Slide 1: 1st Quarter 2026 Earnings Call
Quad ® , 4 Ist Quarter 2026 Earnings Call
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: First quarter results were in-line with expectations
First quarter results were Returned $7 million to Strengthened audience in-line with expectations shareholders year-to-date strategy services through strategic investments Maintained steady profitability Including $6 million of cash Powering momentum in and expanded margins dividends and $1 million
Slide 4: 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 5: Quad's postal solutions work together to reduce clients' total mailing costs
Quad’s postal solutions work together to reduce clients’ total mailing costs Quad 55
Slide 6: Success Story: Fidium
Success Story Opportunity Improve Fidium’s direct mail operations to get campaigns into market faster while reducing costs MX: Production • Direct Mail Manufacturing Quad Solutions • Postal Optimization and Logistics • Replaced manual processes with automated workflows using At-Home Connect MX: Tech
Slide 7: Success Story: Monogram
Success Story Opportunity Scale Monogram’s new private student loan product, Abe, using a comprehensive direct mail strategy MX: Intelligence Quad Solutions • Pre-market Testing • Applied industry insights to craft six strategic mail campaigns during the peak • Analytics Services lending season • Us
Slide 8: Harris Poll survey on AI and consumer shopping
A recent survey by The Harris Poll presented by Quad examines how AI is shaping the consumer shopping. When asked why AI appeals to shoppers… • Two in three like how the technology can spot pricing inconsistencies e code to dow th nl n oa a • Three in five said it helps them stay on Sc d budget and
Slide 9: Net Sales
Integrated Integrated Solutions Solutions 10% 9% Agency Agency Solutions Solutions 22% 21% 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 Mail
Slide 10: First Quarter
First Quarter US $ Millions (Except Per Share Data) March 31, 2026 March 31, 2025 STATEMENT OF OPERATIONS Net Sales $ 581.0 $ 629.4 Cost of Sales 458.1 500.0 Selling, General and Administrative Expenses 78.4 83.5 Adjusted EBITDA(1) $ 44.7 $ 45.5 Adjusted EBITDA Margin(1) 7.7% 7.2% Adjusted Diluted E
Slide 11: Net Debt, Leverage Ratio and Free Cash Flow trend
($ millions) 2.4x 2.4x 2.3x 2.2x 2.2x 2.1x 2.1x 2.0x 1.6x 1.6x ~1.5x $544 $532 $470 $490 $463 $465 $448 $427 $350 $308 $293 $147 $137 $95 $34 -$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 Q4 ’26 Net Debt Guidance Net Debt Leverage Ratio(1) Net
Slide 12: 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 12
Slide 13: Net Debt as of March 31, 2026
Net Debt(1) Blended Interest Rate Total Liquidity Including Cash on Hand as of March 31, 2026 as of March 31, 2026 Under Most Restrictive Debt Covenant as of March 31, 2026 Fixed 32% of Interest Expense Capped if Interest Rates Increase Interest Rate 17% Collar Net Debt Leverage Ratio(1) 51% Next Si
Slide 14: 2026 Guidance
Financial Metric 2026 Guidance Adjusted Annual Net Sales Change(1) 1% to 5% decline Full-Year Adjusted EBITDA(2) $175 million to $215 million Free Cash Flow(2) $40 million to $60 million Capital Expenditures $55 million to $65 million Year-End Net Debt Leverage Ratio(2)(3) Approximately 1.5x (1) Adj
Slide 15: 2025 Actuals, 2026 Guidance, 2028 Outlook and Long-term 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) $175 million to $215 million 100 basis point margin Low double digit Full-Year Adjusted EBITDA(2) $196 mill
Slide 16: Thank You
Thank You
Slide 17: Supplemental Information
Supplemental Information
Slide 18: 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 19: First Quarter: Adjusted EBITDA reconciliation
First Quarter Three Months Ended March 31, US $ Millions 2026 2025 Net earnings $ 6.2 $ 5.8 Interest expense 10.0 12.4 Income tax expense 1.7 1.0 Depreciation and amortization 18.4 19.7 EBITDA (non-GAAP) $ 36.3 $ 38.9 EBITDA Margin (non-GAAP) 6.2% 6.2% Restructuring, impairment and transaction-relat
Slide 20: First Quarter: Free Cash Flow reconciliation
First Quarter Three Months Ended March 31, US $ Millions 2026 2025 Net cash used in operating activities $ (93.7) $ (89.0) Less: purchases of property, plant and equipment 13.3 11.3 Free Cash Flow (non-GAAP) $ (107.0) $ (100.3) Quad 20
Slide 21: Net Debt and Net Debt Leverage Ratio reconciliation
US $ Millions March 31, 2026 December 31, 2025 Total debt and finance lease obligations on the balance sheets $ 434.4 $ 371.2 Less: Cash and cash equivalents 7.0 63.3 Net Debt (non-GAAP) $ 427.4 $ 307.9 Divided by: trailing twelve months Adjusted EBITDA (non-GAAP)(1) 195.4 196.2 Net Debt Leverage Ra
Slide 22: Condensed balance sheet
US $ Millions March 31, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 7.0 $ 63.3 Receivables, less allowances for credit losses 311.6 294.8 Inventories 164.7 143.5 Prepaid expenses and other current assets 39.3 36.8 Property, plant and equipment—net 458.8 461.6 Operating lease right-of-u
Slide 23: First Quarter: Adjusted Diluted EPS reconciliation
First Quarter Three Months Ended March 31, US $ Millions (Except Per Share Data) 2026 2025 Earnings before income taxes $ 7.9 $ 6.8 Restructuring, impairment and transaction-related charges, net 8.4 6.6 Adjusted net earnings, before income taxes (non-GAAP) $ 16.3 $ 13.4 Income tax expense at 25% nor