Slide 1: 4th Quarter 2025 Earnings Call
February 18, 2026 4th Quarter 2025 Earnings Call
Slide 2: Call Participants & Forward-Looking Statements
Call Participants This communication 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, fin
Slide 3: Fourth Quarter / Full-Year 2025 Highlights
Fourth Quarter / Full-Year 2025 Highlights Achieved 2025 Introduces 2026 guidance Increases quarterly financial guidance consistent with 2028 outlook dividend Improved profitability and Reflects meaningful Raised 33% to $0.10 generated robust cash progress toward returning per share, or $0.40 on flo
Slide 4: An Integrated Suite That Connects Quad
An Integrated Suite That Connects Quad MX Solutions Suite MX: MX: MX: MX: MX: Intelligence Creative Production Media Tech Brand Strategy & Design In-Store & Packaging Omnichannel Data & Analytics Content Studios Print & Managed Marketing Client Testing & Measurement Services Technology + Managed Ser
Slide 5: Quad's Direct Marketing Agency
Quad’s Direct Marketing Measurement Test & Learn Strategy & Agency & Insights 5 1 Planning Integration drives performance. Uniting these often-siloed services with Quad’s Execution & 4 Quad’s Modern 2 Insights-driven Deployment Approach to Audiences robust manufacturing Direct Marketing platform ena
Slide 6: Heartland Dental Opportunity
Heartland Dental Opportunity Adopt an integrated, data-backed MX: Intelligence strategy to improve efficiency and effectiveness of its direct mail • Pre-market Testing (DM) program • Analytics Services MX: Creative Quad Solutions • DM Creative Design • Test-and-learn strategy to improve return-on-in
Slide 7: The Gorilla Glue Company Opportunity
The Gorilla Glue Company Opportunity Client tasked Quad’s Betty and Rise MX: Intelligence agencies to: • Analytics Services • Develop a scalable creative platform MX: Creative • Build long-term brand strength through data-driven media planning, • Campaign Strategy buying and measurement • Pre-media
Slide 8: A Growth Engine for Emerging CPG Brands
A Growth Engine for Emerging CPG Brands Launching into big box retailers is complex. Quad helps consumer packaged goods brands confidently scale their in-store presence to improve both brand visibility and sales velocity. Quad offers: • Decades of experience working with national retailers • Integra
Slide 9: Pura Opportunity
Pura Opportunity Help an emerging brand enter and MX: Production scale within complex retail environments through integrated • In-Store Signage in-store execution – Concept Development Quad Solutions – Structural Engineering • End-to-end support for an – Print Production end-cap and side-cap – Distr
Slide 10: Structuring for Success
Structuring for Success Quad has expanded Dave Honan’s role to President in addition to Chief Operating Officer • As COO, Dave has overseen operational leadership for Quad’s manufacturing platform. He will now extend that operational focus to the entire company • This leadership structure allows Joe
Slide 11: Organizing for Growth
Organizing for Growth Quad has strategically aligned its Marketing and Sales functions under one leader, Julie Currie • This new structure further strengthens connections between the company’s marketing efforts and business growth priorities • The shift helps ensure Quad’s brand, demand, and go-to-m
Slide 12: AI Integration Across MX
AI Integration Across MX MX: MX: MX: MX: MX: Intelligence Creative Production Media Tech Brand Strategy & Design In-Store & Packaging Omnichannel Data & Analytics Content Creation & Print & Managed Marketing Client Testing & Measurement Studios Services Technology Examples of AI Implementations Data
Slide 13: Quad has expanded its postal optimization solutions
Quad has expanded its postal optimization solutions In 2025, Quad successfully integrated high-density co-mailing capabilities to its postal solutions, resulting in: Expanded mail pool sizes Improved sortation levels Greater postal savings for clients Quad Proprietary & Confidential 13
Slide 14: Recognized for Stand-Out Culture
Recognized for Stand-Out Culture Quad 14
Slide 15: Net Sales Breakdown
Net Sales Breakdown 22% 22% Integrated Integrated Solutions Solutions 10% 10% Agency Agency Solutions 21% Solutions 20% 9% 10% 47% Catalogs Catalogs 2% QuadMed Logistics 46% 3% QuadMed Logistics Targeted Targeted Print 8% Latin 2024 13% Print 8% 2025 14% 8% America Net Sales(1) 8% Latin America Net
Slide 16: Financial Overview
Financial Overview Fourth Quarter Full-Year US $ Millions (Except Per Share Data) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 STATEMENT OF OPERATIONS Net Sales $ 630.6 $ 708.4 $ 2,419.9 $ 2,672.2 Cost of Sales 494.4 549.4 1,896.6 2,092.2 Selling, General and Administrativ
Slide 17: Strong Cash Generation
Strong Cash Generation ($ millions) $87.5 $872.3 $127.0 $50.7 $55.7 $36.8 $108.5 $71.3 $76.8 $493.2 $98.9 $31.7 $252.5 $94.3 $86.5 $4.6 $166.0 $197.9 $379.1 $129.2 $68.7 2020 2021 2022 2023 2024 2025 Total Free Cash Flow Asset Sales We generated over $870 million from 2020 to 2025 through our Free C
Slide 18: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Growth Investments in 2025 Acquired Enru and invested $45 million in capital Free expenditures for growth, automation and maintenance, representing ~2% of Net Sales Cash Flow Shareholder Returns in 2025 + Provided $22 million of shareholder returns including $14
Slide 19: Net Debt and Net Debt Leverage Reduction
Net Debt and Net Debt Leverage Reduction ($ millions) $1,034 $873 -70% -72% $624 $545 $470 3.0x 3.2x $350 $308 $293 2.4x 2.2x 2.0x 1.6x 1.6x 1.5x 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 Net Debt Leverage Ratio Net Debt Guidance From 2020 through 2025,
Slide 20: Debt Capital Structure
Debt Capital Structure $308 million 7.0% $299 million Net Debt(1) Blended Interest Rate Total Liquidity Including Cash on Hand as of December 31, 2025 as of December 31, 2025 Under Most Restrictive Debt Covenant as of December 31, 2025 1.57x Fixed Interest Rate 38% 20% 62% of Interest Expense Octobe
Slide 21: Pension Annuitization
Pension Annuitization During 2010, Quad acquired a single-employer pension plan along with two multi-employer pension plans and other postretirement obligations as part of the World Color Press acquisition with net obligations totaling $533 million. During the fourth quarter of 2025: • Annuitized $9
Slide 22: 2026 Guidance
2026 Guidance Financial Metric 2025 Actuals 2026 Guidance Adjusted Annual Net Sales Change(1) 4.8% decline 1% to 5% decline Full-Year Adjusted EBITDA(2) $196 million $175 million to $215 million Free Cash Flow $51 million $40 million to $60 million Capital Expenditures $45 million $55 million to $65
Slide 23: Long-term Financial Goals
Long-term Financial 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) $175 million to $215 million 100 basis point margin Low double digit Full-Year Ad
Slide 24: Thank You
» a Thank You y- 6hCOMCS<S
Slide 25: Supplemental Information
Supplemental Information Quad 25
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures • 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 EB
Slide 27: Adjusted EBITDA
Adjusted EBITDA Fourth Quarter Three Months Ended December 31, US $ Millions 2025 2024 Net earnings $ 11.1 $ 4.7 Interest expense 12.1 15.1 Income tax expense 1.2 0.1 Depreciation and amortization 18.9 23.1 EBITDA (non-GAAP) $ 43.3 $ 43.0 EBITDA Margin (non-GAAP) 6.9% 6.1 % Restructuring, impairment
Slide 28: Adjusted EBITDA
Adjusted EBITDA Full-Year Year Ended December 31, US $ Millions 2025 2024 Net earnings (loss) $ 27.0 $ (50.9) Interest expense 50.5 64.5 Income tax expense 5.5 6.4 Depreciation and amortization 78.6 102.5 EBITDA (non-GAAP) $ 161.6 $ 122.5 EBITDA Margin (non-GAAP) 6.7 % 4.6 % Restructuring, impairmen
Slide 29: Free Cash Flow
Free Cash Flow Full-Year Year Ended December 31, US $ Millions 2025 2024 Net cash provided by operating activities $ 95.9 $ 112.9 Less: purchases of property, plant and equipment 45.2 57.2 Free Cash Flow (non-GAAP) $ 50.7 $ 55.7 Quad 29
Slide 30: Net Debt and Net Debt Leverage Ratio
Net Debt and Net Debt Leverage Ratio US $ Millions December 31, 2025 December 31, 2024 Total debt and finance lease obligations on the balance sheets $ 371.2 $ 379.2 Less: Cash and cash equivalents 63.3 29.2 Net Debt (non-GAAP) $ 307.9 $ 350.0 Divided by: Adjusted EBITDA for the year ended (non-GAAP
Slide 31: Balance Sheet
Balance Sheet US $ Millions December 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 63.3 $ 29.2 Receivables, less allowances for credit losses 294.8 273.2 Inventories 143.5 162.4 Prepaid expenses and other current assets 36.8 69.5 Property, plant and equipment—net 461.6 499.7 Operatin
Slide 32: Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share Fourth Quarter Three Months Ended December 31, US $ Millions (Except Per Share Data) 2025 2024 Earnings before income taxes $ 12.3 $ 4.8 Restructuring, impairment and transaction-related charges, net (1.3) 19.6 Settlement charge from defined benefit pension plan a
Slide 33: Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share Full-Year Year Ended December 31, US $ Millions (Except Per Share Data) 2025 2024 Earnings (loss) before income taxes $ 32.5 $ (44.5) Restructuring, impairment and transaction-related charges, net 21.8 101.5 Settlement charge from defined benefit pension plan annu