Form 8-K

8-K — Advantage Solutions Inc.

Accession: 0001193125-26-207534

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001776661

SIC: 7389 (SERVICES-BUSINESS SERVICES, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — adv-20260506.htm (Primary)

EX-99.1 (adv-ex99_1.htm)

EX-99.2 (adv-ex99_2.htm)

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8-K

8-K (Primary)

Filename: adv-20260506.htm · Sequence: 1

8-K

0001776661false0001776661adv:ClassCommonStock0.0001ParValuePerShareMember2026-05-062026-05-0600017766612026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

Advantage Solutions Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-38990

83-4629508

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

7676 Forsyth Boulevard, Fifth Floor

St. Louis, Missouri

63105

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (314) 655-9333

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.0001 par value per share

ADV

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 – Results of Operations and Financial Condition.

On May 6, 2026, Advantage Solutions Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

On May 6, 2026, at 8:30 a.m. ET, the Company will host a conference call announcing its financial results for the three months ended March 31, 2026. A copy of management’s earnings presentation materials is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein. The presentation will be accessible on the Investor Relations section of the Company’s website at https://ir.youradv.com/.

The Company makes reference to non-GAAP financial information in the press release and earnings presentation materials. The Company’s non-GAAP financial measures should be viewed in addition to and not as a substitute for or superior to the Company’s reported results prepared in accordance with GAAP. Reconciliation of these non-GAAP financial measures to the nearest comparable GAAP financial measures are contained in the data tables at the end of the press release and earnings presentation materials.The information in this Item 2.02, including Exhibits 99.1 and 99.2 furnished under Item 9.01, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. Furthermore, the information in this Item 2.02, including Exhibit 99.1 and 99.2 furnished under Item 9.01, shall not be deemed incorporated by reference into the filings of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press Release issued by Advantage Solutions Inc., dated May 6, 2026 regarding results for the three months ended March 31, 2026.

99.2

Management’s Earnings Presentation for Advantage Solutions Inc., dated May 6, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:

May 6, 2026

ADVANTAGE SOLUTIONS INC.

By:

/s/ Christopher Growe

Christopher Growe

Chief Financial Officer

EX-99.1

Filename: adv-ex99_1.htm · Sequence: 2

EX-99.1

Financial Results

1st Quarter 2026

Advantage Solutions Reports First Quarter 2026 Results

Strong Experiential Services performance and improved Retailer Services profitability drove Adjusted EBITDA growth

Centralized labor model implementation continues to enhance execution, productivity, and margins

Reaffirming 2026 guidance for Revenues, Adjusted EBITDA and Cash Flow

ST. LOUIS, May 6, 2026 – Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we,” or “our”), a leading business solutions provider to consumer goods manufacturers and retailers, today reported financial results for the three months ended March 31, 2026.

Revenues for the three months ended March 31, 2026 were $869.6 million compared with $821.8 million, and net loss was $71.8 million compared with a net loss of $56.1 million.

Q1'26 Financial Highlights

Revenues increased 5.8% to $869.6 million and Adjusted EBITDA increased 16.4% to $67.7 million

Experiential Services delivered very strong growth driven by higher event volumes and improved execution, while Branded Services remained under pressure, and Retailer Services showed improved profitability

Strengthened the balance sheet through debt reduction and the extension of maturities to 2030, improving liquidity and financial flexibility. Ended the quarter with $144 million in cash after $131 million in debt paydown

“Advantage delivered a solid start to the year, highlighted by strong growth in Experiential Services and disciplined execution across the business,” said Advantage CEO Dave Peacock. “While the environment remains uncertain, we are making meaningful progress on our growth and productivity initiatives, including our centralized labor model and technology transformation. We remain focused on driving efficiency, generating strong cash flow, and positioning the Company for sustainable, profitable growth.”

Consolidated Financial Summary

(amounts in thousands)

Three Months Ended March 31,

Change (Reported)

2026

2025

Total Revenues

869,601

821,792

47,809

5.8%

Total Net Loss

(71,831)

(56,130)

(15,701)

(28.0%)

Total Adjusted EBITDA

67,747

58,181

9,566

16.4%

Adjusted EBITDA Margin

7.8%

7.1%

Advantage Solutions Inc. | Page 1

Financial Results

1st Quarter 2026

Segment Financial Summary

Revenues

Segment

Three Months Ended March 31,

(amounts in thousands)

2026

2025

YoY (Reported)

Branded Services

256,992

289,841

(11.3%)

Experiential Services

385,480

314,020

22.8%

Retailer Services

227,129

217,931

4.2%

Total

869,601

821,792

5.8%

Operating (Loss) Income

Three Months Ended March 31,

Segment

2026

2025

YoY (Reported)

Branded Services

(16,061)

(15,322)

(4.8%)

Experiential Services

11,499

(3,504)

NMF

Retailer Services

8,724

4,205

NMF

Total

4,162

(14,621)

NMF

Adjusted EBITDA

Three Months Ended March 31,

Segment

2026

2025

YoY (Reported)

Branded Services

20,882

27,945

(25.3%)

Experiential Services

26,077

12,069

116.1%

Retailer Services

20,788

18,167

14.4%

Total

67,747

58,181

16.4%

Q1'26 Segment Highlights

Branded Services

Experiential Services

Retailer Services

Continued macro pressure, client insourcing, procurement, and select client losses with stabilization initiatives underway

Strong Q1 results, with events growth of nearly 20% and improved execution rate (94%) year-over-year and sequentially

Revenues and Adjusted EBITDA growth supported by new business wins, pricing, and key client program ramps.

Focused on stabilizing the revenue base with stronger client retention, executive engagement, and targeted growth opportunities

Increasing profitability by advancing the centralized labor model rollout, enhancing training and safety protocols, and shifting mix towards higher margin events

Q1 featured a more moderate impact of the channel mix shift and improving

conversion trends in the retail merchandising business

Enhancing our value proposition through partnerships, data/analytics, and tools like Pulse to deliver measurable ROI

Expecting continued momentum through the year

Solid pipeline momentum with new customers and programs expected to support growth

Advantage Solutions Inc. | Page 2

Financial Results

1st Quarter 2026

Cash Flow and Balance Sheet Highlights

(Amounts in Millions)

Period Ended

March 31, 2026

Adjusted Unlevered Free Cash Flow / % of Adjusted EBITDA

$74.4 / 109.8%

Capex

$11

Gross Debt

$1,592

Cash and Cash Equivalents

$144

Net Leverage Ratio(1)

4.2x

Fiscal Year 2026 Outlook

(Amounts in Millions)

Revenues

Flat to Up Low Single Digits

Adjusted EBITDA

Flat to Down Mid Single Digits

Adjusted Unlevered Free Cash Flow Conversion(2)

Unlevered: $250 – $275M

Net: ~25% of EBITDA

Net Interest Expense

$160 to $170

Capex

$50 to $60

2026 revenue outlook excludes reimbursable expenses. 2026 guidance excludes the effect of recently announced divestitures.

Conference Call Details

Date/Time

May 6, 2026, 8:30 am EDT

Dial-in

(10 minutes before the call)

(800) 715-9871 within the United States or +1 (646) 307-1963 outside the United States

Conference ID: 6984882

Webcast

Available at:ADV 1Q26 Earnings Webcast

Replay

(800) 770-2030 within the United States or +1(609) 800-9909 outside the United States

Playback ID: 6984882#

Investor Contact: investorrelations@youradv.com

Media Contact: press@youradv.com

NMF = Not Meaningful

(1) Net leverage ratio is defined as Net Debt divided by LTM Adjusted EBITDA.

(2) Net free cash flow is defined as cash flow from operations, less capital expenditures. Net FCF conversion of 25% is excluding incremental debt refinancing costs.

Advantage Solutions Inc. | Page 3

Financial Results

1st Quarter 2026

About Advantage Solutions

Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods (CPG) brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit YourADV.com.

Included with this press release are the Company’s consolidated and condensed financial statements as of and for the three months ended March 31, 2026. These financial statements should be read in conjunction with the information contained in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on May 6, 2026.

Forward-Looking Statements

Certain statements in this press release 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” 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; developments with respect to retailers that are out of our control; the impact from tariffs; future potential pandemics or health epidemics; 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; 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 SEC on March 3, 2026, 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.

Advantage Solutions Inc. | Page 4

Financial Results

1st Quarter 2026

Non-GAAP Financial Measures and Related Information

This press release includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow and Net Debt. 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, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow, and Net Debt provide 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 and Adjusted EBITDA by Segment are supplemental non-GAAP financial measures of our operating performance. Adjusted EBITDA means net loss before (i) interest expense (net), (ii) provision for (benefit from) income taxes, (iii) depreciation, (iv) amortization of intangible assets, (v) impairment of goodwill, (vi) changes in fair value of warrant liability, (vii) stock based compensation expense, (viii) equity-based compensation of Karman Topco L.P., (ix) fair value adjustments of contingent consideration related to acquisitions, (x) acquisition and divestiture related expenses, (xi) (gain) loss on divestitures, (xii) restructuring expenses, (xiii) reorganization expenses, (xiv) litigation expenses (recovery), (xv) COVID-19 benefits received, (xvi) EBITDA for economic interests in investments and (xvii) other adjustments that management believes are helpful in evaluating our operating performance.

Adjusted EBITDA by Segment means, with respect to each segment, operating income (loss) before (i) depreciation, (ii) amortization of intangible assets, (iii) impairment of goodwill, (iv) stock based compensation expense, (v) equity-based compensation of Karman Topco L.P., (vi) fair value adjustments of contingent consideration related to acquisitions, (vii) acquisition and divestiture related expenses, (viii) restructuring expenses, (ix) reorganization expenses, (x) litigation expenses (recovery), (xi) COVID-19 benefits received, (xii) EBITDA for economic interests in investments and (xiii) other adjustments that management believes are helpful in evaluating our operating performance, in each case, attributable to such segment.

Adjusted EBITDA Margin means Adjusted EBITDA divided by total revenues.

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 payments for interest, (ii) cash received from interest rate derivatives, (iii) cash paid for income taxes; (iv) cash paid for acquisition and divestiture related expenses, (v) cash paid for restructuring expenses, (vi) cash paid for reorganization expenses, (vii) cash paid for contingent earnout payments included in operating cash flow, (viii) COVID-19 benefits received, (ix) net effect of foreign currency fluctuations on cash, and (x) 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.

Net Debt represents the sum of current portion of long-term debt and long-term debt, less cash and cash equivalents. 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.

Advantage Solutions Inc. | Page 5

Financial Results

1st Quarter 2026

Advantage Solutions Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months Ended March 31,

(in thousands, except share and per share data)

2026

2025

Revenues

869,601

821,792

Cost of revenues (exclusive of depreciation and amortization shown separately below)

761,574

722,754

Selling, general, and administrative expenses

53,309

64,865

Depreciation and amortization

51,570

50,361

Gain on divestiture and income from investments in European joint venture

(1,014

)

(1,567

)

Total operating expenses

865,439

836,413

Operating income (loss)

4,162

(14,621

)

Other expenses (income):

Interest expense, net

34,798

34,360

Income from unconsolidated investments

(2,472

)

—

Other expense, including debt fees

20,352

Total other expenses, net

52,678

34,370

Loss before benefit from income taxes

(48,516

)

(48,991

)

Income tax expense

23,315

7,139

Net loss

(71,831

)

(56,130

)

Basic loss per common share

(5.49

)

(4.36

)

Diluted loss per common share

(5.49

)

(4.36

)

Weighted-average number of common shares:

Basic

13,077,003

12,867,338

Diluted

13,077,003

12,867,338

Advantage Solutions Inc. | Page 6

Financial Results

1st Quarter 2026

Advantage Solutions Inc.

Condensed Consolidated Balance Sheet

(Unaudited)

(in thousands, except share data)

March 31, 2026

December 31, 2025

ASSETS

Current assets

Cash and cash equivalents

143,870

240,850

Restricted cash

12,142

12,137

Accounts receivable, net of allowance for expected credit losses of $17,505 and $16,771, respectively

572,572

594,999

Prepaid expenses and other current assets

76,169

124,629

Total current assets

804,753

972,615

Property, equipment, and capitalized software, net

121,817

115,858

Goodwill

438,900

Other intangible assets, net

951,593

993,927

Investments in unconsolidated affiliates

205,336

234,138

Other assets

42,451

37,977

Total assets

2,564,850

2,793,415

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Current portion of long-term debt

25,865

13,250

Accounts payable

176,466

162,376

Accrued compensation and benefits

97,101

121,105

Other accrued expenses

87,467

105,449

Deferred revenues

25,141

30,454

Total current liabilities

412,040

432,634

Long-term debt, net of current portion

1,520,790

1,660,611

Deferred income tax liabilities

99,107

90,023

Other long-term liabilities

54,885

56,189

Total liabilities

2,086,822

2,239,457

Commitments and contingencies (Note 10)

Equity attributable to stockholders of Advantage Solutions Inc.

Common stock, $0.0001 par value, 197,400,000 shares authorized; 13,080,791 and 13,058,852 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid in capital

3,436,566

3,489,020

Accumulated deficit

(2,941,178

)

(2,869,347

)

Loans to Karman Topco L.P.

(7,834

)

(7,673

)

Accumulated other comprehensive loss

(8,461

)

(4,158

)

Treasury stock, at cost; 43,548 and 515,781 shares as of March 31, 2026 and December 31, 2025, respectively

(1,066

)

(53,885

)

Total stockholders' equity

478,028

553,958

Total liabilities and stockholders' equity

2,564,850

2,793,415

Advantage Solutions Inc. | Page 7

Financial Results

1st Quarter 2026

Advantage Solutions Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended March 31,

(in thousands)

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

(71,831

)

(56,130

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

Non-cash adjustments on derivatives and non-cash interest income

(451

)

(2,694

)

Amortization of deferred financing fees

1,297

1,748

Depreciation and amortization

51,570

50,361

Deferred income taxes

9,091

449

Equity-based compensation of Karman Topco L.P.

—

(1,524

)

Stock-based compensation

2,000

6,485

Gain on divestiture and income from investments in European joint venture

(1,014

)

(1,567

)

Income from unconsolidated investments

(2,472

)

—

Distribution received from equity method investments

2,684

—

Other

1,178

(1,614

)

Changes in operating assets and liabilities:

Accounts receivable, net

21,507

(38,200

)

Prepaid expenses and other assets

44,070

16,743

Accounts payable

14,404

22,236

Accrued compensation and benefits

(23,716

)

(41,928

)

Deferred revenues

(5,265

)

2,521

Other accrued expenses and other liabilities

(19,324

)

3,487

Net cash provided by (used in) operating activities

23,728

(39,627

)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investments in unconsolidated affiliates

(2,000

)

(3,328

)

Purchase of property and equipment and development of capitalized software

(11,401

)

(15,104

)

Proceeds from divestitures

40,919

—

Net cash provided by (used in) investing activities

27,518

(18,432

)

CASH FLOWS FROM FINANCING ACTIVITIES

Payment of deferred financing fees for line of credit modification

(13,702

)

—

Principal payments on long-term debt

(131,319

)

(3,313

)

Repurchases of senior secured notes and Term Loan Facility

—

(18,243

)

Proceeds from 2020 Employee Stock Purchase Plan

744

993

Payments for taxes related to net share settlement of equity awards

(73

)

(707

)

Purchase of treasury stock

(2,306

)

(869

)

Net cash used in financing activities

(146,656

)

(22,139

)

Net effect of foreign currency changes on cash, cash equivalents and restricted cash

(1,565

)

(3,685

)

Net change in cash, cash equivalents and restricted cash

(96,975

)

(83,883

)

Cash, cash equivalents and restricted cash, beginning of period

252,987

220,751

Cash, cash equivalents and restricted cash, end of period

156,012

136,868

Advantage Solutions Inc. | Page 8

Financial Results

1st Quarter 2026

Advantage Solutions Inc.

Reconciliation of Net Loss to Adjusted EBITDA

(Unaudited)

Three Months Ended March 31,

(in thousands)

2026

2025

Net loss

(71,831

)

(56,130

)

Add:

Interest expense, net

34,798

34,360

Income tax expense

23,315

7,139

Depreciation and amortization

51,570

50,361

Gain on divestiture from investments in European joint venture

(1,014

)

—

Other expense, including debt fees

20,352

Stock-based compensation expense (a)

2,000

6,485

Equity-based compensation of Karman Topco L.P. (b)

—

(1,524

)

Divestiture related expenses (c)

237

423

Restructuring expenses (d)

2,246

931

Reorganization expenses (e)

5,461

12,240

Litigation expenses (f)

362

831

EBITDA for economic interests in investments (g)

251

3,055

Adjusted EBITDA

67,747

58,181

Advantage Solutions Inc. | Page 9

Financial Results

1st Quarter 2026

Advantage Solutions Inc.

Reconciliation of Operating (loss) Income to Adjusted EBITDA by Segment

(Unaudited)

Branded Services segment

Three Months Ended March 31,

(in thousands)

2026

2025

Operating loss

(16,061

)

(15,322

)

Add:

Depreciation and amortization

31,322

31,462

Gain on divestiture from investments in European joint venture

(1,014

)

—

Stock-based compensation expense (a)

512

2,172

Equity-based compensation of Karman Topco L.P. (b)

—

(95

)

Divestiture related expenses (c)

237

378

Restructuring expenses (d)

1,390

358

Reorganization expenses (e)

1,674

5,455

Litigation expenses (f)

482

EBITDA for economic interests in investments (g)

2,723

3,055

Branded Services segment Adjusted EBITDA

20,882

27,945

Experiential Services segment

Three Months Ended March 31,

(in thousands)

2026

2025

Operating income (loss)

11,499

(3,504

)

Add:

Depreciation and amortization

11,299

10,537

Stock-based compensation expense (a)

595

1,792

Equity-based compensation of Karman Topco L.P. (b)

—

(729

)

Divestiture related expenses (c)

—

Restructuring expenses (d)

467

186

Reorganization expenses (e)

2,055

3,581

Litigation expenses (f)

162

199

Experiential Services segment Adjusted EBITDA

26,077

12,069

Retailer Services segment

Three Months Ended March 31,

(in thousands)

2026

2025

Operating income

8,724

4,205

Add:

Depreciation and amortization

8,949

8,362

Stock-based compensation expense (a)

893

2,521

Equity-based compensation of Karman Topco L.P. (b)

—

(700

)

Divestiture related expenses (c)

—

Restructuring expenses (d)

389

387

Reorganization expenses (e)

1,732

3,204

Litigation expenses (f)

101

150

Retailer Services segment Adjusted EBITDA

20,788

18,167

Advantage Solutions Inc. | Page 10

Financial Results

1st Quarter 2026

Advantage Solutions Inc.

Net Debt and Adjusted Unlevered Free Cash Flow Reconciliation

(Unaudited)

(amounts in thousands)

March 31, 2026

Current portion of long-term debt

25,865

Long-term debt, net of current portion

1,565,702

Total debt

1,591,567

Less: Cash and cash equivalents

143,870

Total Net Debt

1,447,697

LTM Adjusted EBITDA

341,373

Net Debt / LTM Adjusted EBITDA ratio

4.2x

(amounts in thousands)

Three Months Ended March 31, 2026

Net cash provided by operating activities

23,728

Less:

Purchase of property and equipment and development of capitalized software

(11,401

)

Add:

Cash payments for interest

53,175

Cash payments for income taxes

5,494

Cash paid for divestiture related expenses (i)

237

Cash paid for reorganization expenses (j)

4,687

Net effect of foreign currency fluctuations on cash

(1,565

)

Adjusted Unlevered Free Cash Flow

74,355

Numerator - Adjusted Unlevered Free Cash Flow

74,355

Denominator - Adjusted EBITDA

67,747

Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA

109.8

Advantage Solutions Inc. | Page 11

Financial Results

1st Quarter 2026

Twelve Months Ended

March 31, 2026

(in thousands)

Net loss

$(243,436)

Add:

Interest expense, net

139,374

Provision for income taxes

(21,408)

Depreciation and amortization

203,467

Impairment of goodwill and indefinite-lived asset

203,685

Gain on divestitures

(28,997)

Other expense, including debt fees

20,259

Stock-based compensation expense (a)

22,430

Divestiture related expenses (c)

2,051

Restructuring expenses (d)

2,246

Reorganization expenses (e)

56,160

Litigation recoveries (f)

(20,056)

Costs associated with COVID-19, net of benefits received (h)

(5,723)

EBITDA for economic interests in investments (g)

11,321

LTM Adjusted EBITDA

$341,373

(a)

Represents non-cash compensation expense related to performance stock units, restricted stock units, and stock options under the 2020 Advantage Solutions Incentive Award Plan and the Advantage Solutions 2020 Employee Stock Purchase Plan.

(b)

Represents expenses related to equity-based compensation expense associated with grants of Common Series D Units of Karman Topco L.P. made to one of the Company's private equity sponsors.

(c)

Represents fees and costs associated with activities related to our divestitures and related reorganization activities, including professional fees, due diligence, and integration activities.

(d)

Restructuring charges including programs designed to integrate and reduce costs intended to further improve efficiencies in operational activities and align cost structures consistent with revenue levels associated with business changes.

(e)

Represents fees and costs associated with various internal reorganization and transformational activities, including professional fees, lease and other contract exit costs, severance, and nonrecurring compensation costs.

(f)

Represents legal settlements, net of reserves and expenses, that are unusual or infrequent costs associated with our operating activities.

(g)

Represents adjustments to reflect the Company’s proportional share of Adjusted EBITDA related to its equity method investments. For these investments, the adjustment reflects the Company’s proportional share of Adjusted EBITDA rather than reported earnings, consistent with how management evaluates operating performance.

(h)

Represents (i) costs related to implementation of strategies for workplace safety in response to COVID-19, including employee-relief fund, additional sick pay for front-line teammates, medical benefit payments for furloughed teammates, and personal protective equipment; and (ii) benefits received from government grants for COVID-19 relief.

(i)

Represents cash paid for fees and costs associated with activities related to our divestitures and reorganization activities including professional fees, due diligence, and integration activities.

(j)

Represents cash paid for fees and costs associated with various reorganization activities, including professional fees, lease exit costs, severance, and nonrecurring compensation costs.

Advantage Solutions Inc. | Page 12

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Q1’26Earnings May 6, 2026

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; developments with respect to retailers that are out of our control; the impact from tariffs; 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; a future pandemic or health epidemic; Advantage’s ability to maintain proper and effective internal control over financial reporting in the future; 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 Advantage with the Securities and Exchange Commission (the “SEC”) on March 3, 2026, 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 from Continuing Operations, Adjusted EBITDA by Segment, Adjusted EBITDA margin, Revenues net of reimbursable expenses, Net Debt, Adjusted Unlevered Free Cash Flow, and Adjusted Unlevered Free Cash Flow and net debt as a percentage of Last Twelve Months (“LTM”) Adjusted EBITDA from Continuing and Discontinued Operations. 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 in this document. 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, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow, and Net Debt provide 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 and Adjusted EBITDA by Segment are supplemental non-GAAP financial measures of our operating performance. Adjusted EBITDA means net (loss) income before (i) interest expense (net), (ii) provision for (benefit from) income taxes, (iii) depreciation, (iv) amortization of intangible assets, (v) impairment of goodwill, (vi) changes in fair value of warrant liability, (vii) stock based compensation expense, (viii) equity-based compensation of Karman Topco L.P., (ix) fair value adjustments of contingent consideration related to acquisitions, (x) acquisition and divestiture related expenses, (xi) (gain) loss on divestitures, (xii) restructuring expenses, (xiii) reorganization expenses, (xiv) litigation expenses (recovery), (xv) COVID-19 benefits received, (xvi) EBITDA for economic interests in investments and (xvii) other adjustments that management believes are helpful in evaluating our operating performance. Adjusted EBITDA Margin means Adjusted EBITDA divided by total revenues. Adjusted EBITDA by Segment means, with respect to each segment, operating income (loss) before (i) depreciation, (ii) amortization of intangible assets, (iii) impairment of goodwill, (iv) stock based compensation expense, (v) equity-based compensation of Karman Topco L.P., (vi) fair value adjustments of contingent consideration related to acquisitions, (vii) acquisition and divestiture related expenses, (viii) restructuring expenses, (ix) reorganization expenses, (x) litigation expenses (recovery), (xi) COVID-19 benefits received, (xii) EBITDA for economic interests in investments and (xiii) other adjustments that management believes are helpful in evaluating our operating performance, in each case, attributable to such segment. Revenues net of reimbursable expenses and by segment means revenues less reimbursable expenses that are paid by Advantage's clients, including media, product samples, 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. 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 payments for interest, (ii) cash received from interest rate derivatives, (iii) cash paid for income taxes; (iv) cash paid for acquisition and divestiture related expenses, (v) cash paid for restructuring expenses, (vi) cash paid for reorganization expenses, (vii) cash paid for contingent earnout payments included in operating cash flow, (viii) COVID-19 benefits received, (ix) net effect of foreign currency fluctuations on cash, and (x) 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. 2

Q1’26: Solid Start To Year, Continued Strategic Progress Revenue and EBITDA growth driven by strong Experiential Services demand and improved Retailer Services results, partially offset by continued pressure in Branded Services Strong net cash flow(3) of $12.3 million and recently completed debt maturity extension further strengthening liquidity; $143.9 million in cash and equivalents at quarter end Growth and productivity initiatives continue gaining traction, led by centralized labor model execution and technology investments which are enhancing execution and efficiency Remain on track to complete the heavy lifting of enterprise IT transformation in 2026 Reiterating full year guidance while remaining focused on disciplined execution, strong cash generation, and long-term profitable growth Net Revenue Growth $723M in Net Revenues(1) +4.0% Adj. EBITDA Growth(1) $68M in Adj. EBITDA +16.4% Adjusted Unlevered Free Cash Flow(1) $74M Net Leverage Ratio(2) 4.2x Net Revenues (Revenues, net of reimbursable expenses), Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and amortization, and other non-recurring items), and Adjusted Unlevered Free Cash Flows are non-GAAP measures. Refer to the Appendix for a reconciliation to the most directly comparable GAAP measure. Net Leverage Ratio calculated as Net Debt divided by LTM Adjusted EBITDA Net cash flow is operating cash flow less capital expenditures 3

Strategic growth initiatives and productivity investments are creating a stronger, more scalable operating platform Growth and Productivity Initiatives Driving Long-Term Value Creation 4 Growth Initiatives Supporting Demand, Partnerships and TAM New program launches and increased activity with existing clients; momentum particularly strong in Experiential Services Deepening partnerships, including with Instacart combining their in-store audit and consumer insights with our retail execution network to improve client ROI and growth Expanding into new markets and services, including active discussions with several non-food retailers Pulse™ commercial intelligence platform is identifying on-shelf gaps, velocity changes, and distribution anomalies to enable faster field execution Investing in data-enabled capabilities that strengthen our position as an insight-driven execution partner Productivity Initiatives Driving Execution, Efficiency and Margins Our productivity initiatives are improving service quality, labor utilization, and long-term margin potential Centralized labor model (CLM) enhancing efficiency, execution consistency, and cost control, with opportunity to expand into Retailer Services Enterprise IT transformation in final stages, with SAP, Oracle, and Workday strengthening reporting, talent management, and operational agility AI-enabled staffing and scheduling tools are improving hiring speed, forecasting, labor utilization, and execution quality Expect to more fully realize the efficiency benefits of these investments beginning in 2027

Business Segment Updates Retailer Services Branded Services Experiential Services ► Continued macro pressure, client insourcing, procurement, and select client losses with stabilization initiatives underway ► Focused on stabilizing the revenue base with stronger client retention, executive engagement, and targeted growth opportunities  ► Enhancing our value proposition through partnerships, data/analytics, and tools like Pulse™ to deliver measurable ROI ► Strong Q1 results, with events growth of nearly 20% and an improved execution rate (94%) year-over-year and sequentially ► Increasing profitability by advancing the CLM rollout, enhancing training and safety protocols, and shifting mix towards higher margin events ► Expecting continued momentum through the year ► Revenue and EBITDA growth supported by new business wins, pricing, and key client program ramps   ► Q1 featured a more moderate impact from channel mix shift and improving conversion trends in the retail merchandising business ► Solid pipeline momentum with new customers and programs expected to support growth 5 Momentum is improving, with continued strength in Experiential Services and progress across the broader portfolio

Reaffirming 2026 Outlook 6 (1) Revenues excludes reimbursable expenses (2) Net free cash flow is defined as cash flow from operations, less capital expenditures See the Appendix for a reconciliation of Adjusted EBITDA and Adjusted UFCF non-GAAP financial measures to the most comparable GAAP measure Revenues and Profitability Revenues expected to be flat to up low single digits, excluding the effect of the recently announced divestitures Adjusted EBITDA expected to be flat to down mid-single digits excluding the effect of the recently announced divestitures reflecting macro uncertainty and mix shifts toward more labor-intensive, lower-margin services Cash Flow Strong cash generation supported by disciplined working capital management, continued DSO improvement, and a steady CapEx profile Full year 2026 adjusted unlevered free cash flow of approximately $250 to $275 million and net free cash flow conversion of approximately 25% of EBITDA, excluding incremental refinancing-related costs 2026 Guidance Balanced and prudent outlook reflects improving execution momentum amid continued macro uncertainty Disciplined execution, productivity initiatives, and technology investments support margin expansion and long-term performance stability

$821.8 Highlights Q1 revenue growth driven by continued strength in Experiential Services and improved Retailer Services performance, while Branded Services remains under pressure Adjusted EBITDA growth reflects strong incremental margins in Experiential Services, improved Retailer Services profitability, and disciplined cost management Growth and productivity initiatives continue to gain traction, led by CLM and technology investments On a pro forma basis (excluding divestitures), revenues grew 4.7% and Adjusted EBITDA grew 22% Divestitures were a $5 million and $3 million drag on revenues and Adjusted EBITDA, respectively Improving Execution and Profitable Growth Momentum (1) Revenue growth rate and Adjusted EBITDA margins exclude reimbursable expenses. (2) 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. 16.4% Revenues Net of Reimbursable Expenses Reimbursable Expenses 7 4.0%(1) Revenues (Continuing Operations) $ in millions Y/Y growth % margin $ in millions Y/Y growth Adjusted EBITDA(2) (Continuing Operations) $869.6 Impact of Divestitures 9.4%(1) 8.4%(1)

$289.8 (1) Revenue growth rate and Adjusted EBITDA margins exclude reimbursable expenses. (2) 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. (25.3)% % margin Progressing Toward Stabilization in a Challenging Environment $ in millions Y/Y growth Adjusted EBITDA(2) (Continuing Operations) BRANDED SERVICES $ in millions Y/Y growth 8 Revenues (Continuing Operations) Revenues Net of Reimbursable Expenses Reimbursable Expenses (12.0)%(1) $257.0 9.2%(1) 10.9%(1) Highlights Continued challenging environment with client insourcing, procurement pressure, and select client losses Focused on stabilizing revenues through retention efforts, executive engagement, and targeted growth opportunities Active new business pipeline with disciplined focus on higher-quality, faster growing opportunities Business expected to move toward a more stable baseline as the year progresses All of the divestiture effect occurred in this division – revenues would have been down 10% and Adjusted EBITDA would have been down 17% excluding divested businesses. Impact of Divestitures

$314.0 (1) Revenue growth rate and Adjusted EBITDA margins exclude reimbursable expenses. (2) 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. % margin Strong Demand and Execution Driving Profitable Growth Adjusted EBITDA(2) (Continuing Operations) $ in millions Y/Y growth $ in millions Y/Y growth 9 EXPERIENTIAL SERVICES Revenues (Continuing Operations) Revenues Net of Reimbursable Expenses Reimbursable Expenses 22.4%(1) 116.1% $385.5 9.7%(1) 5.5%(1) Highlights Delivered very strong first quarter results driven by robust demand and new program launches Events grew nearly 20%, with execution rates improving year-over-year and sequentially to the mid-90% range Existing customer growth and new client wins supporting continued momentum Focused on margin expansion through CLM rollout, labor utilization, and favorable mix shift Positioned for continued growth through the balance of 2026

(1) Revenue growth rate and Adjusted EBITDA margins exclude reimbursable expenses. (2) 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. 4.2%(1) % margin Improved Activity and Execution Supporting Growth Adjusted EBITDA(2) (Continuing Operations) 10 $ in millions Y/Y growth $ in millions Y/Y growth RETAILER SERVICES Revenues (Continuing Operations) 14.4% 9.2%(1) 8.3%(1) Highlights Positive revenue and EBITDA growth driven by new wins, pricing, and program ramps Timing-related benefit in the quarter, with improving underlying activity trends and a favorable prior year comparison. Channel mix pressure moderated versus prior periods Strong pipeline conversion, particularly in retail merchandising Focused on execution discipline, revenue-cost alignment, and sustained growth momentum

Debt maturity extension to 2030 improves liquidity and financial flexibility As of March 31, 2026 $ in millions Maturity Outstanding 2030 Term Loan Facility 2030 $1,028 9.0% Senior Secured Notes 2030 562 6.5% Senior Secured Notes 2028 2 Total Gross Debt $1,592 Less: Cash and Cash Equivalents 144 Total Net Debt(1) $1,448 Net Debt Overview Maturity Schedule (1) Net debt is a non-GAAP financial measure. See the Appendix for a reconciliation of non-GAAP financial measures to most directly comparable GAAP measures. 11 $386M of availability under credit facility 4.2x Net Debt / LTM Adj. EBITDA; ~79% hedged / fixed $1,976 $2 $1,028 $562 $386

Continued Cash Generation Driving Greater Financial Flexibility Capital Allocation Capex and Adjusted Unlevered FCF 12 Adjusted Unlevered Free Cash Flow. See the Appendix for a reconciliation to the most directly comparable GAAP measure ► Ended the first quarter with $144 million in cash, reflecting disciplined capital management and continued liquidity strength ► Completed extension of debt maturities to 2030, improving financial flexibility and liquidity profile ► Utilized strong cash position to reduce debt by $131 million during the quarter, supporting continued deleveraging ► Net leverage improved to 4.2x from 4.4x at year-end, and we are focused on reaching long-term target of 3.5x or below ► Prioritizing disciplined capital allocation focused on debt reduction, strategic investment, and long-term shareholder value creation ► Cash generation remains a core strength of the business, supported by disciplined cost management and working capital focus ► First quarter Adjusted Unlevered Free Cash Flow of $74 million with conversion of 110% ► DSOs increased slightly in Q1 due to temporary impacts from ongoing system implementations, including final SAP rollout ► DSOs will remain elevated near term before improving later in the year, supporting full-year cash flow outlook ► Maintaining disciplined capital spending; 2026 CapEx expected at $50 million to $60 million, representing the final year of elevated transformation investment

2026 Guidance Reiterating 2026 full year guidance $ in millions, unless otherwise noted Full Year 2026 Guidance Revenues(1) Flat to Up Low-Single Digits (excluding divestitures) Adjusted EBITDA Flat to Down Mid-Single Digits (excluding divestitures) Free Cash Flow Adjusted Unlevered: $250 – $275 Net(2): ~25% of EBITDA Net Interest Expense $160 - $170 Capex $50-$60 (1) Revenues excludes reimbursable expenses. (2) Net free cash flow is defined as cash flow from operations, less capital expenditures. Net FCF conversion of 25% is excluding incremental debt refinancing costs. See the Appendix for a reconciliation of Adjusted EBITDA and Adjusted UFCF non-GAAP financial measures to the most comparable GAAP measure. 13 Long-Term Net Leverage Target: < 3.5x 2026 Commentary Revenues expected to be flat to up low single digits in 2026 (ex-divestitures), with macro and mix pressures continuing to weigh on profitability We now expect the first half to account for the low 40% range of Adjusted EBITDA Disciplined investment and steady Capex ($50-$60 million) expected to support strong cash generation in 2026. Final year for heavier transformation spend Adjusted Unlevered FCF of $250 - $275 million and Net FCF conversion of ~25% of EBITDA expected in 2026 driven by disciplined working capital management and capex spending Net leverage expected to trend lower over time, supported by stronger cash generation

Appendix 14

Net Loss to Adjusted EBITDA Non-GAAP Reconciliation (1/8) 15

Branded Services Segment Operating Loss to Adjusted EBITDA Non-GAAP Reconciliation (2/8) 16

Experiential Services Segment Operating Income (Loss) to Adjusted EBITDA Non-GAAP Reconciliation (3/8) 17

Retailer Services Segment Operating Income to Adjusted EBITDA Non-GAAP Reconciliation (4/8) 18

Revenues to Revenues Net of Reimbursable Expenses Non-GAAP Reconciliation (5/8) 19

Adjusted Unlevered Free Cash Flow Non-GAAP Reconciliation (6/8) 20

LTM Adjusted EBITDA, Net Debt and Net Debt to Adjusted EBITDA Ratio Non-GAAP Reconciliation (7/8) 21

Footnotes Non-GAAP Reconciliation (8/8) 22

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Cover

May 06, 2026

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May 06, 2026

Securities Act File Number

001-38990

Entity Registrant Name

Advantage Solutions Inc.

Entity Central Index Key

0001776661

Entity Tax Identification Number

83-4629508

Entity Incorporation, State or Country Code

Entity Address, Address Line One

Forsyth Boulevard

Entity Address, City or Town

St. Louis

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63105

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314

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655-9333

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Class A common stock, $0.0001 par value per share

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ADV

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