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3rd Quarter 2026 Earnings Call October 29, 2026
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Quad 2 Call Participants & Forward - Looking Statements Joel Quadracci Chairman and Chief Executive Officer Tony Staniak Chief Financial Officer and Treasurer 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, sales, earnings, free cash flow, capital expenditures, leverage, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of the Company, including information under the headings "Advancing Revenue Diversification," “Updated 2026 Guidance,” and “Long-Term Financial Goals” and can generally be identified by the use of words or phrases such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “foresee,” “project,” “believe,” or “continue” or the negatives of these terms, variations on them and other similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company’s expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results to materially differ include, among others: the impact of increased business complexity as a result of the Company’s transformation to a marketing experience company, including adapting marketing offerings and business processes as required by new markets; the impact of decreasing demand for printing services and significant overcapacity in a highly competitive environment creating downward pricing pressures and potential under-utilization of assets; the impact of changes in postal rates, service levels or regulations; the impact of rapid changes in technology, including artificial intelligence, and the risk the Company is unable to adapt its marketing offerings to compete in this technology-driven environment; the impact of increases in its operating costs, including the cost and availability of raw materials (such as paper, ink components and other materials), inventory, parts for equipment, labor, fuel and other energy costs and freight rates, and the risk the Company is unable to pass along such increases to clients; the impact macroeconomic conditions, including elevated interest rates, postal rate increases, tariffs, trade restrictions, cost pressures and the price and availability of paper, have had, and may continue to have, on the Company’s business, financial condition, cash flows and results of operations (including future uncertain impacts); the risk the Company is unable to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of a data-breach of sensitive information, ransomware attack or other cyber incident on the Company; the fragility and decline in overall distribution channels; the failure to attract and retain qualified talent across the enterprise; the impact of digital media and similar technological changes, including digital substitution by consumers; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the failure to successfully identify, manage, complete and integrate acquisitions, investment opportunities or other significant transactions, as well as the successful identification and execution of strategic divestitures; the impact negative publicity could have on our business and brand reputation; the impact of risks associated with the operations outside of the United States (“U.S.”), including trade restrictions, currency fluctuations, the global economy, costs incurred or reputational damage suffered due to improper conduct of its employees, contractors or agents, and geopolitical events like war and terrorism; the impact of significant capital expenditures and investments that may be needed to sustain and grow the Company’s platforms, processes, systems, client and product technology, marketing and talent, to remain technologically and economically competitive, and to adapt to future changes, such as artificial intelligence; the impact of the various restrictive covenants in the Company’s debt facilities on the Company’s ability to operate its business, as well as the uncertain negative impacts macroeconomic conditions may have on the Company’s ability to continue to be in compliance with these restrictive covenants; the impact of an other than temporary decline in operating results and enterprise value that could lead to non- cash impairment charges due to the impairment of property, plant and equipment, goodwill and other intangible assets; the impact of regulatory matters and legislative developments or changes in laws, including changes in cybersecurity, consumer protection, safety, privacy and environmental laws; and the impact on the holders of Quad’s class A common stock of a limited active market for such shares and the inability to independently elect directors or control decisions due to the voting power of the class B common stock; and the other risk factors identified in the Company’s most recent Annual Report on Form 10-K, which may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. Except to the extent required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.
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Quad 3 Third Quarter 2026 Highlights Updates full - year 2026 financial guidance Including improved Net Sales guidance range driven by new business revenue Expanded client relationships across growth - oriented offerings Including notable momentum across direct marketing, in-store and retail media Returned $23 million to shareholders year - to - date Including $15 million of cash dividends and $8 million of share repurchases as part of our balanced capital allocation strategy
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Quad 4 An Integrated Suite That Connects Quad MX Solutions Suite + DM Automation + Local Marketing + In-Store RMN + Content Management + Magazine Publishing + Brand Design + Campaign Ideation + Premedia & Adaptive Design + Content Creation & Studios + Omnichannel Media + Addressable Media Anywhere + Content & Influencer Marketing + Commerce & Retail Media Online & In-Store Retail Media + Unique Data + Audience Analytics + Campaign Measurement + Research & Testing + Managed Services + Branded Solutions + In-Store & Packaging + At-Home Print & Postal Direct Mail, Catalog, Publications MX: Production MX: Creative MX: Media MX: Tech MX: Intelligence Omnichannel Marketing In-Store & Packaging Print & Managed Services Brand Strategy & Design Content Studios Client Technology Data & Analytics Testing & Measurement Quad 4
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Quad 5 One accountable partner • Fueling growth through an integrated approach that brings together audience intelligence, strategy, creative, execution and measurement • Anchoring every decision in insight and learning, leveraging pre-market creative validation and analytics that lead to improved performance • Creating momentum beyond individual campaigns, with results informing strategy, targeting and creative to provide confidence in scaling programs Insights-driven Audiences 2 Audience Connected Content & Creative 3 Execution & Deployment 4 Strategy & Planning 1 Measurement & Insights 5 One Unified Engine for Direct Marketing Success Quad
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Quad 6 Success Story National Financial Services Firm Quad Opportunity Provide integrated agency support to help the client restart its direct mail student loan acquisition program Quad Solutions • Delivered connected strategy, creative, production and distribution services for 2026 fall lending window • Designed new creative and conducted pre-market creative validation to support a data-driven foundation • Provided postal expertise to optimize delivery costs • Following the campaign, Quad will conduct response analysis to support a larger program planned for the peak 2027 student loan application season MX: Intelligence • Pre-Market Testing MX: Creative • DM Creative Design MX: Production • Direct Mail Manufacturing • Postal Optimization and Logistics MX: Media • Strategy Planning 6
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Quad 7 Scanthe code to download Quad x Harris Poll Research 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 • 71% say experiencing a brand in-store deepens their connection and loyalty to it • 84% trust a brand more when it pays attention to packaging, texture and finishing • 55% said packaging has influenced them to buy a product 7
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Quad 8 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 often lead to repeat business, additional retailer activations and larger programs 2. As relationships grow, clients increasingly turn to Quad for other marketing solutions
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Quad 9 Success Story FlavCity Quad Opportunity Help a rapidly growing brand scale within complex retail environments through integrated execution Quad Solutions • Provided end-to-end support for an initial endcap display in Target • Grew in-store support across five product lines and three retailers: Target, Walmart and Meijer • Assumed responsibility of the client’s retail display and signage fulfillment business • Brought on Betty creative and Rise media agencies to support an upcoming product launch MX: Creative MX: Production • In-Store Signage • Concept Development • Structural Engineering • Print Production • Distribution • Fulfillment MX: Media
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Quad 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 Deploying screens in 25 Smart & Final stores across California this fall Launching solution in 30 stores across Florida this winter with a national discount store chain 10
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Quad 11 Navigating Macroeconomic Challenges Quad’s response: - Diversifying suppliers - Optimizing inventory planning - Taking pricing actions (where necessary) Supply chain volatility caused by geopolitical instability in the Middle East Quad’s response: - Maximizing client postal savings through a layered optimization model - Increasing response rates through audience services and trigger-based mailings - Engaging policymakers, the U.S. Postal Service and the Postal Regulatory Commission Ongoing postal increases as the U.S. Postal Service implemented its most recent increase on July 12, 2026
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Quad 12 Recent Industry Honors Silver – Brand Transformation Betty and Rise x Jelmar Finalist – Best Use of Data Rise x Dairy Management Inc. Award for Product Display Quad x Pura
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Quad 13 Net Sales Breakdown – Year - To - Date Comparison (1) Net sales for 2025 have been adjusted to exclude the February 28, 2025, divestiture of the Company’s European operations 1% Directories & Other 14% Direct Mail Latin America 3% QuadMed 9% Agency Solutions 10% Logistics 10% Magazines 10% Retail Inserts 20% Catalogs 10% 5% Packaging & In-store 8% International Print 22% Integrated Solutions Special Interest Pubs. Q3 2026 Net Sales YTD 49% Targeted Print 21% Large Scale Print 8% 1% Directories & Other 13% Direct Mail Latin America 3% QuadMed 10% Agency Solutions 9% Logistics 11% Magazines 11% Retail Inserts 20% Catalogs 9% 5% Packaging & In-store 22% Integrated Solutions Special Interest Pubs. Q3 2025 Net Sales(1) YTD 47% Targeted Print 23% Large Scale Print 8% 8 % International Print
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Quad 14 Advancing Revenue Diversification 2025 Net Sales(1) 2018 Net Sales(1) 2028 Net Sales Estimate 19% Integrated Solutions 31% Large Scale Print 35% Targeted Print9% International Print 6% Books(2) 22% Integrated Solutions 23% Large Scale Print 47% Targeted Print 8% International Print 25% Integrated Solutions 16% Large Scale Print 51% Targeted Print8% International Print Integrated Solutions Targeted Print Large Scale Print International Print Updated (1) Quad completed the sale of its European operations in February 2025 and we have adjusted Net Sales for 2025 to exclude the European divestiture (2) Quad divested its Books business in 2020 Agency Solutions Logistics QuadMed Catalogs Direct Marketing Packaging In-Store Special Interest Publications Magazines Retail Inserts Directories & Other Latin America Europe(1)
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Quad 15 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 Administrative Expenses 76.9 80.9 234.9 244.6 Adjusted EBITDA(1) $ 51.1 $ 52.6 $ 137.8 $ 141.4 Adjusted EBITDA Margin(1) 8.7% 8.9% 7.9% 7.9% Adjusted Diluted Earnings Per Share(1) $ 0.35 $ 0.31 $ 0.84 $ 0.65 STATEMENT OF CASH FLOWS Net Cash Used In Operating Activities $ (62.4) $ (50.0) Capital Expenditures (37.6) (36.5) Free Cash Flow(1) (100.0) (86.5) Share Repurchases $ 5.2 $ 0.2 $ 8.4 $ 7.8 (1) See slide 23 for definitions of our non-GAAP measures, slides 24 and 25 for reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin, slide 26 for a reconciliation of Free Cash Flow, and slides 29 and30 for reconciliations of Adjusted Diluted Earnings Per Share as non-GAAP measures Financial Overview
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Quad 16 $470 $544 $532 $490 $350 $463 $448 $465 $308 $427 $394 $422 $285 $95 -$70 -$12 -$10 $147 -$100 $34 -$21 $137 -$107 $41 -$34 2.0x 2.4x 2.4x 2.2x 1.6x 2.1x 2.1x 2.3x 1.6x 2.2x 2.0x 2.2x Free Cash Flow and Net Debt Seasonality ($ millions) Due to the seasonality of our business, the majority of our Free Cash Flow generation and Net Debt reduction occurs in the fourth quarter (1) See slide 23 for definitions of our non-GAAP measures, slide 26 for a reconciliation of Free Cash Flow and slide 27 for a reconciliation of Net Debt and Net Debt Leverage Ratio as non-GAAP measures Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q1 ’26 Q4 ’26 Net Debt GuidanceNet Debt Leverage Ratio(1) Net Debt(1) Free Cash Flow(1) Q4 ’25 Q2 ’26 ~1.5x Q3 ’26
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Quad 17 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 debt leverage and ensure long-term financial strength Free Cash Flow + Cash From Asset Sales Year - to - date , we returned $23 million of capital to shareholders through our quarterly dividend of $0.10 per share and the repurchase of 1.0 million shares of Quad Class A common stock
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Quad 18 Debt Capital Structure Including our interest rate collar, we have 48% of our interest rate exposure capped if interest rates rise, and we would pay lower interest expense on 69% of our debt as of September 30, 2026, if interest rates decline (1) See slide 23 for definitions of our non-GAAP measures and slide 27 for a reconciliation of Net Debt and Net Debt Leverage Ratio as non-GAAP measures 2.19x Net Debt Leverage Ratio(1) as of September 30, 2026 52% 17% 31%Fixed Interest Rate Collar Floating 69% of Interest Expense Decreases with Lower Interest Rates Debt Composition as of September 30, 2026 48 % of Interest Expense Capped if Interest Rates Increase 6.6% Blended Interest Rate as of September 30, 2026 October 2029 Next Significant Debt Maturity of $205 Million
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Quad 19 Updated 2026 Guidance (1) Adjusted Annual Net Sales Change excludes the 2025 Net Sales of $23 million from the Company’s European operations, divested on February 28, 2025 (2) See slide 23 for definitions of our non-GAAP measures (3) Net Debt Leverage Ratio is calculated at the midpoint of the Adjusted EBITDA 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 $55 million Capital Expenditures $55 million to $65 million Approximately $55 million Year-End Net Debt Leverage Ratio(2)(3) Approximately 1.5x Approximately 1.5x We improved our full - year 2026 guidance range for Net Sales, representing another meaningful measure of progress towards our 2028 outlook for revenue growth All other updated guidance was narrowed within the original guidance ranges, including the Year - End Net Debt Leverage Ratio guidance remaining at approximately 1.5x
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Quad 20 Long - Term Financial Goals (1) Adjusted Annual Net Sales Change excludes the 2025 Net Sales of $23 million and the 2024 Net Sales of $153 million from the Company’s European operations, divested on February 28, 2025 (2) See slide 23 for definitions of our non-GAAP measures (3) Adjusted EBITDA Margin, Free Cash Flow Conversion, and Net Debt Leverage Ratio are calculated at the midpoints of the 2026 Guidance ranges Financial Metric 2025 Actuals Updated 2026 Guidance 2028 Outlook Long-term Financial Goals Adjusted Annual Net Sales Change(1) 4.8% decline 1% to 3% decline Net Sales inflection point Net Sales growth Full-Year Adjusted EBITDA(2) $196 million 8.1% margin $185 million to $195 million ~8.1% margin(3) Adjusted EBITDA Margin expansion Low double digit Adjusted EBITDA Margin Free Cash Flow(2) $51 million 26% conversion $45 million to $55 million ~26% conversion(3) 35% Free Cash Flow Conversion 40% Free Cash Flow conversion Year-End Net Debt Leverage Ratio(2) 1.57x Approximately 1.5x(3) Long-term targeted Net Debt Leverage range of 1.5x – 2.0x We operate outside of this range at times due to seasonality Net Sales continues to trend toward the inflection point of growth for full year 2028 with a sales mix of higher Targeted Print, Integrated Solutions, multi - mail and paper sales
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Quad 21 Thank You
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Quad 22 Supplemental Information
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Quad 23 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 EBITDA Margin, Free Cash Flow, Net Debt, Net Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies. Reconciliations to the GAAP equivalent of these non-GAAP measures are contained on slides 24–30. • Adjusted EBITDA is defined as net earnings (loss) excluding interest expense, income tax expense (benefit), depreciation and amortization (EBITDA), restructuring, impairment and transaction-related charges, net and the settlement charge from defined benefit pension plan annuitization. • EBITDA Margin and Adjusted EBITDA Margin are defined as EBITDA or Adjusted EBITDA divided by Net Sales. • Free Cash Flow is defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment. • Net Debt Leverage Ratio is defined as total debt and finance lease obligations less cash and cash equivalents (Net Debt) divided by the trailing twelve months Adjusted EBITDA. • Adjusted Diluted Earnings Per Share is defined as earnings (loss) before income taxes excluding restructuring, impairment and transaction-related charges, net, and adjusted for income tax expense at a normalized tax rate, divided by diluted weighted average number of common shares outstanding.
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Quad 24 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, impairment and transaction-related charges, net 19.2 7.3 Adjusted EBITDA (non-GAAP) $ 51.1 $ 52.6 Adjusted EBITDA Margin (non-GAAP) 8.7% 8.9%
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Quad 25 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 and transaction-related charges, net 37.3 23.1 Adjusted EBITDA (non-GAAP) $ 137.8 $ 141.4 Adjusted EBITDA Margin (non-GAAP) 7.9% 7.9%
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Quad 26 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)
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Quad 27 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-GAAP)(1) 192.6 196.2 Net Debt Leverage Ratio (non-GAAP) 2.19x 1.57x (1) The calculation of Adjusted EBITDA for the trailing twelve months ended September 30, 2026, and December 31, 2025, was as follows: Add Subtract Trailing Twelve Months EndedYear Ended Nine Months Ended December 31, 2025 September 30, 2026 September 30, 2025 September 30, 2026 Net earnings $ 27.0 $ 15.4 $ 15.9 $ 26.5 Interest expense 50.5 28.6 38.4 40.7 Income tax expense 5.5 3.1 4.3 4.3 Depreciation and amortization 78.6 53.4 59.7 72.3 EBITDA [non-GAAP] $ 161.6 $ 100.5 $ 118.3 $ 143.8 Restructuring, impairment and transaction-related charges, net 21.8 37.3 23.1 36.0 Settlement charge from defined benefit pension plan annuitization 12.8 — — 12.8 Adjusted EBITDA [non-GAAP] $ 196.2 $ 137.8 $ 141.4 $ 192.6
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Quad 28 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 Operating lease right-of-use assets—net 64.2 68.0 Goodwill 107.6 107.6 Other intangible assets—net 10.8 13.7 Other long-term assets, less allowance for credit losses 48.7 63.6 Total assets $ 1,250.4 $ 1,252.9 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 328.1 $ 342.0 Other current liabilities 186.6 211.7 Current portion of debt and finance lease obligations 52.6 47.5 Current portion of operating lease obligations 23.1 23.0 Long-term debt and finance lease obligations 391.7 323.7 Operating lease obligations 45.2 49.8 Deferred income taxes 4.7 4.0 Other long-term liabilities 97.9 122.6 Total liabilities $ 1,129.9 $ 1,124.3 Total shareholders’ equity $ 120.5 $ 128.6 Total liabilities and shareholders’ equity $ 1,250.4 $ 1,252.9
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Quad 29 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) $ 23.6 $ 20.5 Income tax expense at 25% normalized tax rate 5.9 5.1 Adjusted net earnings (non-GAAP) $ 17.7 $ 15.4 Basic weighted average number of common shares outstanding 47.9 47.5 Plus: effect of dilutive equity incentive instruments 2.5 2.2 Diluted weighted average number of common shares outstanding 50.4 49.7 Adjusted Diluted Earnings Per Share (non-GAAP) $ 0.35 $ 0.31 Diluted earnings per share (GAAP) $ 0.11 $ 0.21
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Quad 30 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) $ 55.8 $ 43.3 Income tax expense at 25% normalized tax rate 14.0 10.8 Adjusted net earnings (non-GAAP) $ 41.8 $ 32.5 Basic weighted average number of common shares outstanding 47.9 47.7 Plus: effect of dilutive equity incentive instruments 2.1 2.3 Diluted weighted average number of common shares outstanding 50.0 50.0 Adjusted Diluted Earnings Per Share (non-GAAP) $ 0.84 $ 0.65 Diluted earnings per share (GAAP) $ 0.31 $ 0.32