What changed in this filing

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Item 1. Business

2026-02-18 compared with 2025-02-21 · 216 added, 180 removed, 275 unchanged (59% of the section changed)

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according to Ad Age (2025).

Its robust manufacturing platform also ranks it as one of the largest commercial printers in North America, according to Printing Impressions (2024).

Its robust manufacturing platform also ranks the Company as one of the largest commercial printers in North America, according to Printing Impressions (2025).

Quad’s unique engagement model complements brands’ way of working.

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• 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 offline and online channels.

In 2024, the Company focused on delivering strong financial results while navigating multiple issues in the macroeconomic environment, including postage cost increases on print mailings and elevated interest rates.

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.

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Principal Capabilities

Quad’s MX Solutions Suite provides a comprehensive range of marketing and print services, seamlessly integrating creative, production and media solutions across online and offline channels.

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.

Intelligence solutions unlock strategic insights for its clients to help them make smarter marketing decisions.

The Company’s audience analytics and segmentation services leverage Quad’s proprietary, household-based data stack — representative of more than 250 million consumers — to create models driven by behavior-based “passions” of current customers and optimize prospecting for new ones so clients can reach their ideal audiences.

The Company believes these passions to be a true differentiator among the industry as they are based on reliable, resilient data that is proprietary to Quad.

The Company offers a full suite of testing services, which can gauge the effectiveness of media across channels.

In-market media testing empowers clients to incrementally improve their media planning and placement strategy, and increase their return on investment.

Quad also provides pre-market creative research and testing services through its Accelerated Marketing Insights offering, which comprises a variety of virtual and experiential testing environments, including insights gleaned from neuroscience and expert panelists.

This comprehensive offering delivers reliable, data-driven intelligence in a fraction of the time traditional methods require, and at a lower cost, in support of packaging, in-store, direct marketing and related solution services.

Through this methodology, brands can optimize the messaging, creative treatment and design format for their marketing before it goes live to enhance audience engagement, improve product performance, and minimize costly market corrections.

Quad’s creative offering addresses every step of the creative process, from ideation to execution.

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.

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.

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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 real-time 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/premedia tasks.

The Company also has an international network of 17 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 in the marketing mix.

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.

Quad offers a wide range of production capabilities for deploying content to offline (i.e., physical) and online channels – a major point of differentiation among the Company’s competitive set.

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 large-scale print products, such as magazines, retail inserts and directories, as well as targeted print products, such as catalogs, direct mail, in-store signage and displays, and high-end packaging.

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.

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Quad complements its production capabilities through its Managed Services offering.

Applying its deep industry knowledge, expansive network and substantial purchasing power, Quad helps clients manage their operations the way it runs its own – with diligence, efficiency and highly competitive costs.

Quad provides data-led, strategic media planning and placement services that support all traditional and digital touchpoints to foster direct consumer connections in-home, in-store and online.

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.

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 leverages more than $3.0 billion in the marketplace, enabling the Company to provide cost-efficient and effective options across all channels.

Media services are supported by Quad’s proprietary, household-based data stack and Connections Planning, a comprehensive approach to connecting clients with consumers through deep exploration of audience behavior.

This generates an experiential plan to help clients identify channels for most effectively reaching consumers with targeted messages in the moments they are most receptive and likely to engage across paid, owned and earned touchpoints to drive business outcomes.

The Company’s offering includes advanced analytics and campaign measurement solutions like media mix and tactical media effectiveness models to gauge how all media across the marketing funnel are performing, providing data-backed guidance on how to incrementally optimize media spend.

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.

The Company’s client-facing technology solutions help brands connect marketing strategy, global content creation, analytics and optimized media performance across offline and online channels.

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 planning and content management platform empowers clients to strategize, plan and manage campaigns, and personalize at scale across any channel.

Quad’s Publishing Solutions platform optimizes magazine planning and streamlines print operations management by connecting sales, editorial and production departments for straightforward editions to complex regional and demographic versions.

The Company’s At-Home Connect solution automates direct mail personalization, printing, mail sorting and in-home delivery, which simplifies and expedites marketers’ ability to create deeper, more direct connections with consumers.

These automations can be triggered by activities and events such as loyalty anniversaries and lifestyle preferences, or opportunities such as winning back lapsed customers, converting abandoned shopping carts, or upselling or cross-selling items.

Through its In-Store Connect retail media solution, Quad elevates the shopping experience in physical stores by helping brands deliver engaging messages and targeted promotions right at the shelf – a critical moment in the purchasing decision.

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.

Industry and Competition

With its one-of-a-kind integrated marketing platform, Quad competes in both the advertising and marketing services industry, and in the commercial printing industry.

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.

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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);

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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, which maximizes utilization of equipment and labor resources while also driving cost savings.

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 maximize labor productivity;

and advanced equipment and automation, including automated guided vehicles and robotic palletizers that support high-quality, low-cost production.

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.

Quad is subject to seasonality in its quarterly results as net sales and operating income are 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 reach peak levels during the third quarter.

Seasonality is driven by increased catalogs and retail inserts primarily due to back-to-school and holiday-related advertising and promotions.

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.

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.

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Integrated Marketing Platform Excellence

Quad’s integrated marketing platform encompasses all the resources brands and marketers need to plan, create, deploy, measure and optimize their marketing efforts across any media channel — from household to in-store to online.

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.

Connected Solutions

While the Company’s products and services are organized into distinct solutions suites, they are intentionally crafted to complement one another.

For instance, the Company’s decades in print production provides household-level insights that fuel Quad’s differentiated data stack.

This data, in turn, drives the Company’s ability to strategically craft effective omnichannel media campaigns for its clients.

Similarly, combining the Company’s creative prepress capabilities with Quad’s robust marketing platform enables brand-consistent print deliverables at both volume and velocity.

Its breadth of solutions enables Quad to integrate where others cannot and deliver specialists where they are needed most.

The Company has built its business around clients’ needs, selling comprehensive solutions to problems – not just standalone products and services.

Quad’s integrated selling approach brings together experts from its manufacturing business and agencies to remove friction wherever it occurs in a client’s marketing ecosystem.

This approach results in cross-category sales and expanded growth opportunities that deeply engrain the business in a client’s marketing operations.

For instance, clients using the Company’s Betty agency for creative campaigns can leverage its Rise agency to craft a customized media strategy for connecting the right audiences using the optimal channels at the time consumers are most likely to engage.

The Company continues to see growth in this integrated strategy, with approximately 85% of its U.S.

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.

Agency Expertise

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.

Full-Service Agency Solutions

Quad offers complete media and creative agency of record services through its Rise and Betty agencies.

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Fully integrated with the rest of Quad, Rise and Betty provide frictionless access to the Company’s comprehensive portfolio of marketing solutions.

Rise helps brands and marketers drive greater business results via digital and traditional media strategy, planning, buying and optimization.

Through its origins as a performance media company, Rise executes full-funnel media activation with unified measurement at its core, holding all media accountable for business outcomes.

The agency does not own principal-based positions in media (i.e., buying discounted ad inventory and selling it to clients at a markup).

Quad’s data stack backs the agency’s media services with reliable, household-level insights and passions without the customary taxes and hidden fees marketers often incur.

Rise’s media buying and placement is channel neutral and leverages the best data, platform and partners for a client’s unique needs.

The agency prioritizes transparency by conducting log-level analysis of its media.

Clients receive information about each ad request, bid and impression so they can clearly understand how their media inventory is delivered across different channels.

Betty answers the market need for an integrated and flexible creative solution that provides scalable execution without sacrificing quality or effectiveness.

It combines a boutique agency 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.

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 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 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.

Its global 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 enable the agency to collaborate closely with clients to rapidly generate superior, scalable, on-brand content.

Global Platform

Quad’s Rise and Betty agencies are backed by global production resources that provide around-the-clock services.

Quad’s global production team enables quick-turn design and production support, executing responsibilities such as page assembly, retouching, color correction and design to reduce turnaround times, and provide the scalability that differentiates the creative agency.

In addition to Rise’s Mexico City team, which executes complete agency of record (AOR) media services, Rise’s team in India conducts data intelligence work for creating resonant media plans that maximize business results for clients.

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

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.

Leveraging Quad’s broad production capabilities and network of trusted vendor partnerships with integrated client services, technology and process design, Managed Services provides clients with advisory and execution-level support to simplify their workflows, decrease costs and reduce the number of partners needed to execute their work.

Quad begins with a consultative review of a client’s marketing operations, including its processes, technology, resources, costs and purchase execution practices.

The Company then creates tailored solutions that address identified process optimization opportunities.

Managed Services operations combine Quad’s robust manufacturing platform and expansive supplier network to produce a client’s marketing collateral.

These services extend beyond print to packaging, in-store signage, branded goods and an array of other marketing services.

Quad deploys on-site and near-site client-dedicated teams that integrate directly into a client’s internal marketing and purchasing departments.

These teams fulfill critical execution roles ranging from content creation and creative production to purchase execution and marketing deployment across all channels.

This team structure simplifies marketing for clients and enables them to focus on what they do best:

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 more than 400 professionals embedded within approximately 50 client dedicated on-site and near-site teams.

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.

Led by an interdepartmental committee of leaders, 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.

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:

Proprietary Data Stack

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.

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The Company believes this household information is uniquely resilient to the industry headwinds impacting other data offerings.

Since the majority of 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 random email addresses.

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 new clients and/or vendor partners.

Bolstered by this data, Quad’s stack consists of more than 3 billion data points that are revalidated weekly, representing more than 20,000 consumer attributes across demographic, behavioral, attitudinal and transactional data sets.

As announced in 2024, Quad is partnering with Google Cloud to leverage AI optimization capabilities and large language models for creating new AI-driven solutions that tap into the data stack and seamlessly connect it with clients’ creative and media assets.

These AI solutions will streamline access to Quad’s audience-targeting capabilities to further monetize its unique data stack.

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.

In addition, the data stack possesses insights on more than 20,000 consumer attributes across demographic, behavioral, attitudinal and transactional data sets.

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.

As the marketing ecosystem continues to rapidly evolve and brands rely heavily on multi-channel media plans across online and offline platforms, Quad is positioning itself to lead the charge in creating a new retail experience.

The boom of retail media networks (RMNs) has unleashed exciting new possibilities for brands, and companies are shifting their marketing plans accordingly, with eMarketer predicting ad spend in omnichannel RMNs will grow to nearly $100 billion by 2028.

Quad is tapping into the power of RMNs by taking the traditional digital marketing funnel and bringing it into the store environment where U.S.

shoppers make more than 80% of their retail purchases.

Launched in 2024, In-Store Connect by Quad positions digital screens and kiosks throughout a physical store, giving retailers and CPG companies more impactful opportunities to deliver relevant promotions, share key product information and connect adjacent product options to shoppers, thus enhancing the overall shopping experience.

By providing direct connections with shoppers at strategic locations throughout the store, the solution generates greater product awareness to influence decisions in real-time and drive sales.

In-Store Connect combines Quad’s deep retail knowledge, extensive CPG network and scalable creative excellence with the hardware and software capabilities provided through its 2023 acquisition of DART Innovation, providing an end-to-end in-store RMN offering.

The Company is focused on building out a nationwide network of mid-market grocery clients, with testing currently ongoing in 30 stores as of December 31, 2024.

Early testing results are promising, with stores seeing significant product and category-level sales lifts.

As the Company continues to build its client portfolio, it is also exploring applications in other retail verticals such as department stores, home improvement stores and convenience stores.

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.

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

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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 partner with the United States Postal Service (USPS), mailing more than 5.9 billion pieces of marketing materials annually, which represents approximately 9.8% of the USPS’ yearly marketing mail and periodical volume.

Quad believes it is uniquely positioned to offer superior mail services and is continually creating innovative services to address this significant cost, including:

• Co-mailing:

The Company’s co-mail program expedites distribution by sorting and bundling multiple printed products at once for the USPS in exchange for work-sharing discounts and providing savings for publishers, marketers and retailers.

• MergedMail™:

This print-to-carrier solution uses a standard mailing format and Quad’s co-mailing abilities to produce completely personalized direct mail while maximizing postal savings.

The solution, powered by Quad’s print expertise and scalable solutions, supports weekly print runs.

• Household Fusion™:

This first-to-market mail packaging solution 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 allow clients to better leverage USPS promotions and incentives and receive further savings.

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

The Company seeks to operate responsibly by relying on its distinct corporate culture, which evolved from a core set of Values conceived by the Company’s late founder, Harry V.

Quadracci, and are focused on creating a better way forward.

These Values, which prioritize “believe in people,” “do the right thing” and “urgently innovate,” drive thoughtful decision making, especially around Quad’s disciplined approach to managing operations, solutioning for clients, and supporting employees and the communities where they work and live.

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.

Quad’s Culture

Believing in its people, Quad empowers each employee to think like an owner and do what they can to put the client first and make it easy to work with the Company at every touchpoint.

Regardless of job title, Quad encourages employees to engage in its “maker” culture, embracing attention to detail and committing to continuous improvement by identifying opportunities, however small, to improve processes and create efficiencies.

Quad promotes a culture of constant collaboration where employees share ideas with others inside and outside of their immediate department and/or business area.

Employees’ close, personal relationships foster inter-departmental partnerships and trust that speed up the Company’s ability to urgently innovate and evolve as an MX company.

Doing the right thing means creating an environment where all employees feel welcome and able to bring their best selves to work every day.

The Company’s Business Resource Groups (BRGs) are one way Quad lives out this Value, providing space for employees of shared backgrounds and interests to support one another and convey their perspectives and feedback with Company leadership.

Quad currently has nine BRGs supporting women, military

veterans and their families, differently abled employees and caregivers, employees facing mental health challenges, the LGBTQIA+ community, Black employees, Hispanic / Latino employees, working parents, and employees of multicultural demographics.

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

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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.

The Company’s many coordinated efforts are intended to create a productive and engaged workforce where employees are excited to come to work and contribute to Quad’s success, as well as promote Quad as an employer of choice in their communities.

These coordinated efforts are intended to create a productive

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;

Employees are also encouraged to take advantage of the Company’s employee growth and development programs, including:

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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 equitable based on employees’ experience, job responsibilities, performance and business results.

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:

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◦ 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 partnering with local communities creates a catalyst for movement and change, which benefits those outside of Quad’s walls while helping the Company maintain a positive reputation as the kind of business people choose to work for, do business with, invest in and call a true neighbor.

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.

The four key objectives that guide the Company’s community impact from strategic investment of finances, volunteerism and in-kind services in community organizations are:

• Lessen the use of natural resources and impact on the environment;

• Provide academic and educational opportunities, and experiential learning for more people;

• Ensure that Quad reflects the communities where its employees live and work, as well as the clients who trust Quad with their business;

• Support programs that improve employees’ mental and physical health.

Environmental

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These include being a founding partner of the U.S.

Department of Energy’s Better Plants Program, being ISO 50001 Ready through the U.S.

Department of Energy at some of its largest manufacturing plants, and participating in the State of Wisconsin’s Focus on Energy Program.

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 2023 (the most recent year for which data has been tabulated), nearly 89% of all the Company’s printed products and packaging were sustainably sourced from certified third-party organizations.

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.

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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

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• Family Leadership:

As of January 31, 2025, the Quadracci family, through the Quad/Graphics, Inc.

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.

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• Risk Management:

Led by an executive risk steering committee, Quad’s Enterprise Risk Management program strategically identifies potential risks to the business and conducts appropriate response planning.

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.

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Employees are required to take an active role in ethics and compliance.

Each year, all employees take a suite of compliance trainings on topics that include the Code of Conduct, anti-harassment, conflict of interest, Customs-Trade Partnership Against Terrorism (C-TPAT), data privacy, Health Insurance Portability and Accountability Act of 1996 (HIPAA), information security, physical security, acceptable use policy for technology assets, and anti-bribery and anti-corruption.

Employees can discreetly report violations to the Code of Conduct through multiple easy-to-use channels, including a 24/7 anonymous Ethics and Compliance Hotline.

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 maintains a Supplier Code of Conduct to ensure suppliers, vendors, contractors, consultants, agents and other providers of goods and services follow the Company’s policies related to business integrity, ethical labor and human rights practices, associate health and safety, and environmental management.

This code also includes anti-corruption and anti-bribery policies.

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:

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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 debt leverage to ensure long-term financial strength, and increasing return of capital to shareholders through dividends and share buybacks.

The Company’s disciplined financial approach and strong, trusted banking relationships allows it to maintain sufficient liquidity and to reduce refinancing risk, such as with Quad’s successful 2024 refinancing of its Term Loan A and Revolving Credit Agreement.

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.

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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 generates increased Free Cash Flow and allows the Company to maintain a strong balance sheet through debt reduction.

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

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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, and ability to transport paper produced;

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.

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Information About Our Executive Officers

The following table sets forth the names, ages (as of January 31, 2025) and positions of Quad’s executive officers.

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

Name Age Position

Joel Quadracci 56 Chairman, President and Chief Executive Officer

Ashworth 59 Executive Vice President of Product and Market Strategy

Joel Quadracci 57 Chairman and Chief Executive Officer

Bauer 61 Vice President and Chief Accounting Officer

Currie 62 Executive Vice President and Chief Revenue Officer

Golden 53 Chief Marketing Officer

Gruen 52 General Counsel, Corporate Secretary and Chief Risk & Compliance Officer

Honan 56 Executive Vice President and Chief Operating Officer

Honan 57 President and Chief Operating Officer

Jaeger 61 Vice President and Chief Information Officer

Maleeny 64 Chief Client Strategy and Integration Officer, President of Quad Agency Solutions

McKenna 53 Executive Vice President and Chief Administrative Officer

Quadracci 58 Chief Human Resources Officer

Staniak 52 Chief Financial Officer

Vanderboom 50 Executive Vice President and Treasurer;

Head of Agency Operations

Joel Quadracci has been a director of Quad since 2003, its President since January 2005, its President and Chief Executive Officer since July 2006 and its Chairman, President and Chief Executive Officer since January 2010.

Quadracci joined Quad in 1991 and, prior to becoming President and 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.

Staniak 53 Chief Financial Officer and Treasurer

Vanderboom 51 Executive Vice President and Head of Agency Operations

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.

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.

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in Philosophy from Skidmore College in 1991.

Quadracci is the brother of Kathryn Quadracci Flores, M.D., a director of Quad and President of QuadMed, the brother-in-law of Christopher B.

Harned, a director of Quad, and the first cousin of Robert Quadracci, Chief Human Resources Officer.

Ashworth has served as Executive Vice President of Product and Market Strategy since joining Quad in 2015 and as President of Quad Agency Solutions since April 2016.

Prior to joining Quad, Mr.

Ashworth was President of SGK, Inc.

(formerly Schawk, Inc.) from July 2012 to July 2015;

Chief Growth and Strategy Officer of SGK from September 2009 to July 2012;

and Global Chief Growth Officer of Anthem Worldwide (a division of SGK) from November 2003 to 2010.

Prior thereto, Mr.

Ashworth was Co-founder and President of BlueMint Associates from June 2002 through November 2003, after serving in various marketing roles at Fitch San Francisco, Addis Interaction, Levi Strauss & Co., Clorox, Colgate-Palmolive and National Semiconductor.

Ashworth is a board member of Uniting Voices Chicago (formerly Chicago Children’s Choir) and The BrandLab, a nonprofit organization that works to increase diversity in the marketing industry.

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.

Bauer has served as Vice President since January 2022 and Chief Accounting Officer since March 2017.

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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;

as Senior Vice President, Global Loyalty Commercial Director from 2012 to 2016;

as Senior Vice President, Global Business Services North America from 2008 to 2012;

as Vice President, National Accounts Group Client Director from 2003 to 2007;

and as Vice President, Group Client Director from 2001 to 2003.

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.

Currie serves on the board of directors of the Boys & Girls Club of Lake County, Illinois.

Golden has served as Chief Marketing Officer since July 2021.

Prior to joining Quad, Mr.

Golden was the President & Publisher of Ad Age from 2016 to 2021.

Prior thereto, Mr.

Golden served as Vice President of Global Digital Marketing for Xerox from March 2015 to June 2016;

as Chief Marketing Officer of Story Worldwide from September 2011 to March 2015;

as Chief Digital Officer of Grey Group from September 2010 to September 2011;

as Managing Director of Digital at Havas from December 2007 to September 2010;

as Group Director of Digital Marketing for NBC Universal from January 2006 to December 2007;

and as Head of Digital at Young & Rubicam from November 2000 to January 2006.

Golden serves on the board of directors of the National Epilepsy Foundation.

Gruen has served as General Counsel, Corporate Secretary and Chief Risk & Compliance Officer since February 2023.

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Gruen was an associate at Foley & Lardner, Sonnenschein Nath & Rosenthal (now part of Dentons), and Seyfarth Shaw.

Honan has served as Executive Vice President and Chief Operating Officer since January 2022.

His previous roles at Quad were Executive Vice President and Chief Financial Officer from January 2015 to December 2021;

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;

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He previously served as Executive Vice President, President of Direct Marketing and Chief Information Officer from November 2014 to November 2015;

as Executive Vice President, President of Direct Marketing and Media Solutions and Chief Information Officer from March 2014 to November 2014;

as Corporate Vice President of Information and Technology since 2013;

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 as President of Quad/Direct from August 2007 until 2013.

and President of Quad/Direct from August 2007 until 2013.

Prior thereto, Mr.

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Jaeger worked for Andersen Consulting for eight years.

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).

McKenna has served as Executive Vice President and Chief Administrative Officer since January 2022.

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McKenna worked at J.S.

Eliezer Associates, a print consulting firm in Stamford, Conn., beginning in 1998 and was named President of the firm in 2004, the leadership role he maintained until joining Quad in 2010.

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.

Robert Quadracci has served as Chief Human Resources Officer since February 2023.

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Quadracci is the first cousin of J.

Joel Quadracci, Chairman, President and Chief Executive Officer of Quad, and Kathryn Quadracci Flores, M.D., a director of Quad and President of QuadMed.

Staniak has served as Chief Financial Officer since January 2022.

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.

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.

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He began his career at the accounting firm Arthur Andersen LLP in 1995.

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 and for the Volunteer Center of Washington County.

Vanderboom has served as Executive Vice President and Treasurer since 2018 and Head of Quad Agency Solutions Operations since March 2023.

Vanderboom also serves on the board of QuadMed and provides executive oversight for Quad Paper Services.

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, beginning in 2007; 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.

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.

Vanderboom has served as Executive Vice President since May 2018 and Head of Quad Agency Solutions Operations since March 2023.

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.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business