Slide 1: ManpowerGroup First Quarter Results
ManpowerGroup First Quarter Results April 18, 2024 Exhibit 99.2
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic and geopolitical uncertainty, trends in labor demand and the future strengthening of such demand, financial outlook, including any residual costs resulting from the wind-down of the Proservia bus
Slide 3: Q1 Consolidated Financial Highlights
Excludes the impact of $6.2M of operating losses for the run-off Proservia business in Germany and a non-cash currency translation charge of $0.2M related to hyper-inflationary Argentina. Current period revenue and gross margin exclude the run-off Proservia business. Prior year period excludes the i
Slide 4: EPS Bridge – Q1 vs. Guidance Midpoint
EPS Bridge – Q1 vs. Guidance Midpoint ManpowerGroup 2024 First Quarter Results (1) Detail of items included on slide 3.
Slide 5: Business Line Revenue Q1 2024
Talent Solutions reported organic CC revenue decline, driven by RPO where the revenue rate of decline was stable from the Q4 trend. MSP reported flat revenues representing an improvement from the Q4 trend, while Right Management revenue growth remained solid due to increased Outplacement activity. E
Slide 6: Consolidated Gross Margin Change
Consolidated Gross Margin Change ManpowerGroup 2024 First Quarter Results
Slide 7: Business Line Gross Profit – Q1 2024
Trend Business line classifications can vary by entity and are subject to change as service requirements change. Shown excluding run-off Proservia Germany in the current period. █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total Business Line Gross Profit – Q1 2024(1) ManpowerGroup 2024
Slide 8: SG&A Expense Bridge – Q1 YoY
(15.7% CC) (15.5% CC) SG&A Expense Bridge – Q1 YoY (in millions of USD) ManpowerGroup 2024 First Quarter Results (15.7% CC)
Slide 9: Americas Segment Q1 Financial Highlights
As Reported Q1 Financial Highlights -8% -1% CC Revenue $1.0B -46% -43% CC OUP $26M -180 bps OUP Margin 2.5% Americas Segment (23% of Revenue) ManpowerGroup 2024 First Quarter Results (1) Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment r
Slide 10: Americas – Q1 Revenue Trend
% of Segment Revenue Average Daily Revenue Trend - CC Americas – Q1 Revenue Trend YoY ManpowerGroup 2024 First Quarter Results Revenue Trend - CC Revenue Trend
Slide 11: Southern Europe Segment Q1 Financial Highlights
As Reported Q1 Financial Highlights -4% -5% CC Revenue $2.0B -22% -23% CC OUP $70M -80 bps OUP Margin 3.5% Southern Europe Segment (45% of Revenue) ManpowerGroup 2024 First Quarter Results (1) Prior year period includes restructuring costs. As adjusted to exclude these costs, OUP Margin change was -
Slide 12: Southern Europe – Q1 Revenue Trend
% of Segment Revenue Average Daily Revenue Trend - CC Southern Europe – Q1 Revenue Trend YoY ManpowerGroup 2024 First Quarter Results Revenue Trend - CC Revenue Trend
Slide 13: Northern Europe Segment Q1 Financial Highlights
As Reported As Adjusted Q1 Financial Highlights -10% -12% CC -11% -13% CC Revenue $870M ($866M as adjusted) NM NM -17% -24% CC OUP $0M ($6M as adjusted) -50 bps -10 bps OUP Margin 0.0% (0.7% as adjusted) Northern Europe Segment (20% of Revenue) ManpowerGroup 2024 First Quarter Results (1) Current pe
Slide 14: Northern Europe – Q1 Revenue Trend
% of Segment Revenue Average Daily Revenue Trend - CC Northern Europe – Q1 Revenue Trend YoY ManpowerGroup 2024 First Quarter Results Variances are adjusted to exclude the impact of the run-off Proservia business in Germany from the current period.
Slide 15: APME Segment Q1 Financial Highlights
As Reported Q1 Financial Highlights -12% -5% CC -4% OCC Revenue $535M -6% 3% CC 5% OCC OUP $20M +20 bps OUP Margin 3.7% APME Segment (12% of Revenue) Prior year period includes restructuring costs. As adjusted to exclude these costs, OUP variance was -16% on a reported basis, -8% CC, and -7% OCC. OU
Slide 16: APME – Q1 Revenue Trend
% of Segment Revenue Average Daily Revenue Trend - CC APME – Q1 Revenue Trend YoY ManpowerGroup 2024 First Quarter Results Impact reflects business performance after adjusting for loss of revenues due to Philippines sale.
Slide 17: Cash Flow Summary
Cash Flow Summary ManpowerGroup 2024 First 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 2024 First Quarter Results
Slide 19: Second Quarter 2024 Outlook
ManpowerGroup 2024 First Quarter Results Second Quarter 2024 Outlook Revenue Total Down 5-9% (Down 2-6% CC) Americas Down 5-9% (Up 4% / Flat CC) Southern Europe Down 4-8% (Down 2-6% CC) Northern Europe Down 8-12% (Down 7-11% CC) APME Down 6-10% (Down 1-5% CC) (Up 1% / Down 3% OCC) Gross Profit Margi
Slide 20: Key Take Aways
Continuation of challenging environment in North America and Europe during the quarter, solid demand in APME and Latin America. Gross profit margin reflects resilient staffing margin trends and stable permanent recruitment trends at lower levels. Recognized by Ethisphere as a World’s Most Ethical co
Slide 21: Appendix
Appendix ManpowerGroup | First Quarter 2024 Re April 2024 | 21
Slide 22: Industry Vertical Composition Based on Revenues – Q1 2024
Industry Vertical Composition Based on Revenues – Q1 2024 ManpowerGroup 2024 First Quarter Results Industry vertical composition has been updated to align with our Global Sales Verticals based on client segmentation.
Slide 23: Debt and Credit Facilities – March 31, 2024
Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €500M 1.809% Jun 2026 538 - Euro Notes - €400M 3.514% Jun 2027 429 - Revolving Credit Agreement 6.454% May 2027 - 600 Uncommitted lines and Other Various Various 18 332 Total Debt 985 932 (3) (1)(2) (4) (2) Debt and Credi