Slide 1: Q2 2026 Earnings
trueblue THE PEOPLE COMPANY” Q2 2026 ol gallate |=
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This presentation contains forward-looking statements relating to our plans and expectations including, without limitation, statements regarding the future performance and operations of our business, expectations regarding market expansion a
Slide 3: Q2 2026 Overview
Q2 2026 Overview Total revenue of $443 million was up 12% ▪ Strong performance in our skilled businesses and a return to growth in our core, on-demand business Net loss of $3.4 million compared to $0.2 million in Q2 2025 ▪ Includes a non-cash loss of $3 million on assets held-for-sale ▪ Gross margin
Slide 4: Financial summary
Financial summary Amounts in millions, except per share data Q2 2026 Q2 2025 Change Revenue $443 $396 +12% Net loss -$3.4 -$0.2 NM Net loss per diluted share -$0.11 -$0.01 NM Net loss margin -0.8% 0.0% -80 bps Adjusted net income (loss)1 $1.8 -$2.2 NM Adj. net income (loss) per diluted share $0.06 -
Slide 5: Gross margin and SG&A bridges
Gross margin and SG&A bridges Gross margin 23.6% 20.7% -1.2% -0.8% -0.9% Q2 2025 Workers’ COVID-19 Mix Q2 2026 Compensation government subsidies Amounts in millions $90 $2 $84 -$8 SG&A Q2 2025 Core business Adjusted EBITDA Q2 2026 exclusions1 1 Represents the year-over-year change in Adjusted EBITDA
Slide 6: Q2 2026 Results by segment
Q2 2026 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $262 $134 $47 % Change +23% 0% -5% Segment profit1 $9 $5 $5 % Change +460% +21% +91% % Margin 3.3% 3.7% 10.3% Change +260 bps +60 bps +510 bps • Revenue: • Revenue: • Revenue: Notes: • Outperformance
Slide 7: Solid balance sheet and focused capital strategy
Solid balance sheet and focused capital strategy Ample liquidity Balanced capital priorities Amounts in millions $82 • Strategic investments to accelerate $79 organic growth • Reduce debt to strengthen liquidity Unused borrowing $56 position and drive enhanced base1 financial flexibility • Excess ca
Slide 8: Outlook
Outlook 8
Slide 9: Select outlook information
Select outlook information Item Q3 2026 Commentary $461M to $481M Assumes current market conditions continue into Q3 with improved trends across all three Revenue +7% to +11% vs. prior year segments and continued strength in skilled businesses. 20.4% to 20.8% Gross margin decline due primarily to ch
Slide 10: Appendix
Appendix 10
Slide 11: Non-GAAP financial measures and non-GAAP reconciliations
NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our
Slide 12: Reconciliation of U.S. GAAP net loss to adjusted net income
1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE (Unaudited) 13 weeks ended (in thousands, except for per share data) Jun 28, 2026 Jun 29, 2025 Net loss $ (3,369) $ (160) Non-cash amortization of intangible assets 651 885 Acquisit
Slide 13: Reconciliation of U.S. GAAP net loss to EBITDA and Adjusted EBITDA
2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) 13 weeks ended (in thousands) Jun 28, 2026 Jun 29, 2025 Net loss $ (3,369) $ (160) Income tax expense 887 122 Interest and other (income) expense, net 1,320 (2,903) Non-cash depreciation and amortization (4) 6,813 7,50
Slide 14: Reconciliation of SG&A expense to adjusted SG&A
3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) 13 weeks ended (in thousands) Jun 28, 2026 Jun 29, 2025 Selling, general and administrative expense $ 83,831 $ 89,798 Third-party processing fees for hiring tax credits (5) — 60 Amortizati
Slide 15: Footnotes
Footnotes: 1. Workforce reduction costs were reported as $0.1 million in cost of services and $0.6 million in selling, general and administrative expense for the 13 weeks ended June 28, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $3.3 million in selling, gen
Slide 16: TrueBlue, Inc. is a leading provider of specialized workforce solutions
TrueBlue, Inc. (NYSE: TBI) is a leading provider of specialized workforce solutions. As The People Company®, we put people first — advancing our mission to connect people and work while delivering smart, scalable solutions that help businesses grow and communities thrive. Since our founding, TrueBlu