Q2 2026 Earnings

Total revenue of $443 million was up 12%

• Strong performance in our skilled businesses and a return to growth in our core, on-demand business

  Net loss of $3.4 million compared to $0.2 million in Q2 2025

• Includes a non-cash loss of $3 million on assets held-for-sale

• Gross margin declined 3 percentage points due to the workers' compensation and government subsidies benefits reported in the prior year and anticipated shift in business mix with continued growth in skilled energy work

• SGGA improved 7% driven by disciplined cost management

• Adjusted EBITDA1 improved to $11 million compared to $3 million in Q2 2025

  Solid liquidity position

• Cash of $23 million, debt of $82 million and $56 million of unused borrowing base for total liquidity of $79 million

• Increased working capital by $22 million

1 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results for both current and historical periods. 3

NM - Not meaningful 4

1 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results for both current and historical periods.

Gross margin

23.6%

-1.2% -0.8% -0.9%

20.7%

Q2 2025 Worfiers' Compensation

COVID-19

government subsidies

Mix Q2 2026

SG&A

Amounts in millions

$90

-$8

$2 $84

Q2 2025 Core business

Adjusted EBITDA exclusions1

Q2 2026

1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SGGA. Refer to the adjusted EBITDA reconciliation in the appendix to this presentation for 5

more information.

1 We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly 6

attributable to the reportable segment.

Ample liquidity Balanced capital priorities

Amounts in millions

$79 $82

• Strategic investments to accelerate

  organic growth

• Reduce debt to strengthen liquidity position and drive enhanced financial flexibility

• Excess capital returned to shareholders through share repurchases

Unused borrowing base1

Cash

Liquidity Debt

Note: Figures may not sum to consolidated totals due to rounding.

1 Borrowing under our revolving credit agreement is subject to a borrowing base determined by eligible receivable accounts less specified reserves. 7

8

1 Refer to the appendix to this presentation for a definition of non-GAAP financial measures. 9

2 Includes planned investments in software as a service ("SaaS") assets capitalized in other long-term assets with the related amortization recorded in SGGA.

10

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 financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies.

Adjusted net income (loss) and Adjusted net income (loss) per diluted share

Net loss and net loss per diluted share, excluding:

• non-cash amortization of intangibles,

• acquisition/integration costs,

• non-cash loss on assets held-for-sale,

• non-cash goodwill and intangible asset impairment charge,

• workforce reduction costs,

• COVID-19 government subsidies, net, and

• other adjustments, net.

• Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.

• Used by management to assess performance and effectiveness of our business strategies.

• Provides a measure, among others, used in the determination of incentive compensation for management.

  EBITDA and Adjusted EBITDA

  EBITDA excludes from net loss:

• income tax expense,

• interest and other (income) expense, net, and

• non-cash depreciation and amortization.

  Adjusted EBITDA further excludes:

• third-party processing fees for hiring tax credits,

• amortization of software as a service assets,

• acquisition/integration costs,

• non-cash loss on assets held-for-sale,

• non-cash goodwill and intangible asset impairment charge,

• workforce reduction costs,

• COVID-19 government subsidies, net, and

• other adjustments, net.

• Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.

• Used by management to assess performance and effectiveness of our business strategies.

• Provides a measure, among others, used in the determination of incentive compensation for management.

  Adjusted SG&A expense Selling, general and administrative expense excluding:

  • third-party processing fees for hiring tax credits,

  • amortization of software as a service assets,

  • acquisition/integration costs,

  • workforce reduction costs,

  • COVID-19 government subsidies, net, and

  • other adjustments, net.

• Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business.

11

1. RECONCILIATION OF U.S. GAAP NET LOSS TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE (Unaudited)

   13 weefis ended

   (in thousands, except for per share data)	Jun 28, 2026	Jun 29, 2025
   Net loss	$ (3,369)	$ (160)
   Non-cash amortization of intangible assets	651	885
   Acquisition/integration costs	10	153
   Non-cash loss on assets held-for-sale	3,026	-
   Non-cash goodwill and intangible asset impairment charge	-	200
   Workforce reduction costs (1)	640	3,445
   COVID-19 government subsidies, net (2)	-	(8,573)
   Other adjustments, net (3)	842	1,883
   Adjusted net income (loss)	$ 1,800	$ (2,167)
   Adjusted net income (loss) per diluted share	$ 0.06	$ (0.07)
   Diluted weighted average shares outstanding	31,523	29,856
   Margin / % of revenue: Net loss	(0.8)%	-%
   Adjusted net income (loss)	0.4%	(0.5)%

   Refer to the last slide of the appendix for footnotes. 12

2. RECONCILIATION OF U.S. GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited)

   13 weefis ended

   (in thousands)	Jun 28, 2026	Jun 29, 2025
   Net loss	$ (3,369)	$ (160)
   Income tax expense	887	122
   Interest and other (income) expense, net	1,320	(2,903)
   Non-cash depreciation and amortization (4)	6,813	7,502
   EBITDA	5,651	4,561
   Third-party processing fees for hiring tax credits (5)	-	(60)
   Amortization of software as a service assets (6)	1,259	1,036
   Acquisition/integration costs	10	153
   Non-cash loss on assets held-for-sale	3,026	-
   Non-cash goodwill and intangible asset impairment charge	-	200
   Workforce reduction costs (1)	640	3,445
   COVID-19 government subsidies, net (2)	-	(8,573)
   Other adjustments, net (3)	842	1,883
   Adjusted EBITDA	$ 11,428	$ 2,645
   Margin / % of revenue:
   Net loss	(0.8)%	-%
   Adjusted EBITDA	2.6%	0.7%

   Refer to the last slide of the appendix for footnotes. 13

3. RECONCILIATION OF U.S. GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSE TO ADJUSTED

   SG&A EXPENSE (Unaudited)

   13 weefis ended

   (in thousands)	Jun 28, 2026	Jun 29, 2025
   Selling, general and administrative expense	$ 83,831	$ 89,798
   Third-party processing fees for hiring tax credits (5)	-	60
   Amortization of software as a service assets (6)	(1,259)	(1,036)
   Acquisition/integration costs	(10)	(153)
   Workforce reduction costs (1)	(602)	(3,311)
   COVID-19 government subsidies, net (2)	-	5,378
   Other adjustments, net (3)	(842)	(1,883)
   Adjusted SGGA expense	$ 81,118	$ 88,853

   % of revenue:

   Selling, general and administrative expense	18.9%	22.7%
   Adjusted SGGA expense	18.3%	22.4%

   Refer to the last slide of the appendix for footnotes. 14

   Footnotes:

   1. Workforce reduction costs were reported as $0.1 million in cost of services and $0.6 million in selling, general and administrative expense for the 13 weeks ended June 28, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $3.3 million in selling, general and administrative expense for the 13 weeks ended June 29, 2025.

   2. COVID-19 government subsidies net of related fees for the 13 weeks ended June 29, 2025 were $8.6 million with $3.2 million reported in cost of services and $5.4 million in selling, general and administrative expense.

   3. Other adjustments for the 13 weeks ended June 28, 2026 and June 29, 2025 include non-routine professional fees and other expenses.

   4. Includes software depreciation reported in cost of services.

   5. These third-party processing fees are associated with generating hiring tax credits.

   6. Amortization of software as a service assets is reported in selling, general and administrative expense.

15

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, TrueBlue has connected more than 10 million people with work and served over 3 million clients across a variety of industries. Powered by proprietary, digitally enabled platforms and decades of expertise, our brands - PeopleReady, PeopleScout, Staff Management | SMX, Centerline, SIMOS, and Healthcare Staffing Professionals - provide a full spectrum of flexible staffing, workforce management, and recruitment solutions that bring precision, speed, and scale to the changing world of work.