Advantage Solutions Inc. · NASDAQ:ADV
Advantage Solutions — Q3 2026 Earnings Presentation
22 slides from Advantage Solutions's earnings presentation, Nov 4, 2026
Slide 1: Q3'26 Earnings
Q3’26 Earnings November 4, 2026
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements Advantage Solutions Inc. (the “Company”) is a provider of outsourced solutions to consumer packaged goods (“CPG”) brands and retailers. The Company’s Class A common stock is listed on the Nasdaq Global Select Market under the symbol “ADV.” Certain statements in
Slide 3: Q3'26: Continued Revenue and Free Cash Flow Growth
Q3’26: Continued Revenue and Free Cash Flow Growth Fourth consecutive quarter of revenue growth excluding divestitures, with strength in Experiential Services and Retailer Services Adjusted EBITDA down 12% on a pro forma basis excluding divestitures with the decline in Branded Services offsetting gr
Slide 4: Advancing the Next Phase of Transformation With Technology and Restructuring Actions
Leaner, more efficient operating model to convert growth into margin expansion, earnings growth and strong cash generation Advancing the Next Phase of Transformation With Technology and Restructuring Actions 4 Technology Optimization Driving Capital Efficiency Scope, design, and timing of the Workda
Slide 5: Reaffirming 2026 Outlook
Reaffirming 2026 Outlook 5 (1) Revenues excludes reimbursable expenses (2) Net free cash flow is defined as cash flow from operations, less capital expenditures. Net free cash flow conversion excludes debt refinancing costs. See the Appendix for a reconciliation of Adjusted EBITDA and Adjusted UFCF
Slide 6: Phase II of Transformation to Realign Cost Structure
Phase II of Transformation to Realign Cost Structure 6 Simplifying the organization, improving capital efficiency and aligning costs with current business mix Q3 Cost Context & Capital Allocation Shared Services & IT / Workday ► Shared Services costs increased modestly year over year, with lower-tha
Slide 7: Continued Revenue Growth with Profitability Initiatives Underway
$915.0 Highlights Excluding divestitures, Net Revenues grew 1% year-over-year to $782 million, marking the fourth consecutive quarter of growth Net Revenues growth was led by Experiential Services and Retailer Services driven by strong demand for events and in-store retail work Excluding divestiture
Slide 8: Taking Action to Improve Branded Services Performance
$288.8 (1) Revenues growth rate and Adjusted EBITDA margins exclude reimbursable expenses. (2) Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization, and non-recurring items) is a non-GAAP financial measure. See the Appendix for a reconciliation of non-GAAP financial measures
Slide 9: Strong Demand and Execution Supporting Growth
$377.7 (1) Revenues growth rate and Adjusted EBITDA margins exclude reimbursable expenses. (2) Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization, and non-recurring items) is a non-GAAP financial measure. See the Appendix for a reconciliation of non-GAAP financial measures
Slide 10: Improved Execution Driving Revenue and Earnings Growth
(1) Revenues growth rate and Adjusted EBITDA margins exclude reimbursable expenses. (2) Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization, and non-recurring items) is a non-GAAP financial measure. See the Appendix for a reconciliation of non-GAAP financial measures to most
Slide 11: Improved Liquidity and Financial Flexibility
Improved Liquidity and Financial Flexibility As of September 30, 2026 $ in millions Maturity Outstanding 2030 Term Loan Facility 2030 $1,015.2 9.0% Senior Secured Notes 2030 $561.4 6.5% Senior Secured Notes 2028 $2.0 Total Gross Debt $1,578.6 Less: Cash and Cash Equivalents (131.3) Total Net Debt(1)
Slide 12: Continued Cash Generation Supporting Financial Flexibility
Continued Cash Generation Supporting Financial Flexibility Capital Allocation Cash Flow and Working Capital 12 (1) Adjusted Unlevered Free Cash Flow. See the Appendix for a reconciliation to the most directly comparable GAAP measure Ended Q3 with ~$131 million of cash, maintaining strong liquidity a
Slide 13: 2026 Guidance
2026 Guidance Reiterating 2026 full year guidance $ in millions, unless otherwise noted New Full Year 2026 Guidance Prior Full Year 2026 Guidance Revenues(1) Unchanged Flat to Up Low-Single Digits (excluding divestitures) Adjusted EBITDA Unchanged Flat to Down Mid-Single Digits (excluding divestitur
Slide 14: Appendix
Appendix && Advantage Solutions..
Slide 15: Net (Loss) Income to Adjusted EBITDA Non-GAAP Reconciliation
Net (Loss) Income to Adjusted EBITDA Non-GAAP Reconciliation 15 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Net (loss) income $ (25,098) $ 20,565 $ (159,636) $ (66,005) Interest expense, net 38,758 34,954 113,520 105,128 Income tax (benefit) ex
Slide 16: Branded Services Segment Operating (Loss) Income to Adjusted EBITDA
Branded Services Segment Operating (Loss) Income to Adjusted EBITDA Non-GAAP Reconciliation 16 Branded Services segment Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Operating (loss) income $ (24,620) $ 8,196 $ (64,741) $ (17,666) Depreciation an
Slide 17: Experiential Services Segment Operating Income to Adjusted EBITDA
Experiential Services Segment Operating Income to Adjusted EBITDA Non-GAAP Reconciliation 17 Experiential Services segment Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Operating income $ 15,190 $ 20,912 $ 45,402 $ 28,267 Depreciation and amortiz
Slide 18: Retailer Services Segment Operating Income to Adjusted EBITDA
Retailer Services Segment Operating Income to Adjusted EBITDA Non-GAAP Reconciliation 18 Retailer Services segment Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Operating income $ 16,968 $ 11,052 $ 32,731 $ 24,949 Depreciation and amortization 8,
Slide 19: Revenues to Revenues, Net of Reimbursable Expenses Reconciliation
Revenues to Revenues, Net of Reimbursable Expenses (“Net Revenues”) Non-GAAP Reconciliation 19 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Revenues Branded services $ 231,152 $ 288,804 $ 724,122 $ 873,866 Experiential services 431,619 377,707 1
Slide 20: Adjusted Unlevered Free Cash Flow Non-GAAP Reconciliation
Adjusted Unlevered Free Cash Flow Non-GAAP Reconciliation 20 (amounts in thousands) Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026 Net cash provided by operating activities $ 51,022 $ 68,234 Less: Purchase of property and equipment and development of capitalized software
Slide 21: LTM Adjusted EBITDA, Net Debt and Net Debt to Adjusted EBITDA Ratio
LTM Adjusted EBITDA, Net Debt and Net Debt to Adjusted EBITDA Ratio Non-GAAP Reconciliation 21 (in thousands) Twelve Months Ended September 30, 2026 Net loss $ (321,366) Interest expense, net 147,328 Income tax expense 4,683 Depreciation and amortization 204,312 Impairment of long-lived assets 8,091
Slide 22: Footnotes Non-GAAP Reconciliation
Footnotes Non-GAAP Reconciliation 22 (a) Debt financing costs, as reported in "Other expense, including debt fees" in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income, represent the portion of debt financing costs incurred in connection with the refinancing of our