ManpowerGroup Second Quarter Results

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1 ManpowerGroup Second Quarter Results July 21, 2015

2 FORWARD-LOOKING STATEMENT This presentation contains includes forward-looking statements, including statements financial which projections, are subject that are to forward-looking known and unknown in nature. risks These and uncertainties. statements are Actual based results on management s might differ materially current from those expectations projected or beliefs, in the forward-looking and are subject statements. to known and Additional unknown risks information and uncertainties concerning regarding factors that expected could cause future results. actual results Actual to results materially might differ from materially those in from the forward-looking those projected in statements the forward-looking can be found statements. in the Company s Additional information Annual Report concerning Form factors 10-K for that the could period ended cause actual December results 31, to materially Forward-looking differ from those statements in the can forward-looking be identified statements by forward-looking is contained words in the such as expect, ManpowerGroup anticipate, Inc. Annual intend, Report plan, on may, Form will, 10-K for believe, the period seek, ended estimate, December 31, and 2014, similar which expressions. information In this incorporated presentation, herein references by reference, to road and map such and other journey to 4% factors are as also may intended be described to forward-looking from time to time statements. in the Company s SEC filings. Any forward-looking statements Please in this presentation note that ManpowerGroup s speak only as of 2013 the date Annual hereof. report The is Company available online assumes at no obligation to update or in revise the any forward-looking section titled Investor statements. Relations. 2 ManpowerGroup July 2015

3 Consolidated Financial Highlights 9% 7% CC Q2 Financial Highlights Revenue $4.9B 20 bps Gross Margin 17.1% 5% 12% CC Operating Profit $179M 20 bps OP Margin 3.7% 1% 16% CC EPS $1.33 Throughout this presentation, the difference between reported variances and Constant Currency (CC) variances represents the impact of currency on our financial results. Constant Currency is further explained on our Web site. 3 ManpowerGroup July 2015

4 EPS Bridge Q2 vs. Guidance Midpoint $ $1.25 Q2 Guidance Midpoint Operational Performance Currency (-23 vs -29 ) Q2 Reported 4 ManpowerGroup July 2015

5 Consolidated Gross Margin Change +0.2% -0.2% +0.2% 17.1% 16.9% Q Staffing Permanent Recruitment Currency Impact Q ManpowerGroup July 2015

6 Business Line Gross Profit Q $831M Growth in CC % $47M 6% 4 $92M 11% 9 $164M 20% $528M 63% Manpower Experis ManpowerGroup - Total ManpowerGroup Solutions Right Management 6 ManpowerGroup July 2015

7 SG&A Expense Bridge Q2 YoY (in millions of USD) Q Reported Currency Impact Operational Impact Q % % of Revenue (1) 13.4% % of Revenue (1) This was unfavorably impacted 20 bps due to the effect of currency exchange rates on our business mix. In constant currency, SG&A as a % of Revenue was 13.2%. 7 ManpowerGroup July 2015

8 Americas Segment (23% of Revenue) Q2 Financial Highlights 2% 4% CC 28% 34% CC Revenue $1.1B OUP $56M 120 bps OUP Margin 5.0% Operating Unit Profit (OUP) is the measure that we use to evaluate segment performance. OUP is equal to segment revenues less direct costs and branch and national headquarters operating costs. 8 ManpowerGroup July 2015

9 Americas Q2 Revenue Growth YoY % of Segment Revenue 67% US -2% -2% 12% Mexico -4% 13% 5% Argentina 26% 40% 16% Other -8% 8% Revenue Growth Revenue Growth - CC 9 ManpowerGroup July 2015

10 Southern Europe Segment (36% of Revenue) Q2 Financial Highlights 10% 11% CC 3% 20% CC Revenue $1.8B OUP $93M 40 bps OUP Margin 5.3% 10 ManpowerGroup July 2015

11 Southern Europe Q2 Revenue Growth YoY % of Segment Revenue 68% France -15% 5% 18% Italy 2% 26% 7% Spain 10% 37% 7% Other -8% 8% Revenue Growth Revenue Growth - CC 11 ManpowerGroup July 2015

12 Northern Europe Segment (28% of Revenue) Q2 Financial Highlights 13% 4% CC 22% 10% CC Revenue $1.3B OUP $36M 30 bps OUP Margin 2.7% 12 ManpowerGroup July 2015

13 Northern Europe Q2 Revenue Growth YoY % of Segment Revenue 39% UK 1% 11% 20% Nordics -20% 2% 12% Germany -13% 7% 9% Netherlands -20% -1% 6% Belgium -19% 0% 14% Other -23% -3% Revenue Growth Revenue Growth - CC 13 ManpowerGroup July 2015

14 APME Segment (11% of Revenue) Q2 Financial Highlights 6% 6% CC 11% 1% CC Revenue $557M OUP $19M 20 bps OUP Margin 3.3% 14 ManpowerGroup July 2015

15 APME Q2 Revenue Growth YoY % of Segment Revenue 34% Japan -13% 4% 24% Australia/NZ (1) -12% 6% 42% Other 3% 7% Revenue Growth Revenue Growth - CC (1) On an organic basis, Australia/NZ revenue decreased 20% (-4% in CC). 15 ManpowerGroup July 2015

16 Right Management Segment (2% of Revenue) Q2 Financial Highlights 10% 2% CC 8% 4% CC Revenue $72M OUP $12M 20 bps OUP Margin 16.2% 16 ManpowerGroup July 2015

17 Cash Flow Summary 6 Months YTD (in millions of USD) Net Earnings Non-cash Provisions and Other Change in Operating Assets/Liabilities (239) (275) Capital Expenditures (20) (21) Free Cash Flow 19 (37) Change in Debt (3) 15 Acquisitions of Businesses (30) (24) net of cash acquired Proceeds from share-based awards Repurchases of Common Stock (169) (17) Dividends Paid (62) (39) Effect of Exchange Rate Changes (14) (11) Other (3) (5) Change in Cash (233) (99) 17 ManpowerGroup July 2015

18 Balance Sheet Highlights Total Debt (in millions of USD) 1, Q1 Q Total Debt Net Debt (Cash) Total Debt to Total Capitalization 30% 20% 22% 24% 10% 15% 14% 13% 13% 0% Q1 Q ManpowerGroup July 2015

19 Credit Facilities June 30, 2015 (in millions of USD) Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - 350M 4.505% Jun (1) Revolving Credit Agreement 1.26% Oct (2) Uncommitted lines and Other Various Various Total Debt (1) The $600M agreement requires that we comply with a Leverage Ratio (Debt-to-EBITDA) of not greater than 3.5 to 1 and a Fixed Charge Coverage Ratio of not less than 1.5 to 1, in addition to other customary restrictive covenants. As defined in the agreement, we had a Debt-to-EBITDA ratio of 0.46 and a fixed charge coverage ratio of 4.43 as of June 30, As of June 30, 2015, there were $0.9M of standby letters of credit issued under the agreement. (2) Represents subsidiary uncommitted lines of credit & overdraft facilities, which total $291.4M. Total subsidiary borrowings are limited to $300M due to restrictions in our Revolving Credit Facility, with the exception of Q3 when subsidiary borrowings are limited to $600M. 19 ManpowerGroup July 2015

20 Third Quarter Outlook Revenue Total Down 6-8% (Up 5-7% CC) Americas Down 1-3% (Up 3-5% CC) Southern Europe Northern Europe APME Right Management Down 9-11% (Up 6-8% CC) Down 9-11% (Up 3-5% CC) Up/Down 1% (Up 12-14% CC) Down 6-8% (Up/Down 1% CC) Gross Profit Margin % Operating Profit Margin % Tax Rate 37.5% EPS $1.50 $1.58 (unfavorable $0.24 currency) 20 ManpowerGroup July 2015

21 Key Take Aways Delivered strong results through our focus on disciplined pricing coupled with efficiency and productivity. Global outlook is improving yet the economic recovery is still slow and patchy, which should drive both cyclical and secular growth opportunities for us going forward. We have built capabilities and solutions for our clients to exploit market opportunities while improving our efficiency, agility and financial performance. 21 ManpowerGroup July 2015

22 Returning Cash to Shareholders ($ in millions, except per share amounts) Dividends 130 $1.60** Share Repurchases $0.74 $0.74 $0.74$0.80 $0.98 $0.86 $ F ** Pro Forma Payout Ratio* Number of Shares 15% 67% 43% 25% 29% 21% 18% 31% 2.2M M 2.6M 3.6M M 2.2M Strong dividend performance. Current yield of 1.7%. Dividend regularly increased during periods of earnings growth Dividend maintained during 2008/2009 recession. * Annual dividend payout per share divided by earnings per share adjusted for nonrecurring items, as shown on the Financial Fact Sheet on our web site. The 2015 payout ratio is based on the current consensus earnings estimate. ** 2015 dividend estimated based on $0.80 per share semi-annual dividend declared on April 28, M shares repurchased in H1 2015; 4M shares (>5% of outstanding) in the past twelve months. 8% of outstanding shares repurchased in 2011/ M (5%) shares remaining authorized and available for future repurchase. ** Represents shares repurchased through June 30, 2015; 2M at a cost of $169M settled as of the end of June, with the remaining settling in July. 22 ManpowerGroup July 2015

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