Q3 2026 Earnings

Total revenue of $521 million was up 21%

• Strong performance in our skilled businesses and continued growth in our core, on-demand business

  Net income of $9 million or $0.28 per share compared to net loss of $2 million or

  $0.06 per share in Q3 2025

• Gross margin declined 2 percentage points primarily due to the anticipated shift in business mix with continued growth in attractive skilled energy work

• SG&A improved 3% despite revenue growth - driven by disciplined cost management

• Adjusted EBITDA1 improved to $21 million compared to $11 million in Q3 2025

• Adjusted net income per share increased to $0.33 compared to $0.03 in Q3 2025

  Solid liquidity position

• Cash of $20 million, debt of $102 million and $66 million of unused borrowing capacity for total liquidity of $86 million

• Increased working capital by $35 million during the quarter

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

22.7%

-1.9% -0.3%

20.5%

Q3 2025 Mix Workers' compensation

Q3 2026

SG&A

Amounts in millions

$92

-$2 -$1

$89

Q3 2025 Core business

Adjusted EBITDA exclusions1

Q3 2026

1 Represents the year-over-year change in Adjusted EBITDA exclusions impacting SG&A. 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.

Amounts in millions

$102

• 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

$86

Unused borrowing capacity1

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 SG&A.

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 and Adjusted net income per diluted share

Net income (loss) and net income (loss) per diluted share, excluding:

• non-cash amortization of intangibles,

• acquisition/integration costs,

• workforce reduction costs, 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 income (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,

• non-cash amortization of software as a service assets,

• acquisition/integration costs,

• workforce reduction costs, 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,

  • non-cash amortization of software as a service assets,

  • acquisition/integration costs,

  • workforce reduction costs, 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 INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER DILUTED SHARE (Unaudited)

   13 weeks ended

   (in thousands, except for per share data)	Sep 27, 2026	Sep 28, 2025
   Net income (loss)	$ 9,245	$ (1,916)
   Non-cash amortization of intangible assets	650	650
   Acquisition/integration costs	-	42
   Workforce reduction costs (1)	422	527
   Other adjustments, net (2)	291	1,751
   Adjusted net income	$ 10,608	$ 1,054
   Adjusted net income per diluted share	$ 0.33	$ 0.03
   Diluted weighted average shares outstanding	32,632	30,283
   Margin / % of revenue: Net income (loss)	1.8%	(0.4)%
   Adjusted net income	2.0%	0.2%

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

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

   13 weeks ended

   (in thousands)	Sep 27, 2026	Sep 28, 2025
   Net income (loss)	$ 9,245	$ (1,916)
   Income tax expense	1,029	711
   Interest and other (income) expense, net	1,719	1,059
   Non-cash depreciation and amortization (3)	6,798	7,345
   EBITDA	18,791	7,199
   Third-party processing fees for hiring tax credits (4)	-	60
   Non-cash amortization of software as a service assets (5)	1,245	1,063
   Acquisition/integration costs	-	42
   Workforce reduction costs (1)	422	527
   Other adjustments, net (2)	291	1,751
   Adjusted EBITDA	$ 20,749	$ 10,642
   Margin / % of revenue:
   Net income (loss)	1.8%	(0.4)%
   Adjusted EBITDA	4.0%	2.5%

   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 weeks ended

   (in thousands)	Sep 27, 2026	Sep 28, 2025
   Selling, general and administrative expense	$ 89,082	$ 91,728
   Third-party processing fees for hiring tax credits (4)	-	(60)
   Non-cash amortization of software as a service assets (5)	(1,245)	(1,063)
   Acquisition/integration costs	-	(42)
   Workforce reduction costs (1)	(418)	(374)
   Other adjustments, net (2)	(291)	(1,751)
   Adjusted SG&A expense	$ 87,128	$ 88,438

   % of revenue:

   Selling, general and administrative expense	17.1%	21.3%
   Adjusted SG&A expense	16.7%	20.5%

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

   Footnotes:

   1. Workforce reduction costs were reported as $0.4 million in selling, general and administrative expense for the 13 weeks ended September 27, 2026. Workforce reduction costs were reported as $0.1 million in cost of services and $0.4 million in selling, general and administrative expense for the 13 weeks ended September 28, 2025.

   2. Other adjustments for the 13 weeks ended September 27, 2026 and September 28, 2025 include non-routine professional fees and other expenses.

   3. Includes software depreciation reported in cost of services.

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

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

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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.