Advantage : First Quarter 2024 Earnings Presentation

1Q 2024

Earnings Presentation

May 9, 2024

Disclaimer

Forward-Looking Statements

Certain statements in this presentation may be considered forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected future performance of Advantage's business and projected financial results. Forward-looking statements generally relate to future events or Advantage's future financial or operating performance. These forward-looking statements generally are identified by the words "may", "should", "expect", "intend", "will", "would", "could", "estimate", "anticipate", "believe", "predict", "confident", "potential", "guidance", or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Advantage and its management at the time of such statements, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, market-driven wage changes or changes to labor laws or wage or job classification regulations, including minimum wage; the COVID-19 pandemic, or any future similar pandemic or health epidemic; Advantage's ability to continue to generate significant operating cash flow; client procurement strategies and consolidation of Advantage's clients' industries creating pressure on the nature and pricing of its services; consumer goods manufacturers and retailers reviewing and changing their sales, retail, marketing and technology programs and relationships; Advantage's ability to successfully develop and maintain relevant omni-channel services for our clients in an evolving industry and to otherwise adapt to significant technological change; Advantage's ability to maintain proper and effective internal control over financial reporting in the future; potential and actual harms to Advantage's business arising from the Take 5 Matter; Advantage's substantial indebtedness and our ability to refinance at favorable rates; and other risks and uncertainties set forth in the section titled "Risk Factors" in the Annual Report on Form 10-K filed by the company with the Securities and Exchange Commission (the "SEC") on March 1, 2024, and in its other filings made from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Advantage assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures and Related Information

This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP"),

Adjusted EBITDA, Adjusted EBITDA by Segment, Adjusted EBITDA margin, Revenues net of pass-through costs, Net Debt, Adjusted Unlevered Free Cash Flow and Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA. These are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Advantage's financial results.

Therefore, the measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP, and should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Advantage's presentation of these measures may not be comparable to similarly- titled measures used by other companies. Reconciliations of historical non-GAAP measures to their most directly comparable GAAP counterparts are included below.

Advantage believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Advantage's financial condition and results of operations.

Advantage believes that the use of Adjusted EBITDA, Adjusted EBITDA by Segment, Adjusted EBITDA margin, Revenues net of pass-through costs, Net Debt, Adjusted Unlevered Free Cash Flow and Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Advantage's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Additionally, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Advantage's non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Adjusted EBITDA means net (loss) income before (i) interest expense, net, (ii) provision for (benefit from) income taxes, (iii) depreciation, (iv) impairment of goodwill and indefinite-lived assets, (v) amortization of intangible assets, (vi) gain on deconsolidation of subsidiaries, (vii) loss on divestitures, (viii) equity- based compensation of Karman Topco L.P., (ix) changes in fair value of warrant liability, (x) stock based compensation expense, (xi) fair value adjustments of contingent consideration related to acquisitions, (xii) acquisition and divestiture related expenses, (xiii) costs associated with COVID-19, net of benefits received, (xiv) EBITDA for economic interests in investments, (xv) reorganization expenses, (xvi) litigation expenses (recovery), (xvii) recovery from and costs associated with the Take 5 Matter and (xviii) other adjustments that management believes are helpful in evaluating our operating performance.

Adjusted EBITDA by Segment means, with respect to the applicable operating segment, operating income from continuing operations plus operating income from discontinued operations before (i) depreciation, (ii) impairment of goodwill and indefinite-lived assets, (iii) gain on deconsolidation of subsidiaries, (iv) (gain) loss on divestitures, (v) equity-based compensation of Karman Topco L.P., (vi) changes in fair value of warrant liability, (vii) stock-based compensation expense, (viii) fair value adjustments of contingent consideration related to acquisitions, (ix) acquisition and divestitures related expenses, (x) costs associated with COVID-19, net of benefits received, (xi) EBITDA for economic interests in investments, (xii) reorganization expenses, (xiii) litigation expenses, (xiv) costs associated with (recovery from) the Take 5 Matter and (xv) other adjustments that management believes are helpful in evaluating our operating performance, in each case, attributable to such segment.

Adjusted EBITDA Margin with respect to the applicable operating segment, operating income from continuing operations plus operating income from discontinued operations means adjusting net (loss) income to exclude (i) interest expense, net, (ii) provision for (benefit from) income taxes, (iii) depreciation,

1. impairment of goodwill and indefinite-lived assets, (v) amortization of intangible assets, (vi) gain on deconsolidation of subsidiaries, (vii) loss on divestitures, (viii) equity-based compensation of Karman Topco L.P., (ix) changes in fair value of warrant liability, (x) stock based compensation expense, (xi) fair value adjustments of contingent consideration related to acquisitions, (xii) acquisition and divestiture related expenses, (xiii) costs associated with COVID-19, net of benefits received, (xiv) EBITDA for economic interests in investments, (xv) reorganization expenses, (xvi) litigation expenses (recovery), (xvii) recovery from and costs associated with the Take 5 Matter and (xviii) other adjustments that management believes are helpful in evaluating our operating performance, and then dividing this figure by total revenues and revenues excluding pass-through costs.

Revenues net of pass-through costs and Revenues net of pass-through costs by segment means revenues less pass-through costs that are paid by Advantage's clients, including media, sample, retailer fees and other marketing and production costs.

Net Debt represents the sum of current portion of long-term debt and long-term debt, less cash and cash equivalents and debt issuance costs. With respect to Net Debt, cash and cash equivalents are subtracted from the GAAP measure, total debt, because they could be used to reduce the debt obligations. We present Net Debt because we believe this non-GAAP measure provides useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and to evaluate changes to the Company's capital structure and credit quality assessment.

Adjusted Unlevered Free Cash Flow represents net cash provided by (used in) operating activities less purchase of property and equipment as disclosed in the Statements of Cash Flows further adjusted by (i) cash paid for income taxes; (ii) cash paid for acquisition and divestiture related expenses; (iii) cash paid for reorganization expenses; (iv) cash paid for costs associated with COVID-19, net of benefits received; (v) net effect of foreign currency fluctuations on cash; (vi) cash paid for costs associated with the Take 5 Matter; and (vii) other adjustments that management believes are helpful in evaluating our operating performance. Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA means Adjusted Unlevered Free Cash Flow divided by Adjusted EBITDA.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Note: Unless otherwise stated, the consolidated financial results reported in this presentation reflects the results of continuing and discontinued operations.

2

Branded Services

Serves as a strategic extension of consumer-packaged goods companies' sales and marketing teams. Services include

sales, business intelligence, business process management, and supply chain; product innovation; and brand-drivenomni-channel marketing and e-commerce solutions to get brands onto shelves and into shoppers' hands

Experiential Services

Brings brands to life with customized sampling, demonstration services, member experiences, and live events, converting shoppers into buyers wherever they shop, in-store and online

Retailer Services

Provides end-to-end services for retailers, including construction finishing and assembly; space planning and category management; in-storemerchandising; private brand strategy, development and marketing; and omni- channel retail media, promotion and analytics

3

1Q 2024: In-line with Expectations

• Met expectations despite market softness and higher- than-planned costs
• • Reported revenues, excluding pass-through costs, was $771M (-14% vs. 1Q'23, and ~+1% excluding divestitures, FX, and pass- through costs)
  • Adj. EBITDA of $79M (-14% vs. 1Q'23); Margin was 10.2% as a percent of revenues excluding pass-through costs
  • Adjusted unlevered FCF of $39M, or 50% of Adj. EBITDA
  • Improved results in March (improved results appear to be continuing in April)
• Disciplined and opportunistic capital allocation strategy to maximize returns for equity holders
• • Repriced First Lien Term Loan to SOFR + 425 bps from + 450 bps
  • Repurchased $51M of senior secured notes at favorable discounts to par (net leverage of 4.2x as of 3/31/2024)
  • Repurchased ~3M shares for ~$12M in 1Q'24 and ~2M shares for ~$8M in April pursuant with Advantage's stock repurchase program

• Growth acceleration plan expected to enhance value creation
• • Simplification to align capabilities with economic buyers
  • • Branded Services: Divestiture of Adlucent in May 2024
  • IT Transformation underway to enhance capabilities and improve operating efficiencies
  • Transformation creates opportunities for greater cost management discipline
• Macroeconomic environment remains mixed
• • Wage inflation due to tight labor market remained a headwind; Price realization did not fully cover inflationary pressures
  • Persistently high cost of living stressing a growing number of consumers

Reaffirm 2024 Guidance(1)

Consolidated Revenues and Adjusted EBITDA are expected to grow low single-digits

(1) 2023 comparable excludes divestitures completed in 2023-2024 YTD (including foodservice and Adlucent)	4

Macro Trends Continue to Favor Advantage

Adaptation

Retailers are focused on private brands (adding new items, facings and displays)

Promotions remain a top strategy for retailers, followed by a focus on digital programs

~40% of retailers will be increasing online fulfillment labor

Persistent

Inflation

~50% of manufacturers expect to increase trade dollars, discount depth and frequency of promotion

Manufacturers are focused on displays to highlight lower prices and generate new sales at regular price.

~50% of manufacturers experimented with different pack sizes; ~25% downsized at same price point; ~20% plan to do this in next 12 months

Food-at-Home

Food-away-from-home pricing continues to significantly outpace food-at-home

Manufacturers believe online, mass, and club will drive volume

Foot traffic for retail up ~2% (Feb

• March) while down ~2% in restaurants

Shoppers

A growing number of financially strained consumers

Grocery gaining households looking for value and eating more at home

Private label is winning overall as a value driver for retailers

Retailer Services

Branded Services

Experiential Services

Consumer Staples Focused

Company

Source: Upcoming Second Quarter 2024 Outlook survey of 100 retailers and CPG manufacturers, Circana, Cleveland Research, USDA, and Baron's

5

Uniquely Positioned at Intersection of…

CPG Manufacturers

Physical

Retail

National

Brand

Retailers

E-Commerce

Private

Brand

6

Enduring Client and Customer Relationships

Average relationship duration is >15 years with ~95% retention over time (top 100 clients)

1Q'24 Activity

• A leading global personal care product company returned to Branded Services
• Branded Services and Retailer Services signed a multi-million-dollar agreement with a well-known leader in the fruit juice industry
• Branded Services expanded services for a long-standing client in center-store frozen packaged goods
• Experiential Services renewed 2 major big box retailers

7

Investments to Enhance Commercial Capabilities

Genpact collaboration uses generative AI to deliver new and innovative business process optimization solutions

Creating Advantage's AI Core Competency Center, to weave AI into areas that benefits the business

Collaboration with a retail technology company for real-timeinventory tracking at retail; co-developingsolutions for faster, smarter decisions about what is happening on the shelf

8

Performance Met Expectations Despite Soft Market

Conditions and Higher Costs

TOTAL ADVANTAGE

Revenues

$ in millions.

Y/Y growth

(10)% +1%(1)

			$906	$1,012
			$110
			$135
			$771	$902		Revenues
				Pass-Through Costs
				1Q'24	1Q'23
Adjusted EBITDA
$ in millions.
Y/Y growth	(14)%
			$79	$92
% margin	10.2%	10.2%
excl pass-through costs
				1Q'24	1Q'23

1Q'24 Performance Drivers

• Full-yearguidance contemplated lower 1Q year-over-year results due to planned investments, internal reorganization activities, tough prior-year comparison, and planned client exits
• Industry softness particularly impacted Branded Services
• Better than expected expansion in Experiential Services demo and sampling activity along with solid performance from Retailer Services
• Persistent high wage inflation due to tight labor markets remained a headwind; price realization did not fully cover wage inflation
• Improved results in March (improved results appear to be continuing in April)

(1) Excludes the impact of foreign exchange rates, acquisitions and divestitures, and pass-through costs in revenues	9
Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization, and non-recurring items) is a non-GAAP financial measure
See the appendix for a reconciliation of non-GAAP financial measures to most directly comparable GAAP measures
Totals may not add due to rounding

Soft Market Conditions and Higher Costs Impacted

Performance

BRANDED SERVICES

Revenues

$ in millions.

Y/Y growth

(28)% (3)%(1)

	$508
$364	$41
$50	$467		Pass-Through Costs
$314		Revenues
Q1'24	Q1'23

Adjusted EBITDA

$ in millions.
Y/Y growth	(32)%

	$41	$61
% margin	13.2%	13.1%
excl pass-through costs
	Q1'24	Q1'23

1Q'24 Performance Drivers

• New client wins demonstrate continued demand for Advantage's scale and expertise
• Market softness drove a decline in client orders
• Timing to complete the planned transition of two client relationships resulted in greater-than-expected cost absorption
• Heavy investments required to implement strategic initiatives

(1)	Excludes the impact of foreign exchange rates, acquisitions and divestitures, and pass-through costs in revenues	10

Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, Amortization, and non-recurring items) is a non-GAAP financial measure

See the appendix for a reconciliation of non-GAAP financial measures to most directly comparable GAAP measures

Totals may not add due to rounding