Slide 1: Quad Q2 2025 Earnings Presentation
July 30, 2025 Proprietary & Confidential
Slide 2: Forward-Looking Statements
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, financial condition,
Slide 3: Quad's MX Suite of products and services
From offline to online, across Creative, Production and Media, backed by Intelligence and Tech, Quad’s MX Suite of products and services is flexibly tailored for the unique needs of the marketer Brand Strategy & Design In-Store & Packaging Omnichannel Data & Analytics Content Creation & Print & Mana
Slide 4: Examples of AI Implementations
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-Driven Strategy & Creative Personalization & Execution, Activation & Performance Analysi
Slide 5: Quad's proprietary core dataset features 250 million consumers
Demographics Lifestyles Name Financial Quad’s proprietary core dataset features Behaviors Passions 250 million consumers, mapped to a resilient IP Email address identifier ⎯ their physical home address ⎯ coupled with additional data and contextual insights that can be activated across any media chan
Slide 6: Expanding regional grocery clients using In-Store Connect
We continue to expand the number of regional grocery clients using In-Store Connect and demonstrate results including greater brand awareness, increased product sales and category lift Partnering with Vallarta, one Doubling our footprint with of California’s leading Latino- The Save Mart Companies,
Slide 7: Quad Recent Recognition
Recent Recognition AOWEEN RETAIL iy < MEDIA) @ pixelz
Slide 8: Harris Poll on tactile touchpoints and brand loyalty
A recent survey by The Harris Poll presented by Quad shows that tactile touchpoints strengthen brand loyalty and complement digital engagement strategies: • 71% of consumers say, “Experiencing a brand in a physical store deepens my connection and loyalty to it.” • 71% of consumers agree, “Print cata
Slide 9: MX: Creative Success Story (Talbots)
Success Story Support longtime print partner Talbots with catalog services and expand relationship to other KnitWell Group brands MX: Creative - Pre-Media - Client Services • Work on-site as an extension of Talbots marketing team for pre-media MX: Production production supporting the brand’s - Catal
Slide 10: MX: Creative Success Story (sleep supplement brand)
Success Story Help client reposition its brand from a sleep supplement to a wellness performance partner MX: Creative • Betty named Creative Agency of Record and partnered with MVP quarterback Josh - Campaign Ideation Allen to promote client’s new “Sleep & - Pre-media Restore” product line - Content
Slide 11: Net Sales
Integrated Integrated Solutions Solutions 11% 10% Agency Agency Solutions 19% Solutions 19% Catalogs Catalogs 9% 10% Logistics Logistics 3% 2% Targeted QuadMed Targeted QuadMed Print Print 12% Direct 13% Latin Latin Direct 8% America Marketing International 9% America Marketing International Net Sal
Slide 12: Second Quarter Financial Results
Second Quarter Year-to-Date US $ Millions (Except Per Share Data) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 STATEMENT OF OPERATIONS Net Sales $ 571.9 $ 634.2 $ 1,201.3 $ 1,289.0 Cost of Sales 448.1 493.9 948.1 1,015.2 Selling, General and Administrative Expenses 80.2 88.7 163.7 171.8 A
Slide 13: Free Cash Flow, Net Debt and Debt Leverage Ratio
($ millions) 2.4x 2.3x 2.4x 2.4x 2.4x 2.2x 2.2x 2.1x 2.1x 2.0x $632 1.6x ~1.5x $604 $584 $545 $544 $532 $470 $490 $463 $448 $350 ~$300 $174 $147 $95 $34 $27 $34 -$12 -$10 -$79 -$70 -$100 Q4 ’22 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q4 ’25 Net Debt Debt Leverage Ratio(
Slide 14: 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 14
Slide 15: Net Debt and Debt Composition as of June 30, 2025
Net Debt(1) Blended Interest Rate Total Liquidity Including Cash on Hand Under Most as of June 30, 2025 as of June 30, 2025 Restrictive Debt Covenant as of June 30, 2025 Fixed 14% Interest Rate 33% Collars of Interest Expense Floating 53% Decreases with Lower Debt Leverage Ratio(1) Interest Rates Ne
Slide 16: 2025 Guidance
Financial Metric 2025 Guidance Adjusted Annual Net Sales Change(1) 2% to 6% decline Full-Year Adjusted EBITDA(2) $180 million to $220 million Free Cash Flow(2) $40 million to $60 million Capital Expenditures $65 million to $75 million Year-End Debt Leverage Ratio(2)(3) Approximately 1.5x (1) Adjuste
Slide 17: 2025 Guidance, 2028 Outlook and Long-term Financial Goals
Financial Metric 2025 Guidance 2028 Outlook Long-term Financial Goals Adjusted Annual Net Sales Change(1) 2% to 6% decline Net Sales inflection point Net Sales growth Full-Year Adjusted EBITDA(2) $180 to $220 million At least 100 basis point Low double digit ~8.3% Margin(3) margin improvement Adjust
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Slide 19: Supplemental Information
Supplemental Information
Slide 20: 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 21: Second Quarter EBITDA Reconciliation
Second Quarter Three Months Ended June 30, US $ Millions 2025 2024 Net loss $ (0.1) $ (2.8) Interest expense 13.2 17.2 Income tax expense 0.3 0.9 Depreciation and amortization 20.7 26.4 EBITDA (non-GAAP) $ 34.1 $ 41.7 EBITDA Margin (non-GAAP) 6.0% 6.6% Restructuring, impairment and transaction-relat
Slide 22: Year-to-Date EBITDA Reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions 2025 2024 Net earnings (loss) $ 5.7 $ (30.9) Interest expense 25.6 32.4 Income tax expense 1.3 3.3 Depreciation and amortization 40.4 55.0 EBITDA (non-GAAP) $ 73.0 $ 59.8 EBITDA Margin (non-GAAP) 6.1% 4.6% Restructuring, impairment and transaction
Slide 23: Year-to-Date Free Cash Flow Reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions 2025 2024 Net cash used in operating activities $ (41.6) $ (48.3) Less: purchases of property, plant and equipment 24.3 33.5 Free Cash Flow (non-GAAP) $ (65.9) $ (81.8) Quad 23
Slide 24: Net Debt and Debt Leverage Ratio Reconciliation
US $ Millions June 30, 2025 December 31, 2024 Total debt and finance lease obligations on the balance sheets $ 454.9 $ 379.2 Less: Cash and cash equivalents 6.7 29.2 Net Debt (non-GAAP) $ 448.2 $ 350.0 Divided by: trailing twelve months Adjusted EBITDA (non-GAAP) (1) $ 210.4 $ 224.0 Debt Leverage Ra
Slide 25: Condensed Balance Sheet
US $ Millions June 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 6.7 $ 29.2 Receivables, less allowances for credit losses 290.0 273.2 Inventories 153.4 162.4 Prepaid expenses and other current assets 42.7 69.5 Property, plant and equipment—net 485.8 499.7 Operating lease right-of-us
Slide 26: Second Quarter Adjusted Diluted EPS Reconciliation
Second Quarter Three Months Ended June 30, US $ Millions (Except Per Share Data) 2025 2024 Earnings (loss) before income taxes $ 0.2 $ (1.9) Restructuring, impairment and transaction-related charges, net 9.2 10.1 Adjusted net earnings, before income taxes (non-GAAP) 9.4 8.2 Income tax expense at 25%
Slide 27: Year-to-Date Adjusted Diluted EPS Reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions (Except Per Share Data) 2025 2024 Earnings (loss) before income taxes $ 7.0 $ (27.6) Restructuring, impairment and transaction-related charges, net 15.8 42.6 Adjusted net earnings, before income taxes (non-GAAP) 22.8 15.0 Income tax expense at 25%