Kelly Services, Inc. · NASDAQ:KELYA
Kelly Services — Q4 2025 Earnings Presentation
28 slides from Kelly Services's earnings presentation, March 2026
Slide 1: Q4 2025 Investor Presentation
Q4 2025 Investor Presentation March 2026 © 2026 Kelly Services, Inc. All rights reserved.
Slide 2: Kelly is a leading global specialty talent solutions provider
Kelly is a leading global specialty talent 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 approximately 2.0% 3 375,000 #2 specialized, m
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 capabilities and scale in attractive higher - margin, higher - growth specialties Transforming our operations and go to m
Slide 4: 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 5: 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 6: 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 • 2025 HRO Today Baker’s Dozen: #1 • 2025 Everest Group PEAK Matrix - • #1 Largest Educa
Slide 7: We have driven significant progress on our Specialty Growth Journey
We have driven significant progress on our Specialty Growth Journey 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 millio
Slide 8: 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 Outc
Slide 9: Our transformation has delivered significant profitability improvement
Our transformation has delivered significant profitability improvement Through targeted growth and efficiency initiatives, we have increased Kelly’s adjusted EBITDA (1) margin above its recent historical average and are laser - focused on delivering continued incremental margin expansion. $160 4% $1
Slide 10: Our capital allocation strategy is focused on driving long-term shareholder value
Our capital allocation strategy is focused on driving long - term shareholder value With a strong balance sheet underpinned by healthy free cash flow generation and available debt capacity, we are well positioned to deliver on our priorities. Capital Deployment: 2020 - 2025 (1) Disciplined organic i
Slide 11: 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 int
Slide 12: 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 custome r centricity share through addition of drive further structural by making it easier to do Chief Growth Of
Slide 13: Business Unit Overview
Business Unit Overview 13
Slide 14: 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% Temp Staffing 2023 2024 2025 Outcome-Based Revenue (millions) GP Margin Talent
Slide 15: 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 Reve
Slide 16: 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 17: Financial Appendix
Ral o Cc o a o <x 8 1S) c (co A LL
Slide 18: 2026 Outlook
2026 Outlook Our 2026 Outlook assumes no material change in the macroeconomic or First Quarter of 2026 – Consistent with Fourth Quarter of 2025 industry dynamics • Revenue – expect total Company year - over - year revenue decline of 11% to relative to current 13%, or 3% to 5% on an underlying basis
Slide 19: 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 20: 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 (1) Gross Profit (millions) Gross Profit Margin % Recent Historical Average Gross Profit Margin % © 2
Slide 21: 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) Fre
Slide 22: 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 9
Slide 23: 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 & amort
Slide 24: Adjusted EBITDA Non-GAAP Reconciliation Footnotes
Adjusted EBITDA Non - GAAP Reconciliation Footnotes (1) 2022 loss on investment inPersol 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 transact ion. Gain on investme
Slide 25: Cautionary Statements and Contacts
Cautionary Statements and Contacts 25
Slide 26: 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 27: 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 28: 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. 28