Slide 1: ManpowerGroup Fourth Quarter Results
January 30, 2025 ManpowerGroup Fourth Quarter Results
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding global economic and geopolitical uncertainty, particularly in the US and Europe, future economic growth in Europe, harnessing the potential of AI, trends in labor demand and the future strengthening of su
Slide 3: Consolidated Financial Highlights Q4 2024
ManpowerGroup 2024 Fourth Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted Q4 Financial Highlights -5% -5% -3% CC -3% CC Revenue $4.4B -1% OCC -1% OCC -30 bps -30 bps Gross Margin 17.2% (2) 217% -19% EBITA $76M 230% CC -12% CC ($94M as adjusted) (2) EBITA Margin 1.7% 120
Slide 4: Consolidated Financial Highlights 2024
ManpowerGroup 2024 Fourth Quarter Results Consolidated Financial Highlights (1) As Reported As Adjusted 2024 Financial Highlights -6% -6% -3% CC -3% CC Revenue $17.9B -50 bps -50 bps Gross Margin 17.3% (2) -2% -19% EBITA $339M 2% CC -15% CC ($403M as adjusted) (2) EBITA Margin 1.9% 10 bps -30 bps (2
Slide 5: EPS Bridge – Q4 vs. Guidance Midpoint
ManpowerGroup 2024 Fourth Quarter Results EPS Bridge – Q4 vs. Guidance Midpoint (1) (1) Detail of items included on slide 3. ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 5
Slide 6: Business Line Revenue Q4 2024
ManpowerGroup 2024 Fourth Quarter Results Business Line Revenue Q4 2024(1) 10% 5% 6% 5% 0% -1% -5% -5% -6% -7% -10% MANPOWER EXPERIS TALENT SOLUTIONS vs. 2023 reported % vs. 2023 organic CC % Manpower organic CC revenue decreased slightly from Talent Solutions experienced improved sequential the Q3
Slide 7: Consolidated Gross Margin Change
ManpowerGroup 2024 Fourth Quarter Results Consolidated Gross Margin Change ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 7
Slide 8: Business Line Gross Profit – Q4 2024
ManpowerGroup 2024 Fourth Quarter Results Business Line Gross Profit – Q4 2024(1) █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total (1) Business line classifications can vary by entity and are subject to change as service requirements change. ManpowerGroup | Fourth Quarter 2024 Results
Slide 9: SG&A Expense Bridge – Q4 YoY
ManpowerGroup 2024 Fourth Quarter Results SG&A Expense Bridge – Q4 YoY (in millions of USD) (1) (18.3% CC) (15.0% CC) (15.6% CC) (1) Includes restructuring costs of $16.0M and other items. ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 9
Slide 10: Americas Segment
ManpowerGroup 2024 Fourth Quarter Results Americas Segment (24% of Revenue) (1) As Reported As Adjusted Q4 Financial Highlights 0% 0% Revenue $1.1B 7% CC 7% CC -4% -3% OUP $34M 7% CC 8% CC ($39M as adjusted) OUP Margin 3.2% 10 bps 10 bps (3.6% as adjusted) (1) Current period excludes the impact of r
Slide 11: Americas – Q4 Revenue Trend YoY
ManpowerGroup 2024 Fourth Quarter Results Americas – Q4 Revenue Trend YoY Revenue Trend Revenue Trend - CC ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 11
Slide 12: Southern Europe Segment
ManpowerGroup 2024 Fourth Quarter Results Southern Europe Segment (47% of Revenue) (1) As Reported As Adjusted Q4 Financial Highlights -3% -3% -3% CC -3% CC Revenue $2.0B -2% OCC -2% OCC -17% -22% OUP $75M -17% CC -17% CC -19% OCC -19% OCC ($73M as adjusted) OUP Margin 3.7% 60 bps 90 bps (3.6% as ad
Slide 13: Southern Europe – Q4 Revenue Trend YoY
ManpowerGroup 2024 Fourth Quarter Results Southern Europe – Q4 Revenue Trend YoY Revenue Trend Revenue Trend - CC ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 13
Slide 14: Northern Europe Segment
ManpowerGroup 2024 Fourth Quarter Results Northern Europe Segment (17% of Revenue) (1) As Reported As Adjusted Q4 Financial Highlights -16% -16% Revenue $768M -16% CC -16% CC NM NM OUP -$16M NM NM (-$10M as adjusted) OUP Margin -2.1% NM 170 bps (-1.3% as adjusted) (1) Current period excludes the imp
Slide 15: Northern Europe – Q4 Revenue Trend YoY
ManpowerGroup 2024 Fourth Quarter Results Northern Europe – Q4 Revenue Trend YoY Revenue Trend Revenue Trend - CC ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 15
Slide 16: APME Segment
ManpowerGroup 2024 Fourth Quarter Results APME Segment (12% of Revenue) (1) As Reported As Adjusted Q4 Financial Highlights -5% -5% -4% CC -4% CC Revenue $522M 7% OCC 7% OCC -27% 25% OUP $16M -28% CC 27% CC -23% OCC 37% OCC ($27M as adjusted) OUP Margin 3.0% 90 bps 120 bps (5.1% as adjusted) (1) Cur
Slide 17: APME – Q4 Revenue Trend YoY
ManpowerGroup 2024 Fourth Quarter Results APME – Q4 Revenue Trend YoY Revenue Trend Revenue Trend - CC ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 17
Slide 18: Cash Flow Summary
ManpowerGroup 2024 Fourth Quarter Results Cash Flow Summary ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 18
Slide 19: Balance Sheet Highlights
ManpowerGroup 2024 Fourth Quarter Results Balance Sheet Highlights Total Debt (in millions of USD) Total Debt Net Debt Net (Cash) Total Debt to Total Capitalization ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 19
Slide 20: First Quarter 2025 Outlook
ManpowerGroup 2024 Fourth Quarter Results First Quarter 2025 Outlook Revenue Total Down 9-13% (Down 5-9% CC) (Down 3-7% OCC) Americas Down 2-6% (Down 3% / Up 1% CC) Southern Down 8-12% (Down 4-8% CC) (Down 3-7% OCC) Europe Northern Down 16-20% (Down 12-16% CC) Europe Down 15-19% (Down 12-16% CC) (Do
Slide 21: Key Take Aways
ManpowerGroup 2024 Fourth Quarter Results Key Take Aways The operating conditions experienced across our regions came in largely as expected with relatively stable activity at lower levels in North America and Europe with good demand in APME and Latin America Gross profit margin reflects solid staff
Slide 22: Appendix
Appendix ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 22
Slide 23: 2025 World Economic Forum Annual Meeting
2025 World Economic Forum Annual Meeting ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 23
Slide 24: Industry Vertical Composition Based on Revenues – Q4 2024
ManpowerGroup 2024 Fourth Quarter Results Industry Vertical Composition Based on Revenues – Q4 2024 Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation. ManpowerGroup | Fourth Quarter 2024 Results January 2025 | 24
Slide 25: Debt and Credit Facilities – December 31, 2024
ManpowerGroup 2024 Fourth Quarter Results Debt and Credit Facilities – December 31, 2024 (in millions of USD) (2) Interest Maturity Total Remaining Rate Date Outstanding Available Euro Notes - €500M 1.809% Jun 2026 517 - (4) Euro Notes - €400M 3.514% Jun 2027 412 - (1)(2) Revolving Credit Agreement