NYSE: QUAD

Quad’s unique engagement model complements brands’ way of working. Whether as a full-service marketing partner, an outsourced extension of a marketing department, or executional support for an agency, Quad’s depth of expertise, breadth of integrated capabilities and expansive reach empower brands to:

•Unlock actionable audience insights to identify consumer passions, optimize marketing strategies and enhance campaign precision.

•Deliver creative quality at scale with cohesive, impactful brand experiences across all channels.

•Streamline production complexity across the marketing supply chain, reducing costs, boosting efficiency and accelerating speed-to-market.

•Drive omnichannel effectiveness with cross-channel activations that engage consumers at home, in-store and online.

•Maximize efficiency with cutting-edge technology, including artificial intelligence (AI), that automates workflows, enhances performance and personalizes customer experiences at scale across physical and digital channels.

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In 2025, the Company focused on delivering strong financial results while navigating multiple challenges in the macroeconomic environment, such as postage cost increases on print mailings; policy uncertainty (including potential impacts of tariffs); and elevated interest rates. Despite these challenges, Quad worked to mitigate impacts on its business while proactively managing client expectations. Quad believes it will be able to maintain a leading competitive position through its consistent long-term business strategy, which is driven by dedicated, passionate and highly skilled employees, and by providing stability and innovative solutions for clients into the future.

More information regarding Quad is available on the Company’s website at quad.com. Quad is not including the information contained on or available through its website as part of, or incorporating such information by reference into, this Annual Report on Form 10-K. The Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports are made available to the public at no charge through a link appearing on the Investor Relations section of the Company’s website. Quad provides access to such materials through its website as soon as reasonably practicable after electronically filing such material with, or furnishing it to, the SEC.

Principal Capabilities

Quad’s MX Solutions Suite provides a comprehensive range of marketing and print services, seamlessly integrating creative, production and media solutions across physical and digital channels. Powered by advanced intelligence and technology, this suite empowers brands to connect with their target audiences across households, in-store and online.

MX: Intelligence

Quad’s MX: Intelligence solutions support three distinct categories: research, analytics and data services. The Company’s primary and secondary research helps clients understand their brand health, customer preferences and industry-wide trends. Through its Accelerated Marketing Insights (AMI) offering, Quad also performs pre-market creative and product research and testing services, which are conducted in a variety of virtual and experiential testing environments. To help clients increase the incremental effectiveness of their cross-channel marketing investments, Quad offers an array of media measurement services. These include both deterministic techniques — such as lift-over-control studies — that track real-time campaign results and probabilistic modeling techniques that project outcomes based on consumer demographics and trends. Quad’s data services utilize the Company’s proprietary, household-based data stack — representative of more than 250 million consumers — to help clients more effectively reach their ideal audiences. Unique to Quad, the stack includes “passions” data that indicates the interests of individuals at the household-level, thereby providing a differentiated view into what type of advertising and marketing will be most valuable to those consumers. The data stack enables a wide range of audience services, such as first-party data augmentations and profiling, audience segmentation, and look-a-like modeling and response modeling.

MX: Creative

Quad’s MX: Creative offering addresses every step of the creative process, from ideation to execution. These services are powered by the Company’s strategists, creative and art directors, photographers, videographers, premedia specialists, graphic designers, animation experts and copywriters. Quad’s brand strategy and design services include brand positioning, design strategy, naming and brand-mark design, visual identity creation, retail environment support, packaging design and brand roll-out execution. Through in-depth strategic brand research, the Company takes time to truly understand each client’s unique brand voice and positioning. It then applies these findings to craft compelling creative campaigns that solve the brand’s problems and lead to desired consumer actions. Quad’s global platform and advanced technology support always-on premedia and adaptive design capabilities for creative and digital execution, image and color management, and prepress tasks. The Company also has an international network of 14 studios to help brands create unique and ownable content through photography, motion, computer generated imagery (CGI), automated 3D scanning and audio recording for activation across every channel. This full-service offering is housed under Betty, Quad’s creative agency.

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MX: Production  

Quad offers a wide range of production capabilities for deploying content to physical and digital channels – a major point of differentiation among the Company’s competitive set. Quad’s print operations feature the latest in automation and technology complemented by skilled manufacturing professionals. The Company can produce targeted print products, such as catalogs, direct mail, in-store signage and displays, and high-end packaging, as well as large-scale print products, such as magazines, retail inserts and directories.

Quad also has vertically integrated print and non-print capabilities that help improve the quality, cost and availability of key inputs in the printing and distribution processes. For example, the Company has its own prepress/premedia services, paper procurement, ink manufacturing (through its subsidiary Chemical Research/Technology), and logistics and transportation services (through its in-house Quad Transportation Services division and Duplainville Transport trucking division), which it leverages to lower costs and enhance customer service for its clients while providing Quad with substantial control over critical links in the overall print supply chain.

Quad complements its production capabilities through its Managed Services offering. Applying its deep industry knowledge and expansive network of trusted vendors, Quad helps clients manage their operations the way it runs its own – with diligence, efficiency and highly competitive costs.

MX: Media

Quad provides data-led, strategic media planning and placement services that support all physical and digital touchpoints to foster direct consumer connections at home, in-store and online. The Company activates on a complete suite of full-funnel brand and performance marketing solutions. Quad has more than $6.0 billion of media under management, giving the Company leverage in the marketplace to provide cost-efficient and effective options across all channels. Media services are supported by Quad’s proprietary, household-based data stack and Connections Strategy, a comprehensive approach that translates quantitative audience insights into experience-driven media plans that find the best combination of audience, messaging, channel and time to achieve a client’s desired business outcomes. The Connections Strategy process helps brands meaningfully connect with their priority audiences by humanizing quantitative data, considering the cultural forces, emotional drivers and behavioral signals that fuel consumer actions. Overlaying these factors with the audience’s media habits, the team forms recommendations for Rise’s planning and placement experts who execute across the paid, owned and earned touchpoints where consumers are most receptive to engagement. The Company’s offering includes campaign measurement and analytics solutions that provide in-the-moment reporting. This level of transparency helps clients understand how all their media across the marketing funnel is performing and enables Quad to provide data-backed guidance on how to incrementally optimize media spend. This full-service offering is housed under Rise, Quad’s media agency.

MX: Tech

The Company’s client-facing technology solutions help brands connect marketing strategy, global content creation, analytics and optimized media performance across physical and digital channels. Quad applies a people-process-technology approach that first analyzes a client’s current-state workflow and performance, then creates tailored solutions to centralize assets, optimize processes and accelerate speed to market. For instance, the Company’s ContentX content management platform empowers clients to strategize, plan and manage campaigns, and personalize at scale across any channel. The Company’s suite of “Connect” technology services helps marketers deliver content wherever consumers are. For instance, Local Connect helps national brands execute localized marketing strategies while ensuring brand consistency. This streamlined order management platform automates localized marketing execution and provides a single source of truth to manage, order and distribute multichannel campaigns. At-Home Connect automates direct mail personalization, printing, mail sorting and delivery, which simplifies and expedites marketers’ ability to reach consumers through the mailbox. Through its In-Store Connect retail media solution, Quad elevates the shopping experience in brick-and-mortar stores by helping brands deliver engaging messages and targeted promotions right at the shelf – a critical moment in the purchasing decision. In addition to these solutions, Quad integrates AI-based systems across its MX Solutions Suite to generate internal cost savings and revenue opportunities for the Company.

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Industry and Competition

With its integrated marketing platform, Quad competes in both the advertising and marketing services industry, and in the commercial printing industry. The Company’s breadth of connected solutions and its ability to both strategically consult and execute at scale, positions Quad in a unique space beyond that of just a manufacturer or traditional agency. This positioning expands the Company’s competitive set to include large agency holding companies, independent agencies and marketing consultants, as well as print management firms and commercial printers.

Advertising and Marketing Services

The advertising and marketing services industry is highly fragmented, with competition based on companies’ ability to adapt quickly to new advertising platforms and technology, including AI; leverage data and analytics to deliver personalized advertising experiences; develop comprehensive proposals to secure client contracts; create unique and effective multichannel marketing campaigns; demonstrate spend effectiveness by monitoring and reporting on clients’ marketing campaign results; provide favorable pricing; access talent; and offer superior customer service.

Consumer media consumption habits are constantly evolving. The ongoing emergence of new marketing channels has caused audiences to become increasingly segmented. As a result, advertising and marketing services providers must expand their capabilities to create effective multichannel campaigns for their clients, and providers face increased client demand to offer integrated, end-to-end marketing services (i.e., from strategy and creative through execution). These trends greatly influence Quad’s ongoing efforts to help brands reduce the complexities of working with multiple agency partners and vendors, increase marketing process efficiency, and maximize marketing effectiveness.

Quad believes that its deeply connected solutions address modern marketers’ most pressing issues, positioning it to compete effectively in this highly competitive industry.

Commercial Printing

The commercial printing industry also remains highly fragmented, with competition based on pricing; cost of materials (which may be impacted by tariffs); availability of materials, including paper (which may be more limited in the future as a number of mills reduce graphic paper production capacity in favor of other product lines, such as paperboard); quality; distribution capabilities (including the ability to reduce postage costs); customer service; access to labor (especially highly skilled labor); availability to schedule work on appropriate equipment; on-time production and delivery; ability to maintain and adopt state-of-the-art technology; and ability to offer additional marketing services to meet a client’s business objectives.

The commercial printing industry has moved toward shorter, on-demand, personalized print runs; faster product turnaround; and increased production efficiencies of products with lower page counts and increased complexity. This — combined with increases in postage and paper costs, as well as marketers’ increasing use of online marketing and communication channels — has led to excess manufacturing capacity.

Within its manufacturing operations, Quad benefits from managing several very large facilities (greater than one million square feet) that produce multiple product lines under one roof, driving cost savings as the Company maximizes equipment utilization and labor resources. Additionally, the Company continually strengthens its manufacturing operations through leading-edge technologies such as digital presses that enhance targeted print products; wide-web presses that improve labor productivity; and advanced equipment and automation, including automated storage and retrieval systems and robotic guided vehicles and palletizers that support high-quality, low-cost production. To reduce postage costs for its clients, the Company operates an extensive co-mailing operation that generates significant USPS work-sharing discounts. Due to these factors, economies of scale, a strong balance sheet and access to capital markets, Quad has been able to provide a competitive offering that meets clients’ manufacturing needs.

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Seasonality

Quad is subject to seasonality in its quarterly results as net sales and operating income are typically higher in the second half of the calendar year as compared to the first half of the calendar year. The fourth quarter is typically the highest seasonal quarter for cash flows from operating activities and Free Cash Flow due to the reduction of working capital requirements that historically reach peak levels during the third quarter. Seasonality is driven by increased direct mail, catalog and retail inserts volumes primarily due to back-to-school and holiday-related advertising and promotions. The Company expects seasonality impacts to continue in future years.

Competitive Advantages

Quad’s MX Solutions Suite is powered by three primary competitive advantages that the Company believes distinguish it from its competitors: integrated marketing platform excellence, intentional innovation and a commitment to operate responsibly.

Integrated Marketing Platform Excellence

Quad’s integrated marketing platform encompasses all the resources brands and marketers need to strategize, plan, create, deploy, measure and optimize their marketing efforts across any media channel — from household to in-store to online. Accordingly, the Company can guide clients through every effort intended to drive an action, from consumer awareness and trust, to brand preference and purchase.

Intentionally Connected Offerings

While the Company’s products and services are organized into distinct solutions suites, they are intentionally designed to function together, creating a unified ecosystem that improves marketing performance for clients. For instance, Quad’s print operations generate household-level insights that power its proprietary data stack, which in turn, is used to enhance the precision of omnichannel campaign planning, measurement and optimization. Similarly, integrating Betty’s creative expertise with Quad’s robust print platform enables brand-consistent deliverables at scale and speed.

Quad’s integrated selling approach brings together experts from its manufacturing business and its agency offerings to address marketing challenges holistically rather than through isolated stand-alone services. This intentionally collaborative approach connects components of the marketing process that are typically fragmented across multiple vendors. By embedding cross-disciplinary teams into clients’ marketing ecosystems, Quad drives cross-category growth opportunities and becomes deeply ingrained in clients’ ongoing operations. The Company continues to see growth in this interconnected strategy, with approximately 90% of its U.S. clients purchasing more than one product or service during 2025.

Quad further advanced its integrated marketing approach in 2025 by formalizing its Direct Marketing (DM) Agency, a full-service offering that combines strategy and planning, audience identification and activation, creative, production, and measurement services to help marketers enhance one of the industry’s most proven performance channels. The DM Agency is built on the Company’s longstanding direct mail manufacturing expertise and through-the-line marketing services that are backed by Quad’s data stack and extensive pre-market testing services. With its integrated capabilities, high-volume production and data-driven strategy, Quad delivers a two-pronged approach that increases responses and maximizes client savings. The Company believes it is uniquely positioned to modernize and scale personalized direct mail by unifying these often-siloed services.

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Full-Service Agency Solutions

Quad offers complete media and creative agency of record services through its Rise and Betty agencies. Both agencies tailor their approach to match the way modern marketers buy media and creative services. Fully integrated with the rest of Quad, Rise and Betty provide frictionless access to the Company’s comprehensive portfolio of marketing solutions. They are backed by Quad’s global platform, which provides around-the-clock services — from page assembly, creative design, retouching and color correction to data intelligence work and full agency of record (AOR) media services.

Rise

Rise is a full-spectrum media and experience partner that combines digital expertise with omnichannel media at scale to help brands and marketers navigate complexity, eliminate waste and deliver better business outcomes. The agency provides digital and traditional media strategy, planning, buying and optimization with unified measurement at its core. Backed by Quad’s infrastructure, Rise combines the speed of a boutique agency with the scale and sophistication of an enterprise partner. Rise’s comprehensive offering is rooted in Quad’s proprietary data stack, using reliable, household-based data and passions in place of digital alternatives (i.e., cookies, e-mail addresses or device IDs), so clients can be confident their advertising is reaching real consumers. The agency applies this data stack to identify a client’s highest value audiences from which Rise develops and executes robust, integrated media strategies. Through its origins as a performance media company, Rise uses an outcomes-first mentality, treating every investment — whether it’s brand building at the top of the media funnel or hyper-targeted outreach — as an opportunity for measurable client growth.

Rise prioritizes transparency, using a media optimization and reporting engine that provides information on each ad request, bid and impression so clients can clearly understand how their media inventory is delivered across different channels. The engine runs AI agents atop Quad’s household data stack, client data inputs and campaign data to generate in-the-moment reporting and analysis. This powerful tool helps Rise’s media experts predict advertising fatigue, diagnose root causes of campaign performance, and provide faster insights that enhance a client’s marketing effectiveness. Unlike other agencies, Rise does not use principal-based buying methods (i.e., buying discounted ad inventory and selling it to clients at a markup). The agency plans, buys and places media based on each client’s unique needs without bias toward any individual channel.

Betty

Betty answers the market need for integrated and flexible creative solutions that provide scalable execution without sacrificing quality, brand integrity or effectiveness. It combines a bespoke creative approach with Quad’s production power to deliver high quality, culturally relevant creative at high volumes – all while maintaining a client’s individual brand integrity. Betty prides itself on being people obsessed, applying a combination of proprietary, client and third-party data to conduct in-depth research on consumer trends to help clients best define, design and position their brands and marketing efforts. The agency’s integrated creative offering gives brand marketers the full range of services they need to drive growth in today’s crowded and competitive markets.

Favorite Child, Betty’s strategy and design practice, applies the agency’s insights-driven approach to help brands stand apart in their category. The practice offers an array of branding services while specializing in creative packaging design. In 2025, Favorite Child partnered with three of the top 20 U.S. grocery retailers on their owned brand designs.

Betty Studios transforms imaginative ideas into audio, photo, video and photorealistic 3D models. This network of photography and video production studios perform in-studio and on-location services – several of which operate directly within or near client facilities – and enables the agency to collaborate closely with clients to rapidly generate superior, scalable, on-brand content. Combining AI technology, its creative studio capabilities and Quad’s Global Platform team, Betty Studios thoughtfully blends traditional and synthetic content creation to create high-quality results at fast speeds and low costs. For instance, Betty can take a traditional product photo and apply Quad’s

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proprietary library of synthetic models, assign model poses and add a generative background to create a completely new asset. Premedia experts on the global platform team then polish the image to ensure it is market ready.

Managed Services

Quad’s Managed Services offering deepens partnerships with clients by acting as a seamless extension of their marketing operations. Combining the Company’s robust manufacturing platform, global vendor network and customized client-technology solutions, the Managed Services team offers a single operational partner that supports the entire marketing execution process, from concept to delivery including creative intake and approvals, asset production, storage and fulfillment, ordering, on-demand distribution, and reporting and analytics. These services extend beyond commercial print to packaging, in-store signage, direct mail, branded merchandise and an array of other marketing services. By providing clients with advisory and execution-level support, this offering simplifies clients’ workflows, decreases costs and reduces the number of partners needed to execute their work.

Managed Services begins with a consultative review of a client’s marketing operations, including its processes, technology, resources, costs and purchase execution practices. Completed in just weeks, this comprehensive audit aligns clients’ stakeholders across procurement, marketing, merchandising and operations by exposing current inefficiencies within their marketing workflows and identifying opportunities to generate cost savings, reduce touchpoints and increase speed to market.

A key component to its Managed Services offering is the on-site or near-site client-dedicated teams that Quad integrates directly with a client’s internal marketing and purchasing departments. These teams fulfill critical execution roles ranging from ideation to content creation, creative production, purchase execution and marketing deployment across all channels. This structure simplifies marketing for clients and enables them to focus on what they do best: selling more products, services and/or content. Quad has professionals embedded within approximately 50 client-dedicated on-site and near-site teams.

Intentional Innovation

Founded on the belief that there is always a better way to do business, Quad applies a disciplined approach to product development and innovation (PDI) that intentionally identifies needle-moving opportunities that can improve the Company’s revenue and margins. This rigorous process includes several stages to ensure an innovation is ready for market, including idea conception, business case definition, solution design and planning, and final innovation piloting/validation. The Company focuses on new or expanded solutions that either close a gap, meet an underserved need in the marketplace, or provide significant time and cost efficiencies to internal workflows. Quad then strategically invests in the needed talent, technology and capabilities to activate these solutions.

Key areas of innovation that differentiate Quad from its competitors include the following:

Data and Audience Services

Powered by its extensive print manufacturing business, Quad possesses a proprietary, household-based data stack that represents approximately 97% of the U.S. adult population and 92% of U.S. households. The Company believes this household information is uniquely resilient to the industry headwinds impacting other data offerings. Because most Americans have only one home address, and that address must be readable by a mail carrier to complete daily deliveries, Quad’s data stack ensures that insights are derived from real people — not bots, randomized device IDs or untrustworthy email addresses. From insights driven by its data stack, Quad develops proprietary “passions” that highlight the interests of that household and inform target audience identification. While the data stack is founded on household data, it was created with an open architecture to easily ingest supplemental data from vendor partners. Bolstered by these external sources, Quad’s data stack continually revalidates over 3 billion data points within U.S. households. In addition, the data stack possesses insights on more than 20,000 consumer attributes across demographic, behavioral, attitudinal and transactional data sets.

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Quad is actively applying the Company’s data stack across all media channels. In 2025, Quad launched Audience Builder, a proprietary platform that enables the Company’s media strategists, analysts and planners to easily leverage the stack and create complex, high-performing audiences for clients. The platform leverages a generative AI chat feature that enables employees to quickly uncover consumer insights through natural language queries. Based on these prompts, Audience Builder analyzes stored audience attributes from Quad’s data stack and enriches those results with external demographic data, which results in smarter audience creation at a fraction of the time. Quad uses these data-driven audiences to enhance clients’ media buying with precision and scale, applying demographic and behavior-based data sets to identify high-propensity audiences. The Company also is applying the data stack to specifically elevate direct marketing campaign effectiveness as part of its DM Agency services. Filtering target characteristics and passions from the data stack, Quad optimizes mailing lists to increase response rates and achieve greater ROI for clients’ initiatives.

Artificial Intelligence

Quad continues to invest in the rapidly evolving technology of artificial intelligence to realize internal cost savings and support new forms of revenue generation. AI-based systems augment employee capabilities by automating workflows and reducing manual intervention in recurring, labor-intensive processes, enabling employees to focus on higher-value strategic work. Examples include AI-supported scheduling and job ticket creation, automated machine maintenance and custom AI admin chatbots. Every employee is urged to explore how they can apply this technology to streamline repetitive or low-stakes tasks, which creates time for more strategic, value-additive work. Quad supports employees in this by integrating AI solutions across its platforms and providing extensive AI skill-building resources, including more than 200 on-demand AI courses.

Regarding client-facing solutions, Quad has infused AI across its MX Solutions Suite to optimize each aspect of the marketing process. Just as the Company’s services are intentionally integrated, AI helps unify the marketing experience by turning data into strategy and optimizing media, creative and production to orchestrate smarter campaigns, enhance marketing processes, maintain agility and create meaningful connections at scale.

Quad’s AI strategy is backed by a robust organizational structure to mitigate risk and foster ongoing support for AI discovery, testing and implementation. AI efforts are:

•Led by a steering committee, which focuses on strategy and governance.

•Supported by an AI team that is dedicated to developing best practices and relevant use cases while researching the latest trends and AI advancements.

•Executed by AI champions who provide tailored expertise and leadership within their area of the business.

In-Store Connect by Quad

Through decades supporting retailers and consumer packaged goods (CPG) clients in print and creative services, Quad has established itself as an expert in crafting impactful consumer journeys within physical retail environments. Over the last two years, Quad has expanded this expertise by creating its own in-store retail media network (RMN), which leverages the high foot traffic of brick-and-mortar stores to generate direct consumer connections, placing digital technology within the in-store environment.

In-Store Connect by Quad (ISCQ) combines the Company’s deep retail knowledge, extensive CPG network and scalable creative excellence with a robust technology infrastructure and advanced content management system to provide an end-to-end in-store RMN offering. ISCQ uses endemic advertising to market products sold in retail stores through digital screens strategically positioned throughout the store. This contextual marketing reaches consumers at the most important point of the purchasing journey and enhances the overall shopping experience by delivering relevant promotions, sharing key product information and connecting adjacent product options to shoppers. In 2025, the Company continued to advance its ISCQ offering by introducing new digital signage form factors designed to grab shopper attention and increase brand visibility.

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Since launching ISCQ in 2024, Quad has focused on building out a nationwide network of grocery clients given that 91.5% of food and beverage sales still occur in physical stores, according to eMarketer. In 2025, an increasing number of CPG brands purchased inventory on our RMN to drive awareness of their limited time offers and new products — the lifeblood that fuels growth within the grocery category. The solution has provided a significant positive impact on participating CPGs, with product sales increasing an average of 5% to 20% in stores using ISCQ compared to control stores not using the solution. This range in results is based on factors such as the brand’s maturity, product category and campaign objectives.

Postal Optimization

A continued focus of innovation and investment for Quad is geared toward addressing postage rate increases. Postage is the most significant client cost to manufacture and deliver printed marketing materials, representing up to 70% of costs for some clients, and Quad believes that these high costs directly influence clients’ print and mail quantities.

Quad is a leading mailer with the United States Postal Service (USPS), mailing approximately 5.4 billion pieces of marketing materials annually, which represents approximately 9.1% of the USPS’ yearly marketing mail and periodical volume. Quad believes it is uniquely positioned to offer superior mail services and offers a full suite of innovative postal optimization services that help offset rising costs by maximizing postal savings and improving marketing responsiveness. The Company’s co-mail program expedites distribution by bundling multiple printed products destined for the same ZIP codes and, when possible, sorting mail down to the specific delivery route that the postal carrier uses. This process generates work-sharing discounts for Quad and provides savings for publishers, marketers and retailers. These services drop mail bundles further along the USPS processing system, which provides more certainty around in-home dates. Meeting these target dates increases the effectiveness of marketing mail and helps keep it a sustainable media channel for marketers. In 2025, Quad expanded its postal optimization offering by acquiring the co-mail assets of Enru, which support high-density presort levels and generate additional savings through economies of scale. Co-mailing solutions are supported by other innovative postal solutions like Household Fusion, a first-to-market mail packaging solution that combines multiple pieces from different marketing or periodical mailers into a single package delivered to one address, resulting in incremental postage savings.

These solutions are supported by Quad’s team of postal experts who work closely with the USPS to enable clients to better leverage USPS promotions and incentives and receive further savings. The team services clients on an individual basis to determine eligibility and make the necessary changes in production and mailing processes to qualify for these increasingly complicated savings opportunities.

Operating Responsibly

In all its actions, the Company seeks to operate responsibly and create a better way for its employees, clients and communities. Through its commitment to empowering its employees, maintaining sustainable practices, and doing the right thing, Quad connects purpose with performance — strengthening its resilience and creating long-term value for all stakeholders.

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Quad’s Culture

Quad’s distinct corporate culture, which evolved from a core set of Values conceived by the Company’s late founder, defines the way employees work together and is the engine that drives the business forward. As a matrixed organization with an expansive offering, the Company fosters an environment of obsessive collaboration to deliver a frictionless marketing experience for clients. Employees are encouraged to understand how their role contributes to Quad’s integrated offering and engage with individuals outside their business area. These inter-departmental partnerships create close business relationships among employees that fuel the Company’s ability to urgently innovate, which leads to different ways of thinking, cross-selling opportunities and new ways of engaging with clients.

Quad empowers each employee to think like an owner and maintain a client-first attitude, going beyond expected deliverables and implementing creative solutions that improve clients’ marketing at every touchpoint. Regardless of job title, Quad encourages employees to think differently, embracing new technologies to work smarter, faster and more effectively. This complements Quad’s longstanding “maker” ethos, which celebrates attention to detail and a spirit of continuous improvement as individuals identify opportunities, however small, to improve processes and create efficiencies.

Human Capital Management

The Company continually invests in and supports its employees and the areas in which it operates. Building confident, skilled and knowledgeable talent and strong community partnerships are essential to Quad’s continued success.

Attracting, Developing and Retaining Highly Qualified Talent

Given Quad’s belief that its talent stands as a major differentiator among its competition, the Company invests heavily in efforts to attract, develop and retain employees, and in tools, technologies, processes, training and education to increase engagement, and drive productivity enhancements and efficiencies across the entire organization.

As of December 31, 2025, the Company had approximately 10,100 full-time equivalent (“FTE”) employees in the following geographies:

Geographic RegionNumber of FTE Employees

North America (Includes Mexico, Central America and the Caribbean)8,900

Europe, Middle East and Africa400

South America600

Asia200

By fostering a culture of empowerment in a welcoming environment, offering career growth and mentorship opportunities, and providing competitive pay and innovative benefits, Quad believes employees are more fully engaged in their day-to-day activities and produce better results for clients.

•Employee Experience: The Company applies a holistic strategy to engage individuals throughout the employee lifecycle — from onboarding through career development and, ultimately, retirement. Through timely, transparent communications, employees are kept well-informed and engaged in the Company’s culture and strategic direction. Quad’s open-door culture, along with regular surveys, offer multiple avenues for feedback to further enhance the employee experience. Leadership applies insights from this feedback to guide improvements in programs, communications and workplace experience. The Company’s various recognition programs provide motivation and a sense of purpose while helping employees understand the impact of their daily work. These coordinated efforts are intended to create a productive

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and engaged workforce where employees are excited to come to work and contribute to the Company’s success, as well as promote Quad as an employer of choice.

•Career Training and Growth: To maintain and engage its highly skilled workforce, the Company provides employees with educational tools and skills courses through an easy-to-use, on-demand learning platform. The platform covers a wide range of content, including business skills courses that enhance business acumen, finance basics and project management; transferrable skills on communication, teamwork and adaptability; AI courses to learn practical applications that enable individuals to work more efficiently and effectively; and more. Employees are also encouraged to take advantage of the Company’s employee growth and development programs, including: Accelerated Career Training, a fast-track for career advancement in manufacturing positions; Corporate Trainee Program, a rotation-based offering that develops skills and leadership abilities through a series of agency and corporate administration positions; hands-on, mentor-led manufacturing apprenticeships; and Leading Within Quad, which focuses on best-in-class managerial behaviors. These programs not only teach critical on-the-job and leadership skills, but also help employees respond to rapid change, cultivate effective networks, and create high-quality relationships necessary for personal, professional and Company growth.

•Competitive Pay and Innovative Benefits: Employees are hired into jobs with competitive wages and innovative benefits. The Company regularly evaluates its pay practices and structures to ensure it is competitive in the markets where it operates, and fair based on employees’ experience, job responsibilities, performance and business results. Beyond traditional, expected benefits, the Company offers expansive health and wellness benefits, including:

◦QuadMed, the Company’s wholly owned health and wellness subsidiary, which provides a differentiated set of benefits for Quad employees and dependents through on-site and near-site primary and specialty health centers; no-cost virtual primary care across all 50 states; and a nationwide behavioral health program with in-person and virtual counseling. Beyond Quad itself, QuadMed provides worksite healthcare solutions nationally for approximately 35 employers of all sizes and across multiple industries, including private and public sector employers.

◦The Company’s QLife Wellness program, which provides educational resources, interactive webinars and regular communications around physical, emotional, financial and social well-being topics.

•Bridging Strategy and People: Quad’s Business Resource Groups (BRGs) play a vital role in building community, fostering belonging, and supporting professional development within the Company. Quad currently has nine BRGs, which are open to all employees and support varying communities including: supporting mental health awareness, multi-cultural and multifaith employees, women, military veterans and their families, working parents, differently abled employees and caregivers, Black employees, Hispanic/Latino employees, and the LGBTQIA+ community.

Building Strong Communities

The Company believes in supporting the communities in which it operates and its employees live, creating a better way for future generations. The Company maintains a governance framework that guides how Quad manages, reviews and approves its strategic investment of finances, volunteerism and in-kind services for community organizations, which are generally focused on the environment, innovation, education and health. These efforts help the Company maintain a positive reputation as the kind of business that people choose to work for, do business with, invest in and call a true neighbor. Supporting community activities, initiatives and organizations also demonstrates the Company’s Values in action, which fosters pride and employee engagement.

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Environmental

Quad seeks to operate in an environmentally responsible manner that better serves the environment and reflects the values of its clients and their customers. The Company’s environmental efforts promote sustainable resource consumption, focusing on the following areas:

•Recycling: Quad applies a mentality of refuse, reduce, reuse and recycle throughout its internal processes to limit the amount of waste it creates. In 2024 (the most recent year for which data has been tabulated), the Company’s U.S. manufacturing facilities recycled 97.9% of their industrial wastepaper and other solid waste.

•Energy and Emissions: The Company participates in nationwide and statewide programs to enhance its efforts to reduce energy usage and carbon emissions. These include being a founding partner of the U.S. Department of Energy’s Better Plants Program, taking part in the EPA SmartWay Program and participating in the State of Wisconsin’s Focus on Energy Program.

•Responsible Forestry: The Company maintains chain-of-custody certifications for sourcing materials from responsibly managed forests (i.e., Forest Stewardship Council®, Sustainable Forest Initiative, and Program for the Endorsement of Forest Certification) and partners with clients to increase certified paper usage. In 2024 (the most recent year for which data has been tabulated), 92.3% of the paper Quad purchased for its U.S. operations were responsibly sourced from third-party certified vendors.

The Company benchmarks its environmental performance regularly to evaluate the effectiveness of current environmental management programs and to identify program areas that need improvement or need to be developed.

As the owner, lessee or operator of various real properties and facilities, Quad is subject to various federal, state and local environmental laws and regulations, including those relating to air emissions; waste generation, handling, management and disposal; sanitary and storm water discharge; and remediation of contaminated sites. Historically, compliance with these laws and regulations has not had a material adverse effect on the Company’s results of operations, financial position or cash flows. Compliance with existing or new environmental laws and regulations may require the Company to make future expenditures.

In addition to infusing environmentally conscious practices throughout its internal operations, the Company offers several client-facing sustainability solutions. Quad’s Packaging and In-Store divisions provide these services to CPG brands in support of evolving environmental reporting regulations and shifting consumer preferences. In-Store operations emphasize design innovations that lessen a product’s environmental impact and create cost savings for the client. The Packaging division offers a plastic-free paperboard alternative for the blister many CPGs use. In addition to the sustainability testing and research Quad’s Accelerated Marketing Insights team conducts, the Company also offers Sustainability Consulting Services to help clients optimize their packaging to meet their sustainability requirements. With this three-part solution, Quad (1) audits a client’s existing packaging; (2) collects materials specifications and tests eco-friendly alternatives; and (3) creates a customized dashboard to help clients set baselines and track their progress.

Corporate Governance

Effective corporate governance has been a part of Quad since its founding and is informed by the Company’s Values, especially “do the right thing,” which strengthens partnerships, reduces risk and creates sustainable value for the Company long term. Governance starts at the highest level of the Company with oversight by the Board of Directors, which is responsible for minimizing risk while maximizing the effectiveness of Quad’s business strategy. Key tenets of Quad’s governance strategy include:

•Family Leadership: As of February 6, 2026, the Quadracci family, through the Quad/Graphics, Inc. Amended and Restated Voting Trust Agreement (“Quad Voting Trust”), has voting control of approximately 72% of the Company’s outstanding shares. The Company believes this governing structure provides continued stability and flexibility to achieve its long-term strategic vision.

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•Risk Management: Led by an executive enterprise risk management (ERM) steering committee, Quad’s ERM program strategically identifies potential risks to the business and conducts appropriate response planning. Risk management is a highly collaborative process at Quad as cross-functional teams help recognize the ripple effects a situation could have across the Company’s interconnected operations.

•Employee Compliance: Employees are required to take an active role in ethics and compliance. Each year, 100% of employees are required to take a suite of compliance trainings on topics that include Quad’s Values, Code of Conduct, anti-harassment, conflicts of interest, Customs-Trade Partnership Against Terrorism (C-TPAT), Health Insurance Portability and Accountability Act of 1996 (HIPAA), data privacy and security, phish detection, physical security, acceptable use policy for technology assets, and anti-bribery and anti-corruption. Employees can discreetly report violations of the Code of Conduct through multiple easy-to-use channels, including a 24/7 anonymous Ethics and Compliance Hotline.

•Supplier Code of Conduct: The Company requires all suppliers, vendors, contractors, consultants, agents and other providers of goods and services worldwide to abide by Quad’s Supplier Code of Conduct to ensure they follow Company’s policies related to business integrity, anti-corruption and anti-bribery, ethical labor practices, human rights, associate health and safety, and environmental management. Suppliers and their associates can also report violations of the Company’s Code of Conduct or the Supplier Code through the Ethics and Compliance Hotline.

•Data Security: Quad continually updates and strengthens its information and data security program to address the fast-changing threat landscape and ensure proper oversight. The program includes ongoing employee education to ensure the security of physical and digital workspaces, protect the privacy of valuable data, identify potential phishing and malware threats, and avoid risky behaviors.

Financial Objectives

Quad follows a disciplined approach to maintaining and enhancing financial strength to create shareholder value. This strategy is centered on the Company’s ability to drive profitable growth and maximize net earnings, Free Cash Flow and operating margins; maintain consistent financial policies to ensure a strong balance sheet, liquidity level and access to capital; and retain the financial flexibility needed to strategically allocate and deploy capital as circumstances change. The priorities for capital allocation and deployment are balanced according to prevailing circumstances and what the Company thinks is best for shareholder value creation at any point in time. These priorities currently include increasing growth investments as an MX company to fuel net sales growth, maintaining low net debt leverage to ensure long-term financial strength, and increasing return of capital to shareholders through dividends and share repurchases. The Company’s disciplined financial approach and strong, trusted banking relationships allow it to maintain sufficient liquidity and to reduce refinancing risk.

Quad applies holistic continuous improvement and lean enterprise methodologies to further streamline its processes and maximize operating margins. These same methodologies are applied to its selling, general and administrative functions. The Company continually works to lower its cost structure by consolidating manufacturing operations into its most efficient facilities, as well as realizing purchasing, mailing and logistics synergies by centralizing and consolidating print manufacturing volumes, and eliminating redundancies in its administrative and corporate operations. Quad believes that its focused efforts to be a high-quality, low-cost producer, will enable it to generate increased Free Cash Flow and allow the Company to maintain a strong balance sheet through debt reduction.

Patents, Trademarks and Trade Names

Quad operates research and development facilities that support the development of new equipment, process improvements, raw materials and content management, and distribution technologies to better meet client needs and improve operating efficiencies. The Company continues to innovate within the printing and print-related industry and, as a result, has developed what it believes to be one of the most powerful patent portfolios in the print industry.

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Quad currently holds or has rights to commercialize a wide variety of worldwide patents and applications relating to its business. The Company intends to continue to file patent applications that it believes will help ensure the continued strength of the Company and its portfolio. Additionally, the Company markets products, services and capabilities under a number of trademarks and trade names. Quad aggressively defends its intellectual property rights and intends to continue to do so in the future.

Raw Materials

The primary raw materials that Quad uses in its print business are paper, ink and energy. The price and availability of paper has been, and may continue to be, adversely affected by paper mills’ permanent or temporary closures; paper mills’ access to raw materials, conversion to produce other types of paper that are not usable by the Company in its operations (which a number of paper mills have done or are doing), and ability to transport paper produced; and tariffs and trade restrictions. At this time, the Company’s supply of raw materials are available from numerous vendors; however, based on previously mentioned market conditions, the current supply is under pressure due to supply chain disruptions and inflation. The Company generally buys these raw materials based upon market prices that are established with the vendor as part of the procurement process.

Approximately half of the paper used in the printing process is supplied directly by the Company’s clients. For those clients that do not directly supply their own paper, the Company makes use of its purchasing efficiencies to supply paper by negotiating with leading paper vendors, uses a wide variety of paper grades, weights and sizes, and does not rely on any one vendor. In addition, the Company generally includes price adjustment clauses in sales contracts for paper and other critical raw materials in the printing process. Although these clauses generally mitigate paper price risk, higher paper prices and tight paper supplies, as well as changes in the United States import or trade regulations, may have an impact on client demand for printed products. The Company’s working capital requirements, including the impact of seasonality, are partially mitigated through the direct purchasing of paper by its clients.

The Company produces the majority of ink used in its print manufacturing, allowing it to control the quality, cost and supply of key inputs. Raw materials for the ink manufacturing process are purchased externally from a variety of vendors.

The Company may not be able to fully pass on to clients the impact of higher electric and natural gas energy prices on its manufacturing costs, and increases in energy prices result in higher manufacturing costs for certain of its operations. The Company mitigates its risk through natural gas hedges when appropriate. In its logistic operations, however, the Company is able to pass a substantial portion of any increase in fuel prices directly to its clients.

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Information About Our Executive Officers

The following table sets forth the names, ages (as of February 18, 2026) and positions of Quad’s executive officers.

NameAgePosition

J. Joel Quadracci57Chairman and Chief Executive Officer

Anne M. Bauer61Vice President and Chief Accounting Officer

Julie A. Currie62Executive Vice President and Chief Revenue Officer

Dana B. Gruen52General Counsel, Corporate Secretary and Chief Risk & Compliance Officer

David J. Honan57President and Chief Operating Officer

Steven D. Jaeger61Vice President and Chief Information Officer

Timothy V. Maleeny64Chief Client Strategy and Integration Officer, President of Quad Agency Solutions

Donald M. McKenna53Executive Vice President and Chief Administrative Officer

Robert H. Quadracci58Chief Human Resources Officer

Anthony C. Staniak53Chief Financial Officer and Treasurer

Kelly A. Vanderboom51Executive Vice President and Head of Agency Operations

Mr. J. Joel Quadracci has been a director of Quad since 2003, its Chief Executive Officer since July 2006 and its Chairman and Chief Executive Officer since January 2010. He also served as President of Quad from January 2005 to February 2026. Mr. Quadracci joined Quad in 1991 and, prior to becoming Chief Executive Officer, served in various capacities, including Sales Manager, Regional Sales Strategy Director, Vice President of Print Sales, Senior Vice President of Sales and Administration, and President and Chief Operating Officer. He serves on the board of directors for Plexus Corp., Pixability, Inc., Road America, Inc., the National Association of Manufacturers and the Metropolitan Milwaukee Association of Commerce. He also serves on the board of trustees for the Milwaukee Art Museum and on the advisory council of the Smithsonian National Postal Museum. Mr. Quadracci received a B.A. in Philosophy from Skidmore College in 1991. Mr. Quadracci is the brother of Kathryn Quadracci Flores, M.D., a director of Quad and Chief Executive Officer of QuadMed, a wholly owned subsidiary of the Company, the brother-in-law of Christopher B. Harned, a director of Quad, and the first cousin of Robert Quadracci, Quad’s Chief Human Resources Officer.

Ms. Bauer has served as Vice President since January 2022 and Chief Accounting Officer since March 2017. She previously served as Director – Corporate Controller of Quad from May 2016 until March 2017 and then as Executive Director and Chief Accounting Officer until January 2022. She joined Quad in September 2011, serving as Director of Corporate Accounting until May 2016. Prior to joining Quad, Ms. Bauer held various accounting positions at Journal Communications, Inc., during her 18 years there, including Vice President and Controller from June 2000 until September 2011.

Ms. Currie has served as Executive Vice President and Chief Revenue Officer since November 2020. She previously served as Executive Consultant of FCM, LLC from 2019 to 2020. Prior thereto, Ms. Currie served in multiple senior leadership roles at Nielsen, a global leader in audience measurement, data and analytics, including as Senior Vice President, Global Retail Product Leadership from 2016 to 2019; Senior Vice President, Global Loyalty Commercial Director from 2012 to 2016; Senior Vice President, Global Business Services North America from 2008 to 2012; Vice President, National Accounts Group Client Director from 2003 to 2007; and Vice President, Group Client Director from 2001 to 2003. Ms. Currie serves on the board of directors of the Boys & Girls Club of Lake County, Illinois.

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Ms. Gruen has served as General Counsel, Corporate Secretary and Chief Risk & Compliance Officer since February 2023. Joining Quad’s legal department in 2007 as Employment Counsel, she advanced to Assistant General Counsel in 2014; Deputy General Counsel and Chief Compliance Officer in 2015; Vice President, Deputy General Counsel and Chief Compliance Officer in 2016; Vice President, Deputy General Counsel and Chief Compliance and Risk Officer in 2020; and Senior Vice President, Deputy General Counsel and Chief Risk & Compliance Officer in 2022. Prior to joining Quad, Ms. Gruen was an associate at Foley & Lardner, Sonnenschein Nath & Rosenthal (now part of Dentons), and Seyfarth Shaw.

Mr. Honan has served as President and Chief Operating Officer since February 2026. His previous roles at Quad were Executive Vice President and Chief Operating Officer from January 2022 to February 2026; Executive Vice President and Chief Financial Officer from January 2015 to December 2021; Vice President and Chief Financial Officer from March 2014 to January 2015; Vice President and Chief Accounting Officer from July 2010 to March 2014; Vice President and Corporate Controller from December 2009 to July 2010; and Corporate Controller from when he joined Quad in May 2009 to December 2009. Currently, he serves on the advisory board of FM Global. Prior to joining Quad, Mr. Honan served as Vice President, General Manager and Chief Financial Officer of Journal Community Publishing Group, a subsidiary of diversified media company Journal Communications Inc., for five years, and held executive-level roles in investor relations and corporate development at Newell Brands, a global marketer of consumer and commercial products. Prior thereto, Mr. Honan worked at the accounting firm Arthur Andersen LLP for 11 years.

Mr. Jaeger has served as Vice President and Chief Information Officer since November 2015. He previously served as Executive Vice President, President of Direct Marketing and Chief Information Officer from November 2014 to November 2015; Executive Vice President, President of Direct Marketing and Media Solutions and Chief Information Officer from March 2014 to November 2014; Corporate Vice President of Information and Technology since 2013; as Vice President of Information Systems and Infrastructure from 2007 to 2012; and President of Quad/Direct from August 2007 until 2013. Prior thereto, Mr. Jaeger served as Quad’s Vice President of Information Systems from 1998 to 2006 and worked in various other capacities since he joined the company in 1994. Prior to joining Quad, Mr. Jaeger worked for Andersen Consulting for eight years.

Mr. Maleeny has served as Chief Client Strategy and Integration Officer since December 2024 and President of Quad Agency Solutions since May 2025. Prior to joining Quad, he served as President, Chief Strategy and Innovation Officer at Havas North America from April 2018 to November 2024. He has also held a variety of leadership roles across the marketing industry, including Head of Strategy for Ogilvy, Managing Director & Chief Strategy Officer at Deloitte, and Executive Director of Brand & Marketing Strategy at R/GA. He also spent almost a decade at independent creative shop Hal Riney & Partners, where he led strategy and new business prior to the agency’s acquisition by Publicis Groupe. He currently serves on the board of directors for the American Association of Advertising Agencies (4As).

Mr. McKenna has served as Executive Vice President and Chief Administrative Officer since January 2022. He previously served as Senior Vice President of Sales Administration from August 2018 to January 2022; Vice President of Sales Administration from June 2013 to August 2018; and Product Planning Manager from March 2010 to June 2013. Prior to joining Quad, Mr. McKenna worked at J.S. Eliezer Associates, a print consulting firm in Stamford, Connecticut, beginning in 1998 and was named President of the firm in 2004, the leadership role he maintained until joining Quad in 2010.

Mr. Robert Quadracci has served as Chief Human Resources Officer since February 2023. Previously, he was Vice President of Human Resources – Sales, Marketing & Quad Agency Solutions from January 2022 to February 2023; Executive Director – Human Resources from 2014 to 2022; and Human Resources Director from 1999 to 2014. Prior to joining Quad, Mr. Quadracci worked at Edison International as a Project Manager, Workforce Management and Corporate Redeployment from 1992 to 1999. Mr. Quadracci is the first cousin of J. Joel Quadracci, Chairman and Chief Executive Officer of Quad, and Kathryn Quadracci Flores, M.D., a director of Quad and Chief Executive Officer of QuadMed, a wholly owned subsidiary of the Company.

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Mr. Staniak has served as Chief Financial Officer since January 2022, and Treasurer since December 2025. Previously, he served as Vice President of Finance from March 2017 until January 2022. Joining the Company in 2009 as Director of External Reporting, Mr. Staniak was subsequently named Director of Internal Audit in 2011; Executive Director – Financial Controller in 2013; Chief Accounting Officer in 2014; and Vice President and Chief Accounting Officer in 2015. Prior to joining Quad, Mr. Staniak was Chief Financial Officer of data consulting firm Sagence, Inc. He began his career at the accounting firm Arthur Andersen LLP in 1995. Mr. Staniak is a member of the Wisconsin Institute of Certified Public Accountants and is a member of the board of directors for the Zoological Society of Milwaukee, the Volunteer Center of Washington County, and Make-A-Wish Wisconsin.

Mr. Vanderboom has served as Executive Vice President since May 2018 and Head of Quad Agency Solutions Operations since March 2023. Mr. Vanderboom also serves on the board of QuadMed, a wholly owned subsidiary of the Company. Since joining Quad in 1993, he has served in various leadership capacities, including Controller of Parcel Direct, a freight expediting subsidiary sold to FedEx in 2004; Treasurer, from 2007 to 2025; Vice President, beginning in 2008; Vice President of the Program Management Office (PMO) from 2012 to 2014 and 2019 to 2023; and President of Logistics from 2014 to 2023.

Executive officers of Quad are elected by and serve at the discretion of Quad’s Board of Directors. Other than described above, there are no family relationships between any directors or executive officers of Quad.

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