Quad Graphics, Inc · NYSE:QUAD
Quad Graphics — Investor Presentation (August 2026)
46 slides from Quad Graphics's investor presentation, August 2026
Slide 1: August 2026
August 2026 Proprietary & Confidential 1
Slide 2: Forward-looking statements
This presentation 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, s
Slide 3: A Marketing Experience Company
A Marketing Experience Company $ 1971 $2.4B 2,100 10,000 30+ Founded Net Sales Clients Across Employees Global Diverse Industries Worldwide Locations Quad 3
Slide 4: Company evolution: 1971 to 2023 and forward
Online Household In-Store 1971 2010 2018 2023 and Forward Built a strong print platform Acquired to extend Diversified offering to support Helping brands make direct that continues today print offering and client needs of integrated and consumer connections, from improve efficiencies omnichannel mar
Slide 5: MX Solutions Suite
MX Solutions Suite Brand Strategy & Design In-Store & Packaging Omnichannel Data & Analytics Content Studios Print & Managed Marketing Client Testing & Measurement Services Technology + Managed Services + Brand Design + Omnichannel Media + Branded Solutions + DM Automation + Unique Data + Campaign I
Slide 6: Client industries
FINANCE & RETAIL GROCERY CPG HEALTH PUBLISHING INSURANCE Quad 6
Slide 7: Facilities and square footage
Wisconsin (8): Lomira, Hartford, Sussex, West Allis, Pewaukee, New Berlin, Burlington, Franklin Springfield, MA Waukee, IA Chalfont, PA Salt Lake City, UT (2) Martinsburg, WV Westampton, NJ Square feet as of (1) 12/31/25 Winchester, VA Leased Spartanburg, SC Owned Riverside, CA The Rock, GA For Sale
Slide 8: 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 9: Proprietary core dataset of 250 million consumers
Demographics Lifestyles Name Financial Quad’s proprietary core dataset features Behaviors Passions 250 million consumers, mapped to a resilient IP Email identifier ⎯ their physical home address ⎯ coupled address with additional data and contextual insights that can be activated across any media chan
Slide 10: Creative Production Intelligence
Creative 2026 Production Intelligence DM agency formalized 2018 - 2019 and launched. 1992 2006-2013 2016 & ongoing Launched AMI (Accelerated Built a strong print platform Marketing Insights) to improve that continues today. Invested and acquired to Industry’s first HP 490 digital package performance
Slide 11: Direct. A Quad Agency
Quad brings together strategic planning, audiences, content, deployment and analytics to create campaigns that learn, optimize and outperform expectations. Measurement Strategy & & Insights 5 1 Planning Direct. A Quad Agency One Accountable Partner. • Fueling growth through an integrated approach. •
Slide 12: Salt Lake City, UT
Salt Lake City, UT Benefits for Quad Benefits for clients - Enables Quad to pursue - Reduced lead times additional opportunities with - Improved logistics efficiency new and existing clients - Support across multiple regions - Provides access to key markets across western U.S. - Located near high-gr
Slide 13: High-density co-mailing capabilities integrated in 2025
In 2025, Quad successfully integrated high-density co-mailing capabilities to its postal solutions, resulting in: Expanded mail pool sizes Improved sortation levels Greater postal savings for clients Quad 13
Slide 14: Postal solutions reduce clients' total mailing costs
Quad’s postal solutions work together to reduce clients’ total mailing costs Quad 14
Slide 15: Scaling in-store retail media network
We are scaling Quad’s in-store retail media network by adding new regional grocers and growing existing partnerships Following successful CPG We are growing our national adoption across its initial test footprint with ShopRite in the stores, Vallarta will more than Northeast and another leading doub
Slide 16: Success Story: Wakefern
Success Story MX: Intelligence Opportunity • Audience services Provide integrated services to support Wakefern’s new banner-driven marketing strategy • Analytics services Quad Solutions MX: Creative • Rise serves as client’s media agency of record, leading strategy, planning and buying • Content cre
Slide 17: Net sales mix by segment
Updated 19% 22% Integrated Integrated 25% Solutions 35% Solutions Integrated Targeted Solutions 9% Print 47% 51% International 8% Targeted Targeted Print Net Sales(1) International Print Net Sales(1) Print 8% Net Sales Print International 6% Print Estimate Books(2) 23% 16% 31% Large Scale Large Scal
Slide 18: Updated Long-term Margin Profile
Updated We expect Adjusted EBITDA Margin(1) to improve with targeted print and services Long-term Margin Profile(2) growth. Adjusted EBITDA Our long-term goal is low double digit Margin Adjusted EBITDA Adjusted EBITDA margins, which may be 25% Margin impacted by factors such as: Integrated Solutions
Slide 19: Free Cash Flow and Asset Sales
($ millions) $87.5 $872.3 $127.0 $50.7 $55.7 $36.8 $108.5 $71.3 $76.8 $493.2 $98.9 $31.7 $252.5 $94.3 $86.5 $4.6 $166.0 $197.9 $379.1 $129.2 $68.7 2020 2021 2022 2023 2024 2025 Total Free Cash Flow (1) Asset Sales (2) (1) See slide 39 for definitions of our non-GAAP measures (2) Includes proceeds fr
Slide 20: Net Debt and Net Debt Leverage Ratio
($ millions) $1,034 $873 -70% -72% $624 $545 $470 3.0x 3.2x $350 $308 $293 2.4x 2.2x 2.0x 1.6x 1.6x 1.5x 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 Guidance Net Debt Leverage Ratio (1) Net Debt (1) (1) See slide 39 for definitions of our non-GAAP measures
Slide 21: Strong Banking Relationships
In August 2025, we added Flagstar Bank to our bank Debt Ladder ($ Millions) group, increasing the aggregate outstanding principal $287 amount of Quad’s Term Loan A by $20 million to $48 $371 million and Quad’s revolving credit availability by $15 million to $340 million $205 Our next significant mat
Slide 22: Growth Investments, Shareholder Returns, Debt Reduction in 2025
Growth Investments in 2025 Acquired Enru co-mail assets and invested $45 million in capital expenditures for growth, automation and maintenance, representing ~2% of Net Sales Shareholder Returns in 2025 Provided $22 million of shareholder returns including $14 million of cash dividends and $8 millio
Slide 23: 2026 Guidance, 2028 Outlook and Long-term Financial Goals
Financial Metric 2025 Actuals 2026 Guidance 2028 Outlook Long-term Financial Goals Adjusted Annual Net 4.8% decline 1% to 5% decline Net Sales inflection point Net Sales growth Sales Change(1) $196 million $175 million to $215 million Adjusted EBITDA Margin Low double digit Full-Year Adjusted EBITDA
Slide 24: Investment highlights
• Features through-the-line marketing solutions deployed across digital and physical media channels • Unified offering creates a frictionless marketing experience for clients • Provides for multiple points-of-entry to expand revenue opportunities and deepen client relationships • Creates high-propen
Slide 25: Thank You
» a Thank You > hUC iC
Slide 26: Supplemental Information
Supplemental Information Q2 2026 Earnings Call Slides
Slide 27: Second quarter results in line with expectations
Second quarter results were Returned $13 million to Continued to invest in in-line with expectations shareholders year-to-date growth-oriented offerings Delivered increased Net Sales Including $10 million of cash Expanding Packaging compared to Q2 2025 dividends and $3 million of business operations
Slide 28: Net Sales by segment
Integrated Integrated Solutions Solutions 10% 9% Agency Agency Solutions Solutions 19% 20% 9% Catalogs 10% Catalogs Logistics 3% Logistics 3% QuadMed QuadMed Targeted Print Targeted Latin 13% Latin 9% America 14% 9% America Net Sales(1) Net Sales Direct Print Direct International International YTD M
Slide 29: Second quarter and year-to-date results
Second Quarter Year-to-Date US $ Millions (Except Per Share Data) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 STATEMENT OF OPERATIONS Net Sales $ 577.5 $ 571.9 $ 1,158.5 $ 1,201.3 Cost of Sales 456.1 448.1 914.2 948.1 Selling, General and Administrative Expenses 79.6 80.2 158.0 163.7 Adj
Slide 30: Net Debt, leverage and free cash flow by quarter
($ millions) 2.4x 2.4x 2.3x 2.2x 2.2x 2.1x 2.1x 2.0x 2.0x 1.6x 1.6x ~1.5x $544 $532 $470 $490 $463 $465 $448 $427 $394 $350 $308 $293 $147 $137 $95 $34 $41 -$12 -$10 -$21 -$70 -$100 -$107 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q4 ’26 Net Debt Net Debt Leverage R
Slide 31: Net Debt and debt composition as of June 30, 2026
Net Debt(1) Blended Interest Rate Total Liquidity Including Cash on Hand as of June 30, 2026 as of June 30, 2026 Under Most Restrictive Debt Covenant as of June 30, 2026 Fixed 34% of Interest Expense Capped if Interest Rates Increase Interest Rate 19% Collar Net Debt Leverage Ratio(1) 47% Next Signi
Slide 32: Case Studies
Case Studies
Slide 33: Success Story: Jelmar
Success Story Opportunity As Jelmar’s marketing agency of record, Quad provides integrated creative and media solutions to connect a new generation of consumers to the client’s CLR Brands Quad Solutions MX: Creative • Our Betty agency developed a creative strategy, • Consumer strategy platform and m
Slide 34: Success Story
Success Story Opportunity Client tasked Quad’s Betty and Rise agencies to: MX: Intelligence • Develop a scalable creative platform • Analytics Services • Build long-term brand strength through data-driven media planning, MX: Creative buying and measurement • Campaign Strategy Quad Solutions • Pre-me
Slide 35: Success Story
Success Story Build brand awareness for its spirit brands through highly impactful and relevant media strategies tailored to MX: Intelligence local markets’ needs Unique Data Audience Analytics MX: Media • Applied Quad’s household-based Media Planning and data stack to establish hyper-local Placemen
Slide 36: Success Story
Success Story Opportunity Help an emerging brand enter and MX: Production scale within complex retail environments through integrated • In-Store Signage in-store execution – Concept Development Quad Solutions – Structural Engineering • End-to-end support for an – Print Production end-cap and side-ca
Slide 37: Success Story: Aldi
Success Story Favorite Child, the brand strategy and design practice within Quad’s creative agency, helped Aldi transform its MX: Creative private-label packaging into a powerful - Brand Strategy & Design brand amplifier - Photography - Content Creation • Created Aldi’s first-ever namesake brand, in
Slide 38: Q2 2026 Supplemental Financials
Q2 2026 Supplemental Financials
Slide 39: Non-GAAP measure 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 40: Second Quarter EBITDA reconciliation
Second Quarter Three Months Ended June 30, US $ Millions 2026 2025 Net earnings (loss) $ 3.7 $ (0.1) Interest expense 8.9 13.2 Income tax expense 2.5 0.3 Depreciation and amortization 17.2 20.7 EBITDA (non-GAAP) $ 32.3 $ 34.1 EBITDA Margin (non-GAAP) 5.6% 6.0% Restructuring, impairment and transacti
Slide 41: Year-to-Date EBITDA reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions 2026 2025 Net earnings $ 9.9 $ 5.7 Interest expense 18.9 25.6 Income tax expense 4.2 1.3 Depreciation and amortization 35.6 40.4 EBITDA (non-GAAP) $ 68.6 $ 73.0 EBITDA Margin (non-GAAP) 5.9% 6.1% Restructuring, impairment and transaction-related c
Slide 42: Year-to-Date Free Cash Flow reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions 2026 2025 Net cash used in operating activities $ (40.9) $ (41.6) Less: purchases of property, plant and equipment 25.3 24.3 Free Cash Flow (non-GAAP) $ (66.2) $ (65.9) Quad 42
Slide 43: Net Debt and Net Debt Leverage Ratio reconciliation
US $ Millions June 30, 2026 December 31, 2025 Total debt and finance lease obligations on the balance sheets $ 401.5 $ 371.2 Less: Cash and cash equivalents 7.4 63.3 Net Debt (non-GAAP) $ 394.1 $ 307.9 Divided by: trailing twelve months Adjusted EBITDA (non-GAAP)(1) 194.1 196.2 Net Debt Leverage Rat
Slide 44: Balance sheet
US $ Millions June 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 7.4 $ 63.3 Receivables, less allowances for credit losses 298.2 294.8 Inventories 156.1 143.5 Prepaid expenses and other current assets 39.8 36.8 Property, plant and equipment—net 454.0 461.6 Operating lease right-of-us
Slide 45: Second Quarter Adjusted Diluted EPS reconciliation
Second Quarter Three Months Ended June 30, US $ Millions (Except Per Share Data) 2026 2025 Earnings before income taxes $ 6.2 $ 0.2 Restructuring, impairment and transaction-related charges, net 9.7 9.2 Adjusted net earnings, before income taxes (non-GAAP) $ 15.9 $ 9.4 Income tax expense at 25% norm
Slide 46: Year-to-Date Adjusted Diluted EPS reconciliation
Year-to-Date Six Months Ended June 30, US $ Millions (Except Per Share Data) 2026 2025 Earnings before income taxes $ 14.1 $ 7.0 Restructuring, impairment and transaction-related charges, net 18.1 15.8 Adjusted net earnings, before income taxes (non-GAAP) $ 32.2 $ 22.8 Income tax expense at 25% norm