On this page of StockholderLetter.com we present the latest annual shareholder letter from ManpowerGroup Inc. — ticker symbol MAN. Reading current and past MAN letters to shareholders can bring important insights into the investment thesis.

 •  3/7/2025 Letter Continued (Full PDF)
 •  3/15/2023 MAN Stockholder Letter
 •  3/7/2024 MAN Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  MAN Benford's Law Stock Score = 77

MAN Shareholder/Stockholder Letter Transcript:

ManpowerGroup 2024 Year in Review
Message from Jonas Prising, Chair & CEO
March 6, 2025
2024 Revenues
$17.9b
Gross Profit Margin
17.3%
Diluted Earnings Per Share
$3.01

EBITA
$339m
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Dear Shareholders, Clients, Employees and Partners,
2024 was a year in which we managed headwinds in parts of our business while preparing for future opportunities
we believe are just over the horizon. The effects of economic and geopolitical uncertainty are still being felt across
the industry and our business in Europe and North America. Still, the global labor market has shown remarkable
resilience in weathering the triple hit of a global pandemic, shifting geopolitics and slow economic growth, and we
have continued optimism that the broad adoption of AI can generate significant growth opportunities for companies,
including our own.
Over the past 12 months, we have maintained a relentless focus on what it will take to win in the market today and
tomorrow. We made the tough business decisions that were required to address the difficult conditions in some of
our key markets. At the same time, we maintained our investment in digitization and retained the talent we need for
improved competitive performance. Now, with technology acceleration fueling a growing demand for employees with
specialized skills, we are well positioned to capitalize on changing market conditions across all our global brands.
We continue to do the hard work of aligning and improving our day-to-day operations around the world. Our
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services to expand our higher margin offerings, leveraging global technology across our business to improve
productivity at speed and scale, and accelerating innovation to improve recruiter productivity, enhance the candidate
experience and capitalize on new opportunities are all core components of our strategy to win in the market.
We remain confident that traditional industry dynamics will play out over time and our singular goal     to connect
more people to meaningful and sustainable work     remains unchanged. With our latest talent shortage data
reporting that three in four companies continue to struggle to find the specialized talent they need, we are ready
to find, train and welcome new people into the workforce, while also reskilling and retraining current workers eager
for new opportunities.
Experis and Talent Solutions     each address critical needs in the marketplace and are becoming experts at scale
within their respective segments. Together, they represent a continuum of services and solutions that help our
clients through this fundamental reshaping of the world of work by putting people at the heart of transformation.

2024 Highlights
    Contributed 59% of consolidated

priority markets and accelerated new ways of
meeting candidates where they are with our

providing soft and technical skills to 270,000
people to date, filling growth roles for our clients
and providing personalized, data-driven guidance
to 30% of our associates in                                           
    Contributed 24% of consolidated

and Latin America, trained more than 3,500
people in Europe in in-demand cloud
computing skills through Experis Academy.
    Named a Leader in IT Contingent Talent
and Strategic Solutions in both the U.S.

    Contributed 17% of consolidated
                                                                                    I                          

    Launched specialist industry vertical
revised product portfolio with a focus on
outplacement, coaching and assessment

Sustainability
Sustainable Companies for 2024, ranking in
the top 100 among 500 companies and the
leading performer in our industry.
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Responsible Companies by Newsweek in
2023, 2024 and 2025.
Companies by Ethisphere for the 15th year    
more than any organization in the industry.
From Intention to Impact:
Generative AI Makes its Mark
The speed and scale at which generative AI has
across the global business landscape is unprecedented.
Over the last 12 months, business leaders have moved
past the point of consideration to embrace the potential
of AI as an accelerant for insight, process optimization
and business growth. The next frontier is deployment
and measuring impact at scale.
Yet, the speed at which AI is infiltrating the world of
work is creating a clear divide between employers and
employees. Almost half of business leaders already
believe AI will translate to business growth as early as
this coming year, while our own research finds 50%
of workers fear the impact of AI on their roles.1 This
uncertainty around the eventual impact of AI for
companies and employees highlights the fact that we
are still in the early days of the adoption of this gamechanging technology across organizations of all sizes.
the full potential of AI and guide their workforce
through this period of transition, while ensuring people
have the skills to maximize the technology investments
their companies are making. In our recent Experis Tech
Talent Outlook study, seven in 10 employers reported
that they plan to boost upskilling efforts to fill AI needs
within their organization.
From our perspective, we believe the full impact of AI
on the workforce will play to the strengths of human
capabilities. AI will augment the human capacity to
analyze, strategize, communicate and connect better
with each other on issues that drive value for
organizations. AI can also reduce repetitive and lower
value-added tasks as part of any given job. Realizing
this potential requires new skills applied to new ways
of working. That is our focus as we deploy AI across
our people to deep insights and emerging trends     in
real-time     and sharing that knowledge with our
clients and candidates.
to leveraging AI to grow our business while keeping
data privacy, strong governance and industry-leading

from across our enterprise to lead our Ethical AI
Taskforce. This group holds responsibility for evaluating
the use of AI within our organization so we can innovate
at scale and maintain the high ethical standards and
commitment to privacy and security we know our
clients and candidates value.
1
   Building A People-First Strategy For AI-Powered Workforce
Productivity   , ManpowerGroup, June 2024

ManpowerGroup showcases its strong and distinct brands at Davos, Viva Tech and the New York Stock Exchange
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address technological evolution, looming structural talent scarcity and growing demand for specialist talent
to drive greater productivity gains.
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Digitization, and Innovation) is our roadmap to address these market opportunities while pursuing three clear
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successful decades to come.

Diversification is how we increase the weight of higher-margin offerings across each of our brands    
the needle to win in the market. Demographic shifts and tech acceleration are driving talent scarcity
and generating demand for more specialist skills. We are responding by developing skills specializations,
In 2024, we evolved our organizational structure to create even deeper vertical expertise across targeted
industries, including consumer goods, financials and real estate, healthcare and life sciences, industrials
and tech. We equipped our already talented teams with new insights and specialist offerings to win in
these priority verticals.
Now, our AI-enabled dashboards, sourced from our global data platforms, are enabling us to do even more.
We can track industry trends even more closely and reduce volatility to market variances, move with greater
that can provide the greatest business impact.

Digitization enables productivity, revenue growth opportunities and Innovation. We have made deliberate
investments in best-in-breed technology for our front and back office to establish an industry-leading
foundation for business optimization and value expansion for our clients and candidates. This approach to
buy the best and build to differentiate ensures we maintain the highest standards in data security and
privacy, while retaining the ability to create proprietary solutions that stand apart in the market.
enhanced our ability to scale innovation across our operations at speed, which will generate positive impact

our talent agents and recruiters to focus their time on mentoring, coaching and guiding the millions of
candidates we interact with each year to find successful careers at our client companies.
Our AI integrations are also enabling predictive modeling of organizational workforce needs. These
predictive insights work in tandem with our tools to create personalized career development pathways
for individuals     maximizing client investment in every worker.


While we have worked hard to navigate the macro forces that continue to reshape our industry, we have never lost
focus on the core tenets of our business strategy, to build deep communities of skilled, diverse talent that will ensure
our clients have the workforce they need to be successful today and adapt to tomorrow.

meaningful, rewarding work today, but to guide them throughout their entire career journey.
The jobs we are filling and the skills we are building are increasingly future-focused. Despite the shifting political winds
in some regions, the global green transition remains a priority for businesses and communities around the world and
we expect the need for green-focused talent to continue to expand alongside a growing need for new skills like AI.
Filling global talent gaps is vital to the expansion of these emerging industries and growth sectors.
are intent on retaining talent already within their ranks by providing valued workers with opportunities to unlock their
full potential and develop new in-demand skills that will benefit all.

communities and a stronger, more sustainable planet. We believe the market dynamics at play today continue to
support this client focused, people-centered growth perspective.
2024 Gross Profit Mix
59%
Manpower
24%
Experis
Total Gross Profit
$3.1B
17%
Talent Solutions
Left to Right:
Michelle Nettles
I                                                                                          
Jonas Prising
Chair and CEO

Building Our Future
The foundational drivers of change, which we have tracked for many years, continue to accelerate and generate
opportunities for our business. Shifting demographics, technology-fueled transformation and the rise of
individual choice are shaping a future that is different from the past. Still, we believe employers will continue
to place a premium on uniquely human skills like creativity, problem-solving and adaptability, as they seek new
ways to upskill and reskill talent and increase mobility within their organizations. We are very confident in the
outlook for our business and remain laser focused on the actions we need to take to increase shareholder value
in the short and long term.
We will continue to transform our business at pace, investing in technology and talent to encourage greater
maintaining a strong local presence in every market we serve.
We will work even harder to compete with small, nimble and niche competitors in our chosen market segments
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of talent with increasingly specific technical and human skills, we will continue to expand our offerings in the
fastest growing markets to capture long-term opportunities.
And, we will always uphold the belief that meaningful work has the potential to change the world for the better.
I am grateful for our clients who place their trust in us, and for the millions of workers eager to contribute their
skills and talent to making those client companies successful, while learning and growing to meet the moment
of tomorrow. Our dedicated teams work tirelessly to serve our clients and candidates and continue to transform
our organization.

Chair & CEO
Left to Right:
Becky Frankiewicz
and Chief Commercial Officer
Jack McGinnis
and Chief Financial Officer



 3/7/2025 Letter Continued (Full PDF)