Manpowergroup · NYSE:MAN
Manpowergroup — Q1 2025 Earnings Presentation
23 slides from Manpowergroup's earnings presentation, Apr 17, 2025
Slide 1: First Quarter Results
First Quarter Results April 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 First Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted Q1 Financial Highlights -7% -7% (2) -5% CC -4% CC Revenue $4.1B (Systemwide $4.5B) -2% OCC -2% OCC -20 bps -40 bps Gross Margin 17.1% (3) -51% -35% EBITA $36M -47% CC -32% CC ($52M as adjusted) (3)
Slide 4: EPS Bridge – Q1 vs. Guidance Midpoint
ManpowerGroup 2025 First Quarter Results EPS Bridge – Q1 vs. Guidance Midpoint (1) (1) Detail of items included on slide 3. ManpowerGroup | First Quarter 2025 Results April 2025 | 4
Slide 5: Business Line Revenue Q1 2025
ManpowerGroup 2025 First Quarter Results Business Line Revenue Q1 2025(1) 10% 5% 0% -2% -2% -4% -5% -5% -6% -7% -10% MANPOWER EXPERIS TALENT SOLUTIONS vs. 2024 reported % vs. 2024 organic CC % Manpower organic CC revenue decreased slightly from Talent Solutions organic CC revenues decreased from the
Slide 6: Consolidated Gross Margin Change
ManpowerGroup 2025 First Quarter Results Consolidated Gross Margin Change ManpowerGroup | First Quarter 2025 Results April 2025 | 6
Slide 7: Business Line Gross Profit – Q1 2025
ManpowerGroup 2025 First Quarter Results Business Line Gross Profit – Q1 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 | First Quarter 2025 Res
Slide 8: SG&A Expense Bridge – Q1 YoY
ManpowerGroup 2025 First Quarter Results SG&A Expense Bridge – Q1 YoY (in millions of USD) (15.7% CC) (15.9% CC) (16.3% CC) ManpowerGroup | First Quarter 2025 Results April 2025 | 8
Slide 9: Americas Segment
ManpowerGroup 2025 First Quarter Results Americas Segment (25% of Revenue) As Reported Q1 Financial Highlights 2% Revenue $1.1B 5% CC -2% 2% CC OUP $25M -10 bps OUP Margin 2.4% Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues le
Slide 10: Americas – Q1 Revenue Trend YoY
ManpowerGroup 2025 First Quarter Results Americas – Q1 Revenue Trend YoY ManpowerGroup | First Quarter 2025 Results April 2025 | 10
Slide 11: Southern Europe Segment
ManpowerGroup 2025 First Quarter Results Southern Europe Segment (45% of Revenue) (1) As Reported As Adjusted Q1 Financial Highlights -7% -7% -5% CC -5% CC Revenue $1.8B -4% OCC -4% OCC -28% -23% OUP $50M -26% CC -21% CC -27% OCC -22% OCC ($54M as adjusted) OUP Margin 2.7% -80 bps -60 bps (2.9% as a
Slide 12: Southern Europe – Q1 Revenue Trend YoY
ManpowerGroup 2025 First Quarter Results Southern Europe – Q1 Revenue Trend YoY ManpowerGroup | First Quarter 2025 Results April 2025 | 12
Slide 13: Northern Europe Segment
ManpowerGroup 2025 First Quarter Results Northern Europe Segment (18% of Revenue) (1) As Reported As Adjusted Q1 Financial Highlights -16% -16% Revenue $731M -14% CC -14% CC NM NM OUP -$18M NM NM (-$6M as adjusted) OUP Margin -2.5% NM -150 bps (-0.8% as adjusted) (1) Current period excludes the impa
Slide 14: Northern Europe – Q1 Revenue Trend YoY
ManpowerGroup 2025 First Quarter Results Northern Europe – Q1 Revenue Trend YoY ManpowerGroup | First Quarter 2025 Results April 2025 | 14
Slide 15: APME Segment
ManpowerGroup 2025 First Quarter Results APME Segment (12% of Revenue) (1) As Reported Q1 Financial Highlights -11% -9% CC Revenue $476M 7% OCC 1% 3% CC OUP $20M 14% OCC 50 bps OUP Margin 4.2% (1) Organic constant currency variances adjust for the disposition and franchise of our Korea business. Man
Slide 16: APME – Q1 Revenue Trend YoY
ManpowerGroup 2025 First Quarter Results APME – Q1 Revenue Trend YoY ManpowerGroup | First Quarter 2025 Results April 2025 | 16
Slide 17: Cash Flow Summary
ManpowerGroup 2025 First Quarter Results Cash Flow Summary ManpowerGroup | First Quarter 2025 Results April 2025 | 17
Slide 18: Balance Sheet Highlights
ManpowerGroup 2025 First Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) Total Debt Net Debt Net (Cash) Total Debt to Total Capitalization ManpowerGroup | First Quarter 2025 Results April 2025 | 18
Slide 19: Second Quarter 2025 Outlook
ManpowerGroup 2025 First Quarter Results Second Quarter 2025 Outlook Revenue Total Down 1-5% (Down 3-7% CC) (Down 1-5% OCC) Americas Down 1-5% (Down 3% / Up 1% CC) Southern Down 2% / Up 2% (Down 2-6% CC) (Down 1-5% Europe OCC) Northern Down 6-10% (Down 9-13% CC) Europe APME Down 3-7% (Down 7-11% CC)
Slide 20: Key Take Aways
ManpowerGroup 2025 First Quarter Results Key Take Aways Latin America and Asia Pacific saw good growth during the quarter while the environment remained challenging in Europe and North America Gross profit margin of 17.1% reflects solid staffing margins across most major markets and slightly weaker
Slide 21: Appendix
Appendix ManpowerGroup | First Quarter 2025 Results April 2025 | 21
Slide 22: Industry Vertical Composition Based on Revenues – Q1 2025
ManpowerGroup 2025 First Quarter Results Industry Vertical Composition Based on Revenues – Q1 2025 Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation. ManpowerGroup | First Quarter 2025 Results April 2025 | 22
Slide 23: Debt and Credit Facilities – March 31, 2025
ManpowerGroup 2025 First Quarter Results Debt and Credit Facilities – March 31, 2025 (in millions of USD) (2) Interest Maturity Total Remaining Rate Date Outstanding Available Euro Notes - €500M 1.809% Jun 2026 540 - (4) Euro Notes - €400M 3.514% Jun 2027 431 - (1)(2) Revolving Credit Agreement 5.44