ManpowerGroup (MAN) 8-K Manpower Reports 2ND Quarter and First Half 2010 Results

Exhibit 99.2

2010July 21

2010 2nd Quarter
Results

Manpower Inc.

Manpower Inc. 2010 2nd Quarter Results

July 2010

2

This presentation includes forward-looking
statements, including earnings projections
which are subject to risks and uncertainties.
Actual results might differ materially from
those projected in the forward-looking
statements. Additional information
concerning factors that could cause actual
results to materially differ from those in the
forward-looking statements is contained in
the Company’s Annual Report on Form 10-K
dated December 31, 2009, which information
is incorporated herein by reference, and
such other factors as may be described from
time to time in the Company’s SEC filings.

Forward-Looking Statement

Manpower Inc. 2010 2nd Quarter Results

July 2010

3

315%

90%

157% CC

21%

24% CC

120 bps

Operating Profit$79M

OP Margin1.7%

Revenue$4.6B

Gross Margin17.4%

EPS $.40

90 bps

331% CC

Q1 Highlights

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.

Consolidated Financial Highlights

(1) 2009 results include reorganization charges of $13M.

(1)

Manpower Inc. 2010 2nd Quarter Results

July 2010

4

Consolidated Gross Margin Change

Manpower Inc. 2010 2nd Quarter Results

July 2010

5

64% CC

Americas Segment
(22% of Revenue)

Q2 Financial Highlights

67%

OUP Margin

1.8%

210 bps

Revenue

$992M

OUP

$18M

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.

(1)Included in these amounts is the US, which had revenue of $686M (+83%) and OUP of $10M. On an
organic basis, US revenue was $504M (+35%) and OUP was $10M.

(2) On an organic basis, Americas revenue increased 36% in USD (33% in CC).

(1)

N/A

N/A

(2)

(2)

Manpower Inc. 2010 2nd Quarter Results

July 2010

6

Americas - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

69%

11%

6%

14%

(1)On an organic basis, US revenue was $504M (+35%).

(1)

Manpower Inc. 2010 2nd Quarter Results

July 2010

7

France Segment
(27% of Revenue)

Q2 Financial Highlights

OUP Margin

0.8%

Revenue

$1.3B

OUP

$10M

14%

23% CC

40 bps

140%

169% CC

Manpower Inc. 2010 2nd Quarter Results

July 2010

8

(1)Included in these amounts is Italy, which had revenue of $259M (+12% in USD, 21% in CC) and OUP of
$14M (+99% in USD, +115% in CC).

(2) 2009 includes reorganization charges of $5.5M.

EMEA Segment
(37% of Revenue)

Q2 Financial Highlights

OUP Margin

2.5%

Revenue

$1.7B

OUP

$43M

14%

18% CC

250 bps

N/A

N/A

(1)

(2)

Manpower Inc. 2010 2nd Quarter Results

July 2010

9

EMEA - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

15%

14%

14%

11%

10%

5%

23%

8%

Manpower Inc. 2010 2nd Quarter Results

July 2010

10

Asia Pacific Segment
(11% of Revenue)

Q2 Financial Highlights

OUP Margin

2.3%

Revenue

$506M

OUP

$12M

25%

15% CC

140 bps

237%

215% CC

(1)

(1)

(1)

(1) 2009 includes reorganization charges of $1.5M.

Manpower Inc. 2010 2nd Quarter Results

July 2010

11

Asia Pacific - Q2 Revenue Growth YoY

Revenue Growth - CC

Revenue Growth

% of Segment

Revenue

50%

26%

24%

Manpower Inc. 2010 2nd Quarter Results

July 2010

12

82%

82% CC

Right Management Segment
(2% of Revenue)

Q2 Financial Highlights

OUP Margin

7.9%

Revenue

$99M

OUP

$8M

38%

38% CC

1890 bps

Manpower Inc. 2010 2nd Quarter Results

July 2010

13

Jefferson Wells Segment
(1% of Revenue)

Q2 Financial Highlights

OUP Margin

- 7.5%

Revenue

$41M

OUP

$(3M)

1370 bps

16%

N/A

(1)

(1) 2009 includes reorganization charges of $5.9M.

Manpower Inc. 2010 2nd Quarter Results

July 2010

14

Other

(12)

Change in Cash

(462)

233

(21)

Cash Flow Summary - First Half

2010

2009

Cash from Operations

(66)

379

Capital Expenditures

(28)

(17)

Free Cash Flow

(94)

362

Change in Debt

(259)

(85)

($ in millions)

Effect of Exchange Rate Changes

(92)

(1)

Acquisitions of Businesses,

net of cash acquired

(22)

(5)

Manpower Inc. 2010 2nd Quarter Results

July 2010

15

COMSYS Acquisition Summary

Closing date:

April 5, 2010

Consideration:

Cash

$192M

Stock

188M

(3.2M shares @ $58.94per share)

Debt Retired

47M

$427M

(1)

(1)Represents the closing stock price on April 5, which is higher than the average stock price of $57.98 used
to determine the conversion ratio for the tender offer.

Manpower Inc. 2010 2nd Quarter Results

July 2010

16

Balance Sheet Highlights

Total Debt

($ in millions)

Total Debt to

Total Capitalization

Total Debt

Net Debt

2010

2010

Manpower Inc. 2010 2nd Quarter Results

July 2010

17

(b)

(b)

Credit Facilities as of June 30, 2010($ in millions)

(a)

(a)

This $400M agreement requires, as of June 30, that we comply with a Debt-to-EBITDA ratio of less than 6.00 to 1 and a fixed charge coverage
ratio of greater than 1.25 to 1.As defined in the agreement, we had a Debt-to-EBITDA ratio of 2.13 and a fixed charge coverage ratio of 1.84
as of June 30, 2010.

As of June 30, there were $4.0M of standby letters of credit issued under the agreement.

Interest

Rate

Maturity

Date

Total

Outstanding

Remaining

Available

Euro Notes:

- Euro 200M

4.86%

June 2013

244

-

- Euro 300M

4.58%

June 2012

367

-

Revolving Credit Agreement

2.90%

Nov 2012

-

396

346

Uncommitted lines and Other

Various

Various

37

Total Debt

648

742

Manpower Inc. 2010 2nd Quarter Results

July 2010

18

Third Quarter Outlook

Revenue

Americas

Up 60-62%

France

Up 2-4%

(Up 14-16% CC)

Up 18-20%

Asia Pacific

(Up 14-16% CC)

Jefferson Wells

Right Management

Down 34-36%

(Down 32-34% CC)

Up 13-15%

(Up 20-22% CC)

Total

Gross Profit Margin

16.8-17.0%

Operating Profit Margin

1.8-2.0%

Tax Rate

52%

EPS

$0.41-$0.51 (Neg. $.04 Currency)

Down 10-12%

EMEA

(Up 17-19% CC)

Up 8-10%

(Up 56-58% CC)

2010 2nd Quarter
Results

Manpower Inc.