slide 21: Appendix
Appendix ManpowerGroup | Second Quarter 2025 Results July 2025 | 21
Slide 22: Industry Vertical Composition Based on Revenues – Q2 2025
ManpowerGroup 2025 Second Quarter Results Industry Vertical Composition Based on Revenues – Q2 2025 Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation. ManpowerGroup | Second Quarter 2025 Results July 2025 | 22
Slide 23: Debt and Credit Facilities – June 30, 2025
ManpowerGroup 2025 Second Quarter Results Debt and Credit Facilities – June 30, 2025 (in millions of USD) (2) Interest Maturity Total Remaining Rate Date Outstanding Available Euro Notes - €500M 1.809% Jun 2026 589 - (4) Euro Notes - €400M 3.514% Jun 2027 469 - (1)(2) Revolving Credit Agreement 5.44