TrueBlue : Presentation Q1 2024

Q1 2024 EARNINGS

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 demand, and expected growth from our digital investments, all of which are subject to risks and uncertainties. Such statements are based on management's expectations and assumptions as of the date of this presentation and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions which can be negatively impacted by factors such as rising interest rates, inflation, political instability, epidemics and global trade uncertainty, (2) our ability to maintain profit margins, (3) our ability to successfully execute on business strategies and further digitalize our business model, (4) our ability to attract sufficient qualified candidates and employees to meet the needs of our clients, (5) our ability to attract and retain clients, (6) our ability to access sufficient capital to finance our operations, including our ability to comply with covenants contained in our revolving credit facility, (7) new laws, regulations, and government incentives that could affect our operations or financial results, (8) any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit, and (9) the timing and amount of common stock repurchases, if any, which will be determined at management's discretion and depend upon several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. Other information regarding factors that could affect our results is included in our Securities Exchange Commission (SEC) filings, including the company's most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC's website at www.sec.gov. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other references to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC.

In addition, we use several non-GAAP financial measures when presenting our financial results in this presentation. Please refer to the reconciliations between our GAAP and non-GAAP financial measures in the appendix to this presentation and on our website at www.trueblue.com under the Investor Relations section for additional information on both current and historical periods. 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. Any comparisons made herein to other periods are based on a comparison to the same period in the prior year unless otherwise stated.

2

Q1 2024 Overview

Total revenue -13%

• Clients continued to be cost conscious and selective in the roles they chose to fill
• Broad-basedsoftness in revenue trends with the exception of renewable energy projects

Net loss was $2 million v. net loss of $4 million in Q1 2023 due largely to favorable tax benefits

• Revenue decline was partially offset by continued cost management - SG&A reduced by 13%
• Adjusted EBITDA1 was -$3 million v. +$3 million in Q1 2023

Strong liquidity position while returning capital to shareholders

• Zero debt, cash of $36 million and $140 million of borrowing availability
• $10 million in share repurchases with $45 million remaining under authorization

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

Financial summary

Amounts in millions, except per share data		Q1 2024	Q1 2023	Change
Revenue		$403	$465	-13%
Net loss		-$1.7	-$4.3	NM
Net loss per diluted share		-$0.05	-$0.13	NM
Net loss margin		-0.4%	-0.9%	+50 bps
Adjusted net income (loss)1,2		$0.8	-$2.3	NM
Adj. net income (loss) per diluted share		$0.03	-$0.07	NM
Adj. net income (loss) margin		0.2%	-0.5%	+70 bps
Adjusted EBITDA		-$3.5	$2.9	NM
Adjusted EBITDA margin		-0.9%	0.6%	-150 bps
Notes:	▪	The change in adjusted net income (loss) margin was more
		favorable than that of GAAP net loss margin primarily due to
		workforce reduction costs, which were excluded from adjusted
		results.

NM - Not meaningful
1 Refer to the appendix to this presentation for a definition and full reconciliation of non-GAAP financial measures to GAAP financial results.	4
2 Prior period adjusted net loss measures have been recast to conform to the current presentation for comparability. Refer to the reconciliations in the appendix to this presentation and on our website for additional information.

Gross margin and SG&A bridges

margin	26.5%
	-1.5%		-0.2%	-0.1%
Gross
Q1 2023	Mix		Workers'	Bill / Pay
			compensation	spread
	Amounts in millions
	$123				$2
SG&A			-$18
	Q1 2023	Core business	Adjusted EBITDA
		exclusions1

24.7%

Q1 2024

$107

Q1 2024

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 more information.

5

Q1 2024 Results by segment

Amounts in millions		PeopleReady		PeopleScout		PeopleManagement
Revenue		$223		$46		$134
% Change		-12%		-33%		-7%
Segment profit1		-$5		$5		$3
% Change		NM		-45%		NM
% Margin		-2.3%		10.5%		2.1%
Change		-260 bps		-230 bps		+220 bps
Notes:	▪	Revenue:	▪	Revenue:	▪	Revenue:
		• Softness across most verticals		• Reduced client hiring volumes		• Lower on-site client volumes,
		and geographies partially offset		due to continued cost pressures		primarily in the retail end market
		by growth in renewable energy	▪	Segment profit margin:	▪	Segment profit margin:
		work
			▪ Contraction due to lower		▪ Expansion due to disciplined
	▪	Segment profit margin:
		operating leverage as revenue		cost management
		▪ Contraction due to lower		declined
		operating leverage as revenue
		declined

NM - Not meaningful
1 We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment.	6

Strong balance sheet with zero debt and ample liquidity

Amounts in millions

Liquidity

		Borrowing availability1			Cash
$344	$365
$50	$72
			$148	$176
$294	$293	$36
$62

Share repurchases

		Share repurchases		Buyback ratio2
6%	5%
2%			2%

$61

$34

$86	$140

$17

$10

2021

2022

2023

Q1 2024

2021

2022

2023

YTD Q1 2024

Note: Figures may not sum to consolidated totals due to rounding. Balances as of fiscal period end.
1 Borrowing availability is based on maximum borrowing availability under our most restrictive covenant.	7
2 Buyback ratio calculated as the dollar value of share repurchases during the period divided by our market capitalization at the beginning of the fiscal period.

Outlook

Select outlook information

Item	Q2 2024	Commentary
Revenue	$400M to $425M	Assumes current market conditions continue into Q2 with a less challenging prior year comparison
-16% to -10% v. prior year	and includes -1 point from Canada sale.
Gross margin	-140 to -100	Gross margin decline due to changes in business mix partially offset by a benefit from a COVID-19
bps v. prior year	government subsidy. Refer to EBITDA adjustments for additional information.
SG&A	$97M to $101M	SG&A decline driven by disciplined cost management and a benefit from a COVID-19 government
subsidy. Refer to the EBITDA adjustments for additional information.
EBITDA		• -$10M in COVID-19 government subsidy benefit (-$3M cost of services and -$7M SG&A)
-$7M	• +$1M in PeopleReady technology upgrade costs
adjustments1
		• +$2M in SaaS amortization
Shares	30.5M	Reflects basic weighted average shares outstanding and does not include the impact of any potential
share repurchases.

Item	FY 2024	Commentary
CapEx2	$23M to $27M	Depreciation expected to be $24M to $28M.
Tax Rate	24% to 28%	Reflects our statutory income tax rate before job tax credits.
We expect job tax credits of $4M to $8M.

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.

Appendix