Advantage Solutions Inc. · NASDAQ:ADV
Advantage Solutions — Q4 2025 Earnings Presentation
23 slides from Advantage Solutions's earnings presentation, Mar 3, 2026
Slide 1: Q4'25 Earnings
Q4’25 Earnings March 3, 2026 Solutions..
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: Strengthening Our Foundation for 2026 and Beyond
Strengthening Our Foundation for 2026 and Beyond Strong Cash Flow Portfolio Simplification Stronger Balance Sheet Reverse Stock Split Enhancing strategic focus As the result of and financial flexibility by Further strengthening strong cash generation, divesting three non-core financial flexibility
Slide 4: Q4'25: Strong Cash Generation and Operational Progress
Q4’25: Strong Cash Generation and Operational Progress $785M $88M $75M 4.4x Revenues(1) Adjusted EBITDA(2) Adjusted Unlevered Net Leverage Ratio(4) +3.0% YOY -7.3% YOY Free Cash Flow(3) ► Solid year-over-year revenue growth with an Adjusted EBITDA decline ► Q4 Adjusted Unlevered FCF of $75M, ~130% o
Slide 5: Centralized Labor and AI-Enabled Execution Driving Productivity
Centralized Labor and AI-Enabled Execution Driving Productivity Centralized Labor Model Technology & AI Enablement The successful rollout of our centralized labor model is Enterprise IT transformation nearing completion, creating improving utilization, retention, and execution a modernized operating
Slide 6: Business Segment Updates
Business Segment Updates Branded Services Experiential Services Retailer Services ► Softness in CPG spending, ► Strong 4Q performance driven ► Project timing shifts, channel mix procurement pressure and client by accelerating demand, improved pressure and a cautious retail insourcing continue to wei
Slide 7: Initiating 2026 Outlook
Initiating 2026 Outlook Balanced and prudent outlook reflecting improving execution momentum and macro uncertainty 2026 Guidance Revenues and Profitability ► Full year 2026 Revenues(1) expected to be flat to up low single digits, excluding divestitures ► Adjusted EBITDA expected to be flat to down m
Slide 8: Improving Execution in a Mixed Demand Environment
Improving Execution in a Mixed Demand Environment Revenues (Continuing Operations) Highlights $ in millions (1.5)% 3.0% Y/Y growth $3,542.6 $3,566.3 $932.1 ► Revenues in line with expectations, with mix $892.3 $545.0 $521.6 $147.1 $129.8 and timing driving segment variability ► Strong Experiential p
Slide 9: Challenging Market Conditions Persisting
Challenging Market Conditions Persisting BRANDED SERVICES Highlights Revenues (Continuing Operations) $ in millions ► Market conditions remain challenged driven Y/Y growth (9.2)% (9.1)% by CPG spending softness, tighter $1,163.7 $1,306.3 171.7 procurement and client insourcing weighing $289.8 $323.6
Slide 10: Strong Demand And Execution Drove Robust Q4/2025
Strong Demand And Execution Drove Robust Q4/2025 EXPERIENTIAL SERVICES Highlights Revenues (Continuing Operations) $ in millions ► Accelerating demand and higher event Y/Y growth 8.3% 19.4% volumes, driven by improved hiring velocity $1,435.3 and labor readiness $1,295.0 $395.9 $325.5 $411.7 $350.0
Slide 11: Timing and Mix Pressure, Improving Setup For 2026
Timing and Mix Pressure, Improving Setup For 2026 RETAILER SERVICES Highlights Revenues (Continuing Operations) $ in millions Y/Y growth (2.2)% 1.3% $965.0 ► Results impacted by project timing and $943.7 channel-mix shifts $246.5 $243.3 ► Advisory and agency work remained pressured, consistent with
Slide 12: Improving Balance Sheet and Liquidity Position
Improving Balance Sheet and Liquidity Position As of December 31, 2025 Net Debt Overview Maturity Schedule $ in millions $ in millions Maturity Outstanding $1,531 First Lien Term Loan 10/28/27 $1,093 $438 Senior Secured Notes 11/15/28 $595 $1,093 Total Gross Debt $1,688 $595 Less: Cash and Cash Equi
Slide 13: Continued Working Capital Improvement Driving Strong Cash Flow
Continued Working Capital Improvement Driving Strong Cash Flow and Increased Financial Flexibility Capex and Adjusted Unlevered FCF Capital Allocation Q4 and 2025 ► Ended Q4 with over $241M in cash ► Q4 DSOs at record low ~57 days, reflecting strong working ► Continued to divest non-core assets in r
Slide 14: 2026 Guidance
2026 Guidance Initiating 2026 full year guidance; expecting revenue growth and adjusted EBITDA decline $ in millions, unless otherwise noted 2026 Commentary Full Year 2026 Guidance ► Revenues expected to be flat to up low single digits in 2026 (ex-divestitures), with macro and Flat to Up Low-Single
Slide 15: Appendix
Appendix 15
Slide 16: Non-GAAP Reconciliation (1/8)
Non-GAAP Reconciliation (1/8) Net Loss to Adjusted EBITDA from Continuing Operations Internal Use Only 16
Slide 17: Non-GAAP Reconciliation (2/8)
Non-GAAP Reconciliation (2/8) Branded Services Segment Operating Loss to Adjusted EBITDA Internal Use Only 17
Slide 18: Non-GAAP Reconciliation (3/8)
Non-GAAP Reconciliation (3/8) Experiential Services Segment Operating (Loss) Income to Adjusted EBITDA Internal Use Only 18
Slide 19: Non-GAAP Reconciliation (4/8)
Non-GAAP Reconciliation (4/8) Retailer Services Segment Operating (Loss) Income to Adjusted EBITDA Internal Use Only 19
Slide 20: Non-GAAP Reconciliation (5/8)
Non-GAAP Reconciliation (5/8) Revenues to Revenues Net of Reimbursable Expenses Internal Use Only 20
Slide 21: Non-GAAP Reconciliation (6/8)
Non-GAAP Reconciliation (6/8) Adjusted Unlevered Free Cash Flow Internal Use Only 21
Slide 22: 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 22
Slide 23: 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