Slide 1: Q3'25 Earnings
Q3’25 Earnings November 6, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Advantage believes that the use of Adjusted EBITDA from Continuing Operations, Adjusted EBITDA by Segment, Adjusted EBITDA Certain statements in this presentation may be considered forward-looking statements within the meaning of the federal margin, Revenues net
Slide 3: Q3'25: Disciplined Execution and Strong Cash Generation
Q3’25: Disciplined Execution and Strong Cash Generation $781M $100M $98M 4.4x Revenues(1) Adjusted EBITDA(2) Adjusted Unlevered Net Leverage Ratio(4) -2.6% YOY -1.4% YOY Free Cash Flow(3) ► Revenues and Adjusted EBITDA modestly down YoY. Sequential growth from Q2 ► Adjusted UFCF of $98.1M, ~100% of
Slide 4: New Partnerships and Systems Enabling Real Time Execution at Scale
New Partnerships and Systems Enabling Real Time Execution at Scale Expanding Our Partnerships Modernizing Our Systems Leveraging new capabilities ➢ Data-driven and AI-based tools enabling workforce Real-time execution at scale to enhance capabilities and efficiency through improved recruitment, depl
Slide 5: Continuing to Advance Workforce Optimization
Continuing to Advance Workforce Optimization Centralized labor model supporting retention, utilization, and execution consistency across our labor network ► Establishing centralized labor management, overseeing all labor operations, and starting to integrate labor across retailers ► Moving from pilo
Slide 6: Business Segment Updates
Business Segment Updates Branded Services Experiential Services Retailer Services ► Macro pressure resulted in ► Strong performance driven by ► A tough comparison and project continued softness for healthy event demand, up 7% on timing weighed on results versus commission-based and omni- an underlyi
Slide 7: Updated 2025 Outlook
Updated 2025 Outlook While the macro environment remains challenging, we are executing with agility and improved consistency across our labor platforms 2025 Guidance Revenues and Profitability ► Reiterating revenue guidance of flat to down low-single digits ► Adjusted EBITDA now expected to be down
Slide 8: Improved Execution And Operating Agility
Improved Execution And Operating Agility Revenues (Continuing Operations) Highlights $ in millions Y/Y growth (2.6)%(1) ► Results driven by strength in Experiential, $915.0 $939.3 partially offsetting decline in Branded and $134.1 $140.2 Retailer segments $780.9 $799.1 ► Revenue performance generall
Slide 9: Challenging Environment Pressured Results
Challenging Environment Pressured Results BRANDED SERVICES Highlights Revenues (Continuing Operations) ► Market conditions remain challenging, as $ in millions Y/Y growth customers focus tightly on ROI and (8.9)%(1) managing spend more selectively $331.4 $288.8 $30.8 $48.1 ► Customer losses, procure
Slide 10: Strong Demand and Execution Drove Results
Strong Demand and Execution Drove Results EXPERIENTIAL SERVICES Highlights Revenues (Continuing Operations) ► Events per day grew 7% on an underlying $ in millions Y/Y growth basis and grew 7% sequentially. Improved +8.2%(1) staffing supported strong execution and $377.7 $342.7 volume in the quarter
Slide 11: Improved Execution Offset by Tough Comparison and Shift in Project Timing
Improved Execution Offset by Tough Comparison and Shift in Project Timing RETAILER SERVICES Highlights Revenues (Continuing Operations) ► As expected, Retailer encountered a $ in millions Y/Y growth (6.3)% tough comparison and some shift in $248.5 $265.2 project work ► Channel-mix shifts continued t
Slide 12: Healthy Balance Sheet and Liquidity Position
Healthy Balance Sheet and Liquidity Position As of September 30, 2025 Net Debt Overview Maturity Schedule $ in millions $ in millions Maturity Rate Outstanding $1,542(3) First Lien Term Loan 2027 S+4.25%(2) $1,096 $446 Senior Secured Notes 2028 6.50% 595 Total Gross Debt $1,691 $1,096 $595 Less: Cas
Slide 13: DSO Improvement and Lower Capex Driving Strong Cash Generation
DSO Improvement and Lower Capex Driving Strong Cash Generation Capex and Adjusted Unlevered FCF Capital Allocation ► DSOs improved 8 days sequentially to reach 62 days, ahead of our goal supporting strong working-capital ► Ended Q3 with over $200M in cash benefit ► Monetized 7.5% equity stake in Acx
Slide 14: 2025 Guidance
2025 Guidance Holding revenue guidance, but modestly lowering full year EBITDA outlook based on current market conditions $ in millions, unless otherwise noted 2025 Commentary 2025 Guidance ► Revenue guidance remains in line with prior guidance, but the challenging macro Revenues Down Low-Single Dig
Slide 15: Expect H2'25 Cash to Trend Above Normalized Levels
Expect H2’25 Cash to Trend Above Normalized Levels As we continue to make progress on improving DSOs, we expect consistent and improving cash generation Anticipated H2’25 Free Cash Flow Conversion (% of EBITDA) Expectations ► Full-year guidance includes improved ~100% Adjusted EBITDA performance ver
Slide 16: Appendix
Appendix 16
Slide 17: Non-GAAP Reconciliation (1/8)
Non-GAAP Reconciliation (1/8) Net Loss to Adjusted EBITDA from Continuing Operations and Discontinued Operations Internal Use Only 17
Slide 18: Non-GAAP Reconciliation (2/8)
Non-GAAP Reconciliation (2/8) Branded Services Segment Operating Loss to Adjusted EBITDA Internal Use Only 18
Slide 19: Non-GAAP Reconciliation (3/8)
Non-GAAP Reconciliation (3/8) Experiential Services Segment Operating Loss to Adjusted EBITDA Internal Use Only 19
Slide 20: Non-GAAP Reconciliation (4/8)
Non-GAAP Reconciliation (4/8) Retailer Services Segment Operating Income/(Loss) to Adjusted EBITDA Internal Use Only 20
Slide 21: Non-GAAP Reconciliation (5/8)
Non-GAAP Reconciliation (5/8) Revenues to Revenues Net of Reimbursable Expenses Internal Use Only 21
Slide 22: Non-GAAP Reconciliation (6/8)
Non-GAAP Reconciliation (6/8) Adjusted Unlevered Free Cash Flow Internal Use Only 22
Slide 23: Non-GAAP Reconciliation (7/8)
Non-GAAP Reconciliation (7/8) LTM Adjusted EBITDA, Net Debt and Net Debt to Adjusted EBITDA Ratio Internal Use Only 23
Slide 24: Non-GAAP Reconciliation (8/8)
Non-GAAP Reconciliation (8/8) Footnotes (a) Represents non-cash compensation expense related to performance stock units, restricted stock units, and stock options under the 2020 Advantage Solutions Incentive Award Plan and the Advantage Solutions 2020 Employee Stock Purchase Plan. (b) Represents exp