Slide 1: Q3 2025 Earnings
Q3 2025 EARNINGS trueblue
Slide 2: Forward-looking statements and non-GAAP financial measures
2 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 stabilization in
Slide 3: Q3 2025 Overview
3 Q3 2025 Overview Total revenue was $431 million, up 13% vs. prior year ▪ Organic1 revenue grew 9% ▪ Building off stabilizing business trends and delivering double-digit growth in our skilled businesses Net loss of $2 million improved from net loss of $8 million in Q3 2024 ▪ Gross margin was down 4
Slide 4: Financial summary
4 Financial summary Amounts in millions, except per share data Q3 2025 Q3 2024 Change Revenue $431 $382 +13 % 9% organic1 Net loss -$1.9 -$7.6 NM Net loss per diluted share -$0.06 -$0.26 NM Net loss margin -0.4 % -2.0 % +160 bps Adjusted net income (loss)2 $1.1 -$3.3 NM Adj. net income (loss) per di
Slide 5: Gross margin and SG&A bridges
5 Gross margin and SG&A bridges Gr os s m ar gi n 26.2% -1.9% -1.4% -0.2% 22.7% Q3 2024 Mix Workers’ Compensation Software depreciation Q3 2025 SG &A $100 -$7 -$1 $92 Q3 2024 Core business Q3 2025 Amounts in millions 1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A
Slide 6: Q3 2025 Results by segment
6 Q3 2025 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $251 $133 $47 % Change +17% +2% +28% Segment profit1 $8 $5 $4 % Change +166% +39% +65% % Margin 3.2% 3.4% 8.9% Change +180 bps +90 bps +200 bps Notes: ▪ Revenue: • Outperformance in our skilled busi
Slide 7: Solid balance sheet with ample liquidity
7 Solid balance sheet with ample liquidity $0 $0 -$8 -$68 $293 $86 $119 $75 $72 $62 $23 $20 Debt Borrowing availability Cash 2022 2023 2024 Q3 2025 Amounts in millions Note: Figures may not sum to consolidated totals due to rounding. Balances as of fiscal period end. 1 Borrowing availability is base
Slide 8: Outlook
Outlook
Slide 9: Select outlook information
9 Select outlook information Item Q4 2025 Commentary Revenue $399M to $424M +4% to +10% vs. prior year Assumes current market conditions continue into Q4 and includes +4 percentage points of inorganic growth from the acquisition of HSP. Gross margin -410 to -370 bps vs. prior year Gross margin decli
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP financial measures and non-GAAP reconciliations
11 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 o
Slide 12: Reconciliation of U.S. GAAP net loss to adjusted net income (loss)
12 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) Sep 28, 2025 Sep 29, 2024 Net loss $ (1,916) $ (7,635) Gain on divestiture — 29 Amortization of intangible as
Slide 13: Reconciliation of U.S. GAAP net loss to EBITDA and adjusted EBITDA
13 2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands) Sep 28, 2025 Sep 29, 2024 Net loss $ (1,916) $ (7,635) Income tax expense 711 1,253 Interest and other (income) expense, net 1,059
Slide 14: Reconciliation of SG&A expense to adjusted SG&A expense
14 3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) Refer to the last slide of the appendix for footnotes. 13 weeks ended (in thousands) Sep 28, 2025 Sep 29, 2024 Selling, general and administrative expense $ 91,728 $ 99,973 Third-party
Slide 15: Footnotes
15 Footnotes: 1. Workforce reduction costs of $0.5 million for the 13 weeks ended September 28, 2025 were reported as $0.1 million in cost of services and $0.4 million in selling, general and administrative expense. Workforce reduction costs of $2.8 million for the 13 weeks ended September 29, 2024