Kelly Services, Inc. · NASDAQ:KELYA
Kelly Services — Investor Presentation (August 2026)
30 slides from Kelly Services's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026 KELYA | Nasdaq Listed © 2026 Kelly Services, Inc. All rights reserved.
Slide 2: Kelly is a leading global workforce strategy and solutions provider
Kelly is a leading global workforce strategy and solutions provider 79 $4.3 billion 2.6% years of industry leadership 2025 revenue, reflecting organic 2025 adjusted EBITDA margin, growth in more resilient markets exceeding Kelly’s recent historical average of 1.5% - 2.0% 3 375,000 #2 specialized, ma
Slide 3: We are well positioned to create long-term value for all our stakeholders
We are well positioned to create long-term value for all our stakeholders Time-tested operational strength and resilience anchored by an industry leading brand Differentiated scale, capabilities, and domain expertise in attractive specialties which are positioned to capitalize on secular growth driv
Slide 4: Entering a new phase of our strategic evolution guided by a new generation of leadership
Entering a new phase of our strategic evolution guided by a new generation of leadership • Named Chris Layden as Chief Executive Officer in September 2025 and Troy Anderson as Chief Financial Officer in December 2024 • Reconstituted Board of Directors includes seven new, highly qualified directors a
Slide 5: There is a significant shareholder value creation opportunity at Kelly's present valuation
There is a significant shareholder value creation opportunity at Kelly’s present valuation The value of our individual businesses and our valuation multiple relative to peers imply considerable upside potential, which we are well positioned to capture through our specialty growth strategy and transf
Slide 6: A diverse portfolio of businesses focused on attractive specialties
A diverse portfolio of businesses focused on attractive specialties Our portfolio of specialty businesses and breadth of solutions position Kelly to compete and win in the marketplace. Kelly Enterprise Talent Kelly Science, Engineering Kelly Education (EDU) Management (ETM) & Technology (SET) GP Mar
Slide 7: We offer industry leading scale and capabilities across the enterprise
We offer industry leading scale and capabilities across the enterprise Kelly Enterprise Talent Kelly Science, Engineering & Kelly Management (ETM) Technology (SET) Kelly Education • #2 Temporary Staffing Firm in • 2026 HRO Today Baker’s Dozen: • 2026 Everest Group PEAK Matrix • #1 Largest Education
Slide 8: We are capitalizing on secular growth drivers to expand our total addressable market
We are capitalizing on secular growth drivers to expand our total addressable market Our differentiated scale, capabilities, and domain expertise in ETM, SET, and EDU are enabling Kelly to meet growing demand for staffing and solutions driven by AI, industrial reshoring, and the shortage of educator
Slide 9: We have transformed our portfolio of businesses to accelerate profitable growth
We have transformed our portfolio of businesses to accelerate profitable growth Revenue Mix Sharpened focus on higher-margin, higher- INTL(1) EDU growth specialties, resulting in ~200 basis points 22% 24% of gross margin expansion through 2025 P&I EDU 2020 41% 2025 ETM(2) 47% 6% Unlocked nearly $500
Slide 10: We are delivering differentiated solutions to meet the evolving needs of clients and talent
We are delivering differentiated solutions to meet the evolving needs of clients and talent Since 2020, we have shifted our revenue mix toward Education staffing and higher-margin outcome-based, MSP, and RPO solutions. 1% 1% 8% 12% 15% 43% 21% 6% 2020(1) 2025(1) 70% 24% Temporary Staffing Outcome-Ba
Slide 11: Our transformation has delivered measurable profitability improvement
Our transformation has delivered measurable profitability improvement Through gross margin expansion and targeted self-help measures focused on growth and efficiency, we have increased Kelly’s adjusted EBITDA(1) margin from its recent historical average, and we are focused on delivering additional i
Slide 12: Our capital allocation strategy is focused on driving long-term shareholder value
Our capital allocation strategy is focused on driving long-term shareholder value We are well positioned to deliver on our priorities with a strong balance sheet underpinned by ample available debt capacity and healthy free cash flow generation totaling nearly $200 million in the last three years. C
Slide 13: We are investing in technology and human-centric AI to position Kelly for the future
We are investing in technology and human-centric AI to position Kelly for the future Our investments prioritize scalable enterprise solutions that reduce cost-to-serve, enhance productivity, and accelerate innovation. • Consolidating disparate front-, middle-, and back-office systems into a unified,
Slide 14: With a renewed focus on accelerating profitable growth, our near-term priorities are clear
With a renewed focus on accelerating profitable growth, our near-term priorities are clear Growth Efficiency Culture • Capture greater market • Re-engineer our cost base to • Enhance customer centricity share through enhanced drive further structural by making it easier to do large account managemen
Slide 15: Business Unit Overview
Business Unit Overview 15
Slide 16: Enterprise Talent Management Segment Overview
Enterprise Talent Management(1) Segment Overview 2025 ETM Revenue Mix $2,500.0 $2,214.4 $2,196.1 21.5% 1% $2,005.5 21.0% $2,000.0 24% 21.0% 20.5% $1,500.0 20.3% 20.0% $1,000.0 59% 19.5% 19.6% $500.0 19.0% 26% $0.0 18.5% 2023 2024 2025 Temp Staffing Outcome-Based Talent Solutions Perm Placement Reven
Slide 17: Science, Engineering & Technology Segment Overview
Science, Engineering & Technology(1) Segment Overview 2025 SET Revenue Mix $1,400.0 $1,240.4 25.8% $1,165.7 3% $1,200.0 25.7% $970.6 $1,000.0 25.6% 25.6% $800.0 25.5% $600.0 25.4% 34% 25.4% $400.0 25.3% 63% 25.3% $200.0 25.2% $0.0 25.1% 2023 2024 2025 Temp Staffing Outcome-Based Perm Placement Reven
Slide 18: Education Segment Overview
Education Segment Overview 2025 EDU Revenue Mix $1,200.0 24.0% $972.3 $1,010.7 1% $1,000.0 22.0% $841.9 $800.0 20.0% $636.2 $600.0 18.0% $416.5 $400.0 $286.9 16.0% 15.6% 15.8% 15.3% $200.0 14.7% 14.0% 14.4% 14.5% 99% $0.0 12.0% 2020 2021 2022 2023 2024 2025 Temp Staffing Perm Placement Revenue (mill
Slide 19: Financial Appendix
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Slide 20: 2026 Outlook
2026 Outlook Third Quarter of 2026 – Expect year-over-year improvement relative to second quarter, Our 2026 Outlook with overall underlying revenue growth of 1% to 2%, and total revenue to be flat to a decline assumes no material of 2% versus the prior year. Adjusted EBITDA margin in the low 2% rang
Slide 21: Our Financial Journey: Revenue
Our Financial Journey: Revenue $5.2 50% $5.0 $5.0 40% $4.9 $4.8 $4.8 30% $4.6 20% $4.5 $4.4 10% $4.3 $4.3 $4.2 0% $4.0 -10% $3.8 -20% 2020 2021 2022 2023 2024 2025 (1) (2) Kelly Revenue (billions) YoY Kelly Organic Underlying Revenue Growth % YoY Industry Growth % (1) Organic underlying revenue grow
Slide 22: Our Financial Journey: Gross Profit
Our Financial Journey: Gross Profit $1,200 22% $1,012 $1,000 $961 21% $919 $883 $853 $828 $800 20.4% 20.4% 20% 20.1% 19.9% $600 19% 18.7% $400 18.3% 18% $200 17% $0 16% 2020 2021 2022 2023 2024 2025 Gross Profit (millions) Gross Profit Margin % Recent Historical Average Gross Profit Margin %(1) © 20
Slide 23: Our Financial Journey: Free Cash Flow
Our Financial Journey: Free Cash Flow(1) $260 $210 $171 $160 $114 $110 $74 $61 $60 $16 $10 CAGR: 2.3%(2) ($40) ($90) ($88) ($140) (2) (2) 2020 2021 2022 2023 2024 2025 Free Cash Flow (millions) (1) Free cash flow is defined as net cash from operating activities minus capital expenditures. (2) Free c
Slide 24: Recast Segment Results: 2023-2024
Recast Segment Results: 2023-2024(1) $ in millions 2023 2024 2023 2024 Revenue Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Enterprise Talent Management (ETM) 574.6 559.7 546.7 533.4 524.1 541.2 561.6 569.2 2,214.4 2,196.1 Science, Engineering & Technology (SET) 249.0 246.2 241.1 234.3 231.6 265.7 335.0 333.4 970.
Slide 25: Adjusted EBITDA Non-GAAP Reconciliation
Adjusted EBITDA(1) Non-GAAP Reconciliation $ in millions 2020 2021 2022 2023 2024 2025 Net earnings (loss) ($72.0) $156.1 ($62.5) $36.4 ($0.6) ($254.1) Other (income) expense, net (3.4) 3.6 (1.6) (4.2) 3.3 8.6 Income tax expense (benefit) (34.0) 35.1 (7.9) (11.5) (21.3) 175.3 Depreciation & amortiza
Slide 26: Adjusted EBITDA Non-GAAP Reconciliation Footnotes
Adjusted EBITDA Non-GAAP Reconciliation Footnotes (1) 2022 loss on investment in Persol Holdings includes losses of $67.2 million on the sale of Persol Holdings in the first quarter of 2022, $52.4 million of which related to changes in fair value up to the date of the transaction. Gain on investment
Slide 27: Cautionary Statements and Contacts
Cautionary Statements and Contacts 27
Slide 28: Non-GAAP Measures
Non-GAAP Measures Management uses adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization) and adjusted EBITDA Margin (percent of total GAAP revenue) which Management believes is useful to compare operating performance compared to prior periods and uses it in conjunc
Slide 29: Safe Harbor Statement
Safe Harbor Statement This presentation contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not
Slide 30: Investor Contacts
Investor Contacts Chris Layden Troy Anderson Scott Thomas Chief Executive Officer Chief Financial Officer Head of Investor Relations Chris.Layden@kellyservices.com Troy.Anderson@kellyservices.com Scott.Thomas@kellyservices.com © 2026 Kelly Services, Inc. All rights reserved. 30