Slide 1: Q2'25 Earnings
Q2’25 Earnings August 7, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Advantage believes that the use of Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations, Certain statements in this presentation may be considered forward-looking statements within the meaning of the federal Adjusted EBITDA by
Slide 3: Q2'25: Sequential Improvement; Advancing Transformation
Q2’25: Sequential Improvement; Advancing Transformation $736M $86M $57M 4.6x Revenues(1) Adjusted EBITDA(2) Adjusted Unlevered Net Leverage Ratio(3) -2% YOY -4% YOY Free Cash Flow(3) ► Solid progress resolving Q1’25 staffing shortfall, enabling year-over-year Adjusted EBITDA growth for Experiential
Slide 4: Select Services Are Well-Positioned to Address Needs
Select Services Are Well-Positioned to Address Needs ~40% Branded and Retailer Merchandising Ensure product availability by filling ~65% Supply Chain Navigate retail distribution Potential Lost Tariff Impact on 6M+ product out-of-stocks and complexities with full-service Sales at Retail Sourcing Str
Slide 5: Business Segment Updates
Business Segment Updates Branded Services Experiential Services Retailer Services ► Market headwinds and client ► Improved staffing levels and solid ► Staffing recovery and increased investment reductions negatively execution of a greater number of project activity, including a pull impacted brokera
Slide 6: On Pace to Establish Foundational Systems by 2026
On Pace to Establish Foundational Systems by 2026 Yielding operational savings while raising the standard for high-quality services for clients and customers Modernizing New IT Systems Technology AI Initiatives Modernizing systems for increased Equipping teammates with the right Enabling competitive
Slide 7: Advancing Workforce Optimization Strategies
Advancing Workforce Optimization Strategies Improving how Advantage assigns and deploys talent in 85,000+ retail stores Enhance Teammate Optimize Operating Leverage Experience Structure Technology ► Increase teammate retention and help ► Scaling and refining the pilot program ► Optimize workforce ma
Slide 8: Reaffirming 2025 Outlook
Reaffirming 2025 Outlook Macro Environment 2025 Guidance Cash Flow ► Continued soft environment in ► Anticipate Revenues and ► Expect cash generation in the broader consumer market Adjusted EBITDA to be down H2’25 above normalized low single digits to flat versus levels ► Talented team is navigating
Slide 9: Recovery in Staffing Levels Improved Performance
Recovery in Staffing Levels Improved Performance TOTAL ADVANTAGE Highlights Revenues (Continuing Operations) ► Sequential improvement versus Q1’25 $ in millions Y/Y growth 0% (2)%(1) ► Largely addressed prior period staffing $873.7 $873.4 shortfall, resulting in year-over-year $137.5 $122.9 Adjusted
Slide 10: CPG Softness and Client Loss Impacted Performance
CPG Softness and Client Loss Impacted Performance BRANDED SERVICES Highlights Revenues (Continuing Operations) ► Brokerage and omni-commerce marketing $ in millions Y/Y growth (8)% (10)%(1) services faced headwinds as clients continue to manage costs $322.3 $295.2 $38.5 $38.2 ► A client loss in H2’2
Slide 11: Achieved Growth with Continued Favorable Demand
Achieved Growth with Continued Favorable Demand EXPERIENTIAL SERVICES Highlights Revenues (Continuing Operations) ► Recovery from staffing shortfall in Q1’25 $ in millions Y/Y growth +9% +6%(1) drove growth versus prior year ► Events per day (EPD) up 7% versus Q1’25 $347.7 $319.5 and up 1% versus th
Slide 12: Growth From Increased Staffing and Project Activity
Growth From Increased Staffing and Project Activity RETAILER SERVICES Highlights Revenues (Continuing Operations) ► Effectively resolved prior quarter staffing $ in millions Y/Y growth (0)% shortfall $230.8 $231.5 ► Increased merchandising activity and an uptick in project work, including a pull for
Slide 13: Healthy Balance Sheet and Liquidity Position
Healthy Balance Sheet and Liquidity Position As of June 30, 2025 Net Debt Overview Maturity Schedule $ in millions $ in millions Maturity Rate Outstanding $1,499(3) First Lien Term Loan 2027 S+4.25%(2) $1,099 $400 Senior Secured Notes 2028 6.50% 595 Total Gross Debt $1,694 $1,099 $595 Less: Cash and
Slide 14: Working Capital Needs and Capex Impacted Cash
Working Capital Needs and Capex Impacted Cash Capex and Adjusted Unlevered FCF Capital Allocation Actions ► Q2’25 Capex from continuing operations was ~$2M ► No debt or share repurchases in Q2’25 o Timing of transformation investments, including ► $103M of cash as of June 30, 2025 a significant unde
Slide 15: Reaffirming 2025 Guidance
Reaffirming 2025 Guidance Incorporated market conditions against expectations for investments and improved operational execution in H2’25 $ in millions, unless otherwise noted 2025 Commentary 2025 Guidance ► Improved performance expected in H2’25 o Working towards stabilization in Branded Revenues D
Slide 16: Expect H2'25 Cash to Trend Above Normalized Levels
Expect H2’25 Cash to Trend Above Normalized Levels Excludes ~$45M one-time year-end payroll timing shift in NWC Anticipated H2’25 Free Cash Flow Conversion (% of EBITDA) Expectations ► Full-year guidance includes improved ~100% Adjusted EBITDA performance versus H1’25 ► Capex reduction versus prior
Slide 17: Appendix
Appendix 17
Slide 18: Non-GAAP Reconciliation (1/8)
Non-GAAP Reconciliation (1/8) Net Loss to Adjusted EBITDA from Continuing Operations and Discontinued Operations Three Months Continuing Operations Three Months Ended June 30, Discontinued Operations Ended June 30, (amounts in thousands) 2025 2024 (amounts in thousands) 2024 Net loss from continuing
Slide 19: Non-GAAP Reconciliation (2/8)
Non-GAAP Reconciliation (2/8) Branded Services Segment Operating Loss to Adjusted EBITDA Branded Services segment Three Months Ended June 30, (amounts in thousands) 2025 2024 Operating loss $ (10,540) $ (107,280) Add: Depreciation and amortization 31,561 32,327 Impairment of goodwill — 99,670 Stock-
Slide 20: Non-GAAP Reconciliation (3/8)
Non-GAAP Reconciliation (3/8) Experiential Services Segment Operating Loss to Adjusted EBITDA Experiential Services segment Three Months Ended June 30, (amounts in thousands) 2025 2024 Operating income $ 10,859 $ 6,453 Add: Depreciation and amortization 10,684 11,015 Stock-based compensation expense
Slide 21: Non-GAAP Reconciliation (4/8)
Non-GAAP Reconciliation (4/8) Retailer Services Segment Operating Income/(Loss) to Adjusted EBITDA Retailer Services segment Three Months Ended June 30, (amounts in thousands) 2025 2024 Operating income $ 9,692 $ 9,568 Add: Depreciation and amortization 8,453 7,975 Stock-based compensation expense (
Slide 22: Non-GAAP Reconciliation (5/8)
Non-GAAP Reconciliation (5/8) Revenues to Revenues Net of Pass-Through Costs Three Months Ended June 30, (amounts in thousands) 2025 2024 Revenues Branded Services $ 295,221 $ 322,340 Experiential Services 347,706 319,508 Retailer Services 230,780 231,509 Total Revenues $ 873,707 $ 873,357 Less: Pas
Slide 23: Non-GAAP Reconciliation (6/8)
Non-GAAP Reconciliation (6/8) Adjusted Unlevered Free Cash Flow Three Months Ended (amounts in thousands) March 31, 2025 Net cash used in operating activities from continuing and discontinued operations $ (8,102) Less: Purchase of property and equipment (2,115) Add: Cash payments for interest 43,764
Slide 24: Non-GAAP Reconciliation (7/8)
Non-GAAP Reconciliation (7/8) LTM Adjusted EBITDA, Net Debt and Net Debt to Adjusted EBITDA Ratio Twelve Months Ended Continuing and Discontinued Operations June 30, 2025 (amounts in thousands) (amounts in thousands) June 30, 2025 Net loss $ (307,390) Current portion of long-term debt $ 13,250 Add:
Slide 25: 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