Financial Performance - Net sales for the third quarter of 2025 were $588 million, compared to $674.8 million in the same period of 2024[34] - Adjusted EBITDA for the third quarter of 2025 was $52.6 million, with an Adjusted EBITDA Margin of 8.9%[34, 54] - Adjusted diluted earnings per share for the third quarter of 2025 was $0.31[34, 59] - Free cash flow year-to-date was negative $86.5 million[34, 56] - The company narrowed ranges for sales, Adjusted EBITDA and cash flow, representing continued progress in support of long-term financial goals[5] Strategic Initiatives - The company is investing in AI-powered tools and systems, data and audience intelligence services, and its In-Store Connect retail media network[5] - The company executed $8 million of share repurchases as part of its balanced capital allocation strategy[5, 34] - Quad's MX Suite of products and services is flexibly tailored for the unique needs of the marketer[7] - Quad's proprietary core dataset features 250 million consumers, mapped to a resilient identifier ⎯ their physical home address ⎯ coupled with additional data and contextual insights that can be activated across any media channel[9] Updated Guidance - Adjusted Annual Net Sales are expected to decline by 3% to 5%[44, 46] - Full-Year Adjusted EBITDA is projected to be between $190 million and $200 million[44, 46] - Free Cash Flow is expected to be between $50 million and $60 million[44, 46] - Year-End Net Debt Leverage Ratio is anticipated to be approximately 1.6x[44, 46]

April 30, 2025 Chairman, President & Chief Executive Officer Chief Financial Officer 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, sales, earnings, free cash flow, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, proj ...