Quad Graphics, Inc · NYSE:QUAD
Quad Graphics — Q3 2026 Earnings Presentation
30 slides from Quad Graphics's earnings presentation, Oct 29, 2026
Slide 1: 3rd Quarter 2026 Earnings Call
October 29, 2026 3rd Quarter 2026 Earnings Call
Slide 2: Call Participants & Forward-Looking Statements
Call Participants 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, fina
Slide 3: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights Updates full -year 2026 Returned $23 million to Expanded client financial guidance shareholders year -to-date relationships across growth-oriented offerings Including improved Net Sales Including $15 million of cash Including notable momentum guidance range driven by ne
Slide 4: An Integrated Suite That Connects Quad
An Integrated Suite That Connects Quad MX Solutions Suite MX: MX: MX: MX: MX: Intelligence Creative Production Media Tech Brand Strategy & Design In-Store & Packaging Omnichannel Data & Analytics Content Studios Print & Managed Marketing Client Testing & Measurement Services Technology + Managed Ser
Slide 5: One Unified Engine for Direct Marketing Success
One Unified Engine for Direct Marketing Succes One accountable partner Measurement Strategy & • Fueling growth through an & Insights 5 1 Planning integrated approach that brings together audience intelligence, strategy, creative, execution and measurement • Anchoring every decision in insight and le
Slide 6: National Financial Services Firm Success Story
Success Story National Financial Opportunity Provide integrated agency support to help Services Firm the client restart its direct mail student loan acquisition program MX: Intelligence Quad Solutions • Pre-Market Testing • Delivered connected strategy, creative, production and distribution services
Slide 7: Quad x Harris Poll Research
code to dow Quad x Harris Poll Research th e n an lo Sc ad Recent research by The Harris Poll presented by Quad shows that consumers continue to value physical shopping and brand experiences alongside digital interactions: • 70% felt seeing a brand in a physical space helps them understand it better
Slide 8: Scaling Brand Activation in Retail
Scaling Brand Activation in Retail Quad helps brands scale their presence in retail stores, integrating design, production and distribution to quickly move an activation from concept to execution These services generate growth flywheels in two ways: 1. Successful initial projects build trust and oft
Slide 9: FlavCity Success Story
Success Story FlavCity Opportunity Help a rapidly growing brand scale within complex retail environments through integrated execution MX: Creative Quad Solutions MX: Production • Provided end-to-end support for an initial • In-Store Signage endcap display in Target • Concept Development • Grew in-st
Slide 10: New National Retailer
We are scaling Quad’s in-store retail media network by adding new retailers and growing existing partnerships Quad is in the process of launching in more than 100 additional stores New National Retailer Deploying screens in 25 Launching solution in 30 Smart & Final stores across stores across Florid
Slide 11: Navigating Macroeconomic Challenges
Navigating Macroeconomic Challenges Supply chain volatility Ongoing postal increases as the caused by geopolitical instability U.S. Postal Service implemented its in the Middle East most recent increase on July 12, 2026 Quad’s response: Quad’s response: - Diversifying suppliers - Maximizing client p
Slide 12: Recent Industry Honors
Recent Industry Honors Silver – Brand Transformation Finalist – Best Use of Data Award for Product Display Betty and Rise x Jelmar Rise x Dairy Management Inc. Quad x Pura Quad 12
Slide 13: Net Sales Breakdown – Year-To-Date Comparison
Net Sales Breakdown – Year-To-Date Comparison 22% 22% Integrated Integrated Solutions Solutions 10% 9% Agency Agency Solutions Solutions 20% 20% 9% Catalogs 10% Catalogs 3% Logistics 47% 3% QuadMed Logistics QuadMed Targeted 49% 8% Q3 2025 13% Print 8% Latin Q3 2026 Targeted 8% Latin America Net Sal
Slide 14: Advancing Revenue Diversification
Advancing Revenue Diversification Updated 19% 22% Integrated Integrated 25% Solutions Integrated 35% Solutions Solutions Targeted 9% Print 47% 2028 51% International 2018 8% 2025 Targeted Targeted Print Net Sales(1) International Print Net Sales(1) Print 8% Net Sales Print 6% International Print Est
Slide 15: Financial Overview
Financial Overview Third Quarter Year-to-Date US $ Millions (Except Per Share Data) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 STATEMENT OF OPERATIONS Net Sales $ 586.7 $ 588.0 $ 1,745.2 $ 1,789.3 Cost of Sales 458.9 454.1 1,373.1 1,402.2 Selling, General and Adminis
Slide 16: Free Cash Flow and Net Debt Seasonality
Free Cash Flow and Net Debt Seasonality ($ millions) 2.4x 2.4x 2.3x 2.2x 2.2x 2.1x 2.1x 2.2x 2.0x 2.0x 1.6x 1.6x ~1.5x $544 $532 $470 $490 $463 $465 $448 $427 $422 $394 $350 $308 $285 $147 $137 $95 $34 $41 -$12 -$10 -$21 -$34 -$70 -$100 -$107 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q
Slide 17: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Growth Investments Increase growth investments as a Free marketing experience company Cash Flow Shareholder Returns + Increase return of capital to shareholders through dividends and share buybacks Cash From Asset Sales Debt Reduction Maintain low debt leverage a
Slide 18: Debt Capital Structure
Debt Capital Structure 6.6% October 2029 Blended Interest Rate Next Significant Debt Maturity as of September 30, 2026 of $205 Million 48% 2.19x Fixed Interest Rate Collar 31% 17% of Interest Expense Capped if Interest Rates Increase Net Debt Leverage Ratio(1) Floating 52% 69% of Interest Expense De
Slide 19: Updated 2026 Guidance
Updated 2026 Guidance Financial Metric Original 2026 Guidance Updated 2026 Guidance Adjusted Annual Net Sales Change(1) 1% to 5% decline 1% to 3% decline Full-Year Adjusted EBITDA(2) $175 million to $215 million $185 million to $195 million Free Cash Flow(2) $40 million to $60 million $45 million to
Slide 20: Long-Term Financial Goals
Long-Term Financial Goals Financial Metric 2025 Actuals Updated 2026 Guidance 2028 Outlook Long-term Financial Goals Adjusted Annual Net 4.8% decline 1% to 3% decline Net Sales inflection point Net Sales growth Sales Change(1) $196 million $185 million to $195 million Adjusted EBITDA Margin Low doub
Slide 21: Thank You
» a Thank You > hUC iC
Slide 22: Supplemental Information
Supplemental Information Quad 22
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures • 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 EBIT
Slide 24: Adjusted EBITDA – Third Quarter
Adjusted EBITDA Third Quarter Three Months Ended September 30, US $ Millions 2026 2025 Net earnings $ 5.5 $ 10.2 Interest expense 9.7 12.8 Income tax (benefit) expense (1.1) 3.0 Depreciation and amortization 17.8 19.3 EBITDA (non-GAAP) $ 31.9 $ 45.3 EBITDA Margin (non-GAAP) 5.4% 7.7% Restructuring,
Slide 25: Adjusted EBITDA – Year-to-Date
Adjusted EBITDA Year-to-Date Nine Months Ended September 30, US $ Millions 2026 2025 Net earnings $ 15.4 $ 15.9 Interest expense 28.6 38.4 Income tax expense 3.1 4.3 Depreciation and amortization 53.4 59.7 EBITDA (non-GAAP) $ 100.5 $ 118.3 EBITDA Margin (non-GAAP) 5.8% 6.6% Restructuring, impairment
Slide 26: Free Cash Flow
Free Cash Flow Year-to-Date Nine Months Ended September 30, US $ Millions 2026 2025 Net cash used in operating activities $ (62.4) $ (50.0) Less: purchases of property, plant and equipment 37.6 36.5 Free Cash Flow (non-GAAP) $ (100.0) $ (86.5) Quad 26
Slide 27: Net Debt and Net Debt Leverage Ratio
Net Debt and Net Debt Leverage Ratio US $ Millions September 30, 2026 December 31, 2025 Total debt and finance lease obligations on the balance sheets $ 444.3 $ 371.2 Less: Cash and cash equivalents 22.8 63.3 Net Debt (non-GAAP) $ 421.5 $ 307.9 Divided by: trailing twelve months Adjusted EBITDA (non
Slide 28: Balance Sheet
Balance Sheet US $ Millions September 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 22.8 $ 63.3 Receivables, less allowances for credit losses 330.5 294.8 Inventories 188.7 143.5 Prepaid expenses and other current assets 32.0 36.8 Property, plant and equipment—net 445.1 461.6 Operati
Slide 29: Adjusted Diluted Earnings Per Share – Third Quarter
Adjusted Diluted Earnings Per Share Third Quarter Three Months Ended September 30, US $ Millions (Except Per Share Data) 2026 2025 Earnings before income taxes $ 4.4 $ 13.2 Restructuring, impairment and transaction-related charges, net 19.2 7.3 Adjusted net earnings, before income taxes (non-GAAP) $
Slide 30: Adjusted Diluted Earnings Per Share – Year-to-Date
Adjusted Diluted Earnings Per Share Year-to-Date Nine Months Ended September 30, US $ Millions (Except Per Share Data) 2026 2025 Earnings before income taxes $ 18.5 $ 20.2 Restructuring, impairment and transaction-related charges, net 37.3 23.1 Adjusted net earnings, before income taxes (non-GAAP) $