Slide 1: 2nd Quarter 2026 Earnings Call
Quad ® , 4 2nd Quarter 2026 Earnings Call
Slide 2: Forward-looking statements
This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company’s future results, financial condition, s
Slide 3: Second quarter results were in-line with expectations
Second quarter results were Returned $13 million to Continued to invest in in-line with expectations shareholders year-to-date growth-oriented offerings Delivered increased Net Sales Including $10 million of cash Expanding Packaging compared to Q2 2025 dividends and $3 million of business operations
Slide 4: Salt Lake City, UT
Salt Lake City, UT Benefits for Quad Benefits for clients - Enables Quad to pursue - Reduced lead times additional opportunities with - Improved logistics efficiency new and existing clients - Support across multiple regions - Provides access to key markets across western U.S. - Located near high-gr
Slide 5: MX Solutions Suite
MX Solutions Suite Brand Strategy & Design In-Store & Packaging Omnichannel Data & Analytics Content Studios Print & Managed Marketing Client Testing & Measurement Services Technology + Managed Services + Brand Design + Omnichannel Media + Branded Solutions + DM Automation + Unique Data + Campaign I
Slide 6: Success Story
Success Story MX: Intelligence Opportunity • Audience services Provide integrated services to support Wakefern’s new banner-driven marketing strategy • Analytics services Quad Solutions MX: Creative • Rise serves as client’s media agency of record, leading strategy, planning and buying • Content cre
Slide 7: We are scaling Quad's in-store retail media network
We are scaling Quad’s in-store retail media network by adding new regional grocers and growing existing partnerships Following successful CPG We are growing our national adoption across its initial test footprint with ShopRite in the stores, Vallarta will more than Northeast and another leading doub
Slide 8: Success Story
Success Story Opportunity As Jelmar’s marketing agency of record, Quad provides integrated creative and media solutions to connect a new generation of consumers to the client’s CLR Brands Quad Solutions MX: Creative • Our Betty agency developed a creative strategy, • Consumer strategy platform and m
Slide 9: The Media Management Services Landscape, Q2 2026
The Media Management Services Landscape, Q2 2026 Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Info
Slide 10: Quad's response to postal and cost pressures
Quad’s response: Quad’s response: - Diversifying suppliers - Engaging policymakers and the USPS - Optimizing inventory planning - Maximizing client postal savings through a - Taking targeted pricing actions layered optimization model (where appropriate) - Increasing response rates through audience s
Slide 11: Examples of AI Implementations
Brand Strategy & Design In-Store & Packaging Omnichannel Data & Analytics Content Studios Print & Managed Marketing Client Testing & Measurement Services Technology Examples of AI Implementations Data-Driven Strategy & Creative Personalization & Execution, Activation & Performance Analysis & Quad In
Slide 12: Net Sales
Integrated Integrated Solutions Solutions 10% 9% Agency Agency Solutions Solutions 19% 20% 9% Catalogs 10% Catalogs Logistics 3% Logistics 3% QuadMed QuadMed Targeted Print Targeted Latin 13% Latin 9% America 14% 9% America Net Sales(1) Net Sales Direct Print Direct International International YTD M
Slide 13: Second Quarter and Year-to-Date results
Second Quarter Year-to-Date US $ Millions (Except Per Share Data) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 STATEMENT OF OPERATIONS Net Sales $ 577.5 $ 571.9 $ 1,158.5 $ 1,201.3 Cost of Sales 456.1 448.1 914.2 948.1 Selling, General and Administrative Expenses 79.6 80.2 158.0 163.7 Adj
Slide 14: Net Debt, Leverage and Free Cash Flow
($ millions) 2.4x 2.4x 2.3x 2.2x 2.2x 2.1x 2.1x 2.0x 2.0x 1.6x 1.6x ~1.5x $544 $532 $470 $490 $463 $465 $448 $427 $394 $350 $308 $293 $147 $137 $95 $34 $41 -$12 -$10 -$21 -$70 -$100 -$107 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q4 ’26 Net Debt Net Debt Leverage R
Slide 15: Capital allocation priorities
Growth Investments Increase growth investments as a marketing experience company Shareholder Returns Increase return of capital to shareholders through dividends and share buybacks Debt Reduction Maintain low debt leverage and ensure long-term financial strength Quad 15
Slide 16: Net Debt as of June 30, 2026
Net Debt(1) Blended Interest Rate Total Liquidity Including Cash on Hand as of June 30, 2026 as of June 30, 2026 Under Most Restrictive Debt Covenant as of June 30, 2026 Fixed 34% of Interest Expense Capped if Interest Rates Increase Interest Rate 19% Collar Net Debt Leverage Ratio(1) 47% Next Signi
Slide 17: 2026 Guidance
Financial Metric 2026 Guidance Adjusted Annual Net Sales Change(1) 1% to 5% decline Full-Year Adjusted EBITDA(2) $175 million to $215 million Free Cash Flow(2) $40 million to $60 million Capital Expenditures $55 million to $65 million Year-End Net Debt Leverage Ratio(2)(3) Approximately 1.5x (1) Adj
Slide 18: 2025 Actuals, 2026 Guidance, 2028 Outlook and Long-term Goals
Financial Metric 2025 Actuals 2026 Guidance 2028 Outlook Long-term Financial Goals Adjusted Annual Net 4.8% decline 1% to 5% decline Net Sales inflection point Net Sales growth Sales Change(1) $196 million $175 million to $215 million Adjusted EBITDA Margin Low double digit Full-Year Adjusted EBITDA
Slide 19: Thank You
Thank You
Slide 20: Supplemental Information
Supplemental Information
Slide 21: Non-GAAP financial measures definitions
• In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this presentation also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow,
Slide 22: Second Quarter EBITDA reconciliation
Second Quarter Three Months Ended June 30, US $ Millions 2026 2025 Net earnings (loss) $ 3.7 $ (0.1) Interest expense 8.9 13.2 Income tax expense 2.5 0.3 Depreciation and amortization 17.2 20.7 EBITDA (non-GAAP) $ 32.3 $ 34.1 EBITDA Margin (non-GAAP) 5.6% 6.0% Restructuring, impairment and transacti
Slide 23: Year-to-Date EBITDA reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions 2026 2025 Net earnings $ 9.9 $ 5.7 Interest expense 18.9 25.6 Income tax expense 4.2 1.3 Depreciation and amortization 35.6 40.4 EBITDA (non-GAAP) $ 68.6 $ 73.0 EBITDA Margin (non-GAAP) 5.9% 6.1% Restructuring, impairment and transaction-related c
Slide 24: Year-to-Date Free Cash Flow reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions 2026 2025 Net cash used in operating activities $ (40.9) $ (41.6) Less: purchases of property, plant and equipment 25.3 24.3 Free Cash Flow (non-GAAP) $ (66.2) $ (65.9) Quad 24
Slide 25: Net Debt and Net Debt Leverage Ratio reconciliation
US $ Millions June 30, 2026 December 31, 2025 Total debt and finance lease obligations on the balance sheets $ 401.5 $ 371.2 Less: Cash and cash equivalents 7.4 63.3 Net Debt (non-GAAP) $ 394.1 $ 307.9 Divided by: trailing twelve months Adjusted EBITDA (non-GAAP)(1) 194.1 196.2 Net Debt Leverage Rat
Slide 26: Balance sheet
US $ Millions June 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 7.4 $ 63.3 Receivables, less allowances for credit losses 298.2 294.8 Inventories 156.1 143.5 Prepaid expenses and other current assets 39.8 36.8 Property, plant and equipment—net 454.0 461.6 Operating lease right-of-us
Slide 27: Second Quarter Adjusted Diluted EPS reconciliation
Second Quarter Three Months Ended June 30, US $ Millions (Except Per Share Data) 2026 2025 Earnings before income taxes $ 6.2 $ 0.2 Restructuring, impairment and transaction-related charges, net 9.7 9.2 Adjusted net earnings, before income taxes (non-GAAP) $ 15.9 $ 9.4 Income tax expense at 25% norm
Slide 28: Year-to-Date Adjusted Diluted EPS reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions (Except Per Share Data) 2026 2025 Earnings before income taxes $ 14.1 $ 7.0 Restructuring, impairment and transaction-related charges, net 18.1 15.8 Adjusted net earnings, before income taxes (non-GAAP) $ 32.2 $ 22.8 Income tax expense at 25% norm