Slide 1: Q4 2025 Earnings
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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 stabilization in d
Slide 3: Q4 2025 Overview
Q4 2025 Overview Total revenue of $418 million was up 8% ▪ Organic1 revenue grew 5% ▪ Strong performance in our skilled businesses and broader trends continue to stabilize Net loss of $32 million compared to net loss of $12 million in Q4 2024 ▪ Includes non-cash impairment charge of $18 million on r
Slide 4: Financial summary
Financial summary Amounts in millions, except per share data Q4 2025 Change FY 2025 Change Revenue $418 +8% $1,616 +3% 5% organic1 flat organic Net loss -$31.5 NM -$48.0 NM Net loss per diluted share -$1.05 NM -$1.61 NM Net loss margin -7.5% -450 bps -3.0% +500 bps Adjusted net loss2 -$7.5 NM -$20.4
Slide 5: Gross margin and SG&A bridges
Gross margin and SG&A bridges Gross margin 26.6% 21.5% -2.9% -2.2% Q4 2024 Workers’ Mix Q4 2025 Compensation Amounts in millions $107 $95 SG&A -$6 -$6 Q4 2024 Core business Adjusted EBITDA Q4 2025 exclusions1 1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. Refer
Slide 6: Q4 2025 Results by segment
Q4 2025 Results by segment Amounts in millions PeopleReady PeopleManagement PeopleSolutions Revenue $230 $142 $46 % Change +11% -2% +42% Segment profit1 $0 $6 $3 % Change -102% +9% +105% % Margin -0.1% 4.4% 5.8% Change -370 bps +50 bps +180 bps • Revenue: • Revenue: • Revenue: Notes: • Outperformanc
Slide 7: Solid balance sheet and focused capital strategy
Solid balance sheet and focused capital strategy Ample liquidity Balanced capital priorities Amounts in millions $92 • Strategic investments to accelerate $93 organic growth $66 • Reduce debt to strengthen liquidity Borrowing $68 position and drive enhanced availability1 financial flexibility • Exce
Slide 8: Outlook
Outlook 8
Slide 9: Select outlook information
Select outlook information Item Q1 2026 Commentary $381M to $406M Assumes current market conditions continue into Q1 and includes +1 percentage point of Revenue +3% to +9% vs. prior year inorganic growth from the acquisition of HSP. Gross margin decline due primarily to prior year workers’ compensat
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 loss
1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET LOSS AND ADJUSTED NET LOSS PER DILUTED SHARE (Unaudited) 13 weeks ended 52 weeks ended (in thousands, except for per share data) Dec 28, 2025 Dec 29, 2024 Dec 28, 2025 Dec 29, 2024 Net loss $ (31,536) $ (11,705) $ (47,960) $ (125,748) Gain on d
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 52 weeks ended (in thousands) Dec 28, 2025 Dec 29, 2024 Dec 28, 2025 Dec 29, 2024 Net loss $ (31,536) $ (11,705) $ (47,960) $ (125,748) Income tax expense 1,078 1,692 2,329 37,224 Interest and other (inc
Slide 14: Reconciliation of U.S. GAAP SG&A expense to adjusted SG&A expense
3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED SG&A EXPENSE (Unaudited) 13 weeks ended 52 weeks ended (in thousands) Dec 28, 2025 Dec 29, 2024 Dec 28, 2025 Dec 29, 2024 Selling, general and administrative expense $ 94,940 $ 106,942 $ 371,087 $ 410,870 Third-pa
Slide 15: Footnotes
Footnotes: 1. Workforce reduction costs were reported as $0.2 million in cost of services and $3.8 million in selling, general and administrative expense for the 13 weeks ended December 28, 2025 and $0.5 million in cost of services and $8.8 million in selling, general and administrative expense for
Slide 16: TrueBlue, Inc. (NYSE: TBI) 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