Quad/Graphics, Inc.

EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

(in millions, except margin data)

(1)Operating results for the three months ended September 30, 2026 and 2025, were affected by the following restructuring, impairment and transaction-related charges, net:

(a)Employee termination charges were related to workforce reductions through facility consolidations and separation programs.

(b)Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations and other capacity reduction activities, including $7.5 million of foreign currency translation adjustments related to the closure of the Lima, Peru operations during the three months ended September 30, 2026, and charges for operating lease right-of-use assets during the three months ended September 30, 2025.

(c)Transaction-related charges consisted of professional service fees related to business acquisition and divestiture activities, and a $10.8 million credit loss expense related to a note receivable in 2026.

(d)Integration costs were primarily costs related to the integration of acquired companies.

(e)Other restructuring charges (income) primarily include costs to maintain and exit closed facilities, as well as lease exit charges, and are presented net of a $13.6 million gain on the sale of Lima, Peru property, plant and equipment during the three months ended September 30, 2026.

In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement 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.