Slide 1: Q4 2025
Q4 2025 February 12, 2026 © 2025 Kelly Services, Inc. All rights reserved.
Slide 2: Presentation Disclosures
Presentation Disclosures 2 © 2025 Kelly Services, Inc. All rights reserved.
Slide 3: 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 no
Slide 4: 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 conju
Slide 5: Financials
Financials 5 © 2025 Kelly Services, Inc. All rights reserved.
Slide 6: Fourth-Quarter 2025 Takeaways
Fourth - Quarter 2025 Takeaways Revenue decline in the quarter reflects growth in more resilient markets and the Education segment, offset by discrete impacts in the ETM and SET segments • Revenue down 11.9%, down 3.9% (1) underlying which excludes the discrete impacts of U.S. federal government in
Slide 7: Fourth-Quarter 2025 Financial Summary
Fourth - Quarter 2025 Financial Summary Actual Change Increase/(Decrease) (2) Results As Reported As Adjusted Revenue $1.1B (11.9%) (11.9%) Gross Profit Rate 18.8% (150) bps (150) bps Loss from Operations ($0.7M) 98.8% (71.6%) Diluted Loss per Share ($3.69) ($2.79) ($0.63) Adjusted EBITDA $21.0M (51
Slide 8: Full-Year 2025 Financial Summary
Full - Year 2025 Financial Summary Actual Change Increase/(Decrease) (2) Results As Reported As Adjusted Revenue $4.3B (1.9%) (1.9%) Gross Profit Rate 20.1% (30) bps (30) bps Loss from Operations ($69.8M) (362.3%) (35.6%) Diluted Loss per Share ($7.24) ($7.22) ($1.00) Adjusted EBITDA $109.4M (23.8%)
Slide 9: 2025 Revenue Trends
2025 Revenue Trends Organic Organic Reported Reported Q1 (3) Q2 (3) Q3 Q4 Total 0.2% (3.3%) (9.9%) (11.9%) (1) Excluding discrete impacts 2.7% 1.6% (2.0%) (3.9%) (4) Enterprise Talent Management (0.0%) (5.1%) (13.1%) (18.6%) (1) Excluding discrete impacts 3.6% 1.9% (1.9%) (5.4%) (4) Science, Enginee
Slide 10: Fourth-Quarter 2025 Revenue and Gross Profit Mix
Fourth - Quarter 2025 Revenue and Gross Profit Mix Revenue Mix (4) Gross Profit Mix (4) EDU EDU 21% 28% ETM ETM 43% 2025 44% 2025 SET SET 36% 28% EDU EDU 17% 24% ETM 2024 ETM 48% 2024 48% SET SET 35% 28% © 2025 Kelly Services, Inc. All rights reserved. 10
Slide 11: Fourth-Quarter 2025 Gross Profit Rate
Fourth - Quarter 2025 Gross Profit Rate • GP rate decreased due to an increase in employee - related costs, and business mix changes primarily driven by growth in Education , which has a lower GP rate, and declines in higher gross margin outcome - based and staffing offerings © 2025 Kelly Services,
Slide 12: Fourth-Quarter 2025 SG&A
Fourth - Quarter 2025 SG&A $ in millions • Expenses in Operations decreased as a result of management’s efforts to drive structural efficiencies and align resource leve ls with volume • Integration and realignment costs related to the integration of MRP and other prior acquisitions, consolidation of
Slide 13: Fourth-Quarter 2025 EPS Summary
Fourth - Quarter 2025 EPS Summary $ in millions except per share data 2025 2024 Amount Per Share Amount Per Share Net earnings (loss) ($128.8) ($3.69) ($31.8) ($0.90) (6) Valuation allowance on deferred tax assets, net of taxes 127.9 3.47 - - (7) Integration, realignment and restructuring charges, n
Slide 14: Full-Year 2025 EPS Summary
Full - Year 2025 EPS Summary $ in millions except per share data 2025 2024 Amount Per Share Amount Per Share Net earnings (loss) ($254.1) ($7.24) ($0.6) ($0.02) (6) Valuation allowance on deferred tax assets, net of taxes 197.6 5.35 - - (12) Goodwill impairment charge, net of taxes 83.6 2.26 54.4 1.
Slide 15: Fourth-Quarter 2025 Liquidity
Fourth - Quarter 2025 Liquidity $ in millions • Combined borrowing capacity of $400 million on our U.S. revolving credit ($150 million) and securitization ($250 million) fac ilities • Borrowings are amounts outstanding on our U.S. credit facilities following the MRP acquisition in Q2 2024 • Q4 2025
Slide 16: 2026 Outlook
2026 Outlook Our 2026 Outlook assumes no material First Quarter of 2026 – Consistent with Fourth Quarter of 2025 change in the macroeconomic or • Revenue – expect total Company year - over - year revenue decline of industry dynamics 11% to 13%, or 3% to 5% on an underlying basis excluding discrete r
Slide 17: Appendix
Appendix 17 © 2025 Kelly Services, Inc. All rights reserved.
Slide 18: Fourth-Quarter 2025 Footnotes
Fourth - Quarter 2025 Footnotes 1) Reflects the combined negative discrete impacts from reduced demand for U.S. federal government contractors in Science, Engin eer ing & Technology ("SET") and Enterprise Talent Management ("ETM") and from three large private sector customers in ETM; 2) See Reconcil
Slide 19: Fourth-Quarter 2025 Footnotes (continued)
Fourth - Quarter 2025 Footnotes (continued) 9) Transaction costs of $0.3 million, $0.2 million net of tax or $0.01 per share in Q4 2025 and $1.2 million, $0.9 million net o f t ax or $0.03 per share in 2025 primarily related to costs incurred directly related to the sale of the EMEA staffing operati