Slide 1: Q3 2025 Earnings Presentation
October 29, 2025 Proprietary & Confidential
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: Investing in AI-powered tools and systems, data and audience intelligence
Investing in AI-powered tools Including $11 million of cash Narrowing ranges for sales, and systems, data and dividends and $8 million of Adjusted EBITDA and cash audience intelligence share repurchases as part of flow, representing continued services, and our In-Store our balanced capital progress
Slide 4: From offline to online, across Creative, Production and Media, backed by Intelligence and Tech
From offline to online, across Creative, Production and Media, backed 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 5: Quad's proprietary core dataset features 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 6: A recent survey by The Harris Poll presented by Quad finds that:
A recent survey by The Harris Poll presented by Quad finds that: • 76% of Americans believe physical retail experiences help them connect more deeply with people and brands • 86% of Gen Z and Millennials report that touching and feeling products are essential to their purchase decisions Quad will re
Slide 7: MX: Creative Success Story
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 8: In-Store Connect study showing sales lift across clients
Earlier this year, we conducted a study with multiple clients demonstrating the effectiveness of In-Store Connect to drive brand awareness and increase product sales: point point point sales lift sales lift sales lift Results represent the difference between percent sales lift in deployed stores vs.
Slide 9: MX: Intelligence, Creative, Production Success Story
Success Story Help client modernize and scale its direct mail (DM) program with a comprehensive, data-backed strategy MX: Intelligence - Pre-market Testing - Analytics Services • Provided strategic guidance on quarterly and annual planning MX: Creative - DM Creative Design • Conducted audience targe
Slide 10: Net Sales
Integrated Integrated Solutions Solutions 11% 10% Agency Agency Solutions 20% Solutions 20% Catalogs Catalogs 9% 10% Logistics Logistics 3% 2% Targeted QuadMed Targeted QuadMed Print Print 12% Latin 13% Latin Direct 8% America Direct 8% America Marketing International Marketing International Net Sal
Slide 11: Third Quarter and Year-to-Date Results
Third Quarter Year-to-Date US $ Millions (Except Per Share Data) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 STATEMENT OF OPERATIONS Net Sales $ 588.0 $ 674.8 $ 1,789.3 $ 1,963.8 Cost of Sales 454.1 527.6 1,402.2 1,542.8 Selling, General and Administrative Expenses 80
Slide 12: Net Debt, Leverage Ratio and Free Cash Flow
($ millions) 2.4x 2.3x 2.4x 2.4x 2.4x 2.3x 2.2x 2.2x 2.1x 2.1x 2.0x 1.6x 1.6x $632 $604 $545 $584 $544 $532 $470 $490 $463 $465 $448 $350 $312 $174 $147 $142 $95 $34 $27 $34 -$12 -$10 -$21 -$79 -$70 -$100 Q4 ’22 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Upda
Slide 13: Balanced Capital Allocation Strategy
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 Net 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 Under Most as of September 30, 2025 as of September 30, 2025 Restrictive Debt Covenant as of September 30, 2025 Fixed 30% Interest Rate Collars 32% of Interest Expense Floating Decreases with Lower Net Debt Leverage Ratio(1) 38
Slide 15: Original vs Updated 2025 Guidance
Financial Metric Original 2025 Guidance Updated 2025 Guidance Adjusted Annual Net Sales Change(1) 2% to 6% decline 3% to 5% decline Full-Year Adjusted EBITDA(2) $180 million to $220 million $190 million to $200 million Free Cash Flow(2) $40 million to $60 million $50 million to $60 million Capital E
Slide 16: Updated 2025 Guidance, 2028 Outlook and Long-term Financial Goals
Financial Metric Updated 2025 Guidance 2028 Outlook Long-term Financial Goals Adjusted Annual Net Sales Change(1) 3% to 5% decline Net Sales inflection point Net Sales growth Full-Year Adjusted EBITDA(2) $190 million to $200 million At least 100 basis point Low double digit ~8.1% margin(3) margin im
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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: Third Quarter EBITDA Reconciliation
Third Quarter Three Months Ended September 30, US $ Millions 2025 2024 Net earnings (loss) $ 10.2 $ (24.7) Interest expense 12.8 17.0 Income tax expense 3.0 3.0 Depreciation and amortization 19.3 24.4 EBITDA (non-GAAP) $ 45.3 $ 19.7 EBITDA Margin (non-GAAP) 7.7% 2.9% Restructuring, impairment and tr
Slide 21: Year-to-Date EBITDA Reconciliation
Year-to-Date Nine Months Ended September 30, US $ Millions 2025 2024 Net earnings (loss) $ 15.9 $ (55.6) Interest expense 38.4 49.4 Income tax expense 4.3 6.3 Depreciation and amortization 59.7 79.4 EBITDA (non-GAAP) $ 118.3 $ 79.5 EBITDA Margin (non-GAAP) 6.6% 4.0% Restructuring, impairment and tra
Slide 22: Year-to-Date Free Cash Flow Reconciliation
Year-to-Date Nine Months Ended September 30, US $ Millions 2025 2024 Net cash used in operating activities $ (50.0) $ (45.9) Less: purchases of property, plant and equipment 36.5 45.7 Free Cash Flow (non-GAAP) $ (86.5) $ (91.6) Quad 22
Slide 23: Net Debt and Net Debt Leverage Ratio Reconciliation
US $ Millions September 30, 2025 December 31, 2024 Total debt and finance lease obligations on the balance sheets $ 471.4 $ 379.2 Less: Cash and cash equivalents 6.2 29.2 Net Debt (non-GAAP) $ 465.2 $ 350.0 Divided by: trailing twelve months Adjusted EBITDA (non-GAAP) (1) $ 204.0 $ 224.0 Net Debt Le
Slide 24: Balance Sheet
US $ Millions September 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 6.2 $ 29.2 Receivables, less allowances for credit losses 313.2 273.2 Inventories 177.2 162.4 Prepaid expenses and other current assets 32.8 69.5 Property, plant and equipment—net 479.1 499.7 Operating lease right-
Slide 25: Third Quarter Adjusted Diluted EPS Reconciliation
Third Quarter Three Months Ended September 30, US $ Millions (Except Per Share Data) 2025 2024 Earnings (loss) before income taxes $ 13.2 $ (21.7) Restructuring, impairment and transaction-related charges, net 7.3 39.3 Adjusted net earnings, before income taxes (non-GAAP) 20.5 17.6 Income tax expens
Slide 26: Year-to-Date Adjusted Diluted EPS Reconciliation
Year-to-Date Nine Months Ended September 30, US $ Millions (Except Per Share Data) 2025 2024 Earnings (loss) before income taxes $ 20.2 $ (49.3) Restructuring, impairment and transaction-related charges, net 23.1 81.9 Adjusted net earnings, before income taxes (non-GAAP) 43.3 32.6 Income tax expense