# EDGAR Filing Document

**Accession Number:** 0000871763
**File Stem:** 0000950170-23-001426
**Filing Date:** 2023-1
**Character Count:** 43001
**Document Hash:** 700210f7fbd5ca3b90a81f345d0e71e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001426.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0000950170-23-001426

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20230131

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ManpowerGroup Inc.
- **CENTRAL INDEX KEY:** 0000871763
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HELP SUPPLY SERVICES [7363]
- **IRS NUMBER:** 391672779
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10686
- **FILM NUMBER:** 23570245

**BUSINESS ADDRESS:**
- **STREET 1:** 100 MANPOWER PLACE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414 961-1000

**MAIL ADDRESS:**
- **STREET 1:** 100 MANPOWER PLACE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANPOWER INC /WI/
- **DATE OF NAME CHANGE:** 19930328

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 8-K

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): January 31, 2023

MANPOWERGROUP INC.

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Wisconsin | 1-10686 | 39-1672779 |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

---

| | |
|:---|:---|
| 100 Manpower Place |  |
| Milwaukee**,** Wisconsin | 53212 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

Registrant's telephone number, including area code: (414) 961-1000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Common Stock, $.01 par value<br> MAN | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

------

**Item 2.02 Results of Operations and Financial Condition**

The information in this Item 2.02, including exhibit 99.1 attached hereto, is furnished solely pursuant to Item 2.02 of Form 8-K. Consequently, such information is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in this Item 2.02, including exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.

On January 31, 2023, we issued a press release announcing our results of operations for the three and twelve months ended December 31, 2022 and 2021. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01. Exhibits** 

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| 99.1  | [<u>Press Release dated January 31, 2023</u>](man-ex99_1.htm) |
| 99.2 | [<u>Presentation materials for January 31, 2023 Conference Call</u>](man-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | MANPOWERGROUP INC. | MANPOWERGROUP INC. |
| Dated: | January 31, 2023 | By: | /s/ John T. McGinnis |
|  |  | Name: | John T. McGinnis |
|  |  | Title: | Executive Vice President and<br>Chief Financial Officer |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img66454475_0.jpg](img66454475_0.jpg)

---

| | |
|:---|:---|
| **FOR IMMEDIATE RELEASE** | **Contact:** |
|  | Nick Hengst |
|  | +1.414.906.7356 |
|  | nicholas.hengst@manpowergroup.com |

---

**ManpowerGroup Reports 4**<sup>th</sup> **Quarter 2022 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues of $4.8 billion (-11% as reported, -1% constant currency (CC))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit margin of 18.2%, up 100 basis points year over year reflecting business mix progress and solid permanent recruitment trends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Talent Solutions experienced good revenue growth driven by RPO and Right Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Experis and Manpower revenue trends impacted by softening environment in Europe and North America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-cash goodwill impairment charge of $50 million in the fourth quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Repurchased $25 million of common stock

**MILWAUKEE, January 31, 2023 --** ManpowerGroup (NYSE: MAN) today reported net earnings of $0.95 per diluted share for the three months ended December 31, 2022 compared to $2.02 per diluted share in the prior year period. Net earnings in the quarter were $48.7 million compared to $111.1 million a year earlier. Revenues for the fourth quarter were $4.8 billion, an 11% decrease from the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current year quarter included restructuring costs, final integration costs from the U.S. Experis acquisition, and other special items consisting of a loss on sale of our Hungary business and non-cash goodwill impairment and pension settlement charges. These costs reduced earnings per share by $1.13 in the fourth quarter. Excluding these costs, earnings per share was $2.08 per diluted share in the quarter representing an increase of 8% in constant currency<sup>[1]</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial results in the quarterwere also impacted by the strongerU.S. dollar relativeto foreign currencies comparedto the prior year period, resulting in a 30 cent negative impact to earnings per share in the quarter compared to the prior year<sup>[2]</sup>. On a constant currency basis, revenues decreased 1% compared to the prior year period.<br>

<sup>[1]</sup> The prior year period included acquisition transaction and integration costs which reduced earnings per share by $0.18 which are also excluded when determining the year over year trend.

<sup>[2]</sup> This represented an eight cent lower impact from foreign currency than was anticipated in our fourth quarter guidance.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonas Prising, ManpowerGroup Chairman & CEO, said, "Our fourth quarter results reflect a softening demand environment, particularly in Europe and North America. We continue to invest resources into markets and brands where demand is strong and are exercising financial discipline where demand is slower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We remain focused on continuing to accelerate our strategic priorities and advancing our Diversification, Digitization and Innovation initiatives across our organization throughout 2023. I want to thank all of our talented teams for their continued energy, passion and resilience – helping our clients achieve their business outcomes while finding meaningful and fulfilling work for millions of people.

We anticipate diluted earnings per share in the first quarter will be between $1.61 and $1.71, which includes an estimated unfavorable currency impact of 15 cents."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings for the year ended December 31, 2022 were $373.8 million, or net earnings of $7.08 per diluted share compared to net earnings of $382.4 million, or net earnings of $6.91 per diluted share in the prior year. Earnings per share for the year were negatively impacted by 88 cents due to changes in foreign currencies compared to the prior year. The full year period included integration costs from the U.S. Experis acquisition, restructuring costs, and special items related to losses on business exits and non-cash goodwill impairment and pension settlement charges, which reduced earnings per share by $1.44. Excluding these costs, earnings per share for the year was $8.52 per diluted share representing an increase of 31% in constant currency<sup>[1]</sup>. Revenues for the year were $19.8 billion, a decrease of 4% compared to the prior year or an increase of 5% in constant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with its fourth quarter earnings release, ManpowerGroup will host a conference call live online on January 31, 2023 at 7:30 a.m. central time (8:30 a.m. eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/.

<sup>[1]</sup> The prior year period included acquisition transaction and integration costs which reduced earnings per share by $0.33 which are also excluded when determining the year over year trend.

------

**About ManpowerGroup**

ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis and Talent Solutions – creates substantially more value for candidates and clients across more than 75 countries and territories and has done so for over 70 years. We are recognized consistently for our diversity - as a best place to work for Women, Inclusion, Equality and Disability and in 2022 ManpowerGroup was named one of the World's Most Ethical Companies for the 13th year - all confirming our position as the brand of choice for in-demand talent.

**Forward-Looking Statements** 

This press release contains statements, including statements regarding economic uncertainty, financial outlook, labor demand, supply-chain disruptions brought on by the Russia/Ukraine war and other geopolitical uncertainty, the Company's strategic initiatives and technology investments, the positioning for future growth of our brands and the Company's efforts to deliver on its ESG strategy, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2021, as well as the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, which information is incorporated herein by reference.

The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.

###

------

ManpowerGroup

Results of Operations

(In millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Three Months Ended December 31** |
|  |  |  | **% Variance** | **% Variance** |
|  |  |  | **Amount** | **Constant** |
|  | **2022** | **2021** | **Reported** | **Currency** |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| Revenues from services (a) | $4809.2 | $5382.3 | -10.6% | -0.9% |
| Cost of services | 3933.6 | 4456.0 | -11.7% | -1.9% |
| Gross profit | 875.6 | 926.3 | -5.5% | 3.7% |
| Selling and administrative expenses, <br> excluding goodwill impairment charge | 724.8 | 759.7 | -4.6% | 3.7% |
| Goodwill impairment charge (b) | 50.0 |  | N/A | N/A |
| Selling and administrative expenses | 774.8 | 759.7 | 2.0% | 10.7% |
| Operating profit | 100.8 | 166.6 | -39.5% | -28.0% |
| Interest and other expenses, net | 10.5 | 4.2 | 153.5% |  |
| Earnings before income taxes | 90.3 | 162.4 | -44.4% | -33.1% |
| Provision for income taxes | 41.6 | 51.3 | -19.0% |  |
| Net earnings | $48.7 | $111.1 | -56.2% | -47.3% |
| Net earnings per share - basic | $0.96 | $2.05 | -53.2% |  |
| Net earnings per share - diluted | $0.95 | $2.02 | -53.1% | -43.6% |
| Weighted average shares - basic | 50.8 | 54.2 | -6.3% |  |
| Weighted average shares - diluted | 51.4 | 55.0 | -6.5% |  |

---

(a)Revenues from services include fees received from our franchise offices of $3.8 million and $4.3 million for the three months ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $253.6 million and $361.0 million for the three months ended December 31, 2022 and 2021, respectively.

(b)The goodwill impairment charge for the three months ended December 31, 2022 relates to our investment in the Netherlands.

------

ManpowerGroup

Operating Unit Results

(In millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31** | **Three Months Ended December 31** | **Three Months Ended December 31** | **Three Months Ended December 31** |
|  |  |  | **% Variance** | **% Variance** |
|  |  |  | **Amount** | **Constant** |
|  | **2022** | **2021** | **Reported** | **Currency** |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| Revenues from Services: |  |  |  |  |
| &nbsp;&nbsp;Americas: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States (a) | $819.4 | $860.8 | -4.8% | -4.8% |
| &nbsp;&nbsp;&nbsp;Other Americas | 362.6 | 358.1 | 1.3% | 13.0% |
|  | 1182.0 | 1218.9 | -3.0% | 0.4% |
| &nbsp;&nbsp;Southern Europe: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | 1194.9 | 1318.6 | -9.4% | 1.5% |
| &nbsp;&nbsp;&nbsp;Italy | 412.5 | 467.1 | -11.7% | -1.1% |
| &nbsp;&nbsp;&nbsp;Other Southern Europe | 493.8 | 595.8 | -17.2% | -8.7% |
|  | 2101.2 | 2381.5 | -11.8% | -1.5% |
| &nbsp;&nbsp;Northern Europe | 972.6 | 1179.6 | -17.5% | -5.4% |
| &nbsp;&nbsp;APME | 578.5 | 622.6 | -7.1% | 8.3% |
|  | 4834.3 | 5402.6 |  |  |
| &nbsp;&nbsp;Intercompany Eliminations | (25.1) | (20.3) |  |  |
|  | 4809.2 | 5382.3 | -10.6% | -0.9% |
| Operating Unit Profit: |  |  |  |  |
| &nbsp;&nbsp;Americas: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $41.5 | $40.6 | 2.4% | 2.4% |
| &nbsp;&nbsp;&nbsp;Other Americas | 16.3 | 13.7 | 18.1% | 37.2% |
|  | 57.8 | 54.3 | 6.4% | 11.2% |
| &nbsp;&nbsp;Southern Europe: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | 58.2 | 63.6 | -8.4% | 2.8% |
| &nbsp;&nbsp;&nbsp;Italy | 29.4 | 33.4 | -12.0% | -1.5% |
| &nbsp;&nbsp;&nbsp;Other Southern Europe | 18.2 | 19.9 | -9.1% | 1.0% |
|  | 105.8 | 116.9 | -9.5% | 1.3% |
| &nbsp;&nbsp;Northern Europe | 15.5 | 28.6 | -45.5% | -33.6% |
| &nbsp;&nbsp;APME | 22.9 | 20.9 | 9.2% | 29.0% |
|  | 202.0 | 220.7 |  |  |
| Corporate expenses | (42.2) | (43.8) |  |  |
| Goodwill impairment charge (b) | (50.0) |  |  |  |
| Intangible asset amortization expense | (9.0) | (10.3) |  |  |
| &nbsp;&nbsp;Operating profit | 100.8 | 166.6 | -39.5% | -28.0% |
| Interest and other expenses, net (c) | (10.5) | (4.2) |  |  |
| &nbsp;&nbsp;Earnings before income taxes | $90.3 | $162.4 |  |  |

---

(a) In the United States, revenues from services include fees received from our franchise offices of $3.1 million and $3.4 million for the three months ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $115.3 million and $124.2 million for the three months ended December 31, 2022 and 2021, respectively.

(b) The goodwill impairment charge for the three months ended December 31, 2022 relates to our investment in the Netherlands.

(c) The components of interest and other expenses, net were:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Interest expense | $15.2 | $9.3 |
| Interest income | (7.9) | (2.9) |
| Foreign exchange loss | 3.0 | 0.7 |
| Miscellaneous expense (income), net | 0.2 | (2.9) |
|  | $10.5 | $4.2 |

---

------

ManpowerGroup

Results of Operations

(In millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
|  |  |  | **% Variance** | **% Variance** |
|  |  |  | **Amount** | **Constant** |
|  | **2022** | **2021** | **Reported** | **Currency** |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| Revenues from services (a) | $19827.5 | $20724.4 | -4.3% | 4.9% |
| Cost of services | 16255.1 | 17316.9 | -6.1% | 3.1% |
| Gross profit | 3572.4 | 3407.5 | 4.8% | 13.8% |
| Selling and administrative expenses, <br> excluding goodwill impairment charge | 2940.7 | 2822.1 | 4.2% | 12.4% |
| Goodwill impairment charge (b) | 50.0 |  | N/A | N/A |
| Selling and administrative expenses | 2990.7 | 2822.1 | 6.0% | 14.3% |
| Operating profit | 581.7 | 585.4 | -0.6% | 11.7% |
| Interest and other expenses, net | 24.6 | 17.3 | 42.4% |  |
| Earnings before income taxes | 557.1 | 568.1 | -1.9% | 10.2% |
| Provision for income taxes | 183.3 | 185.7 | -1.3% |  |
| Net earnings | $373.8 | $382.4 | -2.2% | 9.9% |
| Net earnings per share - basic | $7.17 | $7.01 | 2.2% |  |
| Net earnings per share - diluted | $7.08 | $6.91 | 2.6% | 15.3% |
| Weighted average shares - basic | 52.2 | 54.5 | -4.4% |  |
| Weighted average shares - diluted | 52.8 | 55.4 | -4.7% |  |

---

(a)Revenues from services include fees received from our franchise offices of $15.7 million and $15.3 million for the year ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $1,058.4 million and $1,116.9 million for the year ended December 31, 2022 and 2021, respectively.

(b)The goodwill impairment charge for the year ended December 31, 2022 relates to our investment in the Netherlands.

------

ManpowerGroup

Operating Unit Results

(In millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** |
|  |  |  | **% Variance** | **% Variance** |
|  |  |  | **Amount** | **Constant** |
|  | **2022** | **2021** | **Reported** | **Currency** |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| Revenues from Services: |  |  |  |  |
| &nbsp;&nbsp;Americas: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States (a) | $3499.3 | $2743.3 | 27.6% | 27.6% |
| &nbsp;&nbsp;&nbsp;Other Americas | 1436.4 | 1520.4 | -5.5% | 0.9% |
|  | 4935.7 | 4263.7 | 15.8% | 18.1% |
| &nbsp;&nbsp;Southern Europe: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | 4785.0 | 5171.3 | -7.5% | 4.0% |
| &nbsp;&nbsp;&nbsp;Italy | 1706.9 | 1795.4 | -4.9% | 6.8% |
| &nbsp;&nbsp;&nbsp;Other Southern Europe | 2044.4 | 2380.1 | -14.1% | -6.2% |
|  | 8536.3 | 9346.8 | -8.7% | 2.0% |
| &nbsp;&nbsp;Northern Europe | 4048.3 | 4670.5 | -13.3% | -2.5% |
| &nbsp;&nbsp;APME | 2387.3 | 2481.1 | -3.8% | 9.0% |
|  | 19907.6 | 20762.1 |  |  |
| &nbsp;&nbsp;Intercompany Eliminations | (80.1) | (37.7) |  |  |
|  | 19827.5 | 20724.4 | -4.3% | 4.9% |
| Operating Unit Profit: |  |  |  |  |
| &nbsp;&nbsp;Americas: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $219.2 | $136.0 | 61.2% | 61.2% |
| &nbsp;&nbsp;&nbsp;Other Americas | 63.4 | 59.2 | 7.0% | 16.5% |
|  | 282.6 | 195.2 | 44.8% | 47.7% |
| &nbsp;&nbsp;Southern Europe: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | 226.7 | 233.5 | -2.9% | 9.4% |
| &nbsp;&nbsp;&nbsp;Italy | 122.9 | 115.3 | 6.6% | 20.0% |
| &nbsp;&nbsp;&nbsp;Other Southern Europe | 63.4 | 67.5 | -6.1% | 1.6% |
|  | 413.0 | 416.3 | -0.8% | 11.1% |
| &nbsp;&nbsp;Northern Europe | 42.4 | 67.8 | -37.4% | -26.2% |
| &nbsp;&nbsp;APME | 87.8 | 84.6 | 3.6% | 19.8% |
|  | 825.8 | 763.9 |  |  |
| Corporate expenses | (157.0) | (154.3) |  |  |
| Goodwill impairment charge (b) | (50.0) |  |  |  |
| Intangible asset amortization expense | (37.1) | (24.2) |  |  |
| &nbsp;&nbsp;Operating profit | 581.7 | 585.4 | -0.6% | 11.7% |
| Interest and other expenses, net (c) | (24.6) | (17.3) |  |  |
| &nbsp;&nbsp;Earnings before income taxes | $557.1 | $568.1 |  |  |

---

(a) In the United States, revenues from services include fees received from our franchise offices of $12.8 million for both the years ended December 31, 2022 and 2021, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $476.1 million and $477.6 million for the year ended December 31, 2022 and 2021, respectively.

(b) The goodwill impairment charge for the year ended December 31, 2022 relates to our investment in the Netherlands.

(c) The components of interest and other expenses, net were:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Interest expense | $46.9 | $38.8 |
| Interest income | (17.9) | (12.0) |
| Foreign exchange loss | 11.9 | 5.2 |
| Miscellaneous income | (16.3) | (14.7) |
|  | $24.6 | $17.3 |

---

------

ManpowerGroup

Consolidated Balance Sheets

(In millions)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
|  | (Unaudited) | (Unaudited) |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $639.0 | $847.8 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 5137.4 | 5448.2 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 158.0 | 126.7 |
| &nbsp;&nbsp;&nbsp;Total current assets | 5934.4 | 6422.7 |
| **Other assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 1628.1 | 1722.2 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 549.5 | 583.6 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | 365.7 | 373.4 |
| &nbsp;&nbsp;&nbsp;Other assets | 540.5 | 610.2 |
| &nbsp;&nbsp;&nbsp;Total other assets | 3083.8 | 3289.4 |
| **Property and equipment:** |  |  |
| &nbsp;&nbsp;&nbsp;Land, buildings, leasehold improvements and equipment | 584.9 | 594.9 |
| &nbsp;&nbsp;&nbsp;Less: accumulated depreciation and amortization | 472.7 | 478.1 |
| &nbsp;&nbsp;&nbsp;Net property and equipment | 112.2 | 116.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $9130.4 | $9828.9 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2831.4 | $3039.2 |
| &nbsp;&nbsp;&nbsp;Employee compensation payable | 271.7 | 299.4 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 582.7 | 584.7 |
| &nbsp;&nbsp;&nbsp;Accrued payroll taxes and insurance | 746.7 | 789.1 |
| &nbsp;&nbsp;&nbsp;Value added taxes payable | 462.7 | 515.5 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings and current maturities of long-term debt | 26.6 | 552.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 4921.8 | 5780.5 |
| **Other liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 959.9 | 565.7 |
| &nbsp;&nbsp;&nbsp;Long-term operating lease liability | 266.6 | 275.8 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 524.0 | 675.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other liabilities | 1750.5 | 1516.7 |
| **Shareholders' equity:** |  |  |
| ManpowerGroup shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 1.2 | 1.2 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 3484.2 | 3444.7 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 3868.5 | 3634.6 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (458.7) | (389.4) |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost | (4447.9) | (4169.4) |
| &nbsp;&nbsp;&nbsp;Total ManpowerGroup shareholders' equity | 2447.3 | 2521.7 |
| Noncontrolling interests | 10.8 | 10.0 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 2458.1 | 2531.7 |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $9130.4 | $9828.9 |

---

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ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
|  | (Unaudited) | (Unaudited) |
| **Cash Flows from Operating Activities:** |  |  |
| Net earnings | $373.8 | $382.4 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 84.6 | 73.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sales of subsidiaries, net | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash goodwill impairment charge | 50.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 4.8 | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | 6.2 | 17.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 37.6 | 36.8 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 28.8 | (640.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 47.5 | 79.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (216.0) | 697.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities | 423.3 | 644.8 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (75.6) | (64.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of businesses, net of cash acquired | (16.4) | (924.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sales of subsidiaries and property and equipment | 6.7 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities | (85.3) | (987.0) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in short-term borrowings | 7.2 | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (repayments) proceeds of revolving debt facility | (75.0) | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 421.3 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of long-term debt | (412.2) | (2.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for debt issuance costs | (2.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from derivative settlement | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of contingent consideration for acquisitions | (3.8) | (6.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from share-based awards | 0.3 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to noncontrolling interests | (1.1) | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other share-based award transactions | (8.5) | (5.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (270.0) | (210.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (139.9) | (136.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in financing activities | (482.1) | (283.7) |
| Effect of exchange rate changes on cash | (64.7) | (93.4) |
| Change in cash and cash equivalents | (208.8) | (719.3) |
| Cash and cash equivalents, beginning of period | 847.8 | 1567.1 |
| Cash and cash equivalents, end of period | $639.0 | $847.8 |

---

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## Exhibit 99.2

![Slide 1](man-ex99_2s1.jpg)

January 31, 2023 ManpowerGroup Fourth Quarter Results Exhibit 99.2

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![Slide 2](man-ex99_2s2.jpg)

FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding economic uncertainty, financial outlook, labor demand, supply-chain disruptions brought on by the Russia/Ukraine war and other geopolitical uncertainty, the Company's strategic initiatives and technology investments, the positioning for future growth of our brands and the Company's efforts to deliver on its ESG strategy, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2021, as well as the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, which information is incorporated herein by reference. The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.

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![Slide 3](man-ex99_2s3.jpg)

Consolidated Financial Highlights Excludes the net impact of restructuring costs of $3.6M ($2.7M net of tax), final integration costs from the U.S. Experis acquisition of $2.7M ($2.0M net of tax), and other special items consisting of a loss on sale of our Hungary business of $2.0M ($2.0M net of tax) of which $0.8M is recorded in operating profit and $1.2M is recorded below operating profit in interest and other expenses, a non-cash goodwill impairment charge of $50.0M ($49.0M net of tax) and the impact of a non-cash pension settlement charge of $3.2M ($2.7M net of tax) recorded in interest and other expenses below operating profit in Q4 2022; while Q4 2021 excludes the net impact of integration and transaction costs of $12.6M ($9.7M net of tax). EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets. Reported operating profit was $101M, and operating profit margin was 2.1%. On an adjusted basis, operating profit was $158M, and adjusted operating profit margin was 3.3%. As Reported As Adjusted Q4 Financial Highlights -11% -1% CC -11% -1% CC Revenue $4.8B 100 bps 100 bps Gross Margin 18.2% -38% -27% CC -12% 0% CC EBITA $110M ($167M as adjusted) -100 bps 0 bps EBITA Margin 2.3% (3.5% as adjusted) -53% -44% CC -5% 8% CC EPS $0.95 ($2.08 as adjusted) (2) (2) (1)

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![Slide 4](man-ex99_2s4.jpg)

As Reported As Adjusted 2022 Financial Highlights -4% 5% CC 3% OCC -4% 5% CC 3% OCC Revenue $19.8B 160 bps 160 bps Gross Margin 18.0% 2% 13% CC 4% OCC 10% 22% CC 13% OCC EBITA $619M ($698M as adjusted) 20 bps 10 bps OCC 40 bps 30 bps OCC EBITA Margin 3.1% (3.5% as adjusted) 3% 15% CC 6% OCC 18% 31% CC 23% OCC EPS $7.08 ($8.52 as adjusted) Consolidated Financial Highlights As Adjusted figures exclude impact of restructuring charges of $3.6M ($2.7M net of tax); loss on Russia disposition of $8M; the net impact of integration costs of $14.7M ($11.3M net of tax); and other special items consisting of a loss on sale of our Hungary business of $2.0M ($2.0M net of tax) of which $0.8M is recorded in operating profit and $1.2M is recorded below operating profit in interest and other expenses, a non-cash goodwill impairment charge of $50.0M ($49.0M net of tax) and the impact of a non-cash pension settlement charge of $3.2M ($2.7M net of tax) recorded in interest and other expenses below operating profit in 2022; while 2021 adjusted figures exclude the impact of restructuring costs of $5.3M ($4.0M net of tax); and the net impact of integration and transaction costs of $18.8M ($14.5M net of tax). EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets. Reported operating profit was $582M, and operating margin was 2.9%. On an adjusted basis, operating profit was $661M, and adjusted operating profit margin was 3.3%. (2) (2) (1)

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![Slide 5](man-ex99_2s5.jpg)

EPS Bridge – Q4 vs. Guidance Midpoint (1) Amounts of goodwill impairment and other items included on Slide 3.

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![Slide 6](man-ex99_2s6.jpg)

Experis reported flat organic CC growth as we anniversary significant growth in prior year MSP offering within Talent Solutions had a modest decline in revenues due to a reduction in low margin activity. MSP gross profit had solid growth Business Line Revenue Q4 2022(1) Business line classifications can vary by entity and are subject to change as service requirements change. Slight organic CC decrease in Manpower reflecting a more challenging environment Talent Solutions posted good growth, led by strong RPO year over year growth and increased Right Management career transition activity MANPOWER EXPERIS TALENT SOLUTIONS

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![Slide 7](man-ex99_2s7.jpg)

Consolidated Gross Margin Change

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![Slide 8](man-ex99_2s8.jpg)

Trend Business Line Gross Profit – Q4 2022(1) (1) Business line classifications can vary by entity and are subject to change as service requirements change. █ Manpower █ Experis █ Talent Solutions █ ManpowerGroup – Total Total Gross Profit $876M

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![Slide 9](man-ex99_2s9.jpg)

SG&A Expense Bridge – Q4 YoY (in millions of USD) Q4 2022 special items includes restructuring costs of $3.6M, final integration costs relating to our U.S. Experis acquisition of $2.7M and a loss on sale of our Hungary business of $0.8M recorded in SG&A (an additional $1.2M charge related to cumulative currency translation account for Hungary is recorded in interest and other expenses). Of the $3.6M of restructuring costs, $1.5M is in the Americas, $0.8M is in Southern Europe, $1.0M is in Northern Europe and $0.3M is in APME. (1) (14.6% CC) (15.8% CC) (14.0% CC)

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![Slide 10](man-ex99_2s10.jpg)

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. Americas Segment (25% of Revenue) As Reported As Adjusted Q4 Financial Highlights -3% 0% CC -3% 0% CC Revenue $1.2B 6% 11% CC -7% -3% CC OUP $58M ($62M as adjusted) 40 bps -20 bps OUP Margin 4.9% (5.3% as adjusted) Current period excludes the impact of restructuring and final integration costs of $4.2M. Prior year period excludes the impact of integration and transaction costs of $12.6M. (1)

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![Slide 11](man-ex99_2s11.jpg)

% of Segment Revenue Americas – Q4 Revenue Trend YoY Average Daily Revenue Trend - CC

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![Slide 12](man-ex99_2s12.jpg)

As Reported Q4 Financial Highlights -12% -2% OCC Revenue $2.1B -10% 0% OCC OUP $106M 10 bps OUP Margin 5.0% (5.1% as adjusted) Southern Europe Segment (43% of Revenue) (1) (1) Excluding restructuring costs and loss from sale of our Hungary business, adjusted OUP Margin is 5.1%, representing an increase of 20 bps compared to the prior year period.

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![Slide 13](man-ex99_2s13.jpg)

Southern Europe – Q4 Revenue Trend YoY % of Segment Revenue Average Daily Revenue Trend OCC CC 2% N/A N/A N/A Impact reflects underlying business performance excluding France Talent Solutions acquisition.

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![Slide 14](man-ex99_2s14.jpg)

As Reported Q4 Financial Highlights -18% -5% CC -3% OCC Revenue $973M -45% -34% CC -31% OCC OUP $16M -80 bps OUP Margin 1.6% (1.7% as adjusted) Northern Europe Segment (20% of Revenue) (1) (1) Excluding restructuring costs in the current period, adjusted OUP Margin is 1.7%, representing a decrease of 70 bps compared to the prior year period.

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![Slide 15](man-ex99_2s15.jpg)

Northern Europe – Q4 Revenue Trend YoY % of Segment Revenue Average Daily Revenue Trend - CC (1) (1) Impact reflects business performance after adjusting for loss of revenues due to Russia sale.

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![Slide 16](man-ex99_2s16.jpg)

As Reported Q4 Financial Highlights -7% 8% CC Revenue $579M 9% 29% CC OUP $23M 60 bps OUP Margin 3.9% (4.0% as adjusted) APME Segment (12% of Revenue) (1) (1) Excluding restructuring costs, adjusted OUP Margin is 4.0%, representing an increase of 70 bps compared to the prior year period.

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![Slide 17](man-ex99_2s17.jpg)

APME – Q4 Revenue Trend YoY % of Segment Revenue Average Daily Revenue Trend - CC (1)

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![Slide 18](man-ex99_2s18.jpg)

Cash Flow Summary – Full Year

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![Slide 19](man-ex99_2s19.jpg)

Balance Sheet Highlights Total Debt (in millions of USD) Total Debt to Total Capitalization Total Debt Net Debt Net (Cash) (1) Represents adjusted balances. As disclosed in Q2 2022, long term debt temporarily increased by €400M on June 30th when we issued the €400M of Euro notes due 2027 to refinance the €400M of Euro notes scheduled to mature in September 2022. The notes due in September 2022 were subsequently repaid with cash in July 2022. As reported, Q2 2022 Total Debt was $1,423M with Net Debt of $537M while Total Debt to Total Capitalization was 37%. (1) (1)

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![Slide 20](man-ex99_2s20.jpg)

Interest Rate Maturity Date Total Outstanding Remaining Available Euro Notes - €500M 1.809% Jun 2026 533 - Euro Notes - €400M 3.514% Jun 2027 424 - Revolving Credit Agreement 5.483% May 2027 - 600 Uncommitted lines and Other Various Various 30 338 Total Debt 987 938 Debt and Credit Facilities – December 31, 2022(in millions of USD) (3) (1) (2) The $600M agreement requires that we comply with a Leverage Ratio (net 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 net Debt-to-EBITDA ratio of 1.01 to 1 and a fixed charge coverage ratio of 5.66 to 1 as of December 31, 2022. (In the agreement, net debt is defined as total debt less cash in excess of $400M.) As of December 31, 2022, there were $0.4M of standby letters of credit issued under the agreement. Under the $600M agreement, we have an option to increase the total availability under the facility by an additional $300M. Represents uncommitted lines of credit & overdraft facilities, which total $368.4M. 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. This rate is the effective interest rate for this note, net of a favorable impact of a forward rate lock. (4) (2)

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![Slide 21](man-ex99_2s21.jpg)

First Quarter 2023 Outlook EBITA is a non-GAAP financial measure and is defined herein as Operating Profit before Amortization of Intangible Assets. Estimates are assuming FX rates of 1.08 for the Euro, 1.22 for the GBP and 0.0074 for JPY. Revenue Total Down 4-8% (Down 3%/Up 1% CC) Americas Down 5-9% (Down 2-6% CC) Southern Europe Down 3-7% (Down 4%/Flat CC) Northern Europe Down 6-10% (Down 2%/Up 2% CC) APME Down 3-7% (Up 3-7% CC) Gross Profit Margin 18.0 – 18.2% EBITA(1) Margin 2.7 – 2.9% Operating Profit Margin 2.5 – 2.7% Tax Rate 29.5% EPS $1.61 – $1.71 (unfavorable $0.15 currency)

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![Slide 22](man-ex99_2s22.jpg)

Reduced direct emissions (Scope 1 & 2) by 39% – significant progress towards goal of 60% reduction by 2030. Reported to the Carbon Disclosure Project (CDP) for the 11th year, with improved A- scoring higher than industry averages. Transformed almost 200,000 lives to date through Manpower MyPath. Announced goal of reaching 50% gender diversity at global leadership level by 2025. Named one of World's Most Ethical Companies by Ethisphere for 13th year – the only company in the industry for more than a decade. Achieved platinum, gold, and silver EcoVadis rankings in 24 countries and at global level. Planet ESG: Our Working to Change the World Plan Our ManpowerGroup Working to Change the World ESG Report charts our progress against the themes of Planet, People & Prosperity and Principles of Governance – and sets bold new targets for the future. Highlights: People & Prosperity Principles of Governance

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![Slide 23](man-ex99_2s23.jpg)

Although the environment softened during the fourth quarter resulting in a revenue decline of 1% in constant currency, all brands recorded gross profit growth in constant currency. Gross profit margin of 18.2%, up 100 basis points year over year, reflects improving business mix and the continuation of permanent recruitment growth. Our Diversification progress is reflected in our brand composition - Experis and Talent Solutions represented 43% of our gross profit in 2022, up from 35% in 2019. Our Digitization and Innovation progress is reflected in our industry leading progress in our technology roadmap, Manpower MyPath and Experis Academy. Key Take Aways

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![Slide 24](man-ex99_2s24.jpg)

Appendix

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![Slide 25](man-ex99_2s25.jpg)

Industry Vertical Composition Based on Revenues – Q4 2022 Manufacturing, 40.1%