Quad/Graphics Inc-A 2025年度报告

as a substitute for or superior to, net earnings (loss)as a measure of operating performance or to cashflows provided by operating activities as a measureof liquidity. These non-GAAP measures may bedifferent than non-GAAP financial measuresused by other companies. A reconciliation ofthese non-GAAP financial measures to GAAPfinancial measures can be found on pages 46,47, 49, 50 and 51 of our digital Annual Report onForm 10-K for the fiscal year ended December 31,2025, as filed with the Securities and ExchangeCommission on February 18, 2026. Additionally,they can be found on pages 47, 48, 53 and54 of Quad’s printed 2025 Annual Report. 1.Adjusted EBITDA is defined as net earnings(loss) excluding interest expense, incometax expense, depreciation and amortization(“EBITDA”), restructuring, impairment andtransaction-related charges, net and thesettlement charge from defined benefitpension plan annuitization. EBITDA Margin andAdjusted EBITDA Margin are defined as EBITDAor Adjusted EBITDA divided by Net Sales. 3.Net Debt is defined as total debtand finance lease obligations lesscash and cash equivalents.4.Net Debt Leverage Ratio is definedas Net Debt divided by the last 12months of Adjusted EBITDA. This communication contains financial measuresnot prepared in accordance with generallyaccepted accounting principles (referred to asnon-GAAP), specifically EBITDA, EBITDA Margin,Adjusted EBITDA, Adjusted EBITDA Margin, FreeCash Flow, Net Debt and Net Debt Leverage Ratio.The Company believes that these non-GAAPmeasures, when presented in conjunction withcomparable GAAP measures, provide additionalinformation for evaluating Quad’s performanceand are important measures by which Quad’smanagement assesses the profitability andliquidity of its business. These non-GAAPmeasures should be considered in addition to, not Forward-looking statements in this letterand Annual Report are subject to safe-harbor provisions as explained on page 1of the Annual Report on Form 10-K. 2.Free Cash Flow is defined as net cash providedby operating activities less purchasesof property, plant and equipment. To OurShareholders Thank you for your confidence andsupport as a valued Quad shareholder. While our products and services are organized intodistinct solutions suites, they are intentionally designedto function together, simplifying the complexities ofmarketing. This unified ecosystem drives better businessoutcomes for our clients, including cost efficiencies,improved speed-to-market, stronger marketingeffectiveness and greater return on investment. As I write this letter, I find myself reflecting on milestones. 2026 marks my 20th year as Quad’s CEO, the company’s 55thanniversary and what would have been the 90th birthday ofmy father and Quad’s founder Harry V. Quadracci. Reflectingon how the company has transformed and grown over theyears, I am incredibly proud of Quad’s ongoing ability tomeet the evolving needs of marketers and create a betterway to do business. While our offering has expanded, ourValues-led culture has remained steadfast, and we continueto operate as my father intended—a company with a soul. In support of driving Quad’s MX momentum, I recentlyannounced Dave Honan’s expanded role as President inaddition to his ongoing responsibilities as Chief OperatingOfficer. Dave has been instrumental in strengthening ouroperations, margins and performance discipline, andthe Board of Directors and I have deep confidence in hisability to continue driving day-to-day execution acrossthe company. This leadership structure allows me toremain deeply focused on long-term strategy, innovation,partnerships, and stakeholder relationships—essentialcomponents of sustained success as an evolving company. We are helping brands connect with people in smarter,more meaningful ways through our comprehensivesuite of print and marketing services. Backed by data-driven intelligence and state-of-the-art technology,we seamlessly integrate creative, production andmedia solutions to engage consumers whereverthey are—in the household, in-store or online. Recently, Quad’s agencies won integrated worksupporting The Gorilla Glue Company. Thisconsolidated partnership enables Rise’s audienceinsights and experiential media plans to informBetty’s creative strategy, providing marketingthat resonates with consumers while streamliningexecution and reducing handoffs for the client. Looking back at 2025, we made meaningful progressadvancing our revenue diversification strategy, whichis leading to higher value work with top brandsacross multiple verticals. We had particularly strongperformance across our Targeted Print solutions,including direct mail, packaging and in-store marketing.Quad’s agencies are also gaining momentum, fromleading a package refresh for ALDI to supporting hyper-local marketing campaigns for Gallo and launchingcreative campaigns for Valvoline Instant Oil Change,to name just a few highlights. More broadly, we haveseen increasing demand for Quad’s