# EDGAR Filing Document

**Accession Number:** 0000055135
**File Stem:** 0000055135-26-000051
**Filing Date:** 2026-2
**Character Count:** 70122
**Document Hash:** 75e9095e23ff78afee2be4c85f5c8913
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000055135-26-000051.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0000055135-26-000051

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260212

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KELLY SERVICES INC
- **CENTRAL INDEX KEY:** 0000055135
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HELP SUPPLY SERVICES [7363]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 381510762
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43052
- **FILM NUMBER:** 26623442

**BUSINESS ADDRESS:**
- **STREET 1:** 999 W BIG BEAVER RD
- **CITY:** TROY
- **STATE:** MI
- **ZIP:** 48084
- **BUSINESS PHONE:** 2483624444

**MAIL ADDRESS:**
- **STREET 1:** 999 WEST BIG BEAVER RD
- **CITY:** TROY
- **STATE:** MI
- **ZIP:** 48084

?xml version='1.0' encoding='ASCII'? kelya-20260212

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 12, 2026

KELLY SERVICES, INC.

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(Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| Delaware | 000-01088 | 38-1510762 |
| (State or other | (Commission | (IRS Employer |
| jurisdiction of | File Number) | Identification |
| incorporation) | | Number) |

---

999 West Big Beaver Road, Troy, Michigan 48084

-------------------------------------------------------------------------------

(Address of principal executive offices)

(Zip Code)

&nbsp;&nbsp;&nbsp;&nbsp;(248) 362-4444

----------------------------------------------------------------------

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| Class A Common Stock, $1.00 par value per share | KELYA | The Nasdaq Stock Market LLC |
| Class B Common Stock, $1.00 par value per share | KELYB | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. <u>Results of Operations and Financial Condition</u>**

Kelly Services, Inc. (the "Company") today released financial information containing highlighted financial data for the three months and year ended December 28, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

**Item 9.01. <u>Financial Statements and Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](a20254qearningsreleaseform.htm)</u> | Press Release dated February 12, 2026. |
| <u>[99.2](q4-fy2025earningsrelease.htm)</u> | Presentation materials for February 12, 2026 conference call. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | |
|:---|:---|
| February 12, 2026 | |
| | /s/ Nicholas A. Zuhlke<br>Nicholas A. Zuhlke<br>Vice President, Corporate Controller and <br>Chief Accounting Officer<br>(Principal Accounting Officer) |

---

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | Press Release dated February 12, 2026. |
| 99.2 | Presentation materials for February 12, 2026 conference call. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 99.1

Exhibit 99.1

![logoa.jpg](logoa.jpg)

**Kelly Reports**

**Fourth-Quarter and Full-Year 2025 Earnings**

TROY, Mich. (February 12, 2026) – Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced fourth-quarter and full-year 2025 earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Full-year revenue of $4.3 billion, down 1.9% as reported and flat excluding previously disclosed acquisitions and the discrete impacts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Full-year free cash flow of $114 million, a sixfold increase versus the prior year. Completed $10 million of Class A share repurchases during Q4, with a total of $158 million of capital deployed towards debt repayment, share repurchases and dividends for the year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Q4 adjusted SG&A decline of 11.1% reflects momentum on structural and demand-driven expense optimization initiatives, including acquisition integration and technology modernization efforts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Q4 operating loss of $0.7 million; $8.3 million of operating earnings on an adjusted basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Q4 adjusted EBITDA of $21.0 million; adjusted EBITDA margin of 2.0%, full-year adjusted EBITDA margin of 2.6%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Company expects to return to organic revenue growth and adjusted EBITDA margin expansion in the second half of 2026**

Chris Layden, chief executive officer, said, "In the fourth quarter, we capitalized on positive trends in each of our segments and delivered results that reflect our progress on stabilizing Kelly's performance. We also completed the first significant milestone in our technology modernization initiative, completing the consolidation of our SET acquisitions onto a unified, best-in-class platform that will soon be deployed across SET and the entire enterprise. We begin 2026 with clear organic growth and efficiency drivers which we expect will position Kelly to deliver year-over-year growth and margin expansion in the second half of the year."

**Financial Results for the 13-week period ended December 28, 2025:** 

Revenue of $1.1 billion, a 11.9% decrease compared to the corresponding quarter of 2024, primarily driven by lower demand in our ETM and SET segments, partially offset by growth of 1.3% in the Education segment. Discrete impacts associated with reduced demand for U.S. federal government contractors and from three large commercial customers totaled approximately 8%, resulting in an underlying revenue decline of approximately 3.9%.

Operating loss of $0.7 million compared to a loss of $56.7 million reported in the fourth quarter of 2024. Adjusted earnings<sup>1</sup> were $8.3 million in the fourth quarter of 2025 and $29.2 million in the fourth quarter of 2024. Adjusted EBITDA<sup>1</sup> of $21.0 million, down 51.7% versus the prior year period. Adjusted EBITDA<sup>1</sup> margin of 2.0%, a decrease of 170 bps driven primarily by near-term gross margin pressure in SET and ETM due primarily to employee-related costs and business mix.

Income tax expense of $126.2 million, compared to income tax benefit of $23.8 million reported in the fourth quarter of 2024. Current quarter expense reflects a $127.9 million valuation allowance increase related to work opportunity credit and foreign tax credit carryforwards due to cumulative losses in recent years including goodwill impairments. On an adjusted basis<sup>1</sup>, income tax expense of $0.8 million, compared to income tax benefit of $2.1 million in the fourth quarter of 2024.

Loss per share was $3.69 compared to a loss per share of $0.90 in the fourth quarter of 2024. On an adjusted basis<sup>1</sup>, earnings per share were $0.16 compared to $0.79 per share in the corresponding quarter of 2024.

------

**Financial results for the 52-week period ended December 28, 2025:** 

Revenue of $4.3 billion, down 1.9% compared to the prior year. Excluding the impact of the May 2024 acquisition of MRP, revenue was down 6.2% on an organic basis driven primarily by a 6% decline due to discrete impacts associated with reduced demand for U.S. federal government contractors and from three large commercial customers. The Education segment grew 3.9% for the full year.

Operating loss of $69.8 million compared to a loss of $15.1 million reported in 2024; both years reflect non-cash impairment charges of $102.0 million and $86.3 million, respectively. Adjusted earnings<sup>1</sup> were $59.3 million in 2025 and $92.1 million in 2024. Adjusted EBITDA<sup>1</sup> of $109.4 million, down 23.8% versus the prior year. Adjusted EBITDA<sup>1</sup> margin of 2.6%, a decrease of 70 bps driven primarily by near-term gross margin pressure in SET and ETM along with revenue trends and timing of related expense management actions.

Income tax expense of $175.3 million, compared to income tax benefit of $21.3 million in 2024. The 2025 expense reflects a $197.6 million valuation allowance established against our work opportunity credit and foreign tax credit carryforwards due to cumulative losses in recent years including goodwill impairments. On an adjusted basis<sup>1</sup>, income tax expense was $4.2 million, compared to income tax expense of $5.5 million in the corresponding period of 2024.

Loss per share was $7.24 compared to a loss per share of $0.02 in 2024. On an adjusted basis<sup>1</sup>, earnings per share were $1.26 in 2025 compared to $2.26 per share in 2024.

_________________________________________

<sup>1</sup> Adjusted measures represent non-GAAP financial measures. Refer to our reconciliation of non-GAAP financial measures to the most closely related GAAP measure included in this document.

**Financial Outlook For Fiscal 2026:**

The Company's 2026 financial outlook assumes no material change in the macroeconomic or industry dynamics relative to current trends, and is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• First Quarter of 2026** – Expect Q1 to look similar to Q4, with revenue declining between 11% to 13% year-over-year, or between 3% to 5% on an underlying basis excluding discrete customer impacts, and adjusted EBITDA margin of approximately 1.5%, which includes the impact of annual payroll tax resets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Remainder of Year** – Assuming no new material impacts, expect relative improvement in year-over-year performance each successive quarter for both revenue and adjusted EBITDA margin resulting in modest year-over-year revenue growth and measurable adjusted EBITDA margin expansion in the second half of the year.

**Quarterly Cash Dividend and Share Repurchase:**

Kelly also reported that on February 10, its board of directors declared a dividend of $0.075 per share. The dividend is payable on March 11, 2026, to stockholders of record as of the close of business on February 25, 2026. In addition, Kelly executed share repurchases of $10.0 million during the fourth quarter of 2025 as part of the previously announced, board approved share repurchase program.

In conjunction with its earnings release, Kelly has published a financial presentation and will host a live webcast of a conference call with financial analysts at 9 a.m. ET on February 12 to review the results from the quarter and answer questions. The presentation and a link to the live webcast will be accessible through the Company's public website on the Investor Relations page under Events & Presentations. The webcast will be recorded, and a replay will be available within one hour of completion of the event through the same link as the live webcast.

**Forward-Looking Statements**

This release 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 not historical facts, including statements about Kelly's financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii)

------

the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers' compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business's anticipated growth strategies, (vii) our future business development, results of operations and financial condition, (viii) damage to our brands, (ix) dependency on third parties for the execution of critical functions, (x) conducting business in foreign countries, including foreign currency fluctuations, (xi) availability of temporary workers with appropriate skills required by customers, (xii) cyberattacks or other breaches of network or information technology security, and (xiii) other risks, uncertainties and factors discussed in this release and in the Company's filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. All information provided in this press release is as of the date of this press release and we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

**About Kelly®** 

Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect approximately 375,000 people with work every year. Our suite of outsourcing and consulting services and solutions ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2025 was $4.3 billion. Learn more at kellyservices.com.

KLYA-FIN

\# \# \#

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| |
|:---|
| ***ANALYST & MEDIA CONTACT:*** |
| ***Scott Thomas*** |
| ***(248) 251-7264*** |
| ***scott.thomas@kellyservices.com*** |

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| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF EARNINGS** |
| **FOR THE 13 WEEKS ENDED DECEMBER 28, 2025 AND DECEMBER 29, 2024** |
| **(UNAUDITED)** |
| (in millions, except per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **Change** | **% Change**<sup>(1)</sup> |
| **Revenue from services** | $1049.2 | $1191.1 | $(141.9) | (11.9)% |
| Cost of services | 852.2 | 949.6 | (97.4) | (10.3) |
| **Gross profit** | 197.0 | 241.5 | (44.5) | (18.4) |
| Selling, general and administrative expenses | 198.5 | 217.4 | (18.9) | (8.7) |
| Goodwill impairment charge |  | 72.8 | (72.8) | NM |
| Asset impairment charge |  | 8.0 | (8.0) | NM |
| Gain on sale of assets | (1.0) |  | (1.0) | NM |
| Loss on sale of EMEA staffing operations | 0.2 |  | 0.2 | NM |
| **Earnings (loss) from operations** | (0.7) | (56.7) | 56.0 | 98.8 |
| Other income (expense), net | (1.9) | 1.1 | (3.0) | (272.7) |
| **Earnings (loss) before taxes** | (2.6) | (55.6) | 53.0 | 95.3 |
| Income tax expense (benefit) | 126.2 | (23.8) | 150.0 | NM |
| **Net earnings (loss)** | $(128.8) | $(31.8) | $(97.0) | (305.0)% |
| **Basic earnings (loss) per share** | $(3.69) | $(0.90) | $(2.79) | (310.0)% |
| **Diluted earnings (loss) per share** | $(3.69) | $(0.90) | $(2.79) | (310.0)% |
| **STATISTICS:** |  |  |  |  |
| Permanent placement income (included in revenue from services) | $11.8 | $13.4 | $(1.6) | (11.9)% |
| Gross profit rate | 18.8% | 20.3% | (1.5) pts. |  |
| Adjusted EBITDA | $21.0 | $43.5 | $(22.5) | (51.7)% |
| Adjusted EBITDA margin | 2.0% | 3.7% | (1.7) pts. |  |
| Effective income tax rate | (4,847.6)% | 42.7% | (4,890.3) pts. |  |
| **Average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;Basic | 34.9 | 35.5 |  |  |
| &nbsp;&nbsp;Diluted | 34.9 | 35.5 |  |  |

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<sup>(1)</sup> Reported percentage changes are computed based on millions. Prior year percent changes were computed based on actual amounts in thousands.

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| |
|:---|
| **KELLY SERVICES, INC.** |
| **CONSOLIDATED STATEMENTS OF EARNINGS** |
| **FOR THE 52 WEEKS ENDED DECEMBER 28, 2025 AND DECEMBER 29, 2024** |
| **(UNAUDITED)** |
| (in millions, except per share data) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **Change** | **% Change**<sup>(1)</sup> |
| **Revenue from services** | $4250.9 | $4331.8 | $(80.9) | (1.9)% |
| Cost of services | 3397.9 | 3449.2 | (51.3) | (1.5) |
| **Gross profit** | 853.0 | 882.6 | (29.6) | (3.4) |
| Selling, general and administrative expenses | 825.9 | 818.4 | 7.5 | 0.9 |
| Goodwill impairment charge | 102.0 | 72.8 | 29.2 | 40.1 |
| Asset impairment charge |  | 13.5 | (13.5) | NM |
| Gain on sale of assets | (1.0) | (5.4) | 4.4 | 81.5 |
| Gain on sale of EMEA staffing operations | (4.1) | (1.6) | (2.5) | (156.3) |
| **Earnings (loss) from operations** | (69.8) | (15.1) | (54.7) | (362.3) |
| Other income (expense), net | (9.0) | (6.8) | (2.2) | (32.4) |
| **Earnings (loss) before taxes** | (78.8) | (21.9) | (56.9) | (259.8) |
| Income tax expense (benefit) | 175.3 | (21.3) | 196.6 | NM |
| **Net earnings (loss)** | $(254.1) | $(0.6) | $(253.5) | NM |
| **Basic earnings (loss) per share** | $(7.24) | $(0.02) | $(7.22) | NM |
| **Diluted earnings (loss) per share** | $(7.24) | $(0.02) | $(7.22) | NM |
| **STATISTICS:** |  |  |  |  |
| Permanent placement income (included in revenue from services) | $49.8 | $45.6 | $4.2 | 9.2% |
| Gross profit rate | 20.1% | 20.4% | (0.3) pts. |  |
| Adjusted EBITDA | $109.4 | $143.5 | $(34.1) | (23.8)% |
| Adjusted EBITDA margin | 2.6% | 3.3% | (0.7) pts. |  |
| Effective income tax rate | (222.4)% | 97.1% | (319.5) pts. |  |
| **Average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;Basic | 35.1 | 35.5 |  |  |
| &nbsp;&nbsp;Diluted | 35.1 | 35.5 |  |  |

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<sup>(1)</sup> Reported percentage changes are computed based on millions. Prior year percent changes were computed based on actual amounts in thousands.

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| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **CONSOLIDATED BALANCE SHEETS** |
| **(UNAUDITED)** |
| (in millions) |

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| | | |
|:---|:---|:---|
| | **Dec. 28, 2025** | **Dec. 29, 2024** |
| **Current Assets** | | |
| Cash and equivalents | $33.0 | $39.0 |
| Trade accounts receivable, less allowances of $10.0 and $8.4, respectively | 1188.7 | 1255.5 |
| Prepaid expenses and other current assets | 46.6 | 71.0 |
| Total current assets | 1268.3 | 1365.5 |
| **Noncurrent Assets** |  |  |
| Property and equipment, net | 20.5 | 25.8 |
| Operating lease right-of-use assets | 42.9 | 47.0 |
| Deferred taxes | 163.2 | 330.1 |
| Retirement plan assets | 289.7 | 258.1 |
| Goodwill, net | 202.1 | 304.2 |
| Intangibles, net | 226.2 | 256.3 |
| Other assets | 37.7 | 45.3 |
| Total noncurrent assets | 982.3 | 1266.8 |
| **Total Assets** | $2250.6 | $2632.3 |
| **Current Liabilities** |  |  |
| Accounts payable and accrued liabilities | $631.4 | $613.8 |
| Operating lease liabilities | 12.3 | 12.3 |
| Accrued payroll and related taxes | 140.9 | 163.9 |
| Accrued workers' compensation and other claims | 20.9 | 19.0 |
| Income and other taxes | 16.3 | 17.5 |
| Total current liabilities | 821.8 | 826.5 |
| **Noncurrent Liabilities** |  |  |
| Long-term debt | 101.9 | 239.4 |
| Operating lease liabilities | 44.9 | 50.9 |
| Accrued workers' compensation and other claims | 34.2 | 33.8 |
| Accrued retirement benefits | 263.7 | 239.9 |
| Other long-term liabilities | 7.6 | 7.2 |
| Total noncurrent liabilities | 452.3 | 571.2 |
| **Stockholders' Equity** |  |  |
| Common stock | 38.5 | 38.5 |
| Treasury stock | (63.7) | (61.4) |
| Paid-in capital | 36.3 | 34.2 |
| Earnings invested in the business | 965.1 | 1230.2 |
| Accumulated other comprehensive income (loss) | 0.3 | (6.9) |
| Total stockholders' equity | 976.5 | 1234.6 |
| **Total Liabilities and Stockholders' Equity** | $2250.6 | $2632.3 |
| **STATISTICS:** |  |  |
| Working Capital | $446.5 | $539.0 |
| Current Ratio | 1.5 | 1.7 |
| Debt-to-capital % | 9.4% | 16.2% |
| Global Days Sales Outstanding | 61 | 59 |
| Year-to-Date Free Cash Flow | $114.1 | $15.8 |

---

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| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **FOR THE 52 WEEKS ENDED DECEMBER 28, 2025 AND DECEMBER 29, 2024** |
| **(UNAUDITED)** |
| (in millions) |

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net earnings (loss) | $(254.1) | $(0.6) |
| Adjustments to reconcile net earnings to net cash from operating activities: | Adjustments to reconcile net earnings to net cash from operating activities: | Adjustments to reconcile net earnings to net cash from operating activities: |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment charge | 102.0 | 72.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairment charge |  | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 168.5 | (27.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 42.4 | 40.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease asset amortization | 10.9 | 10.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 12.3 | 11.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses and sales allowances | 3.3 | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of EMEA staffing operations | (4.1) | (1.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets | (1.0) | (5.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 0.3 | (9.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of acquisitions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 94.6 | (20.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 4.9 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (10.5) | (31.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (46.9) | (28.2) |
| **Net cash from (used in) operating activities** | 122.6 | 26.9 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (8.5) | (11.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of EMEA staffing operations, net of cash disposed | 21.8 | 77.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of PersolKelly investment | 6.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 1.0 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of companies, net of cash received |  | (431.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | 1.6 |  |
| **Net cash (used in) from investing activities** | 22.3 | (361.6) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 1598.0 | 1340.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (1735.5) | (1100.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payments | (11.0) | (10.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of tax withholding for stock awards | (2.3) | (2.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury stock | (10.0) | (10.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (0.3) | (1.2) |
| **Net cash from (used in) financing activities** | (161.1) | 214.8 |
| **Effect of exchange rates on cash, cash equivalents and restricted cash** | 8.3 | (2.1) |
| **Net change in cash, cash equivalents and restricted cash** | (7.9) | (122.0) |
| **Cash, cash equivalents and restricted cash at beginning of year** | 45.6 | 167.6 |
| **Cash, cash equivalents and restricted cash at end of year** | $37.7 | $45.6 |

---

------

---

| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **RESULTS OF OPERATIONS BY SEGMENT** |
| **(UNAUDITED)** |
| (in millions) |
| We utilize business unit profit (loss) to evaluate the performance of our segments. Business unit profit (loss) and SG&A expenses as presented in the segment information table below do not include depreciation and amortization expenses. |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
| | **2025** | **2024** | **% Change** |
| **Enterprise Talent Management** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from services | $463.4 | $569.2 | (18.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 84.1 | 115.3 | (27.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted SG&A expenses | 87.5 | 98.1 | (10.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integration, realignment and restructuring charges | 3.8 | (0.2) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SG&A expenses | 91.3 | 97.9 | (6.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Business unit profit (loss) | (7.2) | 17.4 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted business unit profit (loss) | (3.4) | 17.2 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit rate | 18.1% | 20.3% | (2.2) pts. |
| **Science, Engineering & Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from services | $295.8 | $333.4 | (11.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 71.3 | 85.1 | (16.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted SG&A expenses | 57.4 | 66.3 | (13.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integration, realignment and restructuring charges | 0.1 | 0.2 | (50.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SG&A expenses | 57.5 | 66.5 | (13.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment charge |  | 72.8 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Business unit profit (loss) | 13.8 | (54.2) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted business unit profit (loss) | 13.9 | 18.8 | (26.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit rate | 24.2% | 25.5% | (1.3) pts. |
| **Education** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from services | $293.1 | $289.2 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 41.6 | 41.1 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted SG&A expenses | 24.0 | 24.7 | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integration, realignment and restructuring charges | 0.1 |  | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SG&A expenses | 24.1 | 24.7 | (2.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Business unit profit (loss) | 17.5 | 16.4 | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted business unit profit (loss) | 17.6 | 16.4 | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit rate | 14.2% | 14.2% | — pts. |

---

------

---

| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **RESULTS OF OPERATIONS BY SEGMENT** |
| **(UNAUDITED)** |
| (in millions) |
| We utilize business unit profit (loss) to evaluate the performance of our segments. Business unit profit (loss) and SG&A expenses as presented in the segment information table below do not include depreciation and amortization expenses. |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December Year-to-Date** | **December Year-to-Date** | **December Year-to-Date** |
| | **2025** | **2024** | **% Change** |
| **Enterprise Talent Management** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from services | $2005.5 | $2196.1 | (8.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 392.8 | 444.9 | (11.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted SG&A expenses | 365.4 | 385.2 | (5.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integration, realignment and restructuring charges | 7.6 | 0.7 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SG&A expenses | 373.0 | 385.9 | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Business unit profit (loss) | 19.8 | 59.0 | (66.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted business unit profit (loss) | 27.4 | 59.7 | (54.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit rate | 19.6% | 20.3% | (0.7) pts. |
| **Science, Engineering & Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from services | $1240.4 | $1165.7 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 313.2 | 297.9 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted SG&A expenses | 244.9 | 226.2 | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integration, realignment and restructuring charges | 2.2 | 0.5 | 340.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SG&A expenses | 247.1 | 226.7 | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment charge | 102.0 | 72.8 | 40.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business unit profit (loss) | (35.9) | (1.6) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted business unit profit (loss) | 68.3 | 71.7 | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit rate | 25.3% | 25.6% | (0.3) pts. |
| **Education** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from services | $1010.7 | $972.3 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 147.0 | 139.8 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted SG&A expenses | 100.7 | 95.9 | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integration, realignment and restructuring charges | 0.3 |  | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SG&A expenses | 101.0 | 95.9 | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business unit profit (loss) | 46.0 | 43.9 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted business unit profit (loss) | 46.3 | 43.9 | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit rate | 14.5% | 14.4% | 0.1 pts. |

---

------

---

| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **REVENUE FROM SERVICES BY SERVICE TYPE** |
| **(UNAUDITED)** |
| (in millions) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fourth Quarter 2025** | **Fourth Quarter 2025** | **Fourth Quarter 2025** | **Fourth Quarter 2025** | **Fourth Quarter 2025** |
| | **Staffing Services** | **Outcome-<br>based<br> Services** | **Talent<br>Solutions** | **Permanent Placement** | **Total** |
| Enterprise Talent Management | $237.7 | $103.6 | $120.5 | $1.6 | $463.4 |
| Science, Engineering & Technology | 181.3 | 106.1 |  | 8.4 | 295.8 |
| Education | 291.3 |  |  | 1.8 | 293.1 |
| **Total Segment Revenue** | $710.3 | $209.7 | $120.5 | $11.8 | $1052.3 |
| Intersegment |  |  |  |  | (3.1) |
| **Total Revenue from Services** |  |  |  |  | $1049.2 |
|  | **Fourth Quarter 2024** | **Fourth Quarter 2024** | **Fourth Quarter 2024** | **Fourth Quarter 2024** | **Fourth Quarter 2024** |
|  | **Staffing Services** | **Outcome-<br>based<br> Services** | **Talent<br>Solutions** | **Permanent Placement** | **Total** |
| Enterprise Talent Management | $298.4 | $139.5 | $129.1 | $2.2 | $569.2 |
| Science, Engineering & Technology | 209.2 | 114.9 |  | 9.3 | 333.4 |
| Education | 287.3 |  |  | 1.9 | 289.2 |
| **Total Segment Revenue** | $794.9 | $254.4 | $129.1 | $13.4 | $1191.8 |
| Intersegment |  |  |  |  | (0.7) |
| **Total Revenue from Services** |  |  |  |  | $1191.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December Year-to-Date 2025** | **December Year-to-Date 2025** | **December Year-to-Date 2025** | **December Year-to-Date 2025** | **December Year-to-Date 2025** |
| | **Staffing Services** | **Outcome-<br>based<br> Services** | **Talent<br>Solutions** | **Permanent Placement** | **Total** |
| Enterprise Talent Management | $1038.1 | $466.1 | $492.4 | $8.9 | $2005.5 |
| Science, Engineering & Technology | 778.7 | 427.1 |  | 34.6 | 1240.4 |
| Education | 1004.4 |  |  | 6.3 | 1010.7 |
| **Total Segment Revenue** | $2821.2 | $893.2 | $492.4 | $49.8 | $4256.6 |
| Intersegment |  |  |  |  | (5.7) |
| **Total Revenue from Services** |  |  |  |  | $4250.9 |
|  | **December Year-to-Date 2024** | **December Year-to-Date 2024** | **December Year-to-Date 2024** | **December Year-to-Date 2024** | **December Year-to-Date 2024** |
|  | **Staffing Services** | **Outcome-<br>based<br> Services** | **Talent<br>Solutions** | **Permanent Placement** | **Total** |
| Enterprise Talent Management | $1175.5 | $530.0 | $480.8 | $9.8 | $2196.1 |
| Science, Engineering & Technology | 725.0 | 411.2 |  | 29.5 | 1165.7 |
| Education | 966.0 |  |  | 6.3 | 972.3 |
| **Total Segment Revenue** | $2866.5 | $941.2 | $480.8 | $45.6 | $4334.1 |
| Intersegment |  |  |  |  | (2.3) |
| **Total Revenue from Services** |  |  |  |  | $4331.8 |

---

------

---

| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **RECONCILIATION OF NON-GAAP MEASURES** |
| **FOURTH QUARTER** |
| **(UNAUDITED)** |
| (in millions) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter** | **Fourth Quarter** | **December Year-to-Date** | **December Year-to-Date** |
| **Adjusted SG&A expenses:** | **2025** | **2024** | **2025** | **2024** |
| As reported | $198.5 | $217.4 | $825.9 | $818.4 |
| Integration, realignment and restructuring charges<sup>(4)</sup> | (8.4) | (3.6) | (28.7) | (16.1) |
| Executive transition costs<sup>(5)</sup> | (1.4) | (2.3) | (2.7) | (2.3) |
| Transaction (costs) adjustments<sup>(6)</sup> |  | 0.8 | (0.8) | (9.5) |
| Adjusted SG&A expenses | $188.7 | $212.3 | $793.7 | $790.5 |
|  | **Fourth Quarter** | **Fourth Quarter** | **December Year-to-Date** | **December Year-to-Date** |
| **Adjusted loss from operations:** | **2025** | **2024** | **2025** | **2024** |
| As reported | $(0.7) | $(56.7) | $(69.8) | $(15.1) |
| Goodwill impairment charge<sup>(2)</sup> |  | 72.8 | 102.0 | 72.8 |
| Integration, realignment and restructuring charges<sup>(4)</sup> | 8.4 | 3.6 | 28.7 | 16.1 |
| Executive transition costs<sup>(5)</sup> | 1.4 | 2.3 | 2.7 | 2.3 |
| Transaction costs (adjustments)<sup>(6)</sup> |  | (0.8) | 0.8 | 9.5 |
| Asset impairment charge<sup>(7)</sup> |  | 8.0 |  | 13.5 |
| (Gain) loss on sale of EMEA staffing operations<sup>(9)</sup> | 0.2 |  | (4.1) | (1.6) |
| Gain on sale of assets<sup>(10)</sup> | (1.0) |  | (1.0) | (5.4) |
| Adjusted earnings from operations: | $8.3 | $29.2 | $59.3 | $92.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter** | **Fourth Quarter** | **December Year-to-Date** | **December Year-to-Date** |
| **Adjusted income tax expense (benefit):** | **2025** | **2024** | **2025** | **2024** |
| Income tax expense (benefit) | $126.2 | $(23.8) | $175.3 | $(21.3) |
| Taxes on goodwill impairment charge<sup>(2)</sup> |  | 18.4 | 18.4 | 18.4 |
| Taxes on valuation allowance on deferred tax assets<sup>(3)</sup> | (127.9) |  | (197.6) |  |
| Taxes on integration, realignment and restructuring charges<sup>(4)</sup> | 2.1 | 0.9 | 7.3 | 4.1 |
| Taxes on executive transition costs<sup>(5)</sup> | 0.3 | 0.6 | 0.6 | 0.6 |
| Taxes on transaction costs<sup>(6)</sup> | 0.1 | 0.6 | 0.3 | 3.7 |
| Taxes on asset impairment charge<sup>(7)</sup> |  | 2.0 |  | 3.4 |
| Taxes on gain on equity securities<sup>(8)</sup> |  | (0.8) |  | (0.8) |
| Taxes on (gain) loss on sale of EMEA staffing operations<sup>(9)</sup> |  |  | (0.1) | (1.2) |
| Taxes on gain on sale of assets<sup>(10)</sup> |  |  |  | (1.4) |
| Adjusted income tax expense (benefit) | $0.8 | $(2.1) | $4.2 | $5.5 |

---

------

---

| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **RECONCILIATION OF NON-GAAP MEASURES** |
| **(UNAUDITED)** |
| (in millions, except per share data) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter** | **Fourth Quarter** | **December Year-to-Date** | **December Year-to-Date** |
| **Adjusted net earnings and earnings per share:** | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(128.8) | $(31.8) | $(254.1) | $(0.6) |
| Goodwill impairment charge, net of taxes<sup>(2)</sup> |  | 54.4 | 83.6 | 54.4 |
| Valuation allowance on deferred tax assets, net of taxes<sup>(3)</sup> | 127.9 |  | 197.6 |  |
| Integration, realignment and restructuring charges, net of taxes<sup>(4)</sup> | 6.3 | 2.7 | 21.4 | 12.0 |
| Executive transition costs, net of taxes<sup>(5)</sup> | 1.1 | 1.7 | 2.1 | 1.7 |
| Transaction costs (adjustments)<sup>(6)</sup> | 0.2 | (0.9) | 0.9 | 14.2 |
| Asset impairment charge<sup>(7)</sup> |  | 6.0 |  | 10.1 |
| Gain on equity securities, net of taxes<sup>(8)</sup> |  | (3.0) |  | (3.0) |
| (Gain) loss on sale of EMEA staffing operations, net of taxes<sup>(9)</sup> | 0.2 |  | (4.0) | (0.4) |
| Gain on sale of assets<sup>(10)</sup> | (1.0) |  | (1.0) | (4.0) |
| Gain on forward contract, net of taxes<sup>(11)</sup> |  |  |  | (1.2) |
| Adjusted net earnings | $5.9 | $29.1 | $46.5 | $83.2 |
| Diluted loss per share | $(3.69) | $(0.90) | $(7.24) | $(0.02) |
| Adjusted diluted earnings per share | $0.16 | $0.79 | $1.26 | $2.26 |

---

Note: Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year. Adjusted diluted earnings per share reflects the impact of potentially dilutive securities. Prior-year amounts have been recast to conform to the current-year presentation.

------

---

| |
|:---|
| **KELLY SERVICES, INC. AND SUBSIDIARIES** |
| **RECONCILIATION OF NON-GAAP MEASURES** |
| **(UNAUDITED)** |
| (in millions) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter** | **Fourth Quarter** | **December Year-to-Date** | **December Year-to-Date** |
| **Adjusted EBITDA:** | **2025** | **2024** | **2025** | **2024** |
| Net earnings (loss) | $(128.8) | $(31.8) | $(254.1) | $(0.6) |
| Other (income) expense, net | 1.6 | 2.2 | 8.6 | 3.3 |
| Income tax expense (benefit) | 126.2 | (23.8) | 175.3 | (21.3) |
| Depreciation and amortization<sup>(1)</sup> | 13.1 | 14.3 | 51.0 | 51.5 |
| Goodwill impairment charge<sup>(2)</sup> |  | 72.8 | 102.0 | 72.8 |
| Integration, realignment and restructuring charges<sup>(4)</sup> | 8.0 | 3.6 | 27.8 | 16.1 |
| Executive transition costs<sup>(5)</sup> | 1.4 | 2.3 | 2.7 | 2.3 |
| Transaction costs (adjustments)<sup>(6)</sup> | 0.3 | (0.3) | 1.2 | 17.9 |
| Asset impairment charge<sup>(7)</sup> |  | 8.0 |  | 13.5 |
| Gain on equity securities<sup>(8)</sup> |  | (3.8) |  | (3.8) |
| (Gain) loss on sale of EMEA staffing operations<sup>(9)</sup> | 0.2 |  | (4.1) | (1.6) |
| Gain on sale of assets<sup>(10)</sup> | (1.0) |  | (1.0) | (5.4) |
| Gain on forward contract<sup>(11)</sup> |  |  |  | (1.2) |
| **Adjusted EBITDA** | $21.0 | $43.5 | $109.4 | $143.5 |
| **Adjusted EBITDA margin** | 2.0% | 3.7% | 2.6% | 3.3% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fourth Quarter 2025** | **Fourth Quarter 2025** | **Fourth Quarter 2025** | **Fourth Quarter 2024** | **Fourth Quarter 2024** | **Fourth Quarter 2024** |
| **Business Unit Adjusted EBITDA:** | **ETM** | **SET** | **Education** | **ETM** | **SET** | **Education** |
| Business unit profit (loss) | $(7.2) | $13.8 | $17.5 | $17.4 | $(54.2) | $16.4 |
| Goodwill impairment charge<sup>(2)</sup> |  |  |  |  | 72.8 |  |
| Integration, realignment and restructuring charges<sup>(4)</sup> | 3.8 | 0.1 | 0.1 | (0.2) | 0.2 |  |
| Adjusted EBITDA | $(3.4) | $13.9 | $17.6 | $17.2 | $18.8 | $16.4 |
| Adjusted EBITDA margin | (0.7)% | 4.7% | 6.0% | 3.0% | 5.6% | 5.7% |
|  | **December Year-to-Date 2025** | **December Year-to-Date 2025** | **December Year-to-Date 2025** | **December Year-to-Date 2024** | **December Year-to-Date 2024** | **December Year-to-Date 2024** |
|  | **ETM** | **SET** | **Education** | **ETM** | **SET** | **Education** |
| Business unit profit (loss) | $19.8 | $(35.9) | $46.0 | $59.0 | $(1.6) | $43.9 |
| Goodwill impairment charge<sup>(2)</sup> |  | 102.0 |  |  | 72.8 |  |
| Integration, realignment and restructuring charges<sup>(4)</sup> | 7.6 | 2.2 | 0.3 | 0.7 | 0.5 |  |
| Adjusted EBITDA | $27.4 | $68.3 | $46.3 | $59.7 | $71.7 | $43.9 |
| Adjusted EBITDA margin | 1.4% | 5.5% | 4.6% | 2.7% | 6.2% | 4.5% |

---

---

| | | |
|:---|:---|:---|
| | **December Year-to-Date** | **December Year-to-Date** |
| **Free Cash Flows:** | **2025** | **2024** |
| Net cash from operating activities | $122.6 | $26.9 |
| Capital expenditures | (8.5) | (11.1) |
| Free Cash Flow | $114.1 | $15.8 |

---

------

**KELLY SERVICES, INC. AND SUBSIDIARIES**

**RECONCILIATION OF NON-GAAP MEASURES**

**(UNAUDITED)**

Management uses Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA Margin (Adjusted EBITDA divided by revenue from services) which Management believes is useful to compare operating performance compared to prior periods and uses it in conjunction with GAAP measures to assess performance. Our calculation of Adjusted EBITDA may not be consistent with similarly titled measures of other companies and should be used in conjunction with GAAP measurements. Management also uses year-to-date free cash flow (operating cash flows less capital expenditures) to indicate the change in cash balances arising from operating activities, net of working capital needs and expenditures on fixed assets.

Management believes that the non-GAAP (U.S. Generally Accepted Accounting Principles) information excluding items such as goodwill impairment charges, valuation allowances, integration and realignment costs, transaction costs, executive transition costs, gains and losses on the sale of our EMEA staffing operations and other assets, gain on forward contracts, gain on equity securities, restructuring charges and asset impairment charges are useful to understand the Company's fiscal 2025 financial performance and increases comparability. Specifically, Management believes that removing the impact of these items allows for a meaningful comparison of current period operating performance with the operating results of prior periods. Management also believes that such measures are used by those analyzing performance of companies in the staffing industry to compare current performance to prior periods and to assess future performance.

These non-GAAP measures may have limitations as analytical tools because they exclude items which can have a material impact on cash flow and earnings per share. As a result, Management considers these measures, along with reported results, when it reviews and evaluates the Company's financial performance. Management believes that these measures provide greater transparency to investors and provide insight into how Management is evaluating the Company's financial performance. Non-GAAP measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents total company depreciation and amortization of intangibles, including the amortization of hosted software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Goodwill impairment charge in 2025 was driven by reduced demand, integration of MRP and Softworld acquisitions, and realignment of reporting units in the SET segment. Goodwill impairment charge in 2024 was driven by changes in market conditions and the result of the Company's annual impairment test related to Softworld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Valuation allowance on deferred tax assets in 2025 was established against a portion of our work opportunity credit carryforwards due to cumulative losses in recent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Integration, realignment and restructuring charges in the fourth quarter and year-to-date 2025 and 2024 reflect various initiatives aimed at integrating MRP and other prior acquisitions, consolidating operating segments, and further aligning processes and technology across the Company. Included in total integration and realignment costs is $0.4 million and $0.9 million of accelerated amortization within depreciation and amortization for the fourth quarter and year-to-date 2025 periods, respectively. The costs incurred associated with these initiatives are summarized in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fourth Quarter** | **Fourth Quarter** | **December Year-to-Date** | **December Year-to-Date** |
| | **2025** | **2024** | **2025** | **2024** |
| Severance | $3.6 | $(0.3) | $10.1 | $3.0 |
| IT-related Charges | 2.4 |  | 11.5 |  |
| Fees and Other | 2.4 | 3.9 | 7.1 | 13.1 |
| Total integration and realignment costs | $8.4 | $3.6 | $28.7 | $16.1 |

---

In addition to the initiatives mentioned above, Integration, realignment and restructuring charges in 2024 represent a continuation of the comprehensive transformation initiative that started in the second quarter of 2023 to further streamline the Company's operating model to enhance organizational efficiency and effectiveness. Included in fees and other for year-to-date 2024 was $10.0 million of integration and realignment costs and $3.1 million of transformation costs.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Executive transition costs in 2025 and 2024 represent non-recurring expenses associated with our CEO transition in the third quarter of 2025 and CFO transition in the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Transaction costs in 2025 are primarily related to costs incurred directly related to the sale of the EMEA staffing operations and other projects, which includes employee termination costs and transition costs. Transaction costs in 2024 includes employee termination costs and transition costs related to the sale of the EMEA staffing operations, costs and adjustments related to the acquisition of MRP and an adjustment to the indemnification related to our former Brazil operations. Costs related to the sale of the EMEA staffing operations were $3.1 million in the fourth quarter of 2024 and $12.0 million for the year ended 2024. Transaction adjustments related to the acquisitions of MRP and CTC were a gain of $2.7 million in the fourth quarter of 2024 reflecting a $3.4 million write-off of the MRP earnout liability, net of transaction costs of $0.7 million. Transaction costs related to the acquisitions were $6.6 million for the year ended 2024, net of the $3.4 million earnout liability write-off. In the fourth quarter of 2024, there was a $0.7 million reduction in the indemnification liability related to the sale of our Brazil operations in 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Asset impairment charge in 2024 for certain right-of-use assets related to our leased headquarters facility reflects adjustments to how we are utilizing the building as part of our ongoing transformation efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Gain on equity securities in 2024 includes a $0.6 million realized gain from the partial sale of our securities and a $3.2 million unrealized gain from the mark-to-market adjustment on our remaining shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) (Gain) loss on sale of EMEA staffing operations represents the gains and losses in each period as a result of the sale in January 2024, including adjustments to the indemnification related to the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Gain on sale of assets represents the sale of a property in the fourth quarter of 2025 and the sale of Ayers Group in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Gain on forward contract in 2024 represents the settlement of the foreign currency forward contract in January 2024 relating to the sale of our EMEA staffing operations.

## Exhibit 99.2

![](q4-fy2025earningsrelease001.jpg)© 2025 Kelly Services, Inc. All rights reserved. February 12, 2026 Q4 2025 Exhibit 99.2

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![](q4-fy2025earningsrelease002.jpg)© 2025 Kelly Services, Inc. All rights reserved. 2 Presentation Disclosures

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![](q4-fy2025earningsrelease003.jpg)© 2025 Kelly Services, Inc. All rights reserved. 3 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 not historical facts, including statements about Kelly's financial expectations, are forward - looking statements . Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers' compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business's anticipated growth strategies, (vii) our future business development, results of operations and financial condition, (viii) damage to our brands, (ix) dependency on third parties for the execution of critical functions, (x) conducting business in foreign countries, including foreign currency fluctuations, (xi) availability of temporary workers with appropriate skills required by customers, (xii) cyberattacks or other breaches of network or information technology security, and (xiii) other risks, uncertainties and factors discussed in this release and in the Company's filings with the Securities and Exchange Commission . In some cases, forward - looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions . All information provided in this presentation is as of the date of this presentation and we undertake no duty to update any forward - looking statement, whether as a result of new information, future events, or otherwise, except as required by law .

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![](q4-fy2025earningsrelease004.jpg)© 2025 Kelly Services, Inc. All rights reserved. 4 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 conjunction with GAAP measures to assess performance . Our calculation of Adjusted EBITDA may not be consistent with similarly titled measures of other companies and should be used in conjunction with GAAP measurements . Management believes that the non - GAAP (U .S . Generally Accepted Accounting Principles) information excluding items such as goodwill impairment charges, valuation allowances, integration and realignment costs, transaction costs, executive transition costs, gains and losses on the sale of our EMEA staffing operations and other assets, gain on forward contracts, gain on equity securities, restructuring charges and asset impairment charges are useful to understand the Company's fiscal 2025 financial performance and increases comparability . Specifically, Management believes that removing the impact of these items allows for a meaningful comparison of current period operating performance with the operating results of prior periods . Management also believes that such measures are used by those analyzing performance of companies in the staffing industry to compare current performance to prior periods and to assess future performance . These non - GAAP measures may have limitations as analytical tools because they exclude items which can have a material impact on cash flow and earnings per share . As a result, Management considers these measures, along with reported results, when it reviews and evaluates the Company's financial performance . Management believes that these measures provide greater transparency to investors and provide insight into how Management is evaluating the Company's financial performance . Non - GAAP measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP .

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![](q4-fy2025earningsrelease005.jpg)© 2025 Kelly Services, Inc. All rights reserved. 5 Financials

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![](q4-fy2025earningsrelease006.jpg)© 2025 Kelly Services, Inc. All rights reserved. Fourth - Quarter 2025 Takeaways 6 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 the SET and ETM segments and three large customers in ETM • Underlying demand trends consistent with prior quarter for ETM and other areas Profitability reflects revenue and gross profit pressure, partially offset by notable SG&A decreases • Gross profit rate of 18.8%, down 150 bps primarily from increased employee - related costs • SG&A down 8.7% (11.1% (2) adjusted) reflecting significant progress on cost optimization efforts • Q4 Adjusted EBITDA margin of 2.0% (2) , down 170 bps primarily reflecting the lower gross profit Driving structural and volume - related expense optimalizations • Technology modernization initiative is on - track to reduce expenses associated with managing disparate and outdated systems and enable more rapid innovation within SET and ultimately across the enterprise o In Q4 2025, completed the first major phase of the technology transition, also executed an enterprise agreement with a major technology provider in support of these efforts • Aligning resources with demand as the macroeconomic environment continues to evolve Maintaining our focus on accelerating profitable growth • Further enhancing go to market approach across the enterprise to strengthen large account management and expand new customer acquisition • Capitalizing on organic growth drivers in each business and integrating legacy acquisitions to capture revenue and cost synergies Refer to the last two slides for footnotes.

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![](q4-fy2025earningsrelease007.jpg)© 2025 Kelly Services, Inc. All rights reserved. Fourth - Quarter 2025 Financial Summary 7 Refer to the last two slides for footnotes. Actual Results Revenue $1.1B (11.9%) Gross Profit Rate 18.8% (150) bps (150) bps Loss from Operations ($0.7M) (71.6%) Diluted Loss per Share Adjusted EBITDA $21.0M (51.7%) Adjusted EBITDA Margin 2.0% (170) bps 98.8% Change Increase/(Decrease) As Reported As Adjusted (2) (11.9%) ($3.69) ($2.79) ($0.63)

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![](q4-fy2025earningsrelease008.jpg)© 2025 Kelly Services, Inc. All rights reserved. Full - Year 2025 Financial Summary 8 Refer to the last two slides for footnotes. Actual Results Revenue $4.3B (1.9%) Gross Profit Rate 20.1% (30) bps (30) bps Loss from Operations ($69.8M) (35.6%) Diluted Loss per Share Adjusted EBITDA $109.4M (23.8%) Adjusted EBITDA Margin 2.6% (70) bps (362.3%) Change Increase/(Decrease) As Reported As Adjusted (2) (1.9%) ($7.24) ($7.22) ($1.00)

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![](q4-fy2025earningsrelease009.jpg)© 2025 Kelly Services, Inc. All rights reserved. 2025 Revenue Trends 9 Refer to the last two slides for footnotes. Organic Q1 (3) Organic Q2 (3) Reported Q3 Reported Q4 Total 0.2% (3.3%) (9.9%) (11.9%) Excluding discrete impacts (1) 2.7% 1.6% (2.0%) (3.9%) Enterprise Talent Management (4) (0.0%) (5.1%) (13.1%) (18.6%) Excluding discrete impacts (1) 3.6% 1.9% (1.9%) (5.4%) Science, Engineering & Technology (4) (7.2%) (8.5%) (9.0%) (11.3%) Excluding discrete impacts (1) (4.0%) (3.2%) (3.5%) (5.4%) Education 6.3% 5.3% 0.9% 1.3%

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![](q4-fy2025earningsrelease010.jpg)© 2025 Kelly Services, Inc. All rights reserved. ETM 48% SET 35% EDU 17% 2024 ETM 43% SET 36% EDU 21% 2025 ETM 48% SET 28% EDU 24% 2024 ETM 44% SET 28% EDU 28% 2025 Fourth - Quarter 2025 Revenue and Gross Profit Mix 10 Gross Profit Mix (4)Revenue Mix (4)

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![](q4-fy2025earningsrelease011.jpg)© 2025 Kelly Services, Inc. All rights reserved. Fourth - Quarter 2025 Gross Profit Rate 11 • 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

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![](q4-fy2025earningsrelease012.jpg)© 2025 Kelly Services, Inc. All rights reserved. Fourth - Quarter 2025 SG&A 12 • 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 operating seg ments and aligning processes and technology across the Company increased as compared to prior year as we continue to execute on initiat ive s • Transaction costs increased due to non - recurring favorable adjustment to our MRP earnout liability in the prior year • Executive transition costs decreased due to non - recurring costs associated with our CFO transition in the prior year $ in millions Refer to the last two slides for footnotes.

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![](q4-fy2025earningsrelease013.jpg)© 2025 Kelly Services, Inc. All rights reserved. Fourth - Quarter 2025 EPS Summary 13 Refer to the last two slides for footnotes. $ in millions except per share data Amount Per Share Amount Per Share Net earnings (loss) ($128.8) ($3.69) ($31.8) ($0.90) Valuation allowance on deferred tax assets, net of taxes (6) 127.9 3.47 - - Integration, realignment and restructuring charges, net of taxes (7) 6.3 0.17 2.7 0.07 Executive transition costs, net of taxes (8) 1.1 0.03 1.7 0.05 Transaction costs (adjustments) (9) 0.2 0.01 (0.9) (0.02) (Gain) loss on sale of EMEA staffing operations, net of taxes (10) 0.2 - - - Gain on sale of assets (11) (1.0) (0.03) - - Goodwill impairment charge, net of taxes (12) - - 54.4 1.47 Asset impairment charge (13) - - 6.0 0.16 Gain on equity securities, net of taxes (14) - - (3.0) (0.08) Adjusted net earnings $5.9 $0.16 $29.1 $0.79 2025 2024

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![](q4-fy2025earningsrelease014.jpg)© 2025 Kelly Services, Inc. All rights reserved. Full - Year 2025 EPS Summary 14 Refer to the last two slides for footnotes. $ in millions except per share data Amount Per Share Amount Per Share Net earnings (loss) ($254.1) ($7.24) ($0.6) ($0.02) Valuation allowance on deferred tax assets, net of taxes (6) 197.6 5.35 - - Goodwill impairment charge, net of taxes (12) 83.6 2.26 54.4 1.47 Integration, realignment and restructuring charges, net of taxes (7) 21.4 0.58 12.0 0.33 Executive transition costs, net of taxes (8) 2.1 0.05 1.7 0.05 Transaction costs (9) 0.9 0.03 14.2 0.39 (Gain) loss on sale of EMEA staffing operations, net of taxes (10) (4.0) (0.11) (0.4) (0.01) Gain on sale of assets (11) (1.0) (0.03) (4.0) (0.11) Asset impairment charge (13) - - 10.1 0.27 Gain on equity securities, net of taxes (14) - - (3.0) (0.08) Gain on forward contract, net of taxes (15) - - (1.2) (0.03) Adjusted net earnings $46.5 $1.26 $83.2 $2.26 2025 2024

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![](q4-fy2025earningsrelease015.jpg)© 2025 Kelly Services, Inc. All rights reserved. Fourth - Quarter 2025 Liquidity 15 $ 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 reflects a net paydown of debt versus the prior year period utilizing operating cash generated from favorable working ca pital • Standby letters of credit ("SBLC") represent amounts outstanding related to workers' compensation

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![](q4-fy2025earningsrelease016.jpg)© 2025 Kelly Services, Inc. All rights reserved. 2026 Outlook 16 Our 2026 Outlook assumes no material change in the macroeconomic or industry dynamics relative to current trends. Through our ongoing focus on growth and efficiency, we are well prepared to navigate the evolving macroeconomic environment and capitalize when demand rebounds. First Quarter of 2026 – Consistent with Fourth Quarter of 2025 • Revenue – expect total Company year - over - year revenue decline of 11% to 13%, or 3% to 5% on an underlying basis excluding discrete customer impacts • Adjusted EBITDA margin – expect approximately 1.5%, which includes the impact of annual payroll tax resets. Remainder of Year – Assuming no new material impacts, expect relative improvement in year - over - year performance each successive quarter for both revenue and adjusted EBITDA margin resulting in modest year - over - year revenue growth and measurable adjusted EBITDA margin expansion in the second half of the year.

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![](q4-fy2025earningsrelease017.jpg)© 2025 Kelly Services, Inc. All rights reserved. 17 Appendix

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![](q4-fy2025earningsrelease018.jpg)© 2025 Kelly Services, Inc. All rights reserved. Fourth - Quarter 2025 Footnotes 18 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 Reconciliation of Non - GAAP Measures included in Form 8 - K dated February 12, 2026; 3) Organic excludes the 2025 results of MRP, which was acquired as of May 31, 2024 and was included in the reported results of o per ations in SET, from the date of acquisition and a portion in ETM starting in 2025, and the 2025 results of Children's Therapy Center ("CTC"), which was acqui red as of November 13, 2024 and was included in the reported results of operations in Education, from the date of acquisition; 4) The Company combined its former P&I and OCG segments into the ETM segment in Q1 2025. The Company also realigned certain cust ome rs as well as MRP's Sevenstep business from the SET segment to the ETM segment to support our integrated strategy and the broader integration of MRP. The 2 02 4 ETM and SET segment information has been recast to conform to the new structure; 5) Integration and realignment costs in Q4 2025 reflect various initiatives aimed at integrating MRP and other prior acquisition s, consolidating operating segments and further aligning processes and technology across the Company, and include severance of $3.6 million, IT - related charges of $2.4 million and fees and other costs of $2.4 million; 6) Valuation allowance on deferred tax assets of $127.9 million or $3.47 per share in Q4 2025 and $197.6 million or $5.35 per sh are in 2025 was established against a portion of our work opportunity credit carryforwards due to cumulative losses in recent years; 7) Integration, realignment and restructuring charges of $8.4 million, $6.3 million net of tax or $0.17 per share in Q4 2025 and $2 8.7 million, $21.4 million net of tax or $0.58 per share in 2025 as compared to $3.6 million, $2.7 million net of tax or $0.07 per share in Q4 2024 and $16.1 million, $12.0 million net of tax or $0.33 per share in 2024 reflect various initiatives aimed at integrating Motion Recruitment Partners ("MRP") and other prior acquisitions, co nso lidating operating segments, and further aligning processes and technology across the Company. Included in total integration and realignment costs is $0.4 mil lion and $0.9 million of accelerated amortization within depreciation and amortization for Q4 2025 and 2025, respectively. In 2024, $6.1 million of severance and tra nsformation costs related to a continuation of the comprehensive transformation initiative that started in Q2 2023 to further streamline the Company's opera tin g model to enhance organizational efficiency and effectiveness and $10.0 million of integration and realignment costs related to various initiat ive s aimed at integrating MRP and other prior acquisitions, consolidating operating segments, and further aligning processes and technology across the Company; 8) Executive transition costs of $1.4 million, $1.1 million net of tax or $0.03 per share in Q4 2025 and $2.7 million, $2.1 mill ion net of tax or $0.05 per share in 2025 related to non - recurring expenses associated with our CEO transition in Q3 2025. Executive transition costs of $2.3 million, $1. 7 million net of tax or $0.05 per share in Q4 2024 and 2024 related to non - recurring expenses associated with our CFO transition in Q4 2024;

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![](q4-fy2025earningsrelease019.jpg)© 2025 Kelly Services, Inc. All rights reserved. Fourth - Quarter 2025 Footnotes (continued) 19 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 operations, which includes employee termination c ost s and transition costs, and other projects. Transaction adjustments of $0.3 million, $0.9 million net of tax or $0.02 per share in Q4 2024 was made - up of the foll owing: $2.7 million gain related to the $3.4 million write - off of the MRP earnout liability, net of transaction costs of $0.7 million related to the acquisition of MRP and CTC; $0.7 million favorable adjustment to the indemnification related to our former Brazil operations, partially offset by $3.1 million of empl oye e termination and transition costs directly related to the sale of the EMEA staffing operations in Q4 2024. Transaction costs of $17.9 million, $14.2 million ne t o f tax or $0.39 per share in 2024 for employee termination costs and transition costs directly related to the sale of the EMEA staffing operations of $12.0 million an d transaction costs related to the acquisitions of MRP and CTC of $6.6 million, which is net of the $3.4 million earnout liability write - off, partially offset by a n adjustment to the indemnification related to our former Brazil operations of $0.7 million; 10) Loss on sale of EMEA staffing operations of $0.2 million, $0.2 million net of tax or $0.00 per share in Q4 2025 and gain on s ale of EMEA staffing operations $4.1 million, $4.0 million net of tax or $0.11 per share in 2025. Gain on sale of EMEA staffing operations of $1.6 million, $0.4 m illion net of tax or $0.01 per share in 2024. The gains and losses in each period are a result of the sale in January 2024, and includes adjustments to the indemnifi cat ion related to the sale; 11) Gain on sale of assets of $1.0 million, $1.0 million net of tax or $0.03 per share in Q4 2025 and 2025 represents the sale of a property in Q4 2025. Gain on sale of assets of $5.4 million, $4.0 million net of tax or $0.11 per share in 2024 represents the sale of Ayers Group in Q2 2024; 12) Goodwill impairment charge of $102.0 million, $83.6 million net of tax or $2.26 per share in 2025 related to reduced demand, int egration of the MRP and Softworld acquisitions and realignment of reporting units in the SET segment. Goodwill impairment charge of $72.8 million, $5 4.4 million net of tax or $1.47 per share in Q4 2024 and 2024 related to changes in market conditions and the result of the Company's annual impairment test rela ted to Softworld; 13) Asset impairment charge of $8.0 million, $6.0 million net of tax or $0.16 per share in Q4 2024 and $13.5 million, $10.1 milli on net of tax or $0.27 per share in 2024 for certain right - of - use assets related to our leased headquarters facility reflects adjustments to how we are utilizing the bui lding as part of our ongoing transformation efforts; 14) Gain on equity securities of $3.8 million, $3.0 million net of tax or $0.08 per share in Q4 2024 and 2024, includes a $0.6 mi llion realized gain from the partial sale of our securities and a $3.2 million unrealized gain from the mark - to - market adjustment on our remaining shares; 15) Gain on forward contract of $1.2 million, $1.2 million net of tax or $0.03 per share in 2024 represents the settlement of the fo reign currency forward contact in January 2024 related to the sale of our EMEA staffing operations.

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