Human Resource and Employment Services Sector Outlook — September 2026

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INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › HUMAN RESOURCE AND EMPLOYMENT SERVICES

Employment Services: The Premium Sits with the Durable Names

The report shows how business mix, earnings quality and cycle exposure shape value across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › HUMAN RESOURCE AND EMPLOYMENT SERVICES

   This is the cover page identifying the sector as Human Resource and Employment Services, with market data as of September 28, 2026.

   We open with the sector framing for Human Resource and Employment Services, benchmarked as of September 28, 2026 on an EV / EBITDA (CY2027E) basis. What follows shows why business mix, not sector label, drives the valuation gap.

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   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › HUMAN RESOURCE AND EMPLOYMENT SERVICES Employment Services: The Premium Sits with the Durable Names The report shows how business mix, earnings quality and cycle exposure shape value across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five numbered sections plus an appendix, starting with the bottom line.

   We've structured this report so the bottom line comes first — if you only have time for one section, section 01 carries the whole argument. From there we move through the market landscape, valuation and situations, precedent transactions and strategic implications, each building on the last. So what: you can go as deep as you need without losing the core finding.

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   CONTENTS What This Report Covers 01 The Bottom Line Recurring Earnings and Resilient Desk Economics Separate the Sector 02 The Landscape Business Mix Matters More than the Sector Label 03 Valuation & Situations The Premium Survives a Forward Earnings Lens 04 Precedent Transactions Precedent Transactions Put Earnings Durability Under the Microscope 05 Strategic Implications Strengthen the Earnings Stream Before Asking the Market to Value It Differently 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Human Resource and Employment Services Split Between Generalist Staffing and Adjacent Recurring Models

   This slide summarizes the deck's central finding: the sector splits between generalist staffing and adjacent recurring models on a forward EV/EBITDA basis.

   Of the 14 companies in our universe, 11 carry an eligible forward EV / EBITDA estimate, and among them the three-name premium end trades at 14.9x against 7.2x at the discount end. Adjacent recurring models — 21% of the approved set — hold a higher valuation posture at 11.4x than the 79% of names in generalist staffing. Growth and margin don't sort the set cleanly: only 3 of 11 names clear both bars, and 2 clear neither. So what: durability of earnings, not sector label, is what the market is pricing.

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   01 · THE BOTTOM LINE Human Resource and Employment Services Split Between Generalist Staffing and Adjacent Recurring Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Carries a Durability Signal Among the 11 of 14 names with a forward EV / EBITDA estimate, the three-name premium end sits at 14.9x and the three-name discount end at 7.2x. A forward multiple already credits forecast growth, so the remaining gap signals different views of earnings durability. 2 Adjacent Models Hold a Higher Valuation Posture Adjacent models represent 21% of approved names and sit at 11.4x. Generalist professional staffing represents 79% and sits lower, consistent with different exposure to contracted programs, payroll administration and the hiring cycle. 3 Growth and Margin Do Not Sort the Set Neatly Only 3 of 11 names clear both the growth and margin bars, while 2 clear neither. The remaining 6 split evenly between growth alone and margin alone, with business mix and desk economics alongside the headline financial profile. 4 The Transaction Record Points to Repeatable Gross Profit Six of 9 precedent transactions carry an EBITDA reference, while 5 carry a revenue reference. The record points owners toward client tenure, contract continuity, producer retention and protected bill rate and pay rate spread. 8.2x Sector median EV/EBITDA CY2027E consensus · 11 rated of 14 companies 14.9x Premium end EV/EBITDA vs 7.2x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 23 Transactions with disclosed terms 52 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section 02 on how business mix shapes the market.

   We now turn to the market map, where business mix does the real work of explaining value across the sector. So what: how a company earns matters as much as what industry it sits in.

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   SECTION 02 02 THE LANDSCAPE Business Mix Matters More than the Sector Label Generalist staffing dominates the set, while adjacent models bring different earnings streams. 02 of 06 Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Generalist Staffing Supplies the Scale; Adjacent Models Change the Earnings Mix

   This slide groups the 14 approved companies by business segment and shows median EV/EBITDA by group.

   We group all 14 approved companies by business segment and compare median forward multiples across each group. Generalist staffing supplies most of the names, but the adjacent segments carry a distinct valuation profile. So what: the market is already pricing business mix differently, even within one sector label.

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   02 · MARKET MAP Generalist Staffing Supplies the Scale; Adjacent Models Change the Earnings Mix 14 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 GENERALIST PROFESSIONAL STAFFING 11 cos median 8.2x ManpowerGroup (MAN) Robert Half (RHI) TriNet Group (TNET) Korn Ferry (KFY) Insperity (NSP) Kforce (KFRC) Kelly Services (KELYB) Barrett Business (BBSI) TrueBlue (TBI) HireQuest (HQI) DHI Group (DHX) This group carries the sector's broadest exposure to requisition flow, recruiter productivity and the hiring cycle. ADJACENT MODELS 3 cos median 11.4x Automatic Data (ADP) RCM Technologies (RCMT) Atlantic (ATLN) This group adds payroll, workforce solutions and healthcare exposure with different recurring revenue and risk profiles.

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   02 · LANDSCAPE

   Similar Labels Mask Different Revenue Quality and Operating Risk

   This slide compares what each segment does and why its revenue quality and operating risk differ, using EV/EBITDA medians on rated names.

   We walk through what each segment in the approved universe actually does, and why two companies with the same label can carry very different revenue quality and operating risk. Segment medians on EV / EBITDA (CY2027E) show that this distinction shows up directly in valuation. So what: understanding a company's segment is the first step to understanding its multiple.

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   02 · LANDSCAPE Similar Labels Mask Different Revenue Quality and Operating Risk Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Generalist professional staffing 11 79% 8.2x ManpowerGroup Inc. (MAN) · Robert Half Inc. (RHI) · +9 more Scale with cycle exposure. Generalist staffing links gross profit to requisition flow, fill rates, producer productivity and client hiring decisions. Specialty mix, redeployment and protected spread shape resilience through the cycle. Adjacent models 3 21% 11.4x Automatic Data Processing, Inc. (ADP) · RCM Technologies, Inc. (RCMT) · +1 more Different earnings streams. Payroll administration, diversified workforce solutions and healthcare staffing add recurring programs, platform economics and vertical depth. Their value also depends on retention, underwriting discipline and regulatory exposure.

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   SECTION 03

   03

   This divider introduces section 03 on forward valuation and the range of multiples across the rated set.

   Section 03 tests whether the sector's valuation premium survives once forecast growth is already priced in. So what: the spread that remains is about earnings durability, not growth expectations.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Survives a Forward Earnings Lens The valuation range remains wide after forecast growth is already reflected. 03 of 06 Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Valuation Still Separates Durable Earnings from More Cyclical Profiles

   This slide ranks all 11 rated companies by EV/EBITDA (CY2027E) against a sector median of 8.2x.

   Across all 11 rated companies, we sort forward multiples from high to low against a sector median of 8.2x. Even after growth is captured in the forward estimate, valuation tiers remain wide apart. So what: the market continues to differentiate on earnings quality, not just growth alone.

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   03 · PUBLIC MARKET VALUATION Forward Valuation Still Separates Durable Earnings from More Cyclical Profiles EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 8.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 14.9x CORE · median 8.2x DISCOUNT · median 7.2x Sector median 8.2x WHAT SEPARATES THE TWO ENDS The range remains wide. Across three names at either end, the premium group sits at 14.9x and the discount group at 7.2x on forward EV / EBITDA. Forecast recovery is included. The lens already gives credit for forecast earnings growth. The remaining separation therefore reflects the market's differing view of how durable those earnings may be. Growth alone does not sort. The premium end includes slower-growth staffing names, while the discount end includes faster-growing names. Revenue quality, cycle exposure and confidence in the earnings base remain relevant distinctions.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 9% Margin Line Carry 8.1x Against 8.7x Below It

   This slide splits rated names into cohorts by revenue growth and by EBITDA margin, each cut at its covered median, and compares median EV/EBITDA.

   We cut the rated set into cohorts by revenue growth and by EBITDA margin, each split at its own covered median. Names above the 9% margin line carry a median 8.1x versus 8.7x below it — an association worth investigating, not a proven cause. So what: margin alone doesn't explain the premium; the deck's next pages dig into why.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 9% Margin Line Carry 8.1x Against 8.7x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 9% The Growth Gap Is Modest Among six names at or above 4% growth, the median forward EV / EBITDA is 8.4x. Among five names below that bar, the median is 8.2x. Margin Changes the Context Three of 11 names pair above-bar growth with above-bar margin. That limited overlap makes the quality of gross profit, cost flexibility and recruiter productivity important context. Desk Economics Remain Central Protected bill rate and pay rate spread, producer retention and redeployment can support earnings resilience even when reported revenue growth gives an incomplete view.

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    03 · SITUATION MAP

    Growth and Scale Together Mark Where the Higher Multiples Sit Today

    This slide plots companies by EV/EBITDA versus the sector median and by revenue growth versus the covered median to characterize situations, not recommendations.

    We cut the universe on two axes: valuation against the 8.2x sector median, and revenue growth against the 4% covered median. This produces a situation map, not a buy or sell call — it shows where higher multiples currently sit. So what: growth and scale together, not either alone, mark where the premium lives today.

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    03 · SITUATION MAP Growth and Scale Together Mark Where the Higher Multiples Sit Today Cut on EV / EBITDA vs the sector median (8.2x) (rows) and revenue growth vs the covered median (4%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth with Premium Valuation Above-median multiple · above-median revenue growth 3 names Automatic Data Processing, Inc. (ADP) · Kforce Inc. (KFRC) · Barrett Business Services, Inc. (BBSI) Three of 11 names pair above-range growth with an above-range multiple. The priority is to protect retention, spread and cost discipline as the business scales. Premium Valuation Under Pressure Above-median multiple · below-median revenue growth 3 names Robert Half Inc. (RHI) · TriNet Group, Inc. (TNET) · HireQuest, Inc. (HQI) Three of 11 names retain an above-range multiple despite below-range growth. The operating agenda is to defend earnings durability and identify where requisition flow can recover. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 3 names ManpowerGroup Inc. (MAN) · Korn Ferry (KFY) · RCM Technologies, Inc. (RCMT) Three of 11 names deliver above-range growth while trading below the valuation midpoint. The key question is whether growth converts into durable gross profit and stronger desk economics. Rebuild the Operating Case Below-median multiple · below-median revenue growth 2 names Insperity, Inc. (NSP) · DHI Group, Inc. (DHX) Two of 11 names sit below both reference points. The practical focus is revenue quality, cost flexibility, client retention and capital allocation.

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    03 · GROWTH VS PROFITABILITY

    Few Names Combine Above-Bar Growth with Above-Bar Margin

    This slide plots the 11 companies with both growth and margin estimates on a two-axis grid cut at the covered medians of 4% growth and 9% margin.

    We plot all 11 companies with both growth and margin estimates against covered medians of 4% growth and 9% margin. Only a handful combine strength on both dimensions — most names lead on one or the other, not both. So what: few operators have found the combination the market rewards most.

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    03 · GROWTH VS PROFITABILITY Few Names Combine Above-Bar Growth with Above-Bar Margin Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 11 companies with both estimates · cuts at the covered medians (4% growth, 9% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=3; growth-only n=3; neither n=2). Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -5% 0% 5% 10% 0% 20% 40% MARGIN ONLY median 8.2x BALANCED median 8.0x NEITHER median 9.3x GROWTH ONLY median 8.7x TNET DHX RHI HQI NSP KFRC BBSI ADP MAN KFY RCMT x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Across 11 names with the required estimates, 3 sit above both the 4% growth bar and the 9% margin bar. Another 3 clear only the margin bar, while 3 clear only the growth bar. The remaining 2 clear neither, showing why revenue mix and cost flexibility need to be assessed together. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 11 names clear it (HQI).

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    03 · THE AGENDA

    Pricing, Revenue Mix and Cost Discipline Are Where Earnings Quality Is Earned

    This slide frames pricing, revenue mix and cost discipline as the open questions for owners and acquirers.

    Based on the cohort data, we frame pricing discipline, revenue mix and cost control as the questions an owner or acquirer should be resolving next. These are observations grounded in the data shown, not investment recommendations. So what: the agenda for the next twelve months is already visible in today's numbers.

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    03 · THE AGENDA Pricing, Revenue Mix and Cost Discipline Are Where Earnings Quality Is Earned NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Shift Mix Toward Durable Programs Prioritise contracted workforce programs, payroll administration and service lines with stronger retention where the company has a credible right to win. What changes the answer: The answer changes when recurring gross profit can scale without weakening client economics. Raise Desk Productivity Improve recruiter ramp, fill rate, redeployment and producer retention before adding fixed cost. Focus resources on verticals where candidate access protects time-to-fill and spread. What changes the answer: The answer changes when incremental producers generate repeatable gross profit rather than temporary volume. Tighten Risk Selection Price co-employment, workers' compensation and benefits exposure with discipline. Reduce dependence on accounts where procurement pressure leaves limited room for risk. What changes the answer: The answer changes when retained spread adequately compensates for underwriting and compliance exposure. Use Capital Selectively Compare build-versus-buy options around specialty verticals, geographic density and missing service lines. Protect balance-sheet capacity for payroll funding through a hiring recovery. What changes the answer: The answer changes when acquired client relationships and producer teams can be retained at acceptable economics.

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    SECTION 04

    04

    This divider introduces section 04 on precedent transactions and earnings durability.

    Section 04 turns to the transaction record, where buyers test whether a target's gross profit, client relationships and producer economics will hold up post-close. So what: precedent deals show what acquirers actually underwrite.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Put Earnings Durability Under the Microscope Buyers test the repeatability of gross profit, client relationships and producer economics. 04 of 06 Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Platform Bets, Staffing Consolidation and Specialist Access

    This slide presents the first of several case studies drawn from the 23 precedent transactions with disclosed terms.

    We walk through case studies drawn from the 23 precedent transactions with disclosed terms, spanning platform bets, staffing consolidation and specialist access. Multiples shown are LTM at announcement, not directly comparable to the public forward basis. So what: the deal record shows what acquirers are actually paying for — repeatable earnings, not just revenue scale.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Platform Bets, Staffing Consolidation and Specialist Access 1 of 23 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2025 $656M Heron BidCo, LLC acquires Heidrick & Struggles International, Inc. EV / LTM revenue 0.5x EV / LTM EBITDA 6.0x WHY THE DEAL HAPPENED The pairing suggests conviction in executive search, leadership advisory relationships and the target's established franchise. The strategic fit rests on access to a specialist platform whose value depends on client continuity and partner retention. HOW THE TARGET WAS VALUED The pending transaction values Heidrick & Struggles International, Inc. at $656M, 0.5x EV / Revenue and 6.0x EV / EBITDA. The earnings measure offers the more relevant benchmark where revenue includes different fee and delivery models.

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    SECTION 05

    05

    This divider introduces section 05 on the operating levers that strengthen the earnings stream.

    Section 05 turns from what the market pays to what a company can do about it — mix, retention, desk productivity and risk discipline are the practical levers. So what: strengthening the earnings stream is the precondition for the market valuing it differently.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Stream Before Asking the Market to Value It Differently Mix, retention, desk productivity and risk discipline are the practical levers. 05 of 06 Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Growth That Converts into Repeatable Gross Profit Is Where Value Sits

    This slide lays out the questions the data raises for owners, management and buyers over the next twelve months.

    We translate the data into three sets of questions — for owners on which earnings stream to build, for management on managing spread and desk productivity, and for buyers on what to underwrite. These are directional views grounded in the analysis, not recommendations. So what: growth only creates value when it converts into repeatable gross profit.

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    05 · STRATEGIC IMPLICATIONS Growth That Converts into Repeatable Gross Profit Is Where Value Sits NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Choose the Earnings Stream Decide which mix of staffing, contracted programs and payroll administration the company can support with credible retention, pricing and operating discipline. FOR MANAGEMENT Manage the Spread and the Desk Link investment to bill rate and pay rate spread, recruiter productivity, redeployment and client retention. Revenue growth matters more when it converts into durable gross profit. FOR BUYERS Underwrite What Can Stay Test client tenure, contract assignability, producer retention and regulatory exposure. The transaction record supports using EBITDA alongside gross profit rather than relying on gross billings.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparables universe, methodology and sources.

    The final section holds the full comparables set, the valuation basis and the source for every disclosure behind this report. So what: every figure in this deck can be traced back to its underlying record.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix table lists all 11 rated public comparables grouped by valuation tier against the 8.2x sector median, with 3 companies not rated.

    This table carries all 11 rated comparables, shaded against the 8.2x sector median, plus the 3 names without an eligible multiple. Every ticker links back to its underlying source. So what: this is the full rated universe behind every chart in the body of the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.2x); amber marks below · 11 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.8x · median 14.9x · 3 companies HireQuest, Inc. HQI Generalist professional staffing $273M 15.1x 1% 53% 61 Automatic Data Processing, Inc. ADP Payroll and HCM administration platforms $106B 14.9x 6% 29% 36 Robert Half Inc. RHI Generalist professional staffing $3.7B 11.4x -1% 5% 10 CORE — 7.2x–10.8x · median 8.2x · 5 companies Kforce Inc. KFRC Generalist professional staffing $1.0B 10.2x 4% 6% 11 Barrett Business Services, Inc. BBSI Generalist professional staffing $691M 8.7x 6% 5% 12 TriNet Group, Inc. TNET Generalist professional staffing $3.5B 8.2x -4% 9% 12 RCM Technologies, Inc. RCMT Diversified workforce solutions groups $320M 8.0x 13% 10% 20 DHI Group, Inc. DHX Generalist professional staffing $241M 7.2x -2% 25% 29 DISCOUNT — <7.2x · median 7.2x · 3 companies Insperity, Inc. NSP Generalist professional staffing $1.7B 7.2x 1% 3% 8 ManpowerGroup Inc. MAN Generalist professional staffing $4.0B 7.2x 7% 2% 6 Korn Ferry KFY Generalist professional staffing $3.0B 4.6x 11% 17% 32

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first, showing 18 of 23 such deals.

    This page lists the precedent transactions with disclosed terms, newest first — 18 of the 23 disclosed deals appear here, with the remainder in the companion workbook. Multiples are LTM at announcement and are not directly comparable to the public CY2027E basis. So what: this is the primary evidence behind the transaction commentary in section 04.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (52 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 23 transactions shown; the rest are in the companion workbook. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2026 Hunt Equity Opportunities, LLC → Kelly Services, Inc. $241M n/a n/a Hunt Equity Opportunities, LLC completed the acquisition of Kelly Services, Inc. at a recorded value of $241M. The pairing places a generalist staffing business with an investment buyer. Dec-2025 Vista Outdoor Inc. → MRINetwork n/a n/a 5.5x Vista Outdoor Inc. announced the acquisition of MRINetwork at 5.5x EV / EBITDA. The transaction provides an earnings benchmark for a search-focused business. Oct-2025 Heron BidCo, LLC → Heidrick & Struggles International, Inc. $656M 0.5x 6.0x Heron BidCo, LLC agreed to acquire Heidrick & Struggles International, Inc. The pending transaction places a specialist executive search franchise at the centre of the buyer's commitment. Jun-2025 n/a → ASGN Incorporated n/a n/a 8.2x The completed transaction involving ASGN Incorporated adds another EV / EBITDA reference to the record. It reinforces the use of operating earnings as the principal valuation language. May-2025 HireQuest, Inc. → TrueBlue, Inc. $216M n/a n/a HireQuest, Inc. announced the acquisition of TrueBlue, Inc. at a recorded value of $216M. The combination suggests a route to broader staffing scale and operating density. Dec-2023 HeadFirst Global B.V. → Impellam Group Plc (nka:Impellam Group Limited) n/a 0.2x 13.3x HeadFirst Global B.V. announced the acquisition of Impellam Group Plc (nka:Impellam Group Limited) at 0.2x EV / Revenue and 13.3x EV / EBITDA. The spread between the references shows why pass-through revenue needs an earnings cross-check. Oct-2023 HireQuest, Inc. → TEC, The Employment Company n/a 0.3x n/a HireQuest, Inc. announced the acquisition of TEC, The Employment Company at 0.3x EV / Revenue. The transaction adds a revenue reference for a staffing acquisition. Sep-2023 pwrteams OÜ → Questers Resourcing Limited/Questers Bulgaria EOOD n/a 0.6x 5.8x pwrteams OÜ announced the acquisition of Questers Resourcing Limited/Questers Bulgaria EOOD at 0.6x EV / Revenue and 5.8x EV / EBITDA. The two measures frame both scale and operating earnings. Sep-2022 APM Human Services International → Equus Workforce Solutions n/a 0.5x 4.9x APM Human Services International announced the acquisition of Equus Workforce Solutions at 0.5x EV / Revenue and 4.9x EV / EBITDA. The transaction suggests a fit around broader workforce service delivery.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of precedent transactions with disclosed terms, newest first.

    We continue the precedent transaction list here, completing the set of 23 disclosed deals referenced earlier in the report. Deal values link to their underlying filings for anyone who wants to trace a specific transaction. So what: the full disclosed transaction record is available for direct diligence.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (52 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 29 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 23 transactions shown; the rest are in the companion workbook. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2022 Hellman & Friedman → Creative Breakthroughs, Inc. n/a 9.4x 39.2x Apr-2022 The Pritzker Organization, LLC → Epic Staffing Group, Inc. n/a 11.3x n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2022 American Cybersystems, Inc. → Volt Information Sciences, Inc. n/a 0.2x 6.9x Value shown as recorded in the filing; deal value unit unresolved. Jan-2022 HireQuest, Inc. → Northbound Executive Search, LTD n/a 0.7x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2021 Manpowergroup Global Inc. → ettain Group, LLC n/a n/a 12.3x Jul-2021 H.I.G. Capital, LLC → Oxford business (unit of Oxford business) n/a n/a 11.2x Value shown as recorded in the filing; divestiture roles reassigned. Jul-2019 HtnetGroup Limited → Staffline Group plc n/a 0.2x 7.7x Value shown as recorded in the filing; deal value unit unresolved. Aug-2017 Genstar Capital, LLC → HR Outsourcing Holdings, Inc. n/a n/a 15.1x Oct-2016 Randstad North America, Inc → Monster Worldwide, Inc. n/a 0.6x 4.8x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide documents the report's sources, assumptions and data-quality treatment.

    This page sets out how the report was built — the valuation basis, what was excluded, and where every underlying disclosure lives. Every figure in the report links to its source record where available. So what: the methodology is fully transparent and auditable.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Human Resource and Employment Services and it clears the coverage gate with 11 of 14 companies (79%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 12 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 17 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 567 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (566) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Earnings Streams the Market Views as More Durable.

    This closing slide restates the report's conclusion that the valuation premium sits with earnings streams the market views as more durable.

    The premium in this sector sits with earnings streams the market views as more durable — that's the conclusion this report has built toward. So what: durability, not just growth, is what earns the multiple.

    Everything on this page

    The Premium Sits with Earnings Streams the Market Views as More Durable. NeuraCap AI — Human Resource and Employment Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Human Resource and Employment Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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