Slide 1: 1st Quarter 2025 Earnings Call
Tw 1s Quarter 2025 Earnings Call April 30, 2025 Lim Quad&
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, fueled 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: Two-pronged approach to mitigate postal rate increases
Quad continues to deploy a strategic, two-pronged approach to help our clients mitigate the impacts of ongoing postal rate increases Increase Response Leverage Quad’s proprietary, household- Maximize Savings based data stack to create Identify savings opportunities smarter audience segments with the
Slide 5: Proprietary core dataset of 250 million consumers
Demographics Quad’s proprietary core dataset features Lifestyles 250 million consumers, mapped to a resilient identifier ⎯ their physical home Name address coupled with additional data and Financial Passions contextual insights that can be activated Behaviors across any media channel: IP address Ema
Slide 6: Tim Maleeny expands role to President of Quad Agency Solutions
Tim Maleeny, Chief Client Strategy and Integration Officer, will expand his role to include President of Quad Agency Solutions Tim’s proven ability to simplify the complexities of marketing in digital and physical media channels will further strengthen our integrated data, media, creative and market
Slide 7: Expanding omnichannel retail media networks and In-Store Connect
We continue to expand our presence in omnichannel retail media networks and increase the number of regional grocery clients using In-Store Connect 2 New Grocers The Save Mart Companies We are growing our is expanding to additional network footprint with stores this spring two more retailers in the W
Slide 8: MX success story: home improvement retailer
Success Story Provide strategic marketing support across media channels for one of the nation’s largest home improvement retailers MX: Tech - In-Store Retail Media Network - Planning & Content • Manage an internal retail media Management network across ~100 stores MX: Production • Execute pre-media
Slide 9: MX success story: integrated creative and media services
Success Story Help client drive more efficient and impactful marketing through our integrated creative and media services MX: Creative - Brand Strategy & Design • Betty named a creative agency - Campaign Ideation partner and is updating external - Pre-media and Adaptive Design signage for new stores
Slide 10: Net sales by product mix
Integrated Integrated Solutions Solutions 11% 10% Agency Agency Solutions 20% Solutions 22% Catalogs Catalogs 9% 10% Logistics 2% Logistics 3% QuadMed Targeted QuadMed Targeted Print Print Latin 12% Latin International 6% America Direct 9% America 13% Print Net Sales(1) Marketing International Net S
Slide 11: First quarter statement of operations and cash flows
First Quarter US $ Millions (Except Per Share Data) March 31, 2025 March 31, 2024 STATEMENT OF OPERATIONS Net Sales $ 629.4 $ 654.8 Cost of Sales 500.0 521.3 Selling, General and Administrative Expenses 83.5 83.1 Adjusted EBITDA(1) $ 45.5 $ 50.6 Adjusted EBITDA Margin(1) 7.2% 7.7% Adjusted Diluted E
Slide 12: Net debt, leverage ratio and free cash flow
($ millions) 2.4x 2.3x 2.4x 2.4x 2.4x 2.2x 2.2x 2.1x 2.0x $632 1.6x ~1.5x $604 $584 $545 $544 $532 $470 $490 $463 $350 ~$300 $174 $147 $95 $34 $27 -$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 Q4 ’25 Net Debt Debt Leverage Ratio Net Debt Free Cash Fl
Slide 13: 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 13
Slide 14: Net debt, interest rate and liquidity
Net Debt(1) Blended Interest Rate Total Liquidity Including Cash on Hand as of March 31, 2025 as of March 31, 2025 as of March 31, 2025 Fixed 13% Interest Rate 32% Collars of Interest Expense Floating 55% Decreases with Lower Debt Leverage Ratio(1) Interest Rates Next Significant Debt Maturity as of
Slide 15: 2025 guidance
Financial Metric 2025 Guidance (Excluding Divested European Operations) Organic 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 Ra
Slide 16: Investment highlights
• Featuring through-the-line marketing solutions deployed across digital and physical media channels • Accessing additional revenue opportunity in advertising and marketing services industry • Serving 2,100 clients across growing verticals such as retail, publishing, consumer packaged goods, finance
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Slide 18: Supplemental Information
Supplemental Information
Slide 19: 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 20: Adjusted EBITDA reconciliation
First Quarter Three Months Ended March 31, US $ Millions 2025 2024 Net earnings (loss) $ 5.8 $ (28.1) Interest expense 12.4 15.2 Income tax expense 1.0 2.4 Depreciation and amortization 19.7 28.6 EBITDA (non-GAAP) $ 38.9 $ 18.1 EBITDA Margin (non-GAAP) 6.2% 2.8% Restructuring, impairment and transac
Slide 21: Free Cash Flow reconciliation
First Quarter Three Months Ended March 31, US $ Millions 2025 2024 Net cash used in operating activities $ (89.0) $ (52.2) Less: purchases of property, plant and equipment 11.3 17.9 Free Cash Flow (non-GAAP) $ (100.3) $ (70.1) Quad 21
Slide 22: Net Debt and Debt Leverage Ratio reconciliation
US $ Millions March 31, 2025 December 31, 2024 Total debt and finance lease obligations on the balance sheets $ 471.0 $ 379.2 Less: Cash and cash equivalents 8.1 29.2 Net Debt (non-GAAP) $ 462.9 $ 350.0 Divided by: trailing twelve months Adjusted EBITDA (non-GAAP) (1) $ 218.9 $ 224.0 Debt Leverage R
Slide 23: Condensed balance sheet
US $ Millions March 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 8.1 $ 29.2 Receivables, less allowances for credit losses 303.9 273.2 Inventories 161.4 162.4 Prepaid expenses and other current assets 37.7 69.5 Property, plant and equipment—net 492.0 499.7 Operating lease right-of-u
Slide 24: Adjusted Diluted Earnings Per Share reconciliation
First Quarter Three Months Ended March 31, US $ Millions (Except Per Share Data) 2025 2024 Earnings (loss) before income taxes $ 6.8 $ (25.7) Restructuring, impairment and transaction-related charges, net 6.6 32.5 Adjusted net earnings, before income taxes (non-GAAP) 13.4 6.8 Income tax expense at 2