QUAD: revenue $581.0M, net income $6.2M. Quad sales fall 7.7% as leverage climbs to 2.19x, above target range

Filed April 29, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 30, 2025 · ~2 min read

Key Changes

• high

  Net sales declined 7.7% ($581.0M) in Q1 2026 vs. prior year, reflecting European operations sale and continued print volume pressure. EBITDA margin held at 6.2% despite lower sales.

  MD&A: Net sales and EBITDA verify on EDGAR →
• high

  Net Debt Leverage Ratio rose to 2.19x from 1.57x at year-end due to seasonal working capital needs, exceeding management's 1.50x-2.00x target range. Covenant-adjusted liquidity now $177.4M vs. $250.9M headline liquidity.

  MD&A: Net Debt Leverage Ratio and Liquidity verify on EDGAR →
• high

  Free Cash Flow negative $107.0M in Q1 2026 vs. negative $100.3M prior year, driven by $93.7M operating cash outflow and $13.3M capex. Q1 is seasonally weakest quarter for cash generation.

  MD&A: Free Cash Flow verify on EDGAR →